Brazilian Rare Earths (BRE) Q3 2024 TU earnings summary

Executive summary

• Major exploration success at Monte Alto, with highest assay grades and longest mineralised intercepts since inception, expanding strike, continuity, and depth of ultra-high-grade hard rock mineralisation.

• New regional rare earth discoveries more than doubled the target exploration area to over 12 km².

• Breakthrough heavy rare earth discovery at Monte Alto East, with exceptional grades of dysprosium, terbium, and yttrium.

• Non-binding MOU signed with Bahia Government to support development of the Rocha da Rocha rare earth province, including institutional support and access to infrastructure.

Segment performance

• Monte Alto diamond drilling extended ultra-high-grade REE-Nb-Sc-Ta-U mineralisation, with intercepts up to 39.1% TREO and 75.8m at 13.8% TREO.

• Shallow, high-grade monazite-sand mineralisation discovered, with intercepts up to 24.9m at 3.9% TREO from surface.

• High-grade tantalum confirmed at Monte Alto, with assays up to 880ppm and weighted average of 305ppm over 472m of core.

• Heavy rare earths at Monte Alto East include up to 5,691ppm Dy2O3, 737ppm Tb4O7, and 74,543ppm Y2O3.

Significant events and developments

• MOU with Bahia Government to facilitate licensing, economic incentives, project funding, and infrastructure for Rocha da Rocha province.

• BRE secured rights to 9 additional tenements (6 exploration licences, 3 mining concessions) covering ~83 km², expected to be granted in Q1 2025.

• No acquisitions or disposals of granted exploration licences during the quarter.