Aclara Announces Filing and Results of Feasibility Study for Its Flagship Carina Project
Original announcement by tmx on
- Company
- Aclara Resources Inc.
- Ticker
- ARA
- Exchange
- TSX
- Region
- Brazil
- Primary commodity
- Rare earths
- Secondary commodities
- Neodymium, Praseodymium, Dysprosium, Terbium, Samarium, Gadolinium, Lutetium, Yttrium
- Document categories
- Resource update, Metallurgy, Other
- Extracted
- 2026-08-22 22:37:31 UTC
Analysis by Minestarters Atlas
Minestarters Atlas analysis
Summary
Aclara Resources Inc. announced positive results from the Feasibility Study for its flagship Carina Project in Brazil, reporting a post-tax NPV of US$1.7 billion and an IRR of 26.9%. The study, which includes the first NI 43-101 compliant Mineral Reserves for an ionic clay project, confirms robust economics and a validated metallurgical process for producing heavy rare earth oxides. The company plans to integrate the project with a separation facility in Louisiana, aiming for initial production in H2 2028.
Reasoning: The Feasibility Study confirms robust economics for the Carina Project, supported by NI 43-101 compliant Mineral Reserves and a validated metallurgical process, positioning Aclara as a key HREE producer outside China, despite some capital cost increases and market/separation cost risks.
Positive factors
- Strong economics with a post-tax NPV of US$1.7 billion and IRR of 26.9%.
- First ionic clay project to declare NI 43-101 compliant Mineral Reserves.
- Successful pilot plant validation of the metallurgical process.
- High purity product (97.7% REO equivalent) and sustainable process design.
- Vertical integration strategy with a planned separation facility in Louisiana.
Negative factors
- Initial capital cost increased by US$100.4 million compared to the Pre-Feasibility Study.
- Reliance on Argus Media price forecasts that assume an independent supply chain outside China, posing market risk.
- Separation cost based on FEL1-level engineering, indicating potential for cost increases.
Facts used in scoring: 44
Classification and evidence
NI 43-101 Compliantpositive
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
“prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101")”
QP/CP Signedpositive
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 as per LOMC's opinion.
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.”
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: The document is a Feasibility Study, which is the highest level of study to support project development.
Evidence · text
“Aclara Announces Filing and Results of Feasibility Study for Its Flagship Carina Project”
Proven Reservepositive
Measured Resource with demonstrated economic viability after applying modifying factors.
Why it applies: The Mineral Reserve Estimate includes a 'Proven' category.
Evidence · table
“Proven”
Context: 22.2
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: The Mineral Reserve Estimate includes a 'Probable' category.
Evidence · table
“Probable”
Context: 148.6
Category Upgradepositive
Resource confidence improved — Inferred upgraded to Indicated, or Indicated to Measured. De-risking signal.
Why it applies: Carina has become the first ionic clay project to declare Mineral Reserves in accordance with NI 43-101, indicating an upgrade from resource to reserve status.
Evidence · text
“Carina has become the first ionic clay project to declare Mineral Reserves in accordance with NI 43-101.”
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: The NSR cut-off for Mineral Resources (US$10.42/t) and Mineral Reserves (US$9.89/t) is clearly stated.
Evidence · text
“Mineral Resources were reported at a NSR cut-off of US$10.42/t”
High Recoverypositive
Recovery at or above the exceptional band for the commodity and processing route.
Why it applies: The plant recovery is reported at 96.1%, which is high for rare earth processing.
Evidence · table
“96.1”
Context: Plant recovery
Pilot Scale Completepositive
Pilot or demonstration plant testing completed under continuous operation.
Why it applies: The project 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.”
Free Millingpositive
Simple, clean ore amenable to standard processing without oxidation.
Why it applies: The process does not require crushing, grinding, or milling, indicating a non-invasive ion-exchange process.
Evidence · text
“No crushing, grinding nor milling is needed to free the REEs from the clays as they are extracted through a non-invasive ion-exchange process”
Increased Capital Costnegative · Story-specific tag
No canonical definition is currently available.
Why it applies: The total construction capex of US$780.9 million is US$100.4 million higher than previously reported in the Pre-Feasibility Study.
Evidence · text
“This figure is US$100.4 million higher than the Company's previously reported Construction Capex in its Pre-Feasibility Study”
Market Risknegative · Story-specific tag
No canonical definition is currently available.
Why it applies: The REE price forecast assumes an independent supply chain outside of China, which is not yet fully developed, and China could influence the market to lower prices.
Evidence · text
“The applied European price forecast developed by Argus Media assumes an independent supply chain outside of China. The supply chain outside of China is not yet fully developed and China could influence the market through government intervention which could significantly lower prices relative to those applied in the economic analysis.”
Cost Risknegative · Story-specific tag
No canonical definition is currently available.
Why it applies: There is a risk that capital and operating costs for the separation project will increase, which will increase the separation cost charged to the Carina Project.
Evidence · text
“There is a risk that these capital and operating costs will increase as the separation project is completed, which will increase the separation cost charged to the Project.”
Extracted facts
Stored fact records: 44. Some facts used in scoring do not have a stored record.
Resource Estimates (44)
measuredCarina · rare_earthsTonnes: 27000000Grade: 1822Grade Unit: ppmContained Metal: 49182Contained Unit: tView all detailsHide details
Identity
- Project
- Carina
- Commodity
- rare_earths
- Region
- brazil
- Reported Region
- Brazil
- Ticker
- ARA
Resource Data
- Category
- measured
- Tonnes
- 27000000
- Grade
- 1822
- Grade Unit
- ppm
- Contained Metal
- 49182
- Contained Unit
- t
- Cutoff Grade
- 10.42
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-13T00:00:00.000Z
Reasoning: Measured resource provides high confidence for project planning.
Positive factors
- High confidence Measured category.
Evidence · table
“1,822”
Context: 27.0
measuredCarina · neodymium & praseodymiumTonnes: 27000000Grade: 355Grade Unit: ppmContained Metal: 9597Contained Unit: tView all detailsHide details
Identity
- Project
- Carina
- Commodity
- neodymium & praseodymium
- Region
- brazil
- Reported Region
- Brazil
- Ticker
- ARA
Resource Data
- Category
- measured
- Tonnes
- 27000000
- Grade
- 355
- Grade Unit
- ppm
- Contained Metal
- 9597
- Contained Unit
- t
- Cutoff Grade
- 10.42
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-13T00:00:00.000Z
Reasoning: Measured resource provides high confidence for project planning for NdPr.
Positive factors
- High confidence Measured category for key magnetic rare earths.
Evidence · table
“355”
Context: 27.0
measuredCarina · dysprosiumTonnes: 27000000Grade: 59Grade Unit: ppmContained Metal: 1602Contained Unit: tView all detailsHide details
Identity
- Project
- Carina
- Commodity
- dysprosium
- Region
- brazil
- Reported Region
- Brazil
- Ticker
- ARA
Resource Data
- Category
- measured
- Tonnes
- 27000000
- Grade
- 59
- Grade Unit
- ppm
- Contained Metal
- 1602
- Contained Unit
- t
- Cutoff Grade
- 10.42
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-13T00:00:00.000Z
Reasoning: Measured resource provides high confidence for project planning for Dysprosium.
Positive factors
- High confidence Measured category for a strategic heavy rare earth.
Evidence · table
“59”
Context: 27.0
measuredCarina · terbiumTonnes: 27000000Grade: 9.6Grade Unit: ppmContained Metal: 260.4Contained Unit: tView all detailsHide details
Identity
- Project
- Carina
- Commodity
- terbium
- Region
- brazil
- Reported Region
- Brazil
- Ticker
- ARA
Resource Data
- Category
- measured
- Tonnes
- 27000000
- Grade
- 9.6
- Grade Unit
- ppm
- Contained Metal
- 260.4
- Contained Unit
- t
- Cutoff Grade
- 10.42
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-13T00:00:00.000Z
Reasoning: Measured resource provides high confidence for project planning for Terbium.
Positive factors
- High confidence Measured category for a strategic heavy rare earth.
Evidence · table
“9.6”
Context: 27.0
indicatedCarina · rare_earthsTonnes: 233800000Grade: 1585Grade Unit: ppmContained Metal: 370649Contained Unit: tView all detailsHide details
Identity
- Project
- Carina
- Commodity
- rare_earths
- Region
- brazil
- Reported Region
- Brazil
- Ticker
- ARA
Resource Data
- Category
- indicated
- Tonnes
- 233800000
- Grade
- 1585
- Grade Unit
- ppm
- Contained Metal
- 370649
- Contained Unit
- t
- Cutoff Grade
- 10.42
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-13T00:00:00.000Z
Reasoning: Indicated resource provides reasonable confidence for project planning.
Positive factors
- Indicated resource provides reasonable geological confidence.
Evidence · table
“1,585”
Context: 233.8
indicatedCarina · neodymium & praseodymiumTonnes: 233800000Grade: 295Grade Unit: ppmContained Metal: 69067Contained Unit: tView all detailsHide details
Identity
- Project
- Carina
- Commodity
- neodymium & praseodymium
- Region
- brazil
- Reported Region
- Brazil
- Ticker
- ARA
Resource Data
- Category
- indicated
- Tonnes
- 233800000
- Grade
- 295
- Grade Unit
- ppm
- Contained Metal
- 69067
- Contained Unit
- t
- Cutoff Grade
- 10.42
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-13T00:00:00.000Z
Reasoning: Indicated resource provides reasonable confidence for project planning for NdPr.
Positive factors
- Indicated resource provides reasonable geological confidence for key magnetic rare earths.
Evidence · table
“295”
Context: 233.8
indicatedCarina · dysprosiumTonnes: 233800000Grade: 43Grade Unit: ppmContained Metal: 10089Contained Unit: tView all detailsHide details
Identity
- Project
- Carina
- Commodity
- dysprosium
- Region
- brazil
- Reported Region
- Brazil
- Ticker
- ARA
Resource Data
- Category
- indicated
- Tonnes
- 233800000
- Grade
- 43
- Grade Unit
- ppm
- Contained Metal
- 10089
- Contained Unit
- t
- Cutoff Grade
- 10.42
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-13T00:00:00.000Z
Reasoning: Indicated resource provides reasonable confidence for project planning for Dysprosium.
Positive factors
- Indicated resource provides reasonable geological confidence for a strategic heavy rare earth.
Evidence · table
“43”
Context: 233.8
indicatedCarina · terbiumTonnes: 233800000Grade: 6.9Grade Unit: ppmContained Metal: 1622.5Contained Unit: tView all detailsHide details
Identity
- Project
- Carina
- Commodity
- terbium
- Region
- brazil
- Reported Region
- Brazil
- Ticker
- ARA
Resource Data
- Category
- indicated
- Tonnes
- 233800000
- Grade
- 6.9
- Grade Unit
- ppm
- Contained Metal
- 1622.5
- Contained Unit
- t
- Cutoff Grade
- 10.42
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-13T00:00:00.000Z
Reasoning: Indicated resource provides reasonable confidence for project planning for Terbium.
Positive factors
- Indicated resource provides reasonable geological confidence for a strategic heavy rare earth.
Evidence · table
“6.9”
Context: 233.8
inferredCarina · rare_earthsTonnes: 41300000Grade: 1318Grade Unit: ppmContained Metal: 54433Contained Unit: tView all detailsHide details
Identity
- Project
- Carina
- Commodity
- rare_earths
- Region
- brazil
- Reported Region
- Brazil
- Ticker
- ARA
Resource Data
- Category
- inferred
- Tonnes
- 41300000
- Grade
- 1318
- Grade Unit
- ppm
- Contained Metal
- 54433
- Contained Unit
- t
- Cutoff Grade
- 10.42
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-13T00:00:00.000Z
Reasoning: Inferred resource provides lower confidence for project planning.
Negative factors
- Inferred category has lower geological confidence.
Evidence · table
“1,318”
Context: 41.3
inferredCarina · neodymium & praseodymiumTonnes: 41300000Grade: 244Grade Unit: ppmContained Metal: 10068Contained Unit: tView all detailsHide details
Identity
- Project
- Carina
- Commodity
- neodymium & praseodymium
- Region
- brazil
- Reported Region
- Brazil
- Ticker
- ARA
Resource Data
- Category
- inferred
- Tonnes
- 41300000
- Grade
- 244
- Grade Unit
- ppm
- Contained Metal
- 10068
- Contained Unit
- t
- Cutoff Grade
- 10.42
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-13T00:00:00.000Z
Reasoning: Inferred resource provides lower confidence for project planning for NdPr.
Negative factors
- Inferred category has lower geological confidence for key magnetic rare earths.
Evidence · table
“244”
Context: 41.3
inferredCarina · dysprosiumTonnes: 41300000Grade: 42Grade Unit: ppmContained Metal: 1754Contained Unit: tView all detailsHide details
Identity
- Project
- Carina
- Commodity
- dysprosium
- Region
- brazil
- Reported Region
- Brazil
- Ticker
- ARA
Resource Data
- Category
- inferred
- Tonnes
- 41300000
- Grade
- 42
- Grade Unit
- ppm
- Contained Metal
- 1754
- Contained Unit
- t
- Cutoff Grade
- 10.42
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-13T00:00:00.000Z
Reasoning: Inferred resource provides lower confidence for project planning for Dysprosium.
Negative factors
- Inferred category has lower geological confidence for a strategic heavy rare earth.
Evidence · table
“42”
Context: 41.3
inferredCarina · terbiumTonnes: 41300000Grade: 6.7Grade Unit: ppmContained Metal: 276.9Contained Unit: tView all detailsHide details
Identity
- Project
- Carina
- Commodity
- terbium
- Region
- brazil
- Reported Region
- Brazil
- Ticker
- ARA
Resource Data
- Category
- inferred
- Tonnes
- 41300000
- Grade
- 6.7
- Grade Unit
- ppm
- Contained Metal
- 276.9
- Contained Unit
- t
- Cutoff Grade
- 10.42
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-13T00:00:00.000Z
Reasoning: Inferred resource provides lower confidence for project planning for Terbium.
Negative factors
- Inferred category has lower geological confidence for a strategic heavy rare earth.
Evidence · table
“6.7”
Context: 41.3
provenCarina · rare_earthsTonnes: 22200000Grade: 1856Grade Unit: ppmView all detailsHide details
Identity
- Project
- Carina
- Commodity
- rare_earths
- Region
- brazil
- Reported Region
- Brazil
- Ticker
- ARA
Resource Data
- Category
- proven
- Tonnes
- 22200000
- Grade
- 1856
- Grade Unit
- ppm
- Cutoff Grade
- 9.89
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-13T00:00:00.000Z
Reasoning: Proven Reserve provides the highest level of confidence for economic extraction.
Positive factors
- Proven Reserve provides highest confidence for economic viability.
- First ionic clay project to declare NI 43-101 compliant Mineral Reserves.
Evidence · table
“1,856”
Context: 22.2
provenCarina · neodymium & praseodymiumTonnes: 22200000Grade: 375Grade Unit: ppmView all detailsHide details
Identity
- Project
- Carina
- Commodity
- neodymium & praseodymium
- Region
- brazil
- Reported Region
- Brazil
- Ticker
- ARA
Resource Data
- Category
- proven
- Tonnes
- 22200000
- Grade
- 375
- Grade Unit
- ppm
- Cutoff Grade
- 9.89
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-13T00:00:00.000Z
Reasoning: Proven Reserve provides the highest level of confidence for economic extraction for NdPr.
Positive factors
- Proven Reserve provides highest confidence for economic viability for key magnetic rare earths.
Evidence · table
“375”
Context: 22.2
provenCarina · dysprosiumTonnes: 22200000Grade: 60Grade Unit: ppmView all detailsHide details
Identity
- Project
- Carina
- Commodity
- dysprosium
- Region
- brazil
- Reported Region
- Brazil
- Ticker
- ARA
Resource Data
- Category
- proven
- Tonnes
- 22200000
- Grade
- 60
- Grade Unit
- ppm
- Cutoff Grade
- 9.89
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-13T00:00:00.000Z
Reasoning: Proven Reserve provides the highest level of confidence for economic extraction for Dysprosium.
Positive factors
- Proven Reserve provides highest confidence for economic viability for a strategic heavy rare earth.
Evidence · table
“60”
Context: 22.2
provenCarina · terbiumTonnes: 22200000Grade: 9.9Grade Unit: ppmView all detailsHide details
Identity
- Project
- Carina
- Commodity
- terbium
- Region
- brazil
- Reported Region
- Brazil
- Ticker
- ARA
Resource Data
- Category
- proven
- Tonnes
- 22200000
- Grade
- 9.9
- Grade Unit
- ppm
- Cutoff Grade
- 9.89
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-13T00:00:00.000Z
Reasoning: Proven Reserve provides the highest level of confidence for economic extraction for Terbium.
Positive factors
- Proven Reserve provides highest confidence for economic viability for a strategic heavy rare earth.
Evidence · table
“9.9”
Context: 22.2
provenCarina · rare_earthsTonnes: 22200000Grade: 514Grade Unit: ppmView all detailsHide details
Identity
- Project
- Carina
- Commodity
- rare_earths
- Region
- brazil
- Reported Region
- Brazil
- Ticker
- ARA
Resource Data
- Category
- proven
- Tonnes
- 22200000
- Grade
- 514
- Grade Unit
- ppm
- Cutoff Grade
- 9.89
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-13T00:00:00.000Z
Reasoning: Proven Reserve provides the highest level of confidence for economic extraction.
Positive factors
- Proven Reserve provides highest confidence for economic viability.
- First ionic clay project to declare NI 43-101 compliant Mineral Reserves.
Evidence · table
“514”
Context: 22.2
provenCarina · neodymium & praseodymiumTonnes: 22200000Grade: 137Grade Unit: ppmView all detailsHide details
Identity
- Project
- Carina
- Commodity
- neodymium & praseodymium
- Region
- brazil
- Reported Region
- Brazil
- Ticker
- ARA
Resource Data
- Category
- proven
- Tonnes
- 22200000
- Grade
- 137
- Grade Unit
- ppm
- Cutoff Grade
- 9.89
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-13T00:00:00.000Z
Reasoning: Proven Reserve provides the highest level of confidence for economic extraction for NdPr.
Positive factors
- Proven Reserve provides highest confidence for economic viability for key magnetic rare earths.
Evidence · table
“137”
Context: 22.2
provenCarina · dysprosiumTonnes: 22200000Grade: 20Grade Unit: ppmView all detailsHide details
Identity
- Project
- Carina
- Commodity
- dysprosium
- Region
- brazil
- Reported Region
- Brazil
- Ticker
- ARA
Resource Data
- Category
- proven
- Tonnes
- 22200000
- Grade
- 20
- Grade Unit
- ppm
- Cutoff Grade
- 9.89
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-13T00:00:00.000Z
Reasoning: Proven Reserve provides the highest level of confidence for economic extraction for Dysprosium.
Positive factors
- Proven Reserve provides highest confidence for economic viability for a strategic heavy rare earth.
Evidence · table
“20”
Context: 22.2
provenCarina · terbiumTonnes: 22200000Grade: 3.6Grade Unit: ppmView all detailsHide details
Identity
- Project
- Carina
- Commodity
- terbium
- Region
- brazil
- Reported Region
- Brazil
- Ticker
- ARA
Resource Data
- Category
- proven
- Tonnes
- 22200000
- Grade
- 3.6
- Grade Unit
- ppm
- Cutoff Grade
- 9.89
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-13T00:00:00.000Z
Reasoning: Proven Reserve provides the highest level of confidence for economic extraction for Terbium.
Positive factors
- Proven Reserve provides highest confidence for economic viability for a strategic heavy rare earth.
Evidence · table
“3.6”
Context: 22.2
probableCarina · rare_earthsTonnes: 148600000Grade: 1728Grade Unit: ppmView all detailsHide details
Identity
- Project
- Carina
- Commodity
- rare_earths
- Region
- brazil
- Reported Region
- Brazil
- Ticker
- ARA
Resource Data
- Category
- probable
- Tonnes
- 148600000
- Grade
- 1728
- Grade Unit
- ppm
- Cutoff Grade
- 9.89
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-13T00:00:00.000Z
Reasoning: Probable Reserve provides high confidence for economic extraction.
Positive factors
- Probable Reserve provides high confidence for economic viability.
- First ionic clay project to declare NI 43-101 compliant Mineral Reserves.
Evidence · table
“1,728”
Context: 148.6
probableCarina · neodymium & praseodymiumTonnes: 148600000Grade: 337Grade Unit: ppmView all detailsHide details
Identity
- Project
- Carina
- Commodity
- neodymium & praseodymium
- Region
- brazil
- Reported Region
- Brazil
- Ticker
- ARA
Resource Data
- Category
- probable
- Tonnes
- 148600000
- Grade
- 337
- Grade Unit
- ppm
- Cutoff Grade
- 9.89
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-13T00:00:00.000Z
Reasoning: Probable Reserve provides high confidence for economic extraction for NdPr.
Positive factors
- Probable Reserve provides high confidence for economic viability for key magnetic rare earths.
Evidence · table
“337”
Context: 148.6
probableCarina · dysprosiumTonnes: 148600000Grade: 47Grade Unit: ppmView all detailsHide details
Identity
- Project
- Carina
- Commodity
- dysprosium
- Region
- brazil
- Reported Region
- Brazil
- Ticker
- ARA
Resource Data
- Category
- probable
- Tonnes
- 148600000
- Grade
- 47
- Grade Unit
- ppm
- Cutoff Grade
- 9.89
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-13T00:00:00.000Z
Reasoning: Probable Reserve provides high confidence for economic extraction for Dysprosium.
Positive factors
- Probable Reserve provides high confidence for economic viability for a strategic heavy rare earth.
Evidence · table
“47”
Context: 148.6
probableCarina · terbiumTonnes: 148600000Grade: 7.6Grade Unit: ppmView all detailsHide details
Identity
- Project
- Carina
- Commodity
- terbium
- Region
- brazil
- Reported Region
- Brazil
- Ticker
- ARA
Resource Data
- Category
- probable
- Tonnes
- 148600000
- Grade
- 7.6
- Grade Unit
- ppm
- Cutoff Grade
- 9.89
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-13T00:00:00.000Z
Reasoning: Probable Reserve provides high confidence for economic extraction for Terbium.
Positive factors
- Probable Reserve provides high confidence for economic viability for a strategic heavy rare earth.
Evidence · table
“7.6”
Context: 148.6
probableCarina · rare_earthsTonnes: 148600000Grade: 458Grade Unit: ppmView all detailsHide details
Identity
- Project
- Carina
- Commodity
- rare_earths
- Region
- brazil
- Reported Region
- Brazil
- Ticker
- ARA
Resource Data
- Category
- probable
- Tonnes
- 148600000
- Grade
- 458
- Grade Unit
- ppm
- Cutoff Grade
- 9.89
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-13T00:00:00.000Z
Reasoning: Probable Reserve provides high confidence for economic extraction.
Positive factors
- Probable Reserve provides high confidence for economic viability.
- First ionic clay project to declare NI 43-101 compliant Mineral Reserves.
Evidence · table
“458”
Context: 148.6
probableCarina · neodymium & praseodymiumTonnes: 148600000Grade: 125Grade Unit: ppmView all detailsHide details
Identity
- Project
- Carina
- Commodity
- neodymium & praseodymium
- Region
- brazil
- Reported Region
- Brazil
- Ticker
- ARA
Resource Data
- Category
- probable
- Tonnes
- 148600000
- Grade
- 125
- Grade Unit
- ppm
- Cutoff Grade
- 9.89
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-13T00:00:00.000Z
Reasoning: Probable Reserve provides high confidence for economic extraction for NdPr.
Positive factors
- Probable Reserve provides high confidence for economic viability for key magnetic rare earths.
Evidence · table
“125”
Context: 148.6
probableCarina · dysprosiumTonnes: 148600000Grade: 16Grade Unit: ppmView all detailsHide details
Identity
- Project
- Carina
- Commodity
- dysprosium
- Region
- brazil
- Reported Region
- Brazil
- Ticker
- ARA
Resource Data
- Category
- probable
- Tonnes
- 148600000
- Grade
- 16
- Grade Unit
- ppm
- Cutoff Grade
- 9.89
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-13T00:00:00.000Z
Reasoning: Probable Reserve provides high confidence for economic extraction for Dysprosium.
Positive factors
- Probable Reserve provides high confidence for economic viability for a strategic heavy rare earth.
Evidence · table
“16”
Context: 148.6
probableCarina · terbiumTonnes: 148600000Grade: 2.8Grade Unit: ppmView all detailsHide details
Identity
- Project
- Carina
- Commodity
- terbium
- Region
- brazil
- Reported Region
- Brazil
- Ticker
- ARA
Resource Data
- Category
- probable
- Tonnes
- 148600000
- Grade
- 2.8
- Grade Unit
- ppm
- Cutoff Grade
- 9.89
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-13T00:00:00.000Z
Reasoning: Probable Reserve provides high confidence for economic extraction for Terbium.
Positive factors
- Probable Reserve provides high confidence for economic viability for a strategic heavy rare earth.
Evidence · table
“2.8”
Context: 148.6
Fact 29Carina · rare_earthsView all detailsHide details
Identity
- Project
- Carina
- Commodity
- rare_earths
- Region
- brazil
- Reported Region
- Brazil
- Ticker
- ARA
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-13T00:00:00.000Z
Reasoning: Desorption recovery is a key metallurgical parameter validated by pilot plant.
Positive factors
- Pilot plant testwork provides high confidence.
- Process designed to minimize environmental impact.
Evidence · table
“26.5”
Context: Desorption
Fact 30Carina · rare_earthsView all detailsHide details
Identity
- Project
- Carina
- Commodity
- rare_earths
- Region
- brazil
- Reported Region
- Brazil
- Ticker
- ARA
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-13T00:00:00.000Z
Reasoning: Desorption recovery (excluding Ce) is a key metallurgical parameter validated by pilot plant.
Positive factors
- Pilot plant testwork provides high confidence.
- Process designed to minimize environmental impact.
Evidence · table
“37.7”
Context: Desorption (excluding Ce)
Fact 31Carina · rare_earthsView all detailsHide details
Identity
- Project
- Carina
- Commodity
- rare_earths
- Region
- brazil
- Reported Region
- Brazil
- Ticker
- ARA
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-13T00:00:00.000Z
Reasoning: High plant recovery is a strong positive for project economics.
Positive factors
- High plant recovery achieved in pilot plant.
- Pilot plant testwork provides high confidence.
- Process designed to minimize environmental impact.
Evidence · table
“96.1”
Context: Plant recovery
Fact 32Carina · rare_earthsView all detailsHide details
Identity
- Project
- Carina
- Commodity
- rare_earths
- Region
- brazil
- Reported Region
- Brazil
- Ticker
- ARA
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-13T00:00:00.000Z
Reasoning: Overall performance is a key metallurgical parameter validated by pilot plant.
Positive factors
- Pilot plant testwork provides high confidence.
- Process designed to minimize environmental impact.
Evidence · table
“25.4”
Context: Overall performance
Fact 33Carina · rare_earthsView all detailsHide details
Identity
- Project
- Carina
- Commodity
- rare_earths
- Region
- brazil
- Reported Region
- Brazil
- Ticker
- ARA
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-13T00:00:00.000Z
Reasoning: Total REO production forecast indicates the scale of the project.
Positive factors
- Significant total production of rare earth oxides over LOM.
Evidence · table
“76,437”
Context: Total Rare Earth Oxides
Fact 34Carina · rare_earthsView all detailsHide details
Identity
- Project
- Carina
- Commodity
- rare_earths
- Region
- brazil
- Reported Region
- Brazil
- Ticker
- ARA
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-13T00:00:00.000Z
Reasoning: Annual average REO production forecast indicates the operational scale.
Positive factors
- Significant annual average production of rare earth oxides.
Evidence · table
“4,378”
Context: Total Rare Earth Oxides
Fact 35Carina · neodymium & praseodymiumView all detailsHide details
Identity
- Project
- Carina
- Commodity
- neodymium & praseodymium
- Region
- brazil
- Reported Region
- Brazil
- Ticker
- ARA
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-13T00:00:00.000Z
Reasoning: Total NdPr production forecast indicates the scale of the project for critical elements.
Positive factors
- Significant total production of key magnetic rare earths over LOM.
Evidence · table
“20,736”
Context: Neodymium & Praseodymium (NdPr)
Fact 36Carina · neodymium & praseodymiumView all detailsHide details
Identity
- Project
- Carina
- Commodity
- neodymium & praseodymium
- Region
- brazil
- Reported Region
- Brazil
- Ticker
- ARA
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-13T00:00:00.000Z
Reasoning: Annual average NdPr production forecast indicates the operational scale for critical elements.
Positive factors
- Significant annual average production of key magnetic rare earths.
Evidence · table
“1,191”
Context: Neodymium & Praseodymium (NdPr)
Fact 37Carina · dysprosiumView all detailsHide details
Identity
- Project
- Carina
- Commodity
- dysprosium
- Region
- brazil
- Reported Region
- Brazil
- Ticker
- ARA
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-13T00:00:00.000Z
Reasoning: Total Dysprosium production forecast indicates the scale of the project for a strategic heavy rare earth.
Positive factors
- Significant total production of strategic heavy rare earth over LOM.
Evidence · table
“2,726”
Context: Dysprosium (Dy)
Fact 38Carina · dysprosiumView all detailsHide details
Identity
- Project
- Carina
- Commodity
- dysprosium
- Region
- brazil
- Reported Region
- Brazil
- Ticker
- ARA
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-13T00:00:00.000Z
Reasoning: Annual average Dysprosium production forecast indicates the operational scale for a strategic heavy rare earth.
Positive factors
- Significant annual average production of strategic heavy rare earth.
Evidence · table
“156”
Context: Dysprosium (Dy)
Fact 39Carina · terbiumView all detailsHide details
Identity
- Project
- Carina
- Commodity
- terbium
- Region
- brazil
- Reported Region
- Brazil
- Ticker
- ARA
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-13T00:00:00.000Z
Reasoning: Total Terbium production forecast indicates the scale of the project for a strategic heavy rare earth.
Positive factors
- Significant total production of strategic heavy rare earth over LOM.
Evidence · table
“468”
Context: Terbium (Tb)
Fact 40Carina · terbiumView all detailsHide details
Identity
- Project
- Carina
- Commodity
- terbium
- Region
- brazil
- Reported Region
- Brazil
- Ticker
- ARA
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-13T00:00:00.000Z
Reasoning: Annual average Terbium production forecast indicates the operational scale for a strategic heavy rare earth.
Positive factors
- Significant annual average production of strategic heavy rare earth.
Evidence · table
“27”
Context: Terbium (Tb)
Fact 41CarinaView all detailsHide details
Identity
- Project
- Carina
- Region
- brazil
- Reported Region
- Brazil
- Ticker
- ARA
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-13T00:00:00.000Z
Reasoning: The post-tax NPV of US$1.7 billion demonstrates strong economic viability for the project.
Positive factors
- Strong post-tax NPV indicates robust project economics.
Evidence · table
“1,661”
Context: Post-Tax NPV (8.0%)
Fact 42CarinaView all detailsHide details
Identity
- Project
- Carina
- Region
- brazil
- Reported Region
- Brazil
- Ticker
- ARA
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-13T00:00:00.000Z
Reasoning: The post-tax IRR of 26.9% indicates a highly attractive rate of return for the project.
Positive factors
- High post-tax IRR indicates attractive project returns.
Evidence · table
“26.9%”
Context: Post-Tax IRR
Fact 43CarinaView all detailsHide details
Identity
- Project
- Carina
- Region
- brazil
- Reported Region
- Brazil
- Ticker
- ARA
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-13T00:00:00.000Z
Reasoning: A payback period of 2.9 years suggests quick return on investment.
Positive factors
- Short post-tax payback period indicates rapid capital recovery.
Evidence · table
“2.9”
Context: Post- Tax Payback Period
Fact 44CarinaHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Carina
- Region
- brazil
- Reported Region
- Brazil
- Ticker
- ARA
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
Dates
- Event date
- 2026-04-13T00:00:00.000Z
Reasoning: Total construction capex is a significant financial parameter for the project, with an increase from previous estimates.
Negative factors
- Increased capital cost compared to PFS.
Evidence · table
“780.9”
Context: Total Construction Capex
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.