Carina Project: Robust Mineral Resource Upgrade Supported By Extensive Drilling

Executive Summary

• Aclara Resources released an updated mineral resource estimate for the Carina Project, upgrading 236 Mt from inferred to indicated resources and adding 48 Mt of inferred resources.
• The update is based on a massive drilling program (24,564 m in 1,682 holes) – roughly a 500 % increase in drill coverage versus the 2024 statement.
• Consistent heavy‑rare‑earth grades are reported (Dy₂O₃ ≈ 42.7 ppm, Tb₄O₇ ≈ 6.8 ppm, NdPr ≈ 293 ppm). The company now expects to file a pre‑feasibility study (PFS) within 45 days and a full feasibility study in Q2 2026.

Key Details

• Resource Upgrade:
• Indicated resources: 236 Mt (up from 0 Mt indicated in 2024).
• Inferred resources: 48 Mt (down from 297 Mt inferred in 2024).
• Grade Highlights (magnetic REEs):
• Dysprosium oxide (Dy₂O₃): 42.7 ppm (vs. 42.1 ppm in 2024).
• Terbium oxide (Tb₄O₇): 6.8 ppm (vs. 6.9 ppm).
• NdPr oxides (Nd₂O₃ & Pr₆O₁₁): 292.6 ppm (vs. 296.5 ppm).
• Drilling Program:
• Total depth drilled: 24,564 m across 1,682 drillholes (≈500 % more data than 2024).
• Geo‑metallurgical database expanded to 14,001 samples (vs. 3,789 in 2024).
• Conversion Rate: Approximately 79 % of previously inferred resources have been upgraded to indicated status.
• Economic Assumptions for Pit Optimization:
• Net Smelter Return (NSR) cut‑off: US$10/t (vs. US$7.4/t in 2024).
• Price assumptions used: Dy = US$1,302/kg, Tb = US$3,826/kg, NdPr = US$151/kg (other REEs valued at zero for this MRE).
• Pit Optimization: Conducted with Geovia Whittle™; resources constrained within an optimized Lerchs‑Grossmann pit shell.
• Ownership Clarification: 100 % of the reported mineral resources now lie within titled properties fully owned by Aclara, eliminating previous concession risk.
• Timeline & Next Steps:
• PFS to be completed within 45 days of this release.
• Full feasibility study targeted for Q2 2026.
• Environmental Impact Assessment (EIA) re‑filed under Brazil’s new IPE system; decision expected Q1/Q2 2026.

Notable Quotes

• Hugh Broadhurst, COO: “Following a major drilling campaign, we have successfully converted the majority of our inferred mineral resources into the indicated mineral resource category… We are now fully focused on delivering the PFS within 45 days… and the feasibility study in the second quarter of next year.”

Materiality: Material – Positive (significant upgrade of resource classification, extensive drilling data, and clear path toward pre‑feasibility and feasibility studies).