This market resolves YES if Serra Verde trailing 6-month MREC production at Pela Ema exceeds 500 tonnes on June 30, 2027.

What is being measured: Total Mixed Rare Earth Concentrate (MREC) produced at Serra Verde's Pela Ema site (Cavalcante/Minaçu, Goiás, Brazil), in metric tonnes, for the 6-month period ending 3 months before June 30, 2027.

Measurement window:

• Settlement June 30: October (prior year) – March (current year) total

• Settlement December 31: April – September (current year) total

Unit conversion: If Serra Verde reports in TREO tonnes, apply the Pela Ema TREO grade (~35% TREO in MREC) to convert: MREC tonnes = TREO tonnes / 0.35. If Serra Verde discloses actual TREO grade, use that instead.

Data timing: Serra Verde is a private company. Primary data relies on DFC project monitoring reports, ANM filings, and Solvay feedstock disclosures. If no direct production data is available for the measurement window, resolve using best available proxy (Solvay MREC received, ANM mineral production statistics).

YES if:

• Available data confirms MREC production exceeds 500 tonnes for the 6-month window

NO if:

• Production for the 6-month window is ≤ 500 tonnes per available sources

• If no production data is available for the window (pre-ramp or non-disclosed), resolves NO

See measurable definition: measurables/europium/serra_verde_mrec_production.measurable.yaml

Primary sources:

1. Serra Verde official reports — serraverde.com operational and sustainability disclosures

2. US DFC project monitoring reports — development.finance.gov (Serra Verde project page)

3. ANM (Agência Nacional de Mineração) — Brazil mining production statistics by mine and commodity (sistemas.anm.gov.br)

Secondary sources: 4. Solvay SA quarterly results — rare earth feedstock processing at La Rochelle plant 5. Appian Capital Advisory — portfolio company reporting if Serra Verde disclosed 6. Brazilian trade data — ANM and Ministry of Mines export statistics for rare earth concentrates from Goiás state