Name of the Project
Tiros rare earths and titanium project.

Location
Northern Minas Gerais, Brazil.

Project Owner/s
Resouro Strategic Metals (90%) and RBM Consultoria Mineral EIRELI (10%), through Tiros Minerais Estratégicos Mineração Ltda.

Project Description
Tiros is a large, near-surface rare earths and titanium project hosted in the Capacete Formation. The June 2026 preliminary economic assessment (PEA) evaluates a staged starter operation processing 500 000 t/y over an initial 20-year mine life.

The starter operation targets 9.5-million tonnes of high-grade material averaging about 26.3% titanium dioxide and 10 852 (ppm) per million total rare-earth oxides (TREOs), with a strip ratio of 2.7:1, representing less than 1% of the project's measured and indicated resources. The wider project has measured and indicated resources of 1.4-billion tonnes grading 12% titanium dioxide, 4 000 ppm 

TREOs and 1 100 ppm magnetic rare-earth oxides. Inferred resources total 500-million tonnes grading 12% titanium dioxide, 3 700 ppm TREOs and 1 000 ppm magnetic rare-earth oxides. The project is planned as a simple openpit operation exploiting free-digging, near-surface mineralisation.

The proposed flowsheet includes crushing, grinding and sizing; gravity, magnetic and electrostatic separation; calcination; acid leaching; sulphation and water leaching; hydrolysis; precipitation; and solid-liquid separation. The operation is expected to produce coarse and fine titanium dioxide concentrates and a mixed rare-earth carbonate.

At steady state, contained titanium dioxide production is estimated at about 42 300 t/y from the coarse circuit and 47 800 t/y from the fine circuit, together with about 3 636 t/y of rare-earth elements in product. Overall recoveries are estimated at 68.7% for titanium dioxide and 67% for rare-earth elements. Dry-stack tailings are proposed.

The PEA is preliminary and includes inferred mineral resources. No ore reserve has been declared, and there is no certainty that the development scenario will be realised.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The PEA estimates an after-tax net present value (NPV), at an 8% discount rate, of $714.9-million and an internal rate of return (IRR) of 44.2%, with a payback period of 1.9 years.

On a pretax basis, the project has an estimated NPV of $1.14-billion and an IRR of 62.7%, with a payback period of 1.3 years.

Capital Expenditure
Gross initial capital expenditure is estimated at $191.1-million, including a $32-million contingency.

Planned Start/End Date
Not stated.

Latest Developments
Resouro has started a structured environmental-permitting work programme.

Key Contracts, Suppliers and Consultants
Norda Stelo (PEA lead, capital and operating costs, and marketing); Atticus Geoscience Consulting (geology and mineral resource estimation); Richard Herman Otto Wagner (mineral processing and metallurgical testing); Giorgio de Tomi (mining engineering); Met-Chem Consulting (process plant, recovery methods and infrastructure); Ausenco (tailings and waste management); L&M Assessoria (economic analysis); and Sete Soluções e Tecnologia Ambiental (environmental permitting and studies).

Contact Details for Project Information
Resouro Strategic Metals, email info@resouro.com.