Core Insights - Brazilian Rare Earths Limited (BRE) reported significant progress in the quarter ending December 31, 2025, highlighting advancements in its Amargosa Bauxite project and partnerships in the rare earth sector [1]. Group 1: Amargosa Bauxite Project - The Amargosa Bauxite project is a large-scale, low-cost direct-ship-bauxite operation with a JORC Resource estimate of 568 million tons, including 98 million tons of direct-ship-bauxite [4]. - The project is expected to generate an average EBITDA of US$102 million per annum and free cash flow of US$84 million per annum over a 17-year mine life, with an after-tax NPV8 of US$630 million and a payback period of approximately 1.2 years [4]. - The project is positioned in the lowest-cost first quartile on the global seaborne bauxite cost curve, with permitting timelines of approximately 2-3 years for comparable operations, aiming for potential development by 2028 [4]. Group 2: Strategic Partnerships - BRE has entered a long-term partnership with Carester, a specialist in rare earth processing, to support the engineering, construction, and commissioning of a rare earth separation refinery at the Camaçari Petrochemical Complex in Bahia [2][4]. - Carester will purchase BRE's heavy rare earth concentrate under a binding 10-year offtake agreement, supporting the production of approximately 150 tons per annum of separated dysprosium and terbium oxides [4]. Group 3: Financial Position and Leadership - BRE appointed John Vander Ploeg as Chief Financial Officer, bringing over 20 years of experience in finance and corporate transactions [3][4]. - As of December 31, 2025, BRE held A$162.4 million in cash, following a successful placement of 25.6 million shares at A$4.68 per share, raising A$120 million to accelerate the development of its rare earth projects [4].