Thank you very much. Good afternoon, everybody. Brazilian Critical Minerals, or BCM, is really on the cusp of developing the world's lowest CapEx rare earth project in the northern part of Brazil. Not only this project is going to be scalable, but we're utilizing the most common techniques for extracting rare earths in the world today, and we're leaching and processing these rare earths through a very simple process flow sheet that's able to keep our CapEx requirements in the very lowest band possible. Okay, sorry. The Brazilian BCM, we've been operating in Brazil for quite a long time predominantly as a junior gold explorer and looking for base metals. At the same time, in early 2023, we discovered that the clays on the tenure that we've got at this location were elevated in rare earths, which came to be known as the Ema Rare Earth Project. Not only is it a large system of mineralization, but over three months, in the middle of 2025 last year, we did quite extensive field trials utilizing the extraction methodology of in-situ recovery, which, as it says there, is the most common method for extracting rare earths in the world today. We've proven at scale, through pilot studies now in the field, that we can extract the solutions that are rich in the rare earths. On the right-hand side, you can see the map, the layout of some of the other rare earth companies, and you can see that relative to our peers, we are extremely undervalued at this particular point. A week or so ago, we put out an updated MRE. We've now got a defined 1.07 billion tons of mineralization sitting at just over 700 ppm, which sits around the middle average grade for an ionic clay deposit of this type. It's really what we're able to do with this grade, which makes this project something quite special. On the left-hand side, you can see that there's a vertical profile. This is a typical drill hole that we have got that goes down through the clay system. You can see that the blue lines are the elevated rare earth or the total rare earth oxide grades, and then you can see that the orange portion is the distribution of the magnets, the ones that are the key drivers. We've got 80 sq km of mineralization defined currently over about 45% of the tenure that we've drilled. We've got 20 years of mine life that's going to help us underpin our definitive feasibility, our bankable study that we're going to put in the market over the next few weeks. Certainly, the MRE, which is defined by that yellow dotted line that you can see there. If we were to pick that up and relocate that over areas of Southeast Asia, there is the potential that there would be 30 or maybe even 40 process plants sitting in that 80 sq km. Hence the immense scalability of the opportunity that's before us right now. What is ISR? What is in-situ recovery? As I said, it's the most common technique. By all accounts, there are some 300 or 400 of these operations producing rare earths right now as we speak, delivering product back into China. They are very simple. They are very cheap to get established. We are largely just working the topographic highs over the MRE mineralization. We drill a series of very shallow vertical holes that you can see on the screen. We inject a reagent called magnesium sulfate. You will know that as Epsom salts that you can buy in your local Coles and Woolies. We essentially trickle feed that down through these holes. That permeates down through the clay horizon that you can see there. The magnesium ions do what we call ionic exchange. They take the place of the rare earths that are attached to the clay particles. They put the rare earths into solution. Gravity takes the solution down to the hard bedrock that you can see in the gray area. That solution is then able to be captured at the base of these topographic highs, and the solution is then pumped very easily and very cheaply to the process plant. It's a three-step process. Inject the lixiviant, do the ionic exchange, pump the solution. That's what's involved in the leaching part of it. It's decades-old technology, and it's widely used throughout Southeast Asia. We did the field trials, and to our own surprise, or maybe not to our own surprise, we got quite exceptional results. The dark blue line there that you can see is the total rare earth oxides that we were able to quantify in the solution that we extracted out of the ground. The solid yellow portion is the magnet portion, the DyTb NdPr portion, as I mentioned, the key value drivers for any rare earth project. Extremely elevated up into the thousands of parts per million, and we get a really nice concentration of these rare earth oxides into the solution at much higher grades than the underlying resource grade, which is the red dotted line that I've put at the bottom of that screen. Importantly, the NdPrDyTb portion or the composition of that TREO, again, is one of the most important factors for any rare earth project. In the PLS that we got, you can see that it averaged about 44%. This puts us really, this project, into quite rarefied territory. There are only a handful of projects in the Western world that can claim they've got a magnet composition around the 40% mark. We're really quite thankful for that. What does our process plant look like? Well, on the right-hand side, this is the template that we've been using. There's a private company in Malaysia, MCRE Resources. You can go and look it up. They started building this plant in 2022. They've been operating now very successfully over the last four years, pumping out quite a substantial quantity of rare earths. They've done amazing things around being able to generate very high rates of cash flow from this project. We've developed quite a good relationship with the executive of this particular company to the point where a week or so ago, we put out a collaboration, a technical agreement, to partner with these guys to look at the opportunities of best how we serve the market in perhaps a combined fashion. That will come out over time, over the next few months when we sit down and have some of these discussions. Largely, what you see on the left-hand side, though, is a copy and paste of what these guys have achieved and what these guys have successfully brought online over the last four years. What does our product look like? I've told you that we extracted quite a lot of solution through our field trials. We brought that back to Australia. It was all analyzed, and the rare earths were removed from that solution down at the ANSTO facilities down here in southern Sydney. The products up there, the white carbonate, the mixed rare earth carbonate material you can see on the screen there. We produced quite a lot of it. We sent a lot of this product off to off-takers right now. On the left-hand side, you can see the distribution of the elements that make up our basket. We are very highly elevated in NdPrDyTb. In this particular sample, you can see we're up again at 41.5%. We can produce really good revenues for every kilo of product that we produce. Just the magnets alone represent 95% of that basket. If you want a rare earth project, this is where you need to be. If you want to bring one online, you need to have a project that's low CapEx and low OpEx and can be brought online very quickly and very easily. These are the magnitudes of the production quantums that we're certainly looking at as part of our scoping study, moving through to our bankable feasibility study at the moment. Certainly, looking at the 4,000-5,000 tons of TREO, which contains somewhere around the 2,000-2,500 tons of those key magnet elements. Again, sitting on the right-hand side, you can see where we sit on the cost curve right down in the lowest quartile. Why us? Well, there's not many projects that are going to be presented here at this conference which show you a project that's got low CapEx, low OpEx, low risk to production, and can be brought online in a very quick and timely fashion. That is the key differentiator of this project relative to all of our peers. What's on the horizon? Well, the BFS, as I mentioned, we're going to get that out in the market over the next few weeks. We're having a lot of discussions with off-takers. I've just done a big trip through North America over the last couple of weeks with really interesting discussions there. Once the BFS comes out, we want to move quickly through project financing. We're engaging with really good dialogue with our regulators around permits. We want to bring this project online into development as quickly as possible. Thank you very much.
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