Ema Rare Earths Scoping Study Confirms Potential for Ultra Low CAPEX and OPEX Project, Showing Strong Financial Returns at Current Commodity Prices

Brazilian Critical Minerals Ltd (BCM or the Company) (ASX: BCM) advises of completion of a Scoping Study on its 100%-owned EMA Rare Earths Project (Ema Project) in southeastern Amazonas, Brazil.

The Scoping Study was completed utilising industry recognised experts in the Australian engineering group, Ausenco Pty Ltd (Ausenco), to assist with engineering and process flowsheet development, capital and operating costs as well as pre-tax financial modelling.

Brazilian GE21 completed the mineral resource estimation (MRE) and supervised the large drill program during 2024. The Australian Nuclear Science & Technology Organisation, ANSTO, was engaged for metallurgical work development from leaching recoveries, impurity removal, precipitation and final product MREC production, whilst international engineering group, WSP, were contracted for hydrogeological development, modelling and well field design.

SCOPING STUDY HIGHLIGHTS

• Sustained, operating scale: 4,800t pa of TREO production (average LOM) within a high-grade (55.3%) final MREC
• Unit cash operating costs of US$6.15/kg LOM TREO: Industry low TREO Opex
• Unit cash operating costs of US$16.95/kg LOM NdPr: Industry low NdPr Opex
• Pre-production capital cost of US$55M (inclusive of 35% contingency): Industry low capital requirement to produce MREC in Western world
• Post-tax NPV₈% of US$498M: at LOM prices of US$74/kg NdPr
• Post-tax IRR of 55%: payback period calculated to 28 months

The Scoping Study incorporates the recent Ema Project mineral resource upgrade¹ into the mine schedule to drive project simplification, permitting efficiency and development fast-tracking. It also incorporates capital and operating cost estimates. All other key input parameters were developed from first principal calculations and assumptions from existing referenced operations and were applied to the Scoping Study.

The Scoping Study delivers a post-tax NPV₈% (US$498M), driven by producing a high-value mixed rare earth carbonate (MREC) product, low capital costs, minimal product extraction costs, simple low-cost processing infrastructure through a long-life Mineral Resource. This Scoping Study places the Ema Project as the western world’s lowest cost Rare Earth Project producing an MREC amenable for downstream processing.

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