Aclara Announces 77% Increase in Inferred Mineral Resources at Carina Module in Goias, Brazil

Aclara Resources Inc. ("Aclara" or the "Company") (TSX:ARA) is pleased to announce an updated mineral resource estimate ("MRE") of the Carina Module, Aclara's ion adsorption clay project located in Goiás, Brazil, (the "Carina Module"), which reflects an inferred mineral resource of 298 Mt, an increase from the previously reported inferred mineral resource statement of 168Mt on December 12, 2023 (the "2023 Resource Statement

Highlights

The inferred mineral resource for the Carina Module is estimated at 298 Mt, which represents a 77% increase compared to the previously reported inferred mineral resource of 168Mt.
The estimate of contained amounts of magnetic elements¹ increased approximately 69% compared to the amount reported in the 2023 Resource Statement, reflecting an increase in contained heavy rare earths (dysprosium and terbium (DyTb)), from 8,240t to 13,470t, and an increase in contained light rare earths (neodymium and praseodymium (NdPr)), from 49,832t to 84,565t. Rare earth magnetic elements (i.e. DyTb and NdPr) are critical to the production of permanent magnets that are used in electric vehicles and wind turbines.
Metallurgical recoveries of rare earths from the Carina Module remain compatible with the technology patented and successfully demonstrated on a pilot scale by Aclara at its pilot plant located in Chile, which is designed to minimize both cost and environmental footprint.
The near-surface location of the deposit results in a low strip ratio (0.2) providing a positive backdrop for low-cost mining operations.
Secured two additional mining rights adjacent to its existing mineral rights in the Carina Module through a public bidding process conducted by the Brazilian National Mining Agency ("Agencia Nacional de Mineração" or "ANM"). The two new mining rights will enable Aclara to explore new areas in the future and further optimize the design of the Carina Module.

Next Steps

Anticipated completion of an updated preliminary economic assessment of the Carina Module in September 2024.
Continuation of the Carina Module pre-feasibility study as previously reported in the Company's press release dated May 6, 2024.
Completion of a 15,200-meter Phase 2 reverse circulation ("RC") drill campaign aimed at converting inferred mineral resources to a measured and indicated mineral resources category, which is expected to be completed by Q4 2024.
Execution of a metallurgical test campaign during H2 2024 and H1 2025. Sample collections will be obtained through sonic drilling and sent to SGS Lakefield for mineralogical and recovery characterization, to serve as additional inputs for the Carina Module prefeasibility study and to form the basis for a new piloting operation.
Installation and operation of a new semi-industrial scale pilot plant in the State of Goias, Brazil during Q2 2025. The piloting operation will be aimed at (i) confirming the processing parameters and final process flowsheet design for the feasibility study, (ii) generating a high purity HREE carbonate for separation trials in support of future off-take agreements, and (iii) demonstrating to relevant stakeholders the environmental sustainability of the process design.

^{1 Magnetic Elements: Neodymium (Nd), Praseodymium (Pr), Dysprosium (Dy) and Terbium (Tb).\}

Aclara COO, Barry Murphy, commented:

"The mineral resource update represents a crucial milestone towards the production of a heavy REE carbonate from the Carina deposit. With a comprehensive understanding of the entire deposit now in hand, we are well positioned to advance confidently and accelerate progress on multiple fronts. These include converting inferred mineral resources to measured and indicated mineral resources, optimizing metallurgical processes, advancing pre-feasibility and feasibility studies, and continuing with environmental and social licensing requirements. Our patented metallurgical recovery process, known as "Circular Mineral Harvesting", is recognised for its cost competitiveness and enhanced environmental attributes, and further sets a promising stage for the forthcoming preliminary economic assessment update. We are very pleased to be significantly expanding our capacity as a key supplier of magnetic rare earths, particularly dysprosium, which is an essential component in addressing climate change."

Mineral Resource Statement

The following table provides a summary of the drilling database in support of the MRE.

Table 1. Summary of drilling database used to update mineral resource estimate.

Drilling Type	Hole Count	Total Length (m)	Sample Count
Auger	283	2,101	1,791
RC	80	2,003	1,998
Total	363	4,104	3,789

At a 7.4 US$/t NSR Cut-off² the mineral resource estimate reflects 298Mt in inferred mineral resources, which further represents 1,452 ppm TREO containing an average Dy and Tb grade of 38.9 ppm and 6.4 ppm, respectively. The resulting average NSR value of the mineral resource is 28.42 US$/t. The MRE has been reported in accordance with the requirements of National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101").

The following table provides a detailed summary of the MRE, including TREO, NdPr, Dy and Tb content by geological domains including types of hydrothermal alteration and regolith horizons.

^{2 NSR Cut-off: The NSR Cut-off used is based on the marginal costs of the Carina Module. Using a marginal cut-off to discriminate between waste and plant feed (ore) ensures that the net revenue value of the rare earth concentrate produced is equal to the cost of producing it. Since this strategy is applied only to material contained by the "optimal" pit, which contains material that must be mined out, it will maximize cash flow over the life of the operation.}

Table 2. Carina Module Inferred Mineral Resource Estimate (as of May 3, 2024)

Geological Domain	Mass	Oxide Total Grade (ppm)				Oxide Content (t)
Geological Domain	Mt	TREO	NdPr	Dy	Tb	TREO	NdPr	Dy	Tb
Upper Pedolith	12.4	814	106	11	2	10,119	1,317	136	21
Lower Pedolith	46.6	1,255	196	23	4	58,465	9,140	1,084	173
Upper Saprolite	221.4	1,527	312	43	7	338,071	69,179	9,586	1,581
Lower Saprolite	13.3	1,358	254	43	7	18,104	3,393	568	88
Saprock	3.8	1,907	404	52	9	7,244	1,535	198	34
Total	297.6	1,452	284	39	6	432,003	84,565	11,573	1,897

Notes:

TREO means total rare earth oxides (La₂O₃, CeO₂, Pr₆O₁₁, Nd₂O₃, Sm₂O₃, Eu₂O₃, Gd₂O₃, Tb₄O₇, Dy₂O₃, Ho₂O₃, Er₂O₃, Tm₂O₃, Yb₂O₃, Lu₂O₃, and Y₂O₃).
NdPr means neodymium and praseodymium (Nd₂O₃ and Pr₆O₁₁).
Dy means dysprosium (Dy₂O₃).
Tb means terbium (Tb₄O₇).
Mineral resources were estimated above an NSR Cut-off of 7.4 US$/t, using average long term metal prices and metallurgical recoveries outlined below under "Cut-Off Determination & Selection".
Mineral resources are not mineral reserves and do not have demonstrated economic viability. Totals may reflect inaccuracies due to rounding.

Cut-Off Determination & Selection

The MRE is pit-constrained using GEOVIA Whittle 2022 software, with an overall slope angle of 25° and a mining cost of US$2.13/t. The MRE is reported at an NSR Cut-off of US$7.4/t, based on processing costs, plus royalties and general and administrative cost estimates. The NSR calculation uses recoveries that are based on preliminary metallurgical test work performed by the AGS Laboratory in La Serena, Chile and SGS Geosol Laboratory in Vespasiano Minas Gerais, Brazil.³

Selling prices for rare earth oxides: The price estimates used for pit optimization (reported in US$/kg) are as follows: La₂O₃ = 0.68, CeO₂ = 0.69, Pr₆O₁₁ = 144.18, Nd₂O₃ = 150.75, Sm₂O₃ = 2.39, Eu₂O₃ = 27.45, Gd₂O₃ = 71.55, Tb₄O₇ = 1,789.25, Dy₂O₃ = 477.25, Ho₂O₃ = 137.25, Er₂O₃ = 59.10, Tm₂O₃= 0.0, Yb₂O₃ = 19.85, Lu₂O₃ =834.75, Y₂O₃ = 2.86.
Metallurgical recoveries: Metallurgical recovery results were obtained from analyses performed by AGS Laboratory in La Serena, Chile, and SGS Geosol Laboratory in Vespasiano Minas Gerais, Brazil from a total of 3,789 drilling samples. The analytical assays were tested under conditions that carry out desorption at a pH of 4.0, plus a synthetic lixiviant solution designed to emulate the predicted concentrations of recycled salts generated in the closed-circuit process.
Plant efficiency: Variable by element, ranging from 86 to 98% with an average of 94%.
Carbonate transportation and selling cost: US$0.032/kg of carbonates.
Carbonate purity: 92.7%

^{3 NSR values were estimated based on metallurgical tests using the process parameters developed for the Penco Module in Chile (see the Company's press release dated November 9, 2022). No QA/QC program was applied to this initial metallurgical test campaign and, as such, the results should be considered speculative in nature, and have not been reported in the mineral resources.}

Chart 1: Carina Module NSR Cut-off vs. Tonnage & DREO Grade curve

All technical and economic parameters remain subject to further review in connection with the preparation of the preliminary economic assessment of the Carina Module, which is scheduled to be reported in early September 2024.

Geological Results from the Drilling Campaigns

The Carina Module maiden resource estimate, previously disclosed in the Company's press release dated December 12, 2023, was developed using preliminary results obtained from the initial drilling campaign of 283 auger drill holes (2,101m) completed in 2023. Results from a subsequent drilling campaign, which was completed between late 2023 and early 2024, included 80 RC drill holes (2,003 m), supplemented those results from the initial auger drill campaign and resulted in a total of 363 drill holes (4,104 m), and formed the basis for the MRE. The supplemental RC drill campaign provided sufficient information to allow for a detailed understanding of the extension and continuity of the regolith over the Massif (see Figures 1 and 2). Furthermore, the RC drill campaign was used to determine the bottom limits of the regolith (pedolith and saprolite horizons) where the bedrock was found to vary between 2 m and 40 m below the natural surface level, with an average depth of 15.8 m. This data made it possible to verify the lateral continuity of the lower pedolith and saprolite horizons (see Figure 2), as well as develop an understanding of how the host rock lithologies underwent hydrothermal alteration. These inputs complemented observations from field mapping and core logging to yield the following geological domains (see Figure 1)

Saprolite: Albitized and greisenized Li-mica leucogranite and albitized medium-grained equigranular pink biotite granite leucogranite.
Saprock, saprolite, lower and upper pedolith: Partially albitized coarse-grained inequigranular pink biotite granite, inequigranular pink biotite granite, and coarse-grained porphyritic pink biotite granite.
NE-SW fault zone system core: Black greisen veins with abundant cassiterite and crackle breccia.

The average drilling grid spacing across the Carina Central (see Figure 1) area was 200 m × 200 m with a grid of 100 m x 100 m in the northeastern part of the area. In addition, auger drilling was conducted in the eastern, western and southern parts of the Carina Module where the average drilling grid spacing was 400 m x 400 m

The information gathered from the new drilling campaigns supports the reported increase of 77% in the inferred resource category. The MRE has limited geological evidence and sampling to imply, but not verify, geological and grade continuity. The foregoing results remains to be further validated with the current 15,200 m RC infill drilling campaign for measured and indicated mineral resource estimates.

Figure 1: Map of the Carina Module area showing the distribution of the types of alteration, superimposed by lateral extent of the upper and lower pedolith and saprolite subhorizons, including the locations of the Carina Central and Carina Eastern areas, as defined by the RC and auger drill holes. Cross-section A-A' is illustrated in Figure 2 below.

Figure 2. Cross-section A-A' showing the principal geological domains from Figure 1 and the fault zone system overlain by the regolith horizons. It is evident that the saprolite is thicker than the upper and lower pedolith and has lateral continuity over the Carina Central area.

Sampling, Assay & QA/QC Protocols

363 drill holes were sampled at intervals of 0.5 m to 2 m, which resulted in a total of 3,789 samples for the analysis of total rare earth element and desorbable rare earth element composition and 342 QA/QC samples for QA/QC analysis. 3,211 samples were sent to ALS laboratory in Lima, Peru and 578 samples were sent to SGS Geosol laboratory in Vespasiano, Brazil to be analysed for total rare earth element composition, and 3,211 samples were sent to the AGS laboratory in La Serena, Chile and 578 samples were sent to SGS Geosol laboratory in Vespasiano, Brazil to be analysed for desorabable rare earth element composition.

In respect of the total rare earth element composition analysis, GE21 Consultoria Mineral ("GE21") utilizes sampling and analytical protocols that follow industry standards in accordance with NI 43-101. The QA/QC program has been implemented in the ALS and SGS Geosol laboratories, respectively. The quality of the assay data for Dy, Nd, Pr and Tb was statistically evaluated by GE21 based on the QA/QC samples delivered by the Company, which included an analysis of certified reference materials, field duplicates and sample split duplicates, fine and coarse blanks via the execution of twin holes. GE21 is a Brazilian based engineering consultancy with considerable experience in resource modelling and estimation. GE21 considers the assay results to be of sufficient precision and accuracy to support the MRE.

Estimation Methodology & Reporting of Mineral Resources

High-grade capping supported by statistical analysis was completed on 1 m composites and applied to the MRE.

The MRE was completed using the LEAPFROG GEO EGDE software to generate a block model consisting of parent blocks measuring 50 m x 50 m x 4 m with sub-blocks of 12.5 m x 12.5 m x 2 m dimensions.

Variography exercises were conducted with the LEAPFROG GEO EDGE software on three groups of elements, which were defined based on the characteristics of the elements and the correlations between them, and included the following groupings: (i) Ce; (ii) the light REEs La, Pr, Nd, Sm, and Eu; and (iii) the heavy REEs together with Gd, Tb, Dy, Ho, Er, Tm, Yb, Lu, and Y.

Experimental variograms were constructed in the vertical and horizontal directions. No continuity differences were observed in different directions in the horizontal plane; therefore, the use of horizontal/omnidirectional experimental variograms was chosen. The variograms were constructed within the high hydrothermal lower pedolith, high hydrothermal upper saprolite and albitization upper saprolite geological domains.

The grade estimation considered orientation, type, and continuity of the mineralization and the drilling grid spacing within each domain. The ordinary kriging method was used to estimate total REEs in each geological domain within the dynamic anisotropy tool of the LEAPFROG GEO EDGE software. Kriging in the presence of high-grade approach was applied in the sample search to restrict the influence of outliers, which are composites with grades higher than a defined value.

Block estimation was validated visually, by global bias analysis and by trend analysis.

In-situ bulk density was assumed to have a value of 1.8 t/m3 for the regolith profile, based on similar projects in the region.

The inferred mineral resources classification reported in the MRE was based on the level of confidence in the data, geological continuity and geostatistical parameters appropriate for the deposit type.

Qualified Person

All mineral reserve and mineral resource estimates and other scientific and technical information in this press release were prepared in accordance with the standards of the Canadian Institute of Mining, Metallurgy and Petroleum and NI 43-101, has been reviewed and approved by Fábio Xavier (MAIG #5179), a Geologist associated with GE21. GE21 is a specialized, independent mineral consulting company. Sample preparation, analytical techniques, laboratories used and quality assurance-quality control protocols used during the drilling programs are consistent with industry standards and independent certified assay labs are used.

The MRE has been prepared by Fábio Xavier. Mr. Xavier is a member of the Australian Institute of Geoscientists (AIG) and is a qualified person for purposes of NI 43-101. Mr. Xavier has reviewed and approved the scientific and technical information related to the MRE contained in this press release.

Mr. Xavier visited the Carina Module from July 17 to July 18, 2024, during the execution of the Phase 2 RC drill campaign. The visit was supported by Carina's Exploration Manager, Luiz Jorge Frutuoso Junior. Mr. Frutuoso is a Fellow of the Australasian Institute of Mining and Metallurgy (AusIMM), a Fellow of the Australian Institute of Geoscientists (AIG) and is a qualified person for purposes of NI 43-101. Relevant geological information and database analysis relating to the Carina Module were provided by Juan Pablo Navarro, who is Aclara's Corporate Exploration Manager, a member of the Australian Institute of Geoscientists (AIG, #9021) and a qualified person for purposes of NI 43-101.

A technical report for the Carina Module, to be prepared in accordance with NI 43-101, will be filed under the Company's profile on SEDAR+ at www.sedarplus.com within 45 days of this press release.

Acquisition of Mineral Rights Adjacent to the Carina Module

The Company has secured two additional mining rights adjacent to its existing mineral rights in the Carina Module through a public bidding process conducted by the Agencia Nacional de Mineração. The new mining rights are expected to enable the Company to explore new areas and optimize the design of its operating facilities.

Figure 3: Map with the existing mining rights comprising the Carina Module and the newly acquired mining rights.

About Aclara

Aclara Resources Inc. (TSX:ARA) is a development-stage company that focuses on heavy rare earth mineral resources hosted in Ion-Adsorption Clay deposits. The Company's rare earth mineral resource development projects include the Penco Module in the Bio-Bio Region of Chile and the Carina Module in the State of Goiás, Brazil.

Aclara's rare earth extraction process offers several environmentally attractive features. Circular mineral harvesting does not involve blasting, crushing, or milling, and therefore does not generate tailings and eliminates the need for a tailing's storage facility. The extraction process developed by Aclara minimizes water consumption through high levels of water recirculation made possible by the inclusion of a water treatment facility within its patented process design. The ionic clay feedstock is amenable to leaching with a common fertilizer main reagent, ammonium sulfate. In addition to the development of the Penco Module and the Carina Module, the Company will continue to identify and evaluate opportunities to increase future production of heavy rare earths through greenfield exploration programs and the development of additional projects within the Company's current concessions in Brazil, Chile, and Peru.

Forward-Looking Statements

This press release contains "forward-looking information" within the meaning of applicable securities legislation, which reflects the Company's current expectations regarding future events, including statements with regard to: mineral continuity, grade, metallurgical recoveries, methodology, production timing and upside at the Carina Module, the Company's exploration plan, drilling campaigns and activities in Brazil and the expectations of the Company's management as to the timing, cost, scope and results of such exploration works and drilling activities and the Phase 2 RC drill campaign in Brazil, the results and interpretations of the MRE relating to the and the timing and issuance of an updated preliminary economic assessment relating to the Carina Module.. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the Company's control. Such risks and uncertainties include, but are not limited to risks related to operating in a foreign jurisdiction, including political and economic problems in Brazil; risks related to changes to mining laws and regulations and the termination or non-renewal of mining rights by governmental authorities; risks related to failure to comply with the law or obtain necessary permits and licenses or renew them; compliance with environmental regulations can be costly; actual production, capital and operating costs may be different than those anticipated; the Company may be not able to successfully complete the development, construction and start-up of mines and new development projects; risks related to mining operations; and dependence on the Carina Module. Aclara cautions that the foregoing list of factors is not exhaustive. For a detailed discussion of the foregoing factors, among others, please refer to the risk factors discussed under "Risk Factors" in the Company's annual information form dated as of March 22, 2024, filed on the Company's SEDAR+ profile. Actual results and timing could differ materially from those projected herein. Unless otherwise noted or the context otherwise indicates, the forward-looking information contained in this press release is provided as of the date of this press release and the Company does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required under applicable securities laws.

For further information, please contact:
Ramon Barua Costa
Chief Executive Officer
investorrelations@aclara-re.com

Table 3: Carina Module - Mineral Resource Estimate (Effective May 3, 2024) - By the Total Rare Earth Oxides at 7.4 US$/t NSR Cut-off*

Geological Domain	Mass	La₂O₃	CeO₂	Pr₆O₁₁	Nd₂O₃	Sm₂O₃	Eu₂O₃	Gd₂O₃	Tb₄O₇	Dy₂O₃	Ho₂O₃	Er₂O₃	Tm₂O₃	Yb₂O₃	Lu₂O₃	Y₂O₃	TREO
Geological Domain	Mt	ppm	ppm	ppm	ppm	ppm	ppm	ppm	ppm	ppm	Ppm	ppm	ppm	ppm	ppm	ppm	ppm
Upper Pedolith	12.4	104	472	24	82	15	1	10	2	11	2	8	1	10	1	72	814
Lower Pedolith	46.6	181	609	44	152	28	1	21	4	23	5	15	2	18	3	148	1,255
Upper Saprolite	221.4	297	420	70	243	49	2	42	7	43	9	27	4	28	4	283	1,527
Lower Saprolite	13.3	257	355	58	197	41	2	40	7	43	9	27	4	26	4	290	1,358
Saprock	3.8	412	491	92	312	63	3	54	9	52	10	29	4	29	4	343	1,907
Total	297.6	270	450	63	221	44	2	37	6	39	8	24	4	25	4	254	1,452

Table 4: Carina Module - Mineral Resource Estimate (Effective May 3, 2024)- By Metallurgical Recoveries at 7.4 US$/t NSR Cut-off*

Geological Domain	Mass	La	Ce	Pr	Nd	Sm	Eu	Gd	Tb	Dy	Ho	Er	Tm	Yb	Lu	Y	REO-Ce
Geological Domain	Mt	%	%	%	%	%	%	%	%	%	%	%	%	%	%	%	%
Upper Pedolith	12.4	64	9	74	77	69	72	50	44	35	28	25	21	19	19	31	57
Lower Pedolith	46.6	68	7	70	70	64	66	48	46	40	33	30	27	25	25	36	57
Upper Saprolite	221.4	39	2	39	41	41	44	40	44	42	38	36	33	32	34	45	41
Lower Saprolite	13.3	14	2	14	16	21	27	32	37	35	34	34	34	32	36	45	27
Saprock	3.8	9	1	8	9	12	16	20	25	27	27	26	24	24	27	33	17
Total	297.6	41	3	41	43	42	46	40	43	41	37	35	32	31	33	44	42

Table 5: Carina Module - Mineral Resource Estimate (Effective May 3, 2024) - By the Desorbable Rare Earth Oxides at 7.4 NSR Cut-off US$/t*

Geological Domain	Mass	La₂O₃	CeO₂	Pr₆O₁₁	Nd₂O₃	Sm₂O₃	Eu₂O₃	Gd₂O₃	Tb₄O₇	Dy₂O₃	Ho₂O₃	Er₂O₃	Tm₂O₃	Yb₂O₃	Lu₂O₃	Y₂O₃	DREO
Geological Domain	Mt	ppm	ppm	ppm	ppm	ppm	ppm	ppm	ppm	ppm	ppm	ppm	ppm	ppm	ppm	ppm	ppm
Upper Pedolith	12.4	67	41	18	63	10	1	5	1	4	1	2	0	2	0	22	235
Lower Pedolith	46.6	123	40	31	106	18	1	10	2	9	2	5	1	4	1	53	406
Upper Saprolite	221.4	116	10	27	100	20	1	17	3	18	3	10	1	9	1	128	464
Lower Saprolite	13.3	35	5	8	32	9	1	13	2	15	3	9	1	9	1	129	273
Saprock	3.8	38	6	7	28	8	0	11	2	14	3	8	1	7	1	113	247
Total	297.6	111	15	26	95	19	1	15	3	16	3	8	1	8	1	112	434

Notes:

REO = rare earth oxides (La₂O₃, CeO₂, Pr₆O₁₁, Nd₂O₃, Sm₂O₃, Eu₂O₃, Gd₂O₃, Tb₄O₇, Dy₂O₃, Ho₂O₃, Er₂O₃, Tm₂O₃, Yb₂O₃, Lu₂O₃,) + Y₂O_3.
Totals may not balance due to rounding of figures.
Mineral Resources are not Mineral Reserves, as they do not have demonstrated economic viability. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant factors.
Mineral resources were classified as Inferred.
Mineral resources are reported with effective date May 3, 2024. The responsible QP is Mr. Fábio Xavier (MAIG #5179).
Mineral resources are classified in accordance with the CIM (2014) Standards and Definitions of Mineral Resources.
Blocks estimated by ordinary kriging at support of 50 m × 50 m × 4 m with sub-blocks 12.5 m × 12.5 m × 2 m.
Mineral Resources were estimated using TREO grades.
NSR were calculated based on desorbed grades calculated by average metallurgical recoveries to support the RPEEE definition. NSR values are not part of mineral resource declaration.
The results are presented in-situ and undiluted, are constrained within optimized open pit shells, and are considered to have reasonable prospects of economic viability, using the following parameters:

a. Mining recovery: 98.5%.
b. Pit slope angle: 25°.
c. Selling cost :0.032US$/kg of concentrate.
d. Costs: Mining: 2,13US$/t mined; Process: 7.23 US$/t processed; Royalties: 2% of revenue; Discount: 7.00US$/kg REO.
e. Metallurgical Recoveries calculated from the estimate of head and desorbed grades:
UP: 29.1%; LP: 29.9%; US: 31.2%; LS: 26.7%; SapRock: 18.5%.
a. NSR cut-off value = US$7.4/t.

SOURCE: Aclara Resources Inc.

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Aclara Announces Strategic Alliance with VAC to Develop Permanent Magnet Supply Chain

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Aclara Extends High Grade Mineralisation Thickness at Carina from 6.1 meters to 11.1 meters Through a Positive Drilling Campaign

Aclara Resources Inc. ("Aclara" or the "Company") (TSX:ARA) is pleased to provide the drilling results from its Phase 1 reverse circulation ("RC") drilling campaign executed between November 2023 and April 2024 on its regolith-hosted ion adsorption clay project, known as the "Carina Module", located in the State of Goiás, Brazil. The Phase 1 RC drilling campaign, which was comprised of 1,998 meters of drilling within 80 drill holes, has confirmed that the mineralization extends through the full depth of the regolith to the bedrock and provides a greater level of certainty regarding the geological interpretation of the deposit and the existence of rare earth elements throughout the full cross-section of the regolith

Drillhole	Length	From	To	Material	TREO	DREO	NdPr T	NdPr D	Dy T	Dy D	Tb T	Tb D
RCCAR23001	9	1	10	Regolith	1712	874	360	214	24%	75.3	50.1	5.7%	12.5	9.8	1.1%
RCCAR23001	30	11	40	Rock	989	50	142	5	10%	42.3	3.0	6.1%	6.4	0.5	0.9%
RCCAR23002	33	0	33	Regolith	2389	411	559	122	30%	56.8	15.4	3.8%	10.8	2.8	0.7%
RCCAR23002	7	33	40	Rock	1612	58	349	9	15%	61.6	3.0	5.1%	10.7	0.4	0.8%
RCCAR23003	21	0	21	Regolith	2287	391	453	86	22%	59.6	17.1	4.4%	10.4	2.9	0.7%
RCCAR23003	29	22	51	Rock	1070	8	206	2	20%	23.5	0.2	2.8%	4.0	0.0	0.6%
RCCAR23004	5	2	7	Regolith	846	365	143	60	16%	48.7	22.9	6.3%	7.7	3.8	1.0%
RCCAR23004	48	7	55	Rock	451	19	56	1	8%	24.4	1.3	7.0%	3.6	0.2	0.9%
RCCAR23005	19	0	19	Regolith	3404	415	694	118	28%	79.1	11.6	2.8%	13.9	2.0	0.5%
RCCAR23005	16	19	35	Rock	1070	8	218	2	22%	24.9	0.3	3.2%	4.3	0.0	0.5%
RCCAR23006	13	0	13	Regolith	1173	117	240	37	32%	25.4	3.2	2.7%	4.3	0.6	0.5%
RCCAR23006	47	13	60	Rock	822	7	169	2	28%	17.4	0.2	2.4%	2.9	0.0	0.7%
RCCAR23007	9	0	9	Regolith	912	296	184	45	15%	48.7	16.6	5.6%	8.4	2.8	0.9%
RCCAR23007	51	9	60	Rock	490	24	66	2	6%	26.7	1.6	6.5%	4.1	0.2	0.9%
RCCAR23008	22	0	22	Regolith	2805	492	544	170	34%	65.9	19.8	4.0%	11.8	3.8	0.8%
RCCAR23008	10	22	32	Rock	929	18	190	4	21%	25.5	0.6	3.2%	4.3	0.1	0.6%
RCCAR23009	20	0	20	Regolith	1356	213	272	56	26%	35.6	9.0	4.2%	6.2	1.5	0.7%
RCCAR23009	3	20	23	Rock	853	46	183	11	24%	18.0	1.6	3.4%	3.2	0.3	0.6%
RCCAR23010	10	0	10	Regolith	1637	585	241	89	15%	74.5	40.9	7.0%	11.0	6.0	1.0%
RCCAR23010	16	10	26	Rock	1297	135	169	5	4%	61.0	8.9	6.6%	8.7	1.1	0.8%
RCCAR23011	8	0	8	Regolith	1651	574	314	123	21%	66.0	31.4	5.5%	12.1	5.5	1.0%
RCCAR23011	13	8	21	Rock	907	87	115	2	2%	42.8	6.6	7.5%	6.3	0.9	1.0%
RCCAR23012	19	0	20	Regolith	2167	471	462	152	32%	29.8	11.6	2.5%	5.5	2.1	0.4%
RCCAR23012	5	20	24	Rock	1419	100	252	20	20%	24.5	2.2	2.2%	4.0	0.4	0.4%
RCCAR23013	30	0	30	Regolith	1218	357	239	121	34%	21.3	7.4	2.1%	3.5	1.4	0.4%
RCCAR23013	2	30	32	Rock	1197	114	247	30	26%	21.4	2.4	2.1%	3.9	0.5	0.4%
RCCAR23014	15	0	15	Regolith	2284	584	448	207	35%	36.3	12.9	2.2%	6.2	2.2	0.4%
RCCAR23014	7	15	22	Rock	1840	67	336	6	9%	49.1	3.1	4.6%	7.9	0.4	0.6%
RCCAR23015	8	0	8	Regolith	1210	725	225	182	25%	50.8	34.1	4.7%	7.6	5.6	0.8%
RCCAR23015	8	8	16	Rock	1221	202	173	18	9%	54.7	10.8	5.3%	8.4	1.5	0.8%
RCCAR23016	30	0	30	Regolith	1763	566	361	222	39%	29.6	11.1	2.0%	5.2	2.1	0.4%
RCCAR23016	7	30	37	Rock	2507	173	573	40	23%	61.1	6.4	3.7%	10.8	1.1	0.6%
RCCAR23017	17	0	17	Regolith	1413	406	321	156	38%	27.4	8.8	2.2%	4.6	1.6	0.4%
RCCAR23017	5	17	22	Rock	1359	79	272	13	16%	38.5	3.5	4.4%	5.8	0.5	0.7%
RCCAR23018	4	0	4	Regolith	1095	225	146	61	27%	12.5	3.6	1.6%	2.0	0.7	0.3%
RCCAR23018	7	4	11	Rock	1088	73	206	17	23%	24.9	1.9	2.7%	3.9	0.4	0.5%
RCCAR23019	40	0	40	Regolith	958	96	127	23	23%	15.5	3.3	3.4%	2.5	0.5	0.5%
RCCAR23019	14	40	54	Rock	1530	33	271	3	9%	43.7	1.8	5.4%	6.8	0.2	0.7%
RCCAR23020	29	0	29	Regolith	818	153	122	49	32%	23.2	3.8	2.5%	3.6	0.7	0.4%
RCCAR23020	1	29	30	Rock	2279	74	471	12	16%	89.9	3.4	4.6%	16.5	0.6	0.7%
RCCAR23021	5	0	5	Regolith	942	610	183	144	24%	38.3	32.7	5.4%	5.6	5.6	0.9%
RCCAR23021	5	5	10	Rock	1272	181	196	43	24%	41.4	5.0	2.8%	5.9	1.0	0.5%
RCCAR23022	12	0	12	Regolith	1005	173	149	46	27%	20.2	4.9	2.8%	3.1	0.9	0.5%
RCCAR23022	4	12	16	Rock	1199	127	198	20	16%	33.3	4.0	3.1%	5.1	0.6	0.5%
RCCAR23023	9	0	9	Regolith	965	273	102	63	23%	26.1	8.0	2.9%	3.5	1.3	0.5%
RCCAR23023	6	9	15	Rock	2364	118	471	7	6%	70.1	4.6	3.9%	10.7	0.6	0.5%
RCCAR23023B	9	0	9	Regolith	1774	167	323	44	26%	40.3	5.1	3.0%	6.2	0.7	0.4%
RCCAR23023B	6	9	15	Rock	2181	58	399	5	8%	58.5	2.4	4.2%	9.3	0.3	0.5%
RCCAR23024	5	0	5	Regolith	1891	1015	401	351	35%	49.7	28.1	2.8%	7.6	5.6	0.6%
RCCAR23024	6	5	11	Rock	1476	112	255	22	20%	53.0	3.1	2.8%	8.1	0.6	0.6%
RCCAR23025	7	0	7	Regolith	1198	274	177	78	28%	33.3	9.3	3.4%	5.0	1.5	0.6%
RCCAR23025	3	7	10	Rock	1338	11	221	2	17%	39.2	0.3	2.5%	6.2	0.1	0.5%
RCCAR23026	22	0	22	Regolith	2697	259	561	73	28%	50.7	9.0	3.5%	8.9	1.7	0.6%
RCCAR23026	5	22	27	Rock	1840	61	319	7	11%	55.6	2.5	4.0%	8.2	0.4	0.6%
RCCAR23027	29	0	29	Regolith	986	329	146	100	30%	18.9	6.3	1.9%	2.9	1.2	0.4%
RCCAR23027	5	29	34	Rock	1275	71	184	6	8%	49.5	4.2	5.9%	7.1	0.6	0.8%
RCCAR23028	13	0	13	Regolith	693	240	108	52	22%	25.8	11.0	4.6%	3.7	1.8	0.7%
RCCAR23028	8	13	21	Rock	1134	199	158	40	20%	45.5	6.6	3.3%	6.4	1.3	0.7%
RCCAR23029	13	0	13	Regolith	1973	429	359	72	17%	51.3	16.4	3.8%	8.1	2.5	0.6%
RCCAR23029	8	13	21	Rock	1470	83	260	13	15%	38.3	3.6	4.3%	6.3	0.6	0.7%
RCCAR23030	11	0	11	Regolith	445	182	71	28	15%	22.3	11.4	6.3%	3.4	1.8	1.0%
RCCAR23030	4	11	15	Rock	287	35	31	1	3%	18.2	2.9	8.3%	2.6	0.4	1.1%
RCCAR23031	3	0	3	Regolith	586	372	84	44	12%	27.1	19.3	5.2%	4.1	2.9	0.8%
RCCAR23031	7	3	10	Rock	690	55	89	2	4%	36.0	3.8	6.9%	5.5	0.5	0.9%
RCCAR23032	12	0	12	Regolith	937	621	157	137	22%	38.6	35.1	5.6%	6.1	6.1	1.0%
RCCAR23032	5	12	17	Rock	792	111	95	8	7%	46.2	9.0	8.1%	6.4	1.1	1.0%
RCCAR23033	8	0	8	Regolith	2791	856	650	279	33%	76.7	27.6	3.2%	13.1	5.0	0.6%
RCCAR23033	6	8	14	Rock	1166	141	216	34	24%	26.2	3.0	2.1%	4.2	0.6	0.4%
RCCAR23034	10	0	10	Regolith	800	312	155	64	21%	36.2	17.9	5.7%	6.2	3.3	1.1%
RCCAR23034	6	10	16	Rock	671	60	107	3	5%	31.3	4.9	8.1%	5.3	0.7	1.2%
RCCAR23035	5	0	5	Regolith	586	260	95	50	19%	30.8	17.4	6.7%	5.1	2.8	1.1%
RCCAR23035	10	5	15	Rock	473	74	59	3	4%	24.0	6.0	8.1%	3.6	0.8	1.1%
RCCAR23036	5	0	5	Regolith	1219	574	170	86	15%	57.0	34.6	6.0%	9.6	5.5	1.0%
RCCAR23036	6	5	11	Rock	707	58	84	4	6%	36.5	4.1	7.1%	5.9	0.6	1.0%
RCCAR23037	12	0	12	Regolith	1194	332	250	106	32%	30.0	11.3	3.4%	5.1	2.0	0.6%
RCCAR23037	4	12	16	Rock	909	105	188	24	23%	20.0	4.1	3.9%	3.5	0.7	0.7%
RCCAR23038	24	0	24	Regolith	1316	445	192	75	17%	42.7	18.9	4.2%	6.8	2.9	0.6%
RCCAR23038	4	24	28	Rock	1337	67	176	11	16%	47.5	2.2	3.2%	7.3	0.4	0.6%
RCCAR23039	28	0	28	Regolith	984	119	167	38	32%	20.1	3.0	2.5%	3.2	0.5	0.5%
RCCAR23039	7	28	35	Rock	1453	25	252	5	20%	35.4	0.8	3.1%	5.7	0.1	0.6%
RCCAR23040	10	0	10	Regolith	635	280	95	33	12%	32.0	18.6	6.6%	5.2	2.8	1.0%
RCCAR23040	13	10	23	Rock	424	58	53	2	3%	24.0	4.8	8.2%	3.5	0.6	1.1%
RCCAR23041	16	0	16	Regolith	1421	299	240	99	33%	23.9	7.3	2.5%	3.9	1.4	0.5%
RCCAR23041	2	16	18	Rock	2373	146	456	28	19%	73.7	6.3	4.3%	12.0	1.0	0.7%
RCCAR23042	2	0	2	Regolith	383	100	58	16	16%	17.7	4.8	4.8%	2.5	0.7	0.7%
RCCAR23042	8	2	10	Rock	508	46	65	2	4%	27.1	3.2	6.9%	4.0	0.4	0.9%
RCCAR23043	20	0	20	Regolith	2028	489	452	136	28%	43.0	14.8	3.0%	7.4	2.6	0.5%
RCCAR23043	4	21	24	Rock	1469	90	263	15	17%	43.8	4.8	5.3%	6.8	0.7	0.8%
RCCAR23044	12	0	12	Regolith	2820	595	576	157	26%	82.0	23.6	4.0%	13.4	4.0	0.7%
RCCAR23044	5	12	17	Rock	1923	59	398	13	22%	35.3	1.7	3.0%	6.3	0.3	0.6%
RCCAR23045	14	0	14	Regolith	1493	487	270	75	15%	60.5	32.5	6.7%	10.0	5.3	1.1%
RCCAR23045	4	14	18	Rock	1055	69	145	3	5%	50.4	5.9	8.7%	6.7	0.8	1.2%
RCCAR23046	26	0	26	Regolith	1344	231	259	66	29%	26.1	7.0	3.0%	4.7	1.3	0.6%
RCCAR23046	4	26	30	Rock	1830	67	377	14	20%	37.3	2.3	3.5%	6.8	0.4	0.6%
RCCAR23047	23	0	23	Regolith	1444	330	300	105	32%	27.1	9.3	2.8%	5.0	1.7	0.5%
RCCAR23047	8	23	31	Rock	1116	54	221	11	20%	26.5	2.0	3.7%	4.8	0.3	0.6%
RCCAR23048	13	0	13	Regolith	1306	401	237	84	21%	49.1	19.2	4.8%	7.8	3.2	0.8%
RCCAR23048	12	13	25	Rock	943	36	148	2	6%	39.3	2.4	6.7%	6.1	0.3	0.9%
RCCAR23049	35	0	35	Regolith	1132	300	206	80	27%	33.6	10.8	3.6%	5.2	1.8	0.6%
RCCAR23049	8	35	43	Rock	957	26	151	2	6%	46.8	1.9	7.3%	7.9	0.2	1.0%
RCCAR23050	8	0	8	Regolith	1726	467	345	155	33%	51.6	17.0	3.6%	8.9	3.1	0.7%
RCCAR23050	5	8	13	Rock	1227	138	173	14	10%	42.5	6.3	4.6%	5.9	0.9	0.6%
RCCAR23051	12	0	12	Regolith	1118	274	207	41	15%	70.6	18.9	6.9%	12.7	3.0	1.1%
RCCAR23051	8	12	20	Rock	689	63	79	3	5%	46.0	4.8	7.6%	7.2	0.6	1.0%
RCCAR23052	10	0	10	Regolith	708	302	105	57	19%	34.6	18.1	6.0%	5.4	2.8	0.9%
RCCAR23052	4	10	14	Rock	613	41	78	2	5%	32.7	3.2	8.0%	5.3	0.4	1.1%
RCCAR23053	3	0	3	Regolith	471	131	79	30	23%	24.2	7.4	5.6%	3.8	1.3	1.0%
RCCAR23053	7	3	10	Rock	493	69	70	6	9%	26.6	5.0	7.2%	4.2	0.7	1.1%
RCCAR23054	19	0	19	Regolith	2115	507	448	98	19%	58.0	22.0	4.3%	9.9	3.6	0.7%
RCCAR23054	5	19	24	Rock	2362	102	606	11	10%	87.2	4.6	4.6%	15.7	0.7	0.7%
RCCAR23055	33	0	33	Regolith	2143	711	445	145	20%	92.2	36.0	5.1%	15.5	5.7	0.8%
RCCAR23055	4	33	37	Rock	1229	137	192	3	2%	56.9	10.1	7.3%	9.2	1.3	0.9%
RCCAR23056	14	0	14	Regolith	1478	617	268	122	20%	61.9	32.7	5.3%	10.7	5.9	1.0%
RCCAR23056	15	14	29	Rock	1210	103	179	4	4%	47.6	7.0	6.7%	7.1	1.0	0.9%
RCCAR23057	26	0	26	Regolith	2278	250	520	83	33%	34.7	6.4	2.6%	6.1	1.2	0.5%
RCCAR23057	14	26	40	Rock	1622	65	291	5	7%	41.6	3.2	4.9%	7.0	0.4	0.7%
RCCAR23057B	25	0	25	Regolith	1265	233	227	76	33%	22.7	6.0	2.6%	3.7	1.0	0.4%
RCCAR23057B	15	25	40	Rock	1524	54	264	4	7%	39.3	2.7	5.1%	6.1	0.3	0.6%
RCCAR23058	24	0	24	Regolith	1209	156	274	52	34%	28.4	4.1	2.6%	4.7	0.7	0.5%
RCCAR23058	5	24	29	Rock	875	43	180	10	24%	20.5	1.1	2.6%	3.5	0.2	0.5%
RCCAR23059	9	0	9	Regolith	1345	496	232	105	21%	47.3	23.9	4.8%	7.5	3.9	0.8%
RCCAR23059	11	9	20	Rock	613	73	89	2	3%	21.9	5.1	7.0%	3.1	0.6	0.9%
RCCAR23060	4	0	4	Regolith	542	234	70	44	19%	27.9	12.5	5.3%	3.8	1.9	0.8%
RCCAR23060	10	4	14	Rock	499	57	72	5	8%	24.8	4.0	6.9%	3.9	0.5	0.9%
RCCAR23061	16	0	16	Regolith	571	223	78	39	18%	31.0	14.6	6.5%	4.9	2.3	1.0%
RCCAR23061	6	16	22	Rock	603	59	72	2	3%	33.9	5.0	8.5%	5.2	0.7	1.1%
RCCAR23062	12	0	12	Regolith	1664	519	271	114	22%	73.8	29.6	5.7%	11.6	4.6	0.9%
RCCAR23062	6	12	18	Rock	1257	175	162	9	5%	55.4	11.7	6.7%	8.0	1.5	0.9%
RCCAR23063	12	0	12	Regolith	1747	564	441	173	31%	66.1	23.5	4.2%	11.5	4.1	0.7%
RCCAR23063	24	12	36	Rock	1088	77	167	4	5%	47.6	4.9	6.3%	7.7	0.6	0.8%
RCCAR23064	4	0	4	Regolith	4244	317	1146	95	30%	98.8	9.1	2.9%	19.1	1.7	0.5%
RCCAR23064	8	4	12	Rock	1204	85	183	5	6%	29.5	4.0	4.8%	4.7	0.5	0.6%
RCCAR23065	18	0	18	Regolith	1425	172	309	61	35%	29.3	3.9	2.2%	4.9	0.8	0.4%
RCCAR23065	2	18	20	Rock	1460	39	260	9	22%	39.1	0.9	2.4%	6.5	0.2	0.5%
RCCAR23066	19	0	19	Regolith	1718	493	332	150	31%	33.3	15.3	3.1%	5.3	2.4	0.5%
RCCAR23066	3	19	21	Rock	1112	6	211	1	23%	23.5	0.1	2.3%	3.8	0.0	0.6%
RCCAR23067	18	0	18	Regolith	785	182	91	56	31%	11.3	3.3	1.8%	1.7	0.6	0.3%
RCCAR23067	5	18	23	Rock	2248	57	526	10	17%	54.7	2.2	3.9%	8.9	0.3	0.5%
RCCAR23068	15	0	15	Regolith	1193	286	196	75	26%	39.2	11.1	3.9%	6.2	1.9	0.7%
RCCAR23068	9	15	24	Rock	1380	73	180	9	12%	50.8	2.9	4.0%	7.7	0.4	0.6%
RCCAR23069	28	0	28	Regolith	1169	134	166	19	14%	32.1	6.0	4.5%	4.5	0.8	0.6%
RCCAR23069	8	28	36	Rock	1966	132	271	4	3%	85.3	7.1	5.4%	12.2	0.8	0.6%
RCCAR23070	18	0	18	Regolith	2190	394	334	61	16%	60.0	18.9	4.8%	9.1	2.6	0.7%
RCCAR23070	5	18	23	Rock	2586	61	436	5	8%	60.6	2.6	4.3%	9.7	0.3	0.6%
RCCAR23071	20	0	20	Regolith	1194	265	181	79	30%	28.1	7.1	2.7%	4.1	1.2	0.4%
RCCAR23071	3	20	23	Rock	1300	67	209	13	19%	36.7	1.8	2.7%	5.5	0.3	0.5%
RCCAR23072	19	0	19	Regolith	576	142	68	29	20%	16.8	5.6	4.0%	2.0	0.8	0.6%
RCCAR23072	5	19	24	Rock	1112	30	173	4	15%	33.9	1.1	3.5%	4.4	0.2	0.5%
RCCAR23073	24	0	24	Regolith	1363	376	271	117	31%	28.5	10.2	2.7%	4.8	1.7	0.5%
RCCAR23073	5	24	29	Rock	1544	41	305	5	11%	41.5	2.1	5.0%	7.0	0.3	0.7%
RCCAR23074	17	0	17	Regolith	1676	280	397	92	33%	37.7	7.4	2.6%	6.7	1.3	0.5%
RCCAR23074	2	17	19	Rock	3546	105	859	16	15%	90.6	4.6	4.4%	16.0	0.6	0.6%
RCCAR23075	20	0	20	Regolith	799	235	149	77	33%	16.5	6.3	2.7%	2.8	1.1	0.5%
RCCAR23075	9	20	29	Rock	942	11	189	2	20%	19.6	0.3	2.8%	3.4	0.0	0.4%
RCCAR23076	10	0	10	Regolith	1262	277	147	87	31%	13.9	6.2	2.2%	2.2	1.1	0.4%
RCCAR23076	5	10	15	Rock	1634	17	305	4	23%	31.8	0.5	2.7%	5.1	0.1	0.5%
RCCAR23077	20	0	20	Regolith	2332	390	488	128	33%	34.4	7.6	1.9%	5.7	1.3	0.3%
RCCAR23077	5	20	25	Rock	1574	62	269	9	15%	43.6	2.6	4.3%	6.9	0.4	0.6%
RCCAR23077B	18	0	18	Regolith	2397	531	473	183	34%	28.3	8.6	1.6%	4.9	1.5	0.3%
RCCAR23077B	7	18	25	Rock	1203	25	199	5	22%	36.8	0.8	3.1%	5.8	0.1	0.4%

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Aclara Appoints Dr. Kurt Forrester as Lead Advisor to Its Heavy Rare Earths Separation Project

Aclara Resources Inc. ("Aclara" or the "Company") (TSX:ARA) is pleased to announce the appointment Dr. Kurt Forrester as lead advisor for the technical development of its heavy rare earths separation project. Dr. Forrester is an international renowned chemical engineer with more than 20 years of experience in solvent extraction and other separation technologies across commodities including rare earth elements, base metals and industrial minerals

Aclara CEO, Ramon Barua, commented:

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Energy Fuels Announces Q2-2024 Results Including Uranium Mining and Successful Commissioning of Commercial Rare Earth Separation

Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) ("Energy Fuels" or the "Company"), an industry leader in uranium and rare earth elements (" REE ") production for the energy transition, today reported its financial results for the quarter ended June 30, 2024. The Company previously announced details for its upcoming August 5, 2024 earnings call, which are also included in this news release.

"Energy Fuels continues to capitalize on uranium market opportunities, profitably selling an additional 100,000 pounds of uranium on the spot market, signing a new long-term sales contract with a U.S. nuclear utility at supportive pricing, and mining uranium from three of our conventional mines in anticipation of a large-scale uranium processing campaign at our White Mesa Mill expected to begin later this quarter and continue through 2025 and into 2026. Simultaneously, we achieved several milestones in the Company's long-term value creation strategy by entering into agreements to add two world-scale rare earth and heavy mineral sand projects to our portfolio which, upon earn-in of one and acquisition of the other, will together have the potential to generate significant margins and cash flows in the future," said Mark Chalmers , Energy Fuels' President and Chief Executive Officer.

"This quarter, we also achieved another U.S. critical mineral industry milestone when we produced 'on-spec' separated NdPr at commercial scale at our White Mesa Mill in Utah from monazite sourced from Florida and Georgia . Our efforts this quarter have moved us closer to our business objective of becoming a long-term U.S. critical minerals company that produces many of the raw materials needed for the energy transition."

"It is an extremely exciting and busy time at Energy Fuels, as we plan for a future in which we profitably produce uranium, rare earth elements, titanium, zirconium, vanadium, and even potentially radioisotopes needed for life-saving cancer treatments. The 'common thread' connecting all these critical minerals is that they are typically produced from naturally radioactive feedstocks, which Energy Fuels has the licenses, infrastructure and capability to manage in a way unique to the Company within the Western Hemisphere."

"We invite all stakeholders to join us in our upcoming August 5, 2024 earnings call, details of which are below, to learn more about these exciting achievements."

Q2-2024 Highlights

Unless noted otherwise, all dollar amounts are in U.S. dollars.

Robust Balance Sheet with Over $200 million of Liquidity and No Debt: As of June 30, 2024 , the Company had $200.94 million of working capital including $24.59 million of cash and cash equivalents, $146.66 million of marketable securities (interest-bearing securities and uranium stocks), $23.52 million of inventory, and no debt.
Nearly $15 Million of Additional Liquidity from Market Value of Inventory: At July 31, 2024 commodity prices, the Company's product inventory has a market value of approximately $30.08 million , while the balance sheet reflects product inventory carried at cost of $15.95 million .
Incurred Net Loss of $6 Million : During the three months ended June 30, 2024 , the Company incurred a net loss of $6.42 million , or $0.04 per common share, primarily due to costs related to negotiating the Donald Project joint venture (described below), the proposed acquisition of Base Resources (described below) and recurring operating expenses, partially offset by sales of natural uranium concentrates (" U ₃ O ₈ ").
Uranium Continues to Drive Revenue: The Company sold 100,000 pounds of U ₃ O ₈ on the spot market at a realized sales price of $85.90 per pound of U ₃ O ₈ for total proceeds of $8.59 million , which resulted in a gross profit of $4.91 million and a gross margin of 57%.
New Long-Term Uranium Sales Contract with U.S. Utility: The Company added a fourth long-term uranium sales contract to its existing portfolio. Under the contract, the Company will deliver a total of 270,000 to 330,000 pounds of uranium between 2026 and 2027, and potentially an additional 180,000 to 220,000 pounds until 2029, under a "hybrid" pricing formula, subject to floor and ceiling prices, that maintains exposure to further uranium market upside and protection from inflation.
"Phase 1" REE Separation Circuit Successfully Commissioned: The Phase 1 REE separation circuit at the Company's White Mesa Mill (the " Mill ") was completed under-budget in Q1-2024 and successfully commissioned in Q2-2024, producing 'on-spec' separated NdPr, thereby allowing the Company to realize a major strategic goal that we believe could generate long-term value by adding an entirely new, high-value product line.
Well-Stocked to Capture Market Opportunities: As of June 30, 2024 , the Company held 285,000 pounds of finished U ₃ O ₈ and 653,000 pounds of U ₃ O ₈ in ore and raw materials and work-in-progress inventory for a total of 938,000 pounds of U ₃ O ₈ in inventory, which increased from last quarter due to Pinyon Plain, La Sal and Pandora mine ore production and additional alternate feed materials received, partially offset by our spot sale during Q2-2024. The Company expects these uranium inventories to increase as we continue to mine additional ore. The Company also held 905,000 pounds of finished vanadium (" V ₂ O ₅ "), 12 tonnes of finished separated neodymium praseodymium (" NdPr ") and 9 tonnes of finished high purity, partially separated mixed rare earth carbonate (" RE Carbonate ") in inventory. Once the Company finishes processing its remaining monazite in early Q3-2024, the Company expects to have a total of 25 – 35 tonnes of separated NdPr in inventory, along with 10 – 20 tonnes of "heavy" samarium-plus (" Sm+ ") mixed REE carbonate.

Capitalizing on Strong Uranium Pricing:

Due to multiple uranium market tailwinds and upcoming commitments in long-term contracts with U.S. nuclear utilities, the Company is currently mining and stockpiling uranium ore from its Pinyon Plain, La Sal and Pandora mines and plans to ramp up to a production run-rate of approximately 1.1 to 1.4 million pounds of U ₃ O ₈ per year by late-2024.
The Company expects to produce a total of 150,000 to 500,000 pounds of finished U ₃ O ₈ during 2024 from stockpiled alternate feed materials and newly mined ore.
The Company is also preparing its Nichols Ranch in-situ recovery (" ISR ") Project in Wyoming and Whirlwind Mine in Colorado for production within one year from a "go" decision, which when combined with alternate feed materials, uranium from monazite, and 3 ^rd party uranium ore purchases, would be expected to increase the Company's production run-rate to roughly two million pounds per year by as early as 2026, as market conditions warrant.
The Company continued advancing permitting and other pre-development activities on its large-scale Roca Honda , Sheep Mountain and Bullfrog uranium projects in Q2-2024, which could expand the Company's uranium production to a run-rate of up to five million pounds of U ₃ O ₈ per year in the coming years.
As of July 31, 2024 , the spot price of U ₃ O ₈ was $86.50 per pound and the long-term price of U ₃ O ₈ was $80.00 per pound, according to data from TradeTech.

Rare Earth Element Production Milestones:

In a major Q2-2024 accomplishment for the Company and the United States , the Company successfully commissioned its commercial scale "Phase 1" REE separation circuit at the Mill, achieving one of the Company's major long-term strategies of creating a complementary and additive business at the Mill without diminishing the Company's uranium capacity or production profile in any way.
The Company expects to produce about 25 – 35 tonnes of separated NdPr and 10 to 20 tonnes of a "heavy" Sm+ mixed rare earth carbonate from its newly commissioned Phase 1 REE separation circuit by early Q3-2024, after which time the Company expects to begin processing stockpiled uranium ore and alternate feed materials for the large-scale production run of U ₃ O ₈ at the Mill for the remainder of the year, through 2025, and into 2026. During Q2-2024, the Company produced approximately 12 tonnes of separated NdPr.
The Mill's Phase 1 REE separation circuit has the capacity to process approximately 8,000 to 10,000 tonnes per annum ( "tpa" ) of monazite, which will likely be sufficient to accommodate the quantity of monazite the Company is currently receiving from The Chemours Company, along with the first phases of both the Company's Donald and Bahia Projects (described below) without further construction or capital investment at the Mill of any significance.
On April 24, 2024 , the Company released an AACE International (" AACE ") Class 4 Pre-Feasibility Study (not a Pre-Feasibility Study subject to or intended to be compliant with NI 43-101 or S-K 1300) dated April 22, 2024 , indicating globally competitive capital and operating costs for the Mill's planned Phase 2 expanded REE oxide production (the " Mill PFS "). The economics detailed in the Mill PFS are for the Phase 2 expansion of REE separation capacity in one or more additional facilities at the Mill, capable of processing 30,000 tpa of Monazite to produce approximately 3,000 tpa of NdPr oxide. The Mill PFS shows globally competitive capital expenditures of $348 million for the 30,000 tpa Phase 2 separation facility and an average processing cost of $29.88 /kg NdPr. This analysis does not include any capital or operating costs associated with the recovery of Dy and Tb or any revenues associated with the sales of those "heavy" REE oxides. The Mill PFS can be viewed on the Company's website, www.energyfuels.com .
The Company is currently in the process of updating the Mill PFS to increase throughput to 40,000 to 60,000 tpa of monazite, producing roughly 4,000 to 6,000 tpa of NdPr, 150 to 225 tpa of Dy, and 50 to 75 tpa of Tb.
On June 17, 2024 , the Company announced that Deb Bennethum , a former critical minerals leader with General Motors (" GM "), had joined Energy Fuels as Director, Critical Minerals and Strategic Supply Chain to advance the Company's burgeoning REE business.

Heavy Mineral Sands:

The Company has entered into agreements to add two world-scale REE and heavy mineral sand (" HMS ") projects to our portfolio in order to secure low-cost sources of monazite feed for the Mill's current and future REE separation infrastructure, while also potentially producing significant standalone cashflow from the sale of ilmenite, rutile (titanium), zircon (zirconium), and other minerals.
- On June 3, 2024 , the Company announced that it had completed binding agreements (" JV Agreements ") with Astron Corporation Limited (" Astron ") to jointly develop the Donald HMS and REE project in Australia (the " Donald Project "). The Donald Project is a well-known HMS and REE deposit that the Company believes could provide the Mill with a near-term, low-cost, and large-scale source of monazite sand for the recovery of REE oxides. The Donald Project has most licenses and permits in place (or at an advanced stage of completion). Under the JV Agreements, Energy Fuels has the right to invest up to AUS$183 million (approximately $122 million at current exchange rates) to earn up to a 49% interest in the Donald Project Joint Venture, of which approximately $10.6 million is expected to be invested in 2024 in preparation for a final investment decision (" FID "), and, if a positive FID is made, the remainder would be invested to develop the project and to earn into the full 49% interest in the Donald Project Joint Venture. In addition, the Company would issue Energy Fuels common shares (" Common Shares ") to Astron having a value of up to $17.5 million , of which $3.5 million of Common Shares would be issued in 2024 upon the satisfaction of certain conditions precedent and the remainder would be issued upon a positive FID. Based on a Definitive Feasibility Study (the " Donald DFS ") prepared under the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves, 2012 Edition (" JORC "), the Donald Project has the potential to produce approximately 7,000 to 8,000 tonnes of monazite per year during its first phase, and 13,000 to 14,000 tonnes during its second phase ¹ .
- On April 21, 2024 , the Company announced an agreement for the acquisition of all the issued and outstanding shares of Base Resources Ltd. (" Base Resources "), which upon completion, is expected to create a global leader in critical minerals production, including HMS, REEs and uranium. The acquisition of Base will include the advanced, world-class Toliara HMS project in Madagascar . In addition to its stand-alone, ilmenite, rutile (titanium) and zircon (zirconium) production capability, the Toliara Project also contains a long-life, high-value and low-cost monazite stream, produced as a byproduct of primary titanium and zirconium production. Toliara's monazite is expected to be processed at the Company's Mill into separated REE products, along with uranium, at globally competitive capital and operating costs. The Toliara Project is subject to negotiation of fiscal terms with the Madagascar government and the receipt of certain Madagascar government approvals and actions before a current suspension on activities at the Toliara Project will be lifted and development may occur. The transaction will also include Base's management, mine development and operations teams, who have a successful track-record of designing, constructing, and profitably operating a world-class HMS operation in Kenya . The transaction is expected to be completed in early October 2024 .
- During Q2-2024, the Company also continued to advance its wholly owned Bahia HMS project in Brazil (the " Bahia Project "), initiating its Phase 2 drilling campaign with its newly purchased sonic rig in Q2-2024, which is expected to continue through the rest of the year. Additionally, the Company completed bulk test work on a 2.5 tonne sample in March 2024 , and is currently collecting a larger 15 tonne sample for additional process test work. The Company expects to complete a U.S. Subpart 1300 of Regulation S-K (" S-K 1300 ") and Canadian National Instrument 43-101 (" NI 43-101 ") compliant mineral resource estimate on the Bahia Project during 2024.

Vanadium Highlights:

The Company chose not to execute any vanadium sales during Q2-2024 and holds about 905,000 pounds of V ₂ O ₅ in inventory.
As of July 31, 2024 , the spot price of V ₂ O ₅ was $6.00 per pound, according to data from Fastmarkets.

Medical Isotope Highlights:

In June 2023 , the Utah Division of Waste Management and Radiation Control issued the Company a research and development (" R&D ") license for the recovery of R&D quantities of Ra-226 at the Mill, with the intent to recover radioisotopes from the Mill's process streams for use in emerging targeted alpha therapy (" TAT ") cancer therapeutics.
This license was an essential step in the Company's stated plans to complete engineering on the R&D pilot facility for Ra-226 production at the Mill; to set up the first stages of the pilot facility; and to produce R&D quantities of Ra-226 at the Mill for testing by end-users of the product.

Mr. Chalmers continued:

"We believe we are innovating a new model for low-cost, responsible critical mineral supply chains, by leveraging Energy Fuels' 40+ years of relevant expertise in the handling and processing of naturally radioactive feedstocks, along with the facilities and permits of our foundational uranium business. As a result, we believe we are building profitable, cash flow generating businesses in three, distinct growth areas: uranium, REE's and HMS, with the added potential of producing radioisotopes for emerging cancer treatments.

"We are capitalizing on these new, complementary opportunities in rare earths and heavy mineral sands, while simultaneously ramping-up Energy Fuels' U.S. industry leading uranium operations.

"Our goal is to create a profitable, sustainable company with low-cost exposure to several critical minerals needed for the energy transition, that is able to withstand the natural business cycles associated with these critical minerals. We plan to be globally competitive in these markets, offering commercial and government customers a reliable, low-cost U.S. alternative."

~~~

Conference Call and Webcast at 10:00 AM MT ( 12:00 pm ET ) on August 5, 2024:

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The Company's Quarterly Report on Form 10-Q has been filed with the U.S. Securities and Exchange Commission (" SEC ") and may be viewed on the Electronic Document Gathering and Retrieval System (" EDGAR ") at www.sec.gov/edgar , on the System for Electronic Data Analysis and Retrieval + (" SEDAR+ ") at www.sedarplus.ca , and on the Company's website at www.energyfuels.com . Unless noted otherwise, all dollar amounts are in U.S. dollars.

Selected Summary Financial Information:

	Three Months Ended June 30,
(In thousands, except per share data)	2024	2023
Results of Operations:
Uranium concentrates revenues	$ 8,590	$ 4,335
RE Carbonate revenues	—	2,271
Total revenues	8,719	6,863
Gross profit	5,038	2,496
Operating loss	(9,044)	(10,663)
Net loss attributable to the company	(6,419)	(4,885)
Basic net loss per common share	(0.04)	(0.03)
Diluted net loss per common share	(0.04)	(0.03)

(In thousands)	June 30, 2024	December 31, 2023	Percent Change
Financial Position:
Working capital	$ 200,941	$ 222,335	(10) %
Current assets	208,306	232,695	(10) %
Mineral properties	123,840	119,581	4 %
Property, plant and equipment, net	40,356	26,123	54 %
Total assets	403,395	401,939	— %
Current liabilities	7,365	10,360	(29) %
Total liabilities	20,659	22,734	(9) %

TECHNICAL INFORMATION

THE TECHNICAL INFORMATION IN THIS PRESS RELEASE RELATING TO THE DONALD PROJECT HAS BEEN PREPARED IN ACCORDANCE WITH JORC STANDARDS AND REVIEWED ON BEHALF OF THE COMPANY BY DAN KAPOSTASY , VP, TECHNICAL SERVICES OF Energy Fuels, A QUALIFIED PERSON UNDER BOTH SK-1300 AND NATIONAL INSTRUMENT 43-101 REGULATIONS. THE JORC-COMPLIANT TECHNICAL INFORMATION ON THE DONALD PROJECT WAS DISCLOSED BY ASTRON ON JUNE 27, 2023. Energy Fuels IS NOT TREATING ANY OF THIS TECHNICAL INFORMATION AS BASED ON CURRENT ESTIMATES OF MINERAL RESOURCES, MINERAL RESERVES, OR EXPLORATION RESULTS AND IS TREATING THE INFORMATION RELATING TO THE DONALD PROJECT AS HISTORICAL IN NATURE.

ABOUT Energy Fuels

Energy Fuels is a leading US-based critical minerals company. The Company, as the leading producer of uranium in the United States , mines uranium and produces natural uranium concentrates that are sold to major nuclear utilities for the production of carbon-free nuclear energy. Energy Fuels recently began production of advanced rare earth element (" REE ") materials, including mixed REE carbonate in 2021, and commenced production of commercial quantities of separated REEs in 2024. Energy Fuels also produces vanadium from certain of its projects, as market conditions warrant, and is evaluating the recovery of radionuclides needed for emerging cancer treatments. Its corporate offices are in Lakewood, Colorado , near Denver , and substantially all its assets and employees are in the United States . Energy Fuels holds two of America's key uranium production centers: the White Mesa Mill in Utah and the Nichols Ranch in-situ recovery (" ISR ") Project in Wyoming . The White Mesa Mill is the only conventional uranium mill operating in the US today, has a licensed capacity of over 8 million pounds of U ₃ O ₈ per year, and has the ability to produce vanadium when market conditions warrant, as well as REE products, from various uranium-bearing ores. The Nichols Ranch ISR Project is on standby and has a licensed capacity of 2 million pounds of U ₃ O ₈ per year. The Company recently acquired the Bahia Project in Brazil and entered into a joint venture agreement to develop the Donald Project in Australia , each of which is believed to have significant quantities of titanium (ilmenite and rutile), zirconium (zircon) and REE (monazite) minerals. In addition to the above production facilities, Energy Fuels also has one of the largest NI 43-101 compliant uranium resource portfolios in the US and several uranium and uranium/vanadium mining projects on standby and in various stages of permitting and development. The primary trading market for Energy Fuels' common shares is the NYSE American under the trading symbol "UUUU," and the Company's common shares are also listed on the Toronto Stock Exchange under the trading symbol "EFR." Energy Fuels' website is www.energyfuels.com .

Cautionary Note Regarding Forward-Looking Statements: This news release contains certain "Forward Looking Information" and "Forward Looking Statements" within the meaning of applicable United States and Canadian securities legislation, which may include, but are not limited to, statements with respect to: any expectation that the Company will maintain its position as a leading U.S.-based critical minerals company or as the leading producer of uranium in the U.S.; any expectation with respect to timelines to production; any expectation as to rates or quantities of production; any expectation as to costs of production or gross profits or gross margins; any expectation as to future sales or sales prices; any expectation that the Company's permitting efforts will be successful and as to any potential future production from any properties that are in the permitting or development stage; any expectation that the Company will purchase uranium and uranium/vanadium ores from third party miners in 2024 or at all; any expectation that the Bahia Project, Donald Project and/or Toliara Project, if acquired, have the potential to generate significant margins and cash flows in the future; any expectation with respect to the Company's planned exploration programs; any expectation that the Mill's REE production will not diminish the Mill's uranium production profile in any way; any expectation that the Company will achieve its business objective of becoming a long-term, profitable U.S. critical minerals company that produces many of the raw materials needed for the energy transition; any expectation that Energy Fuels will be successful in developing U.S. separation, or other value-added U.S. REE production capabilities at the Mill, or otherwise, including the timing of any Phase 1, Phase 2 and Phase 3 separation facilities or other initiatives and the expected production capacity or capital costs associated with any such production capabilities; any expectation that the Company will update the Mill PFS to increase throughput of the planned Phase 2 separation circuit to 40,000 to 60,000 tonnes of monazite per year, or otherwise; any expectation that the production of on-spec separated NdPr in the Company's Phase 1 separation circuit will allow the Company to generate long-term value; any expectation that the Mill's Phase 1 separation circuit will likely be sufficient to accommodate the quantity of monazite the Company is currently receiving from The Chemours Company, along with the first phases of both the Company's Donald and Bahia Projects without further construction or capital investment at the Mill of any significance; any expectation that the Company's planned Phase 2 separation facility will complete engineering design and will receive all required permits and licenses on a timely basis or at all; any expectation that Energy Fuels will construct its Phase 2 and Phase 3 REE separation facilities; any expectation that the Company is well-stocked to capture market opportunities; any expectation that the Bahia Project, Donald Project and/or Toliara Project, if acquired, will be low-cost sources of monazite feed for the Mill and/or also potentially produce significant standalone cashflow from the sale of ilmenite, rutile, zircon and other minerals; any expectation as to the exploration program to be conducted at the Bahia Project during 2024; any expectation that the Company will complete an S-K 1300 and NI 43-101 compliant mineral resource estimate for the Bahia Project during 2024, or otherwise; any expectation that a positive FID will be made on the Donald Project or that the Company will earn its full 49% interest in the Donald JV; any expectation as to the expected production levels associated with the Donald Project if it progresses; any expectation that the acquisition of Base Resources will be completed or if completed, completed on the terms and time proposed; any expectation that any production at the Bahia Project, Donald Project and/or Toliara Project, if acquired, or Mill will be world or globally competitive; any expectation that the Base Resources team, if acquired, will continue to have a successful track-record of designing, constructing, and profitably operating any of the Company's HMS projects; any expectation that the Company will generate positive cash flows in the event of fluctuations in REE prices; any expectation that Energy Fuels will be successful in agreeing on fiscal terms with the Government of Madagascar or in achieving sufficient fiscal and legal stability for the Toliara Project, if acquired; any expectation that the current suspension relating to the Toliara Project will be lifted in the near future or at all; any expectation that the additional permits for the recovery of Monazite at the Toliara Project will be acquired on a timely basis or at all; any expectation that the Toliara Project will become a world-class HMS project; any expectation about the long-term opportunity in REEs; any expectation that the Company will be successful in innovating a new model for low-cost responsible critical mineral supply chains; any expectation the Company will be successful in building profitable, cash flow generating businesses in three distinct growth areas; uranium, REEs and HMS; any expectation that the Company will be successful in creating a profitable, sustainable company with low-cost exposure to several critical minerals needed for the energy transition, that is able to withstand the natural business cycles associated with these critical minerals; any expectation that the Company will be globally competitive in its markets, offering commercial and government customers a reliable, low-cost U.S. alternative; any expectation that the Company will complete engineering on its R&D pilot facility for the production of Ra-226 at the Mill, will set up the first stage of the pilot facility, and produce R&D quantities of Ra-226 at the Mill for testing by end-users of the product or at all; any expectation that the Company's evaluation of radioisotope recovery at the Mill will be successful; any expectation that the potential recovery of medical isotopes from any radioisotopes recovered at the Mill will be feasible; any expectation that any radioisotopes that can be recovered at the Mill will be sold on a commercial basis; any expectation as to the quantities to be delivered under existing uranium sales contracts; any expectation that the Company will be successful in completing any additional contracts for the sale of uranium to U.S. utilities on commercially reasonable terms or at all; any expectation that the Company will continue to selectively capitalize on spot market sales opportunities; and any expectation as to future uranium, vanadium, HMS or REE prices or market conditions. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans," "expects," "does not expect," "is expected," "is likely," "budgets," "scheduled," "estimates," "forecasts," "intends," "anticipates," "does not anticipate," or "believes," or variations of such words and phrases, or state that certain actions, events or results "may," "could," "would," "might" or "will be taken," "occur," "be achieved" or "have the potential to." All statements, other than statements of historical fact, herein are considered to be forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements express or implied by the forward-looking statements. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements include risks associated with: commodity prices and price fluctuations; engineering, construction, processing and mining difficulties, upsets and delays; permitting and licensing requirements and delays; changes to regulatory requirements; legal challenges; the availability of feed sources for the Mill; competition from other producers; public opinion; government and political actions; the failure of the Company to complete the acquisition of Base Resources; the failure of the Government of Madagascar to agree on fiscal terms for the Toliara Project or provide the approvals necessary to achieve sufficient fiscal and legal stability on acceptable terms and conditions or at all; the failure of the current suspension affecting the Toliara Project to be lifted on a timely basis or at all; the failure of the Company to obtain the required permits for the recovery of Monazite from the Toliara Project; the failure of the Company to provide or obtain the necessary financing required to develop the Toliara Project; available supplies of monazite; the ability of the Mill to produce RE Carbonate, REE oxides or other REE products to meet commercial specifications on a commercial scale at acceptable costs or at all; market factors, including future demand for REEs; actual results may differ from all such estimates and projections; the ability of the Mill to recover radium or other radioisotopes at reasonable costs or at all; market prices and demand for medical isotopes; and the other factors described under the caption "Risk Factors" in the Company's most recently filed Annual Report on Form 10-K, which is available for review on EDGAR at www.sec.gov/edgar , on SEDAR+ at www.sedarplus.ca , and on the Company's website at www.energyfuels.com . Forward-looking statements contained herein are made as of the date of this news release, and the Company disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management's estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements. The Company assumes no obligation to update the information in this communication, except as otherwise required by law.

The information relating to the Donald Project's estimated monazite production is based on the Donald DFS prepared on June 27, 2023. This study constituted a "Feasibility Study" for the purposes of JORC, and the Ore Reserves underpinning this study were estimated in accordance with JORC. The results from this study may not be comparable to (as the case may be) data or estimates under either NI 43-101 or S-K 1300– see disclosure under "Technical Information."

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SOURCE Energy Fuels Inc.

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KPMG Partner Shares Strategic Playbook for ASX Mining Funding

KPMG Australia Partner Matthew Herring spoke at this year's Noosa Mining Conference, shedding light on the current funding landscape in Australia and how Australian resource companies can strategise to secure grants.

“The purpose (of this presentation) is to provide examples of funding options so that you can start thinking about how you might take a strategic approach to government funding as part of your overall capital strategy,” Herring said in his introduction.

He started his presentation by explaining that governments are intervening in the mining sector and offering funding options because most of them are focused on domestic energy transition and decarbonisation.

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India to Target Pacific Ocean for Deep-sea Critical Minerals Exploration

India has announced plans to apply for licenses to explore for deep-sea minerals in the Pacific Ocean, aiming to secure critical resources necessary for the transition to renewable energy technologies.

M. Ravichandran, secretary of the country's Ministry of Earth Sciences (MoES), said India is seeking to apply to the United Nations-backed International Seabed Authority (ISA) next year to focus on exploring the Clarion-Clipperton zone.

According to Reuters, the area, a large expanse of water between Hawaii and Mexico, is known to be rich in polymetallic nodules containing important minerals such as manganese, nickel, copper and cobalt.

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CSIRO Gets Australian Government Funding to "Supercharge" Critical Minerals Technology

Madeleine King, minister for resources and minister for Northern Australia, announced last Thursday (July 18) that AU$2.5 million will be allocated to a CSIRO research program via a new grant.

The initiative aims to "supercharge critical minerals technology and strengthen international collaboration on critical minerals science." Funding will come from the Australian Critical Minerals Research and Development (R&D) Hub, and will support an international R&D collaboration scan and strategic projects focused on critical minerals technologies.

Additionally, money will be put toward international science delegations, scholarship networks and a critical minerals research summer school for both domestic and international researchers.

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	Unit	RC Drilling Campaign	Auger Drilling Campaign
High-Grade Mineralization Thickness
Drilling	meters	1,998	1,693
Drill holes	#	80	236
Average Drill Depth	meters /drill hole	25.0	7.2
High Grade Mineralization Thickness	meters	11.1	6.1
TREO Grades (within the High-Grade Mineralization Range)
Total Rare Earth Oxides	ppm	1,803	1,510
Total NdPr Oxides ("NdPr_T")	ppm	354	283
Total DyTb Oxides ("DyTb_T")	ppm	57	46
DREO Grades (within the High-Grade Mineralization Range)
Desorbible Rare Earth Oxides	ppm	484	470
Desorbible NdPr Oxides ("NdPr_D")	ppm	130	131
Desorbible DyTb Oxides ("DyTb_D")	ppm	22	21
Rare Earths Distribution (within the High-Grade Mineralization Range)
NdPr Weight within the Basket	%	26.9%	27.8%
DyTb Weight within the Basket	%	4.5%	4.5%

Drillhole	Length	From	To	Material	TREO	DREO	NdPr T	NdPr D		Dy T	Dy D		Tb T	Tb D
	m	m	m	Type	ppm	ppm	ppm	ppm	% of DREO	ppm	ppm	% of DREO	ppm	ppm	% of DREO
RCCAR23001	9	1	10	Regolith	1712	874	360	214	24%	75.3	50.1	5.7%	12.5	9.8	1.1%
RCCAR23001	30	11	40	Rock	989	50	142	5	10%	42.3	3.0	6.1%	6.4	0.5	0.9%
RCCAR23002	33	0	33	Regolith	2389	411	559	122	30%	56.8	15.4	3.8%	10.8	2.8	0.7%
RCCAR23002	7	33	40	Rock	1612	58	349	9	15%	61.6	3.0	5.1%	10.7	0.4	0.8%
RCCAR23003	21	0	21	Regolith	2287	391	453	86	22%	59.6	17.1	4.4%	10.4	2.9	0.7%
RCCAR23003	29	22	51	Rock	1070	8	206	2	20%	23.5	0.2	2.8%	4.0	0.0	0.6%
RCCAR23004	5	2	7	Regolith	846	365	143	60	16%	48.7	22.9	6.3%	7.7	3.8	1.0%
RCCAR23004	48	7	55	Rock	451	19	56	1	8%	24.4	1.3	7.0%	3.6	0.2	0.9%
RCCAR23005	19	0	19	Regolith	3404	415	694	118	28%	79.1	11.6	2.8%	13.9	2.0	0.5%
RCCAR23005	16	19	35	Rock	1070	8	218	2	22%	24.9	0.3	3.2%	4.3	0.0	0.5%
RCCAR23006	13	0	13	Regolith	1173	117	240	37	32%	25.4	3.2	2.7%	4.3	0.6	0.5%
RCCAR23006	47	13	60	Rock	822	7	169	2	28%	17.4	0.2	2.4%	2.9	0.0	0.7%
RCCAR23007	9	0	9	Regolith	912	296	184	45	15%	48.7	16.6	5.6%	8.4	2.8	0.9%
RCCAR23007	51	9	60	Rock	490	24	66	2	6%	26.7	1.6	6.5%	4.1	0.2	0.9%
RCCAR23008	22	0	22	Regolith	2805	492	544	170	34%	65.9	19.8	4.0%	11.8	3.8	0.8%
RCCAR23008	10	22	32	Rock	929	18	190	4	21%	25.5	0.6	3.2%	4.3	0.1	0.6%
RCCAR23009	20	0	20	Regolith	1356	213	272	56	26%	35.6	9.0	4.2%	6.2	1.5	0.7%
RCCAR23009	3	20	23	Rock	853	46	183	11	24%	18.0	1.6	3.4%	3.2	0.3	0.6%
RCCAR23010	10	0	10	Regolith	1637	585	241	89	15%	74.5	40.9	7.0%	11.0	6.0	1.0%
RCCAR23010	16	10	26	Rock	1297	135	169	5	4%	61.0	8.9	6.6%	8.7	1.1	0.8%
RCCAR23011	8	0	8	Regolith	1651	574	314	123	21%	66.0	31.4	5.5%	12.1	5.5	1.0%
RCCAR23011	13	8	21	Rock	907	87	115	2	2%	42.8	6.6	7.5%	6.3	0.9	1.0%
RCCAR23012	19	0	20	Regolith	2167	471	462	152	32%	29.8	11.6	2.5%	5.5	2.1	0.4%
RCCAR23012	5	20	24	Rock	1419	100	252	20	20%	24.5	2.2	2.2%	4.0	0.4	0.4%
RCCAR23013	30	0	30	Regolith	1218	357	239	121	34%	21.3	7.4	2.1%	3.5	1.4	0.4%
RCCAR23013	2	30	32	Rock	1197	114	247	30	26%	21.4	2.4	2.1%	3.9	0.5	0.4%
RCCAR23014	15	0	15	Regolith	2284	584	448	207	35%	36.3	12.9	2.2%	6.2	2.2	0.4%
RCCAR23014	7	15	22	Rock	1840	67	336	6	9%	49.1	3.1	4.6%	7.9	0.4	0.6%
RCCAR23015	8	0	8	Regolith	1210	725	225	182	25%	50.8	34.1	4.7%	7.6	5.6	0.8%
RCCAR23015	8	8	16	Rock	1221	202	173	18	9%	54.7	10.8	5.3%	8.4	1.5	0.8%
RCCAR23016	30	0	30	Regolith	1763	566	361	222	39%	29.6	11.1	2.0%	5.2	2.1	0.4%
RCCAR23016	7	30	37	Rock	2507	173	573	40	23%	61.1	6.4	3.7%	10.8	1.1	0.6%
RCCAR23017	17	0	17	Regolith	1413	406	321	156	38%	27.4	8.8	2.2%	4.6	1.6	0.4%
RCCAR23017	5	17	22	Rock	1359	79	272	13	16%	38.5	3.5	4.4%	5.8	0.5	0.7%
RCCAR23018	4	0	4	Regolith	1095	225	146	61	27%	12.5	3.6	1.6%	2.0	0.7	0.3%
RCCAR23018	7	4	11	Rock	1088	73	206	17	23%	24.9	1.9	2.7%	3.9	0.4	0.5%
RCCAR23019	40	0	40	Regolith	958	96	127	23	23%	15.5	3.3	3.4%	2.5	0.5	0.5%
RCCAR23019	14	40	54	Rock	1530	33	271	3	9%	43.7	1.8	5.4%	6.8	0.2	0.7%
RCCAR23020	29	0	29	Regolith	818	153	122	49	32%	23.2	3.8	2.5%	3.6	0.7	0.4%
RCCAR23020	1	29	30	Rock	2279	74	471	12	16%	89.9	3.4	4.6%	16.5	0.6	0.7%
RCCAR23021	5	0	5	Regolith	942	610	183	144	24%	38.3	32.7	5.4%	5.6	5.6	0.9%
RCCAR23021	5	5	10	Rock	1272	181	196	43	24%	41.4	5.0	2.8%	5.9	1.0	0.5%
RCCAR23022	12	0	12	Regolith	1005	173	149	46	27%	20.2	4.9	2.8%	3.1	0.9	0.5%
RCCAR23022	4	12	16	Rock	1199	127	198	20	16%	33.3	4.0	3.1%	5.1	0.6	0.5%
RCCAR23023	9	0	9	Regolith	965	273	102	63	23%	26.1	8.0	2.9%	3.5	1.3	0.5%
RCCAR23023	6	9	15	Rock	2364	118	471	7	6%	70.1	4.6	3.9%	10.7	0.6	0.5%
RCCAR23023B	9	0	9	Regolith	1774	167	323	44	26%	40.3	5.1	3.0%	6.2	0.7	0.4%
RCCAR23023B	6	9	15	Rock	2181	58	399	5	8%	58.5	2.4	4.2%	9.3	0.3	0.5%
RCCAR23024	5	0	5	Regolith	1891	1015	401	351	35%	49.7	28.1	2.8%	7.6	5.6	0.6%
RCCAR23024	6	5	11	Rock	1476	112	255	22	20%	53.0	3.1	2.8%	8.1	0.6	0.6%
RCCAR23025	7	0	7	Regolith	1198	274	177	78	28%	33.3	9.3	3.4%	5.0	1.5	0.6%
RCCAR23025	3	7	10	Rock	1338	11	221	2	17%	39.2	0.3	2.5%	6.2	0.1	0.5%
RCCAR23026	22	0	22	Regolith	2697	259	561	73	28%	50.7	9.0	3.5%	8.9	1.7	0.6%
RCCAR23026	5	22	27	Rock	1840	61	319	7	11%	55.6	2.5	4.0%	8.2	0.4	0.6%
RCCAR23027	29	0	29	Regolith	986	329	146	100	30%	18.9	6.3	1.9%	2.9	1.2	0.4%
RCCAR23027	5	29	34	Rock	1275	71	184	6	8%	49.5	4.2	5.9%	7.1	0.6	0.8%
RCCAR23028	13	0	13	Regolith	693	240	108	52	22%	25.8	11.0	4.6%	3.7	1.8	0.7%
RCCAR23028	8	13	21	Rock	1134	199	158	40	20%	45.5	6.6	3.3%	6.4	1.3	0.7%
RCCAR23029	13	0	13	Regolith	1973	429	359	72	17%	51.3	16.4	3.8%	8.1	2.5	0.6%
RCCAR23029	8	13	21	Rock	1470	83	260	13	15%	38.3	3.6	4.3%	6.3	0.6	0.7%
RCCAR23030	11	0	11	Regolith	445	182	71	28	15%	22.3	11.4	6.3%	3.4	1.8	1.0%
RCCAR23030	4	11	15	Rock	287	35	31	1	3%	18.2	2.9	8.3%	2.6	0.4	1.1%
RCCAR23031	3	0	3	Regolith	586	372	84	44	12%	27.1	19.3	5.2%	4.1	2.9	0.8%
RCCAR23031	7	3	10	Rock	690	55	89	2	4%	36.0	3.8	6.9%	5.5	0.5	0.9%
RCCAR23032	12	0	12	Regolith	937	621	157	137	22%	38.6	35.1	5.6%	6.1	6.1	1.0%
RCCAR23032	5	12	17	Rock	792	111	95	8	7%	46.2	9.0	8.1%	6.4	1.1	1.0%
RCCAR23033	8	0	8	Regolith	2791	856	650	279	33%	76.7	27.6	3.2%	13.1	5.0	0.6%
RCCAR23033	6	8	14	Rock	1166	141	216	34	24%	26.2	3.0	2.1%	4.2	0.6	0.4%
RCCAR23034	10	0	10	Regolith	800	312	155	64	21%	36.2	17.9	5.7%	6.2	3.3	1.1%
RCCAR23034	6	10	16	Rock	671	60	107	3	5%	31.3	4.9	8.1%	5.3	0.7	1.2%
RCCAR23035	5	0	5	Regolith	586	260	95	50	19%	30.8	17.4	6.7%	5.1	2.8	1.1%
RCCAR23035	10	5	15	Rock	473	74	59	3	4%	24.0	6.0	8.1%	3.6	0.8	1.1%
RCCAR23036	5	0	5	Regolith	1219	574	170	86	15%	57.0	34.6	6.0%	9.6	5.5	1.0%
RCCAR23036	6	5	11	Rock	707	58	84	4	6%	36.5	4.1	7.1%	5.9	0.6	1.0%
RCCAR23037	12	0	12	Regolith	1194	332	250	106	32%	30.0	11.3	3.4%	5.1	2.0	0.6%
RCCAR23037	4	12	16	Rock	909	105	188	24	23%	20.0	4.1	3.9%	3.5	0.7	0.7%
RCCAR23038	24	0	24	Regolith	1316	445	192	75	17%	42.7	18.9	4.2%	6.8	2.9	0.6%
RCCAR23038	4	24	28	Rock	1337	67	176	11	16%	47.5	2.2	3.2%	7.3	0.4	0.6%
RCCAR23039	28	0	28	Regolith	984	119	167	38	32%	20.1	3.0	2.5%	3.2	0.5	0.5%
RCCAR23039	7	28	35	Rock	1453	25	252	5	20%	35.4	0.8	3.1%	5.7	0.1	0.6%
RCCAR23040	10	0	10	Regolith	635	280	95	33	12%	32.0	18.6	6.6%	5.2	2.8	1.0%
RCCAR23040	13	10	23	Rock	424	58	53	2	3%	24.0	4.8	8.2%	3.5	0.6	1.1%
RCCAR23041	16	0	16	Regolith	1421	299	240	99	33%	23.9	7.3	2.5%	3.9	1.4	0.5%
RCCAR23041	2	16	18	Rock	2373	146	456	28	19%	73.7	6.3	4.3%	12.0	1.0	0.7%
RCCAR23042	2	0	2	Regolith	383	100	58	16	16%	17.7	4.8	4.8%	2.5	0.7	0.7%
RCCAR23042	8	2	10	Rock	508	46	65	2	4%	27.1	3.2	6.9%	4.0	0.4	0.9%
RCCAR23043	20	0	20	Regolith	2028	489	452	136	28%	43.0	14.8	3.0%	7.4	2.6	0.5%
RCCAR23043	4	21	24	Rock	1469	90	263	15	17%	43.8	4.8	5.3%	6.8	0.7	0.8%
RCCAR23044	12	0	12	Regolith	2820	595	576	157	26%	82.0	23.6	4.0%	13.4	4.0	0.7%
RCCAR23044	5	12	17	Rock	1923	59	398	13	22%	35.3	1.7	3.0%	6.3	0.3	0.6%
RCCAR23045	14	0	14	Regolith	1493	487	270	75	15%	60.5	32.5	6.7%	10.0	5.3	1.1%
RCCAR23045	4	14	18	Rock	1055	69	145	3	5%	50.4	5.9	8.7%	6.7	0.8	1.2%
RCCAR23046	26	0	26	Regolith	1344	231	259	66	29%	26.1	7.0	3.0%	4.7	1.3	0.6%
RCCAR23046	4	26	30	Rock	1830	67	377	14	20%	37.3	2.3	3.5%	6.8	0.4	0.6%
RCCAR23047	23	0	23	Regolith	1444	330	300	105	32%	27.1	9.3	2.8%	5.0	1.7	0.5%
RCCAR23047	8	23	31	Rock	1116	54	221	11	20%	26.5	2.0	3.7%	4.8	0.3	0.6%
RCCAR23048	13	0	13	Regolith	1306	401	237	84	21%	49.1	19.2	4.8%	7.8	3.2	0.8%
RCCAR23048	12	13	25	Rock	943	36	148	2	6%	39.3	2.4	6.7%	6.1	0.3	0.9%
RCCAR23049	35	0	35	Regolith	1132	300	206	80	27%	33.6	10.8	3.6%	5.2	1.8	0.6%
RCCAR23049	8	35	43	Rock	957	26	151	2	6%	46.8	1.9	7.3%	7.9	0.2	1.0%
RCCAR23050	8	0	8	Regolith	1726	467	345	155	33%	51.6	17.0	3.6%	8.9	3.1	0.7%
RCCAR23050	5	8	13	Rock	1227	138	173	14	10%	42.5	6.3	4.6%	5.9	0.9	0.6%
RCCAR23051	12	0	12	Regolith	1118	274	207	41	15%	70.6	18.9	6.9%	12.7	3.0	1.1%
RCCAR23051	8	12	20	Rock	689	63	79	3	5%	46.0	4.8	7.6%	7.2	0.6	1.0%
RCCAR23052	10	0	10	Regolith	708	302	105	57	19%	34.6	18.1	6.0%	5.4	2.8	0.9%
RCCAR23052	4	10	14	Rock	613	41	78	2	5%	32.7	3.2	8.0%	5.3	0.4	1.1%
RCCAR23053	3	0	3	Regolith	471	131	79	30	23%	24.2	7.4	5.6%	3.8	1.3	1.0%
RCCAR23053	7	3	10	Rock	493	69	70	6	9%	26.6	5.0	7.2%	4.2	0.7	1.1%
RCCAR23054	19	0	19	Regolith	2115	507	448	98	19%	58.0	22.0	4.3%	9.9	3.6	0.7%
RCCAR23054	5	19	24	Rock	2362	102	606	11	10%	87.2	4.6	4.6%	15.7	0.7	0.7%
RCCAR23055	33	0	33	Regolith	2143	711	445	145	20%	92.2	36.0	5.1%	15.5	5.7	0.8%
RCCAR23055	4	33	37	Rock	1229	137	192	3	2%	56.9	10.1	7.3%	9.2	1.3	0.9%
RCCAR23056	14	0	14	Regolith	1478	617	268	122	20%	61.9	32.7	5.3%	10.7	5.9	1.0%
RCCAR23056	15	14	29	Rock	1210	103	179	4	4%	47.6	7.0	6.7%	7.1	1.0	0.9%
RCCAR23057	26	0	26	Regolith	2278	250	520	83	33%	34.7	6.4	2.6%	6.1	1.2	0.5%
RCCAR23057	14	26	40	Rock	1622	65	291	5	7%	41.6	3.2	4.9%	7.0	0.4	0.7%
RCCAR23057B	25	0	25	Regolith	1265	233	227	76	33%	22.7	6.0	2.6%	3.7	1.0	0.4%
RCCAR23057B	15	25	40	Rock	1524	54	264	4	7%	39.3	2.7	5.1%	6.1	0.3	0.6%
RCCAR23058	24	0	24	Regolith	1209	156	274	52	34%	28.4	4.1	2.6%	4.7	0.7	0.5%
RCCAR23058	5	24	29	Rock	875	43	180	10	24%	20.5	1.1	2.6%	3.5	0.2	0.5%
RCCAR23059	9	0	9	Regolith	1345	496	232	105	21%	47.3	23.9	4.8%	7.5	3.9	0.8%
RCCAR23059	11	9	20	Rock	613	73	89	2	3%	21.9	5.1	7.0%	3.1	0.6	0.9%
RCCAR23060	4	0	4	Regolith	542	234	70	44	19%	27.9	12.5	5.3%	3.8	1.9	0.8%
RCCAR23060	10	4	14	Rock	499	57	72	5	8%	24.8	4.0	6.9%	3.9	0.5	0.9%
RCCAR23061	16	0	16	Regolith	571	223	78	39	18%	31.0	14.6	6.5%	4.9	2.3	1.0%
RCCAR23061	6	16	22	Rock	603	59	72	2	3%	33.9	5.0	8.5%	5.2	0.7	1.1%
RCCAR23062	12	0	12	Regolith	1664	519	271	114	22%	73.8	29.6	5.7%	11.6	4.6	0.9%
RCCAR23062	6	12	18	Rock	1257	175	162	9	5%	55.4	11.7	6.7%	8.0	1.5	0.9%
RCCAR23063	12	0	12	Regolith	1747	564	441	173	31%	66.1	23.5	4.2%	11.5	4.1	0.7%
RCCAR23063	24	12	36	Rock	1088	77	167	4	5%	47.6	4.9	6.3%	7.7	0.6	0.8%
RCCAR23064	4	0	4	Regolith	4244	317	1146	95	30%	98.8	9.1	2.9%	19.1	1.7	0.5%
RCCAR23064	8	4	12	Rock	1204	85	183	5	6%	29.5	4.0	4.8%	4.7	0.5	0.6%
RCCAR23065	18	0	18	Regolith	1425	172	309	61	35%	29.3	3.9	2.2%	4.9	0.8	0.4%
RCCAR23065	2	18	20	Rock	1460	39	260	9	22%	39.1	0.9	2.4%	6.5	0.2	0.5%
RCCAR23066	19	0	19	Regolith	1718	493	332	150	31%	33.3	15.3	3.1%	5.3	2.4	0.5%
RCCAR23066	3	19	21	Rock	1112	6	211	1	23%	23.5	0.1	2.3%	3.8	0.0	0.6%
RCCAR23067	18	0	18	Regolith	785	182	91	56	31%	11.3	3.3	1.8%	1.7	0.6	0.3%
RCCAR23067	5	18	23	Rock	2248	57	526	10	17%	54.7	2.2	3.9%	8.9	0.3	0.5%
RCCAR23068	15	0	15	Regolith	1193	286	196	75	26%	39.2	11.1	3.9%	6.2	1.9	0.7%
RCCAR23068	9	15	24	Rock	1380	73	180	9	12%	50.8	2.9	4.0%	7.7	0.4	0.6%
RCCAR23069	28	0	28	Regolith	1169	134	166	19	14%	32.1	6.0	4.5%	4.5	0.8	0.6%
RCCAR23069	8	28	36	Rock	1966	132	271	4	3%	85.3	7.1	5.4%	12.2	0.8	0.6%
RCCAR23070	18	0	18	Regolith	2190	394	334	61	16%	60.0	18.9	4.8%	9.1	2.6	0.7%
RCCAR23070	5	18	23	Rock	2586	61	436	5	8%	60.6	2.6	4.3%	9.7	0.3	0.6%
RCCAR23071	20	0	20	Regolith	1194	265	181	79	30%	28.1	7.1	2.7%	4.1	1.2	0.4%
RCCAR23071	3	20	23	Rock	1300	67	209	13	19%	36.7	1.8	2.7%	5.5	0.3	0.5%
RCCAR23072	19	0	19	Regolith	576	142	68	29	20%	16.8	5.6	4.0%	2.0	0.8	0.6%
RCCAR23072	5	19	24	Rock	1112	30	173	4	15%	33.9	1.1	3.5%	4.4	0.2	0.5%
RCCAR23073	24	0	24	Regolith	1363	376	271	117	31%	28.5	10.2	2.7%	4.8	1.7	0.5%
RCCAR23073	5	24	29	Rock	1544	41	305	5	11%	41.5	2.1	5.0%	7.0	0.3	0.7%
RCCAR23074	17	0	17	Regolith	1676	280	397	92	33%	37.7	7.4	2.6%	6.7	1.3	0.5%
RCCAR23074	2	17	19	Rock	3546	105	859	16	15%	90.6	4.6	4.4%	16.0	0.6	0.6%
RCCAR23075	20	0	20	Regolith	799	235	149	77	33%	16.5	6.3	2.7%	2.8	1.1	0.5%
RCCAR23075	9	20	29	Rock	942	11	189	2	20%	19.6	0.3	2.8%	3.4	0.0	0.4%
RCCAR23076	10	0	10	Regolith	1262	277	147	87	31%	13.9	6.2	2.2%	2.2	1.1	0.4%
RCCAR23076	5	10	15	Rock	1634	17	305	4	23%	31.8	0.5	2.7%	5.1	0.1	0.5%
RCCAR23077	20	0	20	Regolith	2332	390	488	128	33%	34.4	7.6	1.9%	5.7	1.3	0.3%
RCCAR23077	5	20	25	Rock	1574	62	269	9	15%	43.6	2.6	4.3%	6.9	0.4	0.6%
RCCAR23077B	18	0	18	Regolith	2397	531	473	183	34%	28.3	8.6	1.6%	4.9	1.5	0.3%
RCCAR23077B	7	18	25	Rock	1203	25	199	5	22%	36.8	0.8	3.1%	5.8	0.1	0.4%

Aclara Announces 77% Increase in Inferred Mineral Resources at Carina Module in Goias, Brazil

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Overview

Company Highlights

Management Team

Ramon Barua - CEO and Director

Francois Motte Sauter - CFO

Barry Murphy - COO

Dr. Gisele Azimi- Technical Advisor

Sebastian Rojas Tallarida - Sustainability Manager

Nelson Donoso, General Manager - Chile

Jose Augusto Palma García Zapatero - Director

Bonzi Yukomizo - General Manager Brazil

Critical minerals funding

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