Highlights

• U.S. International Development Finance Corporation commits $5M to Aclara's Carina rare earths project in Brazil
• Feasibility study underway with project operations projected for 2028
• Focus on ionic-clay heavy rare earth modules
• Strategic 'mine-to-magnet' approach with circular mineral harvesting process
• Targeting >95% water recycling

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Aclara Resources (TSX: ARA) says the U.S. International Development Finance Corporation (opens in a new tab) (DFC) has committed up to US$5 million in Project Development Funds for Aclara’s Carina heavy rare earths project in Goiás, Brazil. The money primarily funds a feasibility study by Hatch, already underway (July 2025) and targeted for completion by the end of Q1 2026; a pre-feasibility study is slated for September 2025. Operations at Carina are projected for 2028.

Key terms for investors

• Funds are milestone-based, carry no interest, and no security is granted.
• If Aclara completes a single financing ≥US$50M (or ≥US$75M across multiple raises within 12 months) to construct Carina, DFC may convert its development funding into Aclara equity.
• Upon that “Financing Event,” DFC also holds a preferential option to be mandated to provide and/or arrange additional project financing.
• Repayment: DFC may require repayment of the Project Development Funds upon the Financing Event.”

Strategic Context

The DFC’s early-stage commitment validates U.S. strategic interest in heavy rare earths (HREEs)—notably Dy/Tb/Y—and could de-risk Carina’s path to construction if the feasibility case holds. Aclara highlights a “mine-to-magnet” strategy: ionic-clay HREE modules in Brazil (Carina) and Chile (Penco), a U.S. separation facility (conceptual engineering complete; pilot with Virginia Tech), a JV with CAP for alloys, and a magnet alliance with Vacuumschmelze. Aclara’s Circular Mineral Harvesting process claims >95% water and ~99% reagent recycling with no tailings, aimed at lowering environmental footprint—an increasingly material due diligence point for Western OEMs and defense supply chains.

REEx questions for investors (not answered in today’s release):

1. Conversion economics: At what equity price/valuation would DFC convert its US$5M? Any anti-dilution or governance rights?
2. Capital stack & timing: How will Aclara bridge to the US$50–75M construction funding trigger—and what’s the total estimated project CAPEX post-feasibility?
3. Resource/grade & cost curve: What are Carina’s HREE grade, recovery, and reagent costs versus Chinese ionic-clay incumbents—and where would Carina sit on the global HREE cost curve?
4. ESG & permitting in Goiás: What are the permitting timelines, community agreements, and third-party LCA/ESG verification of the “circular” flowsheet?
5. Off-take & pricing: Any indicative off-take or pricing floors for Dy/Tb? How is price risk managed into 2028 amid market volatility?
6. U.S. separation facility: Location, permits, CAPEX, financing sources, and integration with Carina feed—what’s the critical path?

What is the US IDFC?

The U.S. DFC is America's development bank. DFC partners with the private sector to finance solutions to the most critical challenges facing the developing world today. We invest across sectors, including energy, healthcare, critical infrastructure, and technology.

Source: Aclara Resources Inc., “Aclara Receives U.S. Government Investment (opens in a new tab),” news release, Sept 2, 2025; remarks by CEO Ramón Barúa.

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