Under Argus long-term EU and US price forecasts, Brazilian Rare Earths said Monte Alto is forecast to generate an after-tax NPV8 of US$6.0 billion, an after-tax internal rate of return of 90%, a 1.1-year payback period and average annual operating free cash flow of US$1.2 billion. The company said these figures are derived from a Production Target containing approximately 75% Indicated and 25% Inferred Mineral Resources.
The company reported a Monte Alto primary and residual Mineral Resource of 3.40 million tonnes at 11.3% total rare earth oxides, comprising 2.51 million tonnes of Indicated Resources at 12.7% TREO and 0.89 million tonnes of Inferred Resources at 7.1% TREO. It said the resource is reported under the JORC Code (2012).
BRE said it is advancing a planned drilling campaign of more than 5,000 metres across Monte Alto's northern, southern and eastern growth fronts, with post-cut-off drilling intended for an updated Mineral Resource Estimate in the fourth quarter of 2026.
At its partnership pilot plant in the Camaçari Petrochemical Complex, BRE reported producing its first rare earth mineral concentrate. The company said the work moves it into bulk-scale metallurgical testwork for feasibility studies, while Stage II piloting will test recovery and commercialisation pathways for uranium, scandium, niobium, titanium and tantalum.
Source: Download BRE official ASX announcement, 2026-10-20.
Stage 1 Pilot Facility photograph from Brazilian Rare Earths’ ASX announcement dated 20 October 2026.