# Aclara Announces Filing and Results of Feasibility Study for Its Flagship Carina Project Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/aclara-announces-filing-and-results-of-feasibility-study-for-its-flagship-carina--65f6c86d-8085-4a5f-acd9-c2951c3d585c Original source: https://money.tmx.com/en/quote/ARA/news/8488182357161394/aclara-announces-filing-and-results-of-feasibility-study-for-its-flagship-carina Publisher: tmx Original announcement: 2026-04-13T11:00:00.000Z Analysis by Minestarters Atlas Atlas analysis published: Unknown date Atlas analysis updated: Unknown date - 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 Narrative sentiment: 0.90 · Bullish ## Minestarters Atlas 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 factor: Strong economics with a post-tax NPV of US$1.7 billion and IRR of 26.9%. - Positive factor: First ionic clay project to declare NI 43-101 compliant Mineral Reserves. - Positive factor: Successful pilot plant validation of the metallurgical process. - Positive factor: High purity product \(97.7% REO equivalent\) and sustainable process design. - Positive factor: Vertical integration strategy with a planned separation facility in Louisiana. - Negative factor: Initial capital cost increased by US$100.4 million compared to the Pre-Feasibility Study. - Negative factor: Reliance on Argus Media price forecasts that assume an independent supply chain outside China, posing market risk. - Negative factor: Separation cost based on FEL1-level engineering, indicating potential for cost increases. Facts used in scoring: 44 ## Classification and evidence **NI 43-101 Compliant** Polarity: positive Definition: 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 Signed** Polarity: positive Definition: 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-Supporting** Polarity: neutral Definition: 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 Reserve** Polarity: positive Definition: 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 Reserve** Polarity: positive Definition: 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 Upgrade** Polarity: positive Definition: 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 Disclosed** Polarity: positive Definition: 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 Recovery** Polarity: positive Definition: 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 Complete** Polarity: positive Definition: 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 Milling** Polarity: positive Definition: 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 Cost** Polarity: negative Story-specific tag Definition: 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 Risk** Polarity: negative Story-specific tag Definition: 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 Risk** Polarity: negative Story-specific tag Definition: 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) ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/aclara-announces-filing-and-results-of-feasibility-study-for-its-flagship-carina--65f6c86d-8085-4a5f-acd9-c2951c3d585c#fact-resource-facts-0) Carina · rare\_earths #### 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 factor: High confidence Measured category. Evidence · table > 1,822 Context: 27.0 ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/aclara-announces-filing-and-results-of-feasibility-study-for-its-flagship-carina--65f6c86d-8085-4a5f-acd9-c2951c3d585c#fact-resource-facts-1) Carina · neodymium & praseodymium #### 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 factor: High confidence Measured category for key magnetic rare earths. Evidence · table > 355 Context: 27.0 ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/aclara-announces-filing-and-results-of-feasibility-study-for-its-flagship-carina--65f6c86d-8085-4a5f-acd9-c2951c3d585c#fact-resource-facts-2) Carina · dysprosium #### 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 factor: High confidence Measured category for a strategic heavy rare earth. Evidence · table > 59 Context: 27.0 ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/aclara-announces-filing-and-results-of-feasibility-study-for-its-flagship-carina--65f6c86d-8085-4a5f-acd9-c2951c3d585c#fact-resource-facts-3) Carina · terbium #### 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 factor: High confidence Measured category for a strategic heavy rare earth. Evidence · table > 9.6 Context: 27.0 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/aclara-announces-filing-and-results-of-feasibility-study-for-its-flagship-carina--65f6c86d-8085-4a5f-acd9-c2951c3d585c#fact-resource-facts-4) Carina · rare\_earths #### 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 factor: Indicated resource provides reasonable geological confidence. Evidence · table > 1,585 Context: 233.8 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/aclara-announces-filing-and-results-of-feasibility-study-for-its-flagship-carina--65f6c86d-8085-4a5f-acd9-c2951c3d585c#fact-resource-facts-5) Carina · neodymium & praseodymium #### 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 factor: Indicated resource provides reasonable geological confidence for key magnetic rare earths. Evidence · table > 295 Context: 233.8 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/aclara-announces-filing-and-results-of-feasibility-study-for-its-flagship-carina--65f6c86d-8085-4a5f-acd9-c2951c3d585c#fact-resource-facts-6) Carina · dysprosium #### 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 factor: Indicated resource provides reasonable geological confidence for a strategic heavy rare earth. Evidence · table > 43 Context: 233.8 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/aclara-announces-filing-and-results-of-feasibility-study-for-its-flagship-carina--65f6c86d-8085-4a5f-acd9-c2951c3d585c#fact-resource-facts-7) Carina · terbium #### 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 factor: Indicated resource provides reasonable geological confidence for a strategic heavy rare earth. Evidence · table > 6.9 Context: 233.8 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aclara-announces-filing-and-results-of-feasibility-study-for-its-flagship-carina--65f6c86d-8085-4a5f-acd9-c2951c3d585c#fact-resource-facts-8) Carina · rare\_earths #### 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 factor: Inferred category has lower geological confidence. Evidence · table > 1,318 Context: 41.3 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aclara-announces-filing-and-results-of-feasibility-study-for-its-flagship-carina--65f6c86d-8085-4a5f-acd9-c2951c3d585c#fact-resource-facts-9) Carina · neodymium & praseodymium #### 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 factor: Inferred category has lower geological confidence for key magnetic rare earths. Evidence · table > 244 Context: 41.3 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aclara-announces-filing-and-results-of-feasibility-study-for-its-flagship-carina--65f6c86d-8085-4a5f-acd9-c2951c3d585c#fact-resource-facts-10) Carina · dysprosium #### 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 factor: Inferred category has lower geological confidence for a strategic heavy rare earth. Evidence · table > 42 Context: 41.3 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aclara-announces-filing-and-results-of-feasibility-study-for-its-flagship-carina--65f6c86d-8085-4a5f-acd9-c2951c3d585c#fact-resource-facts-11) Carina · terbium #### 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 factor: Inferred category has lower geological confidence for a strategic heavy rare earth. Evidence · table > 6.7 Context: 41.3 ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/aclara-announces-filing-and-results-of-feasibility-study-for-its-flagship-carina--65f6c86d-8085-4a5f-acd9-c2951c3d585c#fact-resource-facts-12) Carina · rare\_earths #### 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 factor: Proven Reserve provides highest confidence for economic viability. - Positive factor: First ionic clay project to declare NI 43-101 compliant Mineral Reserves. Evidence · table > 1,856 Context: 22.2 ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/aclara-announces-filing-and-results-of-feasibility-study-for-its-flagship-carina--65f6c86d-8085-4a5f-acd9-c2951c3d585c#fact-resource-facts-13) Carina · neodymium & praseodymium #### 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 factor: Proven Reserve provides highest confidence for economic viability for key magnetic rare earths. Evidence · table > 375 Context: 22.2 ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/aclara-announces-filing-and-results-of-feasibility-study-for-its-flagship-carina--65f6c86d-8085-4a5f-acd9-c2951c3d585c#fact-resource-facts-14) Carina · dysprosium #### 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 factor: Proven Reserve provides highest confidence for economic viability for a strategic heavy rare earth. Evidence · table > 60 Context: 22.2 ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/aclara-announces-filing-and-results-of-feasibility-study-for-its-flagship-carina--65f6c86d-8085-4a5f-acd9-c2951c3d585c#fact-resource-facts-15) Carina · terbium #### 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 factor: Proven Reserve provides highest confidence for economic viability for a strategic heavy rare earth. Evidence · table > 9.9 Context: 22.2 ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/aclara-announces-filing-and-results-of-feasibility-study-for-its-flagship-carina--65f6c86d-8085-4a5f-acd9-c2951c3d585c#fact-resource-facts-16) Carina · rare\_earths #### 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 factor: Proven Reserve provides highest confidence for economic viability. - Positive factor: First ionic clay project to declare NI 43-101 compliant Mineral Reserves. Evidence · table > 514 Context: 22.2 ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/aclara-announces-filing-and-results-of-feasibility-study-for-its-flagship-carina--65f6c86d-8085-4a5f-acd9-c2951c3d585c#fact-resource-facts-17) Carina · neodymium & praseodymium #### 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 factor: Proven Reserve provides highest confidence for economic viability for key magnetic rare earths. Evidence · table > 137 Context: 22.2 ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/aclara-announces-filing-and-results-of-feasibility-study-for-its-flagship-carina--65f6c86d-8085-4a5f-acd9-c2951c3d585c#fact-resource-facts-18) Carina · dysprosium #### 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 factor: Proven Reserve provides highest confidence for economic viability for a strategic heavy rare earth. Evidence · table > 20 Context: 22.2 ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/aclara-announces-filing-and-results-of-feasibility-study-for-its-flagship-carina--65f6c86d-8085-4a5f-acd9-c2951c3d585c#fact-resource-facts-19) Carina · terbium #### 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 factor: Proven Reserve provides highest confidence for economic viability for a strategic heavy rare earth. Evidence · table > 3.6 Context: 22.2 ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/aclara-announces-filing-and-results-of-feasibility-study-for-its-flagship-carina--65f6c86d-8085-4a5f-acd9-c2951c3d585c#fact-resource-facts-20) Carina · rare\_earths #### 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 factor: Probable Reserve provides high confidence for economic viability. - Positive factor: First ionic clay project to declare NI 43-101 compliant Mineral Reserves. Evidence · table > 1,728 Context: 148.6 ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/aclara-announces-filing-and-results-of-feasibility-study-for-its-flagship-carina--65f6c86d-8085-4a5f-acd9-c2951c3d585c#fact-resource-facts-21) Carina · neodymium & praseodymium #### 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 factor: Probable Reserve provides high confidence for economic viability for key magnetic rare earths. Evidence · table > 337 Context: 148.6 ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/aclara-announces-filing-and-results-of-feasibility-study-for-its-flagship-carina--65f6c86d-8085-4a5f-acd9-c2951c3d585c#fact-resource-facts-22) Carina · dysprosium #### 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 factor: Probable Reserve provides high confidence for economic viability for a strategic heavy rare earth. Evidence · table > 47 Context: 148.6 ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/aclara-announces-filing-and-results-of-feasibility-study-for-its-flagship-carina--65f6c86d-8085-4a5f-acd9-c2951c3d585c#fact-resource-facts-23) Carina · terbium #### 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 factor: Probable Reserve provides high confidence for economic viability for a strategic heavy rare earth. Evidence · table > 7.6 Context: 148.6 ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/aclara-announces-filing-and-results-of-feasibility-study-for-its-flagship-carina--65f6c86d-8085-4a5f-acd9-c2951c3d585c#fact-resource-facts-24) Carina · rare\_earths #### 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 factor: Probable Reserve provides high confidence for economic viability. - Positive factor: First ionic clay project to declare NI 43-101 compliant Mineral Reserves. Evidence · table > 458 Context: 148.6 ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/aclara-announces-filing-and-results-of-feasibility-study-for-its-flagship-carina--65f6c86d-8085-4a5f-acd9-c2951c3d585c#fact-resource-facts-25) Carina · neodymium & praseodymium #### 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 factor: Probable Reserve provides high confidence for economic viability for key magnetic rare earths. Evidence · table > 125 Context: 148.6 ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/aclara-announces-filing-and-results-of-feasibility-study-for-its-flagship-carina--65f6c86d-8085-4a5f-acd9-c2951c3d585c#fact-resource-facts-26) Carina · dysprosium #### 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 factor: Probable Reserve provides high confidence for economic viability for a strategic heavy rare earth. Evidence · table > 16 Context: 148.6 ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/aclara-announces-filing-and-results-of-feasibility-study-for-its-flagship-carina--65f6c86d-8085-4a5f-acd9-c2951c3d585c#fact-resource-facts-27) Carina · terbium #### 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 factor: Probable Reserve provides high confidence for economic viability for a strategic heavy rare earth. Evidence · table > 2.8 Context: 148.6 ### Fact 29 [Link to this fact](https://atlas-staging.minestarters.com/news/aclara-announces-filing-and-results-of-feasibility-study-for-its-flagship-carina--65f6c86d-8085-4a5f-acd9-c2951c3d585c#fact-resource-facts-28) Carina · rare\_earths #### 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 factor: Pilot plant testwork provides high confidence. - Positive factor: Process designed to minimize environmental impact. Evidence · table > 26.5 Context: Desorption ### Fact 30 [Link to this fact](https://atlas-staging.minestarters.com/news/aclara-announces-filing-and-results-of-feasibility-study-for-its-flagship-carina--65f6c86d-8085-4a5f-acd9-c2951c3d585c#fact-resource-facts-29) Carina · rare\_earths #### 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 factor: Pilot plant testwork provides high confidence. - Positive factor: Process designed to minimize environmental impact. Evidence · table > 37.7 Context: Desorption \(excluding Ce\) ### Fact 31 [Link to this fact](https://atlas-staging.minestarters.com/news/aclara-announces-filing-and-results-of-feasibility-study-for-its-flagship-carina--65f6c86d-8085-4a5f-acd9-c2951c3d585c#fact-resource-facts-30) Carina · rare\_earths #### 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 factor: High plant recovery achieved in pilot plant. - Positive factor: Pilot plant testwork provides high confidence. - Positive factor: Process designed to minimize environmental impact. Evidence · table > 96.1 Context: Plant recovery ### Fact 32 [Link to this fact](https://atlas-staging.minestarters.com/news/aclara-announces-filing-and-results-of-feasibility-study-for-its-flagship-carina--65f6c86d-8085-4a5f-acd9-c2951c3d585c#fact-resource-facts-31) Carina · rare\_earths #### 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 factor: Pilot plant testwork provides high confidence. - Positive factor: Process designed to minimize environmental impact. Evidence · table > 25.4 Context: Overall performance ### Fact 33 [Link to this fact](https://atlas-staging.minestarters.com/news/aclara-announces-filing-and-results-of-feasibility-study-for-its-flagship-carina--65f6c86d-8085-4a5f-acd9-c2951c3d585c#fact-resource-facts-32) Carina · rare\_earths #### 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 factor: Significant total production of rare earth oxides over LOM. Evidence · table > 76,437 Context: Total Rare Earth Oxides ### Fact 34 [Link to this fact](https://atlas-staging.minestarters.com/news/aclara-announces-filing-and-results-of-feasibility-study-for-its-flagship-carina--65f6c86d-8085-4a5f-acd9-c2951c3d585c#fact-resource-facts-33) Carina · rare\_earths #### 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 factor: Significant annual average production of rare earth oxides. Evidence · table > 4,378 Context: Total Rare Earth Oxides ### Fact 35 [Link to this fact](https://atlas-staging.minestarters.com/news/aclara-announces-filing-and-results-of-feasibility-study-for-its-flagship-carina--65f6c86d-8085-4a5f-acd9-c2951c3d585c#fact-resource-facts-34) Carina · neodymium & praseodymium #### 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 factor: Significant total production of key magnetic rare earths over LOM. Evidence · table > 20,736 Context: Neodymium & Praseodymium \(NdPr\) ### Fact 36 [Link to this fact](https://atlas-staging.minestarters.com/news/aclara-announces-filing-and-results-of-feasibility-study-for-its-flagship-carina--65f6c86d-8085-4a5f-acd9-c2951c3d585c#fact-resource-facts-35) Carina · neodymium & praseodymium #### 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 factor: Significant annual average production of key magnetic rare earths. Evidence · table > 1,191 Context: Neodymium & Praseodymium \(NdPr\) ### Fact 37 [Link to this fact](https://atlas-staging.minestarters.com/news/aclara-announces-filing-and-results-of-feasibility-study-for-its-flagship-carina--65f6c86d-8085-4a5f-acd9-c2951c3d585c#fact-resource-facts-36) Carina · dysprosium #### 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 factor: Significant total production of strategic heavy rare earth over LOM. Evidence · table > 2,726 Context: Dysprosium \(Dy\) ### Fact 38 [Link to this fact](https://atlas-staging.minestarters.com/news/aclara-announces-filing-and-results-of-feasibility-study-for-its-flagship-carina--65f6c86d-8085-4a5f-acd9-c2951c3d585c#fact-resource-facts-37) Carina · dysprosium #### 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 factor: Significant annual average production of strategic heavy rare earth. Evidence · table > 156 Context: Dysprosium \(Dy\) ### Fact 39 [Link to this fact](https://atlas-staging.minestarters.com/news/aclara-announces-filing-and-results-of-feasibility-study-for-its-flagship-carina--65f6c86d-8085-4a5f-acd9-c2951c3d585c#fact-resource-facts-38) Carina · terbium #### 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 factor: Significant total production of strategic heavy rare earth over LOM. Evidence · table > 468 Context: Terbium \(Tb\) ### Fact 40 [Link to this fact](https://atlas-staging.minestarters.com/news/aclara-announces-filing-and-results-of-feasibility-study-for-its-flagship-carina--65f6c86d-8085-4a5f-acd9-c2951c3d585c#fact-resource-facts-39) Carina · terbium #### 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 factor: Significant annual average production of strategic heavy rare earth. Evidence · table > 27 Context: Terbium \(Tb\) ### Fact 41 [Link to this fact](https://atlas-staging.minestarters.com/news/aclara-announces-filing-and-results-of-feasibility-study-for-its-flagship-carina--65f6c86d-8085-4a5f-acd9-c2951c3d585c#fact-resource-facts-40) Carina #### 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 factor: Strong post-tax NPV indicates robust project economics. Evidence · table > 1,661 Context: Post-Tax NPV \(8.0%\) ### Fact 42 [Link to this fact](https://atlas-staging.minestarters.com/news/aclara-announces-filing-and-results-of-feasibility-study-for-its-flagship-carina--65f6c86d-8085-4a5f-acd9-c2951c3d585c#fact-resource-facts-41) Carina #### 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 factor: High post-tax IRR indicates attractive project returns. Evidence · table > 26.9% Context: Post-Tax IRR ### Fact 43 [Link to this fact](https://atlas-staging.minestarters.com/news/aclara-announces-filing-and-results-of-feasibility-study-for-its-flagship-carina--65f6c86d-8085-4a5f-acd9-c2951c3d585c#fact-resource-facts-42) Carina #### 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 factor: Short post-tax payback period indicates rapid capital recovery. Evidence · table > 2.9 Context: Post- Tax Payback Period ### Fact 44 [Link to this fact](https://atlas-staging.minestarters.com/news/aclara-announces-filing-and-results-of-feasibility-study-for-its-flagship-carina--65f6c86d-8085-4a5f-acd9-c2951c3d585c#fact-resource-facts-43) Carina Historical result Needs review: historical\_restatement #### 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 factor: 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.