# Aclara Resources Updates Penco Module Preliminary Economic Assessment Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/aclara-resources-updates-penco-module-preliminary-economic-assessment--9d82bf9c-fcf4-4e45-8d1c-c3c993cc5782 Original source: https://www.juniorminingnetwork.com/junior-miner-news/press-releases/3072-tsx/ara/213079-aclara-updates-penco-module-preliminary-economic-assessment.html Publisher: jmn Original announcement: 2026-10-19T06:18:46.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-10-19T12:31:20.218Z Atlas analysis updated: 2026-10-19T12:31:20.218Z - Company: Aclara Resources Inc. - Ticker: ARA - Exchange: TSX - Region: Biobío region, Chile - Primary commodity: Rare earths - Secondary commodities: Dysprosium, Terbium, Yttrium, Gadolinium, Samarium, Neodymium, Praseodymium, Holmium, Erbium, Thulium, Ytterbium, Lutetium - Document categories: Other, Resource update, Permitting - Extracted: 2026-10-19 12:31:21 UTC Narrative sentiment: 0.80 · Bullish ## Minestarters Atlas summary Aclara Resources announced an updated Preliminary Economic Assessment for its Penco Module project in Chile, reporting a significantly improved after-tax NPV of US$344 million and an IRR of 26.1%. The enhanced economics are primarily driven by an increase in processed mineral resources to 30.8 Mt and higher rare earth price forecasts. The project also secured its first-stage environmental approval and boasts high-quality Super Pure Rare Earth Carbonate production. Reasoning: The updated Preliminary Economic Assessment for the Penco Module project demonstrates significantly improved economics with a higher NPV and IRR, driven by an increased resource base and higher price forecasts. The project benefits from high-confidence Measured Resources and secured environmental approval, although capital and operating costs have increased, and future permitting for the second stage is pending. - Positive factor: Significantly improved post-tax NPV and IRR compared to prior PEA - Positive factor: Increased total mineral resources processed in the PEA - Positive factor: High proportion of Measured Resources \(74%\) in the updated MRE, indicating high confidence - Positive factor: First-stage environmental approval secured, de-risking the project - Positive factor: High-quality Super Pure Rare Earth Carbonate \(SPREC\) with 98.9% purity - Positive factor: Vertical integration strategy with planned separation facility in Louisiana - Positive factor: Strong financial backing from key shareholders - Negative factor: Increased construction capital expenditure and operating costs compared to prior PEA - Negative factor: PEA includes Inferred Mineral Resources, which are considered speculative - Negative factor: Reliance on Argus Media price forecasts for non-China markets, subject to volatility and Chinese intervention - Negative factor: Second-stage EIA not yet submitted, posing future permitting risk Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 42 ## Classification and evidence **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: The document is a Preliminary Economic Assessment \(PEA\) for the Penco Module project. Evidence · text > Aclara Resources Updates Penco Module Preliminary Economic Assessment **IRR Improvement** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: Post-tax IRR increased from 23.0% to 26.1% compared to the 2021 PEA. Evidence · text > After-tax Internal Rate of Return \("IRR"\) of 26.1%, with a payback period of 3.2 years, compared to a reported IRR of 23.0% and a payback period of 4.7 years in the 2021 PEA. **NPV Improvement** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: Post-tax NPV increased from US$178 million to US$344 million compared to the 2021 PEA. Evidence · text > After-tax Net Present Value \("NPV"\) of approximately US$344 million... This represents a significant increase from the US$178 million NPV... reported in the Company's Preliminary Economic Assessment for the Penco Module dated September 15, 2021 **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: Total Mineral Resources processed in the PEA increased from 19.9 Mt to 30.8 Mt. Evidence · text > The improvement is primarily driven by an increase in total Mineral Resources processed from 19.9 Mt to 30.8 Mt **Capex Increase** Polarity: negative Story-specific tag Definition: No canonical definition is currently available. Why it applies: Total construction Capex increased by US$115 million compared to the 2021 PEA. Evidence · text > This represents an increase of US$115 million compared to the construction Capex reported in the 2021 PEA. **Opex Increase** Polarity: negative Story-specific tag Definition: No canonical definition is currently available. Why it applies: Operating costs increased from US$13.6 per tonne to US$28.9 per tonne compared to the 2021 PEA. Evidence · text > Operating costs are estimated at US$28.9 per tonne of Mineral Resources processed, compared to US$13.6 per tonne reported in the 2021 PEA. **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: The PEA includes Inferred Mineral Resources that are considered too speculative geologically to have economic considerations applied to them. Evidence · text > The preliminary economic assessment is preliminary in nature. It includes Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves. **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The document provides an updated Mineral Resource Estimate for the Penco Module. Evidence · text > Mineral Resource Estimate **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: 26.4 Mt of the resource is classified as Measured, the highest confidence category. Evidence · table > 26.4 Context: Measured **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: 9.4 Mt of the resource is classified as Indicated, providing reasonable geological confidence. Evidence · table > 9.4 Context: Indicated **Category Upgrade** Polarity: positive Definition: Resource confidence improved — Inferred upgraded to Indicated, or Indicated to Measured. De-risking signal. Why it applies: Nearly 74% of the Measured and Indicated tonnage is classified as Measured, indicating a high confidence level and improved classification. Evidence · text > Nearly 74% of the Measured and Indicated tonnage is classified as Measured Resources, the highest-confidence Mineral Resource category under the CIM Definition Standards, and the remaining 26% as Indicated Resources **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: Andres Beluzan, an independent Qualified Person as defined by NI 43-101, prepared the MRE. Evidence · text > The 2026 MRE was prepared by Andres Beluzan, Member of the Chilean Mining Commission, an independent Qualified Person as defined by NI 43-101. **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: The MRE was prepared in accordance with NI 43-101. Evidence · text > The updated Mineral Resource Estimate \("MRE"\), effective September 18, 2026, was prepared in accordance with NI 43-101 and the CIM Definition Standards. **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: Mineral Resources were reported at a net smelter return cut-off of US$14.62/t. Evidence · text > At an NSR cut-off of US$14.62/t, Measured and Indicated Mineral Resources total 35.8 Mt grading 2,095 ppm total rare earth oxides \("TREO"\) **Permit Granted** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: The Environmental Impact Assessment for the first stage of the Project was approved in June 2026. Evidence · text > Environmental Impact Assessment \("EIA"\) for the first stage of the Project approved in June 2026 ## Extracted facts Stored fact records: 21. Some facts used in scoring do not have a stored record. ## Resource Estimates (21) ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/aclara-resources-updates-penco-module-preliminary-economic-assessment--9d82bf9c-fcf4-4e45-8d1c-c3c993cc5782#fact-resource-facts-20) Penco Module · treo #### Identity - Project: Penco Module - Commodity: treo - Region: chile - Reported Region: Biobío region, Chile - Ticker: ARA #### Resource scope - Estimate type: resource - Effective date: 2026-09-18T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Andres Beluzan - Resource group id: resource:b0d9f6b562937ee3c3ee - Mining method: open\_pit #### Resource Data - Category: measured - Tonnes: 26400000 - Grade: 2174 - Grade Unit: ppm - Contained Metal: 57369 - Contained Unit: t - Cutoff Grade: 14.62 - Cutoff Unit: US$/t #### Prior Estimate - Resource Date: 2026-09-18 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: The Measured resource for TREO is 26.4 Mt at 2,174 ppm, indicating high geological confidence and significant contained metal. - Positive factor: High confidence Measured resource category - Positive factor: Significant tonnage and grade for TREO Evidence · table > 2,174 Context: 26.4 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **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: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/aclara-resources-updates-penco-module-preliminary-economic-assessment--9d82bf9c-fcf4-4e45-8d1c-c3c993cc5782#fact-resource-facts-21) Penco Module · ndpr #### Identity - Project: Penco Module - Commodity: ndpr - Region: chile - Reported Region: Biobío region, Chile - Ticker: ARA #### Resource scope - Estimate type: resource - Effective date: 2026-09-18T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Andres Beluzan - Resource group id: resource:b0d9f6b562937ee3c3ee - Mining method: open\_pit #### Resource Data - Category: measured - Tonnes: 26400000 - Grade: 426 - Grade Unit: ppm - Contained Metal: 11243 - Contained Unit: t - Cutoff Grade: 14.62 - Cutoff Unit: US$/t #### Prior Estimate - Resource Date: 2026-09-18 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: The Measured resource for NdPr is 26.4 Mt at 426 ppm, indicating high geological confidence and significant contained metal. - Positive factor: High confidence Measured resource category - Positive factor: Significant tonnage and grade for NdPr Evidence · table > 426 Context: 26.4 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **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: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/aclara-resources-updates-penco-module-preliminary-economic-assessment--9d82bf9c-fcf4-4e45-8d1c-c3c993cc5782#fact-resource-facts-22) Penco Module · dy #### Identity - Project: Penco Module - Commodity: dy - Region: chile - Reported Region: Biobío region, Chile - Ticker: ARA #### Resource scope - Estimate type: resource - Effective date: 2026-09-18T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Andres Beluzan - Resource group id: resource:b0d9f6b562937ee3c3ee - Mining method: open\_pit #### Resource Data - Category: measured - Tonnes: 26400000 - Grade: 62.2 - Grade Unit: ppm - Contained Metal: 1641 - Contained Unit: t - Cutoff Grade: 14.62 - Cutoff Unit: US$/t #### Prior Estimate - Resource Date: 2026-09-18 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: The Measured resource for Dy is 26.4 Mt at 62.2 ppm, indicating high geological confidence and significant contained metal. - Positive factor: High confidence Measured resource category - Positive factor: Significant tonnage and grade for Dy Evidence · table > 62.2 Context: 26.4 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **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: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/aclara-resources-updates-penco-module-preliminary-economic-assessment--9d82bf9c-fcf4-4e45-8d1c-c3c993cc5782#fact-resource-facts-23) Penco Module · tb #### Identity - Project: Penco Module - Commodity: tb - Region: chile - Reported Region: Biobío region, Chile - Ticker: ARA #### Resource scope - Estimate type: resource - Effective date: 2026-09-18T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Andres Beluzan - Resource group id: resource:b0d9f6b562937ee3c3ee - Mining method: open\_pit #### Resource Data - Category: measured - Tonnes: 26400000 - Grade: 9.2 - Grade Unit: ppm - Contained Metal: 244 - Contained Unit: t - Cutoff Grade: 14.62 - Cutoff Unit: US$/t #### Prior Estimate - Resource Date: 2026-09-18 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: The Measured resource for Tb is 26.4 Mt at 9.2 ppm, indicating high geological confidence and significant contained metal. - Positive factor: High confidence Measured resource category - Positive factor: Significant tonnage and grade for Tb Evidence · table > 9.2 Context: 26.4 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **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: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/aclara-resources-updates-penco-module-preliminary-economic-assessment--9d82bf9c-fcf4-4e45-8d1c-c3c993cc5782#fact-resource-facts-24) Penco Module · y #### Identity - Project: Penco Module - Commodity: y - Region: chile - Reported Region: Biobío region, Chile - Ticker: ARA #### Resource scope - Estimate type: resource - Effective date: 2026-09-18T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Andres Beluzan - Resource group id: resource:b0d9f6b562937ee3c3ee - Mining method: open\_pit #### Resource Data - Category: measured - Tonnes: 26400000 - Grade: 388 - Grade Unit: ppm - Contained Metal: 10247 - Contained Unit: t - Cutoff Grade: 14.62 - Cutoff Unit: US$/t #### Prior Estimate - Resource Date: 2026-09-18 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: The Measured resource for Y is 26.4 Mt at 388 ppm, indicating high geological confidence and significant contained metal. - Positive factor: High confidence Measured resource category - Positive factor: Significant tonnage and grade for Y Evidence · table > 388 Context: 26.4 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **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: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/aclara-resources-updates-penco-module-preliminary-economic-assessment--9d82bf9c-fcf4-4e45-8d1c-c3c993cc5782#fact-resource-facts-25) Penco Module · gd #### Identity - Project: Penco Module - Commodity: gd - Region: chile - Reported Region: Biobío region, Chile - Ticker: ARA #### Resource scope - Estimate type: resource - Effective date: 2026-09-18T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Andres Beluzan - Resource group id: resource:b0d9f6b562937ee3c3ee - Mining method: open\_pit #### Resource Data - Category: measured - Tonnes: 26400000 - Grade: 53.1 - Grade Unit: ppm - Contained Metal: 1401 - Contained Unit: t - Cutoff Grade: 14.62 - Cutoff Unit: US$/t #### Prior Estimate - Resource Date: 2026-09-18 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: The Measured resource for Gd is 26.4 Mt at 53.1 ppm, indicating high geological confidence and significant contained metal. - Positive factor: High confidence Measured resource category - Positive factor: Significant tonnage and grade for Gd Evidence · table > 53.1 Context: 26.4 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **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: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/aclara-resources-updates-penco-module-preliminary-economic-assessment--9d82bf9c-fcf4-4e45-8d1c-c3c993cc5782#fact-resource-facts-26) Penco Module · sm #### Identity - Project: Penco Module - Commodity: sm - Region: chile - Reported Region: Biobío region, Chile - Ticker: ARA #### Resource scope - Estimate type: resource - Effective date: 2026-09-18T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Andres Beluzan - Resource group id: resource:b0d9f6b562937ee3c3ee - Mining method: open\_pit #### Resource Data - Category: measured - Tonnes: 26400000 - Grade: 55.5 - Grade Unit: ppm - Contained Metal: 1466 - Contained Unit: t - Cutoff Grade: 14.62 - Cutoff Unit: US$/t #### Prior Estimate - Resource Date: 2026-09-18 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: The Measured resource for Sm is 26.4 Mt at 55.5 ppm, indicating high geological confidence and significant contained metal. - Positive factor: High confidence Measured resource category - Positive factor: Significant tonnage and grade for Sm Evidence · table > 55.5 Context: 26.4 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **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: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/aclara-resources-updates-penco-module-preliminary-economic-assessment--9d82bf9c-fcf4-4e45-8d1c-c3c993cc5782#fact-resource-facts-27) Penco Module · treo #### Identity - Project: Penco Module - Commodity: treo - Region: chile - Reported Region: Biobío region, Chile - Ticker: ARA #### Resource scope - Estimate type: resource - Effective date: 2026-09-18T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Andres Beluzan - Resource group id: resource:e1858ceda1ad7e2f2607 - Mining method: open\_pit #### Resource Data - Category: indicated - Tonnes: 9400000 - Grade: 1872 - Grade Unit: ppm - Contained Metal: 17656 - Contained Unit: t - Cutoff Grade: 14.62 - Cutoff Unit: US$/t #### Prior Estimate - Resource Date: 2026-09-18 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: The Indicated resource for TREO is 9.4 Mt at 1,872 ppm, providing reasonable geological confidence. - Positive factor: Reasonable geological confidence for Indicated resource - Positive factor: Significant tonnage and grade for TREO Evidence · table > 1,872 Context: 9.4 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **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: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/aclara-resources-updates-penco-module-preliminary-economic-assessment--9d82bf9c-fcf4-4e45-8d1c-c3c993cc5782#fact-resource-facts-28) Penco Module · ndpr #### Identity - Project: Penco Module - Commodity: ndpr - Region: chile - Reported Region: Biobío region, Chile - Ticker: ARA #### Resource scope - Estimate type: resource - Effective date: 2026-09-18T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Andres Beluzan - Resource group id: resource:e1858ceda1ad7e2f2607 - Mining method: open\_pit #### Resource Data - Category: indicated - Tonnes: 9400000 - Grade: 372 - Grade Unit: ppm - Contained Metal: 3506 - Contained Unit: t - Cutoff Grade: 14.62 - Cutoff Unit: US$/t #### Prior Estimate - Resource Date: 2026-09-18 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: The Indicated resource for NdPr is 9.4 Mt at 372 ppm, providing reasonable geological confidence. - Positive factor: Reasonable geological confidence for Indicated resource - Positive factor: Significant tonnage and grade for NdPr Evidence · table > 372 Context: 9.4 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **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: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/aclara-resources-updates-penco-module-preliminary-economic-assessment--9d82bf9c-fcf4-4e45-8d1c-c3c993cc5782#fact-resource-facts-29) Penco Module · dy #### Identity - Project: Penco Module - Commodity: dy - Region: chile - Reported Region: Biobío region, Chile - Ticker: ARA #### Resource scope - Estimate type: resource - Effective date: 2026-09-18T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Andres Beluzan - Resource group id: resource:e1858ceda1ad7e2f2607 - Mining method: open\_pit #### Resource Data - Category: indicated - Tonnes: 9400000 - Grade: 51.8 - Grade Unit: ppm - Contained Metal: 489 - Contained Unit: t - Cutoff Grade: 14.62 - Cutoff Unit: US$/t #### Prior Estimate - Resource Date: 2026-09-18 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: The Indicated resource for Dy is 9.4 Mt at 51.8 ppm, providing reasonable geological confidence. - Positive factor: Reasonable geological confidence for Indicated resource - Positive factor: Significant tonnage and grade for Dy Evidence · table > 51.8 Context: 9.4 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **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: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/aclara-resources-updates-penco-module-preliminary-economic-assessment--9d82bf9c-fcf4-4e45-8d1c-c3c993cc5782#fact-resource-facts-30) Penco Module · tb #### Identity - Project: Penco Module - Commodity: tb - Region: chile - Reported Region: Biobío region, Chile - Ticker: ARA #### Resource scope - Estimate type: resource - Effective date: 2026-09-18T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Andres Beluzan - Resource group id: resource:e1858ceda1ad7e2f2607 - Mining method: open\_pit #### Resource Data - Category: indicated - Tonnes: 9400000 - Grade: 7.8 - Grade Unit: ppm - Contained Metal: 73.8 - Contained Unit: t - Cutoff Grade: 14.62 - Cutoff Unit: US$/t #### Prior Estimate - Resource Date: 2026-09-18 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: The Indicated resource for Tb is 9.4 Mt at 7.8 ppm, providing reasonable geological confidence. - Positive factor: Reasonable geological confidence for Indicated resource - Positive factor: Significant tonnage and grade for Tb Evidence · table > 7.8 Context: 9.4 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **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: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/aclara-resources-updates-penco-module-preliminary-economic-assessment--9d82bf9c-fcf4-4e45-8d1c-c3c993cc5782#fact-resource-facts-31) Penco Module · y #### Identity - Project: Penco Module - Commodity: y - Region: chile - Reported Region: Biobío region, Chile - Ticker: ARA #### Resource scope - Estimate type: resource - Effective date: 2026-09-18T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Andres Beluzan - Resource group id: resource:e1858ceda1ad7e2f2607 - Mining method: open\_pit #### Resource Data - Category: indicated - Tonnes: 9400000 - Grade: 323 - Grade Unit: ppm - Contained Metal: 3042 - Contained Unit: t - Cutoff Grade: 14.62 - Cutoff Unit: US$/t #### Prior Estimate - Resource Date: 2026-09-18 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: The Indicated resource for Y is 9.4 Mt at 323 ppm, providing reasonable geological confidence. - Positive factor: Reasonable geological confidence for Indicated resource - Positive factor: Significant tonnage and grade for Y Evidence · table > 323 Context: 9.4 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **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: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/aclara-resources-updates-penco-module-preliminary-economic-assessment--9d82bf9c-fcf4-4e45-8d1c-c3c993cc5782#fact-resource-facts-32) Penco Module · gd #### Identity - Project: Penco Module - Commodity: gd - Region: chile - Reported Region: Biobío region, Chile - Ticker: ARA #### Resource scope - Estimate type: resource - Effective date: 2026-09-18T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Andres Beluzan - Resource group id: resource:e1858ceda1ad7e2f2607 - Mining method: open\_pit #### Resource Data - Category: indicated - Tonnes: 9400000 - Grade: 46 - Grade Unit: ppm - Contained Metal: 434 - Contained Unit: t - Cutoff Grade: 14.62 - Cutoff Unit: US$/t #### Prior Estimate - Resource Date: 2026-09-18 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: The Indicated resource for Gd is 9.4 Mt at 46.0 ppm, providing reasonable geological confidence. - Positive factor: Reasonable geological confidence for Indicated resource - Positive factor: Significant tonnage and grade for Gd Evidence · table > 46.0 Context: 9.4 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **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: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/aclara-resources-updates-penco-module-preliminary-economic-assessment--9d82bf9c-fcf4-4e45-8d1c-c3c993cc5782#fact-resource-facts-33) Penco Module · sm #### Identity - Project: Penco Module - Commodity: sm - Region: chile - Reported Region: Biobío region, Chile - Ticker: ARA #### Resource scope - Estimate type: resource - Effective date: 2026-09-18T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Andres Beluzan - Resource group id: resource:e1858ceda1ad7e2f2607 - Mining method: open\_pit #### Resource Data - Category: indicated - Tonnes: 9400000 - Grade: 48.7 - Grade Unit: ppm - Contained Metal: 459 - Contained Unit: t - Cutoff Grade: 14.62 - Cutoff Unit: US$/t #### Prior Estimate - Resource Date: 2026-09-18 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: The Indicated resource for Sm is 9.4 Mt at 48.7 ppm, providing reasonable geological confidence. - Positive factor: Reasonable geological confidence for Indicated resource - Positive factor: Significant tonnage and grade for Sm Evidence · table > 48.7 Context: 9.4 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **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: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aclara-resources-updates-penco-module-preliminary-economic-assessment--9d82bf9c-fcf4-4e45-8d1c-c3c993cc5782#fact-resource-facts-34) Penco Module · treo #### Identity - Project: Penco Module - Commodity: treo - Region: chile - Reported Region: Biobío region, Chile - Ticker: ARA #### Resource scope - Estimate type: resource - Effective date: 2026-09-18T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Andres Beluzan - Resource group id: resource:ebefa24fa79f7bbd4bd7 - Mining method: open\_pit #### Resource Data - Category: inferred - Tonnes: 2200000 - Grade: 1768 - Grade Unit: ppm - Contained Metal: 3848 - Contained Unit: t - Cutoff Grade: 14.62 - Cutoff Unit: US$/t #### Prior Estimate - Resource Date: 2026-09-18 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: The Inferred resource for TREO is 2.2 Mt at 1,768 ppm, representing a lower confidence category. - Negative factor: Inferred resource category has lower geological confidence Evidence · table > 1,768 Context: 2.2 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **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: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aclara-resources-updates-penco-module-preliminary-economic-assessment--9d82bf9c-fcf4-4e45-8d1c-c3c993cc5782#fact-resource-facts-35) Penco Module · ndpr #### Identity - Project: Penco Module - Commodity: ndpr - Region: chile - Reported Region: Biobío region, Chile - Ticker: ARA #### Resource scope - Estimate type: resource - Effective date: 2026-09-18T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Andres Beluzan - Resource group id: resource:ebefa24fa79f7bbd4bd7 - Mining method: open\_pit #### Resource Data - Category: inferred - Tonnes: 2200000 - Grade: 357 - Grade Unit: ppm - Contained Metal: 776 - Contained Unit: t - Cutoff Grade: 14.62 - Cutoff Unit: US$/t #### Prior Estimate - Resource Date: 2026-09-18 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: The Inferred resource for NdPr is 2.2 Mt at 357 ppm, representing a lower confidence category. - Negative factor: Inferred resource category has lower geological confidence Evidence · table > 357 Context: 2.2 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **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: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aclara-resources-updates-penco-module-preliminary-economic-assessment--9d82bf9c-fcf4-4e45-8d1c-c3c993cc5782#fact-resource-facts-36) Penco Module · dy #### Identity - Project: Penco Module - Commodity: dy - Region: chile - Reported Region: Biobío region, Chile - Ticker: ARA #### Resource scope - Estimate type: resource - Effective date: 2026-09-18T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Andres Beluzan - Resource group id: resource:ebefa24fa79f7bbd4bd7 - Mining method: open\_pit #### Resource Data - Category: inferred - Tonnes: 2200000 - Grade: 44.5 - Grade Unit: ppm - Contained Metal: 96.8 - Contained Unit: t - Cutoff Grade: 14.62 - Cutoff Unit: US$/t #### Prior Estimate - Resource Date: 2026-09-18 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: The Inferred resource for Dy is 2.2 Mt at 44.5 ppm, representing a lower confidence category. - Negative factor: Inferred resource category has lower geological confidence Evidence · table > 44.5 Context: 2.2 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **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: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aclara-resources-updates-penco-module-preliminary-economic-assessment--9d82bf9c-fcf4-4e45-8d1c-c3c993cc5782#fact-resource-facts-37) Penco Module · tb #### Identity - Project: Penco Module - Commodity: tb - Region: chile - Reported Region: Biobío region, Chile - Ticker: ARA #### Resource scope - Estimate type: resource - Effective date: 2026-09-18T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Andres Beluzan - Resource group id: resource:ebefa24fa79f7bbd4bd7 - Mining method: open\_pit #### Resource Data - Category: inferred - Tonnes: 2200000 - Grade: 6.9 - Grade Unit: ppm - Contained Metal: 15.1 - Contained Unit: t - Cutoff Grade: 14.62 - Cutoff Unit: US$/t #### Prior Estimate - Resource Date: 2026-09-18 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: The Inferred resource for Tb is 2.2 Mt at 6.9 ppm, representing a lower confidence category. - Negative factor: Inferred resource category has lower geological confidence Evidence · table > 6.9 Context: 2.2 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **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: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aclara-resources-updates-penco-module-preliminary-economic-assessment--9d82bf9c-fcf4-4e45-8d1c-c3c993cc5782#fact-resource-facts-38) Penco Module · y #### Identity - Project: Penco Module - Commodity: y - Region: chile - Reported Region: Biobío region, Chile - Ticker: ARA #### Resource scope - Estimate type: resource - Effective date: 2026-09-18T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Andres Beluzan - Resource group id: resource:ebefa24fa79f7bbd4bd7 - Mining method: open\_pit #### Resource Data - Category: inferred - Tonnes: 2200000 - Grade: 276 - Grade Unit: ppm - Contained Metal: 600 - Contained Unit: t - Cutoff Grade: 14.62 - Cutoff Unit: US$/t #### Prior Estimate - Resource Date: 2026-09-18 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: The Inferred resource for Y is 2.2 Mt at 276 ppm, representing a lower confidence category. - Negative factor: Inferred resource category has lower geological confidence Evidence · table > 276 Context: 2.2 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **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: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aclara-resources-updates-penco-module-preliminary-economic-assessment--9d82bf9c-fcf4-4e45-8d1c-c3c993cc5782#fact-resource-facts-39) Penco Module · gd #### Identity - Project: Penco Module - Commodity: gd - Region: chile - Reported Region: Biobío region, Chile - Ticker: ARA #### Resource scope - Estimate type: resource - Effective date: 2026-09-18T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Andres Beluzan - Resource group id: resource:ebefa24fa79f7bbd4bd7 - Mining method: open\_pit #### Resource Data - Category: inferred - Tonnes: 2200000 - Grade: 42.2 - Grade Unit: ppm - Contained Metal: 91.8 - Contained Unit: t - Cutoff Grade: 14.62 - Cutoff Unit: US$/t #### Prior Estimate - Resource Date: 2026-09-18 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: The Inferred resource for Gd is 2.2 Mt at 42.2 ppm, representing a lower confidence category. - Negative factor: Inferred resource category has lower geological confidence Evidence · table > 42.2 Context: 2.2 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **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: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aclara-resources-updates-penco-module-preliminary-economic-assessment--9d82bf9c-fcf4-4e45-8d1c-c3c993cc5782#fact-resource-facts-40) Penco Module · sm #### Identity - Project: Penco Module - Commodity: sm - Region: chile - Reported Region: Biobío region, Chile - Ticker: ARA #### Resource scope - Estimate type: resource - Effective date: 2026-09-18T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Andres Beluzan - Resource group id: resource:ebefa24fa79f7bbd4bd7 - Mining method: open\_pit #### Resource Data - Category: inferred - Tonnes: 2200000 - Grade: 45.8 - Grade Unit: ppm - Contained Metal: 99.7 - Contained Unit: t - Cutoff Grade: 14.62 - Cutoff Unit: US$/t #### Prior Estimate - Resource Date: 2026-09-18 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: The Inferred resource for Sm is 2.2 Mt at 45.8 ppm, representing a lower confidence category. - Negative factor: Inferred resource category has lower geological confidence Evidence · table > 45.8 Context: 2.2 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **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: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ## 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.