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Brazil
Brazilian Rare Earths
An ASX-listed explorer developing the Monte Alto monazite-hosted rare earth deposit in the Rocha da Rocha Province, Bahia, Brazil, with an August 2026 scoping study for a mine feeding a planned refinery at Camaçari that would produce NdPr oxide and a heavy rare earth concentrate.
Points to check
Facts from the sources on this page that a reader should weigh before relying on the company's own figures.
- On August 18, 2026 the company retracted the August 13, 2026 Rocha da Rocha production target and forecast financial information, citing the share of Inferred resources scheduled in Years 9-14.
- The current production target is a scoping study at about ±40% accuracy, with about 25% of scheduled material in the Inferred category; no Ore Reserve has been declared.
- No development funding has been secured for the roughly US$969M capital estimate; cash was A$134.4M at June 30, 2026.
- Camaçari operations to date are pilot scale: Stage I beneficiation commissioned September 8, 2026; the Stage II hydrometallurgical pilot is targeted for Q2 2027, and no refinery nameplate capacity has been published.
- Final investment decision is targeted for mid-2029 and first production for 2031.
At a glance
- Founded
- Not established in public sources — Australian company exploring the Rocha da Rocha Province in Bahia since 2021; admitted to the ASX on December 21, 2023 after a A$50 million IPO at A$1.47 per share. The Amargosa bauxite-gallium project was demerged into Alurion Resources in July 2026, with BRE retaining about 16%.
- Headquarters
- Sydney, New South Wales, Australia (Level 1, 139 Macquarie Street); projects in Bahia, Brazil
- Ownership
- Public. ASX: BRE; ADRs quoted on OTCQX as BRELY.
- Stage
- Early stage. No investment decision. Scoping study (August 2026, about ±40%) targets FID in mid-2029 and first production in 2031; a beneficiation pilot plant at Camaçari was commissioned in September 2026 and development funding is not secured.
- Listing
- ASX: BRE
- Revenue
- Not publicly disclosed. This company does not publish revenue and no named third party has published an estimate of it.
Capacity
Each date below links to the document the figure came from. A capacity figure with no source is not on this page.
| What | Figure | Status | As of |
|---|---|---|---|
| NdPr oxide, planned Camaçari refinery fed from Monte Alto | 5,661 t/y life-of-mine average; 6,351 t/y first five run-rate years (scoping study production target, about ±40%) | Announced | Aug 2026 |
| Heavy rare earth (HRE+) concentrate, contained rare earth oxides, Camaçari | 2,233 t/y life-of-mine average; 2,502 t/y first five years; contained DyTb about 245 t/y life-of-mine average, 274 t/y first five years (scoping study) | Announced | Aug 2026 |
| Monte Alto ore, sorter feed | about 360,000 t/y nominal sorter feed; about 400,000 t/y average scheduled mined material; 9-year mine life (scoping study) | Announced | Aug 2026 |
| Uranium (U3O8) co-product, Camaçari | 466 t/y life-of-mine average; 540 t/y first five years (scoping study; no revenue assigned) | Announced | Aug 2026 |
| Camaçari Stage I beneficiation pilot plant, rare earth mineral concentrate | throughput not disclosed; first concentrate produced | Pilot scale | Sep 2026 |
| Monte Alto trial mining license, direct-ship product | permit for up to 2,000 t/y (license limit, not output) | Announced | Apr 2026 |
Narrative
Brazilian Rare Earths listed on the ASX on December 21, 2023 after a A$50 million IPO at A$1.47 per share, and explores the Rocha da Rocha Province in Bahia, where it holds the Monte Alto and Sulista deposits. On October 9, 2025 it signed a binding 10-year heavy rare earth offtake with France's Carester, under which Carester can buy concentrate carrying up to 150 t per year of contained dysprosium and terbium for separation at its Caremag plant in Lacq, France, plus an engineering and technical services agreement to support a separation refinery at the Camaçari Petrochemical Complex, about 260 km from Monte Alto. A A$120 million placement at A$4.68 per share closed on October 14, 2025. A scoping study released August 13, 2026 covered Monte Alto and Sulista; on August 18, 2026 the company withdrew that production target and its financial forecasts, citing the share of Inferred resources scheduled in later years, and replaced it with a Monte Alto plus Camaçari case. That case (accuracy about ±40%) uses about 360,000 t per year of ore sorter feed over a 9-year mine life and targets life-of-mine averages of 5,661 t per year of NdPr oxide and 2,233 t per year of heavy rare earth concentrate (contained oxides), with about US$969 million of capital to first production, FID targeted for mid-2029 and first production in 2031. No development funding has been secured; cash was A$134.4 million at June 30, 2026. The Monte Alto ultra-high-grade resource is 3.40 Mt at 11.3% TREO (about 74% Indicated by tonnage), effective February 22, 2026. At Camaçari, a Stage I beneficiation pilot plant was commissioned on September 8, 2026 and produced a first mineral concentrate; a Stage II hydrometallurgical pilot, co-funded with R$6.4 million through SENAI CIMATEC, is targeted for commissioning in Q2 2027. Exploration continues at Sulista, where a new discovery was reported on September 30, 2026.
Where public sources disagree
- Scoping study figures: the August 13, 2026 ASX release gives an after-tax NPV8 of US$7.9B, a 14-year life and 5,276 t/y NdPr oxide (life-of-mine average); the August 18, 2026 update withdraws that production target and gives about US$6.0B, a 9-year life and 5,661 t/y. Mining Weekly (August 13, 2026) and The Motley Fool Australia (August 13, 2026) still carry the US$7.9B figure.
- Uranium co-product: the August 13, 2026 release gives 362 t/y U3O8 life-of-mine average; the August 18, 2026 update and the September 8, 2026 pilot plant release give 466 t/y.
- Cash at December 31, 2025: the December 2025 quarterly release (GlobeNewswire) gives A$162.4M; the March 2026 quarterly and the half-year report give A$136.9M. The Annual Report 2025 reconciles them as A$136.9M cash plus A$25.5M financial assets.
- Carester volume: the October 9, 2025 release describes up to 150 t/y of contained DyTb in concentrate; the December 2025 quarterly release describes the offtake as supporting up to about 150 t/y of separated DyTb oxides at Carester's facility.
Latest reports
| Period | Published | Report |
|---|---|---|
| Q2 2026 (quarter to 30 Jun 2026) | 2026-07-23 | June 2026 Quarterly Report and Appendix 5B (republished copy) |
| Q1 2026 (quarter to 31 Mar 2026) | 2026-04-27 | March 2026 – Quarterly Activities Report |
| Q4 2025 (quarter to 31 Dec 2025) | 2026-01-29 | Brazilian Rare Earths December 2025 Quarterly Report |
Across these reports
Brazilian Rare Earths' cash fell from A$162.4m to A$135.1m over the first half of 2026 as exploration and study work continued. In August-September 2026 it published a scoping study (US$969m capex, first production 2031) and commissioned stage one of its Camaçari pilot plant.
| Measure | What the reports show |
|---|---|
| Cash | A$162.4m (31 Dec 2025) → A$147.2m (31 Mar 2026) → A$135.1m (30 Jun 2026); June-quarter exploration spend A$13.4m. |
| Camaçari DyTb separation plan (with Carester) | Up to about 150 t/yr of separated dysprosium and terbium oxides, with Carester providing engineering, construction and commissioning support under a 10-year sales agreement. |
| Camaçari pilot plant | Fully permitted and scheduled for Q3 2026 (Apr 2026) → stage one commissioned, producing its first rare earth mineral concentrate (Sep 2026); stage two (hydrometallurgy and separation) equipment due Q4 2026. |
| Monte Alto + Camaçari scoping study | Released 19 Aug 2026: US$969m capex to first production (including 30% contingency); first-5-year average of 6,351 t/yr NdPr oxide, 2,502 t/yr HRE+ concentrate and 540 t/yr U3O8. |
Stated dates
| Target | First stated | Now | Status |
|---|---|---|---|
| Camaçari pilot plant start of operations | Q3 2026 (quarterly 2026-04-27) | Stage one commissioned; reported September 2026 | met |
| Monte Alto mineral resource estimate and scoping study | Mid-2026 (quarterly 2026-04-27) | Re-guided to 'during August' (quarterly 2026-07-23); scoping study released 19 Aug 2026 | moved later |
| Pilot plant stage two commissioning (integrated ore-to-oxide) | Q2 2027 (Sep 2026) | Q2 2027 | not yet due |
| First production, Monte Alto mine and Camaçari refinery | 2031 (scoping study, 19 Aug 2026) | 2031 | not yet due |
Figures are as the company reported them, linked to each report. This summarizes what changed between reports; it is not a view on the company or its shares.
Sources
- Scoping Study update: Monte Alto + Camaçari case — Brazilian Rare Earths (ASX announcement, mirror) (2026-08-18)
- BRE commissions pilot plant; Stage II co-funding — GlobeNewswire (company release) (2026-09-08)
- Scoping study (original, withdrawn production target) — ASX (2026-08-13)
- Rocha da Rocha scoping study summary (resource tables) — Brazilian Rare Earths (2026-08-13)
- BRE and Carester 10-year heavy rare earth offtake — AAP / GlobeNewswire (2025-10-09)
- Half-year financial statements to June 30, 2026 — Brazilian Rare Earths (mirror) (2026-08-28)
- June 2026 Quarterly Report — GlobeNewswire (2026-07-23)
- March 2026 Quarterly Report and Appendix 5B — Brazilian Rare Earths (mirror) (2026-04-27)
- Annual Report 2025 — ASX (2026-03-30)
- December 2025 Quarterly Report — AAP / GlobeNewswire (2026-01-29)
- Monte Alto drilling expands deposit — Mining Weekly (2026-08-26)
- BRE news list (Sulista South discovery, Sep 30, 2026) — Stock Titan (2026-09-30)
- BRE to commence trading on the ASX — ASX (2023-12-21)
- Rocha da Rocha scoping study coverage — The Motley Fool Australia (2026-08-13)
How this page is sourced
Everything here comes from public sources — company filings, annual reports, exchange announcements, government releases and trade press. Every figure is linked to the document it came from and carries the date that document was published, because a capacity number without a date is not a fact, it is a rumor with a decimal point.
What is deliberately absent: material nonpublic information. I have spent more than two decades in this industry and a good deal of what I know about these companies I learned under NDA. Those obligations do not expire and they do not bend for a website. Nothing I have been told in confidence appears here in any form, and nothing on this page — or missing from it — should be read as a signal about what I know privately. I hold NDAs absolutely. It is the reason clients tell me things.
Judgment is the other thing left out on purpose. This page reports what has been published and who published it. Whether a target is credible, whether a ramp will hold, whether a capacity figure survives contact with the plant behind it — that is the work I do for clients, and it does not belong in a free reference page.
Where public sources disagree, I say so rather than picking a winner. Where a figure has not been published, the field says so rather than carrying an estimate. An empty field is information too.
Public filings tell you what a company has said. Whether it holds up is a different question, and the one I get hired to answer.
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