Carina Project

Aclara's flagship ionic-clay rare earth project in Goiás, Brazil, rich in heavy and light rare earth elements amenable to low-impact surface extraction and a proprietary clay-processing flowsheet. The Carina Technical Report projected an initial internal rate of return of 22% over an 18-year life of mine with a 4.5-year payback. An updated mineral resource estimate announced on October 1, 2025 upgraded 79% of previously inferred resources into the Indicated category, resulting in 236 Mt of Indicated and 48 Mt of Inferred mineral resources, versus 298 Mt of Inferred reported in 2024. The Company targets the start of construction in 2027 with initial production and ramp-up through mid-2028. Mineral resources are not reserves and lack demonstrated economic viability; TREO denotes total rare earth oxides plus yttrium.