# Aclara Announces Filing and Results of Feasibility Study for Its Flagship Carina Project Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/aclara-announces-filing-and-results-of-feasibility-study-for-its-flagship-carina--11530b65-a88f-49fc-800b-c365f60addf8 Original source: https://money.tmx.com/en/quote/ARA/news/8488182357161394/aclara-announces-filing-and-results-of-feasibility-study-for-its-flagship-carina Publisher: tmx Original announcement: 2026-04-13T11:00:00.000Z Analysis by Minestarters Atlas Atlas analysis published: Unknown date Atlas analysis updated: Unknown date - 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 Narrative sentiment: 0.80 · Bullish ## Minestarters Atlas 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 factor: Robust economics with after-tax NPV of US$1.7 billion and IRR of 26.9%. - Positive factor: First NI 43-101 compliant Mineral Reserves for an ionic clay project. - Positive factor: Successful pilot plant campaign demonstrating metallurgical process. - Positive factor: High plant recovery of 96.1% for rare earth oxides. - Positive factor: Sustainable Circular Mineral Harvesting process with minimal environmental impact. - Positive factor: High purity MREC product \(97.7%\). - Negative factor: Overall rare earth recovery of 25.4% is low due to desorption efficiency. - Negative factor: Initial capital cost increased by US$100.4 million compared to PFS. - Negative factor: Reliance on Argus Media price forecast which assumes an independent supply chain outside of China, with risk of Chinese market intervention. - Negative factor: 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 Compliant** Polarity: positive Definition: 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 Signed** Polarity: positive Definition: 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 Complete** Polarity: positive Definition: 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 Disclosed** Polarity: positive Definition: 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 Recovery** Polarity: negative Definition: 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 Update** Polarity: neutral Definition: 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-Supporting** Polarity: neutral Definition: 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 Resource** Polarity: positive Definition: 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 Resource** Polarity: positive Definition: 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 Resource** Polarity: negative Definition: 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 Reserve** Polarity: positive Definition: 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 Reserve** Polarity: positive Definition: 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 Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: the document describes a flotation route \("concentrate"\) **Single Domain Only** Polarity: negative Definition: 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) ### measured [Link to this fact](https://atlas-extractions.minestarters.com/news/aclara-announces-filing-and-results-of-feasibility-study-for-its-flagship-carina--11530b65-a88f-49fc-800b-c365f60addf8#fact-resource-facts-0) Carina Project · treo #### 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 factor: High confidence Measured Resource category. - Positive factor: Significant contained metal for rare earth oxides. Evidence · table > 1,822 Context: 27.0 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: 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-Supporting** Polarity: neutral Definition: 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 ### measured [Link to this fact](https://atlas-extractions.minestarters.com/news/aclara-announces-filing-and-results-of-feasibility-study-for-its-flagship-carina--11530b65-a88f-49fc-800b-c365f60addf8#fact-resource-facts-1) Carina Project · ndpr #### 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 factor: High confidence Measured Resource category. - Positive factor: Significant contained metal for critical NdPr rare earths. Evidence · table > 355 Context: 27.0 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: 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-Supporting** Polarity: neutral Definition: 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 ### measured [Link to this fact](https://atlas-extractions.minestarters.com/news/aclara-announces-filing-and-results-of-feasibility-study-for-its-flagship-carina--11530b65-a88f-49fc-800b-c365f60addf8#fact-resource-facts-2) Carina Project · dy #### 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 factor: High confidence Measured Resource category. - Positive factor: Significant contained metal for critical Dysprosium rare earths. Evidence · table > 59 Context: 27.0 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: 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-Supporting** Polarity: neutral Definition: 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 ### measured [Link to this fact](https://atlas-extractions.minestarters.com/news/aclara-announces-filing-and-results-of-feasibility-study-for-its-flagship-carina--11530b65-a88f-49fc-800b-c365f60addf8#fact-resource-facts-3) Carina Project · tb #### 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 factor: High confidence Measured Resource category. - Positive factor: Significant contained metal for critical Terbium rare earths. Evidence · table > 9.6 Context: 27.0 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: 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-Supporting** Polarity: neutral Definition: 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 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/aclara-announces-filing-and-results-of-feasibility-study-for-its-flagship-carina--11530b65-a88f-49fc-800b-c365f60addf8#fact-resource-facts-4) Carina Project · treo #### 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 factor: Indicated Resource category provides good geological confidence. - Positive factor: Large tonnage and contained metal for rare earth oxides. Evidence · table > 1,585 Context: 233.8 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: 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-Supporting** Polarity: neutral Definition: 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 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/aclara-announces-filing-and-results-of-feasibility-study-for-its-flagship-carina--11530b65-a88f-49fc-800b-c365f60addf8#fact-resource-facts-5) Carina Project · ndpr #### 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 factor: Indicated Resource category provides good geological confidence. - Positive factor: Large tonnage and contained metal for critical NdPr rare earths. Evidence · table > 295 Context: 233.8 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: 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-Supporting** Polarity: neutral Definition: 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 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/aclara-announces-filing-and-results-of-feasibility-study-for-its-flagship-carina--11530b65-a88f-49fc-800b-c365f60addf8#fact-resource-facts-6) Carina Project · dy #### 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 factor: Indicated Resource category provides good geological confidence. - Positive factor: Large tonnage and contained metal for critical Dysprosium rare earths. Evidence · table > 43 Context: 233.8 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: 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-Supporting** Polarity: neutral Definition: 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 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/aclara-announces-filing-and-results-of-feasibility-study-for-its-flagship-carina--11530b65-a88f-49fc-800b-c365f60addf8#fact-resource-facts-7) Carina Project · tb #### 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 factor: Indicated Resource category provides good geological confidence. - Positive factor: Large tonnage and contained metal for critical Terbium rare earths. Evidence · table > 6.9 Context: 233.8 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: 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-Supporting** Polarity: neutral Definition: 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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/aclara-announces-filing-and-results-of-feasibility-study-for-its-flagship-carina--11530b65-a88f-49fc-800b-c365f60addf8#fact-resource-facts-8) Carina Project · treo #### 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 factor: Adds to overall resource base. - Negative factor: 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 Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: 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-Supporting** Polarity: neutral Definition: 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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/aclara-announces-filing-and-results-of-feasibility-study-for-its-flagship-carina--11530b65-a88f-49fc-800b-c365f60addf8#fact-resource-facts-9) Carina Project · ndpr #### 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 factor: Adds to overall resource base for critical NdPr rare earths. - Negative factor: Inferred Resource category has lower geological confidence and cannot support economic studies alone. Evidence · table > 244 Context: 41.3 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: 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-Supporting** Polarity: neutral Definition: 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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/aclara-announces-filing-and-results-of-feasibility-study-for-its-flagship-carina--11530b65-a88f-49fc-800b-c365f60addf8#fact-resource-facts-10) Carina Project · dy #### 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 factor: Adds to overall resource base for critical Dysprosium rare earths. - Negative factor: Inferred Resource category has lower geological confidence and cannot support economic studies alone. Evidence · table > 42 Context: 41.3 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: 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-Supporting** Polarity: neutral Definition: 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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/aclara-announces-filing-and-results-of-feasibility-study-for-its-flagship-carina--11530b65-a88f-49fc-800b-c365f60addf8#fact-resource-facts-11) Carina Project · tb #### 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 factor: Adds to overall resource base for critical Terbium rare earths. - Negative factor: 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 Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: 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-Supporting** Polarity: neutral Definition: 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 ### proven [Link to this fact](https://atlas-extractions.minestarters.com/news/aclara-announces-filing-and-results-of-feasibility-study-for-its-flagship-carina--11530b65-a88f-49fc-800b-c365f60addf8#fact-resource-facts-12) Carina Project · treo #### 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 factor: Proven Reserve category indicates highest confidence in economic viability. - Positive factor: High total oxide grade for rare earth oxides. Evidence · table > 1,856 Context: 22.2 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: 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-Supporting** Polarity: neutral Definition: 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 ### proven [Link to this fact](https://atlas-extractions.minestarters.com/news/aclara-announces-filing-and-results-of-feasibility-study-for-its-flagship-carina--11530b65-a88f-49fc-800b-c365f60addf8#fact-resource-facts-13) Carina Project · ndpr #### 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 factor: Proven Reserve category indicates highest confidence in economic viability. - Positive factor: High total oxide grade for critical NdPr rare earths. Evidence · table > 375 Context: 22.2 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: 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-Supporting** Polarity: neutral Definition: 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 ### proven [Link to this fact](https://atlas-extractions.minestarters.com/news/aclara-announces-filing-and-results-of-feasibility-study-for-its-flagship-carina--11530b65-a88f-49fc-800b-c365f60addf8#fact-resource-facts-14) Carina Project · dy #### 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 factor: Proven Reserve category indicates highest confidence in economic viability. - Positive factor: High total oxide grade for critical Dysprosium rare earths. Evidence · table > 60 Context: 22.2 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: 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-Supporting** Polarity: neutral Definition: 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 ### proven [Link to this fact](https://atlas-extractions.minestarters.com/news/aclara-announces-filing-and-results-of-feasibility-study-for-its-flagship-carina--11530b65-a88f-49fc-800b-c365f60addf8#fact-resource-facts-15) Carina Project · tb #### 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 factor: Proven Reserve category indicates highest confidence in economic viability. - Positive factor: High total oxide grade for critical Terbium rare earths. Evidence · table > 9.9 Context: 22.2 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: 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-Supporting** Polarity: neutral Definition: 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 ### proven [Link to this fact](https://atlas-extractions.minestarters.com/news/aclara-announces-filing-and-results-of-feasibility-study-for-its-flagship-carina--11530b65-a88f-49fc-800b-c365f60addf8#fact-resource-facts-16) Carina Project · treo #### 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 factor: Proven Reserve category indicates highest confidence in economic viability. - Positive factor: Significant desorbable oxide grade for rare earth oxides. Evidence · table > 514 Context: 22.2 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: 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-Supporting** Polarity: neutral Definition: 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 ### proven [Link to this fact](https://atlas-extractions.minestarters.com/news/aclara-announces-filing-and-results-of-feasibility-study-for-its-flagship-carina--11530b65-a88f-49fc-800b-c365f60addf8#fact-resource-facts-17) Carina Project · ndpr #### 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 factor: Proven Reserve category indicates highest confidence in economic viability. - Positive factor: Significant desorbable oxide grade for critical NdPr rare earths. Evidence · table > 137 Context: 22.2 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: 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-Supporting** Polarity: neutral Definition: 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 ### proven [Link to this fact](https://atlas-extractions.minestarters.com/news/aclara-announces-filing-and-results-of-feasibility-study-for-its-flagship-carina--11530b65-a88f-49fc-800b-c365f60addf8#fact-resource-facts-18) Carina Project · dy #### 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 factor: Proven Reserve category indicates highest confidence in economic viability. - Positive factor: Significant desorbable oxide grade for critical Dysprosium rare earths. Evidence · table > 20 Context: 22.2 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: 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-Supporting** Polarity: neutral Definition: 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 ### proven [Link to this fact](https://atlas-extractions.minestarters.com/news/aclara-announces-filing-and-results-of-feasibility-study-for-its-flagship-carina--11530b65-a88f-49fc-800b-c365f60addf8#fact-resource-facts-19) Carina Project · tb #### 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 factor: Proven Reserve category indicates highest confidence in economic viability. - Positive factor: Significant desorbable oxide grade for critical Terbium rare earths. Evidence · table > 3.6 Context: 22.2 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: 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-Supporting** Polarity: neutral Definition: 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 ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/aclara-announces-filing-and-results-of-feasibility-study-for-its-flagship-carina--11530b65-a88f-49fc-800b-c365f60addf8#fact-resource-facts-20) Carina Project · treo #### 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 factor: Probable Reserve category indicates good confidence in economic viability. - Positive factor: Large tonnage and total oxide grade for rare earth oxides. Evidence · table > 1,728 Context: 148.6 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: 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-Supporting** Polarity: neutral Definition: 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 ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/aclara-announces-filing-and-results-of-feasibility-study-for-its-flagship-carina--11530b65-a88f-49fc-800b-c365f60addf8#fact-resource-facts-21) Carina Project · ndpr #### 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 factor: Probable Reserve category indicates good confidence in economic viability. - Positive factor: Large tonnage and total oxide grade for critical NdPr rare earths. Evidence · table > 337 Context: 148.6 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: 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-Supporting** Polarity: neutral Definition: 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 ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/aclara-announces-filing-and-results-of-feasibility-study-for-its-flagship-carina--11530b65-a88f-49fc-800b-c365f60addf8#fact-resource-facts-22) Carina Project · dy #### 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 factor: Probable Reserve category indicates good confidence in economic viability. - Positive factor: Large tonnage and total oxide grade for critical Dysprosium rare earths. Evidence · table > 47 Context: 148.6 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: 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-Supporting** Polarity: neutral Definition: 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 ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/aclara-announces-filing-and-results-of-feasibility-study-for-its-flagship-carina--11530b65-a88f-49fc-800b-c365f60addf8#fact-resource-facts-23) Carina Project · tb #### 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 factor: Probable Reserve category indicates good confidence in economic viability. - Positive factor: Large tonnage and total oxide grade for critical Terbium rare earths. Evidence · table > 7.6 Context: 148.6 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: 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-Supporting** Polarity: neutral Definition: 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 ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/aclara-announces-filing-and-results-of-feasibility-study-for-its-flagship-carina--11530b65-a88f-49fc-800b-c365f60addf8#fact-resource-facts-24) Carina Project · treo #### 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 factor: Probable Reserve category indicates good confidence in economic viability. - Positive factor: Significant desorbable oxide grade for rare earth oxides. Evidence · table > 458 Context: 148.6 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: 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-Supporting** Polarity: neutral Definition: 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 ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/aclara-announces-filing-and-results-of-feasibility-study-for-its-flagship-carina--11530b65-a88f-49fc-800b-c365f60addf8#fact-resource-facts-25) Carina Project · ndpr #### 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 factor: Probable Reserve category indicates good confidence in economic viability. - Positive factor: Significant desorbable oxide grade for critical NdPr rare earths. Evidence · table > 125 Context: 148.6 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: 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-Supporting** Polarity: neutral Definition: 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 ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/aclara-announces-filing-and-results-of-feasibility-study-for-its-flagship-carina--11530b65-a88f-49fc-800b-c365f60addf8#fact-resource-facts-26) Carina Project · dy #### 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 factor: Probable Reserve category indicates good confidence in economic viability. - Positive factor: Significant desorbable oxide grade for critical Dysprosium rare earths. Evidence · table > 16 Context: 148.6 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: 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-Supporting** Polarity: neutral Definition: 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 ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/aclara-announces-filing-and-results-of-feasibility-study-for-its-flagship-carina--11530b65-a88f-49fc-800b-c365f60addf8#fact-resource-facts-27) Carina Project · tb #### 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 factor: Probable Reserve category indicates good confidence in economic viability. - Positive factor: Significant desorbable oxide grade for critical Terbium rare earths. Evidence · table > 2.8 Context: 148.6 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: 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-Supporting** Polarity: neutral Definition: 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 plant [Link to this fact](https://atlas-extractions.minestarters.com/news/aclara-announces-filing-and-results-of-feasibility-study-for-its-flagship-carina--11530b65-a88f-49fc-800b-c365f60addf8#fact-metallurgical-facts-28) Carina Project · rare\_earths #### 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 factor: Result from pilot plant testwork. - Negative factor: Low desorption recovery percentage. Evidence · table > 26.5 Context: Desorption #### Tags used in scoring **Pilot Scale Complete** Polarity: positive Definition: Pilot or demonstration plant testing completed under continuous operation. Why it applies: test\_type names pilot-scale work ### pilot plant [Link to this fact](https://atlas-extractions.minestarters.com/news/aclara-announces-filing-and-results-of-feasibility-study-for-its-flagship-carina--11530b65-a88f-49fc-800b-c365f60addf8#fact-metallurgical-facts-29) Carina Project · rare\_earths #### 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 factor: Result from pilot plant testwork. - Positive factor: Improved desorption recovery when excluding Cerium, which is common. - Negative factor: Still a moderate desorption recovery percentage. Evidence · table > 37.7 Context: Desorption \(excluding Ce\) #### Tags used in scoring **Pilot Scale Complete** Polarity: positive Definition: Pilot or demonstration plant testing completed under continuous operation. Why it applies: test\_type names pilot-scale work ### pilot plant [Link to this fact](https://atlas-extractions.minestarters.com/news/aclara-announces-filing-and-results-of-feasibility-study-for-its-flagship-carina--11530b65-a88f-49fc-800b-c365f60addf8#fact-metallurgical-facts-30) Carina Project · rare\_earths #### 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 factor: Very high plant recovery percentage. - Positive factor: Result from pilot plant testwork. Evidence · table > 96.1 Context: Plant recovery #### Tags used in scoring **Pilot Scale Complete** Polarity: positive Definition: Pilot or demonstration plant testing completed under continuous operation. Why it applies: test\_type names pilot-scale work ### pilot plant [Link to this fact](https://atlas-extractions.minestarters.com/news/aclara-announces-filing-and-results-of-feasibility-study-for-its-flagship-carina--11530b65-a88f-49fc-800b-c365f60addf8#fact-metallurgical-facts-31) Carina Project · rare\_earths #### 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 factor: Result from pilot plant testwork. - Negative factor: Low overall recovery percentage, likely driven by low desorption efficiency. Evidence · table > 25.4 Context: Overall performance #### Tags used in scoring **Pilot Scale Complete** Polarity: positive Definition: 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.