BCM’s Ema Project Hits 3,510 ppm TREO in Field Trials, US$55M CAPEX Confirmed

Exceptional Field Trial Results

Brazilian Critical Minerals Ltd (ASX – BCM) has announced a significant milestone in its rare earth element (REE) development with the release of final laboratory results from in-situ recovery (ISR) pilot field trials at the Ema project in Brazil. The trials delivered exceptionally high grades of rare earths in the pregnant leach solution (PLS), peaking at 3,510 parts per million (ppm) total rare earth oxides (TREO), with magnet rare earth elements (MREO) consistently averaging 40% of the TREO content. This composition is notable for its high concentration of key magnet elements such as neodymium, praseodymium, dysprosium, and terbium, which are critical for permanent magnets used in electric vehicles and renewable energy technologies.

Low-Cost, Efficient Leaching Process

The field trials employed a simple and environmentally friendly magnesium sulfate (MgSO4) leaching agent, achieving rapid and efficient extraction of rare earths directly from the clay-hosted mineralisation. This method contrasts with traditional mining approaches that often require complex processing and higher capital investment. BCM’s approach has demonstrated that high-grade rare earths can be economically leached in situ, supporting a low capital expenditure (CAPEX) of just US$55 million as outlined in the company’s February 2025 scoping study.

Strong Economic Prospects

With a net present value (NPV) of US$498 million calculated at a NdPr price of US$74 per kilogram, the Ema project stands out as a potentially lucrative source of critical minerals. The high-grade PLS results from the field trials closely mirror prior laboratory column tests conducted by ANSTO, reinforcing confidence in the scalability and reliability of the ISR process. The presence of samarium at around 100 ppm, representing over 5% of TREO, adds strategic value given its use in defense and aerospace magnet applications.

Next Steps and Market Implications

Following these successful trials, BCM is advancing its bankable feasibility study, engaging in multiple offtake discussions, and progressing regulatory permitting and financing conversations. The company’s Managing Director, Andrew Reid, highlighted the operational success and the team’s achievement in proving that economically viable ISR of rare earths is achievable with low CAPEX and simple technology. This positions BCM as a promising player in the rare earths sector, particularly as demand for magnet metals continues to grow globally.

Strategic Significance

The Ema project’s location in Brazil’s Apuí region, combined with its unique ionic adsorbed clay deposit type, offers a rare combination of high-grade mineralisation and low-cost extraction. The project’s mineral resource estimate includes 943 million tonnes at 716 ppm TREO, with metallurgical recoveries averaging 68% MREO, among the highest globally for this deposit type. These factors collectively enhance the project’s attractiveness to investors and end-users seeking secure and sustainable rare earth supply chains.