Northwire Canada EditionWednesday, August 5, 2026
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DEF 0.175 +6.1% UCU 3.49 +1.2% BBB 0.680 +0.0% PML 1.67 +0.6% GR 0.065 +0.0% GSKR 3.43 +4.3% LAR 9.03 −0.2% LSTR 0.090 +28.6% NTH 0.160 −3.0% BVA 0.800 −3.6% OTMC 0.400 +14.3% GPAC 0.370 +19.4% LEGY 0.940 +0.0% CVB 0.150 +0.0% SCZ 11.05 +8.4% ODV 3.85 +12.9% DEF 0.175 +6.1% UCU 3.49 +1.2% BBB 0.680 +0.0% PML 1.67 +0.6% GR 0.065 +0.0% GSKR 3.43 +4.3% LAR 9.03 −0.2% LSTR 0.090 +28.6% NTH 0.160 −3.0% BVA 0.800 −3.6% OTMC 0.400 +14.3% GPAC 0.370 +19.4% LEGY 0.940 +0.0% CVB 0.150 +0.0% SCZ 11.05 +8.4% ODV 3.85 +12.9%
Technical Study Material +

Aclara Announces Filing and Results of Feasibility Study for Its Flagship Carina Project

Aclara Resources Feasibility Study Delivers Stronger Economics Than PFS, But Capital Gap Looms Large

By The Northwire Desk — AI Analysis Apr 13, 2026 · 07:00 ARA · 3.57 Aclara Resources Inc.
Executive Summary
  • On April 13, 2026, Aclara Resources filed a NI 43-101 Feasibility Study (FS) for its flagship Carina Project in Brazil.
  • The study reports an after-tax NPV of US$1.7 billion (8% discount), up from the US$1.1 billion reported in the November 2025 Pre-Feasibility Study (PFS).
  • After-tax IRR improved to 26.9% from 22% in the PFS, with a payback period shortened to 2.9 years from 4.5 years.
  • Total Construction CAPEX is estimated at US$780.9 million (US$678.2 million construction + US$102.7 million contingency), which is approximately US$100 million higher than the PFS estimate of US$680.5 million.
  • Production profile remains robust with 4,378 tonnes per year of Rare Earth Oxides (REO), including 156 tonnes of Dysprosium and 27 tonnes of Terbium annually.
  • Timeline targets first production in H2 2028, with early site works beginning Q3 2026.
  • The study confirms Aclara is the only company reporting heavy rare earth reserves from ionic clays under NI 43-101 standards.
Material Impact
  • Economic Improvement: The Feasibility Study results represent a material improvement over the PFS, with NPV increasing by approximately 54% and IRR rising nearly 5 percentage points. This significantly de-risks the project economics for potential lenders and off-takers.
  • Capital Intensity Reality Check: While economics improved, CAPEX increased by ~15% (US$680M to US$780M). The company has raised only US$50 million via private placement as of April 2026 against a US$780 million construction requirement. This creates a substantial funding gap that must be addressed before construction can commence in late 2026/early 2027.
  • Market Expectation: The FS was anticipated following the PFS announcement in November 2025 and the CEO's December 2025 outlook. However, the magnitude of the economic upside (NPV jump) exceeds standard expectations for a development-stage miner transitioning from PFS to FS.
  • Strategic Validation: Confirmation of heavy rare earth reserves under NI 43-101 validates the company's unique positioning in the ionic clay sector, supporting long-term valuation premiums relative to peers.
ARA · Price
Company Overview
  • Company: Aclara Resources Inc. is a critical minerals company focused on developing heavy rare earth element (HREE) projects in Brazil and Chile, with downstream processing in the U.S.
  • Flagship Project: Carina Project (Brazil). An ionic clay deposit hosting heavy rare earths (Dysprosium, Terbium) essential for permanent magnets. It is the first NI 43-101 compliant project of its kind globally.
  • Development Stage: Feasibility Study complete; moving toward permitting and construction financing. Early works scheduled Q3 2026.
  • Downstream Integration: Project Dynamo (Louisiana, USA) for separation capacity; JV with CAP S.A. for metals/alloys production.
Read the original news release →

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