Toronto-listed Aclara Resources has received a commitment of up to $5-million in project development funding from the US International Development Finance Corporation (DFC) to advance its Carina heavy rare earths project in Brazil.

The funding will primarily support the ongoing feasibility study for the Carina project, initiated in July and scheduled for completion by the end of the first quarter of 2026.

The financing may convert into equity upon Aclara completing a single financing event exceeding $50-million, or multiple events totalling at least $75-million within 12 months, with DFC holding a preferential option to directly provide or arrange additional project financing.

“This initial investment is not only a validation of Aclara’s strategy, but also an important first step toward a larger commitment from DFC once we complete the feasibility study for the Carina project, which is already under way and expected to be finalised early next year,” said Aclara CEO Ramón Barúa.

“Having such a strong partner helps de-risk the development of our project in Brazil while providing additional confidence to potential offtakers currently evaluating Aclara as a long-term supplier of heavy rare earths. The investment also highlights the strategic importance of heavy rare earths to the United States and the critical need to secure them from sustainable and reliable sources."

Aclara is pursuing a vertically integrated “mine-to-magnet” strategy, advancing its Carina project in Brazil, Penco project in Chile, and a US-based separation facility. The company is operating a mixed rare earth carbonate pilot plant in Brazil using its Circular Mineral Harvesting process, designed to recycle more than 95% of water and 99% of reagents, eliminate tailings, and enable complete revegetation.

In the US, Aclara has completed conceptual engineering for a separation facility and is collaborating with Virginia Tech to operate a pilot plant for technology validation, process optimisation, and workforce training.

Downstream, Aclara is advancing a 50:50 joint venture with Chilean steelmaker CAP to produce rare earth metals and alloys, while a strategic alliance with magnet manufacturer Vacuumschmelze aims to integrate these materials into permanent magnet production.