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2026-11-06
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Brazilian Rare Earths Limited

Scoping Study Developer · Rare Earths · Uranium · Brazil Rating locked: sign in to view v8.1 · bre-20261031t202833-full
Last 2026-11-06
A$1.695
1D
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1M
—
YTD
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1Y
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Upside
Locked: sign in to view
Mkt cap
A$468.1M
EV
A$348M
Cash
A$121.8M
Debt
A$0

Portfolio detail

Assets

4 assets

Core asset

Monte Alto + Camacari integrated rare earth project (Rocha da Rocha)

Brazil

Scoping Study Developer100% ownedRare EarthsUranium

Scoping study (18 Aug 2026 update, +/-40 percent): 9-year Monte Alto open-pit with sensor ore sorting, 260 km haulage to a Camacari refinery producing separated NdPr oxide, HRE+ concentrate and U3O8 (no uranium revenue). PFS pilot testwork under way; trial mining licence granted; EIA/RIMA due 1H 2027; no funding secured; FID targeted mid-2029, first production 2031. The 13 Aug 2026 production target was retracted.

Resource / scoping · Scoping study developer
Contained metal (attributable)
382.8k td
Resource grade
11.3%
% Measured + Indicated
83.5%d
Resource tonnes
3.40 Mt
Our value per attrib. contained unit
Locked
Mining method
Selective open-pit truck-and-excavator (contractor), dry sensor-based ore sorting at site, ore-sorted feed trucked 260 km to Camacaris
Published study economicsIssuer or study metrics
NPVUS$6B8% discount
IRR90%Published return
Initial capexUS$969MPublished capital estimate
Operating cost214,000,000USD/yr

After-tax NPV8 as at 30 June 2029 in real Q3 2026 US dollars on the Argus EU/US long-term price forecast, effective tax 15.25 percent, 2.0 percent CFEM and 2.5 percent private royalty, USD/BRL 5.7, uranium at zero value; Adamas Western forecast case NPV8 US$3.0bn, Argus spot cases US$8.2-8.5bn. Scoping accuracy +/-40 percent.

Resources & reserves4
TypeCategoryQuantityGradeContained mineralsDate
Mineral ResourceIndicated2.5M t12.73% TREO (NdPr 20,990 ppm, Dy2O3 910 ppm, Tb4O7 170 ppm, Gd2O3 1,250 ppm, Y2O3 4,240 ppm, Nb2O5 3,730 ppm, U3O8 1,630 ppm)Rare Earths · Uranium2026-02-22
Mineral ResourceInferred890K t7.10% TREO (NdPr 11,730 ppm, Dy2O3 530 ppm, Tb4O7 90 ppm, Y2O3 2,480 ppm)Rare Earths · Uranium2026-02-22
Mineral ResourceIndicated + Inferred3.4M t11.26% TREORare Earths · Uranium2026-02-22
Mineral ResourceIndicated + Inferred1.2M t2.17% TREO (0.91 Mt Indicated at 2.24%, 0.34 Mt Inferred at 1.99%)Rare Earths2026-02-22
Tenements2
rocha-licencesGranted938 km2 · No expiry supplied
ma-trial-miningGranted— None · No expiry supplied
Milestones7
  1. Updated Monte Alto Mineral Resource estimate incorporating about 10,000 m of post-cut-off drilling

    Pending · High materiality

  2. Monte Alto EIA/RIMA completion

    Pending · High materiality

  3. Stage II hydrometallurgical pilot plant commissioning at Camacari

    Pending · Medium materiality

  4. Pre-feasibility study (timing not disclosed)

    Pending · High materiality

  5. Potential first direct-ship concentrate sales (no economics in study)

    Pending · Medium materiality

  6. Final investment decision

    Pending · High materiality

  7. First production (study base case)

    Pending · High materiality

Permits & approvals7
PermitJurisdictionStatusExpiryCritical path
Trial Mining Licence (ANM)Brazil (ANM)Granted—No
Final Exploration Report approval (ANM)Brazil (ANM)Granted—No
Monte Alto EIA/RIMA and environmental licence (IBAMA, terms of reference issued Oct 2025)Brazil (IBAMA)Pending—Yes
Commercial mining concessionBrazil (ANM)Required—Yes
ANSN radiological classification Category I NORM facility and Radiological Safety Analysis ReportBrazil (ANSN)Pending—Yes
ANSN operating authorisation for the Camacari pilot facility (does not extend to the commercial plant)Brazil (ANSN)Granted—No
Camacari commercial plant environmental and nuclear/radiological licences (may be a nuclear installation)Brazil (state/ANSN/CNEN)Required—Yes
Economic studies2
StudyStageStatusDateSummary
Rocha da Rocha Scoping Study Update: Integrated Monte Alto + Camacari CaseScoping StudyCurrent2026-08-18Replaces the retracted 13 Aug 2026 case. Argus EU/US deck, 9-year life, NdPr 5,661 tpa LOM, revenue US$1,687m pa, EBITDA US$1,397m pa, capex US$969m plus US$57m deferred, after-tax NPV8 US$6.0bn at 30 June 2029, IRR 90 percent. 75 percent Indicated feed.
Scoping Study (Monte Alto + Sulista 14-year case), 13 August 2026Scoping StudySuperseded2026-08-13Production target and all forecast financial information retracted on 18 August 2026 because Inferred material scheduled in years 9-14 left no reasonable basis; not used. The Mineral Resource estimates it contains are not retracted.

Material

Sulista rare earth district (Sulista East, West, Outcrop Ridge)

Brazil

Resource Stage100% ownedRare Earths

Regolith-hosted JORC resource of 8.18 Mt at 2.12 percent TREO at Sulista East (26 percent Indicated), with Sulista West, Outcrop Ridge and Pele envelopes. Excluded in full from the 18 Aug 2026 study. Step-out and infill drilling extended Sulista East 430 m and found Sulista South (up to 13.3 percent TREO, 18 m true thickness); 10,000 m campaign and a new resource estimate to follow. Acquired in January 2024 for shares; 4,000,000 consideration shares were cancelled on 11 Aug 2026 because the vendor missed an ANM milestone.

Resource / scoping · Resource stage
Contained metal (attributable)
173.4k td
Resource grade
2.1%
% Measured + Indicated
31.5%d
Resource tonnes
8.18 Mt
Our value per attrib. contained unit
Locked
Mining method
Assumed conventional open pit in regolith with beneficiation at Sulista (not in the 18 Aug 2026 study case; no mine plan)
Resources & reserves5
TypeCategoryQuantityGradeContained mineralsDate
Mineral ResourceIndicated2.1M t2.59% TREORare Earths2026-03-26
Mineral ResourceInferred6.1M t1.96% TREORare Earths2026-03-26
Mineral ResourceIndicated + Inferred8.2M t2.12% TREORare Earths2026-03-26
Mineral ResourceIndicated + Inferred200K t9.1% TREO (0.09 Mt Indicated at 11.2%, 0.11 Mt Inferred at 7.3%)Rare Earths2026-03-26
Mineral ResourceInferred110K t2.9% TREORare Earths2026-03-26
Milestones1
  1. Updated Sulista Mineral Resource estimate after step-out and infill drilling

    Pending · Medium materiality

Other

Rocha da Rocha regional exploration (Pele, Velhinhas, Monte Alto HREE+Y discovery, Agua Verde)

Brazil

Discovery Drill Stage100% ownedRare Earths

District-scale exploration: Velhinhas corridor (more than 9 km of trends, 19.6 percent TREO reconnaissance hole), yttrium-rich Monte Alto heavy rare earth discovery 2.5 km south, Pele district and four Agua Verde tenements bought on 27 April 2026 for 1,035,196 shares (A$5.0m, expensed).

Resources & reserves1
TypeCategoryQuantityGradeContained mineralsDate
Mineral ResourceInferred290K t5.1% TREORare Earths2026-03-26

Other

Amargosa bauxite-gallium project (demerged to Alurion Resources)

Brazil

Divested0% ownedBauxite

Demerged by in-specie distribution on 24 July 2026; Alurion (ASX: ALU) listed 29 July 2026 after a A$50m IPO at A$1.05. BRE holds no beneficial interest in the Amargosa licences (45 licences still registered to its subsidiary pending ANM transfer) and retains 39,025,413 Alurion shares (16.01 percent) under 24-month ASX escrow, valued in the bridge as an investment.

Resources & reserves1
TypeCategoryQuantityGradeContained mineralsDate
Mineral ResourceIndicated + Inferred568M t29.8% total available alumina; 47.7 ppm GaBauxite2025-10-03

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Stock database

Other assets

Plants, holdings and assets valued inside a project
Alurion Resources Limited (ASX: ALU) 16 percent holding · Equity investment · Held
Investee
Alurion Resources Limited (ASX: ALU)
Holding
16%
Shares held
39.03m
Market value
A$15.6mm
% of holder's market cap
3.3%m
Cost basis
—
Camacari hydrometallurgy and separation refinery (planned) · Processing plant / refinery · Study
Product and spec
NdPr oxide >99.5% REO; mixed Sm-Lu-Y carbonate >60% REO marketed as HRE+ concentrate; U3O8 yellowcakes
Nameplate capacity
2.25e+05 tpas
Throughput (12M)
—
Utilisation
—
Capital intensity (capex / tpa)
—
Feed source
Captive: ore-sorted Monte Alto feed (100 percent); Sulista excluded from the study cases
Offtake contracted
54.7%d