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Brazilian Rare Earths Begin Trading on ASX

21 December 2023 11:13

Brazilian Rare Earths (ASX:BRE) have launched today on the Australian Securities Exchange, following a successful Initial Price Offering (IPO) raising $50 million at an issue price of $1.47 per share with Canaccord Genuity (Australia) Limited acting as Lead Manager and Underwriter and Petra Capital Pty Ltd acting as CoLead Manager.

About the Company

Brazilian Rare Earths is an exploration Company which owns and operates within a district scale Tier 1 Rare Earths Province, located in North Eastern Brazil.

As nation’s push toward greener energy, Rare Earth Elements (REE) are crucial in the technology required to make this transition, becoming a key ingredient in the production of high-strength permanent magnets used in power-dense electric motors for electric vehicles and wind turbines.

Wind turbine | Renewable Energy, Efficiency & Design | Britannica

Figure 1: Wind turbines

Rocha da Rocha Project

The Company’s main Project is located in the Rocha da Rocha critical minerals province, representing an exciting opportunity for critical mineral discovery.

Brazilian Rare Earths’ have already identified several REE deposits across the province, obtaining a strategic and dominant land position across the region, of which only a small portion has been explored.

The Rocha da Rocha Project encompasses 1,410 square kilometres of highly prospective mining claims in the state of Bahia, in Northeast Brazil.

The Project is accessible by sealed roads, has access to clean hydropower via existing high-voltage power lines, and is located less than 200 kilometres from a major deep-water port.

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Figure 2: Project location

In April, the Company estimated a Mineral Resource for the Project of 510Mt at 1513ppm TREO, containing approximately 772kt of contained TREO.

Exploration across the province has determined high grade REE-Nb-Sc mineralisation, with 32 high-grade hard rock outcrops and ‘corestones’ discovered at surface, and at shallow depths, with average grades of 32.7% TREO, niobium at 1.1% Nb2O5, and scandium at 219 ppm Sc2O3.

The Company reports these defined mineralisation categories are not exhaustive and additional categories may be defined with further exploration.

You can read the Company’s prospectus on the Brazilian rare Earths website: here.

Company Comments

Brazilian Rare Earths’ CEO and Managing Director, Bernardo da Veiga, commented on the ASX listing.

“The exceptional success of Brazilian Rare Earths has been built upon the dedication of our team of talented incountry exploration professionals and the outstanding support from our leading international shareholders,” he said.

“We now intend to accelerate our exploration across this world class rare earths province – and we look forward to the near-term results of our recently completed diamond drilling program at the Monte Alto Project and the assay results from the Rio Tinto Amargosa project.”

“Our aim is to build Brazilian Rare Earths into a leading global rare earths company and create long term value for our shareholders, communities and stakeholders.”

BRE’s Australian Stock Exchange-listed share price has risen 13.265% and is currently trading at $1.665 (11.00am UTC+ 8 hours).

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