Brazilian Rare Earths (BRE) H1 2025 earnings summary

Executive summary

• Focused on exploration and development of rare earth elements and critical minerals in Bahia, Brazil, with significant progress transitioning from exploration to development.

• Achieved record exploration results at Monte Alto, Pelé, and Sulista West, confirming ultra-high-grade mineralisation and district-scale potential.

• Produced high-purity mixed rare earth carbonate and yellowcake products, advancing metallurgical studies for downstream processing.

• Entered a strategic partnership with SENAI CIMATEC to develop laboratory and pilot plant facilities in Brazil.

• Amargosa Bauxite-Gallium Project revealed new high-grade gallium discovery and improved funding flexibility through royalty restructuring.

Financial highlights

• Revenue for the half-year was A$2.28 million, up from A$0.59 million year-over-year, mainly from higher interest income.

• Net loss after tax was A$16.88 million, a significant improvement from A$28.91 million in the prior year period.

• Exploration and evaluation expenses decreased to A$13.90 million from A$26.55 million, reflecting lower acquisition costs.

• Share-based payments expense increased to A$3.17 million from A$1.63 million year-over-year.

• Cash and cash equivalents at period end were A$67.37 million, down from A$81.69 million at year-end 2024.

Outlook and guidance

• Advancing from exploration to development with ongoing metallurgical studies and pilot plant development.

• JORC-compliant resource estimate and scoping study for bauxite-gallium project underway.