Brazilian Critical Minerals (BCM) Q1 2025 TU earnings summary

Executive summary

• Ema project development advanced with infill drilling, scoping study, and metallurgical test work progressing on multiple fronts.

• Infill drilling aims to upgrade Mineral Resource confidence from Inferred to Indicated JORC category, with 70% of the 270-hole program completed and results confirming resource model reliability.

• MoU signed with a Brazilian permanent magnet producer to support downstream rare earth magnet manufacturing.

• Environmental baseline assessment initiated, and safety incident reported with one lost time accident.

Financial highlights

• Cash position at September 30, 2024, was $1.09 million.

• Net cash used in operating activities for the quarter was $966,000, with $1,088,000 in cash and cash equivalents at period end.

• Estimated quarters of funding available is 5.67, supported by a $6.6 million convertible loan facility, of which $4.39 million remains undrawn.

Outlook and guidance

• Scoping study for the Ema project is underway, with results expected in Q1 2025.

• Updated Mineral Resource Estimate and further infill drilling to be completed by end of November 2024.

• Field pumping trials for in-situ leaching scheduled for Q4 2024.