Brazilian Rare Earth Projects Upgrade Resources to Measured Status, Advancing Feasibility Studies

[Under Oxide Cost Support, Metal Prices Remain Firm; NdFeB Off-Season Dominated by Just-in-Time Procurement] Last week, NdFeB blank quotations were slightly raised. The core reason was that the increase in raw material prices drove up NdFeB prices. In terms of trading, entering the off-season, the production pace of end-users and motor factories gradually slowed down, just-in-time procurement orders were released moderately, while large-scale restocking orders have not been effectively released yet. Overall, the NdFeB market trading volume was moderate.

[SMM Rare Earth Flash] Northern Minerals is developing its A$600 million Browns Range heavy rare earth project in the East Kimberley region of Western Australia. The project is one of the few high-grade heavy rare earth deposits outside China, hosting mainly dysprosium and terbium. The company estimates that the project is expected to meet about 8% of global dysprosium and terbium demand once in production. Northern Minerals has secured up to $250 million (approximately A$350 million) in debt financing support from Export Finance Australia (EFA) and the Export-Import Bank of the United States (EXIM). The company aims to make a final investment decision by September 2026, with first concentrates expected to be produced by the end of 2028 or early 2029.