Brazilian Rare Earths Limited

Career chronology

• Appointed 31 March 2021: Brazilian Rare Earths Limited — Managing Director and Chief Executive Officer. Brazilian Rare Earths Limited Annual Report 2025 (Directors' Report, PDF p.29 / printed p.27); Company and leadership (leadership biography)

• 2015–2021: South American Ferro Metals Limited — Chief Executive Officer. Company and leadership (leadership biography: prior roles)

• Earlier career; exact dates and titles not stated: UBS and Azure Capital — Investment banking. Company and leadership (leadership biography: career summary)

Education and qualifications

Issuer reports commerce, economics and financial-strategy qualifications

Qualifications reported by 2026 · issuer reported · low materiality

The issuer reports a first-class Bachelor of Commerce, a PhD in financial/economic modelling or economics from the University of Western Australia, and an Oxford Diploma in Financial Strategy. The annual report and website differ slightly in the description of the PhD subject; independent credential verification was not located.

Attribution: Responsibility not applicable. The reports provide issuer statements, not registrar confirmation; the slight subject-description difference is retained.

Relevance: Finance and modelling education is relevant to a listed-company CEO, but it does not establish mining-operations competence.

Company and leadership (leadership biography: education); Brazilian Rare Earths Limited Annual Report 2025 (Directors' Report, PDF p.29 / printed p.27)

Contributions and company outcomes

Issuer credits da Veiga's CEO tenure with a large South American Ferro Metals expansion

2015–2021 · self reported · medium materiality

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.

Attribution: 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.

Relevance: A relevant turnaround and scale-up claim for a development-stage CEO, with weak independent corroboration.

Company and leadership (leadership biography: South American Ferro Metals)

BRE reported exploration, funding and process-testwork milestones while he was CEO

FY2025; report published 30 March 2026 · issuer reported · medium materiality

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.

Attribution: Role overlaps event; causation unproven. Da Veiga was CEO during the period; the company report does not attribute project outcomes to him personally.

Relevance: Relevant to delivery and funding oversight, while the projects remain pre-production.

Brazilian Rare Earths Limited Annual Report 2025 (Directors' Report, PDF pp.29 and 43–45 / printed pp.27 and 41–43)

Business failures and setbacks

South American Ferro Metals was described as bankrupt at the start of his CEO tenure

2015 · self reported · low materiality

The issuer biography says South American Ferro Metals was a bankrupt business producing about 700 ktpa when da Veiga took over as CEO in 2015. This describes the condition at the stated takeover point, not a failure caused by him; no insolvency proceeding or resolution record was independently reviewed.

Attribution: Responsibility unresolved. No evidence reviewed attributes the pre-takeover bankruptcy to da Veiga.

Relevance: Relevant context for interpreting the claimed turnaround; the insolvency chronology remains unverified.

Company and leadership (leadership biography: South American Ferro Metals)

Litigation and enforcement

BRE's mining-rights share buyback was challenged in Brazilian federal court

Deadline expired March 2026; article published 15 October 2026 · disputed · medium materiality

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.

Attribution: 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.

Relevance: Relevant to transaction execution, regulatory process and governance oversight; unresolved at cutoff.

Australia's BRE Pays $1 for Rare Earth Assets Worth $12 Million, and Brazilians Take Case to Court (article, paragraphs 1–5)

Governance and interests

Annual reports disclose transactions with two entities where da Veiga also held director roles

FY2024–FY2025 · issuer reported · medium materiality

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.

Attribution: Individual involvement documented. The annual reports document his connected roles and the disclosed transactions; they do not identify a breach or adverse finding.

Relevance: Material to governance transparency and management of related-party interests.

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)

Suitability for the current role

Brazilian mining, capital-markets and executive experience is relevant to the current CEO role

Current role at 1 November 2026 · analyst inference · low materiality

Analyst inference: his reported Brazilian mining leadership and earlier investment-banking experience are relevant to developing a Brazilian rare-earths business and financing its exploration and studies. The sources do not isolate his personal contribution to BRE's results.

Attribution: Responsibility not applicable. This is a role-scope assessment, not a conclusion about personal integrity or causation.

Relevance: Relevant to local execution, capital access and strategy at BRE's exploration and development stage.

Company and leadership (leadership biography); Brazilian Rare Earths Limited Annual Report 2025 (Directors' Report, PDF p.29 / printed p.27)

Evidence gaps

• 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.

Career chronology

• Appointed 16 January 2023: Brazilian Rare Earths Limited — Executive Chair. Brazilian Rare Earths Limited Annual Report 2025 (Directors' Report, PDF p.29 / printed p.27)

• Current concurrent role by 31 December 2025; start date not stated in reviewed source: IperionX Limited — Executive Chairman. IperionX Interim Financial Report for the six months ended 31 December 2025 (Directors' Report, PDF p.2)

• 2010–2011; court filing describes him as director and then CFO in March 2011: Aston Resources Limited — CEO (Aston 2020 report retrospectively describes CEO tenure). Paringa Resources Annual Report 2020 (Directors' Report, PDF p.2); Director-General v Aston Coal 2 Pty Ltd [2013] NSWLEC 188 (paragraph 1); LEX-74743: environmental history records supplied for Maules Creek (Document 3A, pp.11–12 of the released attachment)

• Earlier career: Xstrata Coal, Hanson PLC, BHP Billiton and MIM — Natural-resources roles; exact titles and dates not stated. Company and leadership (leadership biography: prior roles)

Education and qualifications

Issuer reports mining engineering and INSEAD MBA qualifications

Qualifications reported by 2026 · issuer reported · low materiality

The annual report and issuer page report a Bachelor of Engineering (Mining) with Honours from the University of Queensland and an MBA from INSEAD. Independent university confirmation was not reviewed.

Attribution: Responsibility not applicable. Qualifications are reported by the issuer and are not independently authenticated here.

Relevance: Mining and management study are relevant to resource-company leadership.

Brazilian Rare Earths Limited Annual Report 2025 (Directors' Report, PDF p.29 / printed p.27); Company and leadership (leadership biography: education)

Contributions and company outcomes

Aston's Maules Creek project advanced through major development steps during Hannigan's CEO period

2010–2011 · issuer reported · medium materiality

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.

Attribution: Role overlaps event; causation unproven. The annual report links his CEO tenure with the milestones but does not isolate his decisions or contribution.

Relevance: Relevant project-development experience for an executive chair; the record does not prove construction or production delivery during his tenure.

Paringa Resources Annual Report 2020 (Directors' Report, PDF p.2, Todd Hannigan biography)

IperionX reported commercial titanium production ramping during Hannigan's concurrent chair tenure

August 2024 commissioning through 31 December 2025; report dated 12 March 2026 · issuer reported · medium materiality

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.

Attribution: Role overlaps event; causation unproven. His chair role overlapped the disclosed period; the report does not show his individual operational responsibility.

Relevance: Relevant board-level exposure to scaling an early-stage critical-materials manufacturing business.

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)

Governance and interests

Aston Coal 2 was convicted for failure to report two donations, including one made by Hannigan

March 2011 donations; conviction 8 November 2013 · documented · medium materiality

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.

Attribution: 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.

Relevance: A relevant governance disclosure issue from a prior company, with personal responsibility limited to the documented donation and role conflict.

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)

Suitability for the current role

Resources executive and chair experience is relevant to BRE's funding and project oversight needs

Current role at 1 November 2026 · analyst inference · low materiality

Analyst inference: the reported resources-sector, private-capital and board experience is relevant to an executive-chair role overseeing exploration, development studies and financing. Available records do not establish his personal causal contribution to BRE's projects.

Attribution: Responsibility not applicable. A fit assessment, not a conclusion about personal integrity or operating accountability.

Relevance: Relevant to board and capital oversight at a large, pre-production minerals company.

Company and leadership (leadership biography); Brazilian Rare Earths Limited Annual Report 2025 (Directors' Report, PDF p.29 / printed p.27)

Evidence gaps

• 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.

Career chronology

• Effective 5 January 2026 per annual report; 6 January announcement says effective immediately: Brazilian Rare Earths Limited — Chief Financial Officer. Brazilian Rare Earths Limited Annual Report 2025 (FY25 Remuneration Report, PDF p.39 / printed p.37); Appointment of Chief Financial Officer (announcement, page 1)

• Before joining BRE; dates not stated: Arcadium Lithium (formerly Allkem) — Senior finance roles; exact titles and dates not stated. Appointment of Chief Financial Officer (announcement, page 1); Company and leadership (leadership biography)

• Prior to BRE; exact dates not stated: Google — Senior finance and technical accounting roles. Appointment of Chief Financial Officer (announcement, page 1); Company and leadership (leadership biography)

• Prior to BRE; exact dates not stated: PwC — Director, Capital Markets Accounting Advisory Services. Appointment of Chief Financial Officer (announcement, page 1)

Education and qualifications

Issuer reports accountancy degrees, CFA charter and Michigan CPA

Qualifications reported by 2026 · issuer reported · low materiality

The issuer page reports accountancy bachelor's and master's degrees from Calvin University and Grand Valley State University, plus CFA charterholder and Michigan CPA credentials. The appointment release confirms the two professional credentials; independent university or credential-register checks were not performed.

Attribution: Responsibility not applicable. Credentials are reported by BRE; professional registers and degree records were not independently queried.

Relevance: Directly relevant to financial reporting and capital-markets responsibilities.

Company and leadership (leadership biography: education and credentials); Appointment of Chief Financial Officer (announcement, page 1)

Personal achievements

BRE says Vander Ploeg led finance workstreams for the Allkem–Livent merger

Merger closed 4 January 2024; appointment release 6 January 2026 · issuer reported · medium materiality

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.

Attribution: Individual involvement documented. BRE directly identifies his workstream role; the independent close notice confirms the transaction, not his individual contribution.

Relevance: Relevant evidence of large cross-border transaction exposure for a CFO.

Appointment of Chief Financial Officer (announcement, page 1); Scheme of Arrangement Implemented (announcement, paragraphs 1–3)

Suitability for the current role

Cross-border reporting, technical accounting and transaction experience fits a listed-company CFO role

Current role at 1 November 2026 · analyst inference · low materiality

Analyst inference: the issuer describes more than 20 years in listed-company reporting, technical accounting, finance integration and capital-markets advisory; those areas align with BRE's reporting, funding and Brazil/Australia operations. No independent assessment of his work quality was located.

Attribution: Responsibility not applicable. This assessment concerns role scope and does not establish the success of his past employers' results.

Relevance: Relevant to financial controls, reporting and transaction execution as BRE expands project work.

Appointment of Chief Financial Officer (announcement, page 1); Company and leadership (leadership biography)

Evidence gaps

• 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.

Career chronology

• Effective 5 January 2026: Brazilian Rare Earths Limited — President – Brazil. Brazilian Rare Earths Limited Annual Report 2025 (FY25 Remuneration Report, PDF p.39 / printed p.37); Company and leadership (leadership biography)

• 17 September 2024 to 5 January 2026; the FY2025 annual report lists him as Group CFO throughout FY25: Brazilian Rare Earths Limited — Group Chief Financial Officer. Brazilian Rare Earths Executive Team Changes (announcement, page 1); Brazilian Rare Earths Limited Annual Report 2025 (FY25 Remuneration Report, PDF p.39 / printed p.37)

• Earlier role; exact dates and title not stated: MMX Metals and Mining — M&A and Investor Relations leadership. Company and leadership (leadership biography: prior roles); Brazilian Rare Earths Executive Team Changes (announcement, page 1)

• Earlier roles; dates not stated: U.S. Agtech company; G5 Partners — CFO; investment banker, respectively. Company and leadership (leadership biography: prior roles)

Education and qualifications

Issuer reports economics degree and IMD MBA

Qualifications reported by 2026 · issuer reported · low materiality

BRE reports a Bachelor of Science in Economics from the Federal University of Minas Gerais and an MBA from IMD. Independent university verification was not reviewed.

Attribution: Responsibility not applicable. Qualifications are issuer-reported; independent registrar verification was not performed.

Relevance: Relevant to finance and transaction roles, though not an operations credential.

Company and leadership (leadership biography: education); Brazilian Rare Earths Executive Team Changes (announcement, page 1)

Litigation and enforcement

BRE's share buyback of mining-rights consideration is being challenged by former rights owners

March–October 2026 · disputed · medium materiality

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.

Attribution: 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.

Relevance: Relevant to local transaction and regulatory execution; legal allegations remain unresolved at cutoff.

Australia's BRE Pays $1 for Rare Earth Assets Worth $12 Million, and Brazilians Take Case to Court (article, paragraphs 1–5)

Suitability for the current role

Brazilian deal and corporate-finance experience is relevant to the Brazil president role

Current role at 1 November 2026 · analyst inference · low materiality

Analyst inference: the issuer reports his experience leading M&A and investor relations at MMX, working as a CFO and investment banker, and later serving as BRE Group CFO. This background is relevant to Brazilian corporate and project execution; sources do not establish his operating record at MMX or independent outcomes.

Attribution: Responsibility not applicable. A role-fit judgment based on public biographies, not a claim of personal conduct or deal performance.

Relevance: Relevant to local government, acquisition, financing and corporate-affairs work.

Company and leadership (leadership biography); Brazilian Rare Earths Executive Team Changes (announcement, page 1); Brazilian Rare Earths Limited Annual Report 2025 (FY25 Remuneration Report, PDF p.39 / printed p.37)

Evidence gaps

• 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.

Career chronology

• Appointed 17 September 2024: Brazilian Rare Earths Limited — Company Secretary. Brazilian Rare Earths Executive Team Changes (announcement, page 1); Brazilian Rare Earths Limited Annual Report 2025 (Directors' Report, PDF p.31 / printed p.29)

• Director by 2026; company established in 2012; appointment date not stated: Hartness Consulting Pty Ltd — Director; corporate advisory and debt/equity services. Company and leadership (leadership biography: outside role)

• More than 21 years' experience claimed; individual clients and dates not stated: ASX-listed companies — Company secretarial and corporate advisory services. Company and leadership (leadership biography); Brazilian Rare Earths Limited Annual Report 2025 (Directors' Report, PDF p.31 / printed p.29)

Education and qualifications

Issuer reports Bachelor of Laws and Commerce

Qualifications reported by 2026 · issuer reported · low materiality

BRE reports that Hart holds Bachelor of Laws and Commerce degrees. No external university or legal-admission confirmation was reviewed.

Attribution: Responsibility not applicable. The issuer reports the degrees; independent degree/admission checks were not performed.

Relevance: Relevant to company-secretarial and corporate-advisory responsibilities.

Company and leadership (leadership biography: education); Brazilian Rare Earths Limited Annual Report 2025 (Directors' Report, PDF p.31 / printed p.29)

Suitability for the current role

Corporate-advisory and company-secretarial experience is relevant to the company secretary role

Current role at 1 November 2026 · analyst inference · low materiality

Analyst inference: the issuer describes more than 21 years in corporate advisory and company-secretarial services and a Bachelor of Laws and Commerce. Hartness Consulting is also disclosed as an outside role. No independently verified issuer list, individual governance outcome or conflict finding was located.

Attribution: Responsibility not applicable. This is a role-scope assessment and does not imply a conflict or a conclusion about conduct.

Relevance: Relevant to listed-company compliance and cross-border corporate processes.

Company and leadership (leadership biography: Jonathan Hart and Hartness Consulting); Brazilian Rare Earths Limited Annual Report 2025 (Directors' Report, PDF p.31 / printed p.29)

Evidence gaps

• 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.

Career chronology

• By 18 February 2026; exact start date not stated: Brazilian Rare Earths Limited — Chief of Geology; Competent Person for exploration reporting. Monte Alto expands with new ultra-high grade discoveries (Competent Persons Statement, PDF p.8)

• 2016–2019; title varies by assignment: CSA Global — Associate/Senior Resource Geologist and Qualified Person. Eagle Mountain Gold Project NI 43-101 Technical Report (qualified-person certificate, PDF p.132)

• ACA Howe since 2007; independent since 2020: ACA Howe; independent consulting — Consultant geologist. Eagle Mountain Gold Project NI 43-101 Technical Report (qualified-person certificate, PDF p.132)

Education and qualifications

Technical reports identify a geology degree and Ontario P.Geo. registration

Credential status documented in reports dated 2022 and 2026 · documented · low materiality

The Goldsource technical report identifies McGarry as B.Sc., P.Geo. (Ontario), while BRE identifies him as APGO member no. 2348 and Competent Person. The degree institution and independent standing check were not reviewed.

Attribution: Responsibility not applicable. The documents identify the degree and registration used for professional reporting; no live regulator-register check was performed.

Relevance: Directly relevant to geology and Competent Person responsibilities.

Eagle Mountain Gold Project NI 43-101 Technical Report (author signature and qualification certificate, PDF pp.132–133); Monte Alto expands with new ultra-high grade discoveries (Competent Persons Statement, PDF p.8)

Contributions and company outcomes

A Goldsource technical report identifies McGarry as responsible for an updated mineral resource estimate

MRE effective 5 April 2022; report dated 24 May 2022 · documented · medium materiality

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.

Attribution: Individual involvement documented. The report directly assigns the resource estimate and modelling responsibilities to him; it does not attribute subsequent project economics or development.

Relevance: Relevant prior technical work for BRE's resource-estimation and geology function.

Eagle Mountain Gold Project NI 43-101 Technical Report (summary and resource estimate, PDF pp.19–20 and 91, 114–115)

BRE's 2026 high-grade results were compiled or reviewed by McGarry

18 February 2026 · issuer reported · medium materiality

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.

Attribution: Individual involvement documented. The release directly connects his professional review to the announcement; operational discovery responsibility is not established.

Relevance: Relevant to BRE's technical leadership and public exploration disclosure.

Monte Alto expands with new ultra-high grade discoveries (results summary, PDF p.1; Competent Persons Statement, PDF p.8)

Suitability for the current role

Resource estimation and qualified-person experience aligns with BRE's geology function

Current role at 1 November 2026 · analyst inference · low materiality

Analyst inference: his NI 43-101 report work and P.Geo. registration are relevant to resource estimation and exploration disclosure. His current BRE start date and breadth of direct line-management responsibility are not disclosed.

Attribution: Responsibility not applicable. The assessment concerns technical-role fit; it does not validate all company exploration interpretations.

Relevance: Relevant to geological interpretation, resource modelling and compliant disclosure.

Eagle Mountain Gold Project NI 43-101 Technical Report (qualified-person certificate and resource-estimate sections); Monte Alto expands with new ultra-high grade discoveries (Competent Persons Statement, PDF p.8)

Evidence gaps

• 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.

Career chronology

• Current by 1 November 2026; start date not stated: Brazilian Rare Earths Limited — Head of Metallurgical Processing. Company and leadership (leadership biography: current role)

• Appointed March 2022; resigned 28 August 2023: Medallion Resources Ltd. (later Gabo Mining) — Chief Technology Officer and Director. Medallion Resources Ltd. Registration Statement on Form F-1 (subsequent events, pp.36–37); Medallion Resources Ltd. MD&A for the three months ended June 30, 2023 (subsequent events and management changes)

• Role ended 14 May 2022; exact start date not stated: Innovation Metals Corp. — Chief Operating Officer / VP Metallurgy; Chief Metallurgist. Company and leadership (leadership biography: prior role); Innovation Metals Corp. Announces Resignation of Senior Management Team (company release, paragraphs 1–3)

• Earlier career; employer and dates not disclosed: Engineering firm in London — Process development, feasibility, engineering design and construction assignments. Company and leadership (leadership biography: early career)

Education and qualifications

Issuer and SEC materials report chemical engineering and process-metallurgy credentials

Qualifications reported by 2022–2026 · issuer reported · low materiality

The issuer reports a first-class BEng (Chemical) and PhD in Engineering from the University of Sydney. Medallion's SEC filing also describes him as a graduate/PhD in Engineering and Chartered Chemical Engineer and Chartered Professional Metallurgist. Independent university and professional-register verification was not performed.

Attribution: Responsibility not applicable. The filings report these credentials; no independent registrar or membership-directory check was completed.

Relevance: Relevant to the metallurgical-processing leadership role.

Company and leadership (leadership biography: education); Medallion Resources Ltd. Registration Statement on Form F-1 (subsequent events, p.36)

Business failures and setbacks

Medallion remained non-producing and faced funding and technology-license milestones before Forrester's departure

February 2022–August 2023 · issuer reported · medium materiality

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.

Attribution: 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.

Relevance: Relevant to a current role that again involves technology development and process scale-up.

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)

Governance and interests

Medallion disclosed fees to a private company controlled by Forrester

Quarter ended 30 June 2023 · documented · low materiality

Medallion's June 2023 MD&A disclosed C$64,454 of management and consulting fees to a private company controlled by Forrester, described as a former director and CTO; C$63,080 was owed at June 30, 2023. The disclosure does not state that the fees were improper or on non-market terms. It is a disclosed connected-party interest.

Attribution: Individual involvement documented. The filing records the relationship and fees; no adverse finding or evidence of improper terms was located.

Relevance: Relevant to transparency around external consulting interests, with no wrongdoing inferred.

Medallion Resources Ltd. MD&A for the three months ended June 30, 2023 (related-party transactions, p.13)

Suitability for the current role

Rare-earth process engineering experience is directly relevant to BRE's development strategy

Current role at 1 November 2026 · analyst inference · low materiality

Analyst inference: the issuer describes more than 15 years in rare-earth and critical-metals processing and roles developing Medallion's monazite process and Innovation Metals' RapidSX. The biography does not independently establish commercial-scale operating results or his individual technical performance.

Attribution: Responsibility not applicable. This is a role-fit assessment, not an endorsement of any process economics or technical claim.

Relevance: Directly relevant to flowsheet development, metallurgical testwork and process scale-up.

Company and leadership (leadership biography: current and prior process roles); Medallion Resources Ltd. Registration Statement on Form F-1 (subsequent events, pp.36–37)

Evidence gaps

• 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.

Career chronology

• Current by 1 November 2026; start date not stated: Brazilian Rare Earths Limited — CDO. Company and leadership (leadership biography: current role)

• Most recent prior role stated; dates not given: Bemisa — Project and Processing Manager, non-ferrous projects. Company and leadership (leadership biography: Bemisa)

• Earlier career: AngloGold Ashanti, Ausenco, Pöyry, SNC Lavalin and South American Ferro Metals — Mining/project-development roles; individual titles and dates not stated. Company and leadership (leadership biography: prior roles)

Education and qualifications

Issuer reports mechanical-engineering degree and MBA

Qualifications reported by 2026 · issuer reported · low materiality

BRE reports a Mechanical Engineering degree from the Federal University of Minas Gerais and an MBA from Fundação Getúlio Vargas. Independent university verification was not reviewed.

Attribution: Responsibility not applicable. The degrees are reported by the issuer and are not independently authenticated here.

Relevance: Relevant to engineering and development responsibilities.

Company and leadership (leadership biography: education)

Personal achievements

Issuer profile credits Abreu with taking a greenfield gold project from concept to commissioning

Earlier Bemisa role; exact period not stated · self reported · low materiality

BRE's current biography says Abreu oversaw non-ferrous projects at Bemisa and took a greenfield gold project in northern Brazil from concept to commissioning. The project name, dates, production benchmarks and an independent operating record were not supplied, so the account remains self-reported.

Attribution: Individual involvement documented. The issuer directly describes his role but does not provide a project-level record or independent assessment.

Relevance: Relevant project-delivery experience for a company moving from studies toward development.

Company and leadership (leadership biography: Bemisa project)

Suitability for the current role

Project-development, engineering and commissioning experience fits BRE's development work

Current role at 1 November 2026 · analyst inference · low materiality

Analyst inference: the issuer reports mechanical-engineering and project-development experience spanning feasibility, engineering, construction and commissioning. The current page does not provide dates, project economics or independently verified operating outcomes.

Attribution: Responsibility not applicable. This assessment is about role relevance; it does not validate project delivery claims.

Relevance: Relevant to development studies, project engineering and potential construction planning.

Company and leadership (leadership biography: current role and prior project-development work)

Evidence gaps

• 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.

Career chronology

• Current by 1 November 2026; appointment date not stated: Brazilian Rare Earths Limited — Head of Business Development. Company and leadership (leadership biography: current role); 26th Annual B. Riley Securities Institutional Investor Conference Handbook (BRE executive profile)

• Most recent role before BRE; exact dates not stated: Denham Capital — Vice President; focused on Serra Verde financing, construction and ramp-up. Company and leadership (leadership biography: Denham Capital); 26th Annual B. Riley Securities Institutional Investor Conference Handbook (BRE executive profile)

• Earlier role; exact title and dates not stated: Sprott — Private investments team. Company and leadership (leadership biography: prior roles); 26th Annual B. Riley Securities Institutional Investor Conference Handbook (BRE executive profile)

• Earlier role; exact title and dates not stated: PI Financial — Mining investment banking. Company and leadership (leadership biography: prior roles); 26th Annual B. Riley Securities Institutional Investor Conference Handbook (BRE executive profile)

Education and qualifications

Issuer and conference materials report CFA charter and UBC commerce degree

Qualifications reported by 2026 · issuer reported · low materiality

BRE and the 2026 B. Riley handbook report that Anderson is a CFA charterholder and holds a Bachelor of Commerce from the University of British Columbia. Independent credential or university verification was not reviewed.

Attribution: Responsibility not applicable. Credentials are reported by the issuer/conference biography; independent registers were not queried.

Relevance: Relevant to investment and business-development responsibilities.

Company and leadership (leadership biography: education and credentials); 26th Annual B. Riley Securities Institutional Investor Conference Handbook (BRE executive profile)

Contributions and company outcomes

Serra Verde began operations after Denham's reported financing and development work

Serra Verde operations began in 2024; Anderson tenure dates not stated · issuer reported · medium materiality

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.

Attribution: Role overlaps event; causation unproven. A project focus is reported, but tenure overlap with the 2024 operating start and individual causation remain unverified.

Relevance: Relevant experience in financing and developing a Brazilian rare-earth project, with attribution limits.

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)

Suitability for the current role

Private-equity and investment-banking experience is relevant to business development and financing

Current role at 1 November 2026 · analyst inference · low materiality

Analyst inference: the issuer and conference biography report experience at Denham Capital, Sprott and PI Financial, alongside CFA and commerce qualifications. His specific BRE responsibilities, transaction record and tenure dates are not publicly detailed.

Attribution: Responsibility not applicable. This is a role-fit assessment based on disclosed background, not proof of transaction performance.

Relevance: Relevant to funding, partnerships and project-commercialization work.

Company and leadership (leadership biography); 26th Annual B. Riley Securities Institutional Investor Conference Handbook (BRE executive profile)

Evidence gaps

• 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.