Brazilian Rare Earths Limited · ASX:BRE
Brazilian Rare Earths — Investor Presentation (December 2025)
25 slides from Brazilian Rare Earths's investor presentation, December 2025
Slide 1: Amargosa Bauxite-Gallium Province
Amargosa Bauxite-Gallium Province Large-Scale, Low-Capex, Direct-Ship-Bauxite Project December 2025
Slide 2: Disclaimers
Disclaimers Disclaimer Inferred Mineral Resources are considered too speculative geologically to apply Modifying Factors in sufficient detail to support the This Presentation does not provide investment or financial product advice and does not include all available Information on Brazilian Rare esti
Slide 3: Amargosa Bauxite-Gallium Province
Amargosa Bauxite-Gallium Province Large-Scale, High-Quality Bauxite Resource Low-Cost, Direct-Ship-Bauxite Project Leading Economic Margins and Returns Strong Bauxite Market Dynamics 3
Slide 4: Overview
OVERVIEW
Slide 5: Strategically located, world-class bauxite province
Strategically located, world-class bauxite province 568 Mt Mineral Resource Robust Study Economics(1) Large-scale bauxite resource After-tax NPV8: US$630m base underpins long-life Payback: 1.2 years project + production upsides Bauxite spot: US$71/tonne Leading Bauxite Province Growth Optionality Lo
Slide 6: Scoping Study: Leading economic margins and returns
Scoping Study: Leading economic margins and returns After-Tax NPV8 After-Tax IRR Payback US$630 M 82% 1.2 Yrs NPV/Capex Av. EBITDA pa FCF Margin 5.3x US$102 M 23% 6
Slide 7: World-class direct-ship-bauxite
World-class direct-ship-bauxite Large-scale, High-quality Low capex, Long-life direct ship grade First-quartile(1) 5.1 Mtpa 98 Mt US$119 M ANNUAL PRODUCTION DIRECT-SHIP-BAUXITE DEVELOPMENT CAPEX 17 years 41.9% US$48/dmt PROJECT LIFE TOTAL AVAILABLE OPEX (CIF CHINA) ALUMINA (1) CM Group positions Ama
Slide 8: Strong returns across market cycle
Strong returns across market cycle DSB Base DSB Price DSB Price US$71/t (Spot) US$80/t US$65/t US$630 M US$970 M US$403 M AFTER-TAX NPV8 AFTER-TAX NPV8 AFTER-TAX NPV8 82% 114% 59% AFTER-TAX IRR AFTER-TAX IRR AFTER-TAX IRR DSB = Direct Ship Bauxite 8
Slide 9: Amargosa Technical Details
AMARGOSA TECHNICAL DETAILS BRAZIEIAN
Slide 10: Large-scale, high-quality bauxite resource
Large-scale, high-quality bauxite resource Scoping Study: DSB ▪ Scoping Study Base Case is direct-ship-bauxite only Direct-Ship-Bauxite (DSB): 98 Mt at 41.9% TAA ▪ Large potential production and project life upsides via bauxite 89% within Indicated Mineral Resource category upgrading/dry-screening ▪
Slide 11: High-quality, low-silica, direct-ship-bauxite
High-quality, low-silica, direct-ship-bauxite Reactive silica (%) Al₂O₃ content (%) Amargosa vs. select operating mines (1) Amargosa vs. select operating mines (1) Amargosa Amargosa Amargosa Amargosa 1.6% 46% (DSB - 5 Yrs) (DSB - 5 Yrs) Amargosa Amargosa Amargosa Amargosa 2.3% 46% (DSB - LOM) (DSB -
Slide 12: Simple, low-cost mining + logistics
Simple, low-cost mining + logistics 1 Low-cost mining 2 Processing 3 Road Logistics 4 Established Port Conventional, low-cost Direct-ship-bauxite doesn’t Efficient, low-cost, Port of Enseada, proven truck & shovel operation require beneficiation/washing scalable road logistics Transship to Capesize
Slide 13: Efficient road logistics to export port
Efficient road logistics to export port ▪ Amargosa’s initial 5 Mtpa DSB operation is less than 20 km from BR-101….a paved, multi-lane Federal Highway ▪ Brazil is a major road-freight economy, ~65% of goods moved by truck, including ~70 Mtpa soybeans, ~25 Mtpa iron ore ▪ Direct-ship-bauxite trucked ~
Slide 14: Strategically located for global markets
Strategically located for global markets Select Global Bauxite Reserves China: Total demand is ~250 Mtpa, bauxite imports ~200 Mtpa Guinea: Shifted from a reliable bauxite supplier to higher-risk supply 0.6 Bt 7.4 Bt China 2 Bt Jamaica 0.7 Bt Guinea India 0.6 Bt 3.5 Bt 2.7 Bt Brazil Australia Amargo
Slide 15: Bauxite prices outperform forecasts
First-quartile, direct-ship-bauxite project Bauxite prices outperform forecasts CM Group: Amargosa is a first-quartile project Price forecasts vs. actual bauxite prices (1) 2030 global seaborne bauxite cost curve (2) $140 Actual Forecasts $120 84% Prices underestimated Guinea due to: $120 Bauxite Pr
Slide 16: Feasibility Studies: Potential production upsides
Feasibility Studies: Potential production upsides Illustrative project life over key production scenarios Key project opportunities (Mtpa)(1) 60 Direct-Ship-Bauxite Resource ▪ Increase DSB exports: Optimise trucking payloads, 50 +Beneficiable Resource haul routes and port operations 40 Project Life
Slide 17: Strong Bauxite Market Dynamics
STRONG BAUXITE MARKET DYNAMICS
Slide 18: Amargosa: High-quality bauxite supply option
Amargosa: High-quality bauxite supply option ▪ China’s bauxite imports have surged from less than 5 Mtpa to ~200 Mtpa over the last 20 years ▪ China’s domestic bauxite reserves are rapidly declining - both tonnage and quality ▪ China has become increasingly reliant on imported high-quality bauxite ▪
Slide 19: China: Bauxite import demand growing rapidly
China: Bauxite import demand growing rapidly China bauxite imports 2035 CAGR sensitivity ▪ Strong bauxite import demand growth over last 20 years Millions of tonnes (1) 10% CAGR: 520 Mtpa in 2035 ▪ Domestic bauxite production has peaked: Production hit ~100 Mt (2017) - expected to fall 5% CAGR: to ~
Slide 20: Guinea supply concentration risk continues to rise
Guinea supply concentration risk continues to rise China bauxite import sources 2025 (1) Guinea bauxite capacity 2025 (2) Guotai Haitong Securities (3): Other, ▪ Guinea has shifted from “reliable supplier” Licence 5% Revocation, to a higher-risk source since 2024 24% Australia, ▪ Guinea is increasin
Slide 21: China's bauxite reserve depletion continues
China’s bauxite reserve depletion continues China bauxite reserves – forecast Reactive silica content (2) Millions of tonnes (1) ▪ China’s bauxite reserves are rapidly 579 10% depleting - both tonnage and quality 523 466 ▪ At current ~250 Mtpa bauxite demand, 410 implied China reserve runway is shor
Slide 22: Project Timeline and Development
PROJECT TIMELINE AND DEVELOPMENT
Slide 23: Development timeline: 5 Mtpa direct ship bauxite
Development timeline: 5 Mtpa direct ship bauxite Rio Tinto: +10-years Amargosa Pre-Feasibility Permits + ▪ Large-scale, low-capex direct-ship-bauxite exploration and Scoping Study Study construction project feasibility studies ▪ Over 50% of capex is loaders, dozers and trucks… low execution + constr
Slide 24: Appendix
APPENDIX
Slide 25: Amargosa Bauxite Project Scoping Study Economics
Amargosa Bauxite Project Scoping Study Economics (1) Pricing & Production Units Base Case Bauxite Price US$/dmt Spot $71/t CM $80/t CM $65/t First Production yr 2029 2029 2029 Avg. Annual Production (DSB) Mtpa (dry) 5.1 5.1 5.1 Life of Mine yrs 17 17 17 Average Annual Financials Realised Price US$/d
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