September 2026 Quarterly Report and Appendix 5B

• Maiden ultra-high grade mineral resource with grades 11.3% TREO
• Exceptional economics from Monte Alto + Camaçari Scoping Study
• New high-grade discoveries at Sulista South and Sulista East
• First rare earth concentrate produced; secured Stage II hydromet co-funding
• Strong balance sheet with A$122 million cash and no borrowings

Brazilian Rare Earths Ltd's Q3 2026 report highlights several key achievements, including the discovery of ultra-high grade mineral resources at Monte Alto with grades of 11.3% TREO, significantly higher than established Western rare earth producers. The Monte Alto + Camaçari Scoping Study revealed exceptional economics, with an after-tax NPV of US$6.0 billion and an IRR of 90%. New high-grade discoveries at Sulista South and Sulista East have expanded the mineralized envelope and potential resource. The company produced its first rare earth concentrate and secured co-funding for the Stage II hydrometallurgical separation pilot plant, scheduled for commissioning in Q2 2027. Financially, the company holds a strong balance sheet with A$122 million in cash and no borrowings.