BRAZILIAN RARE EARTHS LIMITED (BRE)
Share Price Analysis and Chart

31/08/2026

1

Speculative Buy

$6.50

101.86%

Brazilian Rare Earths' 1H26 results were largely in line with Ord Minnett's expectations, given reiteration of information previously disclosed in the June quarterly and subsequent Monte Alto Scoping Study.

The company's $134m cash balance is expected to fund exploration through 2028 as attention shifts towards permitting and development of the Monte Alto project.

Ord Minnett highlights Monte Alto's potential scale, with the Scoping Study outlining average annual production over the first five years of around 6.4kt of NdPr oxide and 2.5kt of heavy rare earth concentrate.

The broker retains its $6.50 target and Speculative Buy rating.

FORECAST
Ord Minnett forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -21.40 cents.
Ord Minnett forecasts a full year FY27 dividend of 0.00 cents and EPS of minus -14.70 cents.

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01/04/2026

2

Speculative Buy

$5.80

80.12%

Argonaut maintains a Speculative Buy rating for Brazilian Rare Earths with a 5.80 target price following scoping study outcomes for the Amargosa Bauxite Project and a strategic downstream partnership.

The broker notes the Amargosa study outlines a low-capex, 17-year project generating average annual free cash flow of US$84m, which the company intends to spin out into a separate listed entity.

A recent 120m capital raising has bolstered the cash position to 162m, providing significant runway for development as rare earth production is not modeled until FY32.

Technical support from Processor Carester is seen as a key de-risking milestone for the Monte Alto project.

Future valuation remains tied to the successful commercialisation of the core rare earth assets, with the current price target reflecting a 50:50 blend of spot and forecast metal prices.