Brazilian Critical Minerals (BCM) Q4 2024 TU earnings summary

Executive summary

• Defined an inferred mineral resource estimate of 1.02Bt @ 793ppm TREO at Ema, including a high-grade portion of 331Mt @ 977ppm TREO, ranking among the world's largest ionic clay rare earth deposits.

• Achieved world-class metallurgical recoveries: 69% NdPr and 48% DyTb from phase 2 testwork at ANSTO, confirming high leachability and suitability for conventional processing.

• Strong community and local authority support for project development in the Apuí region.

• Apui ENE project delivered high-grade REE drill results, with mineralisation open in all directions and less than 10% of the tenement drill tested.

Financial highlights

• Completed a $2 million strategic placement to institutional investors to advance the Ema project.

• Cash position of $2.07 million as of June 30, 2024.

• Net cash used in operating activities for the quarter was $822,000; year-to-date $4.24 million.

• Net cash from financing activities for the quarter was $1.80 million.

• Estimated 7.86 quarters of funding available based on current cash and unused facilities.

Outlook and guidance

• Extensive drilling underway to upgrade the Ema resource from Inferred to Indicated, with a scoping study and economic analysis targeted for late 2024.

• Future deeper drilling planned at Apui ENE to test for more enriched zones.

• All technical parameters and assumptions for mineral resource estimates remain unchanged.