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A free option exerciseable at 5c by 2025 is attached on a one-for-two basis.
BBX, which has had a swag of board changes in recent months, has prospective ionic rare earth ground in Brazil being probed by a multi-rig auger drilling campaign.
It also says it has a pipeline of prospective REE acquisitions.
Brazil has become a destination country for ASX rare earth explorers of late on the back of the big market success of Meteoric Resources.
BBX has been in-country for years with a focus mainly on an enigmatic PGM and gold project called Tres Estados.
BBX had $1.65 million at the end of the June quarter.
The company's CEO is Andre Douchane, who resigned as a director last month.
Shares in BBX were down 22% to 3.1c in late trade, capitalising the company at $16 million.
Three years ago the stock spiked to levels around 48c.
