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2026-11-06
◂ Monitor BRE ASX

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
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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

Funding, performance and ownership

Financials & Capital

As of 2026-09-30
Cash A$121.8M2025-03-31: 75,353,000 A$2025-06-30: 67,332,000 A$2025-09-30: 57,065,000 A$2025-12-31: 136,902,535 A$2026-03-31: 147,151,000 A$2026-06-30: 134,400,000 A$2026-09-30: 121,834,000 A$ Finite
Debt A$0 Net cash A$121.8M
Basic shares 276.2MFY2024A: 246,538,695FY2025A: 274,626,572 2026-08-11
Runway 8.5 quarters Appendix 5B item 8.7: cash A$121.8m divided by September 2026 quarter operating outflow of A$14.3m (8.5 quarters); own check: net burn after the A$4.6m Alurion loan repayment is A$12.8m a quarter (9.5 quarters), but exploration spend is stepping up with a 10,000 m Sulista program, Monte Alto infill and PFS work.

Liquidity

Financial position

A$121.8m cash, no borrowings or facilities (30 Sep 2026); about A$55m a year of operating outflow funds studies to a pre-feasibility study but not the US$969m (plus US$57m deferred) construction capex, for which the 18 Aug 2026 study says no funding has been secured. Lease liabilities were A$1.75m at 30 Jun 2026.

Capital structure

Ownership and dilution

Ordinary shares
276.2M
Fully diluted
284.9M

Shares: 246,538,695 at 31 Dec 2024, plus 25,641,027 placement shares and 2,446,850 option exercises in 2025 gave 274,626,572 at 31 Dec 2025; 2026 added 1,035,196 Agua Verde consideration shares and 4,491,948 option exercises to reach 280,153,716 at 30 Jun 2026; 4,000,000 shares were then cancelled on 11 Aug 2026 giving 276,153,716. Fully diluted adds 8,728,828 unlisted zero/A$0.01 options on issue at 30 Jun 2026 (later exercises not disclosed; the 11 Aug 2026 Appendix 3H lists 8,740,371 options, 11,543 more, a 0.004 percent difference). The 10,200,000 Alurion options belong to Alurion.

Security classes4
ClassTypeQuantityStrikeExpiry
Ordinary shares fully paid (ASX: BRE) after the 11 August 2026 cancellation of 4,000,000 Sulista vendor sharesOrdinary Share276.2M——
Management and director zero exercise price options expiring October 2028 (vesting conditions)Option4MA$0—
Zero exercise price options expiring January 2030 (vesting conditions)Option2.7MA$0—
Employee Incentive Plan options at A$0.01 expiring May 2031 granted in 2026 (service, milestone and relative TSR conditions)Option2MA$0.01—

Actuals and forecasts

Financial statements

Reported years only; our forecasts are available to subscribers
AUDUnitTrendFY2024AAFY2025AA
Profit and loss
Revenue: NdPr oxideAUDm0.00.0
Revenue: HRE+ concentrate (Dy, Tb, Gd, Y, Sm)AUDm0.00.0
RevenueAUDm0.00.0
Royalties (CFEM 2.0 percent + BRC 2.5 percent)AUDm0.00.0
Cash operating costs (mine, beneficiation, refinery, logistics)AUDm0.00.0
Corporate and administrative costs (cash basis forecast; actuals include share-based payments)AUDmFY2024A: 11,008,887 AUDFY2025A: 10,340,605 AUD11.010.3
Exploration, evaluation and study expense (expensed as incurred)AUDmFY2024A: 47,513,139 AUDFY2025A: 35,640,413 AUD47.535.6
EBITDAAUDmFY2024A: -58,522,026 AUDFY2025A: -45,981,018 AUD(58.5)(46.0)
Depreciation and amortisationAUDmFY2024A: 16,887 AUDFY2025A: 6,877 AUD0.00.0
EBITAUDmFY2024A: -58,538,913 AUDFY2025A: -45,987,895 AUD(58.5)(46.0)
Net interest (finance income less finance costs)AUDmFY2024A: 2,520,225 AUDFY2025A: 3,924,585 AUD2.53.9
Profit before taxAUDmFY2024A: -56,018,688 AUDFY2025A: -42,063,310 AUD(56.0)(42.1)
Income taxAUDm0.00.0
Net profit (loss) after taxAUDmFY2024A: -56,018,688 AUDFY2025A: -42,063,310 AUD(56.0)(42.1)
Cash flow
Operating cash flowAUDmFY2024A: -41,394,376 AUDFY2025A: -31,730,745 AUD(41.4)(31.7)
Sustaining capexAUDm0.00.0
Upfront, deferred and plant and equipment capexAUDmFY2024A: 426,933 AUDFY2025A: 2,553,712 AUD0.42.6
Total capexAUDmFY2024A: 426,933 AUDFY2025A: 2,553,712 AUD0.42.6
Free cash flowAUDmFY2024A: -41,821,309 AUDFY2025A: -34,284,457 AUD(41.8)(34.3)
External funding drawn (project debt, strategic or equity-equivalent; not secured)AUDm0.00.0
External funding repaid (cash sweep)AUDm0.00.0
Balance sheet
Cash and cash equivalentsAUDmFY2024A: 26,485,040 AUDFY2025A: 136,902,535 AUD26.5136.9
Debt and external funding (excluding leases)AUDm0.00.0
Net debt / (net cash)AUDmFY2024A: -26,485,040 AUDFY2025A: -136,902,535 AUD(26.5)(136.9)
Per share
Ordinary shares (year-end basic actuals; fully diluted forecast)m sharesFY2024A: 246,538,695 sharesFY2025A: 274,626,572 shares246.5274.6
Earnings (loss) per shareAUD/shareFY2024A: -0.23 AUD/shareFY2025A: -0.15 AUD/share(0.23)(0.15)
Multiples and ratios
EV / EBITDA (x, current EV)xFY2024A: -6.80 xFY2025A: -8.65 x(6.8)(8.6)
P / E (x, current market cap)xFY2024A: -9.24 xFY2025A: -12.31 x(9.2)(12.3)
FCF yield (current market cap)%FY2024A: -0.08 fractionFY2025A: -0.07 fraction-8.1%-6.6%
EBITDA margin%——
Net debt / EBITDA (x)xFY2024A: 0.45 xFY2025A: 2.98 x0.53.0

KPI history

Operating metrics

Source values by period
Operating metric source table23
MetricProjectPeriodPeriod typeValueStatus
Cash and cash equivalents at March 2025 quarterCompanyMarch 2025 quarterPoint In Time75,353,000 AUDReported
Cash and cash equivalents at June 2025 quarterCompanyJune 2025 quarterPoint In Time67,332,000 AUDReported
Cash and cash equivalents at September 2025 quarterCompanySeptember 2025 quarterPoint In Time57,065,000 AUDReported
Cash and cash equivalents at December 2025 quarterCompanyDecember 2025 quarterPoint In Time136,902,535 AUDReported
Cash and cash equivalents at March 2026 quarterCompanyMarch 2026 quarterPoint In Time147,151,000 AUDReported
Cash and cash equivalents at June 2026 quarterCompanyJune 2026 quarterPoint In Time135,093,000 AUDReported
Cash and cash equivalents at September 2026 quarterCompanySeptember 2026 quarterPoint In Time121,834,000 AUDReported
Net cash used in operating activities, March 2025 quarterCompanyMarch 2025 quarterQuarter-6,471,000 AUDReported
Net cash used in operating activities, June 2025 quarterCompanyJune 2025 quarterQuarter-7,251,000 AUDReported
Net cash used in operating activities, September 2025 quarterCompanySeptember 2025 quarterQuarter-8,469,000 AUDReported
Net cash used in operating activities, December 2025 quarterCompanyDecember 2025 quarterQuarter-10,855,000 AUDReported
Net cash used in operating activities, March 2026 quarterCompanyMarch 2026 quarterQuarter-11,137,000 AUDReported
Net cash used in operating activities, June 2026 quarterCompanyJune 2026 quarterQuarter-13,402,000 AUDReported
Net cash used in operating activities, September 2026 quarterCompanySeptember 2026 quarterQuarter-14,293,000 AUDReported
Borrowings at 30 September 2026 (none)Company30 September 2026Point In Time0 AUDReported
Exploration and evaluation payments (Appendix 5B item 1.2a), March 2026 quarterCompanyMarch 2026 quarterQuarter11,563,000 AUDReported
Exploration and evaluation payments (Appendix 5B item 1.2a), June 2026 quarterCompanyJune 2026 quarterQuarter13,404,000 AUDSource Derived
Exploration and evaluation payments (Appendix 5B item 1.2a), September 2026 quarterCompanySeptember 2026 quarterQuarter13,088,000 AUDReported
Loss for the year FY2025CompanyFY2025Year-42,063,310 AUDReported
Loss for the year FY2024 (restated)CompanyFY2024 (restated)Year-56,018,688 AUDReported
Net cash used in operating activities FY2025CompanyFY2025Year-31,730,745 AUDReported
Net cash used in operating activities FY2024 (restated)CompanyFY2024 (restated)Year-41,394,376 AUDReported
Cash on balance sheet at 30 June 2026 (excludes A$0.7m held within Alurion)Company30 June 2026 (balance sheet)Point In Time134,400,000 AUDReported
Company guidance7
MetricProjectPeriodLowHighStatus
First Production (Study Base Case)monte_alto_camacariScoping study base case2,0312,031 calendar yearCurrent
Final Investment Decision (Target)monte_alto_camacariScoping study base case2,0292,029 calendar year (mid-2029)Current
Upfront Capital To First Production Incl. 30 Percent Contingencymonte_alto_camacariScoping study real Q3 2026 dollars, +/-40 percent969,000,000969,000,000 USDCurrent
Ndpr Oxide Production, First Five Run Rate Years Averagemonte_alto_camacariYears 2-6 of production6,3516,351 t/yrCurrent
Hre+ Concentrate (Contained Oxide), First Five Run Rate Years Averagemonte_alto_camacariYears 2-6 of production2,5022,502 t/yrCurrent
Earliest Possible Direct Ship Concentrate Sales (No Economics Included)monte_alto_camacariPotential fast-track pathway2,0302,030 calendar yearCurrent
Cash Operating Costs, Life Of Mine Averagemonte_alto_camacariScoping study214,000,000214,000,000 USD/yrCurrent

Capital history

Capital events

4 events · newest first
DateEventAmountSharesPriceStatusTerms
2026-08-11BuybackBre Ordinary Fully PaidA$14MA$0CompletedSelective buy-back and cancellation of 4,000,000 shares issued to the Sulista vendors (Quinteiro 2,928,000, dos Santos 704,000, Gama 368,000) after the ANM final research report milestone was missed by 26 March 2026; a A$9.48m exploration expense was reversed against contributed equity.Max 4M · Period 2026-08-11 to 2026-08-11
2026-07-24Ann. 2026-05-25DividendA$165M——Completed—
2025-10-22Ann. 2025-10-14RaisingA$120M25.6M—Completed—
2024-06-20Ann. 2024-06-13RaisingA$80M24.2M—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.

Complete As Disclosed · as of 2026-10-31

FY2025 annual report contingent liabilities and operating review, the 2026 scoping study, the June 2026 demerger booklet and the Alurion filings, plus the Carester release. No hedges (annual report: no hedging), streams, tolling, JV or farm-in arrangements are disclosed. The original ASX PDF of the 9 October 2025 Carester announcement is not in the local package; terms come from a remote copy.

Binding 10-year offtake of heavy rare earth concentrate for separation at Carester Caremag in France; covers only part of forecast HRE+ output and gives no NdPr sales agreement.

Offtake · Active
Counterparties
Carester
Applies to
Monte Alto + Camacari integrated rare earth project (Rocha da Rocha) · Rare Earths
Economic direction
Benefit
Period
From 2025-10-09; no end date stated
Key terms
Volume cap: 150 tpa contained DyTb
Initial term: 10 years
Pricing: market-linked
Share of first-five-year DyTb: 54.7 percent
How it affects our valuation

No valuation treatment is available for this arrangement.

Carester led the study downstream workstream including flowsheet, equipment selection and capex/opex inputs and supports commissioning.

Strategic Partnership · Active
Counterparties
Carester
Applies to
Monte Alto + Camacari integrated rare earth project (Rocha da Rocha) · Rare Earths
Economic direction
Benefit
Period
2025-10-09 to 2031-12-31
Key terms
Scope: Front-end engineering, process design, commissioning and ramp-up of the Camacari separation refinery
Term to: 2031-12-31
How it affects our valuation

No valuation treatment is available for this arrangement.

Private 2.5 percent gross revenue royalty over 32 tenements; the scoping study applies it to Monte Alto revenue (about US$42m a year at the study deck) in addition to the 2.0 percent CFEM government royalty.

Royalty · Active
Counterparties
Brazil Royalty Corp Participacoes e Investimentos Ltda (BRC)
Applies to
Monte Alto + Camacari integrated rare earth project (Rocha da Rocha) · Rare Earths
Economic direction
Burden
Period
Dates not stated
Key terms
Royalty rate: 2.5 percent of gross revenue
Study treatment: 2.5 percent private royalty on Monte Alto gross revenue
How it affects our valuation

No valuation treatment is available for this arrangement.

Partnership with Brazil's state nuclear fuel company covering development of the uranium co-product and regulatory support; Brazil's cost-plus uranium regime means no revenue is assumed and a 20 percent state profit-share decree is only reported.

Strategic Partnership · Announced
Counterparties
INB (Industrias Nucleares do Brasil)
Applies to
Monte Alto + Camacari integrated rare earth project (Rocha da Rocha) · Uranium
Economic direction
Benefit
Period
Dates not stated
Key terms
Status: Memorandum of understanding, not a binding uranium offtake
Uranium revenue in study: 0 percent payability
How it affects our valuation

No valuation treatment is available for this arrangement.

Brazilian research institution co-funds and partners on the Camacari pilot plant; Stage II hydrometallurgical separation commissioning planned Q2 2027.

Strategic Partnership · Active
Counterparties
SENAI CIMATEC and partners
Applies to
Monte Alto + Camacari integrated rare earth project (Rocha da Rocha) · Rare Earths
Economic direction
Benefit
Period
Dates not stated
Key terms
Co-funding total: 14.6 R$ million (about A$3.9m)
Stage II share: 59 percent of expected capex and opex
How it affects our valuation

No valuation treatment is available for this arrangement.

Amargosa was demerged to BRE shareholders at 0.5607 Alurion shares per BRE share; BRE retains a 16 percent escrowed stake (about A$41m at the offer price) and was repaid pre-IPO loans of about A$5.4m.

Other · Active
Counterparties
Alurion Resources Limited
Applies to
Company-wide · Bauxite
Economic direction
Mixed
Period
From 2026-07-24; no end date stated
Key terms
Retained holding: 39,025,413 Alurion shares (16.01 percent)
ASX escrow: 24 months from 29 July 2026
Offer price: 1.05 A$ per share
Transitional services: BRE provides transitional services to Alurion
How it affects our valuation

No valuation treatment is available for this arrangement.

Contractual right to repurchase 4,000,000 consideration shares if the vendor missed the ANM final-research-report milestone by 26 March 2026; exercised on 11 August 2026 and completed, so no longer live.

Other · Terminated
Counterparties
Sulista vendors (Quinteiro, dos Santos, Gama)
Applies to
Sulista rare earth district (Sulista East, West, Outcrop Ridge) · Rare Earths
Economic direction
Benefit
Period
2024-01-22 to 2026-08-11
Key terms
Shares repurchased: 4,000,000 shares
Consideration: 1 A$ in total
How it affects our valuation

This arrangement has ended; no current valuation treatment is required.