# Brazilian Rare Earths Scoping Study Results Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/brazilian-rare-earths-scoping-study-results--2809ebbf-ff45-424d-9b70-08728a790523 Original source: https://www.globenewswire.com/news-release/2026/08/19/3347592/0/en/brazilian-rare-earths-scoping-study-results.html Publisher: globenewswire Original announcement: 2026-08-19T00:00:00.000Z Analysis by Minestarters Atlas Atlas analysis published: Unknown date Atlas analysis updated: Unknown date - Company: Brazilian Rare Earths Limited - Ticker: BRE - Exchange: Unavailable - Region: Unavailable - Primary commodity: Rare earths - Secondary commodities: Uranium, Dysprosium, Terbium, Samarium, Gadolinium, Yttrium - Document categories: Resource update, Production - Extracted: 2026-09-12 02:32:04 UTC Narrative sentiment: 0.90 · Bullish ## Minestarters Atlas summary Brazilian Rare Earths has announced exceptional results from its Monte Alto + Camaçari scoping study, highlighting a world-leading 11.3% TREO resource grade. The study forecasts globally significant annual production of NdPr oxide and HRE+ concentrate, alongside a strategic uranium co-product. Project economics are robust, with an after-tax NPV8 of US$6.0 billion and an IRR of 90%, supported by low capital expenditure and a first-quartile cost position. Reasoning: The scoping study for the Monte Alto + Camaçari project reveals exceptional economics, including a US$6.0 billion NPV and 90% IRR, driven by a world-leading 11.3% TREO resource grade and significant forecast production of critical rare earth elements. The project benefits from low capital and operating costs, a strategic uranium co-product, and a binding European offtake agreement, positioning Brazilian Rare Earths as a major global supplier, despite the preliminary nature of the study and some undisclosed resource parameters. - Positive factor: high\_grade\_resource - Positive factor: globally\_significant\_production\_forecast - Positive factor: robust\_project\_economics - Positive factor: low\_capex\_development - Positive factor: first\_quartile\_cost\_position - Positive factor: strategic\_co\_product - Positive factor: offtake\_agreement\_secured - Positive factor: exploration\_upside - Negative factor: scoping\_study\_level\_estimate - Negative factor: uranium\_revenue\_excluded\_from\_economics - Negative factor: resource\_cut\_off\_undisclosed - Negative factor: no\_qp\_cp\_disclosure Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 10 ## Classification and evidence **High Grade** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: The Monte Alto project is endowed with a Mineral Resource Estimate grade of approximately 11.3% TREO, which is described as world-leading. Evidence · text > World-leading rare earth grade advantage: Monte Alto is endowed with a Mineral Resource Estimate grade of approximately 11.3% TREO **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: The Mineral Resource Estimate includes 0.89 Mt of Inferred Mineral Resources, which is a lower confidence category. Evidence · text > 0.89 Mt of Inferred Mineral Resources grading 7.1% TREO **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: The document does not explicitly state the cut-off grade used for the Mineral Resource Estimate. Evidence · text > Monte Alto’s 3.40 Mt primary and residual Mineral Resource grading 11.3% TREO comprises 2.51 Mt of Indicated Mineral Resources grading 12.7% TREO and 0.89 Mt of Inferred Mineral Resources grading 7.1% TREO. **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: The release does not explicitly name a Qualified Person or Competent Person who signed off on the resource estimate. Evidence · text > Brazilian Rare Earths is pleased to report the exceptional results of the Monte Alto + Camacerai scoping study. **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: The document presents the results of a 'Scoping Study', which is a preliminary economic assessment. Evidence · text > Brazilian Rare Earths Scoping Study Results **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The document provides details of a Mineral Resource Estimate, which is part of the scoping study. Evidence · text > Monte Alto is endowed with a Mineral Resource Estimate grade of approximately 11.3% TREO **Low Capex** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: The project is described as having 'Low-capex mine development' with a total capex to first production of US$969 million. Evidence · text > Low-capex mine development **Low Operating Costs** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: The project is positioned in the 'first quartile of Benchmark Mineral Intelligence’s global rare earth cost curve'. Evidence · text > First-quartile global cost position **Offtake Agreement** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: The company has secured a 'binding 10-year European offtake pathway for BRE’s heavy rare earth product'. Evidence · text > binding 10-year European offtake pathway for BRE’s heavy rare earth product **Strategic Partnership** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: BRE’s partnership with Carester is highlighted as strengthening downstream separation execution and supporting process design. Evidence · text > BRE’s partnership with Carester strengthens downstream separation execution **Exploration Upside** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: The Monte Alto project 'remains open along strike and at depth' with recent drilling returning significant additional high-grade mineralisation. Evidence · text > Monte Alto remains open along strike and at depth, with recently announced drilling completed after the 22 February 2026 Mineral Resource cut-off date already returning significant additional high-grade mineralisation. ## Extracted facts Stored fact records: 10. Some facts used in scoring do not have a stored record. ## Resource Estimates (10) ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/brazilian-rare-earths-scoping-study-results--2809ebbf-ff45-424d-9b70-08728a790523#fact-resource-facts-0) Monte Alto · rare\_earths #### Identity - Project: Monte Alto - Commodity: rare\_earths - Ticker: BRE #### Resource scope - Estimate type: resource - Resource group id: resource:0dcb5d746104b39d9320 #### Resource Data - Category: indicated - Tonnes: 2510000 - Grade: 12.7 - Grade Unit: % #### Prior Estimate - Resource Date: 2026-02-22 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-08-19T00:00:00.000Z Reasoning: The Indicated Mineral Resource shows a high TREO grade and significant tonnage, providing a strong foundation for the project, though cut-off grade and QP/CP disclosure are missing. - Positive factor: high\_grade - Positive factor: significant\_tonnage - Negative factor: cut\_off\_undisclosed - Negative factor: no\_qp\_cp\_disclosure Evidence · text > 2.51 Mt of Indicated Mineral Resources grading 12.7% TREO #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/brazilian-rare-earths-scoping-study-results--2809ebbf-ff45-424d-9b70-08728a790523#fact-resource-facts-1) Monte Alto · rare\_earths #### Identity - Project: Monte Alto - Commodity: rare\_earths - Ticker: BRE #### Resource scope - Estimate type: resource - Resource group id: resource:aa0ea03af3be2f632e77 #### Resource Data - Category: inferred - Tonnes: 890000 - Grade: 7.1 - Grade Unit: % #### Prior Estimate - Resource Date: 2026-02-22 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-08-19T00:00:00.000Z Reasoning: The Inferred Mineral Resource contributes to the overall resource base but carries lower geological confidence, and cut-off grade and QP/CP disclosure are missing. - Positive factor: adds\_to\_resource\_base - Negative factor: inferred\_category - Negative factor: cut\_off\_undisclosed - Negative factor: no\_qp\_cp\_disclosure Evidence · text > 0.89 Mt of Inferred Mineral Resources grading 7.1% TREO #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### Fact 3 [Link to this fact](https://atlas-extractions.minestarters.com/news/brazilian-rare-earths-scoping-study-results--2809ebbf-ff45-424d-9b70-08728a790523#fact-resource-facts-2) Monte Alto + Camaçari · neodymium\_praseodymium #### Identity - Project: Monte Alto + Camaçari - Commodity: neodymium\_praseodymium - Ticker: BRE #### Resource scope - Resource group id: resource:b235de5cc3a0c65351fb #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-08-19T00:00:00.000Z Reasoning: Forecasted NdPr oxide production is globally significant, positioning the project as a major supplier of critical magnet materials, though it is a scoping study level estimate. - Positive factor: globally\_significant\_production - Positive factor: key\_magnet\_material - Negative factor: scoping\_study\_level\_forecast Evidence · table > 5,661 Context: NdPr Oxide Avg. Annual Production #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### Fact 4 [Link to this fact](https://atlas-extractions.minestarters.com/news/brazilian-rare-earths-scoping-study-results--2809ebbf-ff45-424d-9b70-08728a790523#fact-resource-facts-3) Monte Alto + Camaçari · rare\_earths #### Identity - Project: Monte Alto + Camaçari - Commodity: rare\_earths - Ticker: BRE #### Resource scope - Resource group id: resource:b235de5cc3a0c65351fb #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-08-19T00:00:00.000Z Reasoning: Forecasted HRE+ concentrate production represents a major new source of supply-constrained heavy rare earths, though it is a scoping study level estimate. - Positive factor: major\_heavy\_rare\_earth\_source - Positive factor: supply\_constrained\_material - Negative factor: scoping\_study\_level\_forecast Evidence · table > 2,233 Context: HRE+ Con. Avg. Annual Production #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### Fact 5 [Link to this fact](https://atlas-extractions.minestarters.com/news/brazilian-rare-earths-scoping-study-results--2809ebbf-ff45-424d-9b70-08728a790523#fact-resource-facts-4) Monte Alto + Camaçari · uranium #### Identity - Project: Monte Alto + Camaçari - Commodity: uranium - Ticker: BRE #### Resource scope - Resource group id: resource:b235de5cc3a0c65351fb #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-08-19T00:00:00.000Z Reasoning: Uranium production provides a strategic co-product and future value pathway, but its revenue is currently excluded from the study economics. - Positive factor: strategic\_co\_product - Positive factor: future\_value\_pathway - Negative factor: revenue\_excluded\_from\_economics - Negative factor: scoping\_study\_level\_forecast Evidence · table > 466 Context: U₃O₈ Avg. Annual Production #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### Fact 6 [Link to this fact](https://atlas-extractions.minestarters.com/news/brazilian-rare-earths-scoping-study-results--2809ebbf-ff45-424d-9b70-08728a790523#fact-resource-facts-5) Monte Alto + Camaçari · dysprosium #### Identity - Project: Monte Alto + Camaçari - Commodity: dysprosium - Ticker: BRE #### Resource scope - Resource group id: resource:b235de5cc3a0c65351fb #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-08-19T00:00:00.000Z Reasoning: Forecasted production of this critical heavy rare earth contributes to the overall value of the HRE+ concentrate, though it is a scoping study level estimate. - Positive factor: critical\_heavy\_rare\_earth\_production - Negative factor: scoping\_study\_level\_forecast Evidence · table > 205 Context: Dysprosium Avg. Annual Production #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### Fact 7 [Link to this fact](https://atlas-extractions.minestarters.com/news/brazilian-rare-earths-scoping-study-results--2809ebbf-ff45-424d-9b70-08728a790523#fact-resource-facts-6) Monte Alto + Camaçari · terbium #### Identity - Project: Monte Alto + Camaçari - Commodity: terbium - Ticker: BRE #### Resource scope - Resource group id: resource:b235de5cc3a0c65351fb #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-08-19T00:00:00.000Z Reasoning: Forecasted production of this critical heavy rare earth contributes to the overall value of the HRE+ concentrate, though it is a scoping study level estimate. - Positive factor: critical\_heavy\_rare\_earth\_production - Negative factor: scoping\_study\_level\_forecast Evidence · table > 40 Context: Terbium Avg. Annual Production #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### Fact 8 [Link to this fact](https://atlas-extractions.minestarters.com/news/brazilian-rare-earths-scoping-study-results--2809ebbf-ff45-424d-9b70-08728a790523#fact-resource-facts-7) Monte Alto + Camaçari · samarium #### Identity - Project: Monte Alto + Camaçari - Commodity: samarium - Ticker: BRE #### Resource scope - Resource group id: resource:b235de5cc3a0c65351fb #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-08-19T00:00:00.000Z Reasoning: Forecasted production of this critical heavy rare earth contributes to the overall value of the HRE+ concentrate, though it is a scoping study level estimate. - Positive factor: critical\_heavy\_rare\_earth\_production - Negative factor: scoping\_study\_level\_forecast Evidence · table > 504 Context: Samarium Avg. Annual Production #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### Fact 9 [Link to this fact](https://atlas-extractions.minestarters.com/news/brazilian-rare-earths-scoping-study-results--2809ebbf-ff45-424d-9b70-08728a790523#fact-resource-facts-8) Monte Alto + Camaçari · gadolinium #### Identity - Project: Monte Alto + Camaçari - Commodity: gadolinium - Ticker: BRE #### Resource scope - Resource group id: resource:b235de5cc3a0c65351fb #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-08-19T00:00:00.000Z Reasoning: Forecasted production of this critical heavy rare earth contributes to the overall value of the HRE+ concentrate, though it is a scoping study level estimate. - Positive factor: critical\_heavy\_rare\_earth\_production - Negative factor: scoping\_study\_level\_forecast Evidence · table > 321 Context: Gadolinium Avg. Annual Production #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### Fact 10 [Link to this fact](https://atlas-extractions.minestarters.com/news/brazilian-rare-earths-scoping-study-results--2809ebbf-ff45-424d-9b70-08728a790523#fact-resource-facts-9) Monte Alto + Camaçari · yttrium #### Identity - Project: Monte Alto + Camaçari - Commodity: yttrium - Ticker: BRE #### Resource scope - Resource group id: resource:b235de5cc3a0c65351fb #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-08-19T00:00:00.000Z Reasoning: Forecasted production of this critical heavy rare earth contributes to the overall value of the HRE+ concentrate, though it is a scoping study level estimate. - Positive factor: critical\_heavy\_rare\_earth\_production - Negative factor: scoping\_study\_level\_forecast Evidence · table > 947 Context: Yttrium Avg. Annual Production #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.