Aclara Resources (ARA) Investor Day 2026 summary

Strategic positioning

• Mine-to-alloy strategy links ionic-clay deposits in Chile and Brazil with rare-earth separation and metals-and-alloys production in Louisiana.

• China controls 98% of upstream heavy rare-earth supply and 95% of separation; forecasts show a widening dysprosium-terbium supply gap through 2035.

• Penco and Carina contain 61% and 31% Y, Dy and Tb in TREO, respectively; both are among the three global assets identified with the highest heavy rare-earth concentrations.

• Product opportunities span Dy, Tb, NdPr, yttrium, samarium and gadolinium, with demand avenues including EVs, robotics, aerospace, wind turbines and power generation.

• JOGMEC partnership supports exploration of a third Brazilian ionic-clay deposit, with $3M committed over 3 years, an option for another $1.5M and a 40% offtake right.

Project execution

• Penco’s October 2026 PEA outlines a 17-year operation, with average annual output of 50 t DyTb, 128 t NdPr and 400 t Y; first production targets Q4 2028.

• Penco’s phase 1 EIA was granted in June 2026, pending legal challenges; feasibility study and early works target Q1 2027, with full construction targeted for H2 2027.

• Carina’s completed feasibility study outlines an 18-year operation, with average annual output of 183 t DyTb, 1,191 t NdPr and 1,160 t Y; startup targets Q2 2029.

• Carina targets EIA approval and detailed engineering by Q1 2027, early works by Q2 2027 and a construction permit by Q3 2027; schedule depends on licensing and financing.

• Louisiana air permit and basic engineering are complete; construction is planned from early 2027, with separation startup targeted for Q4 2028 and metals startup for early 2029.

Technology and operations

• Circular mineral harvesting uses dilute ammonium sulfate without blasting, crushing, milling or tailings dams; targets include 99% reagent recycling and up to 97% freshwater recycling.

• SPREC purity reached 99% in 2026, up from 90–92% MREC purity in 2023 and 95–97% in 2025; higher purity is intended to simplify downstream processing.

• Virginia Tech separation demonstration produced NdPr oxide at ≥99.5% purity; Dy and Tb samples are targeted for Q4 2026, with Y, Sm and Gd validation through Q2 2027.

• Louisiana separation design uses commercial-scale solvent-extraction mixer-settlers; the Chile metals pilot produced 500 kg NdPr metal and achieved 175 kg/day capacity.

• AI digital twins aim to speed ramp-up and optimize separation and metal-cell operations; AI-assisted exploration has identified potential zones for field validation and resource-expansion drilling.