Brazilian Critical Minerals Delivers Strong Ema Bankable Feasibility Study

Brazilian Critical Minerals (ASX: BCM) has completed a bankable feasibility study (BFS) for its 100%-owned Ema rare earth project in south-eastern Amazonas, Brazil.

The study outlines a post-tax net present value (NPV) of US$1.47 billion and a post-tax internal rate of return (IRR) of 105% under base case pricing.

Stage 1 development capital has been estimated at US$74 million, including a 14.4% contingency and an on-site carbon capture and storage system.

BCM has forecast a six-month payback period from first production and life-of-mine C1 operating costs of US$8.84 per kilogram of total rare earth oxides (TREO).

The company will use the BFS to support project financing, permitting, and a disciplined pathway toward a final investment decision (FID).

Low-Cost Development Plan

The BFS outlines a 20-year operation producing an average of 5,500 tonnes per annum TREO and 1,900tpa of magnet rare earth oxides (MREO).

BCM expects Ema to produce a single mixed rare earth carbonate (MREC) product averaging approximately 52% TREO over the life of mine.

Stage 1 will be developed across the first two years before a planned Stage 2 expansion doubles processing capacity and lifts the project toward full nameplate output in year four.

Stage 2 capital has been estimated at US$27m, while the base case uses an average life-of-mine neodymium-praseodymium (NdPr) price of US$108/kg.

ISR Model Design

Ema is designed as an in-situ recovery (ISR) operation targeting ionic clay-hosted rare earth mineralisation.

The development model uses magnesium sulphate as a lixiviant to desorb rare earth elements into solution before pregnant leach solution is recovered and processed into MREC.

BCM considers ISR central to Ema’s low capital intensity because the approach avoids conventional open pit mining, waste-rock dumps, and tailings storage facilities.

The BFS also incorporates an on-site carbon capture and storage unit designed to recover carbon dioxide from diesel generator off-gas and use it to make magnesium bicarbonate for the process circuit.

Resource Growth and Expansion

The BFS draws on the April 2026 Ema mineral resource estimate of 1.071 billion tonnes at 732 parts per million TREO for 785,436t of contained TREO.

The production target includes 16% Inferred resources, with BCM confirming no ore reserve has been calculated for the study.

The project comprises the Ema and Ema East tenement areas across approximately 189 square kilometres of prospective felsic volcanic terrain.

BCM has explored only 45% of the tenement area to date, leaving potential for further resource growth and staged expansion beyond the initial development plan.

Globally Significant Opportunity

Managing director Andrew Reid said the BFS strengthened BCM’s view of Ema as a globally significant rare earth development opportunity.

“The study highlights a combination of low capital intensity, low operating costs, strong projected cashflow generation and robust financial returns, positioning Ema favourably amongst both existing producers and emerging rare earth projects worldwide,” he said.

“Importantly, these outcomes are underpinned by the successful application of ISR, a development approach that significantly reduces mining intensity, lowers infrastructure requirements, and provides a scalable lower-risk pathway to long-term production.”

“Beyond the financial metrics, the study confirms Ema's strategic importance as a potential long-term source of magnet rare earths outside China at a time when governments, manufacturers, and downstream processors are increasingly focused on securing diversified supply chains.”

“The completion of this study is not the end point for Ema, but rather the beginning of what we believe can become one of the world's most significant ionic clay rare earth developments outside of China.”