Brazilian Rare Earths Limited (ASX: BRE / OTCQX: BRELY) published a scoping study on August 18, 2026 for its Monte Alto and Camaçari rare-earth complex, returning an after-tax NPV8 of approximately US$6.0 billion and a 90% IRR, prepared by independent consultant ERM Australia Consultants Pty Ltd.

The economics are anchored by Monte Alto's 3.40 Mt Mineral Resource grading 11.3% TREO — 2.51 Mt Indicated at 12.7% TREO and 0.89 Mt Inferred at 7.1% TREO, per the company's August 19, 2026 Globe Newswire release. The production target is underpinned approximately 75% by Indicated resources and approximately 25% by Inferred.

Over the first five run-rate years, the project is forecast to produce 6,351 tonnes per annum of NdPr oxide and 2,502 tpa of a heavy rare earth concentrate containing approximately 274 tpa of DyTb, 360 tpa of gadolinium, and 1,060 tpa of yttrium. Average annual EBITDA is pegged at approximately US$1.397 billion and operating free cash flow at US$1.207 billion.

The C1 cash cost is stated at US$21/kg NdPr equivalent. The company describes that figure as first-quartile positioning on Benchmark Mineral Intelligence's global rare earth cost curve — a claim it supports by pointing to Monte Alto's ultra-high-grade feed, simple ore sorting, low-temperature hydrometallurgical route, and direct logistics to the Camaçari Petrochemical Complex in Brazil, where the refinery is planned.

The Camaçari site adds a structural argument for the economics: the study cites established industrial infrastructure, utilities, chemical feedstock supply chains, skilled labour, and an existing industrial regulatory setting as factors bearing on cost and execution risk.

A notable co-product sits outside the current financial model. Monte Alto is forecast to produce approximately 466 tpa U₃O₈ on a life-of-mine average basis. Per the August 19 release, uranium revenue has not been included in the Monte Alto economics and will be evaluated in future studies alongside scandium, niobium, and tantalum. That means the reported NPV8 of US$6.0 billion does not capture uranium upside.

For context, the company states that Monte Alto's 11.3% TREO resource grade is more than twice the reported resource grades of the two established large-scale Western rare earth producers — a reference the brief identifies as Lynas and MP Materials. Whether that grade differential holds through processing recovery is a question the scoping study does not yet fully resolve; the study carries a stated accuracy of ±40% and, per the release, should not be relied upon as a production or profit forecast.

The capital requirement is substantial. Upfront capex to first oxide production is US$969 million. A fast-track concentrate pathway carries a lower initial capex of US$91 million. No finalized funding structure for the development phase is disclosed in the scoping study.

Drilling conducted after the February 22, 2026 Mineral Resource cut-off date has already returned what the company describes as significant additional high-grade mineralisation, with Monte Alto remaining open along strike and at depth. Pilot plant commissioning at Camaçari is planned for Q3 2026, per the release.

BRELY last traded at AUD 4.67 on the ASX on August 18, 2026, according to Kalkine. StockTitan data, from an unclear mid-2026 date, places the OTCQX last trade at US$19.98 and shares outstanding at approximately 56.0 million. A confirmed market price for August 25, 2026 was not available from sourced data.

The path forward requires a prefeasibility study, then feasibility, followed by capital raising against a US$969 million development price tag — none of it yet committed. What the scoping study delivers is a formal, independently prepared baseline from which that process can begin.