Brazilian Rare Earths (ASX:BRE) secured the final exploration report for the Monte Alto exploration license from Brazil's national mining agency, the Agência Nacional de Mineração, according to a Thursday filing with the Australian bourse.

The clearance marks the start of the formal process for Monte Alto's mining permit, and the company will submit an economic development plan based on the Monte Alto scoping study, set for completion in the second quarter of 2025, the filing said.

The company also secured approvals for the final exploration reports on 20 exploration licenses across the Rocha da Rocha Province, according to the filing.

Shares rose nearly 3% in afternoon trade Friday.