Announcement PDF ASX Announcement Released 30th June 2026 https://braziliancriticalminerals.com/ Investor Hub: https://braziliancriticalminerals.com/auth/signup 1 | P a g e Ema Rare Earth Project - Bankable Feasibility Study Delivering Exceptional Economics Post-Tax NPV8 US$1.47B | IRR 105%IRR76% US$74M Capex | 6 months payback US$8.84/kg TREO Opex | Among the Lowest Globally Brazilian Critical Minerals Ltd (BCM or the Company) (ASX: BCM) advises of completion of its Bankable Feasibility Study (BFS) on its 100%-owned Ema Rare Earths Project (Ema Project) in southeastern Amazonas, Brazil. The BFS confirms Ema as a long-life, economically resilient rare earth project, advancing BCM’s pathway toward development and strengthening its exposure to critical minerals underpinning global electrification trends. The BFS incorporates a comprehensive suite of technical, operational and engineering initiatives designed to optimise project economics, de-risk future development pathways and support progression toward a disciplined Final Investment Decision (FID). The study follows a pivotal year for the Ema development team, including the successful completion of an extensive three-month in-situ recovery field trial program. The Bankable Feasibility Study utilises the upgraded Ema Project Mineral Resource (ASX: BCM 22 Apr 26) within the production schedule to optimise project design, support permitting efficiencies and facilitate a disciplined pathway toward accelerated development. The BFS also incorporates detailed capital and operating cost estimates, while all other major technical and economic assumptions were established using first-principles calculations and benchmarking from comparable industry operations. BANKABLE FEASIBILITY STUDY HIGHLIGHTS ■ Stage 1: US$74M Capex, inclusive of • New US$19M CO2 capture storage system for Stage 1 & 2 production volumes • Year 1 Wellfield development costs; and • 14.4% contingency ■ Stage 1: BFS vs Scoping Study Capex on like for like basis is US$51M vs US$55M, a 7% reduction ■ Stage 2: US$27M Capex for 100% expansion ■ Post-tax NPV8 of US$1.47B: at Base Case (LOM) prices averaging US$108/kg NdPr ■ Post-tax IRR: 105%: ■ Payback period: calculated to 6 months ■ Operating Costs (C1): US$8.84/kg TREO (average LOM) ASX Announcement Released 30th June 2026 https://braziliancriticalminerals.com/ Investor Hub: https://braziliancriticalminerals.com/auth/signup 2 | P a g e The BFS outlines robust project economics, generating a post-tax NPV8 of US$1.47 billion through a combination of low development capital, low operating costs, simplified processing flowsheets and the production of a premium mixed rare earth carbonate (MREC) product from a long-life Mineral Resource. The study highlights Ema’s potential to emerge as one of the Western world’s lowest-cost rare earth projects supplying downstream-compatible MREC product. Table 1: Bankable Feasibility Study key outcomes Production Metrics Unit LOM High Case Life of Mine years 20 Average Annual TREO produced t 5,500 Average Annual MREO produced t 1,900 TREO (in final MREC) % 52% Base Case Price – NdPr US$/kg 108 High Case Price – NdPr US$/kg 130 NPV, returns and key metrics Base Case High Case NPV8% (post-tax, ungeared) US$M 1,465 1,856 IRR (post-tax, nominal basis) % 105 124 Total Cash Flow (post-tax) US$M 3,369 4,239 EBITDA (LOM Avg) US$M 219 271 Payback period (pre-tax, from first production) months 6 3 Pre-production capital expenditure US$M 74 74 Unit cash operating costs C1 Operating Cost – TREO US$/kg 8.84 8.84 C1 Operating Cost - MREO US$/kg 22.44 22.44 Payability % 70 70 The production target in this BFS contains 16% Inferred Mineral Resources. To the extent a production target is based on those Inferred Mineral Resources, there is a low level of geological confidence associated with Inferred Mineral Resources and there is no certainty that future exploration work will result in the determination of inferred mineral resources or that the production target itself will be realised Andrew Reid, Managing Director, commented: “The results of the Bankable Feasibility Study further reinforce our belief that Ema has the potential to emerge as one of the most compelling rare earth development projects globally. The study highlights a combination of low capital intensity, low operating costs, strong projected cashflow generation and robust financial returns, positioning Ema favourably amongst both existing producers and emerging rare earth projects worldwide. ASX Announcement Released 30th June 2026 https://braziliancriticalminerals.com/ Investor Hub: https://braziliancriticalminerals.com/auth/signup 3 | P a g e Importantly, these outcomes are underpinned by the successful application of in-situ recovery (ISR), a development approach that significantly reduces mining intensity, lowers infrastructure requirements and provides a scalable lower risk pathway to long-term production. Ema's financial performance is particularly significant given the conservative assumptions incorporated within the study and the substantial remaining upside associated with resource expansion, wellfield optimisation, reagent recycling initiatives and future production growth. Beyond the financial metrics, the study confirms Ema's strategic importance as a potential long-term source of magnet rare earths outside China at a time when governments, manufacturers and downstream processors are increasingly focused on securing diversified supply chains. We believe Ema is uniquely positioned at the intersection of low-cost production, scalability and strategic relevance, providing a strong foundation as we advance toward project financing, permitting and a Final Investment Decision. The completion of this study is not the end point for Ema, but rather the beginning of what we believe can become one of the world's most significant ionic clay rare earth developments outside of China.” 1 For full details of the Mineral Resources estimate, please refer to (ASX: Apr 2026). 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. KEY OPPORTUNITIES ■ Create one of the first large-scale Western ISR rare earth operations: Lower capital intensity, lower operating costs, faster scalability, lower environmental footprint is particularly important because globally, the lowest-cost ionic clay operations utilise similar extraction approaches ■ Become a strategic upstream supplier into Western rare earth supply chains: Brazilian jurisdiction, western aligned, large-scale resource base1 , magnet-rich REE exposure (NdPr, Dy, Tb). Ema is already being positioned around supply chain diversification, which is becoming increasingly valuable as Western governments and manufacturers seek alternative sources ■ Develop a multi-decade rare earth production platform rather than a single mine: Longer mine life, larger production optionality, ability to stage development, greater strategic value for offtake partners ■ The inclusion of a diesel generator off-gas CO2 carbon capture storage unit significantly reduces operating costs. With reuse of the CO2 into manufacturing magnesium bicarbonate transforms the project into one with very high ESG credentials ASX Announcement Released 30th June 2026 https://braziliancriticalminerals.com/ Investor Hub: https://braziliancriticalminerals.com/auth/signup 4 | P a g e Figure 1. Location of the Ema project in Brazil Key physical outcomes In-situ recovery (ISR) has emerged as the dominant method for extracting rare earth elements (REE’s) from ionic adsorption clay deposits, particularly within southern China where it has been deployed at commercial scale for decades. BCM has designed an integrated engineering framework for ISR development, focusing on leaching system design, recovery modelling, and permeability enhancement. By coupling metallurgical recovery curves with hydrogeological models, the study demonstrates how solution flow and recovery can be predicted throughput and translated into operational timelines. The production profile in Figure 2 assumes that a series of pods are leaching sequentially and in parallel over the 20-year life of mine, with those pods closest to the processing plant being developed first. Scheduled production was sourced from April 2026 updated Mineral Resource Estimate (MRE >500ppm TREO) and >130m elevation criteria which are considered ideal for ISR extraction. 16% of the total production is sourced from the Inferred category of the MRE. The BFS contemplates a LOM average processing capacity averaging 5,500tpa TREO (approximately 10,500tpa of shipped MREC) over the life-of-mine, through a 2-stage processing development. Stage 1 will be developed over the first 2 years followed by an expansion of 100% to Stage 2 and full nameplate capacity in year 4, as outlined in figure 2 below. ASX Announcement Released 30th June 2026 https://braziliancriticalminerals.com/ Investor Hub: https://braziliancriticalminerals.com/auth/signup 5 | P a g e Figure 2: BFS Production profile over life of mine 20 years. The Stage 1 process plant has designated production of 2,960tpa TREO containing approximately 35-40% by mass magnet rare earth oxides (MREO) equal to approximately 1,020tpa. Once Stage 1 leaching development is under full irrigation, Stage 2 construction at the same capacity as Stage 1 (2,960tpa TREO) is planned to commence construction in year 2 ahead of commissioning and ramp-up towards nameplate in years 3 and 4. Over the 20-year life-of-mine, extraction of 109,500t of TREO is anticipated containing 38,000t of MREO. Only a single final product will be produced, a mixed rare earth carbonate or MREC. This MREC, on average produces a composition containing approximately 52% TREO, but can vary throughout the different pods of clay mineralisation that are being leached over the LOM. Table 2: BFS key physical outcomes. Numbers are rounded. Production Metrics Unit Years 1-5 LOM Life of Mine years 20 Total MREC produced t 39,900 210,500 Total TREO produced t 20,800 109,500 Total MREO produced t 7,300 38,020 Average TREO plant feed Grade ppm 1,184 1,184 MREO Recovery % 55 55 0 2,000 4,000 6,000 8,000 10,000 12,000 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Tonnes Year Annual Production by Year Total MREC (t) Total TREO (t) Total MREO (t) ASX Announcement Released 30th June 2026 https://braziliancriticalminerals.com/ Investor Hub: https://braziliancriticalminerals.com/auth/signup 6 | P a g e Key economic outcomes Projected economics for the Ema Project from the BFS Base Case pricing are outlined in Table 3. • Low start-up capital requirements of $US74M inclusive of 14.4% contingency pre- production, and inclusive of wellfield development costs of US$8.8M for the first year of wellfield development costs. • Post tax NPV8: US$1.47B over 20 years • Post-tax IRR: 105% over 20 years • 6-month payback • Operating Cash Cost LOM (C1): US$8.84/kg of recovered TREO • All in sustaining Cash Cost LOM: US$13.02/kg of recovered TREO • Operating Cash Cost LOM (C1): US$22.44/kg of recovered MREO • High Grade high value MREC containing 52% TREO over Life of Mine • Stage 2 capital ramp-up costs of US$27M expected in year 2 • Annualised average production of ~5,500t TREO over LOM average production comprising ~1,900t MREO Table 3: Key financial forecasts Key financial outcomes Unit Base Case High Case Price inputs (LOM average) +20% R$:US$ (long term forecast) 5.15 5.15 NdPr price forecast – average LOM US$/kg 108 130 Dy price forecast – average LOM US$/kg 1,583 1,900 Tb price forecast – average LOM US$/kg 3,869 4,643 Cashflow & Earnings Metrics Annual Revenue US$M 265 318 Total Revenue US$M 5,436 6,526 Project net cashflow (post-tax) US$M 3,369 4,239 NPV, returns and key metrics NPV8% (pre-tax, ungeared) US$M 1,785 2,258 NPV8% (post-tax) US$M 1,465 1,856 IRR (pre-tax, nominal basis) % 120 142 IRR (post-tax, nominal basis) % 105 124 Payback period (pre-tax, from first production) months 6 3 Capital efficiency (pre-tax NPV / capex) multiple 16.2x 20.5x Pre-production capital expenditure US$M 74 74 LOM sustaining capital expenditure US$M / year 12.95 12.95 ASX Announcement Released 30th June 2026 https://braziliancriticalminerals.com/ Investor Hub: https://braziliancriticalminerals.com/auth/signup 7 | P a g e Key financial outcomes Unit Base Case High Case Unit cash operating costs Annual operating cost US$M 42.4 42.4 Annual operating cost US$/kg TREO 8.84 8.84 Annual AISC US$/kg MREO 37.50 37.50 Base Case: Weighted Average price based on Benchmark Intelligence commissioned pricing. High Case: Weighted Average price based on Benchmark Intelligence commissioned pricing and escalated by 20% by BCM. Pre-Production Capital Expenditure is inclusive of 14.4% contingency. Annual revenue is inclusive of the 70% payability and FOB Manaus. Project Overview The Ema Rare Earth Project is in the Apuí region of Amazonas State, northern Brazil, and represents Brazilian Critical Minerals’ flagship ionic clay-hosted rare earth development opportunity. The project is situated within a large weathered felsic volcanic terrain that has developed extensive clay-rich saprolite horizons enriched in rare earth elements, including the high-value magnet rare earths neodymium, praseodymium, dysprosium and terbium. The scale of the mineralised system, combined with favourable leach characteristics and the potential application of low-impact in-situ recovery methods, positions Ema as one of the most significant emerging ionic clay rare earth projects outside China. Through the completion of resource definition, metallurgical testwork, environmental studies and feasibility activities, BCM is advancing Ema toward development as a long-life, strategically important source of rare earth supply for global clean energy, advanced manufacturing and defence supply chains. The project comprises the Ema and Ema East tenement areas, covering approximately 189km² of prospective felsic volcanic terrain that has developed extensive weathered clay-rich saprolite profiles enriched in rare earth elements. The large tenement holding provides BCM with a substantial exploration and development platform, supporting both the current resource base and the potential for future resource growth as only 45% of the tenement area has been explored to date. The scale of the project area also provides flexibility for staged development, allowing initial production to be focused on priority starter zones while preserving a broader pipeline of mineralised areas for future life-of-mine expansion. Combined with favourable leach characteristics, strong magnet rare earth content and the potential application of low-impact in-situ recovery methods, the Ema Project is positioned as one of the most significant emerging ionic clay rare earth projects outside China. Study Parameters The BFS is intended to present an advanced study level assessment and has been prepared to a standard generally consistent with an industry Class 3 estimate basis, with an expected overall capital cost accuracy range of approximately -15% to +15%, subject to the assumptions, exclusions, and qualifications contained within this report. The degree of confidence varies between individual workstreams depending on the maturity of available data, engineering definition, and external inputs. Capital and operating cost estimates have been developed using a combination of quantity take-offs, budget quotations, historical pricing, benchmark data, vendor budget inputs, local market intelligence, and engineering judgement. Certain specialised packages and owner-managed costs remain subject to ASX Announcement Released 30th June 2026 https://braziliancriticalminerals.com/ Investor Hub: https://braziliancriticalminerals.com/auth/signup 8 | P a g e future tendering, negotiation, or confirmation. The study incorporates a number of assumptions considered reasonable and appropriate to the level of study. Key assumptions include, but are not limited to, the following: Mineral Resource, Production and Mine Life • Mineral Resource, and production schedule inputs supplied by relevant specialists are materially representative of the planned operation. • The Project can sustain nominal production over an assumed operating life of approximately 20 years, subject to staged wellfield development. • Sufficient additional wellfield areas can be progressively developed to maintain production continuity. Hydrogeology and Wellfield Performance • Field trial results and available hydrogeological data are representative of broader production areas. • Groundwater and solution flow behavior can be managed in accordance with the proposed wellfield operating strategy. • Solution recovery, recycle rates, and losses remain within ranges adopted for the Scoping Study. • Injection and extraction infrastructure can be progressively installed in line with the production schedule. Metallurgy and Process Recovery • Metallurgical testwork results are representative of expected operating performance. • Process plant recoveries, reagent consumptions, and product quality assumptions adopted in the mass balance are achievable on a commercial scale. • Mixed Rare Earth Carbonate (“MREC”) product specifications are acceptable to target customers. Infrastructure and Utilities • Site access, construction conditions, and logistics pathways remain broadly consistent with current understanding. • Power generation, fuel supply, water supply, communications, and supporting services can be established in accordance with the proposed implementation plan. • Climatic conditions, including seasonal rainfall, can be managed through appropriate operational and engineering controls. Environmental and Permitting • Required permits, licences, land access, and approvals can be obtained within the assumed development schedule. ASX Announcement Released 30th June 2026 https://braziliancriticalminerals.com/ Investor Hub: https://braziliancriticalminerals.com/auth/signup 9 | P a g e • No material environmental or social constraints emerge beyond those currently identified. Commercial and Financial • Product pricing, exchange rates, taxation settings, royalties, freight costs, and other financial inputs remain within reasonable forecasting ranges. • Markets exist for the proposed MREC product on terms generally consistent with study assumptions. Updated Mineral Resource Estimate The Mineral Resource Estimate ("MRE") for the Ema Project was updated by GE21 Consultoria Mineral on behalf of the Company in accordance with the JORC Code (2012 Edition). The estimate is based on geological interpretation, weathering domain modelling, assay data obtained from drilling programs completed between 2023 and 2025, and geostatistical estimation techniques appropriate for ionic clay- hosted rare earth deposits. The Mineral Resource update followed the 2025 drilling program at the Ema Project, which focused solely on the eastern mineralised extensional zones. This program comprised 101 auger holes drilled on nominal 300 m centres. Table 4: 2026 Mineral Resource Estimation completed by GE21 JORC Category cut-off ppm TREO Tonnes Mt TREO ppm NdPr ppm DyTb ppm MREO ppm MREO:TREO % Indicated 500 392 773 184 17 200 25 Inferred 500 681 712 168 15 184 25 Total 500 1,071 732 174 16 190 25 Notes: 1. TREO = total rare earth oxides (CeO2, Dy2O3, Er2O3, Eu2O3, Gd2O3, Ho2O3, La2O3, Lu2O3, Nd2O3, Pr6O11, Sm2O3, Tb4O7, Tm2O3, Yb2O3) + Y2O3 2. NdPr=Pr6O11+Nd2O3 3. DyTb= Dy2O3 + Tb4O7 4. Totals may not balance due to rounding of figures. 5. 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. 6. Mineral resources were classified as Indicated and Inferred. 7. Mineral Resources are reported with Effective Date of March 10, 2026. Responsible CP is Leonardo Rocha (MAIG #7623). 8. 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 January 2025. 9. Blocks estimated by ordinary kriging at support of 100 m × 100 m × 4 m with sub-blocks 25 m × 25 m × 2 m. 10. The results are presented in situ and undiluted, are constrained within an eventual optimized open pit shell, and are considered to have reasonable prospects of economic viability, using the following parameters: a. Pit slope angle: 25°; b. Selling Prices: estimated by element oxide; c. 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. The MRE now has 1,071Mt @ 732ppm for a contained 785,436t of total rare earth oxides. ASX Announcement Released 30th June 2026 https://braziliancriticalminerals.com/ Investor Hub: https://braziliancriticalminerals.com/auth/signup 10 | P a g e This revised MRE contains new drill hole data and updated domain wireframes as the April 2026 Resource Estimate (ASX: Apr 2026), otherwise all other assumptions remain unchanged. Leaching schedule incorporating upgraded Ema Mineral Resource Estimate Nameplate capacity once both processing plants are up and running is approximately 6,000tpa TREO, Figure 3. Production is scheduled to occur in a series of pods sequentially to maintain a suitable grade going to the process plant. Material above the elevation of 130mRL and >500ppm TREO was selected as the material criteria for limiting the leaching boundaries. Grades and oxide contents inside the 500ppm boundary where then calculated >50ppm TREO to determine production scenarios as the entire profile of saprolite is leached with ISR, not just the material >500ppm. Figure 3: Mine Schedule by year and JORC Category Over the course of the 20-year LOM, approximately 109,500 tonnes of TREO containing 38,020 tonnes of MREO will be leached. 16% of the produced MREC material is from the Inferred JORC category. No Ore reserve has been calculated for this study. Capital Cost Estimate Capital expenditure has been classified as either Initial Capital or Sustaining Capital. Initial Capital comprises the facilities, infrastructure, equipment, and development activities required to establish the Project and achieve first production. Sustaining Capital comprises the ongoing capital investment required to maintain production throughout the operating life of the Project, including development of future wellfield areas and replacement of selected capital equipment. 0 2,000 4,000 6,000 8,000 10,000 12,000 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Tonnes MREC Year MREC Production by JORC Category Indicated MREC (t) Inferred MREC (t) ASX Announcement Released 30th June 2026 https://braziliancriticalminerals.com/ Investor Hub: https://braziliancriticalminerals.com/auth/signup 11 | P a g e The updated capital estimate highlights the low-capital intensity of the Ema development pathway, with the base case capital requirement of US$74 million, incorporating the new on-site carbon capture and storage system (CCS) for the production of magnesium bicarbonate. The CCS system value is US$19M and is included as a key piece of infrastructure because of it’s potential to deliver substantial operating, reagent and sustainability cost reductions through reduction of trucking costs. Table 5: Capital Summary Expenditure CAPEX Summary Cost Contingency Total Incl. Contingency (US$M) % Cost (US$M) TOTAL INDIRECT COSTS: 6.19 15.0% 7.12 TOTAL DIRECT COSTS: 58.24 14.3% 66.59 TOTAL 64.43 14.4% 73.71 First year of Wellfield development costs totaling US$8.8M are included in Table 5 numbers. Comparison to Scoping Study The Company continues to evaluate costs and infrastructure options which were identical to those developed in Scoping Study, however at this stage it is leaning heavily towards the CCS on-site option outlined above Table 5. If however this option was to be developed, the costs in Table 6 show a comparison vs the scoping study on a like-for-like basis. This includes the removal of the CCS and wellfield development costs for Year 1. Table 6: Optional Capital Summary Expenditure, BFS vs Scoping Study CAPEX Summary BFS (like for like) Scoping Study % Difference Cost (US$M) Cost (US$M) CAPITAL COSTS 44.74 41.9 6.8% CONTINGENCY 6.32 13.23 -52.2% TOTAL CAPITAL COSTS: 51.06 55.13 -7.4% Basis of Estimate & Accuracy The estimate has been prepared generally in accordance with the principles of an AACE International Class 3 estimate, which is considered appropriate for the level of engineering definition associated with a BFS. The expected accuracy range of the estimate is approximately ±15%, subject to the assumptions, exclusions, and qualifications identified. The capital cost estimate base date was April 2026. Costs are presented in Brazilian Real (“BRL”) as the primary estimating currency, with conversion to United States Dollars (“USD”) provided for reporting purposes. No allowance has been included for escalation beyond the estimate base date. The estimate accuracy reflects the combined maturity of engineering definition, quantity development, ASX Announcement Released 30th June 2026 https://braziliancriticalminerals.com/ Investor Hub: https://braziliancriticalminerals.com/auth/signup 12 | P a g e pricing information, and project execution assumptions available at the time of preparation. Estimate Methodology & Pricing Basis The capital cost estimate has been developed using a bottom-up estimating methodology based on engineering deliverables prepared during the BFS. The estimate has been built from discipline-specific material take-offs (“MTOs”), equipment lists, and engineering calculations, with quantities measured from project design documentation wherever practical. The estimate methodology was selected to minimise reliance on high-level factoring methods typically used during earlier stages of project development. Major components of the estimate have been derived from engineering deliverables, including: • civil earthworks quantities developed from site layouts, grading models, and earthworks calculations; • concrete quantities developed from foundation and structural requirements; • structural steel quantities based on building and support structure designs; • mechanical equipment quantities based on the mechanical equipment list; • piping quantities developed from process layouts, P&IDs, and pipe routing information; • electrical equipment quantities based on load lists, equipment schedules, and electrical design information; and • wellfield quantities based on the wellfield layout, injection well count, extraction system design, and associated infrastructure requirements. Table 7: Capital Summary by Discipline Indirect Costs Cost Contingency Total Incl. Contingency (US$M) % Cost (US$M) Mobilisation - Personnel 0.05 15.0% 0.05 Mobilisation - Plant & Equipment 0.80 15.0% 0.92 Insurances & Bank Guarantees 0.00 15.0% 0.00 Flights & Accommodation 0.40 15.0% 0.46 Site Establishment 1.13 15.0% 1.30 Site Management 0.64 15.0% 0.74 Off-Site Management 1.65 15.0% 1.89 Site Support - Indirects 0.80 15.0% 0.92 Demobilisation & Site Cleanup 0.73 15.0% 0.84 TOTAL INDIRECT COSTS: 6.19 15.0% 7.12 Direct Costs Sub-Total Contingency Total Incl. Contingency ASX Announcement Released 30th June 2026 https://braziliancriticalminerals.com/ Investor Hub: https://braziliancriticalminerals.com/auth/signup 13 | P a g e Cost (US$M) % Cost (US$M) Engineering 3.13 15.0% 3.60 Earthworks 5.60 12.6% 6.31 Concrete 1.13 14.5% 1.30 Architectural 1.09 15.0% 1.25 Structural 6.08 15.0% 6.99 Platework 0.32 15.0% 0.36 Mechanical 25.08 15.0% 28.84 Piping 6.17 11.0% 6.85 Electrical 5.45 15.0% 6.26 Commissioning 0.75 15.0% 0.86 Construction Management 1.96 15.0% 2.25 Plant & Equipment 1.49 15.0% 1.71 TOTAL DIRECT COSTS: 58.24 14.3% 66.59 TOTAL 64.43 14.4% 73.71 Initial Capital includes all facilities and infrastructure required to establish the Project and commence commercial production. This includes development of the initial production wellfield, construction of the process plant, process ponds, water management infrastructure, power generation facilities, buildings, roads, and supporting site infrastructure. The largest capital cost components are associated with the process plant, wellfield development, earthworks, water management infrastructure, and power generation facilities. Due to the remote location of the Project, allowances for logistics, mobilisation, site establishment, and construction indirect costs also represent a significant portion of the total project capital. Table 8: Direct Cost Summary by Area Direct costs Sub-total Contingency Sub-total Proportion of direct costs incl. Contingency Cost (US$M) % Cost (US$M) % Wellfield (Year 1) 7.85 11.8% 8.78 13.2% Process Plant 16.18 14.1% 18.47 27.7% Non-Process Infrastructure 5.19 15.0% 5.96 9.0% Water Services & Dams 0.74 16.0% 0.86 1.3% Power Generation 2.71 15.0% 3.11 4.7% Carbon Capture System 19.70 15.0% 22.65 34.0% Roads 0.05 15.0% 0.05 0.1% EPCM Services 5.83 15.0% 6.71 10.1% TOTAL DIRECT COSTS: 58.24 14.3% 66.59 100.0% ASX Announcement Released 30th June 2026 https://braziliancriticalminerals.com/ Investor Hub: https://braziliancriticalminerals.com/auth/signup 14 | P a g e Wellfield Development Cost Basis Due to the nature of the extraction method wellfield pre-development activities have been treated as sustaining capital costs and applied progressively at the time they are expensed (Table 8). Over the 20-year LOM, US$258M in total sustaining capital costs have been included (Table 8). On a per kg TREO basis, this contributes approximately US$