Earnings release
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ASX Announcement 20 October 2026 ASX-BRE WWW.BRAZILIANRAREEARTHS.COM 1 QUARTERLY ACTIVITIES REPORT SEPTEMBER 2026 Brazilian Rare Earths Limited's highlights for the quarter and subsequent period include: MAIDEN ULTRA-HIGH GRADE MINERAL RESOURCE World-leading rare earths grade: Monte Alto’s Mineral Resource grades 11.3% TREO, more than twice the reported grades of the two established large-scale Western rare earth producers. Major new source of heavy rare earths plus strategic co-products: Strong dysprosium, terbium, gadolinium and yƩrium enrichment, alongside potenƟal uranium, scandium, niobium and tantalum co-products. INTEGRATED MONTE ALTO + CAMAÇARI SCOPING STUDY ExcepƟonal economics: AŌer-tax NPV₈ of US$6.0 billion, IRR of 90%, 1.1-year payback and average annual operaƟng free cash flow of US$1.2 billion.1 First-quarƟle project: Ultra-high grades, simple ore sorƟng, high yields, established infrastructure and low- temperature processing underpin costs of ~US$21/kg NdPr equivalent. SUCCESSFUL DRILLING POSITIONS MONTE ALTO FOR RESOURCE GROWTH Ultra-high grade extensions: ~10,000 m of drilling completed aŌer the 22 February 2026 Scoping Study cut-off expanded mineralisaƟon south and east/down dip and established a priority growth corridor to the north. Q4 2026 resource upgrade: Post-cut-off results could, subject to conversion into Mineral Resources and further studies, support mine life extension and/or increased annual producƟon. HIGH-GRADE SULISTA SOUTH DISCOVERY AND EXTENSIONS AT SULISTA EAST New discovery and extensions: High-grade mineralisaƟon intersected over ~500 m of strike at Sulista South, while step-out drilling extended Sulista East by 430 m. Larger, higher-confidence resource targeted: Current step-out and infill drilling campaigns support potenƟal resource growth and Inferred-to-Indicated conversion; updated mineral resource to follow their compleƟon. PRODUCED FIRST CONCENTRATE; SECURED STAGE II HYDROMET CO-FUNDING First concentrate: Stage I commissioning at Camaçari advances bulk metallurgical testwork for the PFS. Hydromet piloƟng: Stage II is 59% partner-funded, with commissioning planned for Q2 2027. STRONG BALANCE SHEET TO FUND GROWTH A$122 million cash and no borrowings at 30 September 2026. 1 Argus EU/US price case. Refer to the Scoping Study cautionary statement in this report and BRE’s ASX announcement dated 18 August 2026.
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ASX Announcement 20 October 2026 | ASX-BRE WWW.BRAZILIANRAREEARTHS.COM 2 INTEGRATED MONTE ALTO + CAMAÇARI SCOPING STUDY: GRADE, PROCESSING AND INFRASTRUCTURE ADVANTAGES DELIVER EXCEPTIONAL ECONOMICS World-leading grade advantage: Monte Alto Mineral Resource EsƟmate has a grade of 11.3% TREO, more than 2x the reported resource grades of the two established large-scale Western rare earth producers, giving BRE a structural advantage across mining intensity, processing scale, capital efficiency and operaƟng costs. Globally significant producƟon volumes: First 5-year producƟon rates of 6,351 tpa NdPr oxide, 274 tpa DyTb, 360 tpa gadolinium and 1,060 tpa yƩrium; BRE posiƟoned as a potenƟal leading global source of heavy rare earths for criƟcal industries including roboƟcs, defence, electric mobility and advanced manufacturing. Strategic uranium co-product excluded from study economics: Forecast U₃O₈ producƟon of 466 tpa on a LOM average basis provides a globally significant nuclear fuel co-product opportunity. Uranium revenue has been excluded from the Scoping Study economics at this point and will be assessed in future studies. Low-capex mine development: Monte Alto is designed as a compact, simple mine-site operaƟon using convenƟonal mining, crushing, screening and sensor-based ore sorƟng, with no chemical processing at the mine- site, quarry-scale throughput and upgraded feed transported to Camaçari for downstream processing. Strategically located refinery: High-grade feed from Monte Alto is planned to be processed at a refinery at the Camaçari Petrochemical Complex, leveraging established industrial infrastructure, uƟliƟes, chemical feedstock supply chains, logisƟcs, skilled labour and an exisƟng industrial regulatory seƫng. First-quarƟle cost posiƟon: Ultra-high grades, simple ore sorƟng, high yields, efficient logisƟcs, established infrastructure and low-temperature processing route posiƟon the Monte Alto + Camaçari development in the first quarƟle of Benchmark Mineral Intelligence’s global rare earth cost curve (US$21/kg NdPr equivalent). ExcepƟonal economics: Under Argus long-term EU/US price forecasts, Monte Alto is forecast to deliver aŌer-tax NPV8 of US$6.0 billion, aŌer-tax IRR of 90%, payback of 1.1 years, average annual OperaƟng FCF of US$1.2 billion and an NPV/capex raƟo of 6.2x. Carester technical partnership and HRE+ oŏake: BRE’s partnership with Carester strengthens downstream separaƟon execuƟon, supports process design, commissioning and ramp-up, and provides a binding 10-year European oŏake for BRE’s heavy rare earth product, linking the Project to Western supply chains. The Scoping Study is a preliminary technical economic assessment with an intended accuracy of approximately ±40%. The ProducƟon Target and forecast financial informaƟon derived from it are underpinned by approximately 75% Indicated Mineral Resources and 25% inferred Mineral Resources. Inferred Mineral Resources are considered too speculaƟve geologically to apply Modifying Factors in sufficient detail to support the esƟmaƟon of Ore Reserves, and there is no certainty that the ProducƟon Target, or the forecast economic outcomes derived from it, will be realised. The ProducƟon Target and forecast financial informaƟon in this report are extracted from BRE’s ASX announcement dated 18 August 2026 Ɵtled “Rocha da Rocha Scoping Study Update”. BRE confirms that all material assumpƟons underpinning the ProducƟon Target and the forecast financial informaƟon derived from it in the 18 August 2026 announcement conƟnue to apply and have not materially changed. Refer to that announcement for the full cauƟonary statement, material assumpƟons and funding disclosure.
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ASX Announcement 20 October 2026 | ASX-BRE WWW.BRAZILIANRAREEARTHS.COM 3 Monte Alto TREO Grade Compares Favourably to Selected Western Rare Earth Resources Note: Monte Alto represents a 3.40 Mt primary and residual Mineral Resource grading 11.3% TREO, comprising 2.51 Mt Indicated grading 12.7% TREO and 0.89 Mt Inferred grading 7.1% TREO. For data sources and detail, refer to Appendices B and C of BRE’s ASX announcement dated 18 Aug 2026. Monte Alto is reported under the JORC Code (2012); other resources are reported under different codes (including SEC S-K 1300 and CIM), which may not be directly comparable. The comparison is provided for context only and is not a like-for-like technical or economic comparison. Monte Alto Ultra-High Grades and High Yields Drive Low Processing Intensity Benchmark Mineral Intelligence – Global 2032 Rare Earths Cost Curve Source: Benchmark Mineral Intelligence, Q2 2026 Forecast and proprietary 2032 cost-curve dataset. The curve ranks assets included in Benchmark’s 2032 supply model by forecast C1 cash cost (US$/kg NdPr equivalent). Benchmark derives costs from public technical studies and primary research and normalises project stage, timing, production, grades, recoveries, strip ratios, foreign exchange and operating inputs. C1 includes mining, labour, beneficiation, hydrometallurgical processing and separation, transport, conversion to separated oxide and G&A. 11.3%5.3%4.1%2.6%2.1%0.12%BRE (Monte Alto)MP (Mtn. Pass)Lynas (Mt. Weld)Arafura (Nolans)Lindian (Kangankunde)USAR (Serra Verde)
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ASX Announcement 20 October 2026 | ASX-BRE WWW.BRAZILIANRAREEARTHS.COM 4 NEW HIGH-GRADE DRILLING RESULTS EXPAND MONTE ALTO BEYOND AUGUST 2026 MINERAL RESOURCE ESTIMATE Growth beyond current Mineral Resource: The Scoping Study was based on drilling available up to 22 February 2026. These results were not captured in the ProducƟon Target and could, subject to conversion into Mineral Resources and further studies, support mine life extension and/or increased annual producƟon. Extensions in three direcƟons: 10,000 m of new drilling delivers major ultra-high-grade extensions to the south and east/down dip and establishes a priority growth corridor to the north: Major southern high-grade extension: 25.6 m at 17.4% TREO from 174 m, including 8 m at 28.1% TREO from 189 m (MADD0230), extends the down-dip mineralised envelope to the south. Ultra-high-grade eastern/down-dip extension: 9.4 m at 21.8% TREO from 161.7 m, including 6.2 m at 25.4% TREO (MADD0093), confirms the eastern growth front remains open down dip. North emerges as a growth corridor: IniƟal high-grade results in the far-north cluster confirm REE-Nb-Sc-Ta- U mineralisaƟon; recent drill site access unlocks full target corridor for 1,400 m drill program. ExcepƟonal rare earth enrichment: NdPr grades up to 66,640 ppm (6.7%) plus heavy rare earth grades Dy2O3 up to 2,853 ppm and Tb4O7 up to 471 ppm, Y2O3 up to 27,077 ppm and Gd2O3 up to 3,348 ppm. High-grade co-products: Assays up to 10,986 ppm (1.1%) niobium oxide (Nb₂O₅), 318 ppm scandium oxide (Sc₂O₃), 610 ppm tantalum oxide (Ta₂O₅), and 4,443 ppm uranium oxide (U₃O₈). Further growth drilling underway: BRE is advancing the planned +5,000 m drilling campaign across the northern, southern and eastern growth fronts to conƟnue expanding the mineralised envelope. Upcoming resource update: Post-cut-off drilling will be incorporated into an updated Mineral Resource EsƟmate for Monte Alto in Q4 2026. Monte Alto Deposit Model Additions (View to the West)
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ASX Announcement 20 October 2026 | ASX-BRE WWW.BRAZILIANRAREEARTHS.COM 5 NEW HIGH-GRADE DISCOVERY EXPANDS SULISTA RARE EARTH DISTRICT New discovery at Sulista South: Stage 1 diamond drilling south of Sulista East intersected mulƟple stacked seams across 500 m of strike, up to 18 m true thickness and grades up to 13.3% TREO; mineralisaƟon remains open along strike and at depth. +4.5 km of exploraƟon corridor remains untested: The southern exploraƟon corridor beyond the new discovery offers substanƟal scope for further exploraƟon, with a diamond drilling campaign exceeding 10,000 m underway. Sulista East strike extended 430 m with step-outs: Diamond drilling has extended the Sulista East strike by 350 m north and 80 m south beyond the current Mineral Resource footprint, supporƟng assessment of potenƟal resource addiƟons. Infill strengthens confidence: Successful infill drilling at Sulista East has enhanced geological confidence in the conƟnuity of the main deposit, underpinning potenƟal Inferred-to-Indicated conversions. Upcoming resource esƟmate update: An updated Sulista Mineral Resource EsƟmate will be completed following the current step-out and infill drilling campaigns. Growth beyond the Scoping Study: Sulista was excluded from the Monte Alto + Camaçari Scoping Study. Sulista has the potenƟal to provide addiƟonal high-grade feed to the planned Camaçari processing hub, subject to further resource definiƟon and technical studies. Sulista South Discovery and Sulista East Expansion *The Sulista East Mineral Resource is comprised of 2.1 Mt of Indicated Mineral Resources at 2.6% TREO and 6.1 Mt of Inferred Mineral Resources at 2.0% TREO. Refer to BRE’s ASX announcement dated 13 August 2026 for full details. BRE confirms that it is not aware of any new information or data that materially affects the information included in that announcement and that all material assumptions and technical parameters underpinning the estimate continue to apply and have not materially changed.
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ASX Announcement 20 October 2026 | ASX-BRE WWW.BRAZILIANRAREEARTHS.COM 6 FIRST CONCENTRATE PRODUCED; HYDROMET PILOT CO-FUNDING SECURED Stage I pilot plant commissioned: First rare earth mineral concentrate produced at pilot plant located in Camaçari Petrochemical Complex, a partnership with SENAI CIMATEC and other partners, (Partnership Pilot Plant) moving BRE into bulk-scale metallurgical testwork for feasibility studies. PFS test work program advancing: Bulk test work programs progressing at the Partnership Pilot Plant, providing operaƟng data to refine processing design, equipment selecƟon and cost esƟmates. Monte Alto fast-track pathway: Stage I pilot results support the assessment of the potenƟal opportunity to fast track a development pathway for Monte Alto upgraded mineral concentrate exports, subject to further engineering and technical studies. Leading development partnership: SENAI CIMATEC, a leading Brazilian technology & research insƟtuƟon, will partner on the Stage II hydrometallurgical separaƟon of the Partnership Pilot Plant, with key equipment deliveries planned in 2026 ahead of planned commissioning in Q2 2027. Partner funding secured for Stage II: SENAI CIMATEC and partners will contribute R$6.4 million (~A$1.7 million) to fund the Stage II hydrometallurgical separaƟon at the Partnership Pilot Plant, which is 59% of the expected total capex and opex. The Stage II award brings total co-funding support for the Partnership Pilot Plant to R$14.6 million (~A$3.9 million). Specialist separaƟon and execuƟon support: Carester, the French rare earth separaƟon specialist, and BRE's heavy rare earth HRE+ oŏake partner, will lead the separaƟon workstream across the program and support engineering, design, and commissioning for BRE’s planned Camaçari rare earth refinery. Strategic co-product upside: Stage II piloƟng will test and validate uranium, scandium, niobium, Ɵtanium and tantalum recovery and commercialisaƟon pathways, assessing the potenƟal to lower net unit costs beyond the Scoping Study case forecast of US$21/kg NdPr equivalent and strengthen the cost advantage. Stage 1 Pilot Facility
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ASX Announcement 20 October 2026 | ASX-BRE WWW.BRAZILIANRAREEARTHS.COM 7 ALURION RESOURCES DEMERGER DELIVERS VALUE TO BRE SHAREHOLDERS A$50 million IPO funds development program: Alurion raised the maximum A$50 million before costs at A$1.05 per share, with demand exceeding the offer limit. The proceeds fund an expanded two-year program covering land access, studies, permiƫng, exploraƟon and other development acƟviƟes at Amargosa. Direct ownership delivered to shareholders: On 24 July 2026, eligible BRE shareholders received approximately 0.5607 Alurion shares per BRE share held. Shareholders also received priority access to Alurion’s IPO, with Alurion subsequently commencing ASX trading under the code ALU. Dedicated capital and management: The demerger gives Amargosa its own funding base and leadership team, allowing development to advance without compeƟng for BRE’s capital and management resources as BRE focuses on its rare earth and criƟcal mineral projects. Strategic exposure retained: BRE retained approximately 16% of Alurion following the IPO, comprising 39.0 million shares, preserving exposure to Amargosa’s future development and growth. Tax-efficient demerger confirmed: ATO Class Ruling CR 2026/66 confirms the availability of demerger roll-over relief for eligible shareholders and non-assessable, non-exempt treatment of the demerger dividend. Pre- demerger tax cost bases are apporƟoned 89.2% to BRE and 10.8% to the Alurion shares received. This is a summary only and does not consƟtute tax advice; shareholders should refer to the Class Ruling and seek independent advice. CORPORATE A$121.8 million in cash and cash equivalents on balance sheet at 30 September 2026. NEXT STEPS Advance drill campaigns across Monte Alto District and Sulista. Updated JORC Mineral Resource EsƟmate for the Monte Alto Deposit in Q4 2026. Updated JORC Mineral Resource EsƟmate for Sulista once step-out and infill drilling programs are complete. Advance a potenƟal fast-track Monte Alto concentrate sales project. Complete construcƟon of Stage II hydrometallurgical pilot plant, with commissioning targeted for Q2 2027. ConƟnue advancing commercialisaƟon strategies for uranium + co-products.
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ASX Announcement 20 October 2026 | ASX-BRE WWW.BRAZILIANRAREEARTHS.COM 8 This announcement has been authorised for release by the Managing Director and CEO. For more information, contact: Bernardo da Veiga, Managing Director and CEO Brazilian Rare Earths Limited bdv@brazilianrareearths.com Sign up to our investor alerts at brazilianrareearths.com/investor-centre
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ASX Announcement 20 October 2026 | ASX-BRE WWW.BRAZILIANRAREEARTHS.COM 9 FORWARD-LOOKING STATEMENTS AND INFORMATION This Announcement may contain “forward-looking statements” and “forward-looking information”, including statements and forecasts which include (without limitation) expectations regarding industry growth and other trend projections, forward-looking statements about BRE’s Projects, future strategies, results and outlook of BRE and the opportunities available to BRE. Often, but not always, forward-looking information can be identified by the use of words such as “plans”, “expects”, “is expected”, “is expecting”, “budget”, “outlook”, “scheduled”, "target", “estimates”, “forecasts”, “intends”, “anticipates”, or “believes”, or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might”, or “will” be taken, occur or be achieved. Such information is based on assumptions and judgments of BRE regarding future events and results. Readers are cautioned that forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, targets, performance or achievements of BRE to be materially different from any future results, targets, performance or achievements expressed or implied by the forward-looking information. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties, assumptions and other important factors, many of which are beyond the control of the Company, the Directors and management of the Company. Key risk factors associated with an investment in the Company are detailed in the Annual Report released to the ASX on 30 March 2026. These and other factors could cause actual results to differ materially from those expressed in any forward- looking statements. Forward-looking information and statements are (further to the above) based on the reasonable assumptions, estimates, analysis and opinions of BRE made on the perception of trends, current conditions and expected developments, as well as other factors that BRE believes to be relevant and reasonable in the circumstances at the date such statements are made, but which may prove to be incorrect. Although BRE believes that the assumptions and expectations reflected in such forward-looking statements and information (including as described in this Announcement) are reasonable, readers are cautioned that this is not exhaustive of all factors which may impact on the forward-looking information. The Company cannot and does not give assurances that the results, performance or achievements expressed or implied in the forward-looking information or statements detailed in this Announcement will actually occur and prospective investors are cautioned not to place undue reliance on these forward-looking information or statements. COMPETENT PERSONS STATEMENT The information in this announcement that relates to Exploration Results is extracted from the referenced ASX announcements (“Original ASX Announcements”) which are available to view at BRE’s website at www.brazilianrareearths.com. BRE confirms that a) it is not aware of any new information or data that materially affects the information included in the Original ASX Announcements; and b) the form and context in which the relevant Competent Persons findings are presented in this report have not been materially changed from the Original ASX Announcements. The information in this announcement that relates to the Monte Alto and Sulista Mineral Resource Estimates is extracted from BRE’s ASX announcement dated 13 August 2026 titled “BRE Scoping Study Supports First Quartile, Integrated Heavy Rare Earth Dominant Project with Leading Economic Returns” (which Mineral Resource Estimates were not affected by the 18 August 2026 update). Other than the drilling completed after the Mineral Resource cut-off dates, including the Exploration Results reported in BRE’s ASX announcements dated 26 August 2026 and 30 September 2026, which are being incorporated into updated Mineral Resource Estimate for Monte Alto, expected to be released shortly, BRE confirms that it is not aware of any new information or data that materially affects the information included in that announcement and that all material assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed. BRE confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement. The information in this announcement that relates to the Production Target and forecast financial information derived from it is extracted from BRE’s ASX announcement dated 18 August 2026 titled “Rocha da Rocha Scoping Study Update”. BRE confirms that all material assumptions underpinning the Production Target and the forecast financial information derived from it in that announcement continue to apply and have not materially changed.
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ASX Announcement 20 October 2026 | ASX-BRE WWW.BRAZILIANRAREEARTHS.COM 10 ASX – ADDITIONAL INFORMATION EXPLORATION PROPERTIES – ROCHA DA ROCHA PROJECT AREA BRE’s Rocha da Rocha Province consists of 79 granted exploration licences and 1 new application covering an area of approximately 938 km2 registered with ANM. A further 45 exploration licences (approximately 729 km2) comprising the Amargosa Bauxite-Gallium Project remain registered in the name of BRE’s subsidiary Borborema as holder of record, pending ANM registration of their assignment to Alurion under the Demerger; BRE holds no beneficial interest in these licences (refer Note 5 to Schedule 1). Refer to Schedule 1 for a full listing of exploration licences at 30 September 2026. During the quarter, the ANM registered the assignment of 1 exploration licence (870.027/2007) to Alurion. Borborema has applied for 1 new exploration licence (870.936/2026) during the quarter. There were no acquisitions or relinquishments completed during the quarter. APPENDIX 5B EXPLANATORY NOTES EXPLORATION EXPENDITURES During the quarter, BRE made the following payments for exploration activities: Activity A$’000 Technical studies 2,485 Personnel costs 4,961 Drilling expenses including labour 2,140 Field supplies, equipment rental, vehicles, travel and other costs 2,634 Assaying costs 868 Total quarterly exploration expenditures as reported in Appendix 5B 13,088 BRE made no payments for mine development or production activities during the quarter. RELATED PARTY PAYMENTS During the quarter BRE made the following payments to related party and their associates: Payments of A$406 thousand, comprised of executive directors’ remuneration, non-executive directors’ fees and consulting fees paid to a non-executive director, included in item 1.2(d). Related party advances of A$608 thousand to Alurion, which are included in item 2.3 and were repaid within the quarter. OTHER ITEMS Item 2.3 - Cash flows from loans to other enƟƟes (A$4,603 thousand): Comprises the repayment by Alurion of pre- IPO loans and related party advances, net of the A$608 thousand related party advances. Item 2.5 - Other invesƟng acƟviƟes (A$570 thousand): Comprises the cash held by Alurion at the demerger date on 24 July 2026 (A$450 thousand), and a land acquisiƟon advance of A$120 thousand held in escrow. Item 3.9 - Other financing acƟviƟes (A$383 thousand): Comprises lease payments for field properƟes and vehicles in Brazil, including the interest component.
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ASX Announcement 20 October 2026 | ASX-BRE WWW.BRAZILIANRAREEARTHS.COM 11 END NOTES The information contained in this announcement relating to BRE’s historical exploration results is extracted from, or was set out in, the following ASX announcements (Original ASX Announcements) which are available to view at BRE’s website at www.brazilianrareearths.com: 1. ASX Announcement dated 9 October 2025 “BRE Signs Rare Earths Offtake & Partnership with Carester”; 2. ASX Announcement dated 13 August 2026 “BRE Scoping Study Supports First Quartile, Integrated Heavy Rare Earth Dominant Project with Leading Economic Returns”; 3. ASX Announcement dated 18 August 2026 “Rocha da Rocha Scoping Study Update”; 4. ASX Announcement dated 26 August 2026 “Ultra-High-Grade Drilling Materially Expands Monte Alto”; 5. ASX Announcement dated 8 September 2026 “BRE Commissions Pilot Plant and Secures Stage II Co-Funding”; 6. ASX Announcement dated 11 September 2026 “ATO Confirms Tax Treatment of Alurion Resources Demerger”; and 7. ASX Announcement dated 30 September 2026 “New High-Grade Discovery Expands Sulista Rare Earth District”. Other than as stated in the Competent Persons Statement in relation to the Mineral Resource Estimates, BRE confirms that (a) it is not aware of any new information or data that materially affects the information included in the Original ASX Announcements and (b) the form and context in which the relevant Competent Persons findings are presented in this report have not been materially changed from the Original ASX Announcements. No Mineral Resource Estimate has yet been declared for Velhinhas or Sulista South.
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ASX Announcement 20 October 2026 | ASX-BRE WWW.BRAZILIANRAREEARTHS.COM 12 APPENDIX A: BRE RARE EARTH EXPLORATION PROJECTS2 2 Refer BRE’s Prospectus dated 13 November 2023 and ASX Announcements dated 22 January 2024, 1 February 2024, 25 March 2024, 6 June 2024, 11 June 2024, 26 August 2024, 8 October 2024, 23 October 2024, 12 December 2024, 21 January 2025, 26 March 2025, 14 April 2025, 29 May 2025, 2 September 2025, 16 September 2025, 3 October 2025, 9 October 2025, 14 October 2025, 11 December 2025, 18 February 2026, 11 March 2026, 25 March 2026, 11 June 2026, 15 July 2026, 13 August 2026, 26 August 2026 and 30 September 2026 (“Original ASX Announcements”). The Company is not aware of any new informaƟon or data that materially affects the informaƟon contained in the Prospectus or the Original ASX Announcements.
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ASX Announcement 20 October 2026 | ASX-BRE WWW.BRAZILIANRAREEARTHS.COM 13 APPENDIX B: BRE’S MINERAL PORTFOLIO CONTAINS 19 OF THE EU (+U.S.) CRITICAL MINERALS Source: Study on the Critical Raw Materials for the EU 2023. Note: Bubble size represents the product of the Supply Risk and Economic Importance factors. Aluminium/BauxiteGalliumDysprosiumErbiumEuropiumGadoliniumHolmiumLutetiumTerbiumThuliumYtterbiumYttriumCeriumLanthanumNeodymiumPraseodymiumSamariumNiobiumScandiumTantalumAntimonyArsenicBerylliumBoronCobaltCoking CoalCopperFeldsparFluorsparGermaniumGoldGypsumIron OreLeadLimestoneLithiumManganeseMolybdenumGraphiteNickelPalladiumPlatinumPhosphatePotashSilicaSiliconSilverTinTitaniumTungstenVanadiumZincZirconium-1.02.03.04.05.06.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0Supply RiskEconomic ImportanceEU Critical Raw Materials Held by BREOther EU Critical Raw Materials
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ASX Announcement 20 October 2026 | ASX-BRE WWW.BRAZILIANRAREEARTHS.COM 14 Schedule 1 Exploration Permits at 30 September 2026 Details of the granted exploration tenements at 30 September 2026 are included in the table below. During the quarter, the ANM registered the assignment of 1 exploration licence (870.027/2007) to Alurion. Borborema has applied for 1 new exploration licence (870.936/2026) during the quarter. There were no acquisitions or relinquishments completed during the quarter. Permit Number Permit Type Area (ha) Interest Acquired Notes during quarter (Yes, if acquired) Alpha Minerals Brazil Participações Ltda. 870.483/2017, 870.484/2017, 870.717/2017, 870.726/2016, 870.727/2016, 870.728/2016, 870.899/2017, 870.900/2017, 870.906/2017, 870.912/2017, 871.042/2021, 871.144/2021, 871.164/2021, 871.243/2021, 871.394/2017, 871.395/2017, 871.218/2018, 870.685/2025 Exploration Permits 20,398.72 100% 2 Borborema Recursos Minerais Ltda. 871.953/2024, 870.683/2021, 870.684/2021, 870.685/2021, 870.687/2021, 870.688/2021, 870.689/2021, 870.690/2021, 870.691/2021, 870.693/2021, 870.772/2021, 872.265/2021, 872.266/2021, 870.694/2021, 871.928/2022, 871.929/2022, 871.931/2022, 871.998/2024, 871.996/2024, 871.951/2024, 871.952/2024, 871.997/2024, 871.671/2024, 871.663/2024, 870.409/2017, 871.103/2016, 870.730/2016, 872.549/2015, 870.008/2015, 872.651/2013, 870.003/2013, 870.002/2013, 870.004/2013, 870.930/2011, 872.712/2023, 872.711/2023, 871.914/2023, 871.948/2023, 872.710/2023, 872.631/2023, 870.936/2026 Exploration Permits 43,901.17 100% 1, 6, 7 Borborema Recursos Minerais Ltda. - holder of record (assignment to Alurion Recursos Estratégicos Ltda. pending ANM registration) 870.314/2007, 870.724/2010, 872.947/2007, 873.880/2007, 872.703/2008, 871.239/2010, 870.024/2007, 870.026/2007, 874.320/2007, 871.439/2004, 873.212/2006, 873.213/2006, 871.438/2004, 870.532/2007, 870.826/2004, 872.568/2005, 870.827/2004, 870.534/2007, 870.713/2007, 870.714/2007, 873.776/2006, 870.025/2007, 870.029/2007, 870.174/2007, 873.777/2006, 872.563/2005, 873.244/2006, 870.536/2007, 870.539/2007, 870.585/2008, 870.540/2007, 870.541/2007, 870.545/2007, 870.544/2007, 870.877/2007, 870.879/2007, 872.970/2010, 872.480/2009, 870.880/2007, 870.882/2007, 873.398/2008, 870.890/2007, 870.888/2007, 870.898/2007, 870.900/2007 Exploration Permits 72,876.19 Nil beneficial interest (holder of record – Note 5) 5 Jequié Mineração Ltda. 870.695/2021, 870.696/2021, 870.697/2021, 870.698/2021, 870.699/2021, 870.700/2021, 870.773/2021, 870.774/2021, 870.779/2021, 870.780/2021 Exploration Permits 11,490.25 100% 1 Pro Flora Agroflorestal 871.746/2017 Exploration Permit 1,885.37 100% 4 R. E. 17 Mineração 870.725/2016 Exploration Permits 861.88 100% 3
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ASX Announcement 20 October 2026 | ASX-BRE WWW.BRAZILIANRAREEARTHS.COM 15 Ubaíra Mineração Ltda 870.664/2021, 870.665/2021, 870.666/2021, 870.667/2021, 870.668/2021, 870.669/2021, 870.680/2021, 870.681/2021, 870.682/2021 Exploration Permits 15,284.12 100% 1 Notes: 1. Each of Borborema Recursos Minerais Ltda., Ubaíra Mineração Ltda. and Jequié Mineração Ltda. is a wholly owned subsidiary of BRE. 2. Borborema Recursos Minerais Ltda. (“Borborema”) has entered into a legally binding agreement to acquire sixteen mineral exploration permits from Alpha Minerals Brazil Participações Ltda. (“Alpha”). Borborema has paid to Alpha the consideration for these exploration permits and a request for the assignment of the exploration permits to Borborema has been lodged with the ANM. 3. During the March 2024 quarter, Borborema acquired and exercised the option to acquire the eleven exploration licences comprising the Sulista Rare Earths Project. Borborema has paid to the vendors of the Sulista Rare Earths Project the consideration for these exploration permits and a request for the assignment of the exploration permits to Borborema has been lodged with the ANM. 4. Borborema entered into an agreement to acquire the exploration permits during the March 2024 quarter. Borborema has paid to the vendors of the exploration permits the consideration for these exploration permits and a request for the assignment of the exploration permits to Borborema has been lodged with the ANM 5. Alurion Recursos Estratégicos Ltda (Alurion Recursos) is a wholly owned subsidiary of Alurion Resources Limited (Alurion). It was incorporated during the September 2025 quarter as a wholly owned subsidiary of Brazilian Rare Earths Limited and was transferred to Alurion under the Demerger Deed dated 28 May 2026. Under the Demerger, Borborema (holder of the Amargosa tenements), agreed to assign all 46 exploration permits to Alurion Recursos. Under the Brazilian Mining Code (article 22, I and I-A of Decree-Law 227/67, articles 42 and 44 of Decree 9.406/2018) and the procedure set out in Portaria DNPM 155/2016, an assignment of exploration rights takes effect only once the ANM has registered the transfer. Until the ANM publishes the registration, Borborema remains the holder of record and all filings in each process continue to be made in its name. During the quarter the ANM approved and published the assignment of one exploration permit - 870.027/2007 (covering 1,947.3 ha) which is now held of record by Alurion Recursos. The remaining 45 exploration permits are still under ANM review at 30 September 2026 and cover 72,876.19 ha. 6. During the December 2025 quarter, Borborema lodged negative final exploration reports with the ANM to relinquish 154 tenements. The relinquishment of 74 tenements (covering 125,249.83 ha) was completed in the December quarter with relinquishments of a further 75 tenements completed in the March 2026 quarter (covering 136,546.56 ha). As at 30 September 2026, 5 tenements remained in process (covering 6,711.24 ha). Only completed relinquishments have been removed from the disclosure. 7. Borborema has applied for 1 new exploration licence (870.936/2026) during the quarter.
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ASX Announcement 20 October 2026 | ASX-BRE WWW.BRAZILIANRAREEARTHS.COM 16 Schedule 2 Appendix 5B: Mining exploration entity quarterly cash flow report Name of entity BRAZILIAN RARE EARTHS LIMITED ABN Quarter ended (“current quarter”) 88 649 154 870 30 SEPTEMBER 2026 Consolidated statement of cash flows Current quarter $A’000 Year to date (9 months) $A’000 1. Cash flows from operating activities 1.1 Receipts from customers 1.2 Payments for (a) exploration & evaluation (13,088) (38,055) (b) development - - (c) production - - (d) staff costs (524) (2,138) (e) administration and corporate costs (2,418) (4,044) 1.3 Dividends received (see note 3) - - 1.4 Interest received 1,764 5,446 1.5 Interest and other costs of finance paid (27) (41) 1.6 Income taxes paid - - 1.7 Government grants and tax incentives - - 1.8 Other (provide details if material) - - 1.9 Net cash from / (used in) operating activities (14,293) (38,832) 2. Cash flows from investing activities - - 2.1 Payments to acquire or for: (a) entities (b) tenements - - (c) property, plant and equipment (2,566) (3,628) (d) exploration & evaluation - - (e) investments - - (f) other non-current assets - - 2.2 Proceeds from the disposal of: - - (a) entities (b) tenements - - (c) property, plant and equipment - - (d) investments - 25,462 (e) other non-current assets - -
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ASX Announcement 20 October 2026 | ASX-BRE WWW.BRAZILIANRAREEARTHS.COM 17 Consolidated statement of cash flows Current quarter $A’000 Year to date (9 months) $A’000 2.3 Cash flows from loans to other entities 4,603 4,603 2.4 Dividends received (see note 3) - - 2.5 Other (provide details if material) (570) (570) 2.6 Net cash from / (used in) investing activities 1,467 25,867 3. Cash flows from financing activities - - 3.1 Proceeds from issues of equity securities (excluding convertible debt securities) 3.2 Proceeds from issue of convertible debt securities - - 3.3 Proceeds from exercise of options - - 3.4 Transaction costs related to issues of equity securities or convertible debt securities (34) (821) 3.5 Proceeds from borrowings - - 3.6 Repayment of borrowings - - 3.7 Transaction costs related to loans and borrowings - - 3.8 Dividends paid - - 3.9 Other (provide details if material) (383) (1,348) 3.10 Net cash from / (used in) financing activities (417) (2,169) 4. Net increase / (decrease) in cash and cash equivalents for the period 4.1 Cash and cash equivalents at beginning of period 135,093 136,903 4.2 Net cash from / (used in) operating activities (item 1.9 above) (14,293) (38,832) 4.3 Net cash from / (used in) investing activities (item 2.6 above) 1,467 25,867 4.4 Net cash from / (used in) financing activities (item 3.10 above) (417) (2,169) 4.5 Effect of movement in exchange rates on cash held (16) 65 4.6 Cash and cash equivalents at end of period 121,834 121,834
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ASX Announcement 20 October 2026 | ASX-BRE WWW.BRAZILIANRAREEARTHS.COM 18 5. Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts Current quarter $A’000 Previous quarter $A’000 5.1 Bank balances 36,098 54,705 5.2 Call deposits 85,736 80,388 5.3 Bank overdrafts - - 5.4 Other (provide details) - - 5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above) 121,834 135,093 6. Payments to related parties of the entity and their associates Current quarter $A'000 6.1 Aggregate amount of payments to related parties and their associates included in item 1 406 6.2 Aggregate amount of payments to related parties and their associates included in item 2 608 Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments. 7. Financing facilities Note: the term “facility’ includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity. Total facility amount at quarter end $A’000 Amount drawn at quarter end $A’000 7.1 Loan facilities - - 7.2 Credit standby arrangements - - 7.3 Other (please specify) - - 7.4 Total financing facilities - - 7.5 Unused financing facilities available at quarter end - 7.6 Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well. Not applicable
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ASX Announcement 20 October 2026 | ASX-BRE WWW.BRAZILIANRAREEARTHS.COM 19 8. Estimated cash available for future operating activities $A’000 8.1 Net cash from / (used in) operating activities (item 1.9) (14,293) 8.2 (Payments for exploration & evaluation classified as investing activities) (item 2.1(d)) - 8.3 Total relevant outgoings (item 8.1 + item 8.2) (14,293) 8.4 Cash and cash equivalents at quarter end (item 4.6) 121,834 8.5 Unused finance facilities available at quarter end (item 7.5) - 8.6 Total available funding (item 8.4 + item 8.5) 121,834 8.7 Estimated quarters of funding available (item 8.6 divided by item 8.3) 8.5 Note: if the entity has reported positive relevant outgoings (i.e. a net cash inflow) in item 8.3, answer item 8.7 as “N/A”. Otherwise, a figure for the estimated quarters of funding available must be included in item 8.7. 8.8 If item 8.7 is less than 2 quarters, please provide answers to the following questions: 8.8.1 Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not? Answer: Not applicable 8.8.2 Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful? Answer: Not applicable 8.8.3 Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis? Answer: Not applicable Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2 and 8.8.3 above must be answered. Compliance statement 1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A 2 This statement gives a true and fair view of the matters disclosed Date: 20 October 2026 Authorised by: Managing Director and CEO