Bemisa's entry into the group of Brazil's eighteen largest mining companies, according to the ranking compiled by Brasil Mineral, based on 2025 output, represents much more than a statistical figure or a corporate milestone. It is the recognition of a trajectory built on continuous investment in mineral research, technical discipline, a long-term strategic vision, and a business model that consistently integrates exploration, development, engineering, and operation.
Throughout the eighteen years that it has been operating as a company, Bemisa has focused on charting a differentiated path in making a place for itself in the Brazilian mining industry. In an industry historically marked by concentration on a few large groups and dependence on mature assets, the company has wagered on generating geological knowledge, identifying new mineral frontiers, and transforming brownfield projects into economically viable and environmentally responsible operations.
This approach has enabled the company to build a robust, diversified, and technically consistent portfolio, currently comprising 21 mining projects, spread out across several different stages of maturity, from initial prospecting to becoming fully operational, and encompassing eight mineral substances, with the emphasis on iron ore and gold, in addition to copper, rare earths, and phosphate.
"Reaching this level is the result of a longterm construction effort," says Augusto Lopes, Bemisa's CEO. "We ended 2025 with more than 300,000 meters of accumulated drilling along the company's lifetime so far. That places us among the main players in mineral exploration in Brazil. This volume of work reflects robust, continuous, and sustained growth, always focused on generating geological knowledge and the responsible development of our assets."
Bemisa's advance occurs at a time of profound transformations in the global mining industry. The energy transition, the reconfiguration of supply chains, the growing demand for strategic minerals, and the pressure for more rigorous environmental, social, and governance practices all impose new challenges on mining companies. In these circumstances, the ability to integrate technique, strategy, and sustainability becomes a decisive competitive advantage.
Since its inception, Bemisa has structured an operating model that seeks to reduce geological and operational risks through systematic investments in mineral prospecting and research, combined with rigorous project management, financial discipline, and a clear vision of value generation throughout the life cycle of its projects.
"Today we operate in all stages of the development of a mineral project, from prospecting to operation," Lopes says. "Over the years, we have consolidated our integrated technical expertise that involves mineral research, environmental licensing, engineering, mine implementation, and logistics solutions, including rail terminals. This integration allows us to accelerate projects, reduce uncertainties, and increase efficiency."
With a payroll now numbering more than 2,300, Bemisa has accumulated experience in commissioning four greenfield projects and more than eleven years of operations, strengthening its ability to transform exploratory projects into productive assets while maintaining high technical and environmental standards.
Among the largest, but with its own identity
Joining the ranks of the country's eighteen largest mining companies has taken on a meaning for the company that goes beyond the numerical position. Lopes sees the achievement as placing the company in a select group of majors distinguished by the scale of their operating capacity, their output volume, and their economic contribution to Brazilian mining as a whole.
Unlike the large global majors, whose growth derives from mature assets and large-scale operations, and also unlike junior companies, generally focused only on the startup of a project followed by a quick sale, Bemisa occupies a unique position in the market. The company acts as a developer and operator of mineral assets, maintaining technical and strategic control throughout the entire life cycle of all its projects.
Our growth was not based on opportunistic acquisitions or ready-made assets," Lopes stresses. "It was built by generating geological knowledge, by the technical development of our projects, and the ability to make those projects fully operational.
This intermediate — though increasingly robust — position gives Bemisa strategic flexibility, allowing it to develop large-scale projects, such as Planalto Piauí, while simultaneously working on a diversified pipeline of assets, each at a different stage.
For Bemisa, geology is not just the initial stage of a mining project, but rather a continuous decision-making tool. The high volume of drilling carried out over the years reflects a clear philosophy: to reduce uncertainties before committing capital on a larger scale.
"Mineral research is what guides all the company's strategic decisions," Lopes says. "It gives us our definitions of where to invest, when to advance, when to reassess, and, in some cases, when to abandon a project." This approach allows Bemisa to prioritize those projects that are geologically more robust; to make any necessary adjustments to the processing route at an early stage; to reduce the risks arising from mineralogical variability; and to speed up the path leading from discovery to production.
The outcome is a project portfolio with improved technical and financial predictability, a fundamental characteristic in a capital-intensive sector subject to market cycles.
Iron ore: consistent growth and a leading role in Minas Gerais
Iron ore is currently Bemisa's main production driver and one of the pillars of its consolidation among Brazil's leading producers. In Minas Gerais the company has established itself as a strategic player, combining operating assets, expansion projects, and high-potential exploration projects in the pipeline.
The Baratinha complex, in Minas Gerais, exemplifies Bemisa's technical and strategic approach. It is a hub of mineral assets adding up to more than 300 million tons of potential iron ore resources, including over 100 million tons of high-grade hematite.
The robustness of the complex is further strengthened by continuous geological research programs and complementary drilling, aimed at identifying new mineralized zones and expanding existing resources. One example is borehole DD-205 at the Mongais project (part of the Baratinha complex), which intercepted 107 meters of ore having an average iron content of 67.47 percent.
The consistency of the results obtained at the Baratinha complex," Lopes says, "confirms our conviction that there is still significant potential to be developed. The accumulated geological knowledge allows us to plan expansions in a technical and responsible manner.
The Baratinha mine, in operation since 2014, has a wet processing plant with a capacity of 2.5 million tons per year of high-grade iron ore. The project is located in an area where mining was carried out until the 1980s. Since the beginning of the new operation Bemisa has been working continuously to remedy environmental liabilities, demonstrating the integration between production and socio-environmental responsibility.
The Mongais Project was brought on stream in January 2024, significantly expanding the capacity of the complex as a whole. With dry grinding and an output capacity of 1.5 million tons per year, the project has boosted overall annual output at the Baratinha complex to 4 million tons.
We are currently engaged in a revamp process at the wet grinding plant," Lopes notes. "This investment will enable us to process low-grade ores and reuse materials previously discarded as tailings, which means we will be producing less waste and improving overall efficiency.
Also in Minas Gerais, another major asset in Bemisa's iron ore portfolio is the Pedra Branca project, located in the municipalities of João Monlevade and Itabira. Operations began in the second half of 2025, in a further boost to Bemisa's growing strength in the state.
Pedra Branca holds 130 million tons of potential resources, including 33 million tons of high-grade iron ore. At full capacity, output should rise to approximately 3 million tons a year, combining dry grinding of high-grade ores with wet grinding of itabirites.
Lopes sees Pedra Branca as reinforcing Bemisa's strategy of operating assets having different geological profiles and processing routes, expanding the operational flexibility and resilience of the portfolio.
In addition to these projects now in operation, Bemisa's assets still at the exploration stage include Piçarrão, strategically located about 70 kilometers from the Baratinha Complex and 60 kilometers from Pedra Branca, previously mined by Vale, which presents good prospects for future development.
The expansion of the Baratinha complex and the start of operations at the Pedra Branca project demonstrate consistent and sustainable growth in Minas Gerais," Lopes says. "Our long-term strategy is to achieve an iron ore output in excess of 10 million tons a year by 2030, drawing only on the assets already in our portfolio in that state.
Planalto Piauí: magnetitic iron ore and global scale
While Bemisa consolidates its position as a producer in Minas Gerais, in the Northeast the company has been developing a new project on a global scale. The Planalto Piauí project, in the state of Piauí, holds more than 1.6 billion tons of magnetitic iron ore resources, including 1.2 billion tons certified according to the Canadian NI 43-101 standard.
This project is the result of an extensive exploratory program that involved approximately 65,000 meters of drilling, conducted with technical rigor and with the support of independent international consultancies. With the project now at the engineering stage, Bemisa is focusing on evaluating the implementation of Stage 1, which would already have an output of 3 million tons a year, to be followed by a gradual expansion until, at full capacity, Planalto Piauí should produce 15 million tons a year. The final product will be a pellet feed having an iron content above 70 percent, low levels of contaminants, and characteristics suitable for the production of direct reduction pellets.
This type of product," Lopes adds, "is essential for low-carbon steelmaking. Planalto Piauí is fully in line with the future demands of the global market, especially in the context of the energy transition and the reduction of carbon dioxide emissions.
The project adopts dry stacking of tailings, thereby eliminating the need for tailings dams, and benefits from integrated logistics, being situated only 6 kilometers from the Transnordestina Railway, which will connect it to the Port of Pecém, a strategic industrial and port complex in Ceará, developed in partnership with the Port of Rotterdam and located within a Free Economic Zone (ZPE). From a regional perspective, the expectation is for a significant positive impact, with job creation, income generation, and increased tax revenue.
Gold: Água Azul and the consolidation of a new productive pillar
In gold, Bemisa has been pushing ahead with its Água Azul project, located in Água Azul do Norte, in the southeast of Pará, close to the Carajás mineral district. Devel-
oped from the greenfield stage, the project exemplifies Bemisa's exploratory vocation.
The Água Azul project has risen to a new level, with resources now stated as more than 3.5 million ounces of gold, in accordance with NI 43-101. The new findings confirm the advances made by the last drilling campaign, more than doubling the previously certified volume and including approximately 1 million ounces in measured and indicated resources.
The certification of reserves is still underway, with completion scheduled for the first quarter of 2026, consolidating another important step in the project. In addition, the project has several targets under evaluation, with strong indications of continuity and expansion of mineralized zones, supporting the potential for further increases in the next stages of exploration.
The Água Azul Project is advancing to an important milestone in its growth, with the expansion of its ore processing capacity to 2.85 million tons per year. This expansion means the venture will rank among the leading Brazilian gold mines, with an output capacity of 100,000 ounces a year.
Diversification and strategic minerals for the future
Bemisa's portfolio goes beyond iron ore and gold. The company is engaged in important projects in copper, rare earths, and phosphate, in line with the structural demands of the Brazilian and global market.
The Pórfiro copper project is located along the border between two states, in the Alta Floresta region in Mato Grosso and the adjoining Tapajós region across the state line in Pará. It covers 62 mining concessions in a total area of 321,000 hectares (about 1,240 square miles). Geophysical and geochemical surveys have now been done, with drilling planned to advance in defining the targets.
The Bambuí rare earths project in the municipality of Tiros, in Minas Gerais, has been yielding promising results. Tests carried out at CETEM identified a high presence of Pr-Nd in the leach liquors of the magnetic rare earth concentrate, elements considered strategic and that, according to all indications, will make up the majority of the rare earth ion basket in the project's mixed carbonate product. A new drilling campaign has now begun, with a target of up to 11,600 meters.
The Jauru phosphate project in Mato Grosso is advancing with a focus on the production of phosphate fertilizers, in partnership with Cetem and Embrapii.
Mineral prospecting and research remain at the heart of Bemisa's strategy, Lopes says, even after the latest operational advances. "The fact that we became producers hasn't made us lose our exploratory DNA," he says. "This geological focus makes a difference even in our operations. Today we are perhaps the company doing most of the mineral research in iron ore outside the traditional standards. This has enabled us to identify a new mineral frontier in Minas Gerais, in the Steel Valley region.
Bemisa's controlling stockholder is Opportunity, one of the largest independent asset managers in Brazil. Opportunity fully supports Bemisa's long-term vision and shares its confidence in Brazil's mining potential.
ESG as a design criterion, not just a mitigation criterion
At Bemisa, environmental and social practices are not treated as corrective measures, but as structuring criteria for projects. The choice of operations free from tailings dams, the use of dry stacking, and the remediation of environmental liabilities are examples of choices made as early as the conception stage of each project. "These decisions," Lopes says, "impact operational risk, relationships with communities, licensing, and even the capital cost of the projects."
By adopting technical solutions that reduce environmental risks and increase operational safety, the company is strengthening the long-term sustainability of its assets and broadening its acceptance among regulatory bodies, investors, and society.
Over the years, Bemisa has built a strongly integrated technical culture, Lopes says, in which geologists, engineers, environmental specialists, and operations teams work synergistically. "Having a diverse technical team with high decision-making capacity and an innovative spirit is fundamental to developing mining projects in Brazil. This integration between disciplines is one of Bemisa's main differentials."
This corporate culture helps to retain talent, he says, as well as to transfer knowledge between projects and to adopt good technical and operational practices as standard.
Looking to the future
Looking to the future, Bemisa positions itself as a company prepared to meet the new demands of global mining, especially in the context of the energy transition, food security, and the reduction of carbon emissions.
With projects in high-quality iron ore, gold, copper, rare earths, and phosphate, the company is building a diversified base that engages with the main drivers of growth in the world economy.
We believe in Brazil's mineral potential and the country's ability to consolidate itself as a strategic supplier of minerals to the world", Lopes says. "Our role is to develop these assets responsibly, efficiently, and with a long-term vision.