Brazilian Critical Minerals (BCM) Q3 2025 TU earnings summary

Executive summary

• Scoping Study confirms a 20-year LOM with average annual production of ~4,800t TREO and high-grade (55.3% TREO) MREC product, positioning the project as the lowest-cost rare earth operation in the Western world.

• Project development is focused on the Ema deposit, with a simplified, low-risk, and fast-tracked approach.

• Updated Mineral Resource Estimate (MRE) for the Ema project: 943Mt @ 716ppm TREO globally, with 341Mt @ 746ppm TREO in the starter zone, 73% now in the Indicated category.

• No accidents or incidents reported during the quarter; environmental baseline and stakeholder engagement activities ongoing.

Financial highlights

• Post-tax NPV8% of US$498M and IRR of 55% at LOM prices of US$74/kg NdPr; payback period of 28 months.

• Pre-production capital cost of US$55M (including 35% contingency), with ramp-up capital of US$22.1M in year 4 funded from cash flow.

• LOM operating cash cost: US$6.15/kg TREO; all-in sustaining cost: US$6.69/kg TREO.

• Annual revenue forecast: US$182M; total LOM revenue: US$3,634M; post-tax net cashflow: US$1,279M.

• Cash and cash equivalents at March 31, 2025: A$0.64M.

Outlook and guidance

• Field pilot trials for in-situ recovery (ISR) are set to commence next quarter, supported by a newly granted water usage permit.

• Further drilling planned in 2025 to expand the Indicated portion of the MRE.

• Ongoing environmental baseline data collection and stakeholder engagement to support permitting and project advancement.