March 2026 – Quarterly Activities Report

Rhea-AI Summary

Brazilian Rare Earths (ASX: BRE / OTCQX: BRELY) reported expanded Monte Alto and Sulista district results, metallurgical scale-up, and a trial mining licence. Key metrics: drill intercepts up to 35.3% TREO, NdPr up to 59,645 ppm, ore-sorting single-pass upgrade to 27% TREO, and a 97% extraction test at 150°C. Monte Alto drilling totals 32,372 metres; JORC MRE and scoping study targeted mid-2026. ANM issued a Trial Mining Licence for up to 2,000 tpa, supporting pilot plant commissioning at Camaçari in Q3 2026.

Positive

• Drilling intercepts up to 35.3% TREO
• NdPr enrichment up to 59,645 ppm
• Monte Alto drilling total 32,372 m toward JORC MRE
• Ore sorting: single-pass upgrade to 27% TREO with >95% yield
• Low-temperature flowsheet: 97% TREO extraction at 150°C
• ANM Trial Mining Licence authorises 2,000 tpa trial production

Negative

• Trial Mining Licence limited to 2,000 tpa, constraining near-term commercial scale

News Market Reaction – BRELY

-1.99%

1 alert

-1.99% News Effect

On the day this news was published, BRELY declined 1.99%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Peak TREO grade: 35.3% TREO High-grade intercept: 27.6 m at 19.4% TREO Ore sorting recovery: 96–99% +5 more

8 metrics

Peak TREO grade 35.3% TREO Monte Alto drilling result

High-grade intercept 27.6 m at 19.4% TREO Monte Alto continuous intercept

Ore sorting recovery 96–99% Cascade ore sorting cumulative recoveries

TREO extraction 97% 150°C low-temperature metallurgical test

End-to-end TREO yield 91% System yield combining ore sorting and downstream steps

Trial mining tonnage limit 2,000 tonnes per annum ANM Trial Mining Licence at Monte Alto

Monte Alto drilling 32,372 metres Total drilling to support MRE and Scoping Study

Sulista district strike +17 km Sulista rare earths district strike length

Market Reality Check

Price: $19.10 Vol: Price at 18.62 with volum...

low vol

$19.10 Last Close

Volume Price at 18.62 with volume 1200 vs 20-day average 5328, indicating the 7.01% gain occurred on relatively light trading. low

Technical Shares trade above the 200-day MA, with price at 18.62 vs 200-day MA of 12.41, showing a pre-existing uptrend into this quarterly update.

Peers on Argus

BRELY’s gain of 7.01% contrasts with mixed peer moves: GOLIATH RESOURCES (+0.07%...

BRELY’s gain of 7.01% contrasts with mixed peer moves: GOLIATH RESOURCES (+0.07%), RARE ELEMENT RES (-4.29%), GOGOLD RESOURCES (+1.81%), MAGNA MNG (+3.61%), PMET RES (-1.33%). With no peers in the momentum scanner and no same-day peer headlines, the move appears stock-specific rather than sector-driven.

Historical Context

5 past events · Latest: Mar 25 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Mar 25	Trial mining licence	Positive	+6.1%	ANM Trial Mining Licence enabling up to 2,000 tpa product and pilot feed.
Feb 18	Drilling results	Positive	+4.6%	Ultra high-grade Monte Alto drilling with 35.3% TREO and long intercepts.
Feb 11	Metallurgy results	Positive	+6.5%	Low-temperature 150°C flowsheet achieving 97% TREO and NdPr extraction.
Feb 04	Ore sorting results	Positive	+5.1%	Ore sorting with >2x grade upgrade and 96–99% recoveries at Monte Alto.
Jan 29	Quarterly report	Positive	-5.1%	Quarterly update with Amargosa study, de‑merger plan and cash balance.

Pattern Detected

Recent Monte Alto and metallurgy updates have generally coincided with positive next-day price reactions, while a broader quarterly report previously saw a negative reaction.

Recent Company History

This announcement continues a series of Monte Alto-focused milestones. In Feb 2026, ultra high-grade discoveries and ore sorting results (news IDs 1014670, 1008164) were followed by gains of 4.59% and 5.06%. The 97% rare earth recovery update on Feb 11 (news ID 1011495) saw a 6.55% move, and the Trial Mining Licence on Mar 25 (news ID 1031405) coincided with a 6.07% rise. By contrast, the December 2025 quarterly report (news ID 1005479) saw a -5.1% reaction.

Market Pulse Summary

This announcement highlights continued de-risking at Monte Alto, combining ultra high-grade TREO int...

Analysis

This announcement highlights continued de-risking at Monte Alto, combining ultra high-grade TREO intercepts, >95% ore sorting recovery and 97% TREO extraction at 150°C into an end-to-end yield of 91%. The Trial Mining Licence for up to 2,000 tpa and Sulista’s growth to +17 km strike extend the development runway. Relative to prior Monte Alto, metallurgy and quarterly releases, investors may focus on progress toward the mid-2026 JORC MRE, Scoping Study and further federal permitting milestones.

Key Terms

ore sorting, trial mining licence, u3o8, jorc-compliant mineral resource estimate, +2 more

6 terms

ore sorting technical

"Sensor-based ore sorting testing validated a simple, dry beneficiation pathway..."

Ore sorting is a process that separates valuable rock from waste rock before it goes to the main processing plant, using sensors or simple physical differences like color, density, or metal content. Think of it like picking ripe apples out of a batch so only the best ones go to market; for investors, sorting can raise the ore’s quality, lower processing and transport costs, reduce environmental impact, and improve a mine’s economics and cash flow.

trial mining licence regulatory

"Monte Alto was awarded a Trial Mining Licence from Brazil’s National Mining Agency..."

A trial mining licence is a temporary permit that allows a company to carry out small-scale, short-term extraction and testing of a mineral deposit to prove how much ore exists and how easily it can be mined. It matters to investors because successful trial mining can reduce uncertainty about a project's size, cost and timetable—like a dress rehearsal that reveals whether a full-scale operation is likely to be profitable or feasible.

u3o8 technical

"and 4,047 ppm U3O8 North Extension: Strike extended 350 m to >1.2 km..."

U3O8 is the chemical name for a stable form of uranium oxide commonly called “yellowcake,” the concentrated powder produced after uranium ore is processed. Investors track U3O8 because it represents the raw material that is turned into nuclear fuel; its supply, demand and price act like a commodity indicator that can move the value of mining companies, utilities and firms tied to the nuclear fuel chain. Think of it as the crude oil equivalent for nuclear power — a basic feedstock whose availability and cost affect an entire industry.

jorc-compliant mineral resource estimate regulatory

"providing a robust foundation for BRE’s planned JORC-Compliant Mineral Resource Estimate..."

A JORC-compliant mineral resource estimate is an assessment of how much of a mineral is likely present in a deposit and how good it is, prepared according to the JORC Code’s reporting standards used in mining. For investors it acts like a certified property appraisal: it provides a standardized, third‑party framework for comparing projects, gauging potential value and risk, and deciding whether further investment or development is justified.

scoping study technical

"Mineral Resource Estimate and Scoping Study, both targeted for mid-2026..."

A scoping study is an early, high-level review that maps out what a proposed project or program would involve — its goals, likely costs, key steps, and major uncertainties — without doing detailed design or full testing. For investors it acts like a rough map before a trip: it shows whether the opportunity is worth further time and money, highlights main risks and information gaps, and helps set expectations for cost, schedule, and future decisions.

flowsheet technical

"Low-Temperature Flowsheet: Peak extraction achieved at 150°C using a low-temperature..."

A flowsheet is a structured table that records a series of clinical or operational data points—such as vital signs, lab results, medication doses, procedures or milestone dates—so each patient or case can be tracked over time. For investors, a flowsheet turns detailed trial or operational activity into a clear timeline that highlights progress, gaps or problems, helping assess development speed, regulatory readiness and potential delays much like a trip log shows a journey’s pace and hiccups.

AI-generated analysis. Not financial advice.

SYDNEY, April 27, 2026 (GLOBE NEWSWIRE) -- Brazilian Rare Earths Limited (ASX: BRE) (OTCQX: BRELY / BRETF) is pleased to announce highlights for the quarter and subsequent period, including:

MONTE ALTO EXPANDS WITH NEW ULTRA HIGH-GRADE DISCOVERIES

• Drilling continues to confirm Monte Alto as a globally significant ultra high-grade rare earth discovery, combining large-scale potential with exceptional grades and valuable critical mineral co-enrichment
• Drilling results included ultra high-grades of up to 35.3% TREO, with wide, continuous intercepts including 27.6 m at 19.4% TREO and 23.9 m at 17.4% TREO, and cumulative true thicknesses up to 43 metres with strong continuity
• Exceptional Rare Earth Enrichment: NdPr¹ grades up to 59,645 ppm (5.96%) plus heavy rare earths DyTb² up to 3,050 ppm and Y₂O₃ up to 10,975 ppm
• Critical mineral assays up to 10,498 ppm Nb₂O₅, 303 ppm Sc₂O₃, 612 ppm Ta₂O₅, and 4,047 ppm U₃O₈
• North Extension: Strike extended 350 m to >1.2 km, supported by auger drilling, geophysical vectors and near-surface intercepts, with diamond drilling underway to test the underlying hard rock system
• Eastern Growth Zone: Step-out drilling to the east of the current Monte Alto footprint intersected a new parallel ultra high-grade corridor, highlighted by 9.8 m at 20% TREO, open along strike and at depth
• Drilling Program Scale: Monte Alto drilling now totals 32,372 metres, providing a robust foundation for BRE’s planned JORC-Compliant Mineral Resource Estimate and Scoping Study, both targeted for mid-2026
  

Figure 1: Monte Alto 3D View

EXCEPTIONAL ORE SORTING RESULTS: >95% YIELD AND >100% ENRICHMENT

• Sensor-based ore sorting testing validated a simple, dry beneficiation pathway for Monte Alto, demonstrating strong grade uplift, high recoveries and efficient waste rejection
• Grade Enrichment (>100%): Grade upgrade factors of >2x, increasing feed grades from 12.4% TREO to 27% TREO in a single-pass processing step
• High Recoveries (>95%): Cascade ore sorting produced a +20% TREO product, with cumulative recoveries of ~96-99% and upgrade factors of 1.3x-1.7x
• Efficient Waste Rejection: Successfully rejected ~25% of feed mass as waste with negligible rare earth loss (<0.3% of contained metal)
• Reduced Capital Intensity and Opex: Early waste rejection and significant grade uplift drives reduced downstream processing intensity and enhanced project economics
  

LOW-TEMPERATURE PROCESS: 97% RARE EARTH RECOVERY AT 150°C

• Metallurgical optimisation program validated low-temperature acid-cure processing at 150°C, with a 15 kg blended composite scale-up test confirming high extraction performance and strong scalability
• Low-Temperature Flowsheet: Peak extraction achieved at 150°C using a low-temperature, acid-cure process – removing the need for high-temperature (>250°C) rotary kilns
• Low-Cost Processing: Low-temperature acid-cure process delivers high recoveries at lower energy intensity - supports potential for lower opex and capex by using conventional paddle mixers
• Leading End-to-End System Yields: When combined with ore sorting recovery of +95%, estimated total ‘mineral-to-product’ recovery of 91% TREO and 89% for Uranium
• Optimisation Upsides: Opportunities to shorten wash durations, optimise process acids and intensity, while maintaining or improving high extraction performance
  
  

Table 1: Blended Composite Extraction Results (15 kg) & End-to-End System Yields
Oxide	Head Grade (ppm)		Extraction (%)		End-to-End Yield (%)		Recovered Grade (ppm)
TREO (Total Rare Earth Oxides)	196,083		97		91		179,279
NdPr (Neodymium + Praseodymium)	31,050		97		92		28,543
Tb (Terbium)	246		87		82		203
Dy (Dysprosium)	1,383		83		78		1,081
Y (Yttrium)	6,361		84		79		5,019
U (Uranium)	2,627		97		89		2,347

Note: End-to-end yield is calculated as the product of extraction rates achieved in the 15 kg blended composite metallurgical test, an ore-sorting recovery of >95%, and recoveries from additional downstream metallurgical steps previously evaluated by ANSTO to produce a Mixed Rare Earth Carbonate. Recovered grade is calculated as the product of head grade and end-to-end yield. These figures are indicative estimates only, derived by multiplying results from separate, independent test programs conducted on different samples and at different scales, and do not represent results from an integrated flowsheet test.

BRE SECURES TRIAL MINING LICENCE

• Monte Alto was awarded a Trial Mining Licence from Brazil’s National Mining Agency (ANM)
• The licence authorises production of up to 2,000 tonnes per annum of direct-ship product, enabling BRE to supply bulk shipments for prospective customer offtake evaluation and metallurgical testing
• Trial mining will support commissioning and operation of BRE’s fully permitted pilot plant at the Camaçari Petrochemical Complex, which remains on schedule to commence operations in Q3 2026
• BRE expects to submit an Economic Development Plan to ANM in Q2 2026, representing the next key federal permitting milestone toward a full mining concession for commercial operations
• The licence is aligned with BRE’s low-impact, quarry-scale development at Monte Alto, based on dry processing, high-yield ore sorting, low water use, no tailings dams and a small operating footprint
  

SULISTA RARE EARTHS DISTRICT GROWS TO 17 KM STRIKE

• Sulista continues to develop as a high-grade rare earth district, with exploration strike extended from 10 km to +17 km across multiple defined mineralised corridors
• Sulista East now defined over +1,000 metres of drill-tested strike and to depths exceeding 230 metres, with multiple stacked mineralised horizons and true thicknesses of up to 40 metres. Mineralisation remains open in both directions along strike and at depth
• Step-out drilling at Sulista East confirmed significant expansion of the high-grade bedrock system, with multiple broad parallel mineralised zones intersected with grades of up to 11.8% TREO, including 26,846 ppm NdPr, 1,911 ppm DyTb and 7,839 ppm Y₂O₃
• Sulista South emerged as a major southern extension to the 7.5 km Sulista East trend, supported by large-scale magnetic and radiometric anomalies and pathfinder auger results, with a new +10,000 metre diamond drilling program now underway
• Drilling highlights at Outcrop Ridge include ultra high-grade rare earth grades of up to 16.7% TREO including 28,295 ppm NdPr, 1,910 ppm DyTb and 14,599 ppm Y₂O₃, alongside significant critical mineral values up to 4,927 ppm Nb₂O₅, 197 ppm Sc₂O₃, 217 ppm Ta₂O₅ and 2,262 ppm U₃O₈
• Sulista North has expanded the district by +7 km and represents a major new regional growth corridor, with ultra high-grade surface mineralisation returning up to 19.2% TREO and auger results up to 12.6% TREO, supported by strong geophysical vectors indicating proximity to fertile hard rock source zones

A link to the full release can be found here.

Contacts

Bernardo Da Veiga, Managing Director and CEO

investors@brazilianrareearths.com
www.brazilianrareearths.com

____________________________________________________________________________

1 NdPr = Nd₂O₃ + Pr₆O₁₁
2 DyTb = Dy₂O₃ + Tb₄O₇

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/2f2389d5-6f2e-4891-9fab-c8165bf28bed

FAQ

What did Brazilian Rare Earths (BRELY) report for Monte Alto drilling in March 2026?

The company reported drill intercepts up to 35.3% TREO and cumulative true thicknesses up to 43 m. According to the company, Monte Alto drilling totals 32,372 metres, supporting a mid-2026 JORC resource target.

How effective was ore sorting and what product grades did BRELY report?

Sensor-based ore sorting produced a single-pass product of 27% TREO with cumulative recoveries >95%. According to the company, sorting delivered >2x grade uplift and rejected ~25% feed mass as waste with negligible loss.

What metallurgical recovery did Brazilian Rare Earths achieve at low temperature?

BRELY reported 97% TREO extraction at 150°C in a 15 kg composite test, with an estimated end-to-end TREO yield of 91%. According to the company, this reduces the need for high-temperature kiln processing.

What does the ANM Trial Mining Licence issued to BRELY allow and when is pilot commissioning planned?

The licence authorises trial production of up to 2,000 tonnes per annum of direct-ship product for offtake trials. According to the company, the fully permitted pilot plant at Camaçari is on schedule to start in Q3 2026.

How large is the Sulista district after the latest exploration update from BRELY?

Sulista strike has expanded from 10 km to +17 km with multiple high-grade corridors and new drill programs. According to the company, a new +10,000 metre diamond drilling campaign is underway at Sulista South.