• Resouro Strategic Metals outlined a PEA for its Tiros titanium and rare-earths project in Minas Gerais, Brazil.
• Base case economics: post-tax NPV8 US$ 714.9 million, post-tax IRR 44.2%, payback 1.9 years on upfront capex US$ 191.1 million.
• Plan centers on a phased 500,000 tpa starter operation over 20 years, targeting about 0.7% of the measured and indicated resource.
• Measured and indicated resource: 1.4 billion tonnes at about 12% TiO2 and 4,000 ppm TREO; inferred resource: 500 million tonnes at about 12% TiO2.
• Two-stream flowsheet targets TiO2 anatase concentrates of 84.7% and 57.9% TiO2, with mixed rare-earth sulphate output.

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