Announcement PDF Ema Scoping Study 26 February 2025 In-situ recovery Rare Earths Ultra Low Capex Ultra Low Opex Production Disclaimer This presentation has been prepared by Brazilan Critical Minerals limited (company). This important notice and disclaimer applies to this presentation and any information provided in relation to or in connection with the information contained in it. This presentation contains information in summary form. Some of the information is based on publicly available sources, has not been independently verified or may not be complete. It should be read in conjunction with the Company’s other continuous and periodic disclosure announcements lodged with Australian Securities Exchange, which are available at www.asx.com.au. This presentation contains forward-looking statements which involve a number of risks and uncertainties. These statements reflect current expectations, intentions or strategies regarding the future and assumptions based on currently available information. Should one or more of the risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary from the expectations, intentions and strategies described in this presentation. No representation or warranty is made as to the accuracy, completeness, reliability, fairness, or correctness of the information contained in this presentation. To the maximum extent permitted by law, no person, including the company and their related bodies corporate, officers, employees, and representatives (including agents and advisors), accept any liability or responsibility for loss arising from the use of such information. This presentation is not a bidder’s statement, prospectus or a product disclosure statement under the Corporations Act 2001 (Cth) or offering document under any other law. It has not been lodged with the Australian Securities and Investments Commission. This presentation is for information purposes only and is not financial product or investment advice or intended to be used as a basis for making an investment decision. It has been prepared without taking into account the investment objectives, financial circumstances, taxation position or particular needs of investors. This presentation does not constitute an offer to issue or sell, or to arrange to sell, securities or other financial products. In particular, this presentation and the information contained in it does not constitute a solicitation, offer or invitation to buy, subscribe for or sell any security in the United States or to or for the account or benefit of any U.S. Person (as defined in Regulation S under the U.S. Securities Act of 1933, as amended (the US Securities Act)). The securities referred to in this presentation as being offered or sold have not been, and will not be, registered under the US Securities Act. Securities may not be offered or sold in the United States unless they have been registered under the US Securities Act or an exemption from registration is available. The release, publication or distribution of this presentation in jurisdictions outside Australia may be restricted by law. Any failure to comply with such restrictions may constitute a violation of applicable securities laws. Competent person statement The information in this announcement that relates to the Ema Mineral Resource is based on and fairly represents information compiled by Mr. Antonio de Castro (acts as BCM´s Senior Consulting Geologist through the consultancy firm, ADC Geologia Ltda) and Mr. Leonardo Rocha (associate of GE21 Consultoria Mineral Ltda). Mr. de Castro is a member of the Australasian Institute of Mining and Metallurgy, and Mr. Rocha is a member of Australasian Institute of Geoscientists. Both have sufficient experience of relevance to the styles of mineralisation and types of deposits under consideration, and to activities undertaken to qualify as Competent Persons as defined in the 2012 Edition of the Joint Ore Reserve Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr. de Castro is the Competent Person for the geological and mineralization model database (including all drilling information). Mr. Rocha is the Competent Person for the construction of the 3D geology/mineralisation model plus the mineral resource estimation. Mr Leonardo Rocha undertook a site visit to the Ema Project between July 11 and 15, 2024. Mr de Castro has planned, managed and/or conducted work programmes for the Ema/Ema East Project, including drilling. He has visited the site on numerous occasions. Mr. de Castro and Mr. Rocha consent to the inclusion in this report of the matters on their information in the form and context in which they appear. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements and, in the case of Mineral Resources, that all material assumptions and technical parameters underpinning the estimates in the original release continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the relevant original market announcements. Refer to the attached Appendices for further information on the Mineral Resource Estimate and metal equivalents. “Ema Rare Earth Project Scoping Study”, dated 26 February 2025. All material assumptions underpinning the production targets and forecast financial information derived from the production targets in the previous announcement continue to apply and have not materially changed and are considered preliminary in nature. Exploration results and mineral resources The information in this Presentation that relates to Exploration Results and Mineral Resources is based upon and fairly represents information previously released to the ASX on 22 May 2023, 6 June 2023, 17 July 2023, 31 July 2023, 13 September 2023, 3 October 2023, 19 October 2023, 7 December 2023, 29 January 2024, 6 February 2024, 22 February 2024, 13 March 2024, 3 April 2024, 22 April 2024, 3 May 2024, 20 May 2024, 8 July 2024, 2 August 2024, 6 August 2024, 19 August 2024, 8 October, 11 November, 19 November, 14 January, 21 January, 17 February and 21 February. This presentation has been approved for release by the Board of Directors. Brazilian REE Landscape EMA Rare Earths Apuí Rare Earths $11M Brazilian Rare Earths Serra Verde $512M EMA Rare Earths Project 30 km south from Apuí Colossus Project $27M Caldera Project $154M In-situ recovery mining The most cost effective, environmentally friendly method of mining RIGHT RIGHT RIGHT Geology Style of Mineralisation Hydrogeology Weathering less than 20m deep Ore grades directly above bedrock Permeable orebody Non-fractured bedrock RIGHT Chemistry RIGHT Reagents RIGHT High recoveries and Ionic leaching MgS04 Non-aggressive fluids ESG compliant MREC with 98% purity Product In-situ recovery is a well understood rare earth mining method Significant contributor to current world production output NO Land Clearing NO Noisy Dusty Tuck Haulage NO Open Pit Mining NO Large Processing Facility NO Dirty Mining Equipment NO Need for Reclamation Argus Media 2025 – Global Rare Earths market outlook February 2025 4-step flow sheet enables very low Capex – US$55M 1 2 3 4 Top Soil Impurity Removal Precipitation MREC Processing Plant Steps 2 – 3 -4 Saprolite Saprock (orezone) recycled reagents Basement Rock Insitu leach - low CAPEX - low OPEX Multiples lower Capex vs all other REE projects https://mcreresources.com/ Highly Profitable at US$60/kg NdPr (Spot Price) Annual Production Cash Costs NPV8 (post-tax LOM) (LOM avg) US$6.15/kg TREO US$498M 8,700t MREC US$16.95/kg NdPr 4,800t TREO NPV8 (post-tax Spot) 1,800t MREO Free Cash Flow (post-tax LOM) Pre-production Capital US$67Mpa IRR (LOM) US$55M Free Cash Flow (post-tax Spot) IRR (Spot) includes 35% contingency US$355M 55% Mine Life US$48Mpa 52% 20 years – starter area Total free Cash (post-tax LOM) Payback Period only US$1.3B ~2.4 years Brazilian Critical Minerals (ASX:BCM) : Ema Scoping Study: Ultra Low Capex & Opex 26th February 2025 Capex and Operating Costs Capex Unit Spot LOM Pre-production capital expenditure US$M 55 55 LOM sustaining capital expenditure US$ / year 1.59 1.59 Unit cash operating costs Unit Spot LOM 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 Argus Media 2025 – Global Rare Earths market outlook February 2025 Capex of US$55M includes 35% contingency Lowest published Capex to produce high value mixed rare earth carbonate (MREC) In-situ recovery capable of producing REO at world’s lowest possible cost structure and highest margins Brazilian Critical Minerals (ASX:BCM) : Ema Scoping Study: Ultra Low Capex & Opex 26th February 2025 Capex Cost US$M % of total Equipment 6.01 11.8% Materials 1.50 2.9% Plant Construction 17.11 33.5% Wellfield Installation 4.62 9.1% EPCM 5.27 10.3% Owner's Cost 1.46 2.9% Other 1.83 3.6% Contingency (35%) 13.23 25.9% Sub-Total 51.03 100% Pre-production drilling 4.10 Total 55.23 CAPEX Direct Costs Indirect Costs • Project is simple, low-risk and quick to establish • Pre-production Capex Ultra low • Largest cost centres are well field setup and plant earthworks • Ideal geology and topography alIow for ISR to develop Lowest Opex and Capex of any rare earth project in development producing an MREC US$55M Capex – 2.4 year Payback Cumulative Net Cash Position US$M 1400 1200 1000 Expansion capital (US$22M) from cash flow 800 600 400 ~2.4 years payback 200 0 -1 1 2 3 4 5 6 7 8 -200 10 11 12 13 14 15 16 17 18 19 20 Years LOM @ US$74/kg NdPr LOM NPV – US$498M (post-tax) Spot NPV – US$355M (post-tax) REE Prices www.giti.sg/markets 9 Spot Price @ US$60/kg NdPr LOM Pricing - US$74*/kg NdPr avg Spot Pricing – US$60*/kg NdPr avg *LOM – US$60/kg NdPr first 4 years *Spot - US$60*/kg NdPr flat Operating Costs Annual Operating Cost by Category Product transport Operating Costs (Real LOM) Average Total Cost Cost Annual LOM (US$M) (US$M) 5% Wellfield Drilling 1% Wellfield Power 2% G&A 7% Fixed 26% Well Field Drilling 0.34 7.1 Well Field Pumping 0.67 13.6 Fixed – Average LOM 7.62 155 Variable – Average LOM 17.36 347 G & A – Average LOM 2.00 41 1.44 29 29.43 593 Unit US$/kg • Owner operator power generation Operating Cost (LOM) US$/kg TREO 6.15 • Access to local processing water Operating Cost (LOM) - AISC US$/kg TREO 6.69 Operating Cost (LOM) US$/kg NdPr 16.95 Process Plant Product transport – Average LOM Total Variable 59% • ISR Recovery Mining – common in REE ionic clay extraction • Simple process flowsheet, 4 steps to final product • High metallurgical recoveries of key REE elements • Green, ESG complaint, magnesium sulfate reagent usage • Access to local transport infrastructure • All transport costs are CIF Asia • Accommodation facilities in nearby towns Long Life - Ultra Low Opex 2024 REO Cash Cost Curve Annual Production Profile 12,000 40 TREO tpa MREO tpa Cost of production US$/kg TREO MREC tpa Product Sales (t) 10,000 8,000 6,000 4,000 2,000 30 Ultra low All-in-Sustaining Cost 20 10 0 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Years Opex (US$6.69/kg) 92,750 165,500 248,250 REO (t) MREC ~ 8,700tpa, inclusive of ~ 4,800tpa TREO, containing ~ 1,800tpa MREO LOM (AISC) US$6.69/kg TREO Brazilian Critical Minerals (ASX:BCM) : Ema Scoping Study: Ultra Low Capex & Opex 26th February 2025 331,000 Key Financial Measures Cashflow & Earnings Unit Spot LOM NPV, returns and key metrics Unit Spot LOM Annual Revenue US$M 143 182 NPV8% (post-tax, ungeared) US$M 355 498 Revenue (gross) US$M 2,869 3,634 IRR (post-tax, nominal basis) % 52 55 Project net cashflow (post-tax) US$M 911 1,279 Payback period (post-tax, from first production) Years 2.4 2.4 Capital efficiency (post-tax NPV / capex) % 449 601 Rare Earth Pricing Unit Spot LOM R$/US$ (long term forecast) USr 0.174 0.174 TREO price forecast US$/kg 30 37 NdPr price forecast US$/kg 60 74 Metrics Ema able to generate exceptional returns post-tax at current spot prices Gross and Average Revenue: no payabilities applied Price Forecast: BCM Internal assessment Passes the Stress Test Post-tax (LOM) US$ • US$66/kg NdPr – 13% lower than LOM Base Case (NPV US$498M, IRR 55%) (US$M) $66/kg NdPr $60/kg NdPr $53/kg NdPr flat flat NPV 394 355 Discount Rate 8% IRR CE (NPV/Capex) avg price (US$74/kg), escalated in year 5 Opex 50% higher Plant Capex 50% higher 265 398 461 8% 8% 8% 8% 47% 52% 40% 45% 41% 476% 428% 321% 481% 376% • US$60/kg NdPr – 24% lower than LOM avg price (US$74/kg) maintained flat • US$53/kg NdPr – 40% lower than LOM avg price (US$74/kg) maintained flat • Project not sensitive to Capex and Opex cost fluctuations Under every stressed scenario the project is extremly cash flow positive Brazilian Ionic Clay projects Unit BCM MEI Aclara VMM Scoping Scoping PEA Scoping Date Feb 2025 Oct 2024 Sep 2024 Feb 2025 Project Ema Caldeira Carina Colossus years 20 20 22 20 US$/kg (NdPr) 74 111 197 90 NPV (pre-tax) US$M 668 1,403 2,337 1,433 IRR (pre-tax) % 63 40 32 43 US$/kg (NdPr) 60 60 n/a 60 NPV (post-tax) US$M 355 174 n/a 388 IRR (post-tax) % 52 15 n/a 20 US$M 55 403 593 373 % 35 35 30 30 Operating Cost (LOM) US$/kg TREO 6.15 6.74 27.60 6.00 Operating Cost (LOM) US$/kg NdPr 16.95 20.41 96.69 16.86 % 70 70 87 70 Mine Life Price Forecast - LOM Price Forecast - Spot Capex Inclusive Capex Contingency Payability Capex - US$55M • 7 x smaller than MEI • 7 x smaller then VMM • 11 x smaller than Aclara Industry low Opex and Capex Industry high NPV and IRR Brazilian Critical Minerals (ASX:BCM) : Ema Scoping Study – Outstanding Financial Metrics 25th February 2025 Viridis Mining & Metals (ASX:VMM) Scoping Study Confirms Colossus as Premier Rare Project Globally 25 th February 2025 Meteoric Resources NL (ASX:MEI) : High-Grade Figueira Resource Improves Scoping Study Metrics 22nd October 2024 Aclara Resources Inc (TSE: ARA) : Aclara announces updated PEA for its flagship Carina Module 5th September 2024 Brazilian Ionic Clay projects ISR: Simple extraction & flow sheet drives ultra-low capex and opex Operating Cost US$/kg TREO 30 10 All-in-Sustaining-Costs US$/kg TREO 700 9 600 8 15 27.6 10 Industry lowest 7 Best in Class 500 6 5 8.87 4 3 8.80 6.69 6.15 6.74 6.00 Meteoric VMM 300 100 1 0 BCM 400 Aclara 0 0 BCM $593 $403 200 2 5 Capital Cost US$M 20 Operating Cost US$/kg TREO Operating Cost US$/kg TREO 25 Capex (inclusive of contingency) Meteoric VMM $373 Best in Class $55 BCM Meteoric VMM Industry leading Capex and Opex of any rare earth project Brazilian Critical Minerals (ASX:BCM) : Ema Scoping Study – Outstanding Financial Metrics 25th February 2025 Viridis Mining & Metals (ASX:VMM) Scoping Study Confirms Colossus as Premier Rare Project Globally 25 th February 2025 Meteoric Resources NL (ASX:MEI) : High-Grade Figueira Resource Improves Scoping Study Metrics 22nd October 2024 Aclara Resources Inc (TSE: ARA) : Aclara announces updated PEA for its flagship Carina Module 5th September 2024 Aclara Brazilian Ionic Clay - AISC All - in - Sustaining - Cost vs LOM Price 90 AISC - US$/kg 100 90 80 80 70 70 60 60 50 50 40 40 30 30 20 20 10 10 0 0 1 2 3 4 5 AISC - US$/kg NdPr 6 7 8 9 10 11 AISC - US$/kg TREO 12 13 14 15 16 17 18 19 LOM - forecast price 100 20 Price Forecast US$/kg NdPr - LOM Lowest LOM Price – US$74/kg Low All in Sustaining Cost – US$6.69/kg TREO (Lowest for any REE project generating an MREC) High Margins and Profitability High NPV post tax 15% corporate tax rate used for first 10 years Brazilian Critical Minerals (ASX:BCM) : Ema Scoping Study: Ultra Low Capex & Opex 26th February 2025 Brazilian Ionic Clay – REE Prices C1 Costs vs Spot Price vs LOM price 140 LOM Price US$74/kg – NPV US$498M Lowest avg price used for any REE project 120 100 US$ / kg (NdPr) LOM Price 80 60 40 Spot Price NPV: US$355M Post Tax NPV @ US$60/kg NdPr 3 11 Spot Price US$60/kg – NPV US$355M 20 0 1 2 4 5 6 7 C1 Costs US$/kg NdPr 8 9 10 12 13 NdPr Spot Price 14 15 16 17 18 NdPr LOM Price 19 20 Superior returns at different price points Project does not require elevated REE prices to generate strong returns Brazilian Critical Minerals (ASX:BCM) : Ema Scoping Study: Ultra Low Capex & Opex 26th February 2025 Large Resource Base Central Starter Area Mineral Resource Estimate – February 2025 73% of Central Starter Area classified as Indicated Resource 746 341M TREO ppm Tonnes Mt 25% 190 MREO:TREO NdPr + DyTb ppm Ema REE Project 2025 Mineral Resource Estimate – Central Starter Zone JORC Category cut-off ppm TREO Tonnes Mt TREO ppm NdPr ppm DyTb ppm MREO ppm MREO:TREO % Indicated 500 248 759 176 16 192 25 Inferred 500 93 712 168 16 185 26 *Total 500 341 746 174 16 190 25 Ema REE Project 2025 Mineral Resource Estimate – Global MRE Ind + Inf 500 943 716 168 16 184 26 Global MRE 943Mt is inclusive of Central Starter Zone total of 341Mt Brazilian Critical Minerals (ASX:BCM) : Ema MRE Delivers Significant Increase in Indicated Resource 21st February 2025 In-Situ REE Mining “highest margin REE operations World wide” • Readily leachable clays laden with rare earths • Suitable topography • Impermeable bedrock • High proportion of silica ~50% in clay allows solution flow • Lower proportion of clay materials prevents solution blocking • Volumes of pores (air spaces) in the clay allows solution flow • Proven decades old technology Rare Earths • Only green reagents utilised • Using gravity as our natural pumping system Argus Media 2025 – Global Rare Earths market outlook February 2025 • ISR accelerates natural processes in the ground Superior Basket Price SPOT MREC BASKET Head Grade (ppm) Reagent Time pH Product VMM MEI 965 Magnesium Sulfate 30 Minutes 4.5 MREC 4,472 Ammonium Sulfate 30 Minutes 4.5 MREC 4,439 Ammonium Sulfate 30 Minutes 4.5 MREC 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 Oxide La2O3 CeO2 Pr6O11 Nd2O3 Sm2O3 Eu2O3 Gd2O3 Tb4O7 Dy2O3 Ho2O3 Er2O3 Tm2O3 Yb2O3 Lu2O3 Y2O3 BCM $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ % Basket $ % 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 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 44.5 2.4 8.3 29.2 3.2 0.8 2.1 0.3 1.2 0.2 0.5 0.1 0.3 0.0 6.9 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 57.6 1.4 8.6 22.0 2.4 0.6 1.5 0.2 0.8 0.1 0.3 0.0 0.1 0.0 4.5 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 0.24 0.03 5.20 17.89 0.07 0.23 0.49 2.23 2.86 0.14 0.19 0.06 0.04 0.29 0.40 Basket $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 0.30 0.02 5.34 13.50 0.05 0.16 0.35 1.72 1.94 0.07 0.12 0.01 0.01 0.07 0.26 Basket Price US$/kg (TREO) $ 30.93 $ 30.34 $ 23.92 Basket Price US$/kg (NdPrDyTb) $ 27.99 $ 28.19 $ 22.50 MREO % TREO % 37.9 38.9 31.6 100.0 100.0 100.0 1 Viridis Mining and Minerals (ASX:VMM) ASX Announcement “Colossus Maiden Mixed Rare Earth Carbonate (MREC) Product 24.09.24 Prices www.giti.sg/markets 90% Highly comparable Magnet value in Basket 38% Highly comparable MREO:TREO – leading composition for Ionic Clay $30.93 Best in Class Value of Basket – highest for Ionic clay Ema – delivering exceptional results Resource Large Mineral Resource 943Mt Starter Area 20 year mine life 38% MREO inside TREO Geology Supply Capex & Opex Investment Ultra Low Capex US$55M Unique attributes similar to Chinese projects allow low-cost ISR mining Ultra Low-cost NdPr production Highly Profitable at current spot price Factor of 5-30 times lower Capex than other REE projects Opex US$6.15/kg TREO • NPV US$498M • IRR 55% • 2.4 year payback Scoping Study – Key Contributors Responsibility Environmental Baseline Studies Mineral Resource Estimation, pit shell optimisation and drilling field supervision Geochemical Assay Metallurgical testwork Hydrology and Well Field Design Process design, concept plant layout and project cost estimate development Company Enquiries For more information please contact: Andrew Reid Managing Director Brazilian Critical Minerals Limited Andrew.reid@braziliancriticalminerals.com QUESTIONS