Brazilian Rare Earths (BRE) H2 2024 earnings summary

Executive summary

• Achieved significant exploration success, tripling granted tenement area to 4,268 km² and consolidating control over the Rocha da Rocha Province, with new high-grade discoveries at Monte Alto, Sulista, and Pelé projects.

• Completed 35,456 metres of drilling in 2024, with Monte Alto returning grades up to 45.7% TREO and valuable co-products including uranium, niobium, scandium, and tantalum.

• Secured key regulatory milestones, including approval of the Final Exploration Report for Monte Alto, initiating the mining permit process, and signed strategic MOUs with government and industry partners.

• Ended 2024 with A$81.7 million in cash and investments, fully funding exploration and feasibility work through 2026.

Financial highlights

• Reported revenue of A$2.68 million in 2024, up from A$278,312 in 2023, primarily from interest income on higher cash balances.

• Net loss after tax narrowed to A$46.1 million (2023: A$69.1 million), with increased exploration and evaluation expenses (A$41.9 million) and higher share-based payments (A$3.1 million).

• Finance costs dropped sharply to A$8,981 (2023: A$30.9 million) due to the settlement of convertible notes prior to the December 2023 IPO.

• Raised A$80 million in June 2024 via share placement; cash and cash equivalents at year-end were A$81.7 million.

Outlook and guidance

• Focus for 2025 is on accelerating exploration and development at Monte Alto, Sulista, and Pelé, with a Monte Alto scoping study targeted for completion in 2025.

• Well-funded for ongoing exploration, technical studies, and early engagement with global rare earth customers.

• Executive remuneration framework revised for FY25 to attract and retain talent, with increased weighting on long-term incentives.