Brazilian Rare Earths (BRE) Investor presentation summary

Project overview and strategic positioning

• Monte Alto + Camaçari is positioned as a tier-1, first-quartile, large-scale heavy rare earth province in Bahia, Brazil, with a hub-and-spoke development model anchored by Monte Alto and supported by the Sulista district and other targets.

• The project leverages ultra-high grades, simple processing, and established infrastructure at the Camaçari petrochemical complex for low-cost, high-yield production.

• Province-scale exploration upside is supported by a 160 km mineralized corridor and an 870 km² tenement package, with ongoing discoveries and resource growth.

Financial and economic highlights

• Scoping study metrics include a post-tax NPV of US$6.0bn, 90% IRR, 1.1-year payback, and upfront capex of US$969m, with a 6.2x NPV/capex ratio.

• C1 cash cost is estimated at US$21/kg NdPr equivalent, placing the project in the lowest cost quartile globally.

• Fast-track concentrate development offers early cash flow with only US$91m capex to first concentrate.

• Funding requirement is US$969m, with potential for dilution or alternative structures such as joint ventures or asset sales.

Resource and production profile

• Monte Alto boasts an average TREO grade of 11.3%, more than double that of leading Western peers, with high recoveries (87%).

• Forecast annual production includes 6,351 tpa NdPr oxide, 2,502 tpa HRE+ concentrate, and significant volumes of Dy, Tb, Y, Sm, and Gd.

• Life-of-mine production mix is 64% NdPr, 31% HRE+, and 5% uranium, with strategic co-products offering future upside.