On November 3, 2025, Ultra Rare Earth Inc. (“Ultra Rare Earth”) completed a strategic transaction with Ultra Rare Earth Bahamas Limited, Appia Rare Earths & Uranium Corp. (“Appia”), Antonio Vitor Junior and Beko Invest Ltd. Pursuant to the transaction, Ultra Rare Earth acquired a 50% interest in Appia Brasil Rare Earths Mineração Ltda., the Brazilian company that holds the PCH Project located in the Tocantins Structural Province of the Brasília Fold Belt, Goiás State, Brazil. As partial consideration for the acquisition, Appia completed a private placement of 5,560,000 units to Ultra Rare Earth at a price of $0.50 per unit, for total gross proceeds of C$2.78 million. In addition, Ultra Rare Earth paid US$2 million to Beko Invest Ltd., and committed to advancing up to US$6 million (US$3 million of which has been advanced) to fund exploration on the PCH Project and to support the preparation of a mineral resource estimate and a pre-feasibility study.
Cassels acted for Ultra Rare Earth.