Brazilian Critical Minerals (BCM) Q2 2025 TU earnings summary

Executive summary

• Produced high-value mixed rare earth carbonate (MREC) from Ema ionic clay with 55.3% TREO and 38% magnet rare earths in the REO basket, using an environmentally friendly magnesium-based process.

• Confirmed widespread mineralisation over 21km² with strong NdPr grades, supporting in-situ recovery (ISR) mining.

• Advanced scoping study on track for Q1 2025 release; environmental baseline assessment progressing for Q2 2025 completion.

• Appointed Ben Donovan as Non-Executive Director and launched an Investor Hub for enhanced shareholder engagement.

Financial highlights

• Cash and cash equivalents at December 31, 2024: A$1.68M.

• Net cash used in operating activities for the quarter: A$1.29M; net cash from financing activities: A$1.92M.

• Estimated quarters of funding available: 4.72, with total available funding of A$6.07M including unused finance facilities.

Outlook and guidance

• Scoping study for Ema project to be released in Q1 2025, followed by permeability field trials and feasibility study targeting completion by end of 2025.

• Environmental baseline and impact assessments ongoing, with stakeholder engagement and mitigation strategies in place.