Brazilian Rare Earths Limited (ASX:BRE) acquired Sulista Rare Earth Project on exercises Option Agreement for BRL12.8 million February 22, 2024. On exercise of the option BRE paid the vendors a cash payment of BRL4.8 million. BRE is also required to issue the vendors 8,000,000 fully paid ordinary shares in BRE (Shares) within five business days of BRE receiving from the Agencia Nacional de Mineração all relevant information required to enable BRE to complete, to BRE?s satisfaction, due diligence related to exploration licences 870.002/2013 and 870.930/2013. The Shares will be subject to the escrow conditions set out in the ASX Announcement dated 22 January 2024.

Brazilian Rare Earths Limited (ASX:BRE) completed the acquisition of Sulista Rare Earth Project on exercises Option Agreement for BRL12.8 million February 22, 2024.