Name of the Project
Ema rare-earths project.

Location
Apuí region, south-eastern Amazonas state, northern Brazil. The Ema and Ema East tenements cover about 189 km².

Project Owner/s
ASX-listed Brazilian Critical Minerals (100%). The project is held by Mineração BBX do Brasil Ltda.

Project Description
The Ema project is a greenfield ionic clay-hosted rare earths development. Its mineral resource, effective March 10, 2026, comprises 1.071-billion tonnes grading 732 parts per million (ppm) total rare-earth oxides (TREO) at a 500 ppm TREO cut-off. 

Brazilian Critical Minerals completed the BFS on June 30, 2026. The study incorporates the upgraded April 2026 mineral resource and the results of a completed three-month in situ recovery (ISR) field-trial programme. The BFS envisages ISR using magnesium sulphate solution injected into permeable saprolite to release the rare earths. Pregnant leach solution will be recovered through subhorizontal holes and treated in a simplified hydrometallurgical circuit comprising impurity removal and mixed rare-earth carbonate (MREC) precipitation. Barren liquor will be reconditioned and recycled to the wellfield. 

The two-stage development comprises an initial plant designed to produce 2 960 t/y of TREO, followed by an equivalent expansion. Average life-of-mine production is estimated at 5 500 t/y of TREO and 1 900 t/y MREC. 

Over the 20-year mine life, the operation is forecast to produce 210 500 t of MREC containing 109 500 t of TREO and 38 020 t of magnet rare-earth oxides. Infrastructure will include the wellfields, process plants and ponds, water-management facilities, on-site power generation, a carbon capture and storage unit, roads, workshops and supporting site services.

Potential Job Creation
The operating workforce is estimated at 380 employees comprising 289 employees in ISR wellfield operations and 91 employees across management, production, processing and technical services, maintenance, stores and supply chain, and general services.

Net Present Value/Internal Rate of Return
At the base-case life-of-mine neodymium-praseodymium price of $108/kg, the project has an after-tax net present value (NPV), at an 8% discount rate, of $1.465-billion and an internal rate of return (IRR) of 105%, with a six-month payback period. The base-case pretax NPV is estimated at $1.785-billion and the IRR at 120%.

Capital Expenditure
Stage 1 capital expenditure is estimated at $73.71-million. Stage 2 is estimated at $27-million.

Planned Start/End Date
The bankable feasibility study (BFS) assumes a construction and commissioning period of about 10 to 12 months. Stage 1 is planned to be developed during the first two operating years, with Stage 2 construction starting in Year 2 and commissioning and ramp-up occurring in years 3 and 4.

Latest Developments
Brazilian Critical Minerals plans to progress detailed engineering, the detailed mine plan required for a full mining licence application, permitting, project financing and offtake negotiations.

Key Contracts, Suppliers and Consultants
GE21 Consultoria Mineral (updated mineral resource estimate); ANSTO (ISR column-leach testwork); CERN (environmental studies and environmental control plan); Benchmark Mineral Intelligence (independent rare-earth price forecasts); and SGS Vespasiano (sample-preparation and analytical laboratory services).

Contact Details for Project Information
Brazilian Critical Minerals, tel +61 8 6383 7820 or email Andrew.reid@braziliancriticalminerals.com.