Rio Tinto, Brazilian Rare Earths amend Amargosa Tenement acquisition agreement

Brazilian Rare Earths has entered into a binding agreement with Rio de Contas Desenvolvimentos Minerais to amend the Amargosa Tenement Acquisition Agreement. Amargosa is an advanced stage, large-scale bauxite project acquired from Rio Tinto (RIO) in 2023, adjacent to select BRE rare earth tenements in Bahia, Brazil; The large-scale bauxite project benefits from over 10 years of exploration by Rio Tinto, including 56,919 metres of drilling across 4,257 holes and detailed geological data sets; Exploration to date has confirmed thick, high-grade bauxite zones from surface, including intercepts such as 27.5 metres at 51.3% total available alumina content with low levels of reactive silica and iron; BRE and Rio Tinto have signed a binding agreement to replace the existing US$40m bauxite milestone payment at the Amargosa Bauxite Project with a fixed US$1.00/wet tonne royalty on future bauxite sales. High-Grade Gallium Discovery: BRE has re-assayed 1,275 Rio Tinto bauxite samples collected at the Pele Bauxite Project; New, high-grade gallium discovery confirmed with exceptional grades of up to 190 ppm Ga2O3, with a mean grade of 75 ppm Ga2O3; These assay results place Amargosa among the highest-grade undeveloped gallium prospects globally, with the potential to deliver strategic gallium supply amid ongoing geopolitical disruptions to global gallium markets. Amargosa Bauxite-Gallium Project Development: Given the potential scale and quality of the bauxite-gallium prospects, BRE will rapidly advance the Amargosa bauxite-gallium project, and has engaged RPM Global to accelerate development activities for a JORC-compliant Mineral Resource Estimate and Scoping Study; Amargosa is strategically positioned to supply seaborne bauxite and gallium markets facing rising demand and geopolitical risks.