Firm commitments for $2m placed to accelerate exploration at Brazilian Critical Minerals’ Ema project
Ema already has a >1 billion tonne mineral resource
Infill drilling, metallurgical testing and a scoping study on the way
Special Report: Brazilian Critical Minerals has received firm commitments to raise $2m in a share placement to improve the resource confidence of its massive >1 billion tonne Ema rare earths (REE) project.
The Ema ionic adsorption clay-hosted (IAC) REE project shares almost identical geological characteristics with southwest China, the largest known producing IAC region in the world.
IAC deposits are characterised by their low costs due to the ability of miners to incorporate straightforward extraction methods which make them more economical compared to other types of REE projects.
BCM’s Ema was discovered in May 2023. Intensive exploration and resource proving has resulted in its now >1Bt resource @ 793 parts per million (ppm) total rare earths oxide (TREO) deposit.
Earlier this month the company revealed metallurgical recoveries of magnetic REEs averaging 68% NdPr (neodymium and praseodymium) and 48% DyTb (dysprosium-terbium) through the Australian Nuclear Science and Technology Organisation (ANSTO) – the highest ever recorded recoveries from an IAC deposit.
Cap raise details
Through a share placement to institutional investors BCM has received firm commitments to raise $2m to further exploration efforts at the Ema project.
Shares are issued 2.3c per share, a nominal 5.3% discount to the 10-day VWAP with attached options.
Funds raised will be used to further advance the Ema project on several fronts.
Infill drilling of the higher-grade core to increase the resource confidence from inferred to indicated will be conducted, and metallurgical testwork, already commenced with ANSTO will continue, exploring options to different downstream processing opportunities.
An engineering contractor will also be selected to deliver a scoping study of the project, as well as develop a set of project economics.
On route to scoping study
“Over the course of the last two months BCM has announced a rare earth resource of >1 billion tonnes along with the world’s highest recoveries of magnet rare earth elements (MREO), averaging 68%,” BCM MD Andrew Reid says.
“The Ema project has numerous key advantages over its peers being a high basket of MREO at 31%, extremely high recoveries, can leach at pH4 and higher and requires very low dosage rates of ammonium sulphate.
“Money raised will allow the company to begin key work streams which will culminate in the release of an economic scoping study which will help the company evaluate the project’s next steps.
“The team is very excited by the opportunities this money presents and we thank all shareholders old and new who are joining us on the next step of our journey.”
This article was developed in collaboration with Brazilian Critical Minerals, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
The post Brazilian Critical Minerals to raise $2m for its Ema REE project, one of the largest ionic deposits in the world appeared first on Stockhead.
