Announcement PDF ASX Announcement Released 26th February 2025 https://braziliancriticalminerals.com/ Investor Hub: https://braziliancriticalminerals.com/auth/signup Cautionary Statement: EMA RARE EARTHS SCOPING STUDY This Scoping Study referred to in this ASX release has been undertaken for the purpose of initial evaluation of a potential development of the Ema Rare Earth deposit. It is a preliminary technical and economic study of the potential viability of the Ema Project. The Scoping Study outcomes, production target and forecast financial information referred to in this release are based on low accuracy level technical and economic assessments that are insufficient to support estimation of Ore Reserves. While each of the modifying factors was considered and applied, there is no certainty of eventual conversion to Ore Reserves or that the production target itself will be realised. Further exploration and evaluation work and appropriate studies are required before BCM will be in a position to estimate any Ore Reserves or to provide any assurance of an economic development case. Given the uncertainties involved, investors should not make any investment decisions based solely on the results of this Scoping Study. Of the Mineral Resources scheduled for extraction in the Scoping Study production plan are approximately 80% are classified as Indicated and 20% as Inferred. There is a low level of geological confidence associated with Inferred Mineral Resources and there is no certainty that further exploration work will result in the determination of Indicated Mineral Resources or that the production target itself will be realised. Inferred Resources comprise 0% of the production schedule in the first year of operation and an average of 0% over the first sixteen years of operation. BCM confirms that the financial viability of the Ema Project is not dependent on the inclusion of Inferred Resources in the production schedule. The Mineral Resources underpinning the production target in the Scoping Study have been prepared by a competent person in accordance with the requirements of the JORC Code (2012). The Competent Person’s Statement is found in the ASX release dated 21 February 2025. For full details of the Mineral Resources estimate, please refer to ASX release dated 21 February 2025, Ema MRE Delivers Significant Increase in Indicated Resource. BCM confirms that it is not aware of any new information or data that materially affects the information included in that release. All material assumptions and technical parameters underpinning the estimates in that release continue to apply and have not materially changed. This release contains a series of forward-looking statements. Generally, the words "expect," “potential”, "intend," "estimate," "will" and similar expressions identify forward-looking statements. By their very nature forward-looking statements are subject to known and unknown risks and uncertainties that may cause our actual results, performance or achievements, to differ materially from those expressed or implied in any of our forward-looking statements, which are not guarantees of future performance. Statements in this release regarding BCM’s business or proposed business, which are not historical facts, are forward-looking statements that involve risks and uncertainties, such as Mineral Resource estimates, market prices of rare earths, capital and operating costs, changes in project parameters as plans continue to be evaluated, continued availability of capital and financing and general economic, market or business conditions, and statements that describe BCM’s future plans, objectives or goals, including words to the effect that BCM or management expects a stated condition or result to occur. Forward-looking statements are necessarily based on estimates and assumptions that, while considered reasonable by BCM, are inherently subject to significant technical, business, economic, competitive, political and social uncertainties and contingencies. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements. Investors are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date they are made. BCM has concluded that it has a reasonable basis for providing these forward-looking statements and the forecast financial information included in this release. This includes a reasonable basis to expect that it will be able to fund the development of the Ema Project upon successful delivery of key development milestones and when required. The detailed reasons for these conclusions are outlined throughout this ASX release and the original Scoping Study (February 2025) release. While BCM considers all of the material assumptions to be based on reasonable grounds, there is no certainty that they will prove to be correct or that the range of outcomes indicated by the Scoping Study will be achieved and are considered preliminary in nature. To achieve the range of outcomes indicated in the Scoping Study, pre-production funding in excess of US$55M may be required. There is no certainty that BCM will be able to source that amount of funding when required. It is also possible that such funding may only be available on terms that may be dilutive to or otherwise affect the value of BCM’s shares. It is also possible that BCM could pursue other value realisation strategies such as a sale, partial sale or joint venture of the Ema Project. This could materially reduce BCM’s proportionate ownership of the Ema Project. No Ore Reserve has been declared. This ASX release has been prepared in compliance with the current JORC Code (2012) and the ASX Listing Rules. All material assumptions, including sufficient progression of all JORC modifying factors, on which the production target and forecast financial information are based have been included in this ASX release. 1|P a g e ASX Announcement Released 26th February 2025 https://braziliancriticalminerals.com/ Investor Hub: https://braziliancriticalminerals.com/auth/signup Ema Rare Earths Scoping Study Confirms Potential for Ultra Low CAPEX and OPEX Project, Showing Strong Financial Returns at Current Commodity Prices Brazilian Critical Minerals Ltd (BCM or the Company) (ASX: BCM) advises of completion of a Scoping Study on its 100%-owned EMA Rare Earths Project (Ema Project) in southeastern Amazonas, Brazil. The Scoping Study was completed utilising industry recognised experts in the Australian engineering group, Ausenco Pty Ltd (Ausenco), to assist with engineering and process flowsheet development, capital and operating costs as well as pre-tax financial modelling. Brazilian GE21 completed the mineral resource estimation (MRE) and supervised the large drill program during 2024. The Australian Nuclear Science & Technology Organisation, ANSTO, was engaged for metallurgical work development from leaching recoveries, impurity removal, precipitation and final product MREC production, whilst international engineering group, WSP, were contracted for hydrogeological development, modelling and well field design. SCOPING STUDY HIGHLIGHTS ■ Sustained, operating scale: 4,800t pa of TREO production (average LOM) within a high-grade (55.3%) final MREC ■ Simplified, low-risk, low-cost, fast-tracked project: sole focus on Ema deposit to drive development efficiency ■ Unit cash operating costs of US$6.15/kg LOM TREO: Industry low TREO Opex ■ Unit cash operating costs of US$16.95/kg LOM NdPr: Industry low NdPr Opex ■ Pre-production capital cost of US$55M (inclusive of 35% contingency): Industry low capital requirement to produce MREC in Western world ■ Post-tax NPV8% of US$498M: at LOM prices of US$74/kg NdPr ■ Post-tax IRR of 55%: payback period calculated to 28 months The Scoping Study incorporates the recent Ema Project mineral resource upgrade1 into the mine schedule to drive project simplification, permitting efficiency and development fast-tracking. It also incorporates capital and operating cost estimates. All other key input parameters were developed from first principal calculations and assumptions from existing referenced operations and were applied to the Scoping Study. The Scoping Study delivers a post-tax NPV8% (US$498M), driven by producing a high-value mixed rare earth carbonate (MREC) product, low capital costs, minimal product extraction costs, simple low-cost processing infrastructure through a long-life Mineral Resource. This Scoping Study places the Ema Project as the western world’s lowest cost Rare Earth Project producing an MREC amenable for downstream processing. 2|P a g e ASX Announcement Released 26th February 2025 https://braziliancriticalminerals.com/ Investor Hub: https://braziliancriticalminerals.com/auth/signup Table 1: Scoping Study key outcomes Production Metrics Life of Mine Unit Years 1-4 years LOM 20 Total TREO produced t 10,627 95,651 Total MREO produced t 4,028 36,252 Spot Price – NdPr US$/kg 60 60 LOM average Price - NdPr US$/kg 60 74 Spot LOM NPV, returns and key metrics NPV8% (post-tax, ungeared) US$M 355 498 IRR (post-tax, nominal basis) % 52 55 Payback period (pre-tax, from first production) months 28 28 Pre-production capital expenditure US$M 55 55 Operating Cost – TREO US$/kg 6.15 6.15 Operating Cost - NdPr US$/kg 16.95 16.95 % 70 70 Unit cash operating costs Payability KEY OPPORTUNITIES ■ Higher product yield. 55.3% Mixed Rare Earth Carbonate and high MREO (NdPrDyTb) composition of 37.9% within the TREO generating superior revenue per kg of final product coupled with high recovery yields drives the NPV at spot prices ■ Rare Earth Price: Conservative spot Rare Earth benchmark price of US$60/kg NdPr and US$74/kg NdPr LOM ■ Imminently Scalable: Substantial further Inferred Resource over 82km2 potential exists across the entire Ema Project tenement base, of which conversion from Inferred to Indicated could be realised ■ Ema expansion / extension options. Clear potential for Ema to be permitted and mined in the future as an expansion development and/or mine life extension for the Ema Project 1 For full details of the Mineral Resources estimate, please refer to ASX release dated 21 February 2025, Ema MRE Delivers Significant Increase in Indicated Resource. BCM confirms that it is not aware of any new information or data that materially affects the information included in that release. All material assumptions and technical parameters underpinning the estimates in that release continue to apply and have not materially changed. 3|P a g e ASX Announcement Released 26th February 2025 https://braziliancriticalminerals.com/ Investor Hub: https://braziliancriticalminerals.com/auth/signup Andrew Reid, Managing Director, commented: “The results from this scoping study are so good that in terms of Capex, Opex and NPV at current spot prices this project has few peers compared to those looking to develop rare earth projects in the western world. The team at BCM have developed a project leveraging the unique characteristics of the Ema mineralisation through ISR extraction and delivered a project with a CAPEX of only $55M whilst able to produce a high value mixed rare earth carbonate. OPEX at US$6.15/kg TREO is uniquely low and positioned in the very lowest portion of the cost curve. Capital Efficiency, IRR and NPV at current spot prices generate outstanding, meaningful and solid returns with good cash flows. The ISR extraction technique, prevalent throughout China, Myanmar and other parts of SE-Asia is simple, effective, quick to build, and when coupled with the use of magnesium sulfate turns the Ema Project into a highly compliant ESG project with little disturbance to the local environment, local biodiversity and ecosystems when coupled with ZERO mine waste, tailings, air pollution, noise and hazardous substances to contend with. We will now forge on with field pilot trials to test permeability, complete environmental baseline assessments and commence engineering studies as part of a larger more detailed next study phase which we aim to complete throughout 2025. A big thank you to the team, our consulting partners and everyone involved in pulling this unique project together, which will be a first of its kind for rare earths in the western world, but common elsewhere.” Figure 1. Location of the Ema project in Brazil 4|P a g e ASX Announcement Released 26th February 2025 https://braziliancriticalminerals.com/ Investor Hub: https://braziliancriticalminerals.com/auth/signup Key physical outcomes Scheduled production is sourced solely from the central Ema starter zone area throughout the Scoping Study project operating life with a Mineral Resource Estimate of 341Mt @746ppm for approximately 104,000t TREO recoverable. The Scoping Study contemplates a nameplate processing capacity of 2,660tpa TREO (approximately 4,800tpa of shipped MREC), for the first full three years (year 1 ramp-up, year 2-3 full production) which will then follow in year 4 with an expansion which will take TREO production to approximately 5,300tpa (approximately 9,600tpa of shipped MREC) from year 5. Annual Production Profile MREC tpa Product Sales (t) 12,000 TREO tpa MREO tpa 10,000 8,000 6,000 4,000 2,000 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Years Figure 2: Scoping Study Production Profile from the Central Starter Zone MRE The initial life-of-mine production capacity is approximately 2,660tpa TREO which will increase to 5,314tpa TREO during year 4, resulting in a 20-year operation (Figure 2). MREC production per annum over the LOM averages 8,740t. The Scoping Study retains a conservative production ramp-up (in-line with referenced operations currently in production) with nameplate production not forecast to be reached until Year 5. 5|P a g e ASX Announcement Released 26th February 2025 https://braziliancriticalminerals.com/ Investor Hub: https://braziliancriticalminerals.com/auth/signup Table 2: Scoping Study key physical outcomes for Starter MRE zone only Production Metrics Life of Mine Unit Years 1-4 years LOM 20 Total MREC produced t 19,217 172,967 Total TREO produced t 10,627 95,651 Total MREO produced t 4,028 36,252 Average TREO feed Grade ppm 1,113 1,113 TREO Recovery % 48 48 MREO Recovery % 62 62 TREO in MREC % 55.3 55.3 Key economic outcomes Projected economics for the Ema Project from the Scoping Study are outlined in Table 2. • Ultra-low start-up capital requirements of $US55M inclusive of 35% contingency preproduction with capital ramp-up costs of US$22.1M in year 4 to be sourced from cash flow • Post tax8NPV US$498 over 20 years – IRR 55% - 28-month payback • Operating Cash Cost LOM: US$6.15/kg of recovered Total Rare Earth Oxides (TREO) • All in sustaining Cash Cost LOM: US$6.69/kg of recovered Total Rare Earth Oxides (TREO) • High Grade high value MREC containing 55.3% TREO over Life of Mine • Low-cost Magnesium Sulfate (MAGSUL) leach extraction • Simple, quick and effective design, planning and construction to allow for rapid advance towards first product • Annualised production of ~4,800t TREO over LOM average production comprising approximately ~1,800t MREO Royalties in the financial model were set at either 3% or 6% of revenue reflecting agreements over different tenements. All capital and operating cost forecasting is structured on an owner operator basis, with all equipment purchased outright. Project capital costs have been assessed to a Class 5 Engineering Standard with the estimation accuracy of the Scoping Study being -30%/+50%. 6|P a g e ASX Announcement Released 26th February 2025 https://braziliancriticalminerals.com/ Investor Hub: https://braziliancriticalminerals.com/auth/signup Table 3: Key financial forecasts Key financial outcomes Unit Spot LOM 0.174 0.174 Price inputs (LOM average) R$/US$ (long term forecast) TREO price forecast US$/kg 30 37 NdPr price forecast US$/kg 60 74 Annual Revenue US$M 143 182 Revenue US$M 2,869 3,634 Project net cashflow (post-tax) US$M 911 1,279 NPV8% (pre-tax, ungeared) US$M 355 667 NPV8% (post-tax) US$M 354 474 IRR (pre-tax, nominal basis) % 57 63 IRR (post-tax, nominal basis) % 52 55 months 28 28 % 573 806 Pre-production capital expenditure US$M 55 55 LOM sustaining capital expenditure US$ / year 1.59 1.59 Annual operating cost US$M 29.4 29.4 Annual operating cost US$/kg TREO 6.15 6.15 Annual AISC US$/kg TREO 6.69 6.69 Cashflow & Earnings Metrics NPV, returns and key metrics Payback period (pre-tax, from first production) Capital efficiency (pre-tax NPV / capex) Unit cash operating costs Spot Price: Weighted Average price based on MREC basket composition and spot prices as of 15.01.25 www.giti.sg/markets LOM Price: Weighted Average price based on MREC basket composition (12.02.25 Spot Price nominal for 4 Years + 12.02.25 Spot Price Years x 30% for 16 years) Pre-Production Capital Expenditure is inclusive of 35% contingency Pricing Strategy The Scoping Study pricing utilised very conservative forward estimates with spot prices utilised as of 12.02.25 flatlined for the first four years of production. Current spot rare earth oxide prices were sourced from www.giti.sg averaging US$60/kg NdPr based on the Ema basket weighting. All prices quoted are inclusive of Chinese VAT and are on delivery base Ex-Works China. The spot TREO price was calculated from the weighted basket of elements multiplied by the spot TREO price as listed in Table 4 below. The forecasted LOM TREO and NdPr price is based on the spot prices (Table 4) for the first four years and subsequently escalated by 30% commencing year 5 of the production schedule resulting in a LOM average price of US$37/kg TREO or US$74/kg NdPr (Figure 3). 7|P a g e ASX Announcement Released 26th February 2025 https://braziliancriticalminerals.com/ Investor Hub: https://braziliancriticalminerals.com/auth/signup Table 4: Ema Rare Earth Basket Prices Utilised in Financial Modelling Basket Price - US$/kg TREO Basket Price - US$/kg NdPr Payability Spot Price (12.02.25) $30 $60 70% LOM Price Average $37 $74 70% Rare Earth Price Forecast 100 US$/kg 80 60 40 20 0 Years of Production LOM TREO LOM NdPr Figure 4: Ema Rare Earth Basket Prices Utilised in Financial Modelling. Average LOM prices used were US$37/kg TREO and $74/kg NdPr for the base financial case and applied without indexation over the LOM. It is assumed that the company is selling an MREC product containing 15 elements that will be payable in the offtake products. Early-stage discussions with potential customers and indicative terms provided have formed the basis of the offtake assumptions for the MREC. The indicative payability terms of 70% were applied to the prices outlined in Table 4 given the low deleterious elements within the MREC specification. Further testwork and refinement of the specification will continue during the next phase of studies. MREC is most typically priced based on the Asian Metals referenced price https://www.asianmetal.com/ and over the last 18 months prices have been low but relatively stable on the back of large Chinese supply into the market. As a result, the company has taken an extremely conservative approach to pricing and forward price projections adopting the current spot price with a moderate increase after year 5 (Figure 4). 8|P a g e ASX Announcement Released 26th February 2025 https://braziliancriticalminerals.com/ Investor Hub: https://braziliancriticalminerals.com/auth/signup Table 5: Ema MREC Rare Earth Basket Price as of the 12 February 2025 SPOT MREC BASKET Oxide La2O3 CeO2 Pr6O11 Nd2O3 Sm2O3 Eu2O3 Gd2O3 Tb4O7 Dy2O3 Ho2O3 Er2O3 Tm2O3 Yb2O3 Lu2O3 Y2O3 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ Head Grade (ppm) Reagent Leaching Time pH Product Price (12.02.25) USD/kg 0.53 1.14 62.47 61.36 2.09 27.19 23.15 859.02 242.64 66.24 41.14 112.40 14.08 718.17 5.72 BCM 965 Magnesium Sulfate 30 Minutes 4.5 MREC % Basket $ 34.7 8.9 7.1 29.1 4.6 0.5 2.9 0.3 1.4 0.2 0.7 0.1 0.6 0.1 8.7 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 0.18 0.10 4.45 17.88 0.10 0.15 0.67 2.33 3.33 0.16 0.29 0.11 0.08 0.60 0.50 Basket Price US$/kg (TREO) $ 30.93 Basket Price US$/kg (NdPrDyTb) $ 27.99 MREO % TREO % 37.9 100.0 The MREO value of the Ema basket at spot prices represents 90% of the calculated TREO $/kg basket price. In addition to the prices utilised above, a further flat 30% discount (70% payability) for TREO within all Ema MREC product has been applied to all prices calculated above to account for China VAT and discounts required by customers. A R$/US$ exchange rate of 0.174 has been utilised over the LOM. Royalty unit costs of 3% and 6% of gross revenue have been accounted for in the cash flow model where required. 9|P a g e ASX Announcement Released 26th February 2025 https://braziliancriticalminerals.com/ Investor Hub: https://braziliancriticalminerals.com/auth/signup Scoping Study parameters The Scoping Study is a preliminary assessment based on Class 5 Association for the Advancement of Cost Engineering (AACE) compliant cost development -30% +50% and includes a contingency factor of 35%. Leading Engineering firm, Ausenco Pty Limited, was the external study manager for the Scoping Study to assist with engineering and process flowsheet development, capital and operating costs as well as pre-tax financial modelling. The Australian Nuclear Science & Technology Organisation (ANSTO) test work development results were utilised for leaching recoveries, impurity removal, precipitation and final product MREC production. WSP were engaged for hydrogeological development, modelling and well field design and costing. This release contains requisite information with respect to the selected modifying factors and outcomes. Mine schedule incorporating upgraded Ema Mineral Resource The Scoping Study incorporates the recent updated Mineral Resource into the process schedule. The resource update followed the 2024 drilling program at the Ema Project, which focused solely on the central starter zone. This program comprised 244 auger holes drilled on nominal 300m centres. The updated estimate saw total Ema resources of 943Mt @ 716ppm including 341Mt @ 746ppm within the central starter zone. Critically, and in-line with the core objective of the program, indicated (I) resources at Ema were estimated to be 248Mt with 100% of this material contained within the Central Starter zone area (Table 6). Approximately 74% of the central starter area mined is within the indicated JORC category (Figure 3) over the LOM with 50% of production sourced from the inferred category from years 14-20. Further drilling to expand the indicated portion of the current MRE is being planned for the 2025 drill season. TREO Production by JORC Category 6,000 Tonnes TREO 5,000 4,000 3,000 2,000 1,000 0 1 2 3 4 5 6 7 8 9 Indicated 10 11 12 13 14 15 16 17 18 19 20 Inferred Figure 3: Mine Schedule by year and JORC Category 10 | P a g e ASX Announcement Released 26th February 2025 https://braziliancriticalminerals.com/ Investor Hub: https://braziliancriticalminerals.com/auth/signup Table 6: Updated Ema Mineral Resource – starter zone area only (February 2025) Ema – central starter zone Cut-off TREO ppm Indicated 500 Tonnes Mt 248 TREO ppm 759 NdPr Mt 176 DyTb ppm 16 MREO ppm 192 MREO:TREO % 25 Inferred 500 93 712 168 16 185 26 Total 500 341 746 174 16 190 25 Notes: 1. 2. 3. 4. 5. 6. 7. 8. 9. a. b. c. d. TREO = total rare earth oxides (CeO2, Dy2O3, Er2O3, Eu2O3, Gd2O3, Ho2O3, La2O3, Lu2O3, Nd2O3, Pr6O11, Sm2O3, Tb4O7, Tm2O3, Yb2O3) + Y2O3 NdPr=Pr6O11+Nd2O3 DyTb= Dy2O3 + Tb4O7 Totals may not balance due to rounding of figures. The estimate of Mineral Resources are not Ore Reserves as they have not demonstrated economic viability and may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant factors. Mineral resources were classified as Indicated and Inferred only. Mineral Resources were prepared in accordance with Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code, 2012) incorporating drilling data acquired by 2023 and 2024. Blocks estimated by ordinary kriging at support of 100 m × 100 m × 4 m with sub-blocks 25 m × 25 m × 2m. The results are presented in-situ and undiluted, are constrained within optimized open pit shell, and are considered to have reasonable prospects of economic viability, using the following parameters: Pit slope angle: 25°. Selling Prices: estimated by element oxide. Costs: Mining: 2.13US$/t mined; Process: 7.23 US$/t processed; Royalties: 2% of revenue; Selling costs: 7.03US$/kg REO. Metallurgical Efficiencies estimated by element. Total Ema Project resources now stand at 943 Mt (248 Mt Indicated and 694 Mt Inferred). Following the substantial classification upgrade to the Ema central starter zone, higher confidence Indicated resources now comprise 73% of the total Ema Project resource tonnage base within the central starter area. Regulatory and social licence to operate The recent learnings from the adjacent Tres Estados permitting process, which has similar or identical environmental, social, and geological settings, are being actively applied and utilised for baseline studies, stakeholder engagement, impact assessment and permit applications with respect to the Ema Project. There is no prior First Nations habitation in the vicinity of the Ema Project, and BCM has already undertaken early engagement with, government, communities and other relevant stakeholders in relation to development of the Ema Project. Ownership of all regulatory applications and early, proactive engagement of federal and state regulators remains an ongoing focus. BCM commenced a comprehensive environmental study program in 2024 and has continued detailed baseline work through the 2024 dry season field program which will continue into early 2025 wet season. The results of the baseline program will form the foundation for mine planning, impact assessment and environmental licensing applications. The southern limit of the Ema Project tenement straddles and in places overlaps the 3km wide buffer zone between the Mineral Resource area and the Jutuarana National Forest. Whilst mining activities within buffer zones are permitted and may be undertaken upon completion of an Environmental Impact Assessment, BCM does not plan at this stage to conduct any exploration activities or to submit any plans 11 | P a g e ASX Announcement Released 26th February 2025 https://braziliancriticalminerals.com/ Investor Hub: https://braziliancriticalminerals.com/auth/signup for mining within the buffer zone. Key opportunities Several opportunities exist to potentially significantly enhance the outcomes presented in the Updated Scoping Study. 1. Rare Earths pricing The rare earths pricing US$/kg inputs utilised for the Scoping Study are conservative current prices with moderate escalation flatlined over the life of mine after year 5. Utilising a 10% higher benchmark LOM price input (US$41/kg TREO equivalent to approximately US$80/kg NdPr) increases the Scoping Study Ema project NPV to approximately US$764M, an approximate 61% increase from the base case pre-tax spot NPV of US$474M. There is material uncertainty to any benchmark price forecast going forward as China currently enjoys monopolistic advantages in the extraction, separation and metallic conversion of REEs into magnets compared to the rest of the world. The company therefore determined it was prudent to utilise prices in line or only slightly higher than prevailing market spot prices as outlined above. A series of five individual stress tests was performed on the final financial model (Table 7) and compared to the base financial post-tax model. In each scenario the Ema project maintained a healthy NPV and IRR and results after increasing Capex and then Opex by 50% showed that the Ema project was not sensitive to major cost increases in these areas. Table 7: Post-tax NPV sensitivity analysis with US$ inputs Post-tax Base case (NPV US$498, IRR 55%) US$M (US$M) $53/kg NdPr $60/kg NdPr flat $53/kg NdPr flat Opex 50% higher Plant Capex 50% higher NPV 394 355 265 398 461 Discount Rate 8% 8% 8% 8% 8% IRR 47% 52% 40% 45% 41% CE (NPV/Capex) 476% 428% 321% 481% 376% All prices for this study in US dollars. Prices sourced from Australia were converted A$/US$ at 0.65 and inputs from Brazil Real R$/US$ at 0.174. These exchange rates drive all US$ cost assumptions in the Scoping Study that are denominated in US$ comprising the bulk of the forecast Ema operating and capital cost base. 12 | P a g e ASX Announcement Released 26th February 2025 https://braziliancriticalminerals.com/ Investor Hub: https://braziliancriticalminerals.com/auth/signup Exploration upside and multiple developments 2. Substantial resource upside exists across the entire Ema project tenement base, particularly outside of the central starter zone where drilling is either widely spaced at 800m centres or not drilled at all. Approximately 55% of the existing tenement package has not been drilled. Further resource delineation has the clear potential to supplement the currently planned Ema project development by extending operating life, delivering expansion potential and/or lowering average production costs. Key processing assumptions Processing requirements Ausenco was engaged to provide a conceptual design and capital expenditure estimates for rare earth handling and processing requirements. The processing design for the Ema Project is based on a singl