Name of the Project
Carina heavy rare earth element (HREE) project.

Location
Goiás, Brazil.

Project Owner/s
Magnetic rare earths producer Aclara Resources Inc.

Project Description
The project proposes average production of 4 265 t/y rare-earth oxides contained in a mixed rare-earth carbonate (MREC) product with very high contents of dysprosium and terbium (DyTb) and neodymium/praseodymium (NdPr) of 4.1% and 27.5% respectively.

The project envisages average production of magnetic elements and other strategic HREEs contained in the MREC product, including 149 t/y of dysprosium and 25 t/y of terbium, 1 170 t/y of NdPr, as well as other strategic HREE. These include 170 t/y of samarium, 171 t/y of gadolinium, 10 t/y of lutetium and 1 098 t/y of yttrium. Future production of DyTb will represent 11% of China’s 2024 official DyTb production.

Potential Job Creation
Not disclosed.

Net Present Value/Internal Rate of Return
The project has a pretax net present value of about $1.73-billion using an 8% discount rate, and an internal rate of return of 26.4% over an 18-year life-of-mine, with a payback period of 4.5 years.

Capital Expenditure
Initial capital cost is estimated at $548.3-million, plus a $132.2-million contingency, for an aggregate of $680.5-million.

Planned Start/End Date
The company plans to start early site works by mid-2026, including camp construction, road improvements and certain ancillary infrastructure to prepare the site for fast-track construction in 2027. Commissioning is expected in the second half of 2028, with initial production and ramp-up through 2029. Aclara is exploring expediting the schedule to start initial production by mid-2028, depending on offtake agreements and access to financing.

Latest Developments
None stated.

Key Contracts, Suppliers and Consultants
None disclosed.

Contact Details for Project Information
Aclara Resources, email investorrelations@aclara-re.com.