Brazilian Critical Minerals (BCM) H2 2024 earnings summary

Executive summary

• Focused on mineral exploration in Brazil, with a major discovery of a world-class ionic adsorbed clay rare earth elements (REE) deposit at the Ema project in the Apuí region.

• Defined an inferred mineral resource estimate (MRE) of 1.02Bt @ 793ppm TREO at Ema, making it one of the largest ionic clay REE deposits globally.

• Aggressive exploration and drilling programs have confirmed high-grade REE zones, with recoveries comparable to leading Chinese deposits.

• Shifted strategic focus away from platinum group metals (PGM) due to market conditions, concentrating resources on the Ema REE project.

Financial highlights

• Net loss after tax for FY2024 was $6,048,214, compared to a restated loss of $3,593,128 in FY2023.

• Cash and cash equivalents at 30 June 2024 were $2,066,508, up from $1,664,162 at 30 June 2023.

• Net assets at year-end were $1,665,786, a turnaround from restated net liabilities of $390,224 in the prior year.

• Raised $6,000,000 before costs through a capital raise, issuing 222,222,222 shares at $0.027 each with free attaching options.

Outlook and guidance

• Extensive drill program underway to upgrade the Ema MRE from Inferred to Indicated, with a scoping study and economic analysis due late 2024.

• All technical and financial resources are being directed to advance the Ema REE project toward near-term development.