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- Last 2026-11-06
- A$0.046
- 1D
- —
- 1M
- —
- YTD
- —
- 1Y
- —
- Fair value
- Locked: sign in to view
- Upside
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- Mkt cap
- A$103.3M
- EV
- A$91.7M
- Cash
- A$12.2M
- Debt
- A$661.2K
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Sign in or enter a guest codeAnnouncements
Latest 12 of 13All sources ▸- Appendix 2A quotation of 1,666,667 shares on option exercise, 28 Oct 2026Corporate Action
- Quarterly activities report and Appendix 5B, quarter ended 30 Sep 2026Results
- BCM acquires magnesium sulphate plant (Sais Nordeste 90%), ASX release 5 Oct 2026Transaction
- Annual Report to shareholders, year ended 30 June 2026Results
- Change of director's interest notice, Andrew Reid, 17 Sep 2026Governance
- Change of director's interest notice, Jeremy Robinson, 17 Sep 2026Governance
- Change of director's interest notice, Nicholas Holthouse, 17 Sep 2026Governance
- Appointment of Chief Financial Officer, 18 Aug 2026Leadership
- A$10 million institutional placement to advance Ema, ASX release 7 Jul 2026Financing
- Ema Rare Earth Project Bankable Feasibility Study, delivering exceptional economics (ASX release 30 Jun 2026)Study
- Ema BFS investor presentation, June 2026Presentation
- Ema scoping study confirms low capex and opex, February 2025 (superseded)Study
Event calendar · next 12 months
4 events| Timing | Event | Category | Confidence | Materiality | Investor relevance |
|---|---|---|---|---|---|
| December 2026 quarter (company plans) | INCRA consent progressed for IPAAM submission | Permitting | Company Guided | High | The last land-related document before IPAAM can progress the environmental licence. |
| 15 Dec 2026 | Drake convertible note maturity (repay in cash or lender converts) | Financing | Confirmed | Medium | A cash repayment or share conversion at 2.0 cents or below would change cash and the share count. |
| Within one month of quarter end (inferred from Listing Rule 5.5 timing) | December 2026 quarterly activities and Appendix 5B | Results | Inferred | Medium | Cash burn, FEED progress, offtake and financing status. |
| About 24 weeks from late October 2026 (company-guided) | FEED completion (about 24 weeks from late October 2026) | Study | Company Guided | High | Updated capex estimate and execution plan; the BFS capex is the basis for the FEED re-estimate. |
Executive roster
As of 2026-10-31Background checks ▸Executive director, CEO, CFO and company secretary as disclosed in the FY26 annual report and the 18 Aug 2026 CFO announcement; non-executive directors (Robinson, Holthouse) excluded.
| Executive | Title | Normalized role | Appointed | Sources |
|---|---|---|---|---|
| Andrew Reid | Managing Director | Executive Director · Chief Executive | — | Annual Report to shareholders, year ended 30 June 2026 · Change of director's interest notice, Andrew Reid, 17 Sep 2026 |
| Justine Lea | Chief Financial Officer | Finance | 2026-08-18 | Appointment of Chief Financial Officer, 18 Aug 2026 |
| Ben Donovan | Company Secretary | Company Secretary | — | Annual Report to shareholders, year ended 30 June 2026 |
devCoverage status: Complete As Disclosed
Portfolio detail
Assets
Core asset
Ema rare earths project
BR
DFS Unfunded Developer100% ownedRare Earths
BFS released 30 Jun 2026 (post-tax NPV8 US$1,465m base); FEED with Altris Engineering (24 weeks from October 2026); IPAAM environmental licence awaiting INCRA consent; GU trial mining licence applications lodged; no FID, no offtake, no project finance committed.
- Study
- bfs
- Post-tax NPV (study prices, attributable)
- US$1.5bd
- NPV restated at our deck (attributable)
- Locked
- IRR
- 105%
- Initial capex (100%)
- US$74.0m
- Capital intensity
- US$13,455/(t/yr TREO)d
- LoM AISC
- A$18,905/t
- Mine life
- 20.0 yrs
Project location
Approximate location
Loading imagery…
© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.
Published study economicsIssuer or study metrics
NPVUS$1.5B8% discount
IRR105%Published return
Initial capexUS$74MPublished capital estimate
Operating cost8.84USD/kg TREO
Post-tax, real, ungeared, 20-year LOM, base NdPr US$108/kg, Stage 1 capex only; company-stated NPV
Resources & reserves2
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | Indicated | 392 Mt | 773 ppm TREO (NdPr 184 ppm, DyTb 17 ppm, MREO 200 ppm; contained TREO 303,016 t) | Rare Earths | 2026-03-10 |
| Mineral Resource | Inferred | 681 Mt | 712 ppm TREO (NdPr 168 ppm, DyTb 15 ppm, MREO 184 ppm; contained TREO 484,872 t) | Rare Earths | 2026-03-10 |
Tenements10
Milestones3
- FEED completion (about 24 weeks from late October 2026, Altris Engineering)
Pending · High materiality
- INCRA consent for submission to IPAAM (last land-related document)
Pending · High materiality
- Final investment decision (requires offtake, project finance and permits)
Pending · High materiality
Permits & approvals3
| Permit | Jurisdiction | Status | Expiry | Critical path |
|---|---|---|---|---|
| IPAAM environmental licence (awaiting INCRA consent) | Amazonas State, Brazil | Pending | — | Yes |
| INCRA land-access consent (public hearing held 9 Sep 2026) | Brazil federal | Pending | — | Yes |
| GU trial mining licence (applications lodged May 2025; environmental permit key step) | ANM, Brazil | Pending | — | Yes |
Economic studies2
| Study | Stage | Status | Date | Summary |
|---|---|---|---|---|
| Ema Bankable Feasibility Study | Bfs | Current | 2026-06-30 | 20-year ISR MREC study on the 1.07 Bt resource; 5,500 tpa TREO average; Stage 1 US$74m, Stage 2 US$27m; post-tax NPV8 US$1,465m, IRR 105%; no ore reserve declared. |
| Ema Scoping Study (February 2025) | Scoping Study | Superseded | 2025-02-26 | Superseded by the BFS: capex US$55m, post-tax NPV US$355m, IRR 52%, NdPr US$60/kg. |
d derivedr our researchg guidances study forecastm daily marketNo marker: as reported— / NM missing or not meaningful (hover for why)
Stock database
Other assets
- Product and spec
- —
- Nameplate capacity
- —
- Throughput (12M)
- —
- Utilisation
- —
- Capital intensity (capex / tpa)
- —
- Feed source
- captive: first-phase output about 50% of Ema magnesium sulphate needs; MgO and H2SO4 from Brazilian suppliers under supply agreements
- Offtake contracted
- —
Funding, performance and ownership
Financials & Capital
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
| Class | Type | Quantity | Strike | Expiry |
|---|---|---|---|---|
| Ordinary fully paid shares on issue after 28 Oct 2026 quotation | Ordinary Share | 2.2B | — | — |
| Options exercisable A$0.05 expiring 20 Dec 2026 | Option | 3M | A$0.05 | 2026-12-20 |
| Options exercisable A$0.0175 expiring 23 Dec 2027 | Option | 86.1M | A$0.018 | 2027-12-23 |
| Options exercisable A$0.0175 expiring 23 Dec 2027 (Feb 2025 issue) | Option | 3.1M | A$0.018 | 2027-12-23 |
| Options exercisable A$0.0175 expiring 15 Dec 2028 | Option | 50M | A$0.018 | 2028-12-15 |
| Options exercisable A$0.011 expiring 12 Aug 2027 (after 28 Oct 2026 exercise of 1,666,667) | Option | 93.7M | A$0.011 | 2027-08-12 |
| Options exercisable A$0.04 expiring 1 Oct 2028 | Option | 50M | A$0.04 | 2028-10-01 |
| Lead manager options exercisable A$0.10 expiring 17 Sep 2029 | Option | 20M | A$0.1 | 2029-09-17 |
| Performance rights expiring 1 May 2028 | Performance Right | 3.2M | — | 2028-05-01 |
| Performance rights expiring 19 Dec 2030 | Performance Right | 21.7M | — | 2030-12-19 |
| Performance rights expiring 17 Sep 2031 (FY26 grants, 56,000,000) | Performance Right | 56M | — | 2031-09-17 |
Actuals and forecasts
Financial statements
| AUD | Unit | Trend | FY2025 actualA | FY2026 actualA |
|---|---|---|---|---|
| Operations | ||||
| TREO production | kt TREO | 0.00 | 0.00 | |
| Profit and loss | ||||
| Revenue | AUDm | 0.0 | 0.0 | |
| Operating costs incl. royalties and corporate overhead | AUDm | 0.0 | 0.0 | |
| EBITDA | AUDm | 0.0 | 0.0 | |
| Net profit / (loss) after tax, attributable | AUDm | (5.7) | (7.9) | |
| Cash flow | ||||
| Operating cash flow | AUDm | (4.1) | (5.5) | |
| Capex (PP&E, development and capitalised exploration) | AUDm | 0.1 | 0.1 | |
| Free cash flow | AUDm | (4.2) | (5.6) | |
| Balance sheet | ||||
| Cash and cash equivalents (year end) | AUDm | 1.7 | 4.4 | |
| Convertible note (Drake), carrying value | AUDm | 1.1 | 0.7 | |
| Net debt / (net cash) | AUDm | (0.6) | (3.7) | |
| Per share | ||||
| Ordinary shares on issue at year end | m shares | 1,310.5 | 1,960.6 | |
| Basic EPS | AUD/share | (0.01) | (0.00) | |
| Dividends per share | AUD/share | 0.00 | 0.00 | |
| Multiples and ratios | ||||
| EV / EBITDA (x, current EV) | x | — | — | |
| P / E (x, current market cap) | x | (20.4) | (14.8) | |
| FCF yield (current market cap) | % | -3.6% | -4.8% | |
| EBITDA margin | % | — | — | |
| Net debt / EBITDA (x) | x | — | — | |
Company guidance3
| Metric | Project | Period | Low | High | Status |
|---|---|---|---|---|---|
| Stage 1 Pre Production Capital (Incl. 14.4% Contingency, Ccs Us$19M, Year 1 Wellfield) | ema-rare-earths | pre-production (BFS, April 2026 base; AACE Class 3 +/-15%) | 74 | 74 USD m | Current |
| Stage 2 Expansion Capital (100% Of Stage 1) | ema-rare-earths | year 2 of operations | 27 | 27 USD m | Current |
| Lom Average Treo Production | ema-rare-earths | 20-year LOM | 5,500 | 5,500 t/yr TREO | Current |
Capital history
Capital events
| Date | Event | Amount | Shares | Price | Status | Terms |
|---|---|---|---|---|---|---|
| 2026-09-17Ann. 2026-07-07 | Raising | A$10.1M | 190.1M | — | 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.
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.
Intrinsic value
Valuation
Valuation
Bear, base and bull values, investment cases, project valuations and the equity bridge are available to subscribers.
Sign in or enter a guest codeResource-price transmission
Sensitivity lab
Sensitivity lab
How our fair value responds to commodity prices and other drivers is available to subscribers.
Sign in or enter a guest codePeople, delivery and responsibility
Management background checks
Brazilian Critical Minerals combines an experienced mining executive, recently appointed finance executive external company secretary and technical advisers. The current scope of two additional technical figures remains uncertain. Ema has advanced to a feasibility study and FEED but remains pre-production and without committed project finance or offtake in the October quarterly. An ongoing disputed shareholder claim, historical environmental notices and contractor safety proceedings are company-level matters with unresolved outcomes; none establishes individual misconduct.
Decision-relevant facts
Material summary
Andrew Reid
Managing Director
Company SuccessIssuer Reported · High materiality
Wetar produced copper but output subsequently weakened
Finders reported 23,160 tonnes of copper cathode and A$56.3m net profit in 2017, its first full year of output. Its subsequent 2018 report described output collapsing in late 2017 and continued underperformance in 2018. Finders’ 2017 annual report dates Reid’s COO agreement from 1 June 2017; a secondary officer record lists his departure as 31 August 2018. Individual operational decisions remain unverified.
Role overlaps event; causation unproven · COO role overlaps the company outcomes according to the secondary tenure source; neither output nor deterioration establishes personal causal contribution.
FY2017 annual report · Chairman’s statement, operations
FY2018 annual report · Chairman’s letter, pp. 2–3
Former Finders officers · Former officers, Andrew Reid
FY2017 annual report · Remuneration report, executive services agreements: Reid agreement from 1 June 2017
Personal SuccessDocumented · Medium materiality
Kevitsa management role independently corroborated
BCM reports that Reid was general manager during Kevitsa’s 2011–14 construction, commissioning and transition into operations. Finnish public broadcaster Yle independently names him as former manager in July 2014; it does not quantify his personal contribution to mine construction or returns.
Individual involvement documented · Role corroborated by independent reporting; delivery and individual economic contribution are not independently quantified.
FY2026 annual report · printed p.20, Andrew Reid biography
Lapland mine expansion permission · Former manager paragraph
EnvironmentDisputed · High materiality
Brazil subsidiary contests historic forest-clearing notices
BCM’s FY2026 annual report says its Brazilian subsidiary received two January 2023 environmental infraction notices alleging unauthorised clearing. The company contests both and was awaiting a decision as of the report; it recorded an A$151,000 provision. The notices predate Reid’s 2024 managing-director appointment.
Employer context; no individual link established · The notices predate his BCM management role; no personal connection or fault is established.
FY2026 annual report · printed p.47, note 13(a), contingencies
FY2024 annual report · printed p.18, managing director appointment
LegalDisputed · High materiality
Drake loan-conversion allegations remain disputed
Drake alleged company breaches relating to loan conversion and security issuance. BCM disputes the allegations and says it will defend the matter; its October 2026 quarterly says July mediation did not resolve the proceedings. No decision on the merits was found in the reviewed sources.
Role overlaps event; causation unproven · The dispute concerns company actions during Reid’s management, not a finding of individual misconduct.
Writ of summons · p.1, writ and company response
September 2026 quarterly activities and cash flow report · p.4, shareholder legal action
SafetyIssuer Reported · High materiality
Brazil contractor safety claims await expert assessment
The FY2026 annual report says the Brazilian subsidiary received contractor labour lawsuits concerning work health and safety after contracts were terminated; hearings were adjourned pending expert assessment. No finding, dates of alleged conduct or personal involvement were established.
Employer context; no individual link established · The source reports proceedings and an expert process without attributing the underlying conduct to Reid.
FY2026 annual report · printed p.48, note 13(c)
EducationIssuer Reported · Medium materiality
Issuer-reported mining and economics qualifications
BCM reports a BSc in geology, postgraduate mining engineering qualifications and an MSc in mineral economics. The degrees and membership were not independently verified with institutions.
Responsibility not applicable · Educational claims are attributed to the issuer.
FY2026 annual report · printed p.20, qualifications
Evidence gaps · 4
- Finders’ 2017 report confirms the COO agreement from 1 June 2017; the reported August 2018 departure and decision-making responsibilities are not independently established.
- Final disposition of 2023 environmental notices and 2026 contractor safety proceedings unavailable in reviewed sources.
- Drake merits decision and final remedy unavailable as at October 2026.
- Degree and professional membership have not been independently confirmed.
Justine Lea
Chief Financial Officer
Company SuccessIssuer Reported · High materiality
Emeco completed debt restructure but wrote off goodwill
Emeco completed its March 2017 debt restructuring and combinations with Andy’s and Orionstone; its FY2017 report states the resulting A$77.9m acquisition goodwill was fully impaired at year-end. Lea was appointed CFO in October 2016. The refinancing involved the board, management, advisers and creditors.
Role overlaps event; causation unproven · Her CFO role overlaps both the transaction and reported accounting outcome; no individual responsibility or misconduct is established.
Chief financial officer appointed · p.1, appointment
Emeco FY2017 annual report · Chairman’s report and operations review, balance sheet restructure
Company SuccessIssuer Reported · Medium materiality
Podium CFO and later strategic-role transition
Podium appointed Lea CFO effective 14 September 2022. In October 2025 it appointed a new CFO and said she would move to a part-time strategic role; it cited a A$12m capital raise and research flowsheet milestone. Project progress is not commercial production.
Role overlaps event; causation unproven · Her finance role overlaps the period; issuer praise is not independent attribution of the fundraising outcome.
EducationIssuer Reported · Medium materiality
Accounting qualifications reported by issuers
BCM reports a University of Western Australia commerce degree, Chartered Accountant status and AICD graduate status; Podium independently reported a commerce degree, Chartered Accountant and graduate status in its announcement. Neither is a direct confirmation by the credentialing bodies.
Responsibility not applicable · Both are issuer biographies; independent institutional verification unavailable.
Appointment of chief financial officer · p.1, biography
Podium appoints CFO · p.1, appointment biography
Role FitAnalyst Inference · Medium materiality
Finance capability relevant to funding Ema
Documented prior CFO appointments and Emeco’s completed restructuring are relevant to project financing; BCM’s July placement was announced before Lea joined, and the Ema funding and offtake discussions remained uncompleted at the October quarterly.
Responsibility not applicable · The fit assessment is inferred from prior roles; no personal credit is claimed for BCM’s pre-appointment placement.
Evidence gaps · 4
- Exact Emeco integration-officer appointment and exit dates not independently verified.
- Podium strategic role continuation after October 2025 not verified.
- Independent verification of degree and current professional memberships unavailable.
- Personal contribution to restructuring and performance not independently quantified.
Ben Donovan
Company Secretary
GovernanceIssuer Reported · Medium materiality
Disclosed Argus fees during former director term
BCM’s FY2025 annual report says Argus Corporate Partners, an entity related to Donovan, received A$30,000 for company-secretarial services during the period he was a director from 28 November 2024 to 29 May 2025. BCM said the transactions were on normal commercial terms. The disclosure is not evidence of improper conduct.
Individual involvement documented · Directorship and related-party fees are company-disclosed; no conflict breach or improper fee is established.
FY2025 annual report · directors report p.21 and related-party transactions note
EducationIssuer Reported · Medium materiality
Governance qualifications reported by BCM and Basin
BCM reports commerce and finance qualifications and Governance Institute membership. Basin’s 2023 annual report also describes him as a chartered secretary and associate member. The institutions and present membership were not independently verified.
Responsibility not applicable · Issuer reports are not verification from a professional body.
FY2026 annual report · printed p.21, company secretary
Basin Energy 2023 annual report · printed p.12, Donovan biography
Role FitAnalyst Inference · Medium materiality
Company-secretarial experience spans multiple issuers
BCM and Basin disclose Donovan’s company secretary roles and BCM reports prior ASX senior-adviser experience. His concurrent outside mandates create a time-capacity consideration; no governance failure is established by the number of roles.
Responsibility not applicable · Comparative capacity is an analytical consideration, not a documented failure.
FY2026 annual report · printed p.21, company secretary
Basin Energy 2023 annual report · printed p.12, company secretary
Evidence gaps · 3
- BCM secretary appointment date and full current outside mandate list unconfirmed.
- Independent degree and current professional membership verification unavailable.
- Individual contributions to company outcomes and actual time commitment not quantified.
Edmar Medeiros
Technical Manager (recent secondary listing; current status unconfirmed)
Personal SuccessIssuer Reported · Medium materiality
Named technical manager and report contributor
BBX announced the appointment of chemical engineer Edmar Medeiros as technical manager in July 2020, and its 2024 Três Estados statement identifies him as a test-result compiler. A secondary profile updated in October 2026 still lists that title; the current mandate was not confirmed by a dated recent issuer release.
Individual involvement documented · The named roles and contribution are issuer-reported; personal economic performance is not measured.
BBX FY2021 annual report · printed p.11, corporate activities
Final Três Estados bioleach report · p.3, competent person statement
BCM company profile and key executives · Key executives and last-updated date
FailureIssuer Reported · Medium materiality
Earlier bioleach work and a disputed supplier invoice
The FY2026 report says the Brazilian subsidiary could not replicate the supplier’s bacterial-leaching results in Brazil, terminated the licence in June 2024, and disputes a US$350,000 supplier invoice. The annual report does not identify who made the technical or commercial decisions.
Role overlaps event; causation unproven · Technical-manager involvement is documented in 2024; no personal failure, contractual fault or decision is established.
Final Três Estados bioleach report · p.3, technical manager
FY2026 annual report · printed p.48, note 13(b)
Role FitAnalyst Inference · Medium materiality
Chemical-engineering and processing background
Issuer statements identify a chemical engineer in a technical and assay role, relevant to metallurgical work. The plant’s commercial-scale project outcome and individual contribution remain unproven.
Responsibility not applicable · Analyst inference from reported role, not a claim of production delivery.
BBX FY2021 annual report · printed p.11
Evidence gaps · 3
- No dated issuer confirmation of continued technical-management role after January 2024; recent third-party list may be stale.
- Full prior employment, degree-awarding institution, and independent professional credentials not established.
- The source does not attribute company bioleach or litigation outcome personally; original supplier and court records unavailable.
Antonio de Castro
Senior Consulting Geologist (external)
Personal SuccessIssuer Reported · Medium materiality
Named Ema competent person and technical contributor
BCM’s 2026 disclosures identify Antonio de Castro as a senior consulting geologist through ADC Geologia and name him as a competent person for its Ema exploration disclosures. Axel’s 2025 appointment release credits him with a key role in Ema discovery and resource definition; this attribution is an issuer statement.
Individual involvement documented · Named competent-person responsibility is documented; the precise share of discovery credit is issuer-reported and not independently quantified.
FY2026 annual report · printed p.15, competent person statement
Management and technical team changes · p.2, Antonio de Castro biography
GovernanceDocumented · Medium materiality
Concurrent external geological mandates
BCM describes de Castro as an external senior consulting geologist through ADC Geologia, while Axel REE appointed him consulting chief geologist in May 2025. Third-party profiles label him BCM exploration manager, a title not confirmed in current primary records.
Individual involvement documented · Concurrent consulting relationships are disclosed; no conflict or breach is established.
December 2025 quarterly report · p.12, competent person statement
Management and technical team changes · pp.1–2, consulting appointment
BCM company profile and key executives · Key executives
EducationIssuer Reported · Medium materiality
Geology credentials reported by sources
BCM states BSc (Hons), AusIMM and CREA affiliations in its competent-person statement; a business profile reports a Federal University of Rio de Janeiro degree. Neither is direct institutional confirmation.
Responsibility not applicable · Reported qualifications are unverified by the issuing bodies.
December 2025 quarterly report · p.12, competent person statement
Antonio de Castro biography · biography and qualifications
Role FitAnalyst Inference · Medium materiality
Relevant experience with external-client commitments
His documented role in Ema technical reporting and background as described by Axel support geological fit, while externally provided services mean title, ongoing scope and time allocation remain uncertain.
Responsibility not applicable · Fit is inference; no unverified technical claims or individual resource value are assigned.
Management and technical team changes · p.2, geologist biography
FY2026 annual report · printed p.15
Evidence gaps · 4
- BCM management authority and current contract scope beyond the FY2026 report were not independently established; third-party exploration-manager designation differs from issuer consulting title.
- Original discovery records and personal contribution beyond issuer statements not independently quantified.
- Degree and professional membership not independently verified.
- Brazilian name-search results could not be attributed given namesakes; court record details remain unverified.
Company ownership
Investors & shareholders
Top registered shareholders
Register at 2026-09-22 · 2,233,014,104 issued shares
| # | Investor / registered holder | % issued shares | Shares held |
|---|---|---|---|
| 1 | 13.65% | 304,850,472 | |
| 2 | 7.76% | 173,295,514 | |
| 3 | 6.10% | 136,243,710 | |
| 4 | 4.00% | 89,385,839 | |
| 5 | 3.90% | 87,110,236 | |
| 6 | 3.15% | 70,261,881 | |
| 7 | 2.65% | 59,220,000 | |
| 8 | 1.76% | 39,339,788 | |
| 9 | 1.28% | 28,500,000 | |
| 10 | 1.26% | 28,061,064 | |
| 11 | 1.10% | 24,654,088 | |
| 12 | 1.07% | 23,959,883 | |
| 13 | 1.06% | 23,666,666 | |
| 14 | 1.05% | 23,503,704 | |
| 15 | 1.02% | 22,688,679 | |
| 16 | 0.94% | 20,981,277 | |
| 17 | 0.84% | 18,840,131 | |
| 18 | 0.79% | 17,700,000 | |
| 19 | 0.75% | 16,808,000 | |
| 20 | 0.68% | 15,098,103 |
Disclosed substantial holders
Latest reviewed disclosure for each holder or reporting group
| Investor / reported group | Disclosed holding | Holding at |
|---|---|---|
| 15.10%Voting power | 2025-10-09 | |
| 6.10%Issued shares | 2026-09-22 |
Sources & review notesEvidence checked through 2026-10-31
Coverage and limitations
- The register is a dated snapshot, not evidence of beneficial ownership behind nominee and custodian accounts.
- Drake’s last identified substantial-holder notice is dated October 2025; the 2026 annual report explicitly cites it. Its historical 15.10% voting power is not a current percentage, and no current position is asserted.
- The issuer reported legal proceedings with Drake continuing as at 27 October 2026, and says it disputes the allegations; no outcome is implied.
- Subsequent share issues, including 1,666,667 shares on 28 October 2026, changed the share capital after the register date.
Sources
- Annual report for year ended 30 June 2026
Brazilian Critical Minerals Limited · Published 2026-09-28 · Accessed 2026-10-31
Lists issued shares, substantial holders and the complete 20-account register as at 22 September 2026.
downloads/BCM/2026/2026-09-28_Annual Report to shareholders_b45962a0af29e1c1.pdf, PDF pages 73–74 (printed pages 72–73)
- Form 604 change in substantial holding — Drake
Drake Private Investments LLC via ASX · Published 2025-10-15 · Accessed 2026-10-31
Identifies the issuer, change date, shares and voting power as at 9 October 2025.
downloads/BCM/2025/2025-10-15_Change in substantial holding_cdf391b790eaee03.pdf, PDF page 1
- Quarterly activities and Appendix 5B cash flow report
Brazilian Critical Minerals Limited · Published 2026-10-27 · Accessed 2026-10-31
States the Drake proceeding continued and records share issuance and option exercises.
Pages 4–5, shareholder legal action and corporate activities
- Application for quotation of securities
Brazilian Critical Minerals Limited · Published 2026-10-28 · Accessed 2026-10-31
Reports issue of 1,666,667 ordinary shares and share capital after quotation, subsequent to the register date.
Appendix 2A pages 1 and 6
Disclosed activity
Insider transactions
Trading activity2 buys · 1 sell shownNet cash last 12 months no tradesShow chartHide chart
On-market buyPlacement / plan subscriptionSaleMarker size = cash valueGrant, exercise, expiry or transferBars: cash bought (up) and sold (down) per month
| Date | Person / account | Activity / security | Quantity | Cash consideration | Price | Holding after |
|---|---|---|---|---|---|---|
| 2025-08-28 | Drake Private Investments LLCDrake Private Investments LLC
Details & evidence for Drake Private Investments LLC on 2025-08-28Conversion of A$867,000 debt to equity; extinguished debt is not cash consideration. As disclosed: Conversion of A$867,000 debt to equity; extinguished debt is not cash consideration.
Change in substantial holding ↗ | OtherFully paid ordinary shares | 120,416,667 | —Non Cash | — | — |
| 2025-08-12 | Cremorne Capital Limited as responsible entity for Lowell Resources FundEquity Trustees Limited <Lowell Resources Fund A/C>
Details & evidence for Cremorne Capital Limited as responsible entity for Lowell Resources Fund on 2025-08-12Form 603 annexure discloses acquisition and cash consideration but not acquisition mechanism; no on-market classification inferred. As disclosed: Form 603 annexure discloses acquisition and cash consideration but not acquisition mechanism; no on-market classification inferred.
Equity Trustees Limited <Lowell Resources Fund A/C> · Notice names Equity Trustees Limited as registered holder for Lowell Resources Fund. Becoming a substantial holder ↗ | OtherFully paid ordinary shares | 41,019,120 | — | — | — |
| 2025-07-11 | Cremorne Capital Limited as responsible entity for Lowell Resources FundEquity Trustees Limited <Lowell Resources Fund A/C>
Details & evidence for Cremorne Capital Limited as responsible entity for Lowell Resources Fund on 2025-07-11Form 603 annexure discloses acquisition and cash consideration but not acquisition mechanism; no on-market classification inferred. As disclosed: Form 603 annexure discloses acquisition and cash consideration but not acquisition mechanism; no on-market classification inferred.
Equity Trustees Limited <Lowell Resources Fund A/C> · Notice names Equity Trustees Limited as registered holder for Lowell Resources Fund. Becoming a substantial holder ↗ | OtherFully paid ordinary shares | 224,448 | — | — | — |
| 2025-07-10 | Cremorne Capital Limited as responsible entity for Lowell Resources FundEquity Trustees Limited <Lowell Resources Fund A/C>
Details & evidence for Cremorne Capital Limited as responsible entity for Lowell Resources Fund on 2025-07-10Form 603 annexure discloses acquisition and cash consideration but not acquisition mechanism; no on-market classification inferred. As disclosed: Form 603 annexure discloses acquisition and cash consideration but not acquisition mechanism; no on-market classification inferred.
Equity Trustees Limited <Lowell Resources Fund A/C> · Notice names Equity Trustees Limited as registered holder for Lowell Resources Fund. Becoming a substantial holder ↗ | OtherFully paid ordinary shares | 9,124,730 | — | — | — |
| 2025-07-09 | Cremorne Capital Limited as responsible entity for Lowell Resources FundEquity Trustees Limited <Lowell Resources Fund A/C>
Details & evidence for Cremorne Capital Limited as responsible entity for Lowell Resources Fund on 2025-07-09Form 603 annexure discloses acquisition and cash consideration but not acquisition mechanism; no on-market classification inferred. As disclosed: Form 603 annexure discloses acquisition and cash consideration but not acquisition mechanism; no on-market classification inferred.
Equity Trustees Limited <Lowell Resources Fund A/C> · Notice names Equity Trustees Limited as registered holder for Lowell Resources Fund. Becoming a substantial holder ↗ | OtherFully paid ordinary shares | 2,013,502 | — | — | — |
| 2025-07-07 | Cremorne Capital Limited as responsible entity for Lowell Resources FundEquity Trustees Limited <Lowell Resources Fund A/C>
Details & evidence for Cremorne Capital Limited as responsible entity for Lowell Resources Fund on 2025-07-07Form 603 annexure discloses acquisition and cash consideration but not acquisition mechanism; no on-market classification inferred. As disclosed: Form 603 annexure discloses acquisition and cash consideration but not acquisition mechanism; no on-market classification inferred.
Equity Trustees Limited <Lowell Resources Fund A/C> · Notice names Equity Trustees Limited as registered holder for Lowell Resources Fund. Becoming a substantial holder ↗ | OtherFully paid ordinary shares | 146,835 | — | — | — |
| 2025-07-04 | Cremorne Capital Limited as responsible entity for Lowell Resources FundEquity Trustees Limited <Lowell Resources Fund A/C>
Details & evidence for Cremorne Capital Limited as responsible entity for Lowell Resources Fund on 2025-07-04Form 603 annexure discloses acquisition and cash consideration but not acquisition mechanism; no on-market classification inferred. As disclosed: Form 603 annexure discloses acquisition and cash consideration but not acquisition mechanism; no on-market classification inferred.
Equity Trustees Limited <Lowell Resources Fund A/C> · Notice names Equity Trustees Limited as registered holder for Lowell Resources Fund. Becoming a substantial holder ↗ | OtherFully paid ordinary shares | 3,876,817 | — | — | — |
| 2025-07-03 | Cremorne Capital Limited as responsible entity for Lowell Resources FundEquity Trustees Limited <Lowell Resources Fund A/C>
Details & evidence for Cremorne Capital Limited as responsible entity for Lowell Resources Fund on 2025-07-03Form 603 annexure discloses acquisition and cash consideration but not acquisition mechanism; no on-market classification inferred. As disclosed: Form 603 annexure discloses acquisition and cash consideration but not acquisition mechanism; no on-market classification inferred.
Equity Trustees Limited <Lowell Resources Fund A/C> · Notice names Equity Trustees Limited as registered holder for Lowell Resources Fund. Becoming a substantial holder ↗ | OtherFully paid ordinary shares | 4,613,668 | — | — | — |
| 2025-06-13 | Cremorne Capital Limited as responsible entity for Lowell Resources FundEquity Trustees Limited <Lowell Resources Fund A/C>
Details & evidence for Cremorne Capital Limited as responsible entity for Lowell Resources Fund on 2025-06-13Form 603 annexure discloses acquisition and cash consideration but not acquisition mechanism; no on-market classification inferred. As disclosed: Form 603 annexure discloses acquisition and cash consideration but not acquisition mechanism; no on-market classification inferred.
Equity Trustees Limited <Lowell Resources Fund A/C> · Notice names Equity Trustees Limited as registered holder for Lowell Resources Fund. Becoming a substantial holder ↗ | OtherFully paid ordinary shares | 40,230,880 | — | — | — |
| 2025-02-03 | Drake Private Investments LLCDrake Private Investments LLC
Details & evidence for Drake Private Investments LLC on 2025-02-03Options were issued to Drake in connection with the loan arrangement; not a purchase of ordinary shares. As disclosed: 50,000,000 options issued to DPI on 3 February 2025 in consideration for the 2025 advance under the loan agreement.
Notification regarding unquoted securities - BCM ↗ Notification regarding unquoted securities - BCM ↗ Notice of General Meeting/Proxy Form ↗ | OtherOptions (exercise AUD 0.0175; expiry 2028-12-15) | 50,000,000 | —Non Cash | — | 50,000,000 |
| 2024-08-21 | Drake Private Investments LLCDrake Private Investments LLC
Details & evidence for Drake Private Investments LLC on 2024-08-21Issued to Drake for marketing and consultancy services, not a cash purchase. As disclosed: 20,000,000 Options issued to Drake on 21 August 2024 in consideration for ad hoc marketing services and assistance.
Application for quotation of securities - BCM ↗ Notice of Annual General Meeting/Proxy Form ↗ | OtherBCMO options (exercise AUD 0.05; expiry 2026-01-11) | 20,000,000 | —Non Cash | — | — |
| 2024-05-28to 2024-06-04 | Drake Private Investments LLCDrake Private Investments LLC
Details & evidence for Drake Private Investments LLC on 2024-05-28Holder’s 604 describes a May placement; Appendix 2A states 28 May issuance while the AGM notice says 4 June. Drake Special Situations versus Drake Private naming differs across sources. One placement event is retained with the date and identity differences explicit. As disclosed: Form 604 associates 17.7m shares and A$407,100 with a May 2024 placement, while its threshold-change date is 20 December; exact acquisition date not independently established.
Change in substantial holding ↗ Notice of Annual General Meeting/Proxy Form ↗ Application for quotation of securities - BCM ↗ | SubscriptionFully paid ordinary shares | 17,700,000 | AUD 407,100.00 | AUD 0.023Disclosed price | — |
| 2023-12-29 | Drake Private Investments LLCDrake Private Investments LLC
Details & evidence for Drake Private Investments LLC on 2023-12-29Purchase of shares from Carnegie Council; consideration not disclosed. As disclosed: Purchase of shares from Carnegie Council; consideration not disclosed.
Change in substantial holding ↗ | PurchaseFully paid ordinary shares | 21,930,024 | —Not Disclosed | — | — |
| 2023-12-07 | Carnegie CouncilCarnegie Council
Details & evidence for Carnegie Council on 2023-12-07Donation of shares reported in initial substantial-holder notice. As disclosed: Donation of shares reported in initial substantial-holder notice.
Becoming a substantial holder ↗ | Transfer InFully paid ordinary shares | 21,930,024 | —Non Cash | — | — |
| 2023-11-28 | National Philanthropic TrustNational Philanthropic Trust
Details & evidence for National Philanthropic Trust on 2023-11-28Gift of shares to Carnegie Council, nil cash. Notice reports 28 November; its amended grant letter says payment date 27 November. Counterparty in-leg is separate and not an additional economic trade. As disclosed: Gift of shares to Carnegie Council, nil cash. Notice reports 28 November; its amended grant letter says payment date 27 November. Counterparty in-leg is separate and not an additional economic trade.
J P Morgan Nominees Australia Pty Ltd · Beneficial ownership of shares registered to nominee Ceasing to be a substantial holder ↗ | Transfer OutFully paid ordinary shares | 73,818,249 | —Non Cash | — | — |
| 2023-11-28 | Carnegie CouncilCarnegie Council
Details & evidence for Carnegie Council on 2023-11-28Donation of shares; the counterparty notice calls the date 28 November while its supporting payment letter states 27 November. As disclosed: Donation of shares; the counterparty notice calls the date 28 November while its supporting payment letter states 27 November.
Becoming a substantial holder ↗ | Transfer InFully paid ordinary shares | 73,818,249 | —Non Cash | — | — |
| 2023-11-17 | National Philanthropic TrustJ P Morgan Nominees Australia Pty Ltd
Details & evidence for National Philanthropic Trust on 2023-11-17Reported sale quantity and NPT before/after positions reconcile exactly. Form 604's disclosed $0.027 per share is expressly subject to adjustment; final consideration is not established. As disclosed: Sale of ordinary shares under the stock purchase agreement dated 17 November 2023 (Stock Purchase Agreement), at $0.027 per ordinary share, subject to adjustment under the Stock Purchase Agreement.
J P Morgan Nominees Australia Pty Ltd · Beneficial ownership of shares registered to nominee Change in substantial holding ↗ Change in substantial holding ↗ Change in substantial holding ↗ Change in substantial holding ↗ Change in substantial holding ↗ Change in substantial holding ↗ Change in substantial holding ↗ Change in substantial holding ↗ Change in substantial holding ↗ | SaleOrdinary shares | 100,501,727 | — | USD 0.027Disclosed price | 95,748,273 |
Disclosed holding observations16 dated positions
Initial, final and threshold notices describe positions; these are not counted as purchases or sales.
| Holding at | Person / group | Type / security | Quantity | Percentage |
|---|---|---|---|---|
| 2026-09-22 | Cremorne Capital Limited as responsible entity for Lowell Resources Fund
Details & evidence for Cremorne Capital Limited as responsible entity for Lowell Resources Fund on 2026-09-22Registered account observation; not a transaction or evidence of the timing of any change.
Equity Trustees Limited <Lowell Resources Fund A/C> · Notice names Equity Trustees Limited as registered holder for Lowell Resources Fund. Annual Report to shareholders ↗ | PositionOrdinary shares | 136,243,710 | 6.10%Issued Shares |
| 2025-10-09 | Drake Private Investments LLC
Details & evidence for Drake Private Investments LLC on 2025-10-09Dilution-only change; unchanged quantity does not represent a sale.
Change in substantial holding ↗ | PositionFully paid ordinary shares | 286,034,034 | 15.10%Voting Power |
| 2025-09-22 | Cremorne Capital Limited as responsible entity for Lowell Resources Fund
Details & evidence for Cremorne Capital Limited as responsible entity for Lowell Resources Fund on 2025-09-22Registered account observation; not a transaction or evidence of the timing of any change.
Equity Trustees Limited <Lowell Resources Fund A/C> · Notice names Equity Trustees Limited as registered holder for Lowell Resources Fund. Annual Report to shareholders ↗ | PositionOrdinary shares | 101,250,000 | 5.99%Issued Shares |
| 2025-08-28 | Drake Private Investments LLC
Details & evidence for Drake Private Investments LLC on 2025-08-28Position after debt-to-equity conversion.
Change in substantial holding ↗ | PositionFully paid ordinary shares | 286,034,034 | 16.99%Voting Power |
| 2025-08-12 | Cremorne Capital Limited as responsible entity for Lowell Resources Fund
Details & evidence for Cremorne Capital Limited as responsible entity for Lowell Resources Fund on 2025-08-12Initial substantial-holder position; the eight disclosed acquisitions sum to 101,250,000 shares.
Equity Trustees Limited <Lowell Resources Fund A/C> · Notice names Equity Trustees Limited as registered holder for Lowell Resources Fund. Becoming a substantial holder ↗ | InitialFully paid ordinary shares | 101,250,000 | 6.48%Voting Power |
| 2025-08-12 | Drake Private Investments LLC
Details & evidence for Drake Private Investments LLC on 2025-08-12Dilution-only change; unchanged quantity does not represent a sale.
Change in substantial holding ↗ | PositionFully paid ordinary shares | 165,617,367 | 10.60%Voting Power |
| 2025-06-13 | Drake Private Investments LLC
Details & evidence for Drake Private Investments LLC on 2025-06-13Header date is preferred as an inference. Form row also prints 13 August 2025, later than the 7 August signature.
Change in substantial holding ↗ Application for quotation of securities - BCM ↗ | PositionFully paid ordinary shares | 165,617,367 | 12.64%Voting Power |
| 2024-12-20 | Drake Private Investments LLC
Details & evidence for Drake Private Investments LLC on 2024-12-20Voting percentage reduced by dilution despite the reported earlier placement participation.
Change in substantial holding ↗ | PositionFully paid ordinary shares | 165,617,367 | 15.88%Voting Power |
| 2023-12-29 | Drake Private Investments LLC
Details & evidence for Drake Private Investments LLC on 2023-12-29Position includes reported 21,930,024-share acquisition from Carnegie Council.
Change in substantial holding ↗ | PositionFully paid ordinary shares | 147,917,367 | 19.99%Voting Power |
| 2023-12-07 | Carnegie Council
Details & evidence for Carnegie Council on 2023-12-07603 combines transfers dated 28 November and 7 December 2023; the stated 12.99% is reported alongside aggregate holding, with no separate earlier percentage.
Becoming a substantial holder ↗ | PositionFully paid ordinary shares | 95,748,273 | 12.99%Voting Power |
| 2023-10-04 | Andrew John Igo
Details & evidence for Andrew John Igo on 2023-10-04Cessation notice reports 6m personal shares; cessation after dilution does not establish zero ownership.
ADE Super Fund / AJ Igo Pty Ltd · Trustee for ADE Super Fund; both accounts retain separate holdings. Ceasing to be a substantial holder ↗ | FinalFully paid ordinary shares | 6,000,000 | — |
| 2023-10-04 | Andrew John Igo
Details & evidence for Andrew John Igo on 2023-10-04Cessation notice reports 24m superfund shares; dilution does not establish zero ownership.
ADE Super Fund / AJ Igo Pty Ltd · Trustee for ADE Super Fund; both accounts retain separate holdings. Ceasing to be a substantial holder ↗ | FinalFully paid ordinary shares | 24,000,000 | — |
| 2023-09-27 | Andrew John Igo
Details & evidence for Andrew John Igo on 2023-09-27Issuer shareholder register confirms this account position at 27 September 2023; it does not explain how any change arose.
ADE Super Fund / AJ Igo Pty Ltd · Trustee for ADE Super Fund; both accounts retain separate holdings. Annual Report to shareholders ↗ | PositionFully paid ordinary shares | 6,000,000 | — |
| 2023-09-27 | Andrew John Igo
Details & evidence for Andrew John Igo on 2023-09-27Issuer shareholder register confirms this account position at 27 September 2023; it does not explain how any change arose.
ADE Super Fund / AJ Igo Pty Ltd · Trustee for ADE Super Fund; both accounts retain separate holdings. Annual Report to shareholders ↗ | PositionFully paid ordinary shares | 24,000,000 | — |
| 2023-01-04 | Andrew John Igo
Details & evidence for Andrew John Igo on 2023-01-04Personal account position; aggregate 604 group voting power is 5.71%.
ADE Super Fund / AJ Igo Pty Ltd · Trustee for ADE Super Fund; both accounts retain separate holdings. Change in substantial holding ↗ | PositionFully paid ordinary shares | 4,000,000 | — |
| 2023-01-04 | Andrew John Igo
Details & evidence for Andrew John Igo on 2023-01-04ADE Super Fund position; aggregate 604 group voting power is 5.71%.
ADE Super Fund / AJ Igo Pty Ltd · Trustee for ADE Super Fund; both accounts retain separate holdings. Change in substantial holding ↗ | PositionFully paid ordinary shares | 24,000,000 | — |
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Sign in or enter a guest codeChronological evidenceSource-document inventory17 documents
BCM market snapshot at 31 Oct 2026 (local database)Market Data · MediumMetadata Only
Output of miners.v8db.market_snapshot BCM with cutoff 2026-10-31 and 2,244,951,604 shares: market cap A$116.7m, 12m return +57.6%, 3y +108%, 52-week range A$0.021-0.084, 20-day average traded value A$305,594, AUD per USD 1.4407, peer rows ARR, CRI, LYC and 9 others; commodity spot fields empty.
- Document ID
- market-snapshot-2026-10-31
- Published UTC
- 2026-10-31T00:00:00+00:00
- Projects
- ema-rare-earths
- Commodities
- rare_earths
Rare Earth and Critical Mineral Prices (REEx weekly table)Commodity Data · MediumMetadata Only
Third-party price table reporting NdPr oxide about US$103-106/kg in China and US$125-140/kg outside China for October 2026. Page is undated beyond the cited week; used as market context and spot-case cross-check only, not as a valuation input.
- Document ID
- ndpr-price-rareearthexchanges
- Published UTC
- 2026-10-31T00:00:00+00:00
- Projects
- —
- Commodities
- rare_earths
BCM ASX close A$0.052 on 30 Oct 2026 (reference price)Market Data · MediumMetadata Only
Latest eligible local ASX close registered by miners.reference_price for BCM at valuation date 31 Oct 2026: close A$0.052 (open 0.056, high 0.057, low 0.051), volume 7,465,003, price fresh (1 day). Source database: data/asx_mining_companies.db via market data provider history.
- Document ID
- asx-close-bcm-2026-10-30
- Published UTC
- 2026-10-30T00:00:00+00:00
- Projects
- ema-rare-earths
- Commodities
- rare_earths
Appendix 2A quotation of 1,666,667 shares on option exercise, 28 Oct 2026Corporate Action · MediumExtracted
Appendix 2A: 1,666,667 shares issued on exercise of options at A$0.011 on 28 Oct 2026; issued capital after quotation 2,244,951,604 ordinary shares.
- Document ID
- aq-2026-10-28
- Published UTC
- 2026-10-28T00:00:00+00:00
- Projects
- —
- Commodities
- —
Quarterly activities report and Appendix 5B, quarter ended 30 Sep 2026Results · HighExtracted
Quarterly activities report and Appendix 5B for the quarter to 30 Sep 2026: cash A$12.18m, operating outflow A$1.72m, exploration A$1.31m, placement proceeds A$9.4m net, FEED with Altris (24 weeks), INCRA consent outstanding, Sais Nordeste subsequent event, tenement schedule, no offtake.
- Document ID
- qtr-sep-2026
- Published UTC
- 2026-10-27T00:00:00+00:00
- Projects
- ema-rare-earths
- Commodities
- rare_earths
BCM acquires magnesium sulphate plant (Sais Nordeste 90%), ASX release 5 Oct 2026Transaction · HighExtracted
Binding agreement (5 Oct 2026) for BBX to acquire 90% of Sais Nordeste (magnesium sulphate plant in judicial recovery) for R$1 plus assumed legacy tax liabilities of about R$15.3m (A$4.2m), with BCM funding restructuring; completion subject to conditions precedent.
- Document ID
- magsul-2026
- Published UTC
- 2026-10-05T00:00:00+00:00
- Projects
- sais-nordeste-plant · ema-rare-earths
- Commodities
- rare_earths
Annual Report to shareholders, year ended 30 June 2026Results · HighExtracted
FY26 annual report (year to 30 Jun 2026): loss A$7.87m, operating outflow A$5.54m, cash A$4.36m, Drake convertible note A$0.66m, equity A$3.57m, 1,960,624,166 shares at year end, 307.6m options and 80.9m performance rights outstanding at report date, no dividends, contingencies (Drake writ, EcoBiome invoice, labour claims).
- Document ID
- ar-fy26
- Published UTC
- 2026-09-28T00:00:00+00:00
- Projects
- ema-rare-earths
- Commodities
- rare_earths
Change of director's interest notice, Andrew Reid, 17 Sep 2026Governance · LowExtracted
Change of director's interest, Andrew Reid, 17 Sep 2026: 188,679 shares at A$0.053 and 20,000,000 performance rights acquired.
- Document ID
- dir-reid-2026-09
- Published UTC
- 2026-09-17T00:00:00+00:00
- Projects
- —
- Commodities
- —
Change of director's interest notice, Jeremy Robinson, 17 Sep 2026Governance · LowExtracted
Change of director's interest, Jeremy Robinson, 17 Sep 2026: placement participation at A$0.053 (1,000,000 shares per FY26 annual report note 26).
- Document ID
- dir-robinson-2026-09
- Published UTC
- 2026-09-17T00:00:00+00:00
- Projects
- —
- Commodities
- —
Change of director's interest notice, Nicholas Holthouse, 17 Sep 2026Governance · LowExtracted
Change of director's interest, Nicholas Holthouse, 17 Sep 2026: 188,679 shares at A$0.053 and 10,000,000 performance rights.
- Document ID
- dir-holthouse-2026-09
- Published UTC
- 2026-09-17T00:00:00+00:00
- Projects
- —
- Commodities
- —
Appointment of Chief Financial Officer, 18 Aug 2026Leadership · MediumExtracted
Appointment of Justine Lea as Chief Financial Officer effective 18 Aug 2026; CA with 23 years of ASX-listed finance experience.
- Document ID
- cfo-2026-08
- Published UTC
- 2026-08-18T00:00:00+00:00
- Projects
- —
- Commodities
- —
A$10 million institutional placement to advance Ema, ASX release 7 Jul 2026Financing · HighExtracted
A$10m two-tranche placement at A$0.053: Tranche 1 139,623,833 shares (A$7.4m) issued 14 Jul 2026; Tranche 2 50,432,771 shares (A$2.67m) issued 17 Sep 2026 after the 10 Sep 2026 EGM; lead manager options 20m at A$0.10.
- Document ID
- placement-jul-2026
- Published UTC
- 2026-07-07T00:00:00+00:00
- Projects
- ema-rare-earths
- Commodities
- rare_earths
Ema Rare Earth Project Bankable Feasibility Study, delivering exceptional economics (ASX release 30 Jun 2026)Study · HighExtracted
Ema Bankable Feasibility Study (30 Jun 2026): 20-year ISR MREC life of mine, 5,500 tpa TREO average, Stage 1 capex US$74m incl. 14.4% contingency and US$19m CCS, Stage 2 US$27m, post-tax NPV8 US$1,465m (base) and US$1,856m (high), IRR 105%, C1 US$8.84/kg TREO, AISC US$13.02/kg TREO, MRE Table 4 (Indicated 392 Mt, Inferred 681 Mt), royalties 2% federal, 1% landowners, 3% mining rights, SUDAM IRPJ incentive, no offtake, no ore reserve.
- Document ID
- bfs-2026
- Published UTC
- 2026-06-30T00:00:00+00:00
- Projects
- ema-rare-earths
- Commodities
- rare_earths
Ema BFS investor presentation, June 2026Presentation · MediumExtracted
BFS investor presentation (June 2026): headline metrics, production LOM totals, price cases (base NdPr US$108/kg, high US$130/kg), sensitivity table, BFS versus scoping comparison, resource summary.
- Document ID
- bfs-pres-2026
- Published UTC
- 2026-06-30T00:00:00+00:00
- Projects
- ema-rare-earths
- Commodities
- rare_earths
NdPr oxide price forecast to rise to US$90,000/t this year (Engineering News, 2 Feb 2026)Commodity Data · MediumMetadata Only
BMI February 2026 forecast of an average NdPr oxide price of US$90,000/t for 2026 with deficit to 2030; predates October 2026 prices, so stale against the spot case; context only.
- Document ID
- ndpr-forecast-bmi-2026
- Published UTC
- 2026-02-02T00:00:00+00:00
- Projects
- —
- Commodities
- rare_earths
Ema scoping study confirms low capex and opex, February 2025 (superseded)Study · MediumExtracted
Superseded February 2025 scoping study: capex US$55m, post-tax NPV US$355m, IRR 52%, NdPr US$60/kg; used only for the BFS-versus-scoping history.
- Document ID
- scoping-2025
- Published UTC
- 2025-02-26T00:00:00+00:00
- Projects
- ema-rare-earths
- Commodities
- rare_earths
Updated mineral resource estimate for Ema, January 2025 (superseded)Resource Update · MediumExtracted
Superseded January 2025 mineral resource estimate for Ema, kept for history of the resource (replaced by the April 2026 estimate).
- Document ID
- mre-2025
- Published UTC
- 2025-01-14T00:00:00+00:00
- Projects
- ema-rare-earths
- Commodities
- rare_earths
Evidence facts45
4361548 AUD
2026-06-30661243 AUD
2026-06-303565307 AUD
2026-06-30-7874451 AUD
2026-06-30-5536916 AUD
2026-06-3051227 AUD
2026-06-304124930 AUD
2026-06-301960624166 shares
2026-06-301310533235 shares
2025-06-300 AUD/share
2026-10-31392 Mt
2026-03-10773 ppm TREO
2026-03-10303016 t TREO
2026-03-10681 Mt
2026-03-10712 ppm TREO
2026-03-10484872 t TREO
2026-03-10785436 t TREO
2026-03-10200 ppm MREO
2026-03-101465000000 USD
2026-06-30105 %
2026-06-3074000000 USD
2026-06-3027000000 USD
2026-06-3020 years
2026-06-305500 t/yr TREO
2026-06-308840 USD/t
2026-06-30108000 USD/t
2026-06-308 %
2026-06-302026-06-30 date
2026-06-30bfs text
2026-06-30in-situ recovery (ISR) of ionic adsorption clay, pods leached sequentially, MgSO4 lixiviant, MREC precipitation text
2026-06-3055 %
2026-06-3012950000 USD/yr
2026-06-3013020 USD/t
2026-06-3012180000 AUD
2026-09-30-1723000 AUD
2026-09-3044000 AUD
2026-09-301767000 AUD
2026-09-301309000 AUD
2026-09-300 AUD
2026-09-30IPAAM environmental licence and INCRA land consent outstanding; GU trial mining licence applications lodged; no full mining licence text
2026-10-27100 pct
2026-09-3090 pct
2026-10-05care and maintenance since February 2026 (judicial recovery) text
2026-10-05captive: first-phase output about 50% of Ema magnesium sulphate needs; MgO and H2SO4 from Brazilian suppliers under supply agreements text
2026-10-052244951604 shares
2026-10-28Conflicts requiring judgment2
- MREO recovery (BFS)
The BFS states MREO recovery of 55% (Table 2 and Table 22); the Sep 2026 quarterly boilerplate quotes an average of 68% MREO. The study figure is used; the boilerplate is not a study input.
- AISC basis
The release gives AISC as US$37.50/kg MREO and the presentation as US$13.02/kg TREO. Both are the same LOM cost on different bases; the TREO basis is used, and the MREO figure is recorded as the MREO equivalent.