Welcome to today's investor webinar following the release of the bankable feasibility study for the company's Ema Rare Earth Project in Brazil. Today's session is in listen mode only. If you have any questions at any point, please type them into the chat box and we'll address as many as we can during the Q&A at the end. Presenting today is Managing Director Andrew Reid, who will take you through the key outcomes of the BFS, the strategic significance of the Ema Project, and the company's development pathway moving forward. I'll now hand over to Andrew. Thank you very much, Simon. Good morning, and thank you to everybody for joining the webinar today. We are really pleased and proud of the team at BCM to really produce and now publish the results of three years of very dedicated work around the Ema Rare Earth Project located in Northern Brazil. Just our normal disclosures there. The results of the work through the bankable feasibility study over the last 12 months have really shown the strength and the financial benefits of using in situ recovery to extract and generate very, very strong economics for this particular project. We've come out with a post-tax NPV of almost $1.5 billion with an IRR over 100%. Our initial capital requirements are just $74 million. We're able to operate at the key standard metric of less than $10 a kilo of OpEx costs in TREO terms or less than $10,000 a ton. This is a really key metric and places us in a very similar standard to many of the ISR projects that operate around and throughout Southeast Asia. The payback at the current rare earth pricing is quite extraordinary at just six months. We're able now to move very quickly into moving this project through the front-end engineering design work and financing as we aim for FID towards the end of this year. It really is the strength of the economics which really defines this particular project at this time. There isn't a project in the rare earth sector that can claim to operate and require less than $100 million of CapEx, operate at the lowest end of the cost curve, and generate such extraordinary and exceptional financial results as this particular project. The strength of this project and the financials and the low CapEx and OpEx means that most of that saving that most other companies expense in high CapEx and OpEx goes straight to the bottom line of this particular project. Compared to our scoping study, all of the results that we've published today are materially in line with what we put out in February of 2025. There is a slight increase in our production requirements or our production profile. We did announce 1,800 tons of magnetic rare earth oxides in and through our scoping study. We've increased that slightly by 5% to 1,900 tons of magnetics. It really is the way that we're able to extract it, the capital which is materially in line, and in fact, on a like- for- like basis, the capital is 7% lower than what we achieved in the scoping study. It is the only difference between the scoping study and the BFS, in capital terms, is the addition of what we call the carbon capture system, which is a $19 million piece of kit, which then really increases our ability to create our own reagents on-site. We take all of the off gas that's generated by the diesel generators. We concentrate the CO2, and we're able to reuse that in our process to generate some of the key reagents to help us generate this final product, this mixed rare earth carbonate. The ESG credentials are really quite superb and really unrivaled for our particular project compared to any commodity that we see anywhere around the world operating at this particular time. The free cash flow is very high. You can see that at our base case pricing that I'm going to show you shortly, the cumulative pricing is $3.4 billion, and at the high pricing, certainly over $4 billion. It generates a lot of free cash on an annualized basis. Really the plan now is to move this project through the fundamental hurdles, and into production as quickly as possible. Some of the other key metrics that we get, the revenues, the annual revenues, the gross revenues, the EBITDAs. We're able to operate both our stage 1 and stage 2 operating plants at just over $40 million per year. The annual operating cost for both of these plants for stage 1 and stage 2 is below that key metric of $10 per kilo TREO. I must say that the capital required for stage 2 was just $27 million on top of the 74 required for stage 1. Once you include depreciation, royalties, and all the other costs to make up the all-in sustaining costs, we're sitting at around $13 a kilo in TREO terms. This is really quite an exceptional set of numbers, and certainly numbers that cannot be repeated or have not been able to be repeated by any rare earth project in the Western world. If you look at the numbers on the right-hand side, they continue to be quite exceptional. The payback period is certainly less than a year. If you look at the capital efficiencies, we're now talking it to somewhere between 15x-20x the NPV to capital requirements. Look, this is certainly in line with what we saw in the scoping study. All of the numbers that we see are materially in line with the scoping study, albeit that the pricing for rare earths is substantially higher than what we saw in February of 2025. Those forecast prices are at the bottom right-hand side. We've used all of the financial modeling that's been done around the base case. That's $108 NdPr over the long term. That is, as you would know, slightly lower than what many of these large rare earth companies in the U.S. have received as a floor price from the Department of Defense or the Department of Energy, the DY and the TB prices are materially higher than the current Chinese prices. These are prices that are being traded right now in the market, and these prices are validated by the Iluka offtake agreement that was announced just last week, where they said that they'd entered into a four-year agreement to sell 1,200 tons over that period at prices that are very similar to the numbers that you see on the screen. These are numbers that are securing offtake agreements as we speak right now. This map here really shows the sequence of events over the 20 years. You can see the top portion of the screen. This is the location of both the stage 1 and the adjoining stage 2 plant. Most of the first years of operation are certainly sitting very close to the processing plant location. In future years, we will work through that design work, whether we pump it all back to those particular process plants, whether we move those process plants, or whether we actually even build additional process plants. For the sake of this particular BFS, we've assumed two process plants locked into one location, pumping all of the solution back to that central location. That has allowed us to generate these very strong tier 1 economics and really sets this project up to be extremely scalable into the future. Just a breakdown of the capital and operating costs. The $74 million, that's the stage 1. Like I said, it's the only real change over the scoping study is the $19 million carbon capture system. This is an off-the-shelf piece of equipment or kit that comes out of South Korea. The benefits of it is that we don't expel as much off gas into the atmosphere, we are able to recycle the CO2, and it allows the ESG credentials to be quite superior to all the other projects around the world that I mentioned, but also helps us to reduce our operating costs. The total BFS, $74 million, is inclusive of 14.4% contingency. There is a fairly decent amount of sustaining CapEx on an annualized basis, almost $13 million. That really is money that we need to expense into the future to drill out all of the pods that require set up in advance, to set up all of the staging facilities, the roads, and all the other infrastructure that helps support the leaching of the rare earths. If you look at the unit operating costs on the bottom left-hand corner, you can see that, like I said, just over $42 million to run both of those process plants once we're at nameplate levels. Again, the operating costs in TREO terms is extremely low and certainly places this project at the lower end of the cost curve. Just some of the detail, if you're interested in the breakdown of the percentages of where the CapEx really sits. Again, most of the money is sitting around earthworks, setting up the process plant. Certainly, we need to expense $12.5 million to set up the first year of the number one well field that we intend to leach. The CCS system is capable of producing enough carbon dioxide for both stage 1 and 2, which is why the capital requirement for stage 2 is very small and limited to just $27 million. I don't know of any other project that is able to bring online this type of project. Producing the quantity of rare earths that we're going to do for less than the total amount of CapEx for stage 1 and 2 is around $100 million. If we look at the cumulative cash flows based on the pricing that we've used, again, they're very, very strong. We're seeing cumulative cash flows at either $3.4 billion or $4.2 billion, depending on the base case or high pricing scenarios that we use. Again, that's generating extremely robust NPVs of $1.5 billion or almost $1.9 billion post-tax NPV. This is quite an exceptional project generating exceptional economics. I need to remind you that this type of project, ISR in rare earths, this is the only project that we know of in the Western world that's able to achieve this at this particular stage. In terms of life of mine production, I guess relative to the scoping study, look, the numbers are materially in line. They haven't changed a great deal. What is really the most important line item here is really the annual production of the magnet rare earth elements. In the BFS now, we intend to leach about 38,000 tons of these magnet elements relative to just over 36,000 tons in the scoping study. In terms of rare earth oxides and mixed rare earth carbonates, more or less materially in line. Like I said, there's been a 5% increase in the annual production of these magnet rare earth oxides since the start of last year. The reason the magnet rare earth oxides are quite important is because I'm going to show you in a minute that these are the only four elements in our financial model that we've placed any payabilities on. The other 11 elements that make up the 15 elements in the rare earth basket, we've placed at this particular stage, zero payability on them. That really is just a reflection of the type of refineries that we intend to sell into the Western world, where there isn't any at the moment that can take our particular product and separate all of the other low-value rare earth elements, and be able to use them. Most of the off-takers are looking for four particular rare earth elements, neodymium, praseodymium, dysprosium, and terbium. A breakdown of the operating costs. Just on the left-hand side, this is the breakdown. This is just for the stage 1 plant. This doesn't include stage 2, which does take out the bottom line operating cost on a USD per kilo basis from $6.35 up to that $8.84 that I've mentioned. You can see on the right-hand side that the cost breakdown really centers around two major categories that we really need to manage quite carefully, reagents and electrical power. For our particular project, all of the power, all of the consumption of the power is being generated on-site. We have five power stations that make up a portion of the CapEx. They'll all be located on-site. We'll be completely independent of any grid power. Like I mentioned, the off gas that comes out of those power stations will be funneled into our carbon capture system, and the CO2 then recycled through the processing plant for generation of reagents that we require in the processing plant. The reagents and the sourcing of those reagents are coming from a number of localities. The major reagent is obviously magnesium sulfate. We plan to get that either in Brazil, which in itself is a big generator or a big contributor of magnesium sulfate into the world market. Equally, China, India, and Turkey are also big source countries that we've been getting pricing from. In terms of all-in sustaining costs, really relative to the value or to the revenue that we're able to generate. You can see here that over the course of the 20 years, there's extremely large headroom between the revenue and the cost structure. Again, this is what we saw in the scoping study. This is what we see typically in ISR projects right throughout Southeast Asia. If you look at some of the published economics for projects like ours, they are producing, even when prices are lower, they're generating quite extraordinary margins. This BFS is really just a continuation of what we've seen and been able to generate continually over the last 12 months from the scoping study right through all of the test work that we've created. The all-in sustaining cost, you can see on the right-hand side, $13.02 U.S. per kilo of TREO. If you look at that just in terms of the magnet portion, it's just over $37. Again, high margins, high profitability, high NPV, extremely high IRR. These numbers are really as good as you get for a rare earth project anywhere in the world. We're in a particularly unique state, Amazonas of Brazil. It comes with quite unique corporate income tax concessions, you can see there that it really does substantially lower the income tax contributions that we need to make. All of that posted here, they are for 10-year periods, which can be recurring. This is really a project that's certainly fit for its locality, fit for the type of environment that we're built in, being of extremely high ESG credentials, really a rare earth project that really deserves to come into production and be really the frontier for how projects can be responsibly produced, responsibly generated, and be able to contribute in a meaningful way into a Western supply chain. In terms of the pricing that we used, all of our pricing is independently commissioned pricing. You can see on the graph, you can see the historical prices versus the forward projected prices. The yellow base case price is the pricing scenario numbers that we've used right throughout the financial modeling. We've used the $108 NdPr. As I said, it's slightly lower than what typically is used in the U.S., and you can see that the Dy and Tb price is $1,583 and $3,869 for terbium. These are the average life of mine prices going forward. They are certainly based around the premise that there is certainly a disconnect and a divergence from China being able or willing or wanting to supply rare earths going forward into the Western markets certainly for some of these elements. The actual Chinese price for NdPr mirrors pretty closely the $108 that we see here, but there is a substantial difference in dysprosium and terbium relative to Chinese prices. We're already starting to see that divergence. There's already public announcements around China not supplying into the Japanese market over the last few weeks. We're certainly already hearing that the moratorium that comes up on November 10, where there has to be a decision around China supplying these dual-use elements into the Western market, is really a very close decision making right now. I think most people are of the opinion that there is unlikely to be further supply of these critical elements into the West. In fact, I'm certainly hearing at the moment that the Benchmark Mineral Intelligence that supply these numbers are likely to increase their pricing for dysprosium and terbium in their next pricing outlay that they're going to release over the next few weeks. Validation via the Iluka agreement that I've mentioned, that they put out last week shows that the numbers that we're using in our financials are very close to the offtake agreement that they were able to secure with a very large automotive counterparty just a few days ago. In terms of price sensitivity. Well, look, there isn't many projects that have very low CapEx, low OpEx. Really, the price sensitivities and adjustments don't really adjust the NPV prices that month. You can see that there's a big range of sensitivities here around the baseline. The adjustments for magnesium sulfate price don't really make too much of a financial difference to the NPV recoveries. CapEx the same. I think really the only thing where there is some price sensitivity is around the recovered price that you actually do get for your NdPr and DyTb price. But again, this is a project that is certainly able to operate at very low prices. We've seen that in the scoping study, even when the spot price for NdPr was down around $60. Certainly, these numbers and the whole scope of this project, what it's able to generate in terms of margins, again, is very similar to numbers that I've seen right throughout Southeast Asia, where I've mentioned many times that this is the normal method for extracting rare earths in the Eastern world, and this is the only project in the Western world currently capable of achieving ISR in the rare earth space. Just to finish off, just to show you some of the comparisons from the scoping study to the BFS. You can see we've talked about the CapEx. On a like- for- like basis, though If you take out the carbon capture system, the CapEx for the BFS was about 7% lower. That's a good result. There's been a very large four times increase in the post-tax NPV of this project from $355 up to $1,465. You can see that we've more than doubled the IRR from 52% up to over 100%. I believe that these numbers, in terms of the operating, are materially in line. This is just quite an extraordinary project generating extraordinary financials, and it's really our job now to move it as quick as we can through the next stages of design, offtake agreements, and generating a financial structure that allows us to announce FID to hope to get this project on the ground and built as quickly as possible. This slide here just shows you where we are able to operate at the end of the cost curve relative to other ionic clay projects that you typically get in Southeast Asia and China. The main differential from us to them is the logistics costs. Many of these projects in Southeast Asia are landlocked, and they require quite significant amounts of trucking costs. For us, yes, we are somewhat landlocked, but there is a good river network, very common to move large quantities of cargo around via the large river systems in that part of the world where our project is. Those costs are very attractive to allowing us to get our product to market. This is just the large resource base. We are sitting at just over 1 billion tons of contained rare earth material. At the moment, we've only explored about 45% of the tenements. There is a large amount of exploration work still to be done. We will do some exploration work right throughout 2027 in the next field season as we continue to build up the project. Look, remember, this is a completely scalable project that we could bring online very cheaply, additional processing capacity. These are things that we will talk to our offtakers about over the next few months in due course. Just to remind you of the simplicity of ISR. This is the premise of what we're doing. It's a three-step project or three-step process. We inject or we trickle feed the magnesium sulfate through a series of very shallow holes. They're only one inch in diameter. The magnesium sulfate permeates down through the clay horizon. We then extract the rare earths via using magnesium sulfates. The magnesium ions do the ionic exchange, the ionic leaching. We extract the solution. We pump that to a processing facility. At the processing facility, all we are doing is adjusting pH in the first step to precipitate out the impurities, aluminum, iron, and silica. We then take that to stage 2, where we then precipitate out the rare earths. We then filter that product by removing excess moisture and sending that finally to the offtaker for their downstream refining. I think probably the most material difference to our financial model compared to our scoping study is the way that we've set up the basket price in the scoping study. Typically, what all rare earth projects do is they list the composition of all of the elements in their basket. They apply a price, and they come up with a basket value. What we've done in this particular instance is used the pricing forecast, which I've already been through, but I've zeroed all of the other elements, and I've explained why. There are very few refineries in the West that can actually refine and extract many of these other elements. I've actually placed a zero value on them. If they do come up in the future, then obviously that will be a byproduct credit. At this particular stage, we've just used these four elements and the pricing of these four elements as the base case for our modeling. It's obviously very healthy. You can see that the potential payability ends up at $51 a kilo, which is more than 2x what we had at the scoping study at just around $20. It generates, again, very strong financials, and we've tested this in the field. Remember, we did a three-month field trial in the middle of last year, doing exactly the methodology that I've showed you. We continue to engage strongly with the environmental regulators. At the moment, it's the last permit that we require. We've already received permission or approval of our exploration report to the conversion of our exploration licenses into mining licenses. That's really the approval from the National Mining Agency. We continue to engage with the environmental regulator. They are certainly coming back with some questions for us and to us. We continue to give them the answers to those in due course. We certainly believe at this case that there is a very strong willingness to get and to approve this project and to get it up and running as quickly as possible. Just to reiterate that during the field trial that we completed in the middle of last year, we did get permits for the injection of magnesium sulfate and the abstraction of water out of the local creeks and rivers. There already is certainly some precedent for getting those permits. The next steps for us from this particular point is starting the detailed design work, the front-end engineering design work, working through the inbound requests for finance, working out the structure of the finance that we intend to look at. At the moment, everything is on the table. We're certainly interested in some form of debt and equity structure. We'll continue to talk with a number of parties over the next three months. Off-take and sealing an off-take agreement over that period is also critical to underwriting the finance. We continue to have a number of good discussions with counterparties, which are drawing closer to resolutions. All of those things are coming close together, which should allow us to be close to an FID decision during the calendar year, which would place us in a very good position to really contemplate some form of early works for this project during 2027. Simon, back to you. Sorry. Thanks, Andrew. We've had a lot of questions, Andrew, there's over 115 on the call today. We're not going to get through all the questions and I feel like you've probably answered some of them along the way. I suppose, you just sort of talked about FID before the end of the year. What milestones need to happen in order for FID to occur? Yeah, look, there's a couple of key steps that we'd need to move through. As I mentioned, securing the correct financial structure is the first one. Underwriting that, underpinning that with an off-take is almost certainly mandatory and critical. Both of those things have to happen, they now remain the focus of the work that we need to do over the next one to two quarters. Yep. The permitting, obviously that needs to happen in that time as well, does it? Yeah. Ideally, the permitting certainly needs to happen. Look, if the permitting is not secured in that time, it becomes a prerequisite to financing, which it will do in any case. We can't move forward with the project until we get the permit, obviously. Look, once we do get the permit, the way that we've applied for a trial mining license, once we get this environmental permit, there are no other permits that prevent us from getting on the ground and immediately commencing construction activities. Right? Just can you expand as much as you can on the off-take discussions? Where are the off-takers you are chatting to? Where are they domiciled? How advanced are they? Yeah. Look, most of those conversations remain commercial in confidence. I'm not going to go into any detail around that. Look, over the last 12-24 months, we've had conversations with every major rare earth player in every major jurisdiction, and I think that's just what you absolutely should do when you're a junior rare earth company trying to secure off-take. There are not a lot of off-take agreements that are released or secured by juniors. They are complex, they are difficult to get. They are the holy grail of the sector. Certainly, there is a devoid or a deficit of product in the Western market at the moment. This project remains of very strong interest to a number of interested parties, and we will just continue to have those discussions and draw them to a close as quickly as possible. All right. Just, I guess, in terms of the pricing, do those off-take, will they have floor prices? Do you think you can expand on that at all? Look, every party has a different risk profile, a different set of requirements. Almost certainly the majority of them will have some form of floor price. Not all of them require floor prices. As soon as you talk about a floor price, you need to talk about a ceiling price. I think what is probably the common thread, though, is what I've already shared with you, is that most of the off-takers are talking about a set of contract arrangements which value only the most important magnet rare earth elements. All right. Excellent. There's been a lot of questions, I guess, about the pricing that you've presented here. I guess, can you just talk about the price resilience of the project, I suppose? I know you had a slide up there with this sensitivity, maybe just go through that again. Yeah. Look, the base case of $108 NdPr, I would challenge you and everybody on the call to go and look at any other studies that have been released where they've used an average price over 20 years going forward that's as low as that. Typically, they are in the 120s, maybe even in the 130s. Yes, the DY and the TB prices are quite elevated, but these are now becoming the norm prices that we are seeing throughout North America and Europe. Like I said, those prices have now been validated by a major offtake agreement that Iluka signed with an automotive company just inside the last week. Certainly, I believe that these prices are going to go higher, not lower, based on the information that I'm seeing. I think that it is likely that the Chinese will further restrict the supply of these critical, what they call these dual-use, rare earth elements. Ones that can be used in normal civil purposes, but can also be used for military purposes. I think that you'll see that there'll be less and less supply of those, which will just drive the price higher. The question is, at the moment, those rare earth projects that have strong economics, that can get into the marketplace, that can produce product sooner rather than later, will be the recipient of quite some exceptional prices, probably that will last for the next four or five years. I guess your CapEx, your low CapEx and OpEx, if you can just sort of talk about how that affects all the pricing. Do you know what I mean, the relationship there? Look, I don't think that there's any people on the call or any shareholders now that once they've seen the numbers that have come out of this study, wouldn't expect us to move fast. Certainly wouldn't expect us to try and get this project financed and online as soon as possible. That's certainly our vision right now, and that's what we intend to make happen. Yep. Look, I think as I said, they're all very similar, the questions. I feel like we've covered them all. Maybe the last one, just to finish off with, I know we probably already answered this, just the key milestones, if you can go through those over the next six months, then we can wrap it up. Yeah. Look, we've been working on the BFS now for 12 months. We've put out a very solid body of work with very exceptional financials. We need to move into the next stage of engineering design work, the detailed work. We intend to continue our partnership with Altris Engineering out of Subiaco. They've done a fantastic job of getting us to this point. They will move seamlessly into that next stage. We need to start now to distribute the financial model that underpins all the work that we've generated and that you've seen today to share that with all the people that have got some interest in financing this project. Look, we've received a lot of inbound interest in different guises, through debt and equity solutions. We need to work through those. We need to build the team a little bit. Look, it really has been a very small team. This is not a lifestyle company. There's literally been four of us that have worked day and night to get this project to where it is. We need to bring on some skills that we don't have. I need to wrap up the offtake agreement as soon as possible. That allows us to get to this FID, then really it's then all of the pre-planning to really set the project up to really hit the ground running with early construction activities and earthworks as soon as possible. All right. Excellent. Thanks, Andrew. That's all we've got time for today. Thanks everyone for joining us. If you have any follow-up questions, please don't hesitate to reach out. The recording of the webinar will be made available later today. Thanks, everyone. Thank you