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2026-11-06
◂ Monitor BCM ASX

Brazilian Critical Minerals Limited

DFS Unfunded Developer · Rare Earths · BR Rating locked: sign in to view v8.1 · bcm-20261031t153929-full
Last 2026-11-06
A$0.046
1D
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1M
—
YTD
—
1Y
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Upside
Locked: sign in to view
Mkt cap
A$103.3M
EV
A$91.7M
Cash
A$12.2M
Debt
A$661.2K

Funding, performance and ownership

Financials & Capital

As of 2026-09-30
Cash A$12.2MFY2025 actual: 1,698,485FY2026 actual: 4,361,548 Finite
Debt A$661.2KFY2025 actual: 1,127,535FY2026 actual: 661,243 Net cash A$11.5M
Basic shares 2.2BFY2025 actual: 1,310,533,235FY2026 actual: 1,960,624,166 2026-10-28
Runway 6.9 quarters Cash A$12.18m at 30 Sep 2026 divided by the quarter's operating plus investing outflow A$1.77m (corporate and FEED burn only). Excludes the US$74m Stage 1 capex and US$27m Stage 2 capex, which are unfunded.

Liquidity

Financial position

Cash funds FEED (about 24 weeks), permitting and offtake work only. The Drake convertible note is carried at A$661,243 at 30 Jun 2026 (face A$350,000 advanced; 10% interest; maturity 15 Dec 2026, repayable in cash or shares at the lender's election, extendable by the lender to 16 Dec 2029). Project capital requires debt and equity not yet committed; the BFS contemplates up to 70% debt.

Capital structure

Ownership and dilution

Ordinary shares
2.2B
Fully diluted
2.6B

Ordinary shares: 1,960,624,166 at 30 Jun 2026 (FY26 AR note 15) + 64,733,337 performance rights converted 4 Aug 2026 + 139,623,833 Tranche 1 (14 Jul 2026) + 50,432,771 Tranche 2 (17 Sep 2026) + option exercises in the quarter to 30 Sep 2026 (27,870,830) + 1,666,667 exercised 28 Oct 2026 = 2,244,951,604, which agrees with the Appendix 2A (4.1). Options at the directors' report date (28 Sep 2026) total 307,616,665; less the 1,666,667 exercised 28 Oct 2026 gives 305,949,998. Performance rights 80,866,663 per the directors' report. Fully diluted 2,631,768,265 is gross of exercise proceeds; the A$7.6m of option proceeds is added in the valuation bridge.

Security classes11
ClassTypeQuantityStrikeExpiry
Ordinary fully paid shares on issue after 28 Oct 2026 quotationOrdinary Share2.2B——
Options exercisable A$0.05 expiring 20 Dec 2026Option3MA$0.052026-12-20
Options exercisable A$0.0175 expiring 23 Dec 2027Option86.1MA$0.0182027-12-23
Options exercisable A$0.0175 expiring 23 Dec 2027 (Feb 2025 issue)Option3.1MA$0.0182027-12-23
Options exercisable A$0.0175 expiring 15 Dec 2028Option50MA$0.0182028-12-15
Options exercisable A$0.011 expiring 12 Aug 2027 (after 28 Oct 2026 exercise of 1,666,667)Option93.7MA$0.0112027-08-12
Options exercisable A$0.04 expiring 1 Oct 2028Option50MA$0.042028-10-01
Lead manager options exercisable A$0.10 expiring 17 Sep 2029Option20MA$0.12029-09-17
Performance rights expiring 1 May 2028Performance Right3.2M—2028-05-01
Performance rights expiring 19 Dec 2030Performance Right21.7M—2030-12-19
Performance rights expiring 17 Sep 2031 (FY26 grants, 56,000,000)Performance Right56M—2031-09-17

Actuals and forecasts

Financial statements

Reported years only; our forecasts are available to subscribers
AUDUnitTrendFY2025 actualAFY2026 actualA
Operations
TREO productionkt TREO0.000.00
Profit and loss
RevenueAUDm0.00.0
Operating costs incl. royalties and corporate overheadAUDm0.00.0
EBITDAAUDm0.00.0
Net profit / (loss) after tax, attributableAUDmFY2025 actual: -5,718,564 AUDFY2026 actual: -7,874,451 AUD(5.7)(7.9)
Cash flow
Operating cash flowAUDmFY2025 actual: -4,106,449 AUDFY2026 actual: -5,536,916 AUD(4.1)(5.5)
Capex (PP&E, development and capitalised exploration)AUDmFY2025 actual: 103,785 AUDFY2026 actual: 51,227 AUD0.10.1
Free cash flowAUDmFY2025 actual: -4,210,234 AUDFY2026 actual: -5,588,143 AUD(4.2)(5.6)
Balance sheet
Cash and cash equivalents (year end)AUDmFY2025 actual: 1,698,485 AUDFY2026 actual: 4,361,548 AUD1.74.4
Convertible note (Drake), carrying valueAUDmFY2025 actual: 1,127,535 AUDFY2026 actual: 661,243 AUD1.10.7
Net debt / (net cash)AUDmFY2025 actual: -570,950 AUDFY2026 actual: -3,700,305 AUD(0.6)(3.7)
Per share
Ordinary shares on issue at year endm sharesFY2025 actual: 1,310,533,235 sharesFY2026 actual: 1,960,624,166 shares1,310.51,960.6
Basic EPSAUD/shareFY2025 actual: -0.01 AUD/shareFY2026 actual: -0.00 AUD/share(0.01)(0.00)
Dividends per shareAUD/share0.000.00
Multiples and ratios
EV / EBITDA (x, current EV)x——
P / E (x, current market cap)xFY2025 actual: -20.41 xFY2026 actual: -14.82 x(20.4)(14.8)
FCF yield (current market cap)%FY2025 actual: -0.04 fractionFY2026 actual: -0.05 fraction-3.6%-4.8%
EBITDA margin%——
Net debt / EBITDA (x)x——
Company guidance3
MetricProjectPeriodLowHighStatus
Stage 1 Pre Production Capital (Incl. 14.4% Contingency, Ccs Us$19M, Year 1 Wellfield)ema-rare-earthspre-production (BFS, April 2026 base; AACE Class 3 +/-15%)7474 USD mCurrent
Stage 2 Expansion Capital (100% Of Stage 1)ema-rare-earthsyear 2 of operations2727 USD mCurrent
Lom Average Treo Productionema-rare-earths20-year LOM5,5005,500 t/yr TREOCurrent

Capital history

Capital events

1 events · newest first
DateEventAmountSharesPriceStatusTerms
2026-09-17Ann. 2026-07-07RaisingA$10.1M190.1M—Completed—

Contracts and ownership

Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.

Partial · as of 2026-10-31

Live and conditional arrangements in the FY26 annual report, the 5 Oct 2026 acquisition announcement and the Sep 2026 quarterly. No offtake, royalty, stream, JV or hedge is in place: the BFS states 100% of forecast production is uncommitted; the Brazilian royalty burden (6% of revenue) is a statutory charge modelled in the project, not a contract.

Secured convertible facility, maturity 15 Dec 2026 (lender may extend to 16 Dec 2029); repayable in cash or shares at lender's election; conversion at the lower of 10% below recent raising price, 10% below 5-day VWAP and 2.0 cents. Writ in the WA Supreme Court (served 25 Nov 2025) disputes the conversion; no provision.

Other · Active
Counterparties
Drake Private Investments LLC
Applies to
Company-wide
Economic direction
Burden
Period
2019-12-16 to 2026-12-15
Key terms
Carrying value at 30 Jun 2026 (derivative at fair value): 661,243 AUD
Advanced face value outstanding (300,000 + 50,000): 350,000 AUD
Interest rate: 10 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Binding agreement of 5 Oct 2026: BBX acquires 90% of a magnesium sulphate producer in judicial recovery since Feb 2026; BCM funds restructuring; completion subject to conditions precedent and judicial approvals; the 10% holder retains its shares.

Other · Conditional
Counterparties
Sais Nordeste Industria e Comercio Ltda and its shareholders
Applies to
Ema rare earths project
Economic direction
Mixed
Period
Dates not stated
Key terms
Interest acquired: 90 %
Nominal cash consideration: 1 BRL
Legacy federal and state tax liabilities assumed (about R$15.3m): 4,200,000 AUD
Restructuring funded by BCM: — AUD
How it affects our valuation

No valuation treatment is available for this arrangement.

Supply agreements for magnesium oxide and sulphuric acid, the feedstocks of the magnesium sulphate plant. Terms and volumes not disclosed; treated as part of reagent costs in the project model.

Other · Announced
Counterparties
Brazilian magnesium oxide and sulphuric acid suppliers (not named in the announcement)
Applies to
Ema rare earths project
Economic direction
Burden
Period
Dates not stated
How it affects our valuation

No valuation treatment is available for this arrangement.