Brazilian Rare Earths Expands Monte Alto Indicated Resource 41%

Highlights

• Monte Alto indicated resource grew 41% to 3.54 million tonnes grading 10.71% rare earth oxides, though total resource average grade fell from 11.26% to 9.87%.
• BRE's revenue model assumes buyers pay 40% of concentrate price—a critical assumption that must be validated through actual commercial contracts.
• Monte Alto averages 1,270 ppm uranium oxide, creating both potential revenue upside and added processing cost risk.
• CEO Bernardo da Veiga targets concentrate production by 2030 and separated oxides by 2031, with a Carester partnership supporting midstream ambitions.
• No Ore Reserves have been declared, and processing assumptions remain unproven at commercial scale despite strong geological credentials.