Brazilian Critical Minerals (BCM) Q4 2026 TU earnings summary

Executive summary

• Bankable Feasibility Study (BFS) completed for the Ema Project, confirming a two-stage development with a 20-year mine life and significant rare earth oxide (TREO, MREO) production volumes.

• Updated JORC 2012 Mineral Resource Estimate: 1.07 billion tonnes @ 732 ppm TREO, with Indicated Resource up 58% to 392 Mt, de-risking future development.

• Collaboration agreement signed with Southern Alliance Mining to explore joint rare earth production and distribution opportunities.

• Permitting milestones achieved, including approval of Final Exploration Reports by Brazil's National Mining Agency and ongoing environmental and trial mining license processes.

Financial highlights

• Stage 1 capex: US$74M (includes US$19M for CO2 capture/storage); Stage 2 expansion: US$27M.

• Post-tax NPV8: US$1.47B (Base Case); post-tax IRR: 105%; payback period: 6 months.

• Operating cash cost (C1): US$8.84/kg TREO; all-in sustaining cost: US$13.02/kg TREO.

• Annual revenue (Base Case): US$265M; total LOM revenue: US$5.44B; project post-tax net cashflow: US$3.37B.

• Cash and cash equivalents at quarter end: A$4.4M.

Outlook and guidance

• Front-End Engineering Design (FEED) program to commence in the September quarter.

• Continued engagement with environmental authorities and offtake partners; selection of a corporate partner for debt financing underway.

• Estimated quarters of funding available: 7.08, with total available funding of A$8.41M.