Institutional whitepaper

1. Introduction

Brasil Terras Raras (“BTR”) is a mineral technology and intelligence company focused on identifying, qualifying, structuring, and developing opportunities related to critical minerals, with its initial activities concentrated on rare earths in Brazil.

The company was conceived around the understanding that a significant share of the value in a mineral project is created before a mining operation is built. Identifying areas of interest, consolidating geoscientific information, interpreting geological context, conducting territorial and regulatory analysis, securing contractual positions, producing new evidence, and progressively reducing uncertainty can materially change the quality and maturity of an opportunity. This is the stage of the value chain on which BTR primarily focuses.

The model combines artificial intelligence, data science, geospatial analysis, geological knowledge, territorial intelligence, legal and regulatory due diligence, technical research, and corporate structuring. Its purpose is to establish a systematic origination process through which a broad universe of territorial information can be progressively converted into qualified opportunities and, when sufficient support exists, into structured projects.

BTR does not assume that every identified project should become a mining operation owned by the company. Depending on the nature, stage, and characteristics of each opportunity, development may take place with mining companies, investors, industrial groups, specialized operators, financial institutions, or strategic partners.

BTR therefore intends to position itself primarily at the intersection of information, technology, territory, research, and capital, while preserving the flexibility to define the most appropriate strategy for each project.

2. Long-term vision

Brasil Terras Raras was created with an ambition greater than developing a portfolio of areas or building a software company. BTR's vision is to create private mineral-intelligence and origination infrastructure capable of identifying opportunities before they are fully recognized by the market and converting them, with discipline, into structured projects and strategic assets.

Rare earths in Brazil are the starting point. The objective, however, is to build a capability that can be repeated at scale: analyze large territories, integrate geoscientific and economic data, identify asymmetries, build strategic positions, produce new evidence, and concentrate capital only on opportunities that demonstrate a real ability to advance.

BTR's most relevant asset, therefore, is not expected to be a specific property, an isolated algorithm, or even a single project. It will be the combination of proprietary technology, accumulated data, technical knowledge, strategic positions, and a growing portfolio of qualified opportunities.

The long-term ambition is to position BTR among the leading private critical-mineral intelligence and development platforms, beginning in Brazil and selectively expanding into new mineral commodities, geographies, and markets. More than participating in mineral projects, BTR intends to build the infrastructure capable of finding, qualifying, and structuring them before their value becomes evident to the broader market.

3. Industry context

Critical minerals have become increasingly important to the industrial, energy, technology, and defense policies of many economies.

The expansion of electric mobility, renewable power generation, industrial automation, robotics, aerospace and defense systems, electronic equipment, and digital infrastructure has increased the importance of mineral supply chains that historically received limited attention outside specialized industries. Rare earths are part of this context.

Although used in relatively small quantities compared with high-volume mineral commodities, certain elements perform essential functions in high-performance materials and components. Neodymium, praseodymium, dysprosium, and terbium, for example, have important applications in the permanent-magnet supply chain used in motors, generators, precision equipment, and a range of technological systems.

The criticality of these elements does not arise exclusively from their geological occurrence. It is also associated with the international concentration of stages such as beneficiation, separation, refining, metal and alloy production, and magnet manufacturing.

As a result, the global discussion is no longer limited to ore availability and now includes supply security, processing capacity, technological control, industrial location, and supply-chain resilience.

This movement creates room for new producing regions and, above all, for a new generation of mineral projects capable of integrating with international supply chains undergoing diversification.

4. Brazil as a strategic territory

Brazil's territorial scale, geological diversity, mining tradition, energy availability, scientific infrastructure, and history of geological surveys create a relevant foundation for identifying new opportunities.

Brazil contains several geological environments associated with rare-earth occurrences, including alkaline and carbonatite complexes, mineralization related to weathering profiles, clays, monazite, and other mineral systems. This diversity expands the range of geological models that can be investigated. At the same time, the level of knowledge is not uniform across the country.

Some areas have extensive geological coverage, while other regions have information with lower density, resolution, or recency. Even in previously studied locations, new analytical techniques, geophysical surveys, remote sensing, geochemistry, and computational processing may support interpretations different from those produced in earlier periods. This combination is especially relevant to BTR.

Potential does not arise only from known deposits. There is also value in reassessing large territories using datasets that are now digitized, quantitative methods, and artificial-intelligence tools.

BTR therefore believes that Brazil combines three conditions that are particularly relevant to its thesis: geological diversity, territorial scale, and growing availability of information that can be structured.

5. GEOAI

GEOAI is Brasil Terras Raras' proprietary data and intelligence infrastructure. Its function is to support the identification, classification, and prioritization of areas with sufficient indications to justify further investigation.

The system was designed to operate in one of the most important stages of early exploration: narrowing the search universe.

Information relevant to mineral analysis is generally distributed across different sources, periods, scales, and formats. BTR works with categories that may include geology, geochemistry, mineralogy, geophysics, remote sensing, historical records, mining proceedings, territorial information, infrastructure, and environmental constraints.

GEOAI's objective is to organize this information into a comparable structure, allowing large territories to be evaluated under consistent analytical criteria.

The system is not intended to replace geologists, specialists, or fieldwork. Its function is to increase efficiency in the preceding stages so that technical and financial resources can be concentrated on fewer areas.

The platform's detailed architecture—including variables, processing methods, transformations, models, parameters, weightings, feature engineering, and information-combination mechanisms—is part of BTR's intellectual property.

6. Targets and levels of evidence

A BTR Target is a defined area with characteristics sufficient to justify further investigation; the classification is therefore preliminary in nature.

Designating an area as a target is not a statement of discovery, economically recoverable mineralization, a Mineral Resource, a Mineral Reserve, or economic viability. A mineral hypothesis evolves through the progressive acquisition of evidence.

Regional information may result in an anomaly or an area of interest. Subsequent work may confirm or reject the initial hypothesis. Formal resource or reserve estimates may exist only at more advanced stages and when the applicable technical requirements have been met. BTR considers preserving this distinction essential in its institutional communication and in all project materials.

7. BTR Project Origination Framework

The company organizes the evolution of opportunities through the BTR Project Origination Framework. The model establishes successive stages of analysis, due diligence, validation, and decision-making.

8. Project Thesis and decision discipline

The Project Thesis records the basis of the opportunity, the evidence supporting its interpretation, the main existing uncertainties, and the assumptions that must be confirmed to justify advancement. Every relevant opportunity should therefore have a documented Project Thesis. Its purpose is to prevent later decisions from being guided exclusively by the initial interpretation. As new information is produced, the thesis should be reviewed. Results may reinforce the original analysis, change the interpretation, or justify discontinuation.

Two concepts complement this process:

• The Next Best Evidence is the information that, at a given stage, has the greatest capacity to reduce a material uncertainty.
• The Next Value Inflection Point is the event whose occurrence may materially change the project's maturity, risk, or strategic value.

This approach seeks to establish a direct relationship between capital deployed, information produced, and the quality of the next decision.

9. Territorial strategy

Depending on the nature of each opportunity, BTR may use acquisitions, purchase options, exclusivity, rights of first refusal, partnerships, or other legally appropriate structures.

Whenever possible, the company seeks to preserve flexibility and reduce the premature commitment of capital. This policy allows certain opportunities to be investigated and developed before a definitive acquisition becomes necessary. A territorial position and a mineral-rights position are not, however, equivalent.

Under Brazilian law, mineral resources are property distinct from the surface estate. Controlling or acquiring a property does not, by itself, grant the right to explore or dispose of mineral substances that may exist beneath it. Each project must maintain a specific assessment of both its territorial position and its mineral-rights status.

10. Project structuring

Once an opportunity reaches a level of maturity compatible with project formation, it receives its own record within BTR's infrastructure. This record should organize its identification, current stage, thesis, scores, principal evidence, risks, decisions, capital deployed, and future needs. When appropriate, a project may be organized in a dedicated corporate vehicle.

This separation may be used to concentrate contracts, rights, obligations, capital, and economic relationships that relate exclusively to that project.

Assets shared by the company—including the brand, technology, GEOAI, models, certain databases, and technical knowledge—should remain protected within the appropriate corporate structure. The vehicle applicable to each project will depend on its nature, stage, risks, investors, partners, and development strategy.

11. Value creation

BTR does not treat the acquisition price of a property as equivalent to the value of a project. The economic value of an opportunity may be influenced by a range of additional elements developed over time.

These elements may include territorial position, mineral-rights status, investigation results, contracts, data, technical studies, infrastructure, capital already committed, remaining risks, strategic options, and third-party interest. Comparable assets and transactions observed in the industry may also be considered when technically relevant.

Indicators produced by GEOAI may contribute to the analysis, but they are not an automatic valuation formula. The company intends to maintain a clear distinction between:

1. the value of the territorial property;
2. the value of the structured project;
3. the potential value of a future mineral operation.

Confusing these three measures may produce incorrect conclusions and should not guide BTR's decisions.

12. Progressive allocation of resources

Developing mineral opportunities requires capital, but not necessarily at the same intensity in every stage. BTR seeks to deploy smaller amounts of resources in the stages of greatest uncertainty and gradually increase its exposure when new evidence justifies advancement.

As an initial methodological reference, the Project Origination Framework considers allocations for technology and data, preliminary validation, due diligence, territorial control, technical research, structuring, and contingencies. This allocation is not a permanent budget.

Each project should have its own use-of-funds plan, consistent with its stage and specific characteristics. The company may use milestone-based financing mechanisms under which new funds are released only after the evidence produced in the preceding stage has been reviewed. The mere availability of capital does not create an obligation to spend it.

When the relationship among required capital, risk reduction, and potential value creation is no longer appropriate, the company may preserve resources or discontinue development.

13. Unused funds and protection mechanisms

When provided for in a project's legal structure, funds that have not yet been committed may remain segregated, be held in reserve, or potentially be returned to the relevant participants. The existence of this possibility is not a general guarantee that capital will be returned.

Funds actually used for acquisitions, options, due diligence, technology, research, studies, laboratory work, fieldwork, taxes, structuring, or other legitimate expenses may not be available for reimbursement.

Any return mechanism, segregated account, escrow arrangement, or asset-protection mechanism must be established in advance in specific documentation that objectively defines conditions, triggers, responsible parties, eligible amounts, and exceptions.

BTR should not use language suggesting financial protection or a guarantee when no legal and economic structure actually exists to support it.

14. BTR Intelligence

In addition to project origination, BTR intends to develop a mineral-intelligence unit with its own economic activity. This unit may commercialize software, data, reports, analytical tools, research, training, monitoring, and specialized services.

The offering may include solutions such as GEOAI Pro, GEOAI Enterprise, APIs, project databases, territorial intelligence, custom studies, technical due diligence, and educational products.

This activity has two complementary functions. The first is economic: developing recurring revenue and highly scalable businesses based on information and technology.

The second is strategic: expanding the volume of interactions, research, customers, and data that may, when legally and technically appropriate, contribute to the development of the company's intelligence infrastructure.

Commercial product operations must remain independent from any legal structure used for investments in projects.

15. Separation of commercial and investment activities

BTR establishes as a principle the distinction between commercializing products and services and offering instruments that grant an economic interest in projects.

Subscriptions, software, reports, courses, databases, research, and other services have their own purposes and must correspond to deliverables that are actually provided. By their nature, these products do not grant an interest in mineral assets or a right to the economic results of projects.

Whenever an investment instrument exists, it must be structured separately, with its own documentation and in compliance with applicable rules and mechanisms. The company adopts the principle that the formal structure must be consistent with the economic substance of the transaction.

16. Capital structure

Where applicable, BTR may use its own resources, private investors, family offices, investment funds, mining companies, industrial groups, joint ventures, regulated platforms, capital markets, or other structures permitted by law.

A project's presence in the portfolio does not mean that it is available for investment. Any opening to third parties will first depend on defining its economic and legal structure.

That definition should address, among other matters, the rights granted, risks, term, use-of-funds plan, governance mechanisms, exit conditions, treatment of new rounds, and other relevant provisions.

Each project may use its own issuer, vehicle, and instrument. Participation will grant only the rights provided by that instrument and will not represent an interest in BTR, ownership of the land, a fraction of the subsurface, title to minerals, or a mineral right.

BTR may perform different roles and receive the compensation specified in each project's documentation, including for technology, GEOAI, origination, development, management, economic participation, royalties, success fees, and reimbursements. These functions, compensation arrangements, and potential conflicts must be disclosed and addressed under the applicable instruments.

Whenever necessary, BTR may use institutions or platforms to perform distribution, registration, custody, bookkeeping, investor-identification, or other functions subject to specific regulation.

17. Commercial distribution and partner network

The company may structure distribution programs for its products and services. These programs may include affiliates, commercial partners, content creators, influencers, educators, and ambassadors.

Compensation must be associated with economic activity that is actually performed. Where commercial distribution has more than one level, the economic source of commissions must remain tied to sales of real products or services rather than merely to the entry of new participants. BTR does not base the economics of its network on compensation for recruitment alone.

Relationships with strategic ambassadors may include fixed or variable compensation, progressive vesting of rights, options, or equity interests, provided they are linked to effective contributions to the company and comply with applicable law.

18. Distributed origination

BTR may also develop an opportunity-origination network. Geologists, landowners, researchers, engineers, consultants, universities, and local professionals may submit areas, information, or opportunities for analysis. Receiving a referral does not constitute acceptance or approval of a project, because opportunities must undergo the company's internal methodology.

When a referral effectively results in a project or transaction, specific origination or success-based compensation structures may be used, provided they have been contracted in advance and are legally appropriate. This network complements origination performed directly by GEOAI and extends the company's territorial reach.

19. Blockchain, traceability, and proof layer

BTR is evaluating distributed-ledger technologies as tools for integrity, traceability, and auditability. The infrastructure conceptually known as the BTR Proof Layer may enable verifiable records of the existence and integrity of relevant documents and events.

Records may include, for example, versions of maps, reports, laboratory results, stage decisions, contracts, territorial documents, field records, and project updates. Using blockchain does not require public disclosure of protected content.

Cryptographic summaries, also known as hashes, and other proof mechanisms may make it possible to verify a document's integrity at a later date without exposing its confidential information.

Blockchain is complementary recordkeeping infrastructure and does not replace contracts, rights, public registries, corporate documentation, or any other required legal element.

20. Digital assets and tokenization

BTR may study digital credits related to the use of ecosystem products and services, as well as structures for tokenizing certain rights when there is an economic and operational rationale. Each model must be analyzed according to the rights it actually grants.

When a digital asset represents an economic interest, debt, royalties, revenue, an equity interest, or another financial right, the company must consider the corresponding legal and regulatory classification. Technology must not be used to mischaracterize a transaction; its purpose must remain clear and evident to everyone.

21. Development and monetization strategies

BTR does not establish a single strategy for every project. An opportunity may be developed internally, transferred in whole or in part, structured as a joint venture, receive a strategic partner, remain in the portfolio, or generate future economic rights.

Transactions may involve an upfront payment, equity interest, milestone payments, royalties, licensing, or retained economic interests.

The decision will depend on the project's stage, risk, additional capital required, economic potential, market conditions, and the company's strategic interest. When appropriate, this model allows BTR to monetize part of the value already created without assuming all the capital and risk required for subsequent stages.

22. Intellectual property and the proprietary data foundation

BTR uses information from public, academic, institutional, commercial, licensed, and proprietary sources. Proprietary value does not arise simply from the existence of those datasets. It results from selecting, organizing, transforming, and using information, from the models developed, and above all from the history produced through the company's activities.

As projects advance, new categories of data enter the system. Field results, laboratory analyses, mineralogical information, decisions, negotiations, discarded targets, score changes, and later outcomes form a history that cannot be reproduced solely from the original datasets. This process is one of the principal potential mechanisms for building the company's proprietary data barrier.

23. Data and technology governance

BTR treats the data used in its processes as strategic assets. Where applicable, records should be maintained regarding origin, version, license, period, resolution, coverage, transformations, and known limitations.

The company seeks to preserve sufficient traceability to make the relationship among source information, processing, and analytical results understandable. Proprietary models and information should be protected according to their level of sensitivity.

General categories, methodological principles, and consolidated indicators may be disclosed when necessary for transparency and understanding of the platform. Details whose publication would compromise intellectual property or competitive advantage may remain restricted.

24. Risk management

The nature of BTR's activities involves material risks and high levels of uncertainty. These include geological, mineralogical, metallurgical, territorial, mineral-rights, environmental, regulatory, technological, financial, and commercial risks.

An area initially considered promising may fail to show sufficient evidence after further investigation. Identified mineralization may lack adequate continuity. A significant concentration may have unfavorable metallurgical characteristics. A territorial position may not be secured. Existing mineral rights may make certain strategies unworkable. Environmental restrictions may materially change project development. Initially projected capital may prove insufficient. Market changes may alter the economic attractiveness of a mineral commodity. Computational models may produce classifications that are not subsequently confirmed.

BTR regards these risks as inherent in the activity and seeks to incorporate them into decisions from the earliest stages.

25. Discontinuation criteria

Each opportunity should have conditions that may justify its suspension, reclassification, or discontinuation. These conditions may arise from technical results, territorial restrictions, mineral-rights status, environmental factors, costs, excessive capital requirements, low recoverability, or a strategic change.

The existence of capital already invested is not sufficient reason to continue committing resources. When new information no longer supports the relationship between risk and potential value, the project may be discontinued. The knowledge produced will remain part of the historical database and may contribute to the future evolution of the models.

26. Project transparency and communication

BTR intends to adopt a standardized structure for publicly presenting projects that progress beyond the appropriate maturity stage, with communication reflecting the actual level of evidence. Disclosures may include identification, Project Thesis, stage, selected scores, territorial position, mineral-rights status, environmental aspects, principal evidence, capital already deployed, estimates for subsequent stages, use-of-funds plan, risks, and update history.

The company may restrict information whose disclosure could compromise negotiations, territorial positions, targets that have not yet been protected, intellectual property, or competitive strategies.

Algorithms, weights, thresholds, certain derived variables, proprietary combinations of sources, and other sensitive information may remain confidential. Technical communication must always distinguish among hypothesis, evidence, exploration result, resource, and reserve.

27. Decision records and history

Project infrastructure should be versioned. Material decisions and information should not simply replace prior records. Within reasonable governance standards, the company should retain the ability to reconstruct:

• what information was available on a given date;
• which model version was used;
• which interpretation was current;
• which decision was made;
• who participated in the decision;
• the basis for that decision;
• and which results were subsequently observed.

This history has operational, regulatory, and technological value. It also provides a fundamental basis for future assessment of the quality of internal processes and model performance.

28. Performance indicators

BTR's evaluation should consider different dimensions. Within GEOAI, metrics related to prioritization quality, evolution between versions, and classification capability may be tracked.

In origination, relevant measures will include cost per target, qualification time, progression rate between decision stages, and capital required to reach each inflection point.

At the portfolio level, the number and stage of projects, capital deployed, capital required, retained interests, royalties, and transactions will be considered.

Within the intelligence unit, recurring-revenue, customer, retention, usage, and margin metrics will make it possible to monitor the economics of the technology business.

An efficient methodology must be able both to identify good opportunities and to eliminate quickly those that no longer have sufficient support. The number of projects alone is therefore not a measure of success.

29. Evolution and scale

The first stage consists of building the technological, methodological, legal, and operational infrastructure.

The second is producing proprietary evidence and developing a verifiable history.

The company must then demonstrate that its origination capability can be repeated across multiple projects.

The architecture allows the beginning of the process to be predominantly technological and scalable, while more substantial capital is directed only to opportunities that reach higher qualification stages. From this foundation, capital channels, industrial partnerships, and strategic transactions can be expanded.

This combination of analytical scale and capital selectivity is one of the main foundations of BTR's business model.

30. The origination thesis

BTR's activity is structured around project origination. The company seeks to identify early-stage opportunities, understand the factors that may determine their relevance, and commit capital progressively as new information reduces the principal uncertainties. This process should not be confused with indiscriminate property acquisition.

A rural property, by itself, is a territorial asset. A mineral project, by contrast, may bring together land position, mineral-rights status, contracts, data, studies, technical results, due diligence, regulatory documentation, and strategic development alternatives. The value BTR seeks to create should result from organizing and developing this combination.

The economic thesis begins with the possibility of an asymmetry between the cost required to identify and qualify an opportunity and the value that a project may reach if relevant hypotheses are later confirmed.

This asymmetry may arise from fragmented information, limited investigation in certain regions, technological change, or the ability to connect data that were previously analyzed in isolation.

BTR's function is to identify these situations, select those with an appropriate relationship between risk and potential, and develop sufficient knowledge to support progressively better decisions.

Final considerations

Brasil Terras Raras begins with a fundamental premise: major mineral projects begin long before the mine. They begin with the ability to interpret territory, recognize relevant signals, organize dispersed information, and identify, among thousands of possibilities, those that justify further investigation.

Most hypotheses will be discarded during this process. Some will accumulate enough evidence to advance. An even smaller share may achieve the technical, territorial, legal, and economic maturity needed to attract capital, industrial partners, or a strategic transaction. BTR intends to build its core competence through this process of selection, uncertainty reduction, and value creation. As the process is repeated, each project ceases to be merely an isolated asset and begins to strengthen the platform itself. New data feed GEOAI, field results refine the models, decisions expand the proprietary history, and the portfolio increases BTR's capacity to originate better opportunities. Technology, data, and projects begin to operate as parts of a single value-creation system.

Technology expands analytical capacity. Methodology organizes decisions. Research produces new evidence. Capital discipline concentrates resources only on opportunities that continue to demonstrate a basis for advancement.

The ambition is to turn this capability into an increasingly efficient mineral-origination platform in which every new project also produces information that improves the projects that follow.

Over time, BTR intends to build something greater than the sum of its individual assets: infrastructure capable of identifying asymmetries before the market, converting intelligence into structured projects, and participating in the creation of a new generation of strategic mineral assets in Brazil.

Institutional notice and limitations

This Whitepaper is exclusively institutional and informational. It presents the vision, principles, general methodology, and strategic architecture currently considered by Brasil Terras Raras. Certain products, features, corporate structures, financing models, technologies, digital instruments, and initiatives mentioned in this document may be under study, development, validation, or implementation and may be changed, replaced, or not implemented.

No reference to an area, target, score, hypothesis, project, or opportunity should be interpreted as a statement of mineral discovery, an estimate of a Mineral Resource or Mineral Reserve, economic viability, or confirmation of a future mining operation unless expressly supported by the applicable technical documentation.

Analyses, scores, and classifications produced by BTR's systems are decision-support tools and are subject to limitations inherent in the data, methods, hypotheses, and models used.

This document does not constitute a prospectus, an offer, a solicitation of an offer, an investment recommendation, financial advice, a promise of return, a guarantee of appreciation, a guarantee of liquidity, or a commitment to make any project available for investment.

Any participation by third parties in the company's projects will depend on specific structuring. The respective rights, risks, economic conditions, terms, governance mechanisms, and other provisions will be defined exclusively in the relevant legal instruments.

BTR reserves the right to revise this Whitepaper periodically as its technology, activities, projects, strategy, regulatory environment, and market conditions evolve.

Brasil Terras Raras Institutional Whitepaper — Version 1.0 August 2026