Announcement PDF Brazilian Critical Minerals Limited ABN 82 089 221 634 Annual Report - 30 June 2026 Brazilian Critical Minerals Limited Corporate directory 30 June 2026 1 Directors Jeremy Robinson - Non-Executive Chairman Andrew Reid - Managing Director Nicholas Holthouse - Non-Executive Director Company secretary Ben Donovan Registered office Level 28, AMP Tower 140 St Georges Terrace Perth WA 6000 T: +61 8 6383 7820 Principal place of business Level 28, AMP Tower 140 St Georges Terrace Perth WA 6000 T: +61 8 6383 7820 Share register Automic Pty Ltd Level 5,191 St Georges Terrace Perth WA 6000 T: 08 9324 2099 Auditor William Buck Audit (WA) Pty Ltd Level 3, 15 Labouchere Road South Perth WA 6151 Solicitors Hamilton Locke Level 39 152-158 St Georges Terrace Perth WA 6000 Stock exchange listing Brazilian Critical Minerals Limited shares are listed on the Australian Securities Exchange (ASX code: BCM) Website www.braziliancriticalminerals.com Brazilian Critical Minerals Limited Contents 30 June 2026 2 Review of operations Sustainability Annual Mineral Resource Statement Directors' report Auditor's independence declaration Consolidated statement of profit or loss and other comprehensive income Consolidated statement of financial position Consolidated statement of changes in equity Consolidated statement of cash flows Notes to the consolidated financial statements Consolidated entity disclosure statement Directors' declaration Independent auditor's report to the members of Brazilian Critical Minerals Limited Shareholder information 03 13 14 16 30 31 32 33 35 36 63 64 65 71 Brazilian Critical Minerals Limited Review of operations 30 June 2026 3 REVIEW OF OPERATIONS Overview Brazilian Critical Minerals Limited (‘BCM’ or the ‘Company’) is a mineral exploration and development company, focused on the Ema Rare Earth Elements (‘REE’) Project (‘Ema’ or ‘the Project’) located in the Apuí region of Amazonas State, Brazil. The Project is situated within terrain that has developed extensive clay-rich horizons enriched in rare earth elements, including the high-value magnet rare earths neodymium (‘Nd’), praseodymium (‘Pr’), dysprosium (‘Dy’) and terbium (‘Tb’). Ema is one of the largest ionic adsorption clay (‘IAC’) rare earth deposits globally, and the only known in-situ recovery (‘ISR’) ready rare earth projects in the western world. FY2026 was a transformational year for the Company, marked by the delivery of the Bankable Feasibility Study (‘BFS’) for Ema, a 58% increase in the Indicated Mineral Resource, continued strong metallurgical and processing results, key permitting milestones with Brazil's National Mining Agency (Agência Nacional de Mineração, ‘ANM’), and the establishment of a new strategic partnership. The Company also progressed offtake discussions with multiple parties and secured further funding to support the Project's advancement toward a Final Investment Decision (‘FID’). Bankable Feasibility Study delivers exceptional economics In June 2026, the Company announced Ema’s BFS, and confirmed exceptional Project economics to deliver a long-life, economically resilient rare earth project, to advance BCM’s pathway toward development. Key BFS metrics1 : • Post tax NPV8: US$1.47B • Post-tax IRR: 105% • Capex (stage 1): US$74M • Payback period: 6-months • Operating costs: US$8.84/kg Total Rare Earth Oxide (‘TREO’) • Product: Premium Mixed Rare Earth Carbonate (‘MREC’) averaging ~52% TREO The BFS incorporates a two-stage development basis, targeting a life-of-mine (‘LOM’) average processing capacity of approximately 5,500tpa TREO1 over a 20-year mine life. The Project combines staged low development capital expenditure, low operating costs, simplified flow sheets and the production of a single saleable high-value MREC product to generate a post- tax NPV8 of US$1.47B1 (as outlined in Table 1). Table 1: Bankable Feasibility Study key outcomes1 Production Metrics Unit LOM High Case Life of Mine years 20 Average Annual TREO produced t 5,500 Average Annual MREO produced t 1,900 TREO (in final MREC) % 52% Base Case Price – NdPr US$/kg 108 High Case Price – NdPr US$/kg 130 NPV, returns and key metrics Unit Base Case High Case NPV8% (post-tax, ungeared) US$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 1 Refer to ASX Announcement dated 30 June 2026. Brazilian Critical Minerals Limited Review of operations 30 June 2026 4 A central driver of the Project's economics is its in-situ recovery (‘ISR’) mining method, which extracts rare earths directly from the clay host via injection and extraction holes rather than through conventional open-pit mining, crushing and physical ore processing. This substantially reduces the environmental footprint of the project, which eliminates the need for open pit mining and all associated infrastructure as well as a large portion of operational costs. This was the primary driver of the Stage 1 low capital expenditure. The Stage 1 pre-production capital expenditure2 of US$74M is inclusive of a US$19M CO2 capture and storage system covering Stage 1 and 2 production, and Year 1 wellfield development costs. The Stage 2 expansion capital2 of US$27M targeted in Year 2/3 would further increase capacity by 100%. The staged development approach was adopted specifically to reduce initial capital outlay and financing risk as well as allowing time to establish the initial Wellfield 1 leaching arrangements, allowing Stage 2's capacity doubling to be substantially funded from Stage 1 operating cash flow given the Project's short payback period, while preserving the option for further expansion beyond Stage 2 as the wellfield network is progressively developed across the Project area. Figure 1: Location of Process Plant and associated infrastructure during the first years of production2 . The anticipated leaching schedule outlined in Figure 1 assumes staggered development where a series of pods are leached sequentially and in parallel, with those pods closest to the processing plant being developed first. Stage 1 will be developed over the first 2 years followed by an expansion of 100% to Stage 2 targeting full capacity in year 4. Over the Project's 20-year life of mine, extraction of approximately 109,500 tonnes of TREO is anticipated, with an expected average processing capacity of ~5,500tpa TREO (~10,500tpa of shipped MREC) (refer Table 2 and Figure 2). The Project is designed to produce a single final MREC product of ~52% TREO2 , with grade varying across the different mineralisation pods. Table 2: BFS key physical outcomes2 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 2 Refer to ASX Announcement dated 30 June 2026. Brazilian Critical Minerals Limited Review of operations 30 June 2026 5 Figure 2: BFS Production profile over life of mine 20 years3 The BFS represents an advanced study, reflecting an expected accuracy range of approximately ±15%, subject to the assumptions, exclusions, and qualifications outlined in the study. The key financial inputs and outcomes3 are outlined in Table 3. Base case pricing was derived from independent commissioned analysis with a specific focus on Ema rare earth elements: NdPr, Dy and Tb; a High Case scenario (pricing escalated 20%) was also presented, yielding a post-tax NPV8 of US$1.86B and IRR of 124%. Table 3: Key financial inputs and outcomes3 Key financial outcomes Unit Base Case High Case Price inputs (LOM average) +20% R$: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 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. High Case: Weighted Average price based on 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. 3 Refer to ASX Announcement dated 30 June 2026. 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 Total MREC (t) Total TREO (t) Total MREO (t) Brazilian Critical Minerals Limited Review of operations 30 June 2026 6 Indicated Mineral Resource Estimate4 increased by 58% In April 2026, the Company updated the Ema Project Mineral Resource Estimate4 to 1.07 billion tonnes at 732ppm TREO, including a 58% increase in the Indicated Resource to 392Mt at 773ppm TREO (refer Table 4), up from 248Mt at 759ppm reported5 on 21 February 2025. The updated MRE was completed by GE21 Consultoria Mineral and incorporates assay results from the Company's recent extensional and infill drilling program across the Ema tenement package. This high-confidence resource expansion materially de-risks the pathway to development, while retaining significant exploration upside beyond the current resource boundary. The update confirms Ema as one of the largest ionic adsorption clay rare earth deposits globally and underpins the long life-of-mine profile adopted in the BFS. Table 4: Ema REE Project 2026 JORC 2012 Mineral Resource Estimate4 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: Totals may not balance due to rounding of figures. For footnotes, please refer to the Annual Mineral Resource Statement. A 101-hole drilling program was completed during the year (refer Figure 3) using hand-held augers, drilled to a maximum depth of 20m providing a low cost, rapid deployment drilling program, with sufficient access to Ema’s enriched zone. Figure 3: Location of 2026 MRE6 outline (Indicated + Inferred) with red dots representing drilling completed in 2025. Assay results confirmed thick, high-grade mineralised intercepts and a consistent pattern of increasing magnet rare earth (NdPr, Dy, Tb) grades toward the base of the weathered profile, ideal for in-situ leaching. Refer to Figure 4. Results included standout intercepts such as: o 10m @ 1,049ppm TREO (EMA-TR-492), ending in 2,999ppm TREO7 o 10m @ 1,048ppm TREO (EMA-TR-417), ending in 1,443ppm TREO8 o 6m @ 1,341ppm TREO (EMA-TR-430), ending in 1,299ppm TREO8 4 Refer to ASX Announcement dated 22 April 2026 and the Annual Mineral Resource Statement. 5 Refer to ASX Announcement dated 21 February 2025 and the Annual Mineral Resource Statement. 6 Refer to ASX Announcement dated 22 April 2026. 7 Refer to ASX Announcement dated 3 March 2026. 8 Refer to ASX Announcement dated 1 December 2025. Brazilian Critical Minerals Limited Review of operations 30 June 2026 7 Figure 4: Drill-hole profiles9 showing typical ionic REE enrichment zone with high NdPr grades close to the fresh rock interface. Metallurgical Test work and Process Development The Company advanced several parallel workstreams during the year validating the ISR processing route and product quality for Ema, progressing from laboratory-scale leach test work through to field-scale trials and sample MREC product, in collaboration with the Australian Nuclear Science and Technology Organisation (‘ANSTO’) and Rare Earth Technologies Inc. (‘RETi’) based in the United States. Magnesium Sulphate assay program10 : A magnesium sulphate soluble rare earth assay program was completed on samples from the 2025 extensional and infill drilling campaign, testing the proportion of rare earths readily exchangeable under the mild leaching conditions proposed for ISR. Across 56 holes and 262 samples, 58 intercepts within the mineralised horizon returned average recoveries of 48% TREO and 62% MREO10 , with the results closely matching the recovery assumptions adopted in the February 2025 Scoping Study. The soluble MREO:TREO ratio within the mineralised horizon averaged 39%10 , notably higher than the 25% MREO:TREO ratio reported in the April 2026 Mineral Resource Estimate, indicating the extractable rare earth basket is more magnet-rare-earth-rich than the bulk resource grade alone suggests. Results confirmed strong ionic rare earth enrichment concentrated in the lower saprolite horizon immediately above fresh bedrock — the key target zone for future wellfield development, as indicated in Figure 5 and 6. Figure 5: Drill hole map10 with the soluble gram x meter from the 2025 Infill holes, with cross section A-B. Drill hole results displayed are only those from within the Indicated and Inferred portions of the April 2026 MRE. 9 Refer to ASX Announcement dated 1 December 2025. 10 Refer to ASX Announcement dated 4 June 2026. Brazilian Critical Minerals Limited Review of operations 30 June 2026 8 Figure 6: Cross section11 A-B from EMA-TR-492 & EMA-TR-493 Field leaching trials: Magnesium sulphate successfully leached rare earth elements into solution via ionic exchange during in- situ recovery field trials at the Ema Project as shown in Figure 7. Two field locations were injected with MgSO4 to extract Rare Earth bearing solution from downslope monitoring wells closely simulating the layout and operational flow dynamics, to gather permeability and hydrological performance data critical to ISR system design, and collect enough pregnant liquor solution (‘PLS’) to produce a representative MREC sample. The results achieved are in line with laboratory scale tests (refer Table 5), with an initial lag phase of clay-rich horizon saturation with MgSO4, followed by REE mobilisation once Ph has transitioned to below 4, as shown in Figure 8. Figure 7: Precipitated solids directly in the field after in-situ leaching12 . Small amounts of reagent added to rare earth rich solution causing the rare earths and impurities to precipitate (cloudy material) in a beaker directly near extraction wells. 11 Refer to ASX Announcement dated 4 June 2026. 12 Refer to ASX Announcement dated 27 October 2025. Brazilian Critical Minerals Limited Review of operations 30 June 2026 9 Table 5: Data Comparison of Field Trial ISR vs ANSTO ISR Column Test TREO and MREO values13 Hole ID Day (from) Day (to) No. Days Avg MREO (ppm) Avg TREO (ppm) MREO:TREO % H1-F9 9 27 19 552 1,356 41% including 12 20 10 929 2,281 41% H1-F8 11 35 25 114 293 37% including 18 24 7 262 657 39% H1-F7 12 34 23 280 672 41% including 16 25 10 408 959 42% H1-F6 35 47 13 669 1,538 43% including 37 47 11 737 1,639 43% ANSTO 6 13 7 855 2,382 36% The field pilot trial PLS solution and the ANSTO column ISR PLS achieved similar leaching profiles and sustained TREO and MREO grades, reinforcing the Company’s confidence in the Ema project. Figure 8: Pregnant liquor solution grades extracted from monitoring hole H1-F9 located in the optimal path of solution flow from the field trial. MREO grades average 40% of the TREO values13 ANSTO Representative MREC sample14 : ANSTO test work on pregnant liquor solution recovered from on-site field trials produced a high-grade mixed rare earth carbonate (refer Figure 9), subsequently refined to a product grading 52.5% TREO. The MREC also contains exceptionally high levels of magnet oxides at 41.5% - among the highest magnet rare earth oxide products reported globally for this deposit type, with impurity levels (iron, aluminum, calcium, magnesium, uranium and thorium) reduced to trace levels14 . 13 Refer to ASX Announcement dated 18 August 2025. 14 Refer to ASX Announcement dated 17 December 2025. 10 14 10 23 36 9 13 9 146 113 295 482 917 1428 1216 1225 1017 987 1088 640 234 86 185 65 178 107 83 24 17 58 28 35 30 57 87 27 38 28 357 279 725 1100 2285 3510 2989 2996 2515 2437 2667 1584 581 220 459 166 438 261 195 59 46 142 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 GRADE (ppm) Days TREO & MREO from hole H1-F9 MREO (ppm) TREO (ppm) Brazilian Critical Minerals Limited Review of operations 30 June 2026 10 Figure 9: ANSTO produced MREC product containing on average approximately 52% by volume TREO15 . Oxide samples ready for shipment to potential offtake partners. All representative MREC samples produced during the year was distributed to potential offtake partners in the United States, Europe and Asia for evaluation. Restoration Water Washing Trials16 : Following the magnesium sulphate field leaching trials, post-leach water washing and restoration trials confirmed that clay chemistry can be successfully returned to pre-leach baseline conditions, with pH, aluminium, iron and magnesium levels returning to natural background concentrations and greater than 90% recovery of magnesium ions for lixiviant recycling, supporting both the environmental case for ISR and an expected reduction in reagent operating costs. Taken together, the Company considers these results to represent a consistent and technically mature validation pathway for Ema, from the laboratory-scale soluble assay work through to high-purity sample product output, underpinning the metallurgical assumptions adopted in the BFS. Downstream Separation PLS upgrade17 : Post field trial Test work conducted with RETi using its proprietary cerium-depletion and high-performance liquid chromatography (‘HPLC’) technology achieved a 200x increase in rare earth concentration (from 930ppm to 186,000ppm, or 18.6% TREO-Ce) with 100% recovery and no loss of rare earth elements, and separated individual high-purity rare earth oxides (minimum 99.9% purity) in a 24-minute cycle time. This technology has the potential to eliminate multiple stages of the conventional process plant, including solvent extraction circuits, offering material capital and operating cost savings if incorporated into the Project's flowsheet. 15 Refer to ASX Announcement dated 17 December 2025. 16 Refer to ASX Announcement dated 20 October 2025. 17 Refer to ASX Announcement dated 12 January 2026. Brazilian Critical Minerals Limited Review of operations 30 June 2026 11 Permitting and Regulatory Engagement The Company continued to progress a two-fold permitting strategy with the ANM, covering both trial mining licences (Guias de Utilização) and the pathway to full-scale mining operating licences, while engaging in parallel with Amazonas State's environmental authority (‘IPAAM’) and the federal land settlement agency (‘INCRA’). A trial mining licence allows projects to be fast tracked into production whilst collating information to make a full mining licence application, and is valid for recurring three-year increments. The first step in a full-scale mining licence application requires a Plano de Aproveitamento Economico (‘PAE’), which incorporates a detailed mine plan and results from the Bankable Feasibility Study, to be submitted to the ANM. During FY2026, the Company progressed the regulatory pathway and achieved the following milestones18 : • Final Exploration Reports approved: In June 2026, exploration reports for the Ema Project tenements were approved — representing the first formal step in converting the Company's exploration tenements into trial mining licences. • Trial mining licence applications: Two trial mining licence applications were submitted to a dedicated ANM task force, with subsequent on-site field validation visit by ANM personnel in December 2025. • IPAAM approval: Assessment of the Project's Environmental Impact Study continued through IPAAM, with the required INCRA consent progressing. INCRA requires landowners across the Ema tenements to hold definitive titles, and to effectively consent to activities on their land. Two of the five seven landowners hold titles, with the remaining progressing their land registration with the assistance and support from BCM. • The Company continued to build strong municipal, state and federal relationships throughout the year, including engagement at the Apuí agricultural show and meetings between senior BCM representatives and government officials. Strategic Partnerships In April 2026, the Company entered into a collaboration agreement19 with Southern Alliance Mining (‘SAM’), which owns 40% of MCRE Resources Sdn Bhd, an operator of one of the world's largest ISR rare earth operations at the Gerik mine in Malaysia. The agreement provides a framework for the parties to jointly assess technical, commercial and operational opportunities, unlock synergies, and evaluate potential development pathways and distribution of rare earth production from the respective projects. During the year, the Company continued discussions with potential global offtake partners with Mixed Rare Earth Carbonate products from BCM’s Ema Project shared for specific testing. These discussions remain ongoing. Funding The Company remained well funded throughout FY2026 to advance operations with multiple equity raises, and option conversions, further supported by the Company’s convertible note agreement. The following equity raises were successfully completed: • $2,019,403 raised (before costs) on 12 August 2025, with the completion of Tranche 2 of the June 2025 share placement20 and the following were issued: o 252,425,353 fully paid ordinary shares20 at $0.008 per share. o 166,666,660 free attaching options21 (exercisable at $0.011 each on or before 12 August 2027). o 15,000,000 fully paid shares22 were also issued to lead managers on 23 October 2025. • $50,000 raised (before costs) on 28 August 2025, and the following were issued: o 2,173,913 fully paid ordinary shares23 at $0.023 per share. 18 Refer to ASX Announcement dated 30 June 2026. 19 Refer to ASX Announcement dated 20 April 2026. 20 Refer to ASX Announcement dated 5 June 2025. 21 Refer to ASX Announcement dated 12 August 2025. 22 Refer to ASX Announcement dated 23 October 2025. 23 Refer to ASX Announcement dated 28 August 2025. Brazilian Critical Minerals Limited Review of operations 30 June 2026 12 • $6,000,000 raised (before costs) on 9 October 2025, via a placement to professional and institutional investors, and the following were issued: o 200,000,000 fully paid ordinary shares24 at $0.03 per share. o 50,000,000 options25 (exercisable at $0.04 each on or before 1 October 2028) were issued to lead managers. During the year ended 30 June 2026, 53,674,998 options were exercised at $0.011 per option, converting into an equal number of ordinary shares and generating cash proceeds of $590,425. Under the Company’s convertible note agreement with Drake Private Investments LLC (‘Drake’), the following financing activities occurred: • On 28 August 2025, the Company converted $867,000 of outstanding debt and capitalised interest to ordinary shares, with the issue of 120,416,667 ordinary shares26 to Drake following receipt of their conversion notice. • On 18 December 2025, the Company received an additional $300,000 loan from Drake, with a maturity of 15 December 2026. Research and Development In May 2026, the Company received both an Advance Finding and an Overseas Finding from the Australian Government's Department of Industry, Science and Resources (‘DISR’) under the Australian R&D Tax Incentive program27 . The Advance Finding provides multi-year pre-approval of the eligibility of the Company's registered core and supporting R&D activities for Ema, providing certainty over the Company's ability to claim the tax offset in respect of this expenditure across the approved period. The Overseas Finding separately confirms that specified R&D activities conducted outside Australia — namely certain ISR, metallurgical and hydrogeological test work that must be performed in Brazil due to the location-specific nature of the Ema deposit — are also eligible activities, notwithstanding that they are not conducted within Australia. Together, these findings materially reduce the regulatory and compliance risk associated with the Company's R&D expenditure, and support the Company's ability to fund and progress the Ema Project's ongoing technical program. Legal Proceedings As announced to the market on 25 November 2025, the Company is subject to an ongoing legal dispute28 with Drake in relation to the Company’s convertible loan agreement dated 16 December 2019. Drake alleges breaches by the Company concerning the loan conversion made under the agreement. Drake’s claim seeks, amongst other things, the issue of options, and reimbursement of legal costs. The Company disputes the allegations and intends to defend the proceedings. Further detail regarding this matter is set out in the Contingent Liabilities note to the financial statements. 24 Refer to ASX Announcement dated 9 October 2025. 25 Refer to ASX Announcement dated 16 October 2025. 26 Refer to ASX Announcement dated 28 August 2025. 27 Refer to ASX Announcement dated 4 May 2026. 28 Refer to ASX Announcement dated 25 November 2025. Brazilian Critical Minerals Limited Review of operations 30 June 2026 13 Sustainability The adoption of responsible environmental, social, and corporate governance practices is integral to all aspects of BCM's operational activities and underpins the Company's future as a successful rare earth development company. BCM's Ema Project resource contains critical minerals that are vital to the delivery of global decarbonisation and clean energy goals. Rare earth elements, particularly the magnet rare earths neodymium-praseodymium (‘NdPr’), dysprosium and terbium, are essential components of the permanent magnets used in electric vehicle motors and wind turbine generators, underpinning the global transition away from fossil fuel-based transport and power generation. These metals are also critical to a wide range of advanced technologies, including robotics, consumer electronics, defence systems and precision industrial equipment. The use of rare earths in global decarbonisation and electrification technologies is a material opportunity for BCM. The Company, which has been present in the Apui town for 12 years, continued to build relationships with local landholders, communities as well as municipal, state and federal stakeholders during the year, including engagement at the annual Apuí agricultural show, participation in a joint IPAAM/INCRA land title registration campaign benefiting the Company's landholder agreement process, as well as multiple meetings between senior Company representatives and the government officials. The Company recognises that securing land access on acceptable terms and maintaining the trust of local communities and government stakeholders is fundamental to the Project's development pathway. More broadly, the Company considers Ema's development to be strategically aligned with global efforts to diversify rare earth supply chains beyond a small number of existing sources. Backed by the Project's scale, low capital intensity and ongoing government engagement in Brazil, BCM believes Ema is well positioned to become a reliable, and more importantly sustainable future supplier of rare earths outside China. Brazilian Critical Minerals Limited Review of operations 30 June 2026 14 Annual Mineral Resources Statement Annual Review The Company conducted a review of its mineral resources and ore reserves at 30 June 2026 in accordance with Listing Rule 5.21.5. Ema Project Ema Rare Earth Project is located in the Apuí region of Amazonas State, Brazil. The Project is situated within terrain that has developed extensive clay-rich horizons enriched in rare earth elements, including the high-value magnet rare earths neodymium, praseodymium, dysprosium and terbium. Ema is one of the largest ionic adsorption clay rare earth deposits globally. Resources Table 6 contains the updated Mineral Resource Estimate (MRE) of 1.07 billion tonnes at 732ppm TREO29 . The updated MRE incorporates assay results from the Company's recent extensional and infill drilling program across the Ema tenement package. Table 6: Ema Project JORC 2012 Mineral Resource Estimate29 JORC Category Tonnes Mt TREO ppm NdPr Ppm DyTb ppm MREO ppm MREO:TREO % Indicated 392 773 184 17 200 25 Inferred 681 712 168 15 184 25 Total 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. Cut-off grade 500ppm TREO 5. Totals may not balance due to rounding of figures Review of Material Changes The total changes to the Mineral Resource Estimate from February 2025 are summarised in table 7. The previous MRE for Ema compliant to JORC 2012 reporting guidelines was reported on 21 February 2025. Table 7: Ema REE Project Global Mineral Resource Estimate29,30 Resource JORC Category Tonnes Mt TREO ppm NdPr ppm DyTb ppm MREO ppm MREO:TREO % April 202629 Indicated 392 773 184 17 200 25 April 202629 Inferred 681 712 168 15 184 25 April 202629 Total 1,071 732 174 16 190 25 Feb 202530 Indicated 248 759 176 16 192 25 Feb 202530 Inferred 695 701 165 16 181 26 Feb 202530 Total 943 716 168 16 184 26 Ch