Brazilian Rare Earths (BRE) investor relations material

Executive summary

• Achieved major exploration and development milestones, advancing from exploration to development in rare earth and critical minerals projects in Bahia, Brazil.

• Completed a significant Scoping Study for the integrated Monte Alto + Camaçari project, confirming high-grade rare earth mineralisation and outlining a hub-and-spoke development model.

• Secured a binding ten-year offtake agreement with Carester for heavy rare earth products and engineering support for the Camaçari plant.

• Completed the demerger and IPO of Alurion Resources, focusing BRE on core rare earth assets while retaining a 16% stake in Alurion.

Financial highlights

• Net loss after tax for the half-year was A$39.6 million, up from A$16.1 million in the prior period, driven by increased exploration and evaluation expenses.

• Exploration and evaluation expenses rose to A$31.8 million (2025: A$13.7 million), reflecting accelerated drilling and project acquisition costs.

• General and administration expenses increased to A$10.8 million (2025: A$4.5 million), mainly due to higher employee benefits and share-based payments.

• Interest and other income increased to A$3.2 million (2025: A$2.3 million) due to higher cash balances.

• Cash and cash equivalents at 30 June 2026 were A$134.4 million.

Outlook and guidance

• Pre-Feasibility Study for the integrated Monte Alto + Camaçari project is the next step, aiming to establish a globally significant rare earth supply source.

• Pilot plant at Camaçari is on schedule for commissioning in 2026, supported by a newly granted trial mining licence at Monte Alto.

• Ongoing exploration at Monte Alto, Sulista, and Pelé districts to expand resource base and support multi-deposit development.