Brazil

Chinese electric vehicle (EV) manufacturers like BYD and Great Wall Motor are rapidly gaining market share in Brazil, driven by affordable EVs and a strategic focus on emerging markets. In 2024, EV imports from China surged. BYD has established a major production facility in Brazil, and others are following suit. While benefiting consumers and driving EV adoption, the influx raises concerns about job losses and has led to reintroduced import tariffs. However, Chinese automakers remain committed to the Brazilian market, aiming to shape consumer preferences and drive long-term EV growth.

On October 9, 2025, Afya Limited announced a R$1,500 million commercial note issuance by its subsidiary, Afya Brazil, via private placement with Opea Securitizadora S.A. The notes, divided into two series maturing in 2028 and 2030, are secured by subsidiary guarantees and offer interest rates pegged to the Brazilian interbank deposit rate plus a spread. Afya intends to use the proceeds to potentially redeem existing debentures, repurchase convertible preferred shares, and for general liability management, aiming to optimize its debt profile and fund strategic initiatives.

Pacific Bay Minerals is raising up to $2 million through a non-brokered private placement of 20 million units to fund the acquisition and exploration of the Pereira-Velho Gold Project in Brazil. Additionally, the company is seeking to extend the expiry of 7.3 million warrants and has appointed Elton Pereira as country manager for Brazil.

GoldMining Inc. has entered an earn-in agreement with Australian Mines Limited for its Boa Vista Project in Brazil. This deal allows AUZ to acquire up to an 80% interest, potentially yielding GoldMining $7 million in cash and equity. This strategic move enables GoldMining to focus on its flagship São Jorge Project while retaining a carried interest and equity in AUZ for the Boa Vista Project’s future success.