Brazilian Critical Minerals Appoints Altris Engineering for 24-Week Ema Rare Earth FEED

Highlights

• BCM appointed Altris Engineering to lead a 24-week FEED program for the Ema Rare Earth Project in Brazil's Amazonas State, continuing the same team from the Bankable Feasibility Study.
• The BFS projects a $1.47 billion post-tax NPV and 105% IRR on just $74 million initial capex, but no Ore Reserve has been declared and ISR scale-up remains unproven at commercial scale.
• Ema's in-situ recovery process using magnesium sulphate has produced MREC grading 52.5% TREO in field trials, but the project stops at mixed rare earth carbonate with no downstream separation planned.
• BCM raised A$10 million in July 2026 from institutional investors led by Barrenjoey Markets, though funding remains modest compared to rival Viridis Mining's $120 million equity package for its Colossus project.
• FEED must tighten equipment pricing, flowsheet engineering, capex estimates, and permitting pathways before BCM can reach a Final Investment Decision.