Aclara Resources, Inc. · TSX:ARA
Aclara Resources — Investor Day (October 2026)
67 slides from Aclara Resources's investor day presentation, Oct 20, 2026
Slide 1: Building an Integrated Heavy Rare Earths Champion
TSX:ARA Building an Integrated Heavy Rare Earths Champion Aclara Resources October 2026 Aclara Aclara Aclara Resources Chile Brazil STRICTLY PRIVATE AND CONFIDENTIAL
Slide 2: Disclaimer
Disclaimer This presentation of Aclara Resources Inc. (the “Company” or “Aclara”) has been prepared solely for informational purposes. You should not definitively rely upon it or use it to form the definitive basis for any decision, contract, commitment or action whatsoever, with respect to any prop
Slide 3: Today's Presenters
Today’s Presenters Ramón Barúa Francois Motte Hugh Broadhurst José Augusto Palma Mauricio Carrasco CEO & Director CFO COO Executive Vice President Head of Technology & AI Projects +30 years of experience +15 years of experience +20 years of experience +30 years of experience Led technology
Slide 4: Agenda
Agenda 1. The Heavy Rare Earths Dilemma Ramón Barúa - CEO 2. Why Aclara Ramón Barúa - CEO 3. Aclara’s Portfolio & Project Execution Hugh Broadhurst - COO Mauricio Carrasco - Head of 4. AI Innovation Technology & AI Projects Jose Palma – Executive Vice 5. ESG President 6. Integrated Value Proposition
Slide 5: Aclara at-a-Glance
Aclara at-a-Glance Dual Source Mine-to-Alloy Strong HREEs Feedstock Vertical Integration Shareholders Ionic clay deposits and exploration Proprietary processing technologies 110+80 years of combined in Brazil and Chile for extraction, separation and experience in mining and industrial production of
Slide 6: 1. The Heavy Rare Earths Dilemma
1. The Heavy Rare Earths Dilemma Aclara Resources (TSX:ARA) | aclara-re.com
Slide 7: If Rare Earths are Not Rare, Why Are They Critical?
If Rare Earths are Not Rare, Why Are They Critical? 1 2 3 4 5 Complex to Concentrated Abundant, but not process: supply chains: always Strategically Separation and Production and Difficult to replace: economical: essential: They are refining require processing are Substitutes are Economically viable
Slide 8: Rare Earths Are Not All Equal
Rare Earths Are Not All Equal HREEs offer highest value of all rare earths (US$/kg) 66 Dy Dysprosium $3,500 65 Tb $7,000 HREE Terbium 64 Gd Gadolinium $2,000 39 Y Yttrium $1,000 60 Nd Neodymium $110 59 Pr Praseodymium $110 LREE 58 Ce Cerium $3.00 57 La Lanthanum $1.00 Aclara Resources (TSX:ARA) | ac
Slide 9: Concentration of Rare Earth Supply in a Single Country
Concentration of Rare Earth Supply in a Single Country While Western supply of light rare earths is growing, heavy rare earths supply is still strongly controlled by China China Supply Rest of World Supply Stage % LREEs Supply Controlled by China % HREEs Supply Controlled by China Upstream 58% 42% 9
Slide 10: China Has Severely Constrained its Heavy Rare Earths Supply
China Has Severely Constrained its Heavy Rare Earths Supply China’s recent rare earths export controls have created a shortage of heavy rare earths supply in the West Chinese Supply Controls and Consequences Price Impact of Export Controls (US$/kg)1 Controls on seven REEs introduced in Apr-25 were e
Slide 11: Significant Supply Gap will Continue to Grow: The Case for DyTb
Significant Supply Gap will Continue to Grow: The Case for DyTb DyTb - Estimated 2025 Supply vs. 2030 & 2035 Demand(1) (in tonnes) 2025 Supply Estimated Demand +41% 7,826 5,212 China’s HREEs production has not DyTb increased since 2018(2) 5,549 Supply Gap Restricted by China Production from Myanmar
Slide 12: Aclara Holds Two of the Most HREE-Concentrated Deposits
Aclara Holds Two of the Most HREE-Concentrated Deposits Penco and Carina Stand Out for Their High Y, Dy and Tb Content Concentration of Y, Dy and Tb (% of TREO) 0.7 61% 0.6 0.5 0.4 31% 0.3 27% 0.2 8% 6% 0.1 3% 0.2% 0 Penco Carina Pela Ema 1 Colossus 2 Caldeira 3 Mount Weld 4 Mountain Pass 4 Source:
Slide 13: 2. Why Aclara
2. Why Aclara Aclara Resources (TSX:ARA) | aclara-re.com
Slide 14: Vertically Integrated from Mine to Metals and Alloys
Vertically Integrated from Mine to Metals and Alloys Upstream Separation Metals & Alloys IONIC EXCHANGE SOLVENT EXTRACTION ELECTROLYSIS Carina Project (Brazil) Project Dynamo Aclara Metals Penco Module (Chile) Technologies (Louisiana, USA) (Louisiana, USA) Aclara’s Demonstration Plant in Chile Demon
Slide 15: Aclara's Two Rare Earth Businesses
Aclara’s Two Rare Earth Businesses One platform, multiple products Magnetic Rare Earths Non-Magnetic Rare Earths DyTb + NdPr + Sm Y + Yb + Gd E-mobility and robotics Power generation and AI Materials for efficient, compact motors Materials for demanding thermal applications, with and specialized hig
Slide 16: Patented Sustainable Extraction Process
Patented Sustainable Extraction Process Critical Mineral Harvesting Technology Unique Advantages of Ionic Clay deposits Up to 97% fresh water recycled: Minimizes freshwater consumption through a closed-loop World’s main source of HREEs 1 water management system Simple metallurgy (cost efficient an
Slide 17: Super Pure Rare Earths Concentrate (SPREC) Product
Super Pure Rare Earths Concentrate (SPREC) Product 99% purity achieved Demonstration-Produced High-Purity SPREC Achieved in 2026 Technology developed in-house Non-regulated, non-radioactive material for transportation and Verified by independent testing processing Simplified blending Concepc
Slide 18: Proprietary Separation Technology Developed In-house
Proprietary Separation Technology Developed In-house Focus on developing technology, training people and generate data for the digital twin SX Flowsheet Design & Optimization Separation Technology AI-Driven Flowsheet Optimization Aclara Resources (TSX:ARA) | aclara-re.com 18
Slide 19: Developing a Strong U.S. Partnership
Developing a Strong U.S. Partnership ● Up to $5M commitment for Carina Feasibility in ● Non-binding LOI for up to $750M issued Sept. 2026 September 2025 ● Funding to support separation and metallization plant in ● Retained financing right for additional investment / funding the U.S. for construction
Slide 20: Significant Growth Potential on Resource Base
Significant Growth Potential on Resource Base Partnering with the Japanese Active Exploration Partnership with Government in Brazil Projects Pipeline Stanford and Mineral-X ● Partnership with JOGMEC to explore and ● Highly prospective project pipeline in Chile & ● Developing an AI model for mining e
Slide 21: Strategic Shareholder Base of Aclara
Strategic Shareholder Base of Aclara Approximately $300 million of equity invested to date Selected Hochschild Operation $3.7B Enterprise Value New Hartsdale Capital(1) ~37% Leading publicly-listed LATAM precious-metals ~19% producer with 110 years of mining experience Hochschild's Inmaculada operat
Slide 22: Experienced Management Team
Experienced Management Team Execution risk of several projects will be managed by an experienced team Chief Executive Officer Chief Human Senior Policy Chief Operating Chief Financial Executive Vice Managing Director President U.S. Resources Officer Advisor CEO Brazil Officer Officer President Chile
Slide 23: The Aclara Difference: Seeking to Become the Long-Term, Reliable Supplier of HREEs
The Aclara Difference: Seeking to Become the Long-Term, Reliable Supplier of HREEs Dual Source Heavy Rare Earths (HREEs) Feedstock 1 Diversified HREEs feedstock with simple metallurgy and no radioactivity, capable of producing 99% SPREC (Super Pure Rare Earth Carbonate), and circular mineral harve
Slide 24: 3. Aclara's Portfolio & Project Execution
3. Aclara’s Portfolio & Project Execution Aclara Resources (TSX:ARA) | aclara-re.com
Slide 25: Vertically Integrated Platform with De-Risked Pathway to Production
Vertically Integrated Platform with De-Risked Pathway to Production Technologies Super Pure Rare Earth Render of Louisiana Carina Project Concentrate Separation Facility NdPr separated sample 99.5% purity Aclara Metal Product Primary Separation Ship to Louisiana Carina Carina from Carina Separation1
Slide 26: Circular Mineral Harvesting Flowsheet
Circular Mineral Harvesting Flowsheet Innovative technology providing the cleanest way to extract heavy rare earths from ionic clays, protected by patents and trade secrets Recycling up to 97% of fresh water & 99% of reagent Aclara Resources (TSX:ARA) | aclara-re.com 26
Slide 27: Penco Module
Upstream Separation Metals & Alloys Penco Module PEA Study Highlights(1) Penco Module Status Source: Updated Penco NI 43-101 Recent Achievements Upcoming Catalysts Development Status PEA Demonstration operation completed in 2023 & 2024 ● Feasibility Study targeted for Q1 2027 Environmental Impac
Slide 28: Penco Module
Upstream Separation Metals & Alloys Penco Module Targeted key milestones and execution schedule Simple Simpleand ✓ Environmental Approval ✓ and ✓ Lower Capex ✓ Government ✓ Partnered with Obtained for Phase 1 Proven ProvenOperations Operations Requirements Support CAP SA to Execute 2026 2027 2028 20
Slide 29: Carina Project
Upstream Separation Metals & Alloys Carina Project FS Study Highlights Carina Project Status Source: Carina Feasibility Study Recent Achievements Upcoming Catalysts Development Status FS (complete) PFS and FS engineering with Hatch ● EPCM targeted to be awarded Q1 2027 Demonstration operation co
Slide 30: Carina Project
Upstream Separation Metals & Alloys Carina Project Targeted key milestones and execution schedule Simple and ✓ Feasibility Study ✓ Demonstration Plant ✓ Local Government ✓ Permitting ✓ First Production(1) Completed Proven Operations Validated Process Support In-Progress Targeted Q2/29 2026 2027 2028
Slide 31: Super Pure Rare Earths Concentrate (SPREC) Product
Upstream Separation Metals & Alloys Super Pure Rare Earths Concentrate (SPREC) Product Proprietary know-how developed entirely in-house 2023 2024 2025 2026 Demonstration-Produced High-Purity SPREC Demonstration Plant Demonstration Plant Demonstration Plant Campaign in Chile Campaign in Chile Campaig
Slide 32: Louisiana Separation Plant
Upstream Separation Metals & Alloys Louisiana Separation Plant First U.S. separation facility with secured supply of SPREC feedstock, designed to produce market-spec heavy and light rare earth oxides Overview Partners & Support Basic engineering complete Technology Partners Completed by Hatch in Oct
Slide 33: Mixer-Settlers and Solvent Extraction: Aclara's Lower-Risk Path to Commercial Scale
Upstream Separation Metals & Alloys Mixer-Settlers and Solvent Extraction: Aclara’s Lower-Risk Path to Commercial Scale Commercial Commercial Relative Relative Technology Scalability SX Equipment Commercial Experience Reliability Users Maturity Risk Scale-Up Risk China, Lynas, MP, Neo Perf. Solvent
Slide 34: Aclara's Demonstration Plant at Virginia Tech is On Final Stage of Technology Maturity Progression
Upstream Separation Metals & Alloys Aclara’s Demonstration Plant at Virginia Tech is On Final Stage of Technology Maturity Progression ✓ Stages 1–4 fully completed by L3 Process Development Stage 5 in progress Demonstration Pilot -scale Optimization Demonstration plant at Concept Validation Virgin
Slide 35: The Virginia Tech Demo Plant Fully Replicates Commercial Rare Earth Separation Operations
Upstream Separation Metals & Alloys The Virginia Tech Demo Plant Fully Replicates Commercial Rare Earth Separation Operations Separation Process Map Key Highlights 8 SX Trains Mixer-Settler ~500 Stages Final Oxide 6 Products (NdPr, Dy, Tb, Y, Gd, Sm) Magnetic circuits (NdPr, Dy, Tb) Non-magnetic cir
Slide 36: Virginia Tech Demo Plant
Upstream Separation Metals & Alloys Virginia Tech Demo Plant Demo plant already produced NdPr to specification and is progressively validating the full Dynamo product slate Key Highlights Product Validation Status Oxide Est. Recovery Target Purity Purity Achieved On-spec Proprietary SX flowsheet NdP
Slide 37: Project Dynamo – Louisiana Separation Project
Upstream Separation Metals & Alloys Project Dynamo – Louisiana Separation Project Highlights Louisiana Separation Project Status Recent Achievements Upcoming Catalysts State Air Permit approved September 2026 ● Site preparation expected to commence Q1 2027 $46 million potential incentives and gr
Slide 38: Louisiana Site – Industrial Plant
Upstream Separation Metals & Alloys Louisiana Site – Industrial Plant Port of Vinton, Louisiana Regional Ports and Logistic Map • 82-acre site accommodates separation and the metals & alloys facilities • LED certified site allows for immediate industrial development • Zoned Heavy Industrial • Proxim
Slide 39: Aclara's Integrated Production Profile
Upstream Separation Metals & Alloys Aclara’s Integrated Production Profile Long-life, stable base of DyTb and Y production designed to match separation capacity with an opportunity to expand Aclara Dy/Tb(1) Production Profile(2) (tpa of SPREC) Penco Production Carina Production 233 243 238 238 233 2
Slide 40: Metals and Alloys Project – Technology Development
Upstream Separation Metals & Alloys Metals and Alloys Project – Technology Development Process Route Developed by Aclara Metals R&D Technical Development & Knowledge Generation Electrolysis Strip Caster NdPr and Dy Fluorination Testing oxides NdPr cell Final product Trials Alloys with NdPrDy FeDy ce
Slide 41: Metals and Alloys Project – Technology Development (cont'd)
Upstream Separation Metals & Alloys Metals and Alloys Project – Technology Development (cont’d) Chile Demo Plant Molten Salt Electrolysis Demonstration Plant Key Objectives of Industrial-Scale Demo Validate operating parameters and 1 process optimization The demonstration plant is capable of Inaugur
Slide 42: Co-Located Metals & Alloys Plant
Upstream Separation Metals & Alloys Co-Located Metals & Alloys Plant Study Highlights Metals & Alloys Status Source: Recently completed study Recent Achievements Upcoming Catalysts Production flowsheet designed ● FEL 3 engineering targeted for Q4 2026 Scoping study completed Development Status F
Slide 43: Dynamo & Metals and Alloys Projects
Upstream Separation Metals & Alloys Dynamo & Metals and Alloys Projects Targeted key milestones and execution schedule Enabled By Louisiana First Production ✓ Key Permits Received ✓ ✓ EXIM Financing LOI ✓ ✓ AI & Digital Twin Government Support Targeted Q4/28(1) 2026 2027 2028 2029 Today Q1/27 Q2/27
Slide 44: Consolidated Timeline
Consolidated Timeline Penco, Carina & Dynamo – targeted key milestones and execution schedule 2026 2027 2028 2029 Today Q1/27 Q2/27 Q3/27 Q4/27 Q1/28 Q2/28 Q3/28 Q4/28 Q1/29 Q2/29 Q3/29 Q4/29 Feasibility Study Ongoing sectorial permits as Permits required for construction 1 Penco Early Works Constru
Slide 45: 4. AI Innovation
4. AI Innovation
Slide 46: Digital Twins: Why We Are Building Them?
Digital Twins: Why We Are Building Them? The digital twin simulates each plant millions of times, so we only have to get it right once on the ground Our Goal Combine artificial intelligence, computing power, and real operational data to maximize efficiency and minimize the risks SEPARATION · DYNAMO,
Slide 47: Separation Digital Twin
Separation Digital Twin How we do it: an AI agent trained on a simulator, validated on our pilot plant Argonne built the simulator, we trained the agent on it, and our own pilot plant keeps both honest — the first AI agent for this process trained on synthetic data and validated in a real plant thou
Slide 48: Metals & Alloys Digital Twin
Metals & Alloys Digital Twin How we do it: the twin reads the cell and says when A neural network trained on the cell’s own data learns the best way to feed it — and tells the operator the precise moment to feed and the precise moment to harvest. THE CELL’S CYCLE · AND THE TWO MOMENTS THAT DECIDE IT
Slide 49: Exploration: AI-Assisted Exploration, from Data to Drill Targets
Exploration: AI-Assisted Exploration, from Data to Drill Targets Developed jointly with What we are building for exploration Reduce Time · Reduce Costs · Reduce the Impact · Increase Accuracy = Reduce Uncertainty ST EP 01 ST EP 02 ST EP 03 ST EP 04 Integrate the data Enhance & augment Model & target
Slide 50: 5. ESG
5. ESG
Slide 51: Sustainable path to heavy rare earths
Sustainable path to heavy rare earths Four pillars, one strategy Environmental Safety & People Social Governance ■ Starts with low impact ■ Health, safety and labor ■ Committed to generating ■ Independent Board & Circular Mining standards aligned with long term value for Sustainability Committee Har
Slide 52: Chile: EIA already approved
Chile: EIA already approved From building trust during environmental licensing, which culminated in the project’s unanimous approval, to long-term local engagement based on compliance, trust and shared value Trust: dialogue and open doors Opportunities: local development with a gender perspective Pa
Slide 53: U.S.: Key air permit received
U.S.: Key air permit received State and local parish support Engagements with local Port of Vinton community Meeting with Louisiana Governor Jeff Landry Aclara Resources (TSX:ARA) | aclara-re.com 53
Slide 54: Brazil: Working towards the Preliminary License
Brazil: Working towards the Preliminary License Engagement with the State of Goiás Aclara engagement with State of Goiás ■ Business-friendly state in Brazil ■ Track record of supporting mining Hochschild licensed and operates an open pit mine in the state Several major mining companies (Anglo, L
Slide 55: Brazil: Engagement with Stakeholders in Nova Roma
Brazil: Engagement with Stakeholders in Nova Roma Engagement with municipal Meeting with Nova Roma Aclara + Senai technical course Meeting with Família Magalhães authorities residents graduation (quilombola community) Meeting with access road High school graduation for World Cup viewing in partnersh
Slide 56: 6. Integrated Value Proposition
6. Integrated Value Proposition
Slide 57: Portfolio Summary
Portfolio Summary Penco Carina Dynamo Metals & Alloys Aclara Key Expected Estimates(2) Key Financial Profile(1) Construction Capex $M $244 $781 $494 $149 Operating Cost US$/kg oxides $79 $29 $26 n/a $1,668M Basket Price US$/kg oxides $309 $177 n/a n/a Total Initial Capex NPV8% $M $344 $1,661 $773 $2
Slide 58: Conservative Rare Earth Price Assumptions
Conservative Rare Earth Price Assumptions Key Rare Earth Prices in Penco PEA vs. Current Spot Prices(1) Dy Tb +139% +97% $3,500 $7,000 $3,555 $1,466 Penco PEA 2030-2040 Avg. Current Spot Price Penco PEA 2030-2040 Avg. Current Spot Price Y Gd +300% +471% $2,000 $1,000 Argus Price Argus Price $500 $1,
Slide 59: Compelling Anticipated EBITDA Generation Potential
Compelling Anticipated EBITDA Generation Potential Attributable Aclara EBITDA Estimates ($M) Potential Upside from prices, new deposits, processing third-party concentrate, and higher purity REEs $25 $743 $183 $454 $81 (1) Penco Carina (1) Project Metals & Alloys Total EBITDA Dynamo @ LT Prices (1)
Slide 60: Future Capital Structure & Funding Strategy
Future Capital Structure & Funding Strategy Initial Construction Capital Markets & Existing Capital Markets & Existing Capex Requirements Shareholders Shareholders ● Up to $5 million non-interest- ● Non-binding Letter of Interest ● Optionality for broad range of Carina Project $781M bearing commitme
Slide 61: Offtake Strategy
Offtake Strategy Higher Western prices are consolidating as customers recognize Chinese pricing is unsustainable; spot prices well above required levels Key Potential Offtake Partners Target Industries Diversified Customer Base South Europe OEMs Korea 3 Private MoUs Signed to Power Date EVs Robotics
Slide 62: Aclara Combines Asset Quality, Technology, Integration and Experienced Shareholder Support
Aclara Combines Asset Quality, Technology, Integration and Experienced Shareholder Support Market Cap ($M) 503 436 7,762 366 3,953 7,154 Main & Strategic Eduardo Hochschild1 (~37%) | Tolga Kumova (~7%)2 | Australiansuper (~9%) | One IM (~11%) | JGP (~4%) Denham Capital (~13%) | Georgina Rinehart (~8
Slide 63: Significant Value Proposition
Significant Value Proposition EV / ‘27E EBITDA 22.5x 2027E Peer Average: 13.1x EV / ‘28E EBITDA 2028E Peer Average: 9.0x ’27E Peer Average: 13.1x 16.0x 9.3x ’28E Peer Average: 9.0x 7.3x 7.4x 3.6x 0.6x Aclara MP Lynas USA… @ Technical Study Prices（1） MC ($B) $7.4 $7.5 $4.2 Market Cap. ($B) $0.5 EV ($
Slide 64: 7. Closing Remarks
7. Closing Remarks Aclara Resources (TSX:ARA) | aclara-re.com
Slide 65: Aclara has become a technology company, significantly improving credibility, reliability and sustainability
Aclara has become a technology company, significantly improving credibility, reliability and sustainability 1 2 3 Critical Demonstrated Backed to help close HREEs Mine-to-Alloy Platform the supply gap Aclara is targeting the HREEs most critical to future technologies Aclara developed and demonstrate
Slide 66: Q&A
Q&A Aclara Resources (TSX:ARA) | aclara-re.com
Slide 67: For further information, please contact
For further information, please contact: Gustavo de Castro Ferreira Finance & Investor Relations Manager [email protected] Website: www.aclara-re.com