Brazilian Rare Earths Limited
Brazilian Rare Earths Limited (ASX:BRE, OTCQX:BRELY) is developing the Rocha da Rocha rare earth province in Bahia, Brazil, anchored by the ultra-high-grade Monte Alto deposit near Jiquirica and Ubaira and extended by the second high-grade Sulista district ~80km to the southwest. On 13 August 2026 BRE published JORC (2012) Mineral Resource Estimates and a completed Scoping Study over the combined Rocha da Rocha Project. The Monte Alto primary and residual resource is 3.40 Mt at 11.26% TREO (2.51 Mt Indicated at 12.73%, 0.89 Mt Inferred at 7.10%) at a 1% TREO cut-off -- more than twice the reported resource grade of either established large-scale Western producer -- alongside a separately reported 1.25 Mt at 2.17% TREO secondary monazite resource and a maiden Sulista resource of 8.49 Mt at 2.29% TREO (Sulista East, Sulista West and Outcrop Ridge). The updated Monte Alto estimate supersedes an April 2023 regolith-hosted resource; no Measured Mineral Resources and no Ore Reserves are declared. The Scoping Study (ERM Australia Consultants, +/-40% accuracy) models a hub-and-spoke development -- dry crushing, screening and sensor-based ore sorting at the minesite with no chemical processing there, feeding a centralised hydrometallurgical refinery in the established Camacari petrochemical complex -- producing separated NdPr oxide and a heavy-rare-earth-rich concentrate, with LOM average output of ~5,276 tpa NdPr oxide and ~2,253 tpa HRE+ concentrate (containing ~207 tpa dysprosium, ~40 tpa terbium and ~989 tpa yttrium). Headline economics under the Argus EU/US forecast price case are after-tax NPV8 of US$7.9 billion, after-tax IRR of 89%, payback of 1.1 years and LOM average annual EBITDA of ~US$1.37 billion over a 14-year mine life, with ~US$969 million of development funding required and none yet secured. The production target is ~44% Indicated and ~56% Inferred (~83% of the Inferred material is later-life Sulista feed), and the study is explicitly insufficient to support Ore Reserve estimation. BRE holds, or has contracted to acquire, a 100% interest in the project's 74 granted exploration permits (~87,024 hectares) through wholly owned Brazilian subsidiaries, principally Borborema Recursos Mineracao Ltda; commercial mining concessions are not yet granted. A binding 10-year heavy rare earth offtake agreement with Carester establishes a European sales pathway, and uranium, scandium, niobium and tantalum are carried as future co-product upside with no revenue credited in the base case. BRE is now moving into a Pre-Feasibility Study, targeting FID in mid-2029 and first production in 2031. In July 2026 shareholders approved the demerger of the separate Amargosa bauxite-gallium project into Alurion Resources Limited. Bernardo da Veiga is Managing Director & CEO; Todd Hannigan is Executive Chairman; Renato Gonzaga is Group CFO.
Lifecycle Milestones
A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal the underlying research identifies — whether a major already holds a JV, earn-in, or 5–19.9% strategic stake — isn't tracked yet and is absent from this score.
Your Rankings
Management Team
Founder, Managing Director and CEO of Brazilian Rare Earths Limited, leading exploration at the Monte Alto rare earth district in Bahia, Brazil. Career: CEO/Executive Director, South American Ferro Metals Limited (2015-2021), leading a real, substantiated turnaround from a bankrupt iron-ore producer (~700ktpa in 2015) to a highly profitable one (~2.5Mtpa by 2021); earlier, investment banker at UBS and Azure Capital in Australia. University of Western Australia.
Group CFO of Brazilian Rare Earths Limited, previously CFO of the company's Brazilian operating entity.
Insiders, Investors & Smart Money
Notable shareholders and insiders whose involvement is worth knowing about, plus what we're seeing from institutional/large-investor activity.
No smart-money tracking (institutional/large-investor activity) for this miner yet — this is a planned feature, not live data.
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Reports, Presentations & Documents
Governing study: Rocha da Rocha Scoping Study, published 13 August 2026 (reviewed Task #148, 2026-08-15). COMPLETENESS: the announcement states the study 'has been completed to assess the potential technical and economic viability of the Project and to help BRE determine whether to proceed to more definitive feasibility studies', to an intended accuracy of +/-40%; BRE states it now moves into the Pre-Feasibility Study program. Led by ERM Australia Consultants Pty Ltd with Carester (rare earth separation), MIPTEC Engenharia & Consultoria (engineering/cost) and Argus (market pricing). MINERAL RESOURCES (JORC 2012, CP Mr David Williams MAIG RPGeo of ERM, reported above a 1% TREO cut-off; effective data cut-offs 22 Feb 2026 for Monte Alto and 26 Mar 2026 for Sulista and Pele): Monte Alto ultra-high-grade primary + residual 3.40 Mt @ 11.26% TREO (2.51 Mt Indicated @ 12.73%, 0.89 Mt Inferred @ 7.10%); Monte Alto secondary monazite 1.25 Mt @ 2.17% TREO reported separately; Sulista total 8.49 Mt @ 2.29% TREO (2.20 Mt Indicated @ 2.94%, 6.28 Mt Inferred @ 2.07%, covering Sulista East, Sulista West and Outcrop Ridge); Pele reported separately. Monte Alto and Sulista East are reported from within optimised open-pit shells; Sulista West, Outcrop Ridge and Pele are reported from mineralised envelopes to ~70m depth and are NOT in the Production Target or the economics. NO Measured Mineral Resources and NO Ore Reserves are declared, and the study is expressly 'insufficient to support the estimation of Ore Reserves'. The updated Monte Alto estimate supersedes the April 2023 regolith-hosted resource and is not like-for-like comparable with it. ECONOMICS (Argus EU/US long-term forecast base case): after-tax NPV8 US$7.9bn as at 30 June 2029, after-tax IRR 89%, payback 1.1 years, NPV/capex ~8.2x, LOM 14 years, first production 2031, LOM average annual EBITDA ~US$1.37bn. Argus EU spot and US spot cases give after-tax NPV of US$11.3bn and US$10.8bn respectively (NPV range US$7.9-11.3bn). Development funding of ~US$969m will likely be required and none has been secured. CONFIDENCE CAVEAT, material: the Production Target is ~44% Indicated / ~56% Inferred, with ~83% of the Inferred material being later-life Sulista feed. BRE's Monte Alto-only sensitivity retains ~75-82% of full-project after-tax NPV; ~75% of scheduled Monte Alto feed is Indicated, ~93% of Year 1 feed and ~87% of the first five years are Indicated, and payback occurs inside that window. TENURE: 74 granted exploration permits over ~87,024 ha as at 13 July 2026, in which BRE 'holds, or has contracted to acquire, a 100% interest through its wholly owned Brazilian subsidiaries, principally Borborema Recursos Mineracao Ltda'; tenements 'secure and in good standing with no known impediments'. Commercial mining concessions not yet granted. Royalty burden: statutory 2% CFEM federal royalty on rare earths, statutory landowner royalties, plus a 2.5% private royalty to Brazil Royalty Corp Participacoes e Investimentos Ltda over 32 named tenements. Binding 10-year heavy rare earth offtake with Carester. NOTE for future reviewers: do NOT promote past PEA until a PFS is actually delivered and an Ore Reserve declared -- the PFS is only commencing, FID is guided to mid-2029. Uranium, scandium, niobium and tantalum are carried at zero revenue in the base case and are genuine upside, not booked value.