Brazilian Rare Earths Limited has announced the successful production of high-purity mixed-rare-earth carbonate (MREC) and a uranium peroxide co-product from the ultra-high-grade REE-Nb-Sc-Ta-U mineralisation at its Monte Alto Project in Brazil. The metallurgical test work, executed over the past 16 months in collaboration with ANSTO Minerals, demonstrated that the process can bypass conventional mineral beneficiation. This direct "run‑of‑mine" approach delivers capex and opex advantages while achieving impressive recoveries of magnetic rare-earth elements. Reported recovery rates for critical elements such as neodymium-praseodymium (with rates peaking at 90%), dysprosium, and terbium range between 86% and 90% for the overall TREO extraction, while the high-purity MREC product meets the necessary benchmarks for conventional solvent extraction circuits. The test work also confirmed robust performance across several process stages, including hydrometallurgical leaching that yielded between 83% and 87% conversion from a mineral sample with a head grade of 15.3% TREO. Rapid bulk leach tests demonstrated over 60% total rare earth oxide extraction in just 15 minutes and effective impurity removal via a two-stage pH neutralisation process, setting the stage for efficient downstream processing. Additionally, the extraction of uranium achieved greater than 99.6% recovery using ion-exchange resin techniques, paving the way for the production of a saleable yellowcake product. These metallurgical results support Brazilian Rare Earths Limited’s broader strategic vision of developing a fully integrated rare earths and critical minerals supply chain in Brazil. The company is now advancing towards techno‑economic analysis and process optimisation, with plans to focus on solvent extraction tests to separate NdPr, design demonstrations for NdPr oxide production, and the potential recovery of additional co‑products such as niobium, tantalum, and scandium. This multi‑product strategy is designed to tap into global market demand for both magnet‑grade rare earths and strategic co‑products, backed by the region’s low‑cost energy, skilled labour and domestic reagent supply. Market sentiment based on the developments could be viewed from different perspectives. On the bullish side, the achievement validates a low‑capex, low‑opex production model that not only leverages an ultra‑high‑grade resource but also offers diversified revenue streams through valuable co‑products. The robust recovery rates and scalability of the process may attract investor interest in a sector critical to advanced manufacturing and clean technologies. Conversely, the bearish perspective highlights the challenges ahead in further optimising processes and scaling up production. There is also the inherent risk of executing a complex metallurgical pathway in a regulatory environment that requires further permitting and operational approvals, as well as exposure to global market fluctuations in rare earth prices. Overall, the breakthrough in metallurgical performance at Monte Alto represents a significant step forward for Brazilian Rare Earths Limited, potentially underpinning a competitive advantage in the rapidly evolving global critical minerals market.