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- Last 2026-11-06
- A$1.695
- 1D
- —
- 1M
- —
- YTD
- —
- 1Y
- —
- Fair value
- Locked: sign in to view
- Upside
- Locked: sign in to view
- Mkt cap
- A$468.1M
- EV
- A$348M
- Cash
- A$121.8M
- Debt
- A$0
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Sign in or enter a guest codeAnnouncements
Latest 12 of 26All sources ▸- September 2026 Quarterly Report and Appendix 5BResults
- Half Yearly Report and AccountsResults
- Rocha da Rocha Scoping Study UpdateStudy
- Scoping Study Delivers Exceptional Rocha da Rocha EconomicsResource Update
- Notification of cessation of securities - BRECorporate Action
- Notification of buy-back - BRECorporate Action
- Becoming a substantial holder from BRECorporate Action
- June 2026 Quarterly Report and Appendix 5BResults
- Results of MeetingGovernance
- Notice of General Meeting/Proxy FormCorporate Action
- March 2026 Quarterly Report and Appendix 5BResults
- Becoming a substantial holderGovernance
Event calendar · next 12 months
12 events| Timing | Event | Category | Confidence | Materiality | Investor relevance |
|---|---|---|---|---|---|
| Q4 2026 | Updated Monte Alto Mineral Resource estimate | Resource Or Reserve | Company Guided | High | Folds about 10,000 m of ultra-high-grade extensions (25.6 m at 17.4 percent TREO) into the resource and could lengthen the 9-year life or lift output; the study used drilling to 22 Feb 2026 and 25 percent Inferred feed. |
| After step-out and infill drilling (guided by end 2026, now unspecified) | Updated Sulista Mineral Resource estimate | Resource Or Reserve | Inferred | Medium | Inferred-to-Indicated conversion and Sulista South additions decide whether Sulista can later feed Camacari. |
| 10 November 2026 | China rare earth export-control enforcement postponement ends | Other | Confirmed | Medium | Enforcement of the October 2025 extraterritorial controls is postponed until this date; the outcome moves ex-China rare earth prices and sentiment on all western developers. |
| First half 2027 | Monte Alto EIA/RIMA completion | Permitting | Company Guided | High | Critical-path environmental approval for the mine; delay pushes the mid-2029 FID. |
| Late January 2027 (ASX one-month deadline) | December 2026 quarterly report and Appendix 5B | Results | Inferred | Medium | Shows cash after year-end exploration spend and any PFS or funding update. |
| Late March 2027 (ASX three-month deadline) | FY2026 annual report and financial statements | Results | Inferred | Medium | First audited year with the AASB 18 presentation, Alurion demerger accounting and refreshed risk, governance and top-20 disclosures. |
| Q2 2027 | Stage II hydromet pilot plant commissioning at Camacari | Construction Or Commissioning | Company Guided | Medium | Pilot operating data feeds PFS recoveries, reagent use and cost estimates, and tests uranium and scandium recovery. |
| Late April 2027 (ASX one-month deadline) | March 2027 quarterly report | Results | Inferred | Medium | Updated cash runway and drilling progress. |
| Late May 2027 | 2027 annual general meeting | Governance | Inferred | Medium | Director election and incentive grants (2026 AGM was 28 May). |
| Late July 2027 (ASX one-month deadline) | June 2027 quarterly report | Results | Inferred | Medium | Cash and spend after the PFS work program. |
| Late August 2027 (ASX two-month deadline) | Half-year report to 30 June 2027 | Results | Inferred | Medium | Half-year loss, exploration expense and cash. |
| Late October 2027 (ASX one-month deadline) | September 2027 quarterly report | Results | Inferred | Medium | Cash against the A$122m starting point and PFS progress. |
Executive roster
As of 2026-10-31Background checks ▸FY2025 annual report key management personnel (executive directors and Group CFO), the company secretary, and later appointments: CFO change of 5 January 2026 and the Chief of Geology named as competent person in the 2026 scoping study. Non-executive directors are excluded by definition.
| Executive | Title | Normalized role | Appointed | Sources |
|---|---|---|---|---|
| Bernardo da Veiga | Managing Director and Chief Executive Officer | Executive Director · Chief Executive | 2021-03-31 | Annual Report to shareholders |
| Todd Hannigan | Executive Chair | Executive Director | 2023-01-16 | Annual Report to shareholders |
| John Vander Ploeg | Chief Financial Officer | Finance | 2026-01-05 | Appointment of Chief Financial Officer · Annual Report to shareholders |
| Renato Gonzaga | President - Brazil · former Group Chief Financial Officer | Operations · Senior Management | 2026-01-05 | Annual Report to shareholders · Executive Team Changes |
| Jonathan Hart | Company Secretary | Company Secretary | 2024-09-17 | Annual Report to shareholders · Executive Team Changes |
| Leon McGarry | Chief of Geology | Technical | — | Rocha da Rocha Scoping Study Update |
devCoverage status: Complete As Disclosed
Portfolio detail
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.
- 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
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | Indicated | 2.5M t | 12.73% 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 · Uranium | 2026-02-22 |
| Mineral Resource | Inferred | 890K t | 7.10% TREO (NdPr 11,730 ppm, Dy2O3 530 ppm, Tb4O7 90 ppm, Y2O3 2,480 ppm) | Rare Earths · Uranium | 2026-02-22 |
| Mineral Resource | Indicated + Inferred | 3.4M t | 11.26% TREO | Rare Earths · Uranium | 2026-02-22 |
| Mineral Resource | Indicated + Inferred | 1.2M t | 2.17% TREO (0.91 Mt Indicated at 2.24%, 0.34 Mt Inferred at 1.99%) | Rare Earths | 2026-02-22 |
Tenements2
Milestones7
- Updated Monte Alto Mineral Resource estimate incorporating about 10,000 m of post-cut-off drilling
Pending · High materiality
- Monte Alto EIA/RIMA completion
Pending · High materiality
- Stage II hydrometallurgical pilot plant commissioning at Camacari
Pending · Medium materiality
- Pre-feasibility study (timing not disclosed)
Pending · High materiality
- Potential first direct-ship concentrate sales (no economics in study)
Pending · Medium materiality
- Final investment decision
Pending · High materiality
- First production (study base case)
Pending · High materiality
Permits & approvals7
| Permit | Jurisdiction | Status | Expiry | Critical 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 concession | Brazil (ANM) | Required | — | Yes |
| ANSN radiological classification Category I NORM facility and Radiological Safety Analysis Report | Brazil (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
| Study | Stage | Status | Date | Summary |
|---|---|---|---|---|
| Rocha da Rocha Scoping Study Update: Integrated Monte Alto + Camacari Case | Scoping Study | Current | 2026-08-18 | Replaces 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 2026 | Scoping Study | Superseded | 2026-08-13 | Production 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.
- 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
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | Indicated | 2.1M t | 2.59% TREO | Rare Earths | 2026-03-26 |
| Mineral Resource | Inferred | 6.1M t | 1.96% TREO | Rare Earths | 2026-03-26 |
| Mineral Resource | Indicated + Inferred | 8.2M t | 2.12% TREO | Rare Earths | 2026-03-26 |
| Mineral Resource | Indicated + Inferred | 200K t | 9.1% TREO (0.09 Mt Indicated at 11.2%, 0.11 Mt Inferred at 7.3%) | Rare Earths | 2026-03-26 |
| Mineral Resource | Inferred | 110K t | 2.9% TREO | Rare Earths | 2026-03-26 |
Milestones1
- 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
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | Inferred | 290K t | 5.1% TREO | Rare Earths | 2026-03-26 |
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
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | Indicated + Inferred | 568M t | 29.8% total available alumina; 47.7 ppm Ga | Bauxite | 2025-10-03 |
d derivedr our researchg guidances study forecastm daily marketNo marker: as reported— / NM missing or not meaningful (hover for why)
Stock database
Other assets
- 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
- —
- 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
Funding, performance and ownership
Financials & Capital
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
| Class | Type | Quantity | Strike | Expiry |
|---|---|---|---|---|
| Ordinary shares fully paid (ASX: BRE) after the 11 August 2026 cancellation of 4,000,000 Sulista vendor shares | Ordinary Share | 276.2M | — | — |
| Management and director zero exercise price options expiring October 2028 (vesting conditions) | Option | 4M | A$0 | — |
| Zero exercise price options expiring January 2030 (vesting conditions) | Option | 2.7M | A$0 | — |
| Employee Incentive Plan options at A$0.01 expiring May 2031 granted in 2026 (service, milestone and relative TSR conditions) | Option | 2M | A$0.01 | — |
Actuals and forecasts
Financial statements
| AUD | Unit | Trend | FY2024AA | FY2025AA |
|---|---|---|---|---|
| Profit and loss | ||||
| Revenue: NdPr oxide | AUDm | 0.0 | 0.0 | |
| Revenue: HRE+ concentrate (Dy, Tb, Gd, Y, Sm) | AUDm | 0.0 | 0.0 | |
| Revenue | AUDm | 0.0 | 0.0 | |
| Royalties (CFEM 2.0 percent + BRC 2.5 percent) | AUDm | 0.0 | 0.0 | |
| Cash operating costs (mine, beneficiation, refinery, logistics) | AUDm | 0.0 | 0.0 | |
| Corporate and administrative costs (cash basis forecast; actuals include share-based payments) | AUDm | 11.0 | 10.3 | |
| Exploration, evaluation and study expense (expensed as incurred) | AUDm | 47.5 | 35.6 | |
| EBITDA | AUDm | (58.5) | (46.0) | |
| Depreciation and amortisation | AUDm | 0.0 | 0.0 | |
| EBIT | AUDm | (58.5) | (46.0) | |
| Net interest (finance income less finance costs) | AUDm | 2.5 | 3.9 | |
| Profit before tax | AUDm | (56.0) | (42.1) | |
| Income tax | AUDm | 0.0 | 0.0 | |
| Net profit (loss) after tax | AUDm | (56.0) | (42.1) | |
| Cash flow | ||||
| Operating cash flow | AUDm | (41.4) | (31.7) | |
| Sustaining capex | AUDm | 0.0 | 0.0 | |
| Upfront, deferred and plant and equipment capex | AUDm | 0.4 | 2.6 | |
| Total capex | AUDm | 0.4 | 2.6 | |
| Free cash flow | AUDm | (41.8) | (34.3) | |
| External funding drawn (project debt, strategic or equity-equivalent; not secured) | AUDm | 0.0 | 0.0 | |
| External funding repaid (cash sweep) | AUDm | 0.0 | 0.0 | |
| Balance sheet | ||||
| Cash and cash equivalents | AUDm | 26.5 | 136.9 | |
| Debt and external funding (excluding leases) | AUDm | 0.0 | 0.0 | |
| Net debt / (net cash) | AUDm | (26.5) | (136.9) | |
| Per share | ||||
| Ordinary shares (year-end basic actuals; fully diluted forecast) | m shares | 246.5 | 274.6 | |
| Earnings (loss) per share | AUD/share | (0.23) | (0.15) | |
| Multiples and ratios | ||||
| EV / EBITDA (x, current EV) | x | (6.8) | (8.6) | |
| P / E (x, current market cap) | x | (9.2) | (12.3) | |
| FCF yield (current market cap) | % | -8.1% | -6.6% | |
| EBITDA margin | % | — | — | |
| Net debt / EBITDA (x) | x | 0.5 | 3.0 | |
KPI history
Operating metrics
Operating metric source table23
| Metric | Project | Period | Period type | Value | Status |
|---|---|---|---|---|---|
| Cash and cash equivalents at March 2025 quarter | Company | March 2025 quarter | Point In Time | 75,353,000 AUD | Reported |
| Cash and cash equivalents at June 2025 quarter | Company | June 2025 quarter | Point In Time | 67,332,000 AUD | Reported |
| Cash and cash equivalents at September 2025 quarter | Company | September 2025 quarter | Point In Time | 57,065,000 AUD | Reported |
| Cash and cash equivalents at December 2025 quarter | Company | December 2025 quarter | Point In Time | 136,902,535 AUD | Reported |
| Cash and cash equivalents at March 2026 quarter | Company | March 2026 quarter | Point In Time | 147,151,000 AUD | Reported |
| Cash and cash equivalents at June 2026 quarter | Company | June 2026 quarter | Point In Time | 135,093,000 AUD | Reported |
| Cash and cash equivalents at September 2026 quarter | Company | September 2026 quarter | Point In Time | 121,834,000 AUD | Reported |
| Net cash used in operating activities, March 2025 quarter | Company | March 2025 quarter | Quarter | -6,471,000 AUD | Reported |
| Net cash used in operating activities, June 2025 quarter | Company | June 2025 quarter | Quarter | -7,251,000 AUD | Reported |
| Net cash used in operating activities, September 2025 quarter | Company | September 2025 quarter | Quarter | -8,469,000 AUD | Reported |
| Net cash used in operating activities, December 2025 quarter | Company | December 2025 quarter | Quarter | -10,855,000 AUD | Reported |
| Net cash used in operating activities, March 2026 quarter | Company | March 2026 quarter | Quarter | -11,137,000 AUD | Reported |
| Net cash used in operating activities, June 2026 quarter | Company | June 2026 quarter | Quarter | -13,402,000 AUD | Reported |
| Net cash used in operating activities, September 2026 quarter | Company | September 2026 quarter | Quarter | -14,293,000 AUD | Reported |
| Borrowings at 30 September 2026 (none) | Company | 30 September 2026 | Point In Time | 0 AUD | Reported |
| Exploration and evaluation payments (Appendix 5B item 1.2a), March 2026 quarter | Company | March 2026 quarter | Quarter | 11,563,000 AUD | Reported |
| Exploration and evaluation payments (Appendix 5B item 1.2a), June 2026 quarter | Company | June 2026 quarter | Quarter | 13,404,000 AUD | Source Derived |
| Exploration and evaluation payments (Appendix 5B item 1.2a), September 2026 quarter | Company | September 2026 quarter | Quarter | 13,088,000 AUD | Reported |
| Loss for the year FY2025 | Company | FY2025 | Year | -42,063,310 AUD | Reported |
| Loss for the year FY2024 (restated) | Company | FY2024 (restated) | Year | -56,018,688 AUD | Reported |
| Net cash used in operating activities FY2025 | Company | FY2025 | Year | -31,730,745 AUD | Reported |
| Net cash used in operating activities FY2024 (restated) | Company | FY2024 (restated) | Year | -41,394,376 AUD | Reported |
| Cash on balance sheet at 30 June 2026 (excludes A$0.7m held within Alurion) | Company | 30 June 2026 (balance sheet) | Point In Time | 134,400,000 AUD | Reported |
Company guidance7
| Metric | Project | Period | Low | High | Status |
|---|---|---|---|---|---|
| First Production (Study Base Case) | monte_alto_camacari | Scoping study base case | 2,031 | 2,031 calendar year | Current |
| Final Investment Decision (Target) | monte_alto_camacari | Scoping study base case | 2,029 | 2,029 calendar year (mid-2029) | Current |
| Upfront Capital To First Production Incl. 30 Percent Contingency | monte_alto_camacari | Scoping study real Q3 2026 dollars, +/-40 percent | 969,000,000 | 969,000,000 USD | Current |
| Ndpr Oxide Production, First Five Run Rate Years Average | monte_alto_camacari | Years 2-6 of production | 6,351 | 6,351 t/yr | Current |
| Hre+ Concentrate (Contained Oxide), First Five Run Rate Years Average | monte_alto_camacari | Years 2-6 of production | 2,502 | 2,502 t/yr | Current |
| Earliest Possible Direct Ship Concentrate Sales (No Economics Included) | monte_alto_camacari | Potential fast-track pathway | 2,030 | 2,030 calendar year | Current |
| Cash Operating Costs, Life Of Mine Average | monte_alto_camacari | Scoping study | 214,000,000 | 214,000,000 USD/yr | Current |
Capital history
Capital events
| Date | Event | Amount | Shares | Price | Status | Terms |
|---|---|---|---|---|---|---|
| 2026-08-11 | BuybackBre Ordinary Fully Paid | A$1 | 4M | A$0 | Completed | Selective 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. 2026-05-25 | Dividend | A$165M | — | — | Completed | — |
| 2025-10-22Ann. 2025-10-14 | Raising | A$120M | 25.6M | — | Completed | — |
| 2024-06-20Ann. 2024-06-13 | Raising | A$80M | 24.2M | — | 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.
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.
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Management background checks
BRE's current team combines Brazilian mining, geology, metallurgy, project development, finance and capital-markets experience. The company reported exploration discoveries, testwork, partnerships and substantial financing, while its FY2025 report also recorded a A$42.1 million loss and no revenue-producing operations. Individual attribution is uneven. The most relevant governance evidence is disclosed and unresolved context: related-party transactions reported by BRE, a corporate political-donation reporting conviction at a former employer during Hannigan's tenure, and a disputed BRE mining-rights transaction. These records do not establish personal wrongdoing.
Decision-relevant facts
Material summary
Bernardo da Veiga
Managing Director and Chief Executive Officer
Company SuccessSelf Reported · Medium materiality
Issuer credits da Veiga's CEO tenure with a large South American Ferro Metals expansion
BRE's current profile says South American Ferro Metals had been bankrupt and produced about 700 ktpa in 2015 when da Veiga took over as CEO, then became profitable and produced about 2.5 Mtpa in 2021. This is an issuer biography claim; no audited production or independent record was reviewed to verify the comparison or isolate his contribution.
Role overlaps event; causation unproven · The biography ties the operating change to his CEO period, but does not separate his actions from market, ownership or other management effects.
Company and leadership · leadership biography: South American Ferro Metals
Company SuccessIssuer Reported · Medium materiality
BRE reported exploration, funding and process-testwork milestones while he was CEO
BRE's FY2025 report records high-grade exploration extensions and a discovery at Sulista, metallurgical testwork, an A$120 million capital raise and a ten-year Carester partnership. It also reported a A$42.1 million FY2025 loss and stated that it did not yet have revenue-producing operations. These are company results and disclosures, not proof of personal causation.
Role overlaps event; causation unproven · Da Veiga was CEO during the period; the company report does not attribute project outcomes to him personally.
Brazilian Rare Earths Limited Annual Report 2025 · Directors' Report, PDF pp.29 and 43–45 / printed pp.27 and 41–43
GovernanceIssuer Reported · Medium materiality
Annual reports disclose transactions with two entities where da Veiga also held director roles
FY2025 disclosures identify da Veiga as a director and KMP of Alpha Minerals and a director/KMP of Rare Earths Americas. BRE reported Alpha equipment rentals of A$0 in FY2025 versus A$1.254 million in FY2024, technical and administrative fees of A$97,436 versus A$180,578, and a A$4,436 receivable. It reported a A$6,063 purchase of furniture from REA in FY2025 versus A$123,318 of equipment and consumables in FY2024, with no year-end balances. The issuer states related-party transactions were on normal commercial terms and describes Alpha equipment hiring as arm's-length. This is a disclosed interest, not evidence of improper conduct.
Individual involvement documented · The annual reports document his connected roles and the disclosed transactions; they do not identify a breach or adverse finding.
Brazilian Rare Earths Limited Annual Report 2025 · Notes to the financial statements, PDF pp.94–95 / printed pp.92–93
Brazilian Rare Earths Limited Annual Report 2024 · Remuneration report, PDF p.62 / printed p.60
LegalDisputed · Medium materiality
BRE's mining-rights share buyback was challenged in Brazilian federal court
Folha reported that former owners of Bahia mining rights challenged BRE's cancellation/buyback of four million shares for A$1 after a contractual deadline passed without approval of exploration reports by Brazil's ANM. Plaintiffs said BRE became responsible for meeting the agency deadline; the company rejected their allegation. The report did not provide a case number, hearing result or judgment, and did not allege personal wrongdoing by da Veiga.
Role overlaps event; causation unproven · Da Veiga was CEO during the company dispute, but the article does not establish his personal role in the contract, filing deadline or buyback decision.
Australia's BRE Pays $1 for Rare Earth Assets Worth $12 Million, and Brazilians Take Case to Court · article, paragraphs 1–5
Evidence gaps · 5
- SFM production/profit claims are issuer-reported; audited operating measures and personal attribution were not independently established.
- The SFM insolvency event and its resolution chronology were not independently verified.
- BRE's reported zero environmental incidents and safety performance are company-reported; no independent Brazilian regulator dataset or incident-level audit was reviewed.
- The October 2026 mining-rights dispute remains unresolved in the reviewed reporting; the court docket and primary pleadings were not obtained.
- Open-web searches are not an exhaustive criminal, sanctions, litigation, regulator, reference or credential check; PhD subject is described differently in issuer materials.
Todd Hannigan
Executive Chair
Company SuccessIssuer Reported · Medium materiality
Aston's Maules Creek project advanced through major development steps during Hannigan's CEO period
Paringa's 2020 annual report says that while Hannigan was Aston Resources CEO in 2010–2011, the company advanced Maules Creek resource/reserve work, completed technical and design work for its definitive feasibility study, negotiated project stake sales and joint-venture agreements, secured port/rail access and advanced approvals. This is a retrospective issuer account of company milestones, not an independent assessment or proof of his individual contribution.
Role overlaps event; causation unproven · The annual report links his CEO tenure with the milestones but does not isolate his decisions or contribution.
Paringa Resources Annual Report 2020 · Directors' Report, PDF p.2, Todd Hannigan biography
Company SuccessIssuer Reported · Medium materiality
IperionX reported commercial titanium production ramping during Hannigan's concurrent chair tenure
IperionX's March 2026 half-year report lists Hannigan as Executive Chairman and describes the company as a commercial U.S. producer. It reports that its Virginia furnace was commissioned, output had scaled from pilot to 125 metric tonnes per year and then to 200 tonnes per year capacity, with manufacturing systems still ramping. The production and capacity are issuer-reported and are not attributed to Hannigan personally.
Role overlaps event; causation unproven · His chair role overlapped the disclosed period; the report does not show his individual operational responsibility.
IperionX Interim Financial Report for the six months ended 31 December 2025 · Directors' Report, PDF pp.2 and 7; lines 24–42 and 159–164
GovernanceDocumented · Medium materiality
Aston Coal 2 was convicted for failure to report two donations, including one made by Hannigan
The NSW Land and Environment Court judgment identifies Aston Coal 2 as the corporate defendant and records its guilty pleas to two offences for failing to report reportable political donations by directors; one was Todd William Hannigan's donation. Government-hosted records give the total fine as A$20,000. The judgment does not prosecute Hannigan personally or establish that the donation itself was unlawful. The judgment describes him as a director and then CFO at the time, while a later Paringa annual report summarizes his Aston CEO tenure as 2010–2011; that contemporaneous role discrepancy remains unresolved.
Individual involvement documented · His donation is directly named; the reporting failure and conviction were corporate. The reviewed record does not attribute the company's reporting failure to him personally.
Director-General v Aston Coal 2 Pty Ltd [2013] NSWLEC 188 · paragraph 1 and sentencing outcome
LEX-74743: environmental history records supplied for Maules Creek · Document 3A, pp.11–12 of the released attachment
Paringa Resources Annual Report 2020 · Directors' Report, PDF p.2
Evidence gaps · 5
- Aston's retrospective annual report calls Hannigan CEO in 2010–2011, while the court record calls him CFO when the March 2011 donation was made; the exact title/transition date is unresolved.
- The donation case was a prosecution of Aston Coal 2, not a personal prosecution of Hannigan. The government-hosted attachment and reproduced judgment were reviewed; the official court-hosted judgment was not accessible in this run.
- IperionX production figures and corporate safety/environment reporting are issuer-reported; no independent operating-site audit or person-specific outcome attribution was reviewed.
- Start and end dates for most prior appointments are not publicly established in the cited sources; prior-employer outcomes outside the sources cited were not fully reconstructed.
- Open-web searches are not an exhaustive criminal, sanctions, litigation, regulator, reference or credential check.
John Vander Ploeg
Chief Financial Officer
Personal SuccessIssuer Reported · Medium materiality
BRE says Vander Ploeg led finance workstreams for the Allkem–Livent merger
BRE's appointment release says Vander Ploeg led key accounting and reporting workstreams for the US$10 billion Allkem–Livent merger, including an SEC registration statement and Australian scheme arrangement. Allkem's ASX release confirms that the merger closed on 4 January 2024. The transaction outcome is documented, but the personal description of his work comes from BRE and is not independently attributed by the merger announcement.
Individual involvement documented · BRE directly identifies his workstream role; the independent close notice confirms the transaction, not his individual contribution.
Appointment of Chief Financial Officer · announcement, page 1
Scheme of Arrangement Implemented · announcement, paragraphs 1–3
Evidence gaps · 4
- BRE's appointment announcement and annual report differ on date wording: the announcement was published 6 January and says effective immediately; the later annual report specifies 5 January, which is retained as the effective date.
- Prior Arcadium, Google and PwC title/tenure dates and detailed individual results are not disclosed in the reviewed sources.
- Degree and professional credential details are issuer-reported; independent registrar and credential-register checks were not performed.
- Open-web searches are not an exhaustive criminal, sanctions, litigation, regulator, reference or credential check.
Renato Gonzaga
President – Brazil
LegalDisputed · Medium materiality
BRE's share buyback of mining-rights consideration is being challenged by former rights owners
Folha reported that former owners of Bahia mining rights sued over BRE's cancellation/buyback of four million shares for A$1 under a clause tied to ANM approval of final exploration reports. The plaintiffs reportedly argue BRE became responsible for the filing deadline; BRE rejected the allegation. The article did not provide a case number or outcome, and it did not allege personal wrongdoing by Gonzaga.
Role overlaps event; causation unproven · Gonzaga was President – Brazil by the reported dispute period, but no personal role in the contract, deadline or buyback decision is established.
Australia's BRE Pays $1 for Rare Earth Assets Worth $12 Million, and Brazilians Take Case to Court · article, paragraphs 1–5
Evidence gaps · 4
- The 2026 mining-rights dispute remains unresolved in the reviewed reporting; court pleadings, docket, and later disposition were not obtained.
- The article reports company-level allegations and denial, not a personal allegation against Gonzaga; his responsibility for the underlying contract or filing process is unknown.
- Dates and independently verifiable operating outcomes for his MMX, U.S. agtech and G5 roles were not established.
- Open-web searches are not an exhaustive criminal, sanctions, litigation, regulator, reference or credential check.
Jonathan Hart
Company Secretary
No supported material findings selected. See this executive’s report and evidence gaps.
Evidence gaps · 3
- The public record reviewed does not identify his former client companies, individual filing outcomes or exact start dates for prior roles.
- Hartness Consulting is a disclosed concurrent role; no conflict or adverse finding was established in the reviewed sources.
- Open-web searches are not an exhaustive criminal, sanctions, litigation, regulator, reference or credential check.
Leon McGarry
Chief of Geology
Company SuccessDocumented · Medium materiality
A Goldsource technical report identifies McGarry as responsible for an updated mineral resource estimate
The signed 2022 Goldsource NI 43-101 report identifies McGarry as the Qualified Person responsible for geological domaining, block modelling and the Eagle Mountain resource estimate. The report describes an increase of about 186,000 ounces from new resource areas and 281,000 ounces upgraded from inferred to indicated categories. This is a documented technical work product, not evidence that the resource is economically viable or will become a reserve.
Individual involvement documented · The report directly assigns the resource estimate and modelling responsibilities to him; it does not attribute subsequent project economics or development.
Eagle Mountain Gold Project NI 43-101 Technical Report · summary and resource estimate, PDF pp.19–20 and 91, 114–115
Company SuccessIssuer Reported · Medium materiality
BRE's 2026 high-grade results were compiled or reviewed by McGarry
BRE's February 2026 announcement reports intercepts including up to 35.3% TREO and identifies McGarry as the full-time Chief of Geology and Competent Person who compiled or reviewed the exploration information. This documents technical responsibility for the disclosure, not that he personally discovered or drilled the mineralization.
Individual involvement documented · The release directly connects his professional review to the announcement; operational discovery responsibility is not established.
Monte Alto expands with new ultra-high grade discoveries · results summary, PDF p.1; Competent Persons Statement, PDF p.8
Evidence gaps · 4
- BRE's current issuer leadership page does not list McGarry; the February 2026 Competent Persons Statement supports his current Chief of Geology role and full-time employment.
- His BRE appointment date, current professional-regulator standing, and full employment chronology were not established.
- Goldsource's estimated resource figures are not reserves or proof of economic viability; his individual contribution to project outcomes beyond the cited technical responsibilities is not inferred.
- Open-web searches are not an exhaustive criminal, sanctions, litigation, regulator, reference or credential check.
Kurt Forrester
Head of Metallurgical Processing
FailureIssuer Reported · Medium materiality
Medallion remained non-producing and faced funding and technology-license milestones before Forrester's departure
Medallion's June 2023 interim MD&A says it was not a producing entity, describes financing requirements and a Purdue license funding milestone, and records Forrester's 28 August resignation as CTO and director. In 2022, his earlier Innovation Metals resignation was described by that issuer as voluntary and related to operational challenges involving parent Ucore. These company and role facts indicate commercialization and funding setbacks; the sources do not find personal misconduct or establish that Forrester caused them.
Role overlaps event; causation unproven · Forrester held senior technical roles during the disclosed company challenges, but the filings do not attribute the problems to him.
Medallion Resources Ltd. MD&A for the three months ended June 30, 2023 · business status, financing/licence risks and subsequent events, pp.3 and 6
Innovation Metals Corp. Announces Resignation of Senior Management Team · company release, paragraphs 1–3
Evidence gaps · 4
- The current company website and available filings do not give Forrester's BRE appointment date or a full employer chronology.
- Medallion and Innovation Metals setbacks are company-level context; no source connects their funding or operating difficulties to personal misconduct or establishes individual causation.
- The Medallion consulting fees were disclosed but no separate review of their market terms or governing approval was completed.
- Open-web searches are not an exhaustive criminal, sanctions, litigation, regulator, reference or credential check.
Tiago Abreu
CDO
No supported material findings selected. See this executive’s report and evidence gaps.
Evidence gaps · 4
- The CDO title, appointment date and project responsibilities are not dated on the current issuer page.
- The Bemisa project is unnamed and lacks independently corroborated commissioning, operating or economic data.
- Prior job titles and tenure dates are not given for AngloGold Ashanti, Ausenco, Pöyry, SNC Lavalin or South American Ferro Metals.
- Open-web searches are not an exhaustive criminal, sanctions, litigation, regulator, reference or credential check.
Trevor Anderson
Head of Business Development
Company SuccessIssuer Reported · Medium materiality
Serra Verde began operations after Denham's reported financing and development work
BRE's biography says Anderson focused at Denham on financing, construction and ramp-up of Serra Verde. S&P Global reported that Serra Verde started rare-earth operations in 2024. The sources do not establish his exact employment dates, personal contribution or direct responsibility for the operating start.
Role overlaps event; causation unproven · A project focus is reported, but tenure overlap with the 2024 operating start and individual causation remain unverified.
Company and leadership · leadership biography: Denham Capital
Brazil's rare earth projects seek partnerships to enhance energy security · article, paragraph describing Serra Verde's 2024 start
Evidence gaps · 4
- The Denham, Sprott and PI Financial role dates and specific individual responsibilities are not publicly established in the reviewed sources.
- S&P verifies Serra Verde's 2024 operational start, but no source identifies Anderson's personal contribution or confirms overlap with the start date.
- His BRE appointment date and specific business-development transactions are not disclosed.
- Open-web searches are not an exhaustive criminal, sanctions, litigation, regulator, reference or credential check.
Company ownership
Investors & shareholders
Top registered shareholders
Register at 2026-03-12 · 275,811,885 issued shares
| # | Investor / registered holder | % issued shares | Shares held |
|---|---|---|---|
| 1 | 20.90% | 57,641,427 | |
| 2 | 9.53% | 26,292,347 | |
| 3 | 8.37% | 23,097,488 | |
| 4 | 6.88% | 18,973,524 | |
| 5 | 4.89% | 13,480,423 | |
| 6 | 4.75% | 13,099,736 | |
| 7 | 4.62% | 12,744,317 | |
| 8 | 4.05% | 11,168,290 | |
| 9 | 2.92% | 8,047,329 | |
| 10 | 2.90% | 7,985,556 | |
| 11 | 2.59% | 7,140,115 | |
| 12 | 2.27% | 6,263,010 | |
| 13 | 1.82% | 5,024,600 | |
| 14 | 1.81% | 5,000,000 | |
| 15 | 1.76% | 4,863,857 | |
| 16 | 1.06% | 2,928,000 | |
| 17 | 1.06% | 2,928,000 | |
| 18 | 0.89% | 2,444,283 | |
| 19 | 0.79% | 2,180,645 | |
| 20 | 0.73% | 2,003,750 |
Disclosed substantial holders
Latest reviewed disclosure for each holder or reporting group
| Investor / reported group | Disclosed holding | Holding at |
|---|---|---|
| 20.90%Issued shares | 2026-03-12 | |
| 9.53%Issued shares | 2026-03-12 | |
| 8.37%Issued shares | 2026-03-12 | |
| 6.88%Issued shares | 2026-03-12 | |
| 4.99%Calc. on issued shares | 2026-05-28 |
Sources & review notesEvidence checked through 2026-11-01
Coverage and limitations
- No later full top-20 register was found by the cutoff. The latest issuer register and substantial-shareholder table are dated 12 March 2026.
- The ASX downloader manifest is incomplete (metadata issuer lookup failed) and its local cache ends 20 October 2026. The issuer investor centre showed announcements through 26 October, but the snapshot is not proof of a complete live filing feed through cutoff.
- Substantial-holder notices for Regal Partners, Kitabella/Kileff, Dominic Allen and Anastasios Arima ceased their substantial status; cessation does not establish zero holdings. No current quantities are inferred from those cessation notices.
- The annual report repeats UBS, BNP Paribas and two ACN 664 400 382 rows; accounts/legal rows are preserved separately. Underlying beneficial owners are not inferred.
- An 3 August 2026 announcement titled “Becoming a substantial holder from BRE” concerns ALU, not BRE, and is excluded.
- The annual report’s substantial-holder table is dated 12 March; Bernardo’s later disclosed holding is added from a 9 April Form 603 and 28 May Appendix 3Y, its percentage is calculated from shares on issue in the 27 April 2026 Appendix 2A because no updated denominator was supplied.
Sources
- Annual Report to shareholders
Brazilian Rare Earths Limited / ASX · Published 2026-03-30 · Accessed 2026-11-01
Top 20 registered ordinary-share accounts measured 12 March 2026; issued ordinary shares 275,811,885. Separate substantial-shareholder table reports four groups/nominees as last notified to ASX on 12 March.
2026/2026-03-30_Annual Report to shareholders_3047835202dba0e0.pdf; PDF pp. 118–119 (printed pp. 116–117), top-20 register and substantial shareholders
- Becoming a substantial holder
Brazilian Rare Earths Limited / ASX · Published 2026-04-14 · Accessed 2026-11-01
Bernardo da Veiga became substantial on 9 April 2026 with 13,980,345 ordinary shares and 5.01% voting power, after 1,236,028 shares issued on vesting/conversion of 2024 STI options; no associates.
2026/2026-04-14_Becoming a substantial holder_fd83da326e6c93d1.pdf; Form 603, pp. 1–2
- Updated Change of Director’s Interest Notice
Brazilian Rare Earths Limited / ASX · Published 2026-07-03 · Accessed 2026-11-01
Corrects registration of 13,980,345 shares from Bernardo personally to DTQ (BVI) Limited, controlled by him, with no change in beneficial interest; reports no shares acquired or disposed in the transfer, and 2026 STI/LTI options separately.
2026/2026-07-03_Updated Change of Director's Interest Notice_cef5be2d3735e083.pdf; Appendix 3Y, pp. 1–2, changes dated 22 and 28 May 2026
- Change in substantial holding
Brazilian Rare Earths Limited / ASX · Published 2026-01-22 · Accessed 2026-11-01
Metal(s) Mining Ventures / Paulo Roberto Santoro Salomao reported 18,973,524 shares, 6.91% voting power after a 9m-share off-market sale for A$36.9m on 15 Jan 2026; Paulo is sole director and shareholder of the vehicle.
2026/2026-01-22_Change in substantial holding_bdc71b88a29fa757.pdf; Form 604, pp. 1–2
- Becoming a substantial holder
Brazilian Rare Earths Limited / ASX · Published 2025-12-29 · Accessed 2026-11-01
Regal Partners group reported 16,520,855 shares (6.02%) on 23 Dec 2025; included to reconcile subsequent cessation.
2025/2025-12-29_Becoming a substantial holder_c642793024c14d85.pdf; Form 603, pp. 1–5
- Ceasing to be a substantial holder
Brazilian Rare Earths Limited / ASX · Published 2026-08-25 · Accessed 2026-11-01
Regal Partners Funds Management and associates ceased to be substantial on 21 Aug 2026; the notice has detailed trade annexures but does not establish zero remaining shares.
2026/2026-08-25_Ceasing to be a substantial holder_a1be1db1c87fd49a.pdf; Form 605 and annexures, pp. 1–7
- Ceasing to be a substantial holder
Brazilian Rare Earths Limited / ASX · Published 2025-12-23 · Accessed 2026-11-01
Kitabella Trust and Kileffs ceased substantial on 23 Dec 2025 following disclosed off-market sales; cessation does not establish zero holdings.
2025/2025-12-23_Ceasing to be a substantial holder_c090478414ca5a7d.pdf; Form 605, p. 1
- Ceasing to be a substantial holder
Brazilian Rare Earths Limited / ASX · Published 2025-12-23 · Accessed 2026-11-01
Dominic Allen / Westoz Services ceased substantial on 23 Dec 2025 following a 3.1m-share off-market sale; cessation does not establish zero holdings.
2025/2025-12-23_Ceasing to be a substantial holder_6af933f8ae0a087f.pdf; Form 605, p. 1
- Ceasing to be a substantial holder
Brazilian Rare Earths Limited / ASX · Published 2026-01-22 · Accessed 2026-11-01
Anastasios Arima ceased substantial on 21 Jan 2026 following a 4m-share off-market sale for A$17m; cessation does not establish zero holdings.
2026/2026-01-22_Ceasing to be a substantial holder_ad3972c6a7593423.pdf; Form 605, p. 1
- Becoming a substantial holder from BRE
Brazilian Rare Earths Limited / ASX · Published 2026-08-03 · Accessed 2026-11-01
Excluded from BRE snapshot: the filing concerns Alurion Resources Limited (ALU), not Brazilian Rare Earths (BRE); BRE appears as the source of the distribution/demerger shares.
2026/2026-08-03_Becoming a substantial holder from BRE_a9536df666839cf2.pdf; Form 603, pp. 1–3
- Investor Centre and latest ASX announcements
Brazilian Rare Earths Limited · Published date not stated · Accessed 2026-11-01
Current issuer page listed the 26 October 2026 Monte Alto resource announcement and 20 October 2026 quarterly report as newest announcements; used only as a cross-check for the date range, not for shareholder quantities.
Latest ASX Announcements section, accessed 1 November 2026
- Application for quotation of securities - BRE
Brazilian Rare Earths Limited / ASX · Published 2026-04-27 · Accessed 2026-11-06
Ordinary shares on issue: 280,153,716 at 2026-04-27; used as the denominator for calculated substantial-holder percentages.
Appendix 2A, total ordinary shares on issue; unchanged in the 29 May 2026 Appendix 3G
Disclosed activity
Insider transactions
Trading activity0 buys · 1 sell shownNet cash last 12 months −A$25.5mShow 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 |
|---|---|---|---|---|---|---|
| 2026-05-28 | Todd William Hannigan
Details & evidence for Todd William Hannigan on 2026-05-28The notice's interest field says indirect and identifies the DITM trust relationship, while the post-change schedule lists the options under Todd Hannigan personally. The option account's legal registration is not separately stated. Vesting is scheduled for 31 December 2027 and 31 December 2028. As disclosed: 84,376 2026 STI Options acquired; unlisted, exercise price $0.01, expiry 28 May 2031, vesting on 31 December 2027 and 31 December 2028.
director · 2023-01-17 DITM Holdings Pty Ltd · Relevant interest in securities registered to DITM Holdings Pty Ltd. Change of Director's Interest Notice x 2 ↗ | Grant2026 STI Options, unlisted, exercise price A$0.01, expiry 2031-05-28 | 84,376 | —Non Cash | — | — |
| 2026-05-28 | Todd William Hannigan
Details & evidence for Todd William Hannigan on 2026-05-28The notice's interest field says indirect and identifies the DITM trust relationship, while the post-change schedule lists the options under Todd Hannigan personally. The option account's legal registration is not separately stated. The options are subject to performance and service vesting conditions. As disclosed: 225,003 2026 LTI Options acquired; unlisted, exercise price A$0.01, expiry 28 May 2031, subject to performance and service vesting conditions.
director · 2023-01-17 DITM Holdings Pty Ltd · Relevant interest in securities registered to DITM Holdings Pty Ltd. Change of Director's Interest Notice x 2 ↗ | Grant2026 LTI Options, unlisted, exercise price A$0.01, expiry 2031-05-28 | 225,003 | —Non Cash | — | — |
| 2026-05-28 | Bernardo Sanchez Agapito da VeigaBernardo Sanchez Agapito da Veiga
Details & evidence for Bernardo Sanchez Agapito da Veiga on 2026-05-28The updated notice states that the grant was issued under the Company incentive plan. STI options vest on 31 December 2027 and 31 December 2028. As disclosed: 112,502 2026 STI Options acquired; unlisted, exercise price $0.01, expiry 28 May 2031, vesting on 31 December 2027 and 31 December 2028.
director · 2021-03-31 DTQ Corporation Pty Ltd · DTQ Corporation Pty Ltd as trustee for the Trapo Family Trust is an entity in which Mr da Veiga has a relevant interest. DTQ (BVI) Limited · DTQ (BVI) Limited is an entity controlled by Mr da Veiga and holds his shares after the May 2026 registered-holder transfer. Updated Change of Director's Interest Notice ↗ | Grant2026 STI Options, unlisted, exercise price A$0.01, expiry 2031-05-28 | 112,502 | —Non Cash | — | — |
| 2026-05-28 | Bernardo Sanchez Agapito da VeigaBernardo Sanchez Agapito da Veiga
Details & evidence for Bernardo Sanchez Agapito da Veiga on 2026-05-28The updated notice states that the grant was issued under the Company incentive plan and is subject to performance and service vesting conditions. As disclosed: 450,005 2026 LTI Options acquired; unlisted, exercise price A$0.01, expiry 28 May 2031, subject to performance and service vesting conditions.
director · 2021-03-31 DTQ Corporation Pty Ltd · DTQ Corporation Pty Ltd as trustee for the Trapo Family Trust is an entity in which Mr da Veiga has a relevant interest. DTQ (BVI) Limited · DTQ (BVI) Limited is an entity controlled by Mr da Veiga and holds his shares after the May 2026 registered-holder transfer. Updated Change of Director's Interest Notice ↗ | Grant2026 LTI Options, unlisted, exercise price A$0.01, expiry 2031-05-28 | 450,005 | —Non Cash | — | — |
| 2026-05-22 | Bernardo Sanchez Agapito da VeigaBernardo Sanchez Agapito da Veiga
Details & evidence for Bernardo Sanchez Agapito da Veiga on 2026-05-22Administrative change of registered holder to an entity controlled by Mr da Veiga; no change in beneficial interest. As disclosed: Off-market transfer of 13,980,345 fully paid ordinary shares by Mr da Veiga to DTQ (BVI) Limited, an entity controlled by Mr da Veiga. Mr da Veiga retains a relevant interest in the Shares following the transfer.
director · 2021-03-31 DTQ Corporation Pty Ltd · DTQ Corporation Pty Ltd as trustee for the Trapo Family Trust is an entity in which Mr da Veiga has a relevant interest. DTQ (BVI) Limited · DTQ (BVI) Limited is an entity controlled by Mr da Veiga and holds his shares after the May 2026 registered-holder transfer. Updated Change of Director's Interest Notice ↗ | Transfer OutFully paid ordinary shares | 13,980,345 | —Non Cash | — | 0 |
| 2026-05-22 | Bernardo Sanchez Agapito da VeigaDTQ (BVI) Limited
Details & evidence for Bernardo Sanchez Agapito da Veiga on 2026-05-22Transfer into the controlled registered-holder account; not a purchase or beneficial ownership increase. As disclosed: Off-market transfer of 13,980,345 fully paid ordinary shares by Mr da Veiga to DTQ (BVI) Limited, an entity controlled by Mr da Veiga. Mr da Veiga retains a relevant interest in the Shares following the transfer.
director · 2021-03-31 DTQ Corporation Pty Ltd · DTQ Corporation Pty Ltd as trustee for the Trapo Family Trust is an entity in which Mr da Veiga has a relevant interest. DTQ (BVI) Limited · DTQ (BVI) Limited is an entity controlled by Mr da Veiga and holds his shares after the May 2026 registered-holder transfer. Updated Change of Director's Interest Notice ↗ | Transfer InFully paid ordinary shares | 13,980,345 | —Non Cash | — | 13,980,345 |
| 2026-04-09 | Todd William HanniganDITM Holdings Pty Ltd
Details & evidence for Todd William Hannigan on 2026-04-09Shares issued to DITM Holdings on conversion of options held by Mr Hannigan; nil consideration stated. As disclosed: 860,650 Shares acquired upon conversion of 860,650 Options.
director · 2023-01-17 DITM Holdings Pty Ltd · Relevant interest in securities registered to DITM Holdings Pty Ltd. Change of Director's Interest Notice x 4 ↗ | ExerciseFully paid ordinary shares | 860,650 | —Non Cash | — | 26,623,838 |
| 2026-04-09 | Todd William HanniganTodd William Hannigan
Details & evidence for Todd William Hannigan on 2026-04-09Options exercised into shares registered to DITM Holdings Pty Ltd. As disclosed: Conversion of 860,650 Options into Shares upon satisfaction of relevant vesting conditions.
director · 2023-01-17 DITM Holdings Pty Ltd · Relevant interest in securities registered to DITM Holdings Pty Ltd. Change of Director's Interest Notice x 4 ↗ | ExerciseUnlisted options over ordinary shares, nil exercise price, expiry 2028-12-18 | 860,650 | —Non Cash | — | 860,650 |
| 2026-04-09 | Kristie Peta YoungKristie Peta Young
Details & evidence for Kristie Peta Young on 2026-04-09Shares acquired on exercise of options at nil price; the previously disclosed restricted shares had become unrestricted by this date. As disclosed: Exercise of 88,900 Options with a $Nil exercise price.
director · 2023-03-01 David True · Partner whose securities are reported as Ms Young's indirect interest. Change of Director's Interest Notice x 4 ↗ | ExerciseFully paid ordinary shares | 88,900 | —Non Cash | — | 188,005 |
| 2026-04-09 | Kristie Peta YoungKristie Peta Young
Details & evidence for Kristie Peta Young on 2026-04-09The notice reports 88,900 options exercised into ordinary shares. As disclosed: Exercise of 88,900 Options with a $Nil exercise price.
director · 2023-03-01 David True · Partner whose securities are reported as Ms Young's indirect interest. Change of Director's Interest Notice x 4 ↗ | ExerciseUnlisted options over ordinary shares, nil exercise price, expiry 2028-12-18 | 88,900 | —Non Cash | — | 88,725 |
| 2026-04-09 | Camila RamosGreentelligence Ltda.
Details & evidence for Camila Ramos on 2026-04-09Shares issued to Greentelligence Ltda., an entity in which Ms Ramos has a relevant interest; no prior position is inferred. As disclosed: Exercise of 177,800 Options with a $Nil exercise price; 177,800 fully paid ordinary shares held indirectly through Greentelligence Ltda.
director · 2023-08-28 Greentelligence Ltda. · Relevant interest in securities held by Greentelligence Ltda., as disclosed on exercise of options. Change of Director's Interest Notice x 4 ↗ | ExerciseFully paid ordinary shares | 177,800 | —Non Cash | — | 177,800 |
| 2026-04-09 | Camila RamosCamila Ramos
Details & evidence for Camila Ramos on 2026-04-09The notice reports 177,800 options exercised, leaving 88,725 unlisted options. As disclosed: Exercise of 177,800 Options with a $Nil exercise price.
director · 2023-08-28 Greentelligence Ltda. · Relevant interest in securities held by Greentelligence Ltda., as disclosed on exercise of options. Change of Director's Interest Notice x 4 ↗ Change of Director's Interest Notice x 4 ↗ | ExerciseUnlisted options over ordinary shares, nil exercise price, expiry 2028-12-18 | 177,800 | —Non Cash | — | 88,725 |
| 2026-04-09 | Bernardo Sanchez Agapito da VeigaBernardo Sanchez Agapito da Veiga
Details & evidence for Bernardo Sanchez Agapito da Veiga on 2026-04-09Shares acquired on conversion of 1,147,650 ordinary options and 88,378 FY2024 STI options; nil consideration stated. As disclosed: 1,236,028 Shares acquired upon conversion of 1,147,650 Options and 88,378 2024 STI Options.
director · 2021-03-31 DTQ Corporation Pty Ltd · DTQ Corporation Pty Ltd as trustee for the Trapo Family Trust is an entity in which Mr da Veiga has a relevant interest. DTQ (BVI) Limited · DTQ (BVI) Limited is an entity controlled by Mr da Veiga and holds his shares after the May 2026 registered-holder transfer. Change of Director's Interest Notice x 4 ↗ | ExerciseFully paid ordinary shares | 1,236,028 | —Non Cash | — | 13,980,345 |
| 2026-04-09 | Bernardo Sanchez Agapito da VeigaBernardo Sanchez Agapito da Veiga
Details & evidence for Bernardo Sanchez Agapito da Veiga on 2026-04-09Exercise reduced the nil-exercise-price option balance from 2,295,125 to 1,147,475. As disclosed: Conversion of 1,147,650 Options into Shares upon satisfaction of relevant vesting conditions.
director · 2021-03-31 DTQ Corporation Pty Ltd · DTQ Corporation Pty Ltd as trustee for the Trapo Family Trust is an entity in which Mr da Veiga has a relevant interest. DTQ (BVI) Limited · DTQ (BVI) Limited is an entity controlled by Mr da Veiga and holds his shares after the May 2026 registered-holder transfer. Change of Director's Interest Notice x 4 ↗ | ExerciseUnlisted options over ordinary shares, nil exercise price, expiry 2028-12-18 | 1,147,650 | —Non Cash | — | 1,147,475 |
| 2026-04-09 | Bernardo Sanchez Agapito da VeigaBernardo Sanchez Agapito da Veiga
Details & evidence for Bernardo Sanchez Agapito da Veiga on 2026-04-09Exercise reduced the FY2024 STI option balance from 176,757 to 88,379. Strike price not separately stated in the reviewed notice. As disclosed: Conversion of 88,378 2024 STI Options into Shares upon satisfaction of relevant vesting conditions.
director · 2021-03-31 DTQ Corporation Pty Ltd · DTQ Corporation Pty Ltd as trustee for the Trapo Family Trust is an entity in which Mr da Veiga has a relevant interest. DTQ (BVI) Limited · DTQ (BVI) Limited is an entity controlled by Mr da Veiga and holds his shares after the May 2026 registered-holder transfer. Change of Director's Interest Notice x 4 ↗ | ExerciseFY2024 STI Award Options, unlisted, expiry 2030-01-31 | 88,378 | —Non Cash | — | 88,379 |
| 2026-01-29 | Todd William HanniganDITM Holdings Pty Ltd
Details & evidence for Todd William Hannigan on 2026-01-29Contract interest disclosed alongside the option conversion. This is not represented as a sale or beneficial ownership change in the pledged shares. As disclosed: Loan facility between DITM Holdings Pty Ltd (as trustee for the DITM Family Trust) and UBS AG. The facility allows DITM Holdings to borrow against the value of 5,000,000 ordinary shares in Brazilian Rare Earths Limited transferred to UBS Nominees Pty Limited.
director · 2023-01-17 DITM Holdings Pty Ltd · Relevant interest in securities registered to DITM Holdings Pty Ltd. Change of Director's Interest Notice ↗ | ContractShare-backed loan facility | — | —Not Disclosed | — | — |
| 2026-01-29 | Todd William HanniganDITM Holdings Pty Ltd
Details & evidence for Todd William Hannigan on 2026-01-29Shares issued to DITM Holdings on conversion of 1,147,475 options and 37,838 FY2024 STI options; nil consideration stated. As disclosed: 1,185,313 Shares acquired upon conversion of 1,147,475 Options and 37,838 2024 STI Options.
director · 2023-01-17 DITM Holdings Pty Ltd · Relevant interest in securities registered to DITM Holdings Pty Ltd. Change of Director's Interest Notice ↗ | ExerciseFully paid ordinary shares | 1,185,313 | —Non Cash | — | 25,763,188 |
| 2026-01-29 | Todd William HanniganTodd William Hannigan
Details & evidence for Todd William Hannigan on 2026-01-29Converted into shares registered to DITM Holdings Pty Ltd, an entity in which Mr Hannigan has a relevant interest. As disclosed: Conversion of 1,147,475 Options into Shares upon satisfaction of relevant vesting conditions.
director · 2023-01-17 DITM Holdings Pty Ltd · Relevant interest in securities registered to DITM Holdings Pty Ltd. Change of Director's Interest Notice ↗ | ExerciseUnlisted options over ordinary shares, nil exercise price, expiry 2028-12-18 | 1,147,475 | —Non Cash | — | 1,721,300 |
| 2026-01-29 | Todd William HanniganTodd William Hannigan
Details & evidence for Todd William Hannigan on 2026-01-29Converted into shares registered to DITM Holdings Pty Ltd; exercise price not stated in the reviewed notices. As disclosed: Conversion of 37,838 FY2024 STI Options into Shares upon satisfaction of relevant vesting conditions.
director · 2023-01-17 DITM Holdings Pty Ltd · Relevant interest in securities registered to DITM Holdings Pty Ltd. Change of Director's Interest Notice ↗ | ExerciseFY2024 STI Award Options, unlisted, expiry 2030-01-31 | 37,838 | —Non Cash | — | 37,838 |
| 2025-12-23 | Bernardo Sanchez Agapito da VeigaBernardo Sanchez Agapito da Veiga
Details & evidence for Bernardo Sanchez Agapito da Veiga on 2025-12-23Off-market movement to the related trust account precedes a separately recorded sale of the same shares. As disclosed: Off market transfer of 6,372,158 Shares from the director’s personal holding to a related trust, followed by an off-market sale of those Shares.
director · 2021-03-31 DTQ Corporation Pty Ltd · DTQ Corporation Pty Ltd as trustee for the Trapo Family Trust is an entity in which Mr da Veiga has a relevant interest. DTQ (BVI) Limited · DTQ (BVI) Limited is an entity controlled by Mr da Veiga and holds his shares after the May 2026 registered-holder transfer. Change of Director's Interest Notice ↗ | Transfer OutFully paid ordinary shares | 6,372,158 | —Not Disclosed | — | 12,744,317 |
| 2025-12-23 | Bernardo Sanchez Agapito da VeigaDTQ Corporation Pty Ltd
Details & evidence for Bernardo Sanchez Agapito da Veiga on 2025-12-23Transfer into the trust account before the same shares were sold; no separate trust balance is inferred. As disclosed: Off market transfer of 6,372,158 Shares from the director’s personal holding to a related trust, followed by an off-market sale of those Shares.
director · 2021-03-31 DTQ Corporation Pty Ltd · DTQ Corporation Pty Ltd as trustee for the Trapo Family Trust is an entity in which Mr da Veiga has a relevant interest. DTQ (BVI) Limited · DTQ (BVI) Limited is an entity controlled by Mr da Veiga and holds his shares after the May 2026 registered-holder transfer. Change of Director's Interest Notice ↗ | Transfer InFully paid ordinary shares | 6,372,158 | —Not Disclosed | — | — |
| 2025-12-23 | Bernardo Sanchez Agapito da VeigaDTQ Corporation Pty Ltd
Details & evidence for Bernardo Sanchez Agapito da Veiga on 2025-12-23The notice identifies the sale as off-market and discloses proceeds of A$25,488,632 at A$4.00 per share. As disclosed: Off-market sale of 6,372,158 Shares; $25,488,632, being sale proceeds at $4.00 per Share.
director · 2021-03-31 DTQ Corporation Pty Ltd · DTQ Corporation Pty Ltd as trustee for the Trapo Family Trust is an entity in which Mr da Veiga has a relevant interest. DTQ (BVI) Limited · DTQ (BVI) Limited is an entity controlled by Mr da Veiga and holds his shares after the May 2026 registered-holder transfer. Change of Director's Interest Notice ↗ | SaleFully paid ordinary shares | 6,372,158 | AUD 25,488,632.00 | AUD 4Disclosed price | — |
| 2025-05-20 | Todd William HanniganTodd William Hannigan
Details & evidence for Todd William Hannigan on 2025-05-20Award issuance disclosed; exercise price not stated. As disclosed: 65,315 FY2025 STI Award Options expiring 31 January 2030; issue of unlisted options approved at the Company's AGM on 9 May 2025.
director · 2023-01-17 DITM Holdings Pty Ltd · Relevant interest in securities registered to DITM Holdings Pty Ltd. Change of Director's Interest Notice x 3 ↗ | GrantFY2025 STI Award Options, unlisted, expiry 2030-01-31 | 65,315 | —Non Cash | — | — |
| 2025-05-20 | Todd William HanniganTodd William Hannigan
Details & evidence for Todd William Hannigan on 2025-05-20Award issuance disclosed; exercise price not stated. As disclosed: 261,261 FY2025 LTI Award Options expiring 31 January 2030; issue of unlisted options approved at the Company's AGM on 9 May 2025.
director · 2023-01-17 DITM Holdings Pty Ltd · Relevant interest in securities registered to DITM Holdings Pty Ltd. Change of Director's Interest Notice x 3 ↗ | GrantFY2025 LTI Award Options, unlisted, expiry 2030-01-31 | 261,261 | —Non Cash | — | — |
| 2025-05-20 | Todd William HanniganTodd William Hannigan
Details & evidence for Todd William Hannigan on 2025-05-20Award issuance disclosed; exercise price not stated. As disclosed: 75,676 FY2024 STI Award Options expiring 31 January 2030; issue of unlisted options approved at the Company's AGM on 9 May 2025.
director · 2023-01-17 DITM Holdings Pty Ltd · Relevant interest in securities registered to DITM Holdings Pty Ltd. Change of Director's Interest Notice x 3 ↗ | GrantFY2024 STI Award Options, unlisted, expiry 2030-01-31 | 75,676 | —Non Cash | — | — |
| 2025-05-20 | Eric NoyrezEric Noyrez
Details & evidence for Eric Noyrez on 2025-05-20Award issuance disclosed; the preceding class field says expiry 19 May 2030 while number acquired and post-change holding say expiry 20 May 2030. The disclosed 20 May expiry is retained for the issued securities; the one-day class-text inconsistency is preserved here. As disclosed: 150,000 unlisted options expiring 20 May 2030; class field states expiry 19 May 2030.
director · 2024-06-03 Change of Director's Interest Notice x 3 ↗ | GrantUnlisted options, expiry 2030-05-20 | 150,000 | —Non Cash | — | 150,000 |
| 2025-05-20 | Bernardo Sanchez Agapito da VeigaBernardo Sanchez Agapito da Veiga
Details & evidence for Bernardo Sanchez Agapito da Veiga on 2025-05-20Award issuance disclosed; exercise price not stated. As disclosed: 165,540 FY2025 STI Award Options expiring 31 January 2030; issue of unlisted options approved at the Company's AGM on 9 May 2025.
director · 2021-03-31 DTQ Corporation Pty Ltd · DTQ Corporation Pty Ltd as trustee for the Trapo Family Trust is an entity in which Mr da Veiga has a relevant interest. DTQ (BVI) Limited · DTQ (BVI) Limited is an entity controlled by Mr da Veiga and holds his shares after the May 2026 registered-holder transfer. Change of Director's Interest Notice x 3 ↗ | GrantFY2025 STI Award Options, unlisted, expiry 2030-01-31 | 165,540 | —Non Cash | — | — |
| 2025-05-20 | Bernardo Sanchez Agapito da VeigaBernardo Sanchez Agapito da Veiga
Details & evidence for Bernardo Sanchez Agapito da Veiga on 2025-05-20Award issuance disclosed; exercise price not stated. As disclosed: 662,162 FY2025 LTI Award Options expiring 31 January 2030; issue of unlisted options approved at the Company's AGM on 9 May 2025.
director · 2021-03-31 DTQ Corporation Pty Ltd · DTQ Corporation Pty Ltd as trustee for the Trapo Family Trust is an entity in which Mr da Veiga has a relevant interest. DTQ (BVI) Limited · DTQ (BVI) Limited is an entity controlled by Mr da Veiga and holds his shares after the May 2026 registered-holder transfer. Change of Director's Interest Notice x 3 ↗ | GrantFY2025 LTI Award Options, unlisted, expiry 2030-01-31 | 662,162 | —Non Cash | — | — |
| 2025-05-20 | Bernardo Sanchez Agapito da VeigaBernardo Sanchez Agapito da Veiga
Details & evidence for Bernardo Sanchez Agapito da Veiga on 2025-05-20Award issuance disclosed; exercise price not stated. As disclosed: 176,757 FY2024 STI Award Options expiring 31 January 2030; issue of unlisted options approved at the Company's AGM on 9 May 2025.
director · 2021-03-31 DTQ Corporation Pty Ltd · DTQ Corporation Pty Ltd as trustee for the Trapo Family Trust is an entity in which Mr da Veiga has a relevant interest. DTQ (BVI) Limited · DTQ (BVI) Limited is an entity controlled by Mr da Veiga and holds his shares after the May 2026 registered-holder transfer. Change of Director's Interest Notice x 3 ↗ | GrantFY2024 STI Award Options, unlisted, expiry 2030-01-31 | 176,757 | —Non Cash | — | — |
| 2025-01-31 | Kristie Peta YoungKristie Peta Young
Details & evidence for Kristie Peta Young on 2025-01-31Shares issued on exercise of 88,900 restricted options; nil consideration stated. As disclosed: Exercise of 88,900 Restricted Options with a $Nil exercise price; shares issued subject to trading restrictions until 21 December 2025.
director · 2023-03-01 David True · Partner whose securities are reported as Ms Young's indirect interest. Change of Director's Interest Notice x 2 ↗ | ExerciseFully paid ordinary shares, subject to trading restrictions until 2025-12-21 | 88,900 | —Non Cash | — | 88,900 |
| 2025-01-31 | Kristie Peta YoungKristie Peta Young
Details & evidence for Kristie Peta Young on 2025-01-31The notice reports 88,900 options exercised into ordinary shares; the remaining option balance is 177,625. As disclosed: Exercise of 88,900 Restricted Options with a $Nil exercise price.
director · 2023-03-01 David True · Partner whose securities are reported as Ms Young's indirect interest. Change of Director's Interest Notice x 2 ↗ | ExerciseUnlisted options over ordinary shares, nil exercise price, expiry 2028-12-18; restricted until 2025-12-21 | 88,900 | —Non Cash | — | 177,625 |
| 2025-01-31 | Bernardo Sanchez Agapito da VeigaBernardo Sanchez Agapito da Veiga
Details & evidence for Bernardo Sanchez Agapito da Veiga on 2025-01-31Shares issued on exercise of 1,529,850 restricted options; nil consideration stated. As disclosed: Issue of shares upon exercise of 1,529,850 Restricted Options with a $Nil exercise price; shares subject to trading restrictions until 21 December 2025.
director · 2021-03-31 DTQ Corporation Pty Ltd · DTQ Corporation Pty Ltd as trustee for the Trapo Family Trust is an entity in which Mr da Veiga has a relevant interest. DTQ (BVI) Limited · DTQ (BVI) Limited is an entity controlled by Mr da Veiga and holds his shares after the May 2026 registered-holder transfer. Change of Director's Interest Notice x 2 ↗ | ExerciseFully paid ordinary shares, subject to trading restrictions until 2025-12-21 | 1,529,850 | —Non Cash | — | 19,089,884 |
| 2025-01-31 | Bernardo Sanchez Agapito da VeigaBernardo Sanchez Agapito da Veiga
Details & evidence for Bernardo Sanchez Agapito da Veiga on 2025-01-31The notice reports conversion to 1,529,850 restricted ordinary shares. As disclosed: Exercise of 1,529,850 Restricted Options with a $Nil exercise price.
director · 2021-03-31 DTQ Corporation Pty Ltd · DTQ Corporation Pty Ltd as trustee for the Trapo Family Trust is an entity in which Mr da Veiga has a relevant interest. DTQ (BVI) Limited · DTQ (BVI) Limited is an entity controlled by Mr da Veiga and holds his shares after the May 2026 registered-holder transfer. Change of Director's Interest Notice x 2 ↗ | ExerciseUnlisted options over ordinary shares, nil exercise price, expiry 2028-12-18; restricted until 2025-12-21 | 1,529,850 | —Non Cash | — | 2,295,125 |
Disclosed holding observations33 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 |
|---|---|---|---|---|
| 2026-03-30 | Bernardo Sanchez Agapito da Veiga
Details & evidence for Bernardo Sanchez Agapito da Veiga on 2026-03-30Annual Report 2025 reports 3,299,584 options over ordinary shares in aggregate; it does not provide account-level allocation.
director · 2021-03-31 DTQ Corporation Pty Ltd · DTQ Corporation Pty Ltd as trustee for the Trapo Family Trust is an entity in which Mr da Veiga has a relevant interest. DTQ (BVI) Limited · DTQ (BVI) Limited is an entity controlled by Mr da Veiga and holds his shares after the May 2026 registered-holder transfer. Annual Report to shareholders ↗ Annual Report to shareholders ↗ | PositionOptions over ordinary shares | 3,299,584 | — |
| 2026-03-30 | Bernardo Sanchez Agapito da Veiga
Details & evidence for Bernardo Sanchez Agapito da Veiga on 2026-03-30Annual Report 2025 reports 12,744,317 ordinary shares. The table says the director's total includes associated-entity interests and does not separate accounts.
director · 2021-03-31 DTQ Corporation Pty Ltd · DTQ Corporation Pty Ltd as trustee for the Trapo Family Trust is an entity in which Mr da Veiga has a relevant interest. DTQ (BVI) Limited · DTQ (BVI) Limited is an entity controlled by Mr da Veiga and holds his shares after the May 2026 registered-holder transfer. Annual Report to shareholders ↗ | PositionFully paid ordinary shares | 12,744,317 | — |
| 2026-03-30 | Camila Ramos
Details & evidence for Camila Ramos on 2026-03-30Annual Report 2025 reports 266,525 options over ordinary shares in aggregate; the director's ordinary-share field is a dash and no zero-share observation is inferred.
director · 2023-08-28 Greentelligence Ltda. · Relevant interest in securities held by Greentelligence Ltda., as disclosed on exercise of options. Annual Report to shareholders ↗ | PositionOptions over ordinary shares | 266,525 | — |
| 2026-03-30 | Eric Noyrez
Details & evidence for Eric Noyrez on 2026-03-30Annual Report 2025 reports 150,000 options over ordinary shares in aggregate; the director's ordinary-share field is a dash and no zero-share observation is inferred.
director · 2024-06-03 Annual Report to shareholders ↗ Annual Report to shareholders ↗ | PositionOptions over ordinary shares | 150,000 | — |
| 2026-03-30 | Kristie Peta Young
Details & evidence for Kristie Peta Young on 2026-03-30Annual Report 2025 reports 177,625 options over ordinary shares in aggregate; it does not provide account-level allocation.
director · 2023-03-01 David True · Partner whose securities are reported as Ms Young's indirect interest. Annual Report to shareholders ↗ | PositionOptions over ordinary shares | 177,625 | — |
| 2026-03-30 | Kristie Peta Young
Details & evidence for Kristie Peta Young on 2026-03-30Annual Report 2025 reports 130,418 ordinary shares in aggregate, including indirect interests through associated entities; it does not separate accounts.
director · 2023-03-01 David True · Partner whose securities are reported as Ms Young's indirect interest. Annual Report to shareholders ↗ | PositionFully paid ordinary shares | 130,418 | — |
| 2026-03-30 | Todd William Hannigan
Details & evidence for Todd William Hannigan on 2026-03-30Annual Report 2025 reports 2,085,714 options over ordinary shares in aggregate; it does not provide account-level allocation.
director · 2023-01-17 DITM Holdings Pty Ltd · Relevant interest in securities registered to DITM Holdings Pty Ltd. Annual Report to shareholders ↗ Annual Report to shareholders ↗ | PositionOptions over ordinary shares | 2,085,714 | — |
| 2026-03-30 | Todd William Hannigan
Details & evidence for Todd William Hannigan on 2026-03-30Annual Report 2025 reports 25,763,188 ordinary shares. The table says the director's total includes associated-entity interests and does not separate accounts.
director · 2023-01-17 DITM Holdings Pty Ltd · Relevant interest in securities registered to DITM Holdings Pty Ltd. Annual Report to shareholders ↗ | PositionFully paid ordinary shares | 25,763,188 | — |
| 2025-03-31 | Bernardo Sanchez Agapito da Veiga
Details & evidence for Bernardo Sanchez Agapito da Veiga on 2025-03-31The report gives an aggregate option position and does not allocate the options by registered account.
director · 2021-03-31 DTQ Corporation Pty Ltd · DTQ Corporation Pty Ltd as trustee for the Trapo Family Trust is an entity in which Mr da Veiga has a relevant interest. DTQ (BVI) Limited · DTQ (BVI) Limited is an entity controlled by Mr da Veiga and holds his shares after the May 2026 registered-holder transfer. Annual Report to shareholders ↗ | PositionOptions over ordinary shares | 2,295,125 | — |
| 2025-03-31 | Bernardo Sanchez Agapito da Veiga
Details & evidence for Bernardo Sanchez Agapito da Veiga on 2025-03-31The table reports aggregate direct and associated-entity interest and does not allocate the shares by registered account.
director · 2021-03-31 DTQ Corporation Pty Ltd · DTQ Corporation Pty Ltd as trustee for the Trapo Family Trust is an entity in which Mr da Veiga has a relevant interest. DTQ (BVI) Limited · DTQ (BVI) Limited is an entity controlled by Mr da Veiga and holds his shares after the May 2026 registered-holder transfer. Annual Report to shareholders ↗ | PositionFully paid ordinary shares | 19,116,475 | — |
| 2025-03-31 | Camila Ramos
Details & evidence for Camila Ramos on 2025-03-31The report gives an aggregate option position; the ordinary-share field is a dash and no zero-share observation is inferred.
director · 2023-08-28 Greentelligence Ltda. · Relevant interest in securities held by Greentelligence Ltda., as disclosed on exercise of options. Annual Report to shareholders ↗ | PositionOptions over ordinary shares | 266,525 | — |
| 2025-03-31 | Kristie Peta Young
Details & evidence for Kristie Peta Young on 2025-03-31The report gives an aggregate option position and does not allocate the options by registered account.
director · 2023-03-01 David True · Partner whose securities are reported as Ms Young's indirect interest. Annual Report to shareholders ↗ | PositionOptions over ordinary shares | 177,625 | — |
| 2025-03-31 | Kristie Peta Young
Details & evidence for Kristie Peta Young on 2025-03-31The table reports aggregate direct and associated-entity interest and does not allocate the shares by registered account.
director · 2023-03-01 David True · Partner whose securities are reported as Ms Young's indirect interest. Annual Report to shareholders ↗ | PositionFully paid ordinary shares | 130,418 | — |
| 2025-03-31 | Todd William Hannigan
Details & evidence for Todd William Hannigan on 2025-03-31The report gives an aggregate option position and does not allocate the options by registered account.
director · 2023-01-17 DITM Holdings Pty Ltd · Relevant interest in securities registered to DITM Holdings Pty Ltd. Annual Report to shareholders ↗ | PositionOptions over ordinary shares | 2,868,775 | — |
| 2025-03-31 | Todd William Hannigan
Details & evidence for Todd William Hannigan on 2025-03-31The table reports aggregate direct and associated-entity interest and does not allocate the shares by registered account.
director · 2023-01-17 DITM Holdings Pty Ltd · Relevant interest in securities registered to DITM Holdings Pty Ltd. Annual Report to shareholders ↗ | PositionFully paid ordinary shares | 24,577,875 | — |
| 2023-12-31 | Bernardo Sanchez Agapito da Veiga
Details & evidence for Bernardo Sanchez Agapito da Veiga on 2023-12-31The table reports aggregate KMP options and does not allocate options by registered account. Amounts are restated for the 23 October 2023 1-for-175 share split.
director · 2021-03-31 DTQ Corporation Pty Ltd · DTQ Corporation Pty Ltd as trustee for the Trapo Family Trust is an entity in which Mr da Veiga has a relevant interest. DTQ (BVI) Limited · DTQ (BVI) Limited is an entity controlled by Mr da Veiga and holds his shares after the May 2026 registered-holder transfer. Annual Report to shareholders ↗ | PositionOptions over ordinary shares | 3,824,975 | — |
| 2023-12-31 | Bernardo Sanchez Agapito da Veiga
Details & evidence for Bernardo Sanchez Agapito da Veiga on 2023-12-31The table reports aggregate KMP interests and does not allocate shares by registered account. Amounts are restated for the 23 October 2023 1-for-175 share split.
director · 2021-03-31 DTQ Corporation Pty Ltd · DTQ Corporation Pty Ltd as trustee for the Trapo Family Trust is an entity in which Mr da Veiga has a relevant interest. DTQ (BVI) Limited · DTQ (BVI) Limited is an entity controlled by Mr da Veiga and holds his shares after the May 2026 registered-holder transfer. Annual Report to shareholders ↗ | PositionFully paid ordinary shares | 17,586,625 | — |
| 2023-12-31 | Camila Ramos
Details & evidence for Camila Ramos on 2023-12-31The report lists 266,525 options. The ordinary-share field is a dash and no zero-share observation is inferred. Amounts are restated for the 23 October 2023 1-for-175 share split.
director · 2023-08-28 Greentelligence Ltda. · Relevant interest in securities held by Greentelligence Ltda., as disclosed on exercise of options. Annual Report to shareholders ↗ | PositionOptions over ordinary shares | 266,525 | — |
| 2023-12-31 | Kristie Peta Young
Details & evidence for Kristie Peta Young on 2023-12-31The table reports aggregate KMP options and does not allocate options by registered account. Amounts are restated for the 23 October 2023 1-for-175 share split.
director · 2023-03-01 David True · Partner whose securities are reported as Ms Young's indirect interest. Annual Report to shareholders ↗ | PositionOptions over ordinary shares | 266,525 | — |
| 2023-12-31 | Kristie Peta Young
Details & evidence for Kristie Peta Young on 2023-12-31The report states 41,518 aggregate shares: 10,205 acquired in the IPO and 31,313 issued upon conversion of notes in which Ms Young has an indirect interest. The associated registered account is not given in this table.
director · 2023-03-01 David True · Partner whose securities are reported as Ms Young's indirect interest. Annual Report to shareholders ↗ | PositionFully paid ordinary shares | 41,518 | — |
| 2023-12-31 | Todd William Hannigan
Details & evidence for Todd William Hannigan on 2023-12-31The table reports aggregate KMP options and does not allocate options by registered account. Amounts are restated for the 23 October 2023 1-for-175 share split.
director · 2023-01-17 DITM Holdings Pty Ltd · Relevant interest in securities registered to DITM Holdings Pty Ltd. Annual Report to shareholders ↗ | PositionOptions over ordinary shares | 2,868,775 | — |
| 2023-12-31 | Todd William Hannigan
Details & evidence for Todd William Hannigan on 2023-12-31The table reports aggregate KMP interests and does not allocate shares by registered account. Amounts are restated for the 23 October 2023 1-for-175 share split.
director · 2023-01-17 DITM Holdings Pty Ltd · Relevant interest in securities registered to DITM Holdings Pty Ltd. Annual Report to shareholders ↗ | PositionFully paid ordinary shares | 24,577,875 | — |
| 2023-12-21 | Bernardo Sanchez Agapito da Veiga
Details & evidence for Bernardo Sanchez Agapito da Veiga on 2023-12-21Initial interest snapshot disclosed in the notice; not a dated trade.
director · 2021-03-31 DTQ Corporation Pty Ltd · DTQ Corporation Pty Ltd as trustee for the Trapo Family Trust is an entity in which Mr da Veiga has a relevant interest. DTQ (BVI) Limited · DTQ (BVI) Limited is an entity controlled by Mr da Veiga and holds his shares after the May 2026 registered-holder transfer. Initial Director's Interest Notices (x4) ↗ | PositionUnlisted options over ordinary shares, nil exercise price, expiry 2028-12-18; restricted until 2025-12-21 | 3,824,975 | — |
| 2023-12-21 | Bernardo Sanchez Agapito da Veiga
Details & evidence for Bernardo Sanchez Agapito da Veiga on 2023-12-21Initial interest snapshot disclosed in the notice; not a dated trade.
director · 2021-03-31 DTQ Corporation Pty Ltd · DTQ Corporation Pty Ltd as trustee for the Trapo Family Trust is an entity in which Mr da Veiga has a relevant interest. DTQ (BVI) Limited · DTQ (BVI) Limited is an entity controlled by Mr da Veiga and holds his shares after the May 2026 registered-holder transfer. Initial Director's Interest Notices (x4) ↗ | PositionFully paid ordinary shares, subject to trading restrictions until 2025-12-21 | 17,560,034 | — |
| 2023-12-21 | Bernardo Sanchez Agapito da Veiga
Details & evidence for Bernardo Sanchez Agapito da Veiga on 2023-12-21Initial interest snapshot disclosed in the notice; not a dated trade.
director · 2021-03-31 DTQ Corporation Pty Ltd · DTQ Corporation Pty Ltd as trustee for the Trapo Family Trust is an entity in which Mr da Veiga has a relevant interest. DTQ (BVI) Limited · DTQ (BVI) Limited is an entity controlled by Mr da Veiga and holds his shares after the May 2026 registered-holder transfer. Initial Director's Interest Notices (x4) ↗ | PositionFully paid ordinary shares, unrestricted | 26,591 | — |
| 2023-12-21 | Camila Ramos
Details & evidence for Camila Ramos on 2023-12-21Initial interest snapshot disclosed in the notice; not a dated trade.
director · 2023-08-28 Greentelligence Ltda. · Relevant interest in securities held by Greentelligence Ltda., as disclosed on exercise of options. Initial Director's Interest Notices (x4) ↗ | PositionUnlisted options over ordinary shares, nil exercise price, expiry 2028-12-18; restricted until 2025-12-21 | 266,525 | — |
| 2023-12-21 | Kristie Peta Young
Details & evidence for Kristie Peta Young on 2023-12-21Initial interest snapshot disclosed in the notice; not a dated trade.
director · 2023-03-01 David True · Partner whose securities are reported as Ms Young's indirect interest. Initial Director's Interest Notices (x4) ↗ | PositionUnlisted options over ordinary shares, nil exercise price, expiry 2028-12-18; restricted until 2025-12-21 | 266,525 | — |
| 2023-12-21 | Kristie Peta Young
Details & evidence for Kristie Peta Young on 2023-12-21Initial interest snapshot disclosed in the notice; not a dated trade.
director · 2023-03-01 David True · Partner whose securities are reported as Ms Young's indirect interest. Initial Director's Interest Notices (x4) ↗ | PositionFully paid ordinary shares | 10,205 | — |
| 2023-12-21 | Kristie Peta Young
Details & evidence for Kristie Peta Young on 2023-12-21Position held by Ms Young's partner, as disclosed in the notice; not a dated trade.
director · 2023-03-01 David True · Partner whose securities are reported as Ms Young's indirect interest. Initial Director's Interest Notices (x4) ↗ | PositionFully paid ordinary shares | 13,605 | — |
| 2023-12-21 | Kristie Peta Young
Details & evidence for Kristie Peta Young on 2023-12-21Position held by Ms Young's partner, as disclosed in the notice; not a dated trade.
director · 2023-03-01 David True · Partner whose securities are reported as Ms Young's indirect interest. Initial Director's Interest Notices (x4) ↗ | PositionFully paid ordinary shares, subject to trading restrictions until 2024-12-14 | 17,708 | — |
| 2023-12-21 | Todd William Hannigan
Details & evidence for Todd William Hannigan on 2023-12-21Initial interest snapshot disclosed in the notice; restriction date is transcribed as filed.
director · 2023-01-17 DITM Holdings Pty Ltd · Relevant interest in securities registered to DITM Holdings Pty Ltd. Initial Director's Interest Notices (x4) ↗ | PositionUnlisted options over ordinary shares, nil exercise price, expiry 2028-12-18; restricted until 2025-12-20 | 2,868,775 | — |
| 2023-12-21 | Todd William Hannigan
Details & evidence for Todd William Hannigan on 2023-12-21Initial indirect interest snapshot through DITM Holdings; not a dated trade.
director · 2023-01-17 DITM Holdings Pty Ltd · Relevant interest in securities registered to DITM Holdings Pty Ltd. Initial Director's Interest Notices (x4) ↗ | PositionFully paid ordinary shares, subject to trading restrictions until 2025-12-21 | 23,922,175 | — |
| 2023-12-21 | Todd William Hannigan
Details & evidence for Todd William Hannigan on 2023-12-21Initial indirect interest snapshot through DITM Holdings; not a dated trade.
director · 2023-01-17 DITM Holdings Pty Ltd · Relevant interest in securities registered to DITM Holdings Pty Ltd. Initial Director's Interest Notices (x4) ↗ | PositionFully paid ordinary shares, unrestricted | 655,700 | — |
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Sign in or enter a guest codeChronological evidenceSource-document inventory31 documents
BRE ASX close 30 October 2026 (local market database)Market Data · HighPartial
Latest eligible local ASX close for one BRE ordinary share: A$1.875 on 30 October 2026 (provider market data provider via miners.collect_stock_prices; price freshness 1 day, fresh). Volume 1,041,810 shares.
- Document ID
- ref_price_20261030
- Published UTC
- 2026-10-30T00:00:00Z
- Projects
- —
- Commodities
- rare_earths
Peer prices and implied market capitalisations for ASX rare earth peers at 30 October 2026 (local market databases)Market Data · MediumPartial
Closing prices for LYC, ARU, MEI, VMM and LIN on 30 October 2026 from the local ASX price database; market capitalisation = 30 Oct close times shares implied by the 9 August 2026 database market capitalisation divided by that day's price (an approximation that ignores share issues since 9 August); 12-month return from the close 252 sessions earlier. NPV/capex ratios for ARU (1.6x), MEI (5.5x) and VMM (2.5x) are as compiled by BRE in the 18 August 2026 scoping study chart (page 16) and are not independently verified.
- Document ID
- peer_prices_20261030
- Published UTC
- 2026-10-30T00:00:00Z
- Projects
- —
- Commodities
- rare_earths
Market snapshot for BRE at 31 October 2026 (miners.v8db.market_snapshot)Market Data · MediumPartial
Local market snapshot: 52-week range A$1.725 to A$6.61, 1/3/6/12-month returns -48.5/-50.0/-62.7/-65.3 percent (12-month -74 percent relative to the mining index), 20-day average traded value A$3.6m, AUD/USD 1.4236 (AUD per USD). The peer database holds no published rare earth peers, so peers come from outside research. Local management, ownership and insider-dealing products do not exist for BRE (searched management/BRE, ownership/BRE and the insider transactions database: none).
- Document ID
- market_snapshot_20261031
- Published UTC
- 2026-10-30T00:00:00Z
- Projects
- —
- Commodities
- rare_earths
September 2026 Quarterly Report and Appendix 5BResults · HighExtracted
September 2026 quarterly activities report and Appendix 5B, released 20 October 2026. Cash A$121.8m, no borrowings, quarterly operating cash outflow A$14.3m; reaffirms the 18 August 2026 Integrated Monte Alto + Camacari scoping study (NPV8 US$6.0bn on the Argus EU/US deck, 75 percent Indicated feed); ten thousand metres of post-cut-off Monte Alto drilling with a Q4 2026 resource upgrade planned; Sulista South discovery and Sulista East 430 m extension; first concentrate from the Camacari pilot plant with Stage II hydromet co-funding (59 percent partner funded, commissioning Q2 2027); Alurion demerger completed, BRE retains 39.0m shares (about 16 percent).
- Document ID
- q_sep2026
- Published UTC
- 2026-10-19T22:22:30Z
- Projects
- monte_alto_camacari · sulista
- Commodities
- rare_earths · uranium
Half Yearly Report and AccountsResults · HighExtracted
Interim financial statements for the half-year to 30 June 2026 (28 August 2026), early-adopting AASB 18. Loss A$39.6m (exploration and evaluation expense A$31.8m including A$5.0m Agua Verde tenements, G&A A$10.8m), cash A$134.4m, no borrowings, lease liabilities A$1.75m, 280,153,716 shares on issue at 30 June 2026 and 8.73m zero-price options; Alurion classified as held for distribution; 4,000,000 Sulista vendor shares repurchased and cancelled on 11 August 2026 for A$1 total, reversing a A$9.48m expense.
- Document ID
- hy_jun2026
- Published UTC
- 2026-08-28T01:02:20Z
- Projects
- monte_alto_camacari · sulista
- Commodities
- rare_earths
Rocha da Rocha Scoping Study UpdateStudy · HighExtracted
Rocha da Rocha Scoping Study Update (18 August 2026). Retracts the 13 August production target and all forecast financial information because Inferred material scheduled in years 9-14 left no reasonable basis, and replaces it with a standalone Integrated Monte Alto + Camacari Case that excludes Sulista: 9-year life, first production 2031, 3.6 Mt scheduled (75 percent Indicated), NdPr 6,351 tpa first five years (5,661 LOM), HRE+ concentrate 2,502 tpa, U3O8 540 tpa (no revenue), revenue US$1,687m pa, EBITDA US$1,397m pa, upfront capex US$969m including 30 percent contingency plus US$57m deferred, after-tax NPV8 US$6.0bn at 30 June 2029, IRR 90 percent, payback 1.1 years, Argus EU/US deck (NdPr US$136/kg, Dy US$947, Tb US$3,442, Gd US$688, Y US$774), effective tax 15.25 percent (SUDENE), 2.0 percent CFEM plus 2.5 percent private royalty, FID mid-2029. No funding secured. Scoping study accuracy +/-40 percent.
- Document ID
- study_update_20260818
- Published UTC
- 2026-08-17T23:36:54Z
- Projects
- monte_alto_camacari
- Commodities
- rare_earths · uranium
Scoping Study Delivers Exceptional Rocha da Rocha EconomicsResource Update · HighExtracted
Original 13 August 2026 scoping study announcement and 262-page technical summary. Its production target and forecast financial information (including a Sulista-fed 14-year case) were retracted on 18 August 2026 and are NOT used. The JORC (2012) Mineral Resource estimates it reports (ERM, Competent Person David Williams) are not retracted and are used: Monte Alto primary 3.40 Mt at 11.26 percent TREO (2.51 Mt Indicated at 12.73 percent, 0.89 Mt Inferred at 7.10 percent; drill cut-off 22 Feb 2026), Monte Alto secondary monazite 1.25 Mt at 2.17 percent, Sulista East 8.18 Mt at 2.12 percent (2.11 Mt Indicated at 2.59 percent; cut-off 26 Mar 2026), Sulista West 0.20 Mt at 9.1 percent, Outcrop Ridge 0.11 Mt, Pele 0.29 Mt at 5.1 percent; all reported above a 1 percent TREO cut-off, no reserves.
- Document ID
- study_20260813
- Published UTC
- 2026-08-12T22:25:19Z
- Projects
- monte_alto_camacari · sulista
- Commodities
- rare_earths
Notification of cessation of securities - BRECorporate Action · HighExtracted
Appendix 3H (11 August 2026, released after the ASX close): 4,000,000 ordinary shares cancelled under a selective buy-back for A$1 in total, leaving 276,153,716 ordinary shares on issue. The shares had been issued as consideration for the Sulista tenements in 2024 and carried a repurchase right for A$1 if the vendor missed an ANM milestone by 26 March 2026.
- Document ID
- cessation_3h_20260811
- Published UTC
- 2026-08-11T08:14:47Z
- Projects
- sulista
- Commodities
- rare_earths
Notification of buy-back - BRECorporate Action · MediumExtracted
Appendix 3C (11 August 2026): selective buy-back of 4,000,000 shares from three Sulista vendors at A$0.00025 per share (A$1 in total), no shareholder approval required; 280,153,716 shares on issue before the buy-back.
- Document ID
- buyback_3c_20260811
- Published UTC
- 2026-08-11T08:08:07Z
- Projects
- sulista
- Commodities
- rare_earths
BOFIT Weekly Review 32/2026 summarising the IEA Global Critical Minerals Outlook 2026Commodity Data · MediumPartial
Secondary summary of the IEA Global Critical Minerals Outlook 2026 (July 2026): China accounts for 84 percent of refining of rare earths used in permanent magnets and 59 percent of rare earth mining; China extended export restrictions in October 2025 to products made abroad containing Chinese-origin rare earths, enforcement postponed until 10 November 2026; about US$6.5 trillion of annual production outside China exposed; European dysprosium and terbium prices about five times China domestic prices. Publication day within the week is not stated, so the document is dated to the week; used for market context only.
- Document ID
- bofit_iea_20260716
- Published UTC
- 2026-08-07T00:00:00Z
- Projects
- —
- Commodities
- rare_earths
Becoming a substantial holder from BRECorporate Action · MediumExtracted
Form 603 (3 August 2026): BRE became a substantial holder in Alurion Resources Limited on 24 July 2026 with 39,025,413 shares (16.01 percent), registered holder and beneficial owner of shares retained after the demerger. The June 2026 notice of general meeting states the holding is under 24-month ASX escrow.
- Document ID
- alurion_holder_20260803
- Published UTC
- 2026-08-02T23:00:03Z
- Projects
- —
- Commodities
- bauxite
June 2026 Quarterly Report and Appendix 5BResults · MediumExtracted
June 2026 quarterly report and Appendix 5B (23 July 2026): cash A$135.1m, operating outflow A$13.4m, Velhinhas corridor geophysics and drilling, yttrium-rich heavy rare earth drilling at Monte Alto, shareholder approval of the Alurion demerger (99.94 percent in favour) and the A$50m Alurion IPO at A$1.05.
- Document ID
- q_jun2026
- Published UTC
- 2026-07-22T23:51:36Z
- Projects
- monte_alto_camacari · sulista
- Commodities
- rare_earths
Results of MeetingGovernance · MediumExtracted
Results of the 10 July 2026 general meeting: the capital reduction and in-specie distribution of Alurion shares passed on a poll (99.92 percent of votes cast for, per the annexure; 99.94 percent per the interim report).
- Document ID
- results_meeting_20260710
- Published UTC
- 2026-07-09T23:32:53Z
- Projects
- —
- Commodities
- bauxite
Notice of General Meeting/Proxy FormCorporate Action · HighExtracted
Notice of general meeting and demerger booklet (5 June 2026, 451 pages) for the in-specie distribution of Alurion Resources (Amargosa bauxite-gallium project): 0.5607 Alurion shares per BRE share, A$50m IPO at A$1.05, BRE retaining about 16 percent under a 24-month ASX escrow, transitional services from BRE, related-party loan repaid from IPO proceeds. Amargosa (568 Mt bauxite-gallium maiden resource, 5.1 Mtpa direct-ship scoping study) therefore leaves the BRE group; the Rio Tinto US$1.00/wet tonne bauxite royalty relates to Amargosa.
- Document ID
- demerger_booklet_20260605
- Published UTC
- 2026-06-05T07:53:36Z
- Projects
- —
- Commodities
- bauxite
March 2026 Quarterly Report and Appendix 5BResults · MediumExtracted
March 2026 quarterly report and Appendix 5B (27 April 2026): cash A$147.2m after A$25.5m of term deposits matured, operating outflow A$11.1m; Monte Alto trial mining licence granted 25 March 2026; Agua Verde tenement acquisition completed 27 April 2026 for 1,035,196 BRE shares.
- Document ID
- q_mar2026
- Published UTC
- 2026-04-26T23:10:38Z
- Projects
- monte_alto_camacari · sulista
- Commodities
- rare_earths
Becoming a substantial holderGovernance · LowExtracted
Form 603 (14 April 2026): Bernardo da Veiga became a substantial holder on 9 April 2026 with 13,980,345 shares (5.01 percent).
- Document ID
- subholder_dv_20260414
- Published UTC
- 2026-04-13T22:10:51Z
- Projects
- —
- Commodities
- rare_earths
Change of Director's Interest Notice x 4Governance · LowExtracted
Four Appendix 3Y notices (9 April 2026): conversion of zero-price options into shares by Managing Director Bernardo da Veiga (1,236,028 shares) and Executive Chair Todd Hannigan (860,650 options converted), with no sales.
- Document ID
- dir_3y_20260409
- Published UTC
- 2026-04-09T07:22:19Z
- Projects
- —
- Commodities
- rare_earths
Annual Report to shareholdersResults · HighExtracted
Annual report for the year to 31 December 2025 (30 March 2026): loss A$42.1m (2024 restated A$56.0m), operating cash outflow A$31.7m, cash A$136.9m plus A$25.5m of financial assets, no borrowings, A$120m placement at A$4.68 in October 2025, 274,626,572 shares at year end, directors and executive profiles, top-20 holders and substantial holders (Citicorp 20.9 percent, HSBC 9.5 percent, Whitehaven group 8.4 percent plus 4.1 percent, Metal Mining Ventures 6.9 percent), 2.5 percent BRC gross revenue royalty over 32 tenements.
- Document ID
- ar_2025
- Published UTC
- 2026-03-29T21:38:44Z
- Projects
- monte_alto_camacari · sulista
- Commodities
- rare_earths
December 2025 Quarterly Report and Appendix 5BResults · MediumExtracted
December 2025 quarterly report and Appendix 5B (29 January 2026): cash A$136.9m after the October 2025 A$120m placement; quarterly operating outflow A$10.9m; Carester offtake and engineering partnership reported.
- Document ID
- q_dec2025
- Published UTC
- 2026-01-28T22:58:21Z
- Projects
- monte_alto_camacari · sulista
- Commodities
- rare_earths
Appointment of Chief Financial OfficerLeadership · LowExtracted
Appointment of John Vander Ploeg as Chief Financial Officer effective 5 January 2026 (formerly Arcadium Lithium/Allkem, Google and PwC); Renato Gonzaga, previously Group CFO, becomes President - Brazil.
- Document ID
- cfo_appointment_20260106
- Published UTC
- 2026-01-05T21:22:14Z
- Projects
- —
- Commodities
- rare_earths
Change of Director's Interest NoticeGovernance · LowExtracted
Appendix 3Y (23 December 2025): Managing Director Bernardo da Veiga disposed of 6,372,158 shares by off-market transfer, leaving about 12.7m shares (previously 19,116,475 shares held directly and through the Trapo Family Trust).
- Document ID
- dir_3y_20251223
- Published UTC
- 2025-12-23T09:16:41Z
- Projects
- —
- Commodities
- rare_earths
Amargosa Bauxite Project Scoping StudyStudy · LowExtracted
Amargosa bauxite scoping study (11 December 2025): 5.1 Mtpa direct-ship bauxite concept (+/-35 percent accuracy), first-quartile cost position per CM Group; project was subsequently demerged into Alurion and is context only.
- Document ID
- amargosa_scoping_20251211
- Published UTC
- 2025-12-10T21:44:08Z
- Projects
- —
- Commodities
- bauxite
September 2025 Quarterly Report and Appendix 5BResults · LowExtracted
September 2025 quarterly report and Appendix 5B (28 October 2025): cash A$57.1m before the A$120m placement settled, operating outflow A$8.5m.
- Document ID
- q_sep2025
- Published UTC
- 2025-10-27T21:23:44Z
- Projects
- monte_alto_camacari · sulista
- Commodities
- rare_earths
BRE raises $120m to accelerate rare earths developmentFinancing · HighExtracted
A$120m placement of 25.6m new shares at A$4.68 (6.4 percent discount to the A$5.00 close, nil discount to the 5-day VWAP), Petra Capital and Canaccord Genuity as joint lead managers; settled 21 October and issued 22 October 2025.
- Document ID
- placement_20251014
- Published UTC
- 2025-10-13T22:03:02Z
- Projects
- —
- Commodities
- rare_earths
BRE and Carester sign 10-year Heavy Rare Earth Offtake and Partnership (AAP/GlobeNewswire copy of the 9 October 2025 ASX release)Economic Arrangement · HighPartial
Binding 10-year heavy rare earth offtake: Carester buys BRE heavy rare earth concentrate at market-linked prices (no price floor or formula disclosed) up to 150 tpa of contained dysprosium and terbium, for separation at its Caremag plant in France; plus an engineering and technical services agreement for the Camacari separation refinery running to December 2031. The original ASX PDF is not in the local package; this remote copy is used for terms the 2025 annual report and 2026 scoping study omit.
- Document ID
- carester_offtake_20251009
- Published UTC
- 2025-10-09T00:00:00Z
- Projects
- monte_alto_camacari
- Commodities
- rare_earths
Amargosa Bauxite-Gallium - 568 Mt Maiden Mineral ResourceResource Update · LowExtracted
Amargosa Bauxite-Gallium maiden Mineral Resource (3 October 2025): 568 Mt at 29.8 percent total available alumina including 98 Mt direct-ship at 41.9 percent, 27.1 million kg contained gallium. The project was demerged into Alurion Resources in July 2026 and is not part of BRE value beyond its 16 percent Alurion holding.
- Document ID
- amargosa_mre_20251003
- Published UTC
- 2025-10-03T00:40:06Z
- Projects
- —
- Commodities
- bauxite
June 2025 Quarterly Report and Appendix 5BResults · LowExtracted
June 2025 quarterly report and Appendix 5B (29 July 2025): cash A$67.3m, operating outflow A$7.3m.
- Document ID
- q_jun2025
- Published UTC
- 2025-07-28T23:15:53Z
- Projects
- monte_alto_camacari
- Commodities
- rare_earths
March 2025 Quarterly Report and Appendix 5BResults · LowExtracted
March 2025 quarterly report and Appendix 5B (29 April 2025): cash A$75.4m, operating outflow A$6.5m.
- Document ID
- q_mar2025
- Published UTC
- 2025-04-28T22:23:31Z
- Projects
- monte_alto_camacari
- Commodities
- rare_earths
Annual Report to shareholdersResults · MediumExtracted
Annual report for the year to 31 December 2024 (lodged 31 March 2025): used for the June 2024 A$80m placement and FY2024 comparatives; FY2024 figures are quoted in their restated form from the FY2025 annual report.
- Document ID
- ar_2024
- Published UTC
- 2025-03-31T05:32:55Z
- Projects
- monte_alto_camacari
- Commodities
- rare_earths
December 2024 Quarterly Report and Appendix 5BResults · LowExtracted
December 2024 quarterly report and Appendix 5B (29 January 2025): cash A$81.7m on the then cash-plus-deposits classification, operating outflow A$7.2m.
- Document ID
- q_dec2024
- Published UTC
- 2025-01-28T22:40:46Z
- Projects
- monte_alto_camacari
- Commodities
- rare_earths
Executive Team ChangesLeadership · LowExtracted
Executive team changes (17 September 2024): Renato Gonzaga appointed Group CFO, Jonathan Hart appointed Company Secretary, replacing Stephen Kelly.
- Document ID
- exec_changes_20240917
- Published UTC
- 2024-09-16T23:11:31Z
- Projects
- —
- Commodities
- rare_earths
Evidence facts79
1.875 AUD/share
2026-10-301041810 shares
2026-10-3011766000000 AUD
2026-10-306.61 AUD/share
2026-10-301.725 AUD/share
2026-10-30-0.6528 fraction
2026-10-303592053 AUD
2026-10-301.4236 AUD/USD
2026-10-30121834000 AUD
2026-09-30-14293000 AUD
2026-09-3013088000 AUD
2026-09-308.5 quarters
2026-09-3039000000 shares
2026-09-30134400000 AUD
2026-06-30-39565000 AUD
2026-06-30133812000 AUD
2026-06-30280153716 shares
2026-06-308728828 options
2026-06-306000000000 USD
2026-08-1890 percent
2026-08-18969000000 USD
2026-08-1857000000 USD
2026-08-181687000000 USD
2026-08-181397000000 USD
2026-08-18214000000 USD
2026-08-1815.25 percent
2026-08-185661 t/yr
2026-08-18136 USD/kg
2026-08-18110 USD/kg
2026-08-129 years
2026-08-1840 percent
2026-08-18969000000 USD
2026-08-182510000 t
2026-02-223400000 t
2026-02-228180000 t
2026-03-26100 percent
2026-08-13276153716 shares
2026-08-114000000 shares
2026-08-11280153716 shares
2026-08-110.00025 AUD
2026-08-1184 percent
2025-12-312026-11-10 date
2026-11-1039025413 shares
2026-07-2416.01 percent
2026-07-24135093000 AUD
2026-06-30-13402000 AUD
2026-06-3099.92 percent
2026-07-100.5607 ratio
2026-07-2424 months
2026-07-29147151000 AUD
2026-03-31-11137000 AUD
2026-03-3113980345 shares
2026-04-091236028 shares
2026-04-09136902535 AUD
2025-12-31-42063310 AUD
2025-12-31-31730745 AUD
2025-12-31274626572 shares
2025-12-31246538695 shares
2024-12-312.5 percent
2025-12-31136903000 AUD
2025-12-31-10855000 AUD
2025-12-312026-01-05 date
2026-01-056372158 shares
2025-12-2335 percent
2025-12-1157065000 AUD
2025-09-30-8469000 AUD
2025-09-30120000000 AUD
2025-10-144.68 AUD/share
2025-10-14150 tpa
2025-10-0910 years
2025-10-09568 Mt
2025-10-0367332000 AUD
2025-06-30-7251000 AUD
2025-06-3075353000 AUD
2025-03-31-6471000 AUD
2025-03-3180000003 AUD
2024-12-3181686000 AUD
2024-12-31-7178000 AUD
2024-12-31Jonathan Hart name
2024-09-17Conflicts requiring judgment2
- ordinary shares on issue
The interim report states 280,153,716 shares at 30 June 2026; the Appendix 3H shows 4,000,000 shares cancelled on 11 August 2026, so 276,153,716 is the latest count.
- Production target and NPV
The 18 August 2026 update retracts the 13 August production target and forecast financial information; only the update (Monte Alto + Camacari, Sulista excluded) and the unretracted Mineral Resource estimates are used.