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Brazil
Aclara Resources
A TSX-listed developer, spun out of Hochschild Mining in 2021, planning two ionic clay heavy rare earth projects in Brazil (Carina) and Chile (Penco) that produce carbonate on site, a separation plant in Louisiana, and a 50/50 metals and NdFeB alloy venture with CAP.
Points to check
Facts from the sources on this page that a reader should weigh before relying on the company's own figures.
- No final investment decision has been announced for Carina, Penco, Project Dynamo or the metals plant. Construction milestones are stated as subject to financing (13 Oct 2026 release; Q2 2026 MD&A).
- The EXIM US$750M letter of interest is non-binding and subject to EXIM due diligence and approvals. Project financing has not been completed (ENR, 14 Oct 2026).
- No definitive offtake agreements have been signed (6 Oct 2026 release).
- Project Dynamo's capex estimate rose about 78%, from US$277M to ~US$494M, between Apr and Oct 2026 as scope expanded (13 Oct 2026 release).
- Penco's RCA covers the first six years of mine life, and a second EIA is being prepared. Carina's Preliminary License was still under review in Aug 2026 (Q2 2026 MD&A).
At a glance
- Founded
- 2021 — The Penco deposit was found in 2012–2014 by BioLantánidos (REE UNO SpA). Hochschild Mining bought it in 2018–2019, renamed it Aclara Resources, and spun it out with a TSX IPO that closed on 10 Dec 2021: 35M shares at C$1.70 for C$59.5M, plus a concurrent purchase by Hochschild-linked insiders. REE Uno was contributed to the company on 15 Oct 2021.
- Headquarters
- Press releases datelined Toronto, Ontario, Canada. Projects are in Chile, Brazil and the US. The listing entity's domicile was not confirmed in the sources opened.
- Ownership
- Public; TSX:ARA (primary), with OTC and Santiago quotes. Holders after the May 2026 private placement, on a base of 246,577,297 shares: New Hartsdale Capital Inc. 36.52% (90,027,095 shares), Hochschild Mining Holdings Ltd 19.32% (47,630,213), CAP S.A. 12.92% (31,849,363). CAP also holds 20% of REE Uno, the Chilean subsidiary that owns Penco.
- Stage
- Aclara — Project Dynamo (Vinton, LA) + CAP metals JV: Early stage. Air permit granted in September 2026 and capex re-estimated at about US$494 million in October 2026; no investment decision, financing or binding offtake.
- Aclara — Carina Module (Goiás): Early stage. Feasibility study completed in April 2026; the Brazilian preliminary license is pending and there is no investment decision.
- Aclara — Penco Module (Biobío): Early stage. Environmental approval in June 2026 covers the first six years; the feasibility study is due in Q4 2026 and there is no investment decision.
- Listing
- TSX: ARA · OTC: ARAAF
Investor relations - Revenue
- Not publicly disclosed. This company does not publish revenue and no named third party has published an estimate of it.
Capacity
Each date below links to the document the figure came from. A capacity figure with no source is not on this page.
| What | Figure | Status | As of |
|---|---|---|---|
| Carina mine and plant: REO contained in mixed rare earth carbonate | 4,378 t/yr REO, life-of-mine average over 18 years, incl. 1,191 t NdPr, 156 t Dy, 27 t Tb, 173 t Sm, 1,160 t Y. Plant feed 9.7 Mt/yr (dry). Feasibility-study figure. | Announced | Apr 2026 |
| Penco Module: clay processing throughput | Up to 320 t/h of clay, producing super-pure rare earth carbonate. Figure is the EIA design; no annual REO figure has been published for the current design. | Announced | Jun 2026 |
| Penco Module (2021 PEA, older design): REO | 774 t/yr REO average over a 12-year life (8,901 t total); feed 1,766 kt/yr dry. PEA figure. | Historical | Dec 2021 |
| Project Dynamo, Vinton LA: separated oxides | Life-of-project average at full capacity: ~1,300 t/yr NdPr oxide, ~200 t/yr Dy oxide, ~35 t/yr Tb oxide, ~190 t/yr Sm oxide, ~180 t/yr Gd oxide, ~1,350 t/yr Y oxide. Basic-engineering figure, Oct 2026. | Announced | Oct 2026 |
| Aclara Metals commercial plant (Louisiana): metals and alloy | Annual average: 811 t NdPr metal, 154 t FeDy (80% Dy), 19 t Tb metal, 2,681 t NdFeB alloy (nominal NdFeB capacity 3,500 t/yr). FEL 2 (pre-feasibility level) figure, Apr 2026. | Announced | Apr 2026 |
| Aclara Metals demonstration plant, Talcahuano, Chile: rare earth metal | Up to 175 kg/day NdPr metal at a target purity of at least 99.5% (nominal demonstration capacity) | Pilot scale | Oct 2026 |
Narrative
Aclara Resources was spun out of Hochschild Mining with a Toronto Stock Exchange IPO that closed on December 10, 2021, raising C$59.5 million. Its first asset, the Penco Module near Penco in Chile's Biobío Region, is held by REE Uno, in which CAP S.A. owns 20%. Aclara withdrew Penco's first environmental impact assessment in March 2022 and filed new versions in April 2023 and June 2024. The Biobío Environmental Assessment Commission approved the project unanimously on June 8, 2026. The environmental qualification resolution, issued June 22, 2026, covers the first six years of mine life, and a second assessment is being prepared. Penco is designed to process up to 320 t of clay per hour into a super-pure rare earth carbonate, with a feasibility study targeted for the fourth quarter of 2026 and commissioning targeted for mid-2028. The Carina Project in Nova Roma, Goiás, Brazil, is described by the company as its flagship. Its April 2026 feasibility study reports 170.8 million t of Proven and Probable reserves at 1,745 ppm TREO and a life-of-mine average of 4,378 t per year of rare earth oxide in mixed carbonate, including 156 t of dysprosium and 27 t of terbium, for a capital cost of US$781 million. Carina's preliminary environmental license was still under state review in August 2026, with approval expected in the second half of 2026 and first production targeted for the second half of 2028. Both projects would feed Project Dynamo, a planned separation plant at the Port of Vinton, Louisiana. In October 2026 its basic engineering estimate put capital cost at about US$494 million, up from US$277 million in April 2026, for a life-of-project average of about 1,300 t per year of NdPr oxide, 200 t of dysprosium oxide, 35 t of terbium oxide and 190 t of samarium oxide. Louisiana issued the plant's air permit in September 2026. Site preparation is targeted for the first quarter of 2027, subject to financing. Aclara Metals, a 50/50 joint venture with CAP, completed a pre-feasibility-level study in April 2026 for a Louisiana plant producing 811 t per year of NdPr metal and 2,681 t per year of NdFeB alloy. It opened a demonstration electrolysis plant rated at up to 175 kg per day of metal in Talcahuano, Chile, in October 2026. No final investment decision has been announced for any project. The US EXIM Bank letter of interest for up to US$750 million (September 2026) is non-binding, no definitive offtake agreements have been signed, and cash was US$42.6 million on June 30, 2026.
Where public sources disagree
- Project Dynamo 'previous' capacity: the 13 Oct 2026 basic-engineering release lists the prior figures as 1,100 t NdPr and 140 t Dy oxide per year. The 13 Apr 2026 scoping figures (newswire.com) were 1,131 t NdPr and 148 t Dy.
- Penco approval date: the 23 Jun 2026 release gives the commission approval as 8 Jun 2026, while the approval announcement is dated 9 Jun 2026. The Q2 2026 MD&A says the RCA was issued 22 Jun 2026. These are separate steps, not a substantive conflict.
- Metals plant scope: the Apr 2026 technical reports and Aug 2026 MD&A schedule Louisiana metals-plant construction to complete in Q3 2028. The 13 Oct 2026 release describes the Vinton site only as having room for a 'future' metals and alloys facility, with no commitment or schedule.
- Integrated capex of US$1,207M (Apr 2026) predates the Dynamo capex revision to ~US$494M (Oct 2026). No updated integrated figure was found.
Latest reports
| Period | Published | Report |
|---|---|---|
| Q2 2026 (quarter to 30 Jun 2026) | Aclara Resources - Q2 2026 MD&A | |
| Q1 2026 (quarter to 31 Mar 2026) | 2026-05-08 | Aclara Resources - Q1 2026 MDA (Filing Version) |
| FY 2025 (calendar year to 31 Dec 2025) | 2026-03-18 | Aclara Resources - FY 2025 MD&A |
| Q3 2025 (quarter to 30 Sep 2025) | 2025-11-07 | Interim Results MD&A Q3 |
Across these reports
Between the PFS (November 2025) and FS (April 2026) Carina's NPV8 rose from US$1.1 billion to US$1.7 billion and its capex from US$680.5 million to US$780.9 million, with first production held at H2 2028; Project Dynamo in Louisiana and the CAP metals/alloy JV were defined with commissioning in 2028. Carina's FS was delivered on its H1 2026 target, while the Carina PFS, Penco EIA, Penco FS and U.S. pilot plant each came in later than first stated.
| Measure | What the reports show |
|---|---|
| Carina Module after-tax NPV8 (study estimate) | US$1.1 billion (PFS, 2025-11-06) → US$1.7 billion (FS, effective 2026-03-20, released 2026-04-13); after-tax IRR 22% → 26.9%. |
| Carina Module initial capex incl. contingency | US$680.5 million (PFS) → US$780.9 million (FS: US$678.2 million + US$102.7 million contingency). |
| Carina Module planned output (capacity, MREC, annual average) | 4,265 t REO in MREC with 149 t Dy, 25 t Tb, 1,170 t NdPr per year (PFS) → 4,378 t REO in MREC with 156 t Dy, 27 t Tb, 1,191 t NdPr per year (FS); 18-year mine life in both. |
| Project Dynamo separation plant (Louisiana) planned capacity and capex | Defined in the 2026-04-13 technical reports: 148 t/yr Dy oxide, 25 t/yr Tb oxide, 1,131 t/yr NdPr oxide; capex US$277 million plus US$52 million working capital; CAP metals and alloys JV capex US$149 million plus US$11 million working capital for 154 t FeDy, 19 t Tb metal, 811 t NdPr metal and 2,681 t NdFeB alloy per year. |
| Cash and financing | Cash US$39.81 million at 30 Jun 2025 (Q2 2025 MD&A, dated 2025-08-06) → US$50 million private placement announced 2026-03-19 (CAP, Hochschild, New Hartsdale; tranches of US$41.5 million and US$8.5 million) → US$20+ million Louisiana tax exemption approval (2026-06-26) and DOE funding selection (2026-07-23). Later period-end cash balances not read. |
Stated dates
| Target | First stated | Now | Status |
|---|---|---|---|
| Carina feasibility study | H1 2026 (Q2 2025 MD&A, 2025-08-06); Q1 2026 (release 2026-03-19) | Achieved: filed and released 2026-04-13 (effective date 2026-03-20) | met |
| Carina pre-feasibility study | Q3 2025 (Q2 2025 MD&A, 2025-08-06) | Achieved 2025-11-06 | moved later |
| Penco Module environmental approval (EIA) | Q4 2025 (Q2 2025 MD&A, 2025-08-06) | Q2 2026 (release 2026-03-19); achieved June 2026 (company releases 2026-06-09 and 2026-06-23) | moved later |
| Penco Module feasibility study | H1 2026 (Q2 2025 MD&A, 2025-08-06) | Q4 2026 (releases 2026-03-19 and 2026-04-13) | moved later |
| U.S. separation pilot plant | Construction and operation H2 2025 (Q2 2025 MD&A, 2025-08-06) | Commissioning Q1 2026 (release 2026-03-19); completion not confirmed in sources read. Commercial Dynamo commissioning targeted Q2 2028, groundbreaking end of 2026 (2026-04-13) | moved later |
Figures are as the company reported them, linked to each report. This summarizes what changed between reports; it is not a view on the company or its shares.
Sources
- Dynamo basic engineering, 13 Oct 2026 — Aclara Resources via Stockhouse (2026-10-13)
- Q2 2026 MD&A — Aclara Resources (2026-08-06)
- Carina feasibility study, 13 Apr 2026 — Aclara Resources via ACCESS Newswire (2026-04-13)
- Integrated technical reports, 13 Apr 2026 — Aclara Resources via Newswire (2026-04-13)
- Penco EIA approval, 9 Jun 2026 — Aclara Resources via Newswire (2026-06-09)
- Penco RCA published, 23 Jun 2026 — Aclara Resources via Newswire (2026-06-23)
- Metals & alloys demo plant, 7 Oct 2026 — Aclara Resources via Webull (2026-10-07)
- Dynamo expansion to Y/Gd/Sm, 6 Oct 2026 — Aclara Resources via Cantech Letter (2026-10-06)
- ENR on Dynamo — ENR (2026-10-14)
- Mining Weekly: metals demo plant — Mining Weekly (2026-10-08)
- Metals & alloys progress, 11 Mar 2026 — Aclara Resources via goldsilver.ai (2026-03-11)
- Private placement completion, 13 May 2026 — Aclara Resources via Newswire.ca (2026-05-13)
- Carina PFS, 6 Nov 2025 — Aclara Resources via Stockwatch (2025-11-06)
- CEO letter, 2026 outlook — TipRanks via Yahoo Finance (2026-01-01)
- Mining Technology: Penco EIA approval — Mining Technology (2026-06-10)
- Annual MD&A FY2021 (spin-out, Penco PEA, EIA withdrawal) — Aclara Resources (2022-05-06)
- Hochschild spin-off IPO — Mining Weekly (2021-12-03)
- Carina pilot plant inauguration — Prefeitura de Aparecida de Goiânia (2025-04-25)
- Aclara news index — Aclara Resources (2026-10-16)
How this page is sourced
Everything here comes from public sources — company filings, annual reports, exchange announcements, government releases and trade press. Every figure is linked to the document it came from and carries the date that document was published, because a capacity number without a date is not a fact, it is a rumor with a decimal point.
What is deliberately absent: material nonpublic information. I have spent more than two decades in this industry and a good deal of what I know about these companies I learned under NDA. Those obligations do not expire and they do not bend for a website. Nothing I have been told in confidence appears here in any form, and nothing on this page — or missing from it — should be read as a signal about what I know privately. I hold NDAs absolutely. It is the reason clients tell me things.
Judgment is the other thing left out on purpose. This page reports what has been published and who published it. Whether a target is credible, whether a ramp will hold, whether a capacity figure survives contact with the plant behind it — that is the work I do for clients, and it does not belong in a free reference page.
Where public sources disagree, I say so rather than picking a winner. Where a figure has not been published, the field says so rather than carrying an estimate. An empty field is information too.
Public filings tell you what a company has said. Whether it holds up is a different question, and the one I get hired to answer.
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