Aclara Announces Filing and Results of Feasibility Study for Its Flagship Carina Project
Original announcement by tmx on
- Company
- Aclara Resources Inc.
- Ticker
- ARA
- Exchange
- TSX
- Region
- Goiás, Brazil
- Primary commodity
- Rare earths
- Secondary commodities
- Neodymium, Praseodymium, Dysprosium, Terbium, Samarium, Gadolinium, Lutetium, Yttrium
- Document categories
- Resource update, Metallurgy
- Extracted
- 2026-09-15 10:48:43 UTC
Analysis by Minestarters Atlas
Minestarters Atlas analysis
Summary
Aclara Resources announced positive results from a Feasibility Study for its flagship Carina Project in Brazil, detailing robust economics with an after-tax NPV of US$1.7 billion and an IRR of 26.9%. The study establishes the first NI 43-101 compliant Mineral Reserves for an ionic clay project, forecasting an 18-year life of mine with significant annual production of rare earth oxides, including NdPr, Dy, and Tb. The company also highlights a successful pilot plant campaign and a sustainable processing method, underpinning its mine-to-magnet strategy.
Reasoning: The Feasibility Study confirms the Carina Project's strong economic viability and establishes significant rare earth Mineral Reserves, supported by a proven metallurgical process and sustainable practices, although overall recovery is low and capital costs have increased.
Positive factors
- Robust economics with after-tax NPV of US$1.7 billion and IRR of 26.9%.
- First NI 43-101 compliant Mineral Reserves for an ionic clay project.
- Successful pilot plant campaign demonstrating metallurgical process.
- High plant recovery of 96.1% for rare earth oxides.
- Sustainable Circular Mineral Harvesting process with minimal environmental impact.
- High purity MREC product (97.7%).
Negative factors
- Overall rare earth recovery of 25.4% is low due to desorption efficiency.
- Initial capital cost increased by US$100.4 million compared to PFS.
- Reliance on Argus Media price forecast which assumes an independent supply chain outside of China, with risk of Chinese market intervention.
- Risk of increased capital and operating costs for the separation project in Louisiana.
Low confidence — this extraction should be reviewed alongside the original source.
Facts used in scoring: 32
Classification and evidence
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: The Feasibility Study was prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects.
Evidence · text
“The FS, titled "NI 43-101 Technical Report & Feasibility Study on the Carina Project, Goiás, Brazil" with an effective date of March 20, 2026, was prepared in accordance with National Instrument 43-101”
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: The Mineral Resource estimate was prepared by Andres Beluzan, an independent Qualified Person, and the Mineral Reserve estimation is compliant with NI 43-101, indicating QP sign-off.
Evidence · text
“The FS Mineral Resource estimate was prepared by Andres Beluzan, Member of Chilean Mining Commission, an independent Qualified Person ("QP") as defined by NI 43-101.”
Pilot Scale Completepositive
Pilot or demonstration plant testing completed under continuous operation.
Why it applies: The company has successfully completed a representative pilot campaign at its semi-industrial scale facility.
Evidence · text
“Successful completion of the Project's representative pilot campaign at its semi-industrial scale facility in Goiânia, Brazil.”
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: The Mineral Resources were reported at an NSR cut-off of US$10.42/t, and the economic NSR cut-off for reserves is US$9.89/t.
Evidence · text
“Mineral Resources were reported at a NSR cut-off of US$10.42/t”
Low Recoverynegative
Recovery below the weak band for the commodity and processing route.
Why it applies: The overall performance recovery is reported as 25.4%, which is below typical expectations for rare earth processing.
Evidence · table
“25.4”
Context: Overall performance
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: The document presents a Mineral Resource Statement and Mineral Reserves Statement as part of a Feasibility Study.
Evidence · text
“Mineral Resource Statement”
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: The resource and reserve estimates are part of a Feasibility Study, which supports a Definitive Feasibility Study level of confidence.
Evidence · text
“results of the feasibility study (the "FS")”
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: The resource estimate includes a Measured category of 27.0 Mt.
Evidence · table
“Measured”
Context: 27.0
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: The resource estimate includes an Indicated category of 233.8 Mt.
Evidence · table
“Indicated”
Context: 233.8
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: The resource estimate includes an Inferred category of 41.3 Mt.
Evidence · table
“Inferred”
Context: 41.3
Proven Reservepositive
Measured Resource with demonstrated economic viability after applying modifying factors.
Why it applies: The reserve estimate includes a Proven category of 22.2 Mt.
Evidence · table
“Proven”
Context: 22.2
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: The reserve estimate includes a Probable category of 148.6 Mt.
Evidence · table
“Probable”
Context: 148.6
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: the document describes a flotation route ("concentrate")
Single Domain Onlynegative
Testing limited to one composite or domain — representativeness not established.
Why it applies: only one composite was tested
Extracted facts
Stored fact records: 32. Some facts used in scoring do not have a stored record.
Resource Estimates (28)
measuredCarina Project · treoTonnes: 27000000Grade: 1822Grade Unit: ppmContained Metal: 49182Contained Unit: tView all detailsHide details
Identity
- Project
- Carina Project
- Commodity
- treo
- Region
- brazil
- Reported Region
- Goiás, Brazil
- Ticker
- ARA
Resource scope
- Estimate type
- resource
- Effective date
- 2026-03-20T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Andres Beluzan
- Resource group id
- resource:a2e0b525f181930a8ad3
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- measured
- Tonnes
- 27000000
- Grade
- 1822
- Grade Unit
- ppm
- Contained Metal
- 49182
- Contained Unit
- t
- Cutoff Grade
- 10.42
- Cutoff Unit
- US$/t
Prior Estimate
- Resource Date
- 2026-01-01
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-13T00:00:00.000Z
Reasoning: Measured Resource provides high confidence for project planning and economic assessment.
Positive factors
- High confidence Measured Resource category.
- Significant contained metal for rare earth oxides.
Evidence · table
“1,822”
Context: 27.0
Tags used in scoring
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: category is "measured"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
measuredCarina Project · ndprTonnes: 27000000Grade: 355Grade Unit: ppmContained Metal: 9597Contained Unit: tView all detailsHide details
Identity
- Project
- Carina Project
- Commodity
- ndpr
- Region
- brazil
- Reported Region
- Goiás, Brazil
- Ticker
- ARA
Resource scope
- Estimate type
- resource
- Effective date
- 2026-03-20T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Andres Beluzan
- Resource group id
- resource:a2e0b525f181930a8ad3
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- measured
- Tonnes
- 27000000
- Grade
- 355
- Grade Unit
- ppm
- Contained Metal
- 9597
- Contained Unit
- t
- Cutoff Grade
- 10.42
- Cutoff Unit
- US$/t
Prior Estimate
- Resource Date
- 2026-01-01
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-13T00:00:00.000Z
Reasoning: Measured Resource provides high confidence for project planning and economic assessment, particularly for high-value NdPr.
Positive factors
- High confidence Measured Resource category.
- Significant contained metal for critical NdPr rare earths.
Evidence · table
“355”
Context: 27.0
Tags used in scoring
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: category is "measured"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
measuredCarina Project · dyTonnes: 27000000Grade: 59Grade Unit: ppmContained Metal: 1602Contained Unit: tView all detailsHide details
Identity
- Project
- Carina Project
- Commodity
- dy
- Region
- brazil
- Reported Region
- Goiás, Brazil
- Ticker
- ARA
Resource scope
- Estimate type
- resource
- Effective date
- 2026-03-20T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Andres Beluzan
- Resource group id
- resource:a2e0b525f181930a8ad3
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- measured
- Tonnes
- 27000000
- Grade
- 59
- Grade Unit
- ppm
- Contained Metal
- 1602
- Contained Unit
- t
- Cutoff Grade
- 10.42
- Cutoff Unit
- US$/t
Prior Estimate
- Resource Date
- 2026-01-01
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-13T00:00:00.000Z
Reasoning: Measured Resource provides high confidence for project planning and economic assessment, particularly for high-value Dy.
Positive factors
- High confidence Measured Resource category.
- Significant contained metal for critical Dysprosium rare earths.
Evidence · table
“59”
Context: 27.0
Tags used in scoring
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: category is "measured"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
measuredCarina Project · tbTonnes: 27000000Grade: 9.6Grade Unit: ppmContained Metal: 260.4Contained Unit: tView all detailsHide details
Identity
- Project
- Carina Project
- Commodity
- tb
- Region
- brazil
- Reported Region
- Goiás, Brazil
- Ticker
- ARA
Resource scope
- Estimate type
- resource
- Effective date
- 2026-03-20T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Andres Beluzan
- Resource group id
- resource:a2e0b525f181930a8ad3
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- measured
- Tonnes
- 27000000
- Grade
- 9.6
- Grade Unit
- ppm
- Contained Metal
- 260.4
- Contained Unit
- t
- Cutoff Grade
- 10.42
- Cutoff Unit
- US$/t
Prior Estimate
- Resource Date
- 2026-01-01
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-13T00:00:00.000Z
Reasoning: Measured Resource provides high confidence for project planning and economic assessment, particularly for high-value Tb.
Positive factors
- High confidence Measured Resource category.
- Significant contained metal for critical Terbium rare earths.
Evidence · table
“9.6”
Context: 27.0
Tags used in scoring
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: category is "measured"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedCarina Project · treoTonnes: 233800000Grade: 1585Grade Unit: ppmContained Metal: 370649Contained Unit: tView all detailsHide details
Identity
- Project
- Carina Project
- Commodity
- treo
- Region
- brazil
- Reported Region
- Goiás, Brazil
- Ticker
- ARA
Resource scope
- Estimate type
- resource
- Effective date
- 2026-03-20T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Andres Beluzan
- Resource group id
- resource:1d16bcf68c43888864d1
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 233800000
- Grade
- 1585
- Grade Unit
- ppm
- Contained Metal
- 370649
- Contained Unit
- t
- Cutoff Grade
- 10.42
- Cutoff Unit
- US$/t
Prior Estimate
- Resource Date
- 2026-01-01
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-13T00:00:00.000Z
Reasoning: Indicated Resource provides a solid basis for further economic studies and conversion to reserves.
Positive factors
- Indicated Resource category provides good geological confidence.
- Large tonnage and contained metal for rare earth oxides.
Evidence · table
“1,585”
Context: 233.8
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedCarina Project · ndprTonnes: 233800000Grade: 295Grade Unit: ppmContained Metal: 69067Contained Unit: tView all detailsHide details
Identity
- Project
- Carina Project
- Commodity
- ndpr
- Region
- brazil
- Reported Region
- Goiás, Brazil
- Ticker
- ARA
Resource scope
- Estimate type
- resource
- Effective date
- 2026-03-20T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Andres Beluzan
- Resource group id
- resource:1d16bcf68c43888864d1
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 233800000
- Grade
- 295
- Grade Unit
- ppm
- Contained Metal
- 69067
- Contained Unit
- t
- Cutoff Grade
- 10.42
- Cutoff Unit
- US$/t
Prior Estimate
- Resource Date
- 2026-01-01
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-13T00:00:00.000Z
Reasoning: Indicated Resource provides a solid basis for further economic studies and conversion to reserves, particularly for high-value NdPr.
Positive factors
- Indicated Resource category provides good geological confidence.
- Large tonnage and contained metal for critical NdPr rare earths.
Evidence · table
“295”
Context: 233.8
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedCarina Project · dyTonnes: 233800000Grade: 43Grade Unit: ppmContained Metal: 10089Contained Unit: tView all detailsHide details
Identity
- Project
- Carina Project
- Commodity
- dy
- Region
- brazil
- Reported Region
- Goiás, Brazil
- Ticker
- ARA
Resource scope
- Estimate type
- resource
- Effective date
- 2026-03-20T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Andres Beluzan
- Resource group id
- resource:1d16bcf68c43888864d1
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 233800000
- Grade
- 43
- Grade Unit
- ppm
- Contained Metal
- 10089
- Contained Unit
- t
- Cutoff Grade
- 10.42
- Cutoff Unit
- US$/t
Prior Estimate
- Resource Date
- 2026-01-01
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-13T00:00:00.000Z
Reasoning: Indicated Resource provides a solid basis for further economic studies and conversion to reserves, particularly for high-value Dy.
Positive factors
- Indicated Resource category provides good geological confidence.
- Large tonnage and contained metal for critical Dysprosium rare earths.
Evidence · table
“43”
Context: 233.8
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedCarina Project · tbTonnes: 233800000Grade: 6.9Grade Unit: ppmContained Metal: 1622.5Contained Unit: tView all detailsHide details
Identity
- Project
- Carina Project
- Commodity
- tb
- Region
- brazil
- Reported Region
- Goiás, Brazil
- Ticker
- ARA
Resource scope
- Estimate type
- resource
- Effective date
- 2026-03-20T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Andres Beluzan
- Resource group id
- resource:1d16bcf68c43888864d1
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 233800000
- Grade
- 6.9
- Grade Unit
- ppm
- Contained Metal
- 1622.5
- Contained Unit
- t
- Cutoff Grade
- 10.42
- Cutoff Unit
- US$/t
Prior Estimate
- Resource Date
- 2026-01-01
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-13T00:00:00.000Z
Reasoning: Indicated Resource provides a solid basis for further economic studies and conversion to reserves, particularly for high-value Tb.
Positive factors
- Indicated Resource category provides good geological confidence.
- Large tonnage and contained metal for critical Terbium rare earths.
Evidence · table
“6.9”
Context: 233.8
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredCarina Project · treoTonnes: 41300000Grade: 1318Grade Unit: ppmContained Metal: 54433Contained Unit: tView all detailsHide details
Identity
- Project
- Carina Project
- Commodity
- treo
- Region
- brazil
- Reported Region
- Goiás, Brazil
- Ticker
- ARA
Resource scope
- Estimate type
- resource
- Effective date
- 2026-03-20T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Andres Beluzan
- Resource group id
- resource:9e5ae04a4afe4541a5c3
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 41300000
- Grade
- 1318
- Grade Unit
- ppm
- Contained Metal
- 54433
- Contained Unit
- t
- Cutoff Grade
- 10.42
- Cutoff Unit
- US$/t
Prior Estimate
- Resource Date
- 2026-01-01
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-13T00:00:00.000Z
Reasoning: Inferred Resource is speculative and requires further drilling to upgrade confidence.
Positive factors
- Adds to overall resource base.
Negative factors
- Inferred Resource category has lower geological confidence and cannot support economic studies alone.
Evidence · table
“1,318”
Context: 41.3
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredCarina Project · ndprTonnes: 41300000Grade: 244Grade Unit: ppmContained Metal: 10068Contained Unit: tView all detailsHide details
Identity
- Project
- Carina Project
- Commodity
- ndpr
- Region
- brazil
- Reported Region
- Goiás, Brazil
- Ticker
- ARA
Resource scope
- Estimate type
- resource
- Effective date
- 2026-03-20T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Andres Beluzan
- Resource group id
- resource:9e5ae04a4afe4541a5c3
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 41300000
- Grade
- 244
- Grade Unit
- ppm
- Contained Metal
- 10068
- Contained Unit
- t
- Cutoff Grade
- 10.42
- Cutoff Unit
- US$/t
Prior Estimate
- Resource Date
- 2026-01-01
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-13T00:00:00.000Z
Reasoning: Inferred Resource is speculative and requires further drilling to upgrade confidence for high-value NdPr.
Positive factors
- Adds to overall resource base for critical NdPr rare earths.
Negative factors
- Inferred Resource category has lower geological confidence and cannot support economic studies alone.
Evidence · table
“244”
Context: 41.3
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredCarina Project · dyTonnes: 41300000Grade: 42Grade Unit: ppmContained Metal: 1754Contained Unit: tView all detailsHide details
Identity
- Project
- Carina Project
- Commodity
- dy
- Region
- brazil
- Reported Region
- Goiás, Brazil
- Ticker
- ARA
Resource scope
- Estimate type
- resource
- Effective date
- 2026-03-20T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Andres Beluzan
- Resource group id
- resource:9e5ae04a4afe4541a5c3
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 41300000
- Grade
- 42
- Grade Unit
- ppm
- Contained Metal
- 1754
- Contained Unit
- t
- Cutoff Grade
- 10.42
- Cutoff Unit
- US$/t
Prior Estimate
- Resource Date
- 2026-01-01
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-13T00:00:00.000Z
Reasoning: Inferred Resource is speculative and requires further drilling to upgrade confidence for high-value Dy.
Positive factors
- Adds to overall resource base for critical Dysprosium rare earths.
Negative factors
- Inferred Resource category has lower geological confidence and cannot support economic studies alone.
Evidence · table
“42”
Context: 41.3
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredCarina Project · tbTonnes: 41300000Grade: 6.7Grade Unit: ppmContained Metal: 276.9Contained Unit: tView all detailsHide details
Identity
- Project
- Carina Project
- Commodity
- tb
- Region
- brazil
- Reported Region
- Goiás, Brazil
- Ticker
- ARA
Resource scope
- Estimate type
- resource
- Effective date
- 2026-03-20T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Andres Beluzan
- Resource group id
- resource:9e5ae04a4afe4541a5c3
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 41300000
- Grade
- 6.7
- Grade Unit
- ppm
- Contained Metal
- 276.9
- Contained Unit
- t
- Cutoff Grade
- 10.42
- Cutoff Unit
- US$/t
Prior Estimate
- Resource Date
- 2026-01-01
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-13T00:00:00.000Z
Reasoning: Inferred Resource is speculative and requires further drilling to upgrade confidence for high-value Tb.
Positive factors
- Adds to overall resource base for critical Terbium rare earths.
Negative factors
- Inferred Resource category has lower geological confidence and cannot support economic studies alone.
Evidence · table
“6.7”
Context: 41.3
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
provenCarina Project · treoTonnes: 22200000Grade: 1856Grade Unit: ppmView all detailsHide details
Identity
- Project
- Carina Project
- Commodity
- treo
- Region
- brazil
- Reported Region
- Goiás, Brazil
- Ticker
- ARA
Resource scope
- Estimate type
- reserve
- Effective date
- 2026-03-20T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Paulo Laymen
- Resource group id
- resource:b172d3084db215c9d2b2
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- proven
- Tonnes
- 22200000
- Grade
- 1856
- Grade Unit
- ppm
- Cutoff Grade
- 9.89
- Cutoff Unit
- US$/t
Prior Estimate
- Resource Date
- 2026-03-20
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-13T00:00:00.000Z
Reasoning: Proven Reserves are the highest confidence category, forming a strong basis for project development.
Positive factors
- Proven Reserve category indicates highest confidence in economic viability.
- High total oxide grade for rare earth oxides.
Evidence · table
“1,856”
Context: 22.2
Tags used in scoring
Proven Reservepositive
Measured Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "proven"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
provenCarina Project · ndprTonnes: 22200000Grade: 375Grade Unit: ppmView all detailsHide details
Identity
- Project
- Carina Project
- Commodity
- ndpr
- Region
- brazil
- Reported Region
- Goiás, Brazil
- Ticker
- ARA
Resource scope
- Estimate type
- reserve
- Effective date
- 2026-03-20T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Paulo Laymen
- Resource group id
- resource:b172d3084db215c9d2b2
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- proven
- Tonnes
- 22200000
- Grade
- 375
- Grade Unit
- ppm
- Cutoff Grade
- 9.89
- Cutoff Unit
- US$/t
Prior Estimate
- Resource Date
- 2026-03-20
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-13T00:00:00.000Z
Reasoning: Proven Reserves are the highest confidence category, forming a strong basis for project development, particularly for high-value NdPr.
Positive factors
- Proven Reserve category indicates highest confidence in economic viability.
- High total oxide grade for critical NdPr rare earths.
Evidence · table
“375”
Context: 22.2
Tags used in scoring
Proven Reservepositive
Measured Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "proven"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
provenCarina Project · dyTonnes: 22200000Grade: 60Grade Unit: ppmView all detailsHide details
Identity
- Project
- Carina Project
- Commodity
- dy
- Region
- brazil
- Reported Region
- Goiás, Brazil
- Ticker
- ARA
Resource scope
- Estimate type
- reserve
- Effective date
- 2026-03-20T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Paulo Laymen
- Resource group id
- resource:b172d3084db215c9d2b2
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- proven
- Tonnes
- 22200000
- Grade
- 60
- Grade Unit
- ppm
- Cutoff Grade
- 9.89
- Cutoff Unit
- US$/t
Prior Estimate
- Resource Date
- 2026-03-20
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-13T00:00:00.000Z
Reasoning: Proven Reserves are the highest confidence category, forming a strong basis for project development, particularly for high-value Dy.
Positive factors
- Proven Reserve category indicates highest confidence in economic viability.
- High total oxide grade for critical Dysprosium rare earths.
Evidence · table
“60”
Context: 22.2
Tags used in scoring
Proven Reservepositive
Measured Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "proven"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
provenCarina Project · tbTonnes: 22200000Grade: 9.9Grade Unit: ppmView all detailsHide details
Identity
- Project
- Carina Project
- Commodity
- tb
- Region
- brazil
- Reported Region
- Goiás, Brazil
- Ticker
- ARA
Resource scope
- Estimate type
- reserve
- Effective date
- 2026-03-20T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Paulo Laymen
- Resource group id
- resource:b172d3084db215c9d2b2
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- proven
- Tonnes
- 22200000
- Grade
- 9.9
- Grade Unit
- ppm
- Cutoff Grade
- 9.89
- Cutoff Unit
- US$/t
Prior Estimate
- Resource Date
- 2026-03-20
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-13T00:00:00.000Z
Reasoning: Proven Reserves are the highest confidence category, forming a strong basis for project development, particularly for high-value Tb.
Positive factors
- Proven Reserve category indicates highest confidence in economic viability.
- High total oxide grade for critical Terbium rare earths.
Evidence · table
“9.9”
Context: 22.2
Tags used in scoring
Proven Reservepositive
Measured Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "proven"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
provenCarina Project · treoTonnes: 22200000Grade: 514Grade Unit: ppmView all detailsHide details
Identity
- Project
- Carina Project
- Commodity
- treo
- Region
- brazil
- Reported Region
- Goiás, Brazil
- Ticker
- ARA
Resource scope
- Estimate type
- reserve
- Effective date
- 2026-03-20T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Paulo Laymen
- Resource group id
- resource:b172d3084db215c9d2b2
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- proven
- Tonnes
- 22200000
- Grade
- 514
- Grade Unit
- ppm
- Cutoff Grade
- 9.89
- Cutoff Unit
- US$/t
Prior Estimate
- Resource Date
- 2026-03-20
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-13T00:00:00.000Z
Reasoning: Proven Reserves are the highest confidence category, forming a strong basis for project development.
Positive factors
- Proven Reserve category indicates highest confidence in economic viability.
- Significant desorbable oxide grade for rare earth oxides.
Evidence · table
“514”
Context: 22.2
Tags used in scoring
Proven Reservepositive
Measured Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "proven"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
provenCarina Project · ndprTonnes: 22200000Grade: 137Grade Unit: ppmView all detailsHide details
Identity
- Project
- Carina Project
- Commodity
- ndpr
- Region
- brazil
- Reported Region
- Goiás, Brazil
- Ticker
- ARA
Resource scope
- Estimate type
- reserve
- Effective date
- 2026-03-20T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Paulo Laymen
- Resource group id
- resource:b172d3084db215c9d2b2
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- proven
- Tonnes
- 22200000
- Grade
- 137
- Grade Unit
- ppm
- Cutoff Grade
- 9.89
- Cutoff Unit
- US$/t
Prior Estimate
- Resource Date
- 2026-03-20
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-13T00:00:00.000Z
Reasoning: Proven Reserves are the highest confidence category, forming a strong basis for project development, particularly for high-value NdPr.
Positive factors
- Proven Reserve category indicates highest confidence in economic viability.
- Significant desorbable oxide grade for critical NdPr rare earths.
Evidence · table
“137”
Context: 22.2
Tags used in scoring
Proven Reservepositive
Measured Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "proven"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
provenCarina Project · dyTonnes: 22200000Grade: 20Grade Unit: ppmView all detailsHide details
Identity
- Project
- Carina Project
- Commodity
- dy
- Region
- brazil
- Reported Region
- Goiás, Brazil
- Ticker
- ARA
Resource scope
- Estimate type
- reserve
- Effective date
- 2026-03-20T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Paulo Laymen
- Resource group id
- resource:b172d3084db215c9d2b2
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- proven
- Tonnes
- 22200000
- Grade
- 20
- Grade Unit
- ppm
- Cutoff Grade
- 9.89
- Cutoff Unit
- US$/t
Prior Estimate
- Resource Date
- 2026-03-20
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-13T00:00:00.000Z
Reasoning: Proven Reserves are the highest confidence category, forming a strong basis for project development, particularly for high-value Dy.
Positive factors
- Proven Reserve category indicates highest confidence in economic viability.
- Significant desorbable oxide grade for critical Dysprosium rare earths.
Evidence · table
“20”
Context: 22.2
Tags used in scoring
Proven Reservepositive
Measured Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "proven"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
provenCarina Project · tbTonnes: 22200000Grade: 3.6Grade Unit: ppmView all detailsHide details
Identity
- Project
- Carina Project
- Commodity
- tb
- Region
- brazil
- Reported Region
- Goiás, Brazil
- Ticker
- ARA
Resource scope
- Estimate type
- reserve
- Effective date
- 2026-03-20T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Paulo Laymen
- Resource group id
- resource:b172d3084db215c9d2b2
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- proven
- Tonnes
- 22200000
- Grade
- 3.6
- Grade Unit
- ppm
- Cutoff Grade
- 9.89
- Cutoff Unit
- US$/t
Prior Estimate
- Resource Date
- 2026-03-20
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-13T00:00:00.000Z
Reasoning: Proven Reserves are the highest confidence category, forming a strong basis for project development, particularly for high-value Tb.
Positive factors
- Proven Reserve category indicates highest confidence in economic viability.
- Significant desorbable oxide grade for critical Terbium rare earths.
Evidence · table
“3.6”
Context: 22.2
Tags used in scoring
Proven Reservepositive
Measured Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "proven"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
probableCarina Project · treoTonnes: 148600000Grade: 1728Grade Unit: ppmView all detailsHide details
Identity
- Project
- Carina Project
- Commodity
- treo
- Region
- brazil
- Reported Region
- Goiás, Brazil
- Ticker
- ARA
Resource scope
- Estimate type
- reserve
- Effective date
- 2026-03-20T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Paulo Laymen
- Resource group id
- resource:00ff9c319b82bc246bee
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- probable
- Tonnes
- 148600000
- Grade
- 1728
- Grade Unit
- ppm
- Cutoff Grade
- 9.89
- Cutoff Unit
- US$/t
Prior Estimate
- Resource Date
- 2026-03-20
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-13T00:00:00.000Z
Reasoning: Probable Reserves provide a strong basis for project development and economic assessment.
Positive factors
- Probable Reserve category indicates good confidence in economic viability.
- Large tonnage and total oxide grade for rare earth oxides.
Evidence · table
“1,728”
Context: 148.6
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
probableCarina Project · ndprTonnes: 148600000Grade: 337Grade Unit: ppmView all detailsHide details
Identity
- Project
- Carina Project
- Commodity
- ndpr
- Region
- brazil
- Reported Region
- Goiás, Brazil
- Ticker
- ARA
Resource scope
- Estimate type
- reserve
- Effective date
- 2026-03-20T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Paulo Laymen
- Resource group id
- resource:00ff9c319b82bc246bee
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- probable
- Tonnes
- 148600000
- Grade
- 337
- Grade Unit
- ppm
- Cutoff Grade
- 9.89
- Cutoff Unit
- US$/t
Prior Estimate
- Resource Date
- 2026-03-20
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-13T00:00:00.000Z
Reasoning: Probable Reserves provide a strong basis for project development and economic assessment, particularly for high-value NdPr.
Positive factors
- Probable Reserve category indicates good confidence in economic viability.
- Large tonnage and total oxide grade for critical NdPr rare earths.
Evidence · table
“337”
Context: 148.6
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
probableCarina Project · dyTonnes: 148600000Grade: 47Grade Unit: ppmView all detailsHide details
Identity
- Project
- Carina Project
- Commodity
- dy
- Region
- brazil
- Reported Region
- Goiás, Brazil
- Ticker
- ARA
Resource scope
- Estimate type
- reserve
- Effective date
- 2026-03-20T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Paulo Laymen
- Resource group id
- resource:00ff9c319b82bc246bee
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- probable
- Tonnes
- 148600000
- Grade
- 47
- Grade Unit
- ppm
- Cutoff Grade
- 9.89
- Cutoff Unit
- US$/t
Prior Estimate
- Resource Date
- 2026-03-20
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-13T00:00:00.000Z
Reasoning: Probable Reserves provide a strong basis for project development and economic assessment, particularly for high-value Dy.
Positive factors
- Probable Reserve category indicates good confidence in economic viability.
- Large tonnage and total oxide grade for critical Dysprosium rare earths.
Evidence · table
“47”
Context: 148.6
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
probableCarina Project · tbTonnes: 148600000Grade: 7.6Grade Unit: ppmView all detailsHide details
Identity
- Project
- Carina Project
- Commodity
- tb
- Region
- brazil
- Reported Region
- Goiás, Brazil
- Ticker
- ARA
Resource scope
- Estimate type
- reserve
- Effective date
- 2026-03-20T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Paulo Laymen
- Resource group id
- resource:00ff9c319b82bc246bee
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- probable
- Tonnes
- 148600000
- Grade
- 7.6
- Grade Unit
- ppm
- Cutoff Grade
- 9.89
- Cutoff Unit
- US$/t
Prior Estimate
- Resource Date
- 2026-03-20
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-13T00:00:00.000Z
Reasoning: Probable Reserves provide a strong basis for project development and economic assessment, particularly for high-value Tb.
Positive factors
- Probable Reserve category indicates good confidence in economic viability.
- Large tonnage and total oxide grade for critical Terbium rare earths.
Evidence · table
“7.6”
Context: 148.6
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
probableCarina Project · treoTonnes: 148600000Grade: 458Grade Unit: ppmView all detailsHide details
Identity
- Project
- Carina Project
- Commodity
- treo
- Region
- brazil
- Reported Region
- Goiás, Brazil
- Ticker
- ARA
Resource scope
- Estimate type
- reserve
- Effective date
- 2026-03-20T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Paulo Laymen
- Resource group id
- resource:00ff9c319b82bc246bee
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- probable
- Tonnes
- 148600000
- Grade
- 458
- Grade Unit
- ppm
- Cutoff Grade
- 9.89
- Cutoff Unit
- US$/t
Prior Estimate
- Resource Date
- 2026-03-20
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-13T00:00:00.000Z
Reasoning: Probable Reserves provide a strong basis for project development and economic assessment.
Positive factors
- Probable Reserve category indicates good confidence in economic viability.
- Significant desorbable oxide grade for rare earth oxides.
Evidence · table
“458”
Context: 148.6
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
probableCarina Project · ndprTonnes: 148600000Grade: 125Grade Unit: ppmView all detailsHide details
Identity
- Project
- Carina Project
- Commodity
- ndpr
- Region
- brazil
- Reported Region
- Goiás, Brazil
- Ticker
- ARA
Resource scope
- Estimate type
- reserve
- Effective date
- 2026-03-20T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Paulo Laymen
- Resource group id
- resource:00ff9c319b82bc246bee
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- probable
- Tonnes
- 148600000
- Grade
- 125
- Grade Unit
- ppm
- Cutoff Grade
- 9.89
- Cutoff Unit
- US$/t
Prior Estimate
- Resource Date
- 2026-03-20
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-13T00:00:00.000Z
Reasoning: Probable Reserves provide a strong basis for project development and economic assessment, particularly for high-value NdPr.
Positive factors
- Probable Reserve category indicates good confidence in economic viability.
- Significant desorbable oxide grade for critical NdPr rare earths.
Evidence · table
“125”
Context: 148.6
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
probableCarina Project · dyTonnes: 148600000Grade: 16Grade Unit: ppmView all detailsHide details
Identity
- Project
- Carina Project
- Commodity
- dy
- Region
- brazil
- Reported Region
- Goiás, Brazil
- Ticker
- ARA
Resource scope
- Estimate type
- reserve
- Effective date
- 2026-03-20T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Paulo Laymen
- Resource group id
- resource:00ff9c319b82bc246bee
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- probable
- Tonnes
- 148600000
- Grade
- 16
- Grade Unit
- ppm
- Cutoff Grade
- 9.89
- Cutoff Unit
- US$/t
Prior Estimate
- Resource Date
- 2026-03-20
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-13T00:00:00.000Z
Reasoning: Probable Reserves provide a strong basis for project development and economic assessment, particularly for high-value Dy.
Positive factors
- Probable Reserve category indicates good confidence in economic viability.
- Significant desorbable oxide grade for critical Dysprosium rare earths.
Evidence · table
“16”
Context: 148.6
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
probableCarina Project · tbTonnes: 148600000Grade: 2.8Grade Unit: ppmView all detailsHide details
Identity
- Project
- Carina Project
- Commodity
- tb
- Region
- brazil
- Reported Region
- Goiás, Brazil
- Ticker
- ARA
Resource scope
- Estimate type
- reserve
- Effective date
- 2026-03-20T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Paulo Laymen
- Resource group id
- resource:00ff9c319b82bc246bee
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- probable
- Tonnes
- 148600000
- Grade
- 2.8
- Grade Unit
- ppm
- Cutoff Grade
- 9.89
- Cutoff Unit
- US$/t
Prior Estimate
- Resource Date
- 2026-03-20
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-13T00:00:00.000Z
Reasoning: Probable Reserves provide a strong basis for project development and economic assessment, particularly for high-value Tb.
Positive factors
- Probable Reserve category indicates good confidence in economic viability.
- Significant desorbable oxide grade for critical Terbium rare earths.
Evidence · table
“2.8”
Context: 148.6
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
Metallurgical Results (4)
pilot plantCarina Project · rare_earthsRecovery: 26.5 %View all detailsHide details
Identity
- Project
- Carina Project
- Commodity
- rare_earths
- Region
- brazil
- Reported Region
- Goiás, Brazil
- Ticker
- ARA
Test Work
- Program Status
- detailed
- Test Type
- pilot plant
- Processing Route
- ion-exchange
- Sample
- REE from ionic clays
Recovery
- Recovery
- 26.5 %
- Recovery Basis
- actual_test
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-13T00:00:00.000Z
Reasoning: The desorption recovery is low, indicating a challenge in the initial extraction step, which impacts overall recovery.
Positive factors
- Result from pilot plant testwork.
Negative factors
- Low desorption recovery percentage.
Evidence · table
“26.5”
Context: Desorption
Tags used in scoring
Pilot Scale Completepositive
Pilot or demonstration plant testing completed under continuous operation.
Why it applies: test_type names pilot-scale work
pilot plantCarina Project · rare_earthsRecovery: 37.7 %View all detailsHide details
Identity
- Project
- Carina Project
- Commodity
- rare_earths
- Region
- brazil
- Reported Region
- Goiás, Brazil
- Ticker
- ARA
Test Work
- Program Status
- detailed
- Test Type
- pilot plant
- Processing Route
- ion-exchange
- Sample
- REE from ionic clays (excluding Ce)
Recovery
- Recovery
- 37.7 %
- Recovery Basis
- actual_test
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-13T00:00:00.000Z
Reasoning: Desorption recovery improves when excluding Cerium, but remains a key area for potential optimization to enhance overall project economics.
Positive factors
- Result from pilot plant testwork.
- Improved desorption recovery when excluding Cerium, which is common.
Negative factors
- Still a moderate desorption recovery percentage.
Evidence · table
“37.7”
Context: Desorption (excluding Ce)
Tags used in scoring
Pilot Scale Completepositive
Pilot or demonstration plant testing completed under continuous operation.
Why it applies: test_type names pilot-scale work
pilot plantCarina Project · rare_earthsRecovery: 96.1 %View all detailsHide details
Identity
- Project
- Carina Project
- Commodity
- rare_earths
- Region
- brazil
- Reported Region
- Goiás, Brazil
- Ticker
- ARA
Test Work
- Program Status
- detailed
- Test Type
- pilot plant
- Processing Route
- ion-exchange
- Sample
- REE from ionic clays
Recovery
- Recovery
- 96.1 %
- Recovery Basis
- actual_test
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-13T00:00:00.000Z
Reasoning: High plant recovery indicates efficient processing of rare earths once they are desorbed from the clay.
Positive factors
- Very high plant recovery percentage.
- Result from pilot plant testwork.
Evidence · table
“96.1”
Context: Plant recovery
Tags used in scoring
Pilot Scale Completepositive
Pilot or demonstration plant testing completed under continuous operation.
Why it applies: test_type names pilot-scale work
pilot plantCarina Project · rare_earthsRecovery: 25.4 %View all detailsHide details
Identity
- Project
- Carina Project
- Commodity
- rare_earths
- Region
- brazil
- Reported Region
- Goiás, Brazil
- Ticker
- ARA
Test Work
- Program Status
- detailed
- Test Type
- pilot plant
- Processing Route
- ion-exchange
- Sample
- REE from ionic clays
Recovery
- Recovery
- 25.4 %
- Recovery Basis
- actual_test
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-13T00:00:00.000Z
Reasoning: The low overall recovery percentage is a significant negative factor, suggesting a substantial portion of the rare earths are not being recovered through the entire process.
Positive factors
- Result from pilot plant testwork.
Negative factors
- Low overall recovery percentage, likely driven by low desorption efficiency.
Evidence · table
“25.4”
Context: Overall performance
Tags used in scoring
Pilot Scale Completepositive
Pilot or demonstration plant testing completed under continuous operation.
Why it applies: test_type names pilot-scale work
How Atlas produces this analysis
Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.