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

Highlights

Depth Mineralization Confirmed: Results from the Phase 1 RC drilling campaign confirm that the mineralisation extends through the full depth of the regolith to the bedrock. The average high-grade mineralization thickness has increased from 6.1 meters reported in the previous auger drilling campaign to 11.1 meters.
Consistent Grades and Rare Earths Distribution: The results reflect that the Total Rare Earth Oxide ("TREO")¹ and the Desorbible Rare Earth Oxide ("DREO")² grades as well as the Rare Earths Distribution in the product basket, are consistent with those reported in the previous auger drilling campaign. Table 1 below compares the results of the RC drilling campaign with the auger drilling campaign and Table 2 provides a selection of high-grade drillhole results.
Improved Reliability: The results provide a greater understanding of the mineralised horizons through the full depth of the regolith to the bedrock and will support execution of the Phase 2 drilling campaign, which will seek to convert the known inferred mineral resources to a measured and indicated resource category.
Metallurgical Compatibility: The Carina Module clays have been shown to be amenable to rare earths extraction using the same metallurgical process (the "Circular Mineral Harvesting" process) developed for the Chile-based Penco Module, which utilizes ammonium sulfate as the primary leaching solution. A 25-tonne bulk sample of Carina clays was processed in the Aclara Pilot Plant in Concepción, Chile in Q1 2024, where leaching results were consistent with the drill core assays.

The full set of results is included in Table 3 at the end of this press release. These results supplement the results obtained from the auger drilling campaign undertaken between February 2023 and September 2023, which comprised 1,630 meters within 201drill holes. The results of the auger drilling campaign also formed the basis of the maiden mineral resource estimate announced in Aclara's press release dated December 12, 2024, and which supported the preparation of the Carina Module Preliminary Economic Assessment(" PEA") dated January 12, 2024.

Next Steps

The Phase 1 RC drilling campaign results have provided the Company with a basis to further advance the following activities:

issuance of an updated Mineral Resource Estimate planned for July 2024;
issuance of an updated PEA of the Carina Module during Q3 2024;
execution of a 15,200-meter Phase 2 RC drill campaign to convert inferred mineral resource to a measured and indicated mineral resource category, which is expected to commence in June 2024; and
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 an input for the pre-feasibility study, as well as form the basis for a new semi-industrial scale piloting operation scheduled to occur in 2025.

Aclara COO, Barry Murphy, commented:

"We are very pleased with the results obtained from Aclara's recent RC drilling campaign as they have confirmed our expectation that the Carina Module deposit will increase in size to become a truly world-class heavy rare earth asset. Based on the positive Phase 1 RC drill results, the Company will be updating the Carina Module's mineral resource estimate and Preliminary Economic Assessment and proceeding with the next phase of RC drilling aimed at converting the known mineral resource from an inferred to a measured and indicated level of categorisation. The results obtained from Phase 2 RC drilling campaign are expected to provide support for the Carina Module prefeasibility study, as well as to provide samples for a more comprehensive metallurgical test work programme, which we believe will demonstrate the extraordinary value of this deposit."

Table 1. Comparison of Phase 1 RC drilling campaign results to the previously disclosed auger drilling campaign results.

	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%

Table 2. Summary of Carina Module´s top 10 RC drill hole results from the Phase 1 RC drilling campaign ordered by DREO grade, including only the regolith or saprolitization interval (the location of these drill hole collars are shown in Figure 2 below).

Drillhole	Length	From	To	TREO	DREO	NdPr_T	NdPr_D		Dy_T	Dy_D		Tb_T	Tb_D
	m	m	m	ppm	ppm	ppm	ppm	% of DREO	ppm	ppm	% of DREO	ppm	ppm	% of DREO
RCCAR23024	5	0	5	1,891	1,015	401	351	35%	49.7	28.1	2.8%	7.6	5.6	0.6%
RCCAR23055	26	0	26	2,276	905	488	192	21%	96.5	45.3	5.0%	16.2	7.2	0.8%
RCCAR23016	18	8	26	2,239	897	490	354	39%	38.1	17.9	2.0%	6.8	3.4	0.4%
RCCAR23001	9	1	10	1,712	874	360	214	24%	75.3	50.1	5.7%	12.5	9.8	1.1%
RCCAR23033	8	0	8	2,791	856	650	279	33%	76.7	27.6	3.2%	13.1	5.0	0.6%
RCCAR23005	10	1	11	4,231	739	839	213	29%	101.7	21.2	2.9%	17.9	3.6	0.5%
RCCAR23054	12	0	12	2,657	787	597	151	19%	86.8	33.6	4.3%	14.9	5.5	0.7%
RCCAR23012	12	2	14	2,485	676	544	224	33%	33.3	16.4	2.4%	6.2	3.0	0.4%
RCCAR23008	16	0	16	3,095	638	626	224	35%	73.6	25.1	3.9%	13.4	4.8	0.8%
RCCAR23044	11	0	11	2,840	634	583	170	27%	82.5	25.0	4.0%	13.5	4.3	0.7%

Reverse Circulation Drilling Campaign Summary

A total of 1,998 meters of drilling within 80 RC drill holes was carried out from November 2023 to April 2024 as part of an exploration drilling campaign covering approximately 700 hectares within the area of the Carina Module (see Figures 1, 2, 3 and 4 below). The primary objectives of the drilling initiative were to:

obtain additional information to fully assess the Carina Module's potential (both laterally and at depth);
obtain guidance for future RC drilling campaigns, as needed to contribute to the definition of the Carina Module's indicated and measured resource estimates; and
establish a base for a future metallurgical test sample collection.

Figure 1. Images of the RC drilling campaign showing the operation and sampling methodology carried out at the Carina Module.

Geological Overview

The Rare Earth Element secondary minerals are released from the pink porphyritic monzogranite composed of quartz, oligoclase, microcline, and annite as essential minerals, which has suffered greisen alteration superimposed by weathering.

Figure 2 depicts the extensions of the upper pedolith, lower pedolith, and saprolite units, which define the mineralization overprint of the regolith-hosted ion-adsorption clay deposit. Figure 2 also demonstrates the collar locations of the previous auger drilling campaign and the Phase 1 RC drilling campaign.

Figure 2. Carina Module map with executed RC and auger drill holes, and the extension of the upper pedolith, lower pedolith and saprolite areas. RC and auger boreholes are displayed by red squares and blue dots, respectively. The ten highest DREO grade RC holes are labeled in the figure and exhibited in Table 2. Cross-sections A-A´ and B-B´ are illustrated in Figure 3.

Figure 3 depicts the regolith horizons across two cross-sections, A-A' and B-B'. Here, the saprolite is better defined and thicker, and demonstrates greater continuity than the results observed during the previous auger drilling campaign. The auger holes are annotated in black font, whereas the RC drill holes are annotated in blue font.

Figure 3. Cross-sections ‘A-A‘ and ‘B-B‘ as shown in Figure 2.

Sampling and Assay Protocols

The 80 RC drill holes were sampled at intervals of one (1) meter for a total of 1,998 samples. For Total Rare Earth Elements ("TREE") analysis, 1420 samples were sent to ALS laboratory in Lima, Peru and the remaining 578 samples were sent to SGS Geosol laboratory in Vespasiano, Brazil. For the Desorbable Rare Earth Elements ("DREE") analysis, 821 samples were sent to the AGS laboratory in La Serena, Chile and 1,177 samples were sent to SGS Geosol laboratory in Vespasiano, Brazil.

For the TREE analyses, the same sampling and analytical protocols were followed as described in the Company's technical report titled "Preliminary Economic Assessment - Carina Rare Earth Element Project - Nova Roma, Goiás, Brazil" and dated January 12, 2024, prepared in accordance with National Instrument 43-101 - Standard of Disclosure of Mineral Projects (" NI 43-101 ") by GE21 Consultoria Mineral. The QA/QC program has been implemented in the SGS Geosol lab, where the results of Dy, Tb, Nd and Pr analyses are controlled to meet high standard of accuracy.

Qualified Persons

The technical information in this press release has been reviewed and approved by Luiz Jorge Frutuoso Junior (Aclara Exploration Manager) who has over 20 years of relevant experience. 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 as defined under NI 43-101.

The present study was validated by Aclara's Chief Geologist, Juan Pablo Navarro, who is a Member of the Australian Institute of Geoscientists (AIG, #9021) and is a Qualified Person as defined under NI 43-101. Aclara's Database and QA/QC Geologist, Carlos Paixao, provided an analysis of the QA/QC protocols applied to the Carina Module and has confirmed that they meet the required level of control and accuracy.

About Aclara

Aclara Resources Inc. (TSX: ARA) is a development-stage company that is focused 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 BioBio 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. Additionally, it does not generate tailings, eliminating the need for a tailings 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 sulphate. Further, harmful levels of radionuclides, typical of hard rock rare earth deposits, are not concentrated within Aclara's processing flowsheet. 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 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, and upside at the Carina Module, the Company's exploration plan 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 and updated mineral resource estimates and an updated preliminary economic assessment of 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 Penco Module and/or 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:

Bonzi Yokomizo Baptista
Brazil General Manager
investorrelations@aclara-re.com

Table 3. Complete list of drillholes from the reverse circulation drilling at Carina Module (November 2023 - April 2024)

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%

¹ Total Rare Earths ("TREO"): Considers all rare earths elements represented in oxide form ((Lanthanum - La₂ O₃ , Cerium - Ce₂ O₃ , Praseodymium - Pr₆ O₁₁ , Neodymium - Nd₂ O₃ , Samarium - Sm₂ O₃ , Europium - Eu₂ O₃ , Gadolinium - Gd₂ O₃ , Terbium - Tb₄ O₇ , Dysprosium - Dy₂ O₃ , Holmium - Ho₂ O₃ , Erbium - Er₂ O₃ , Thulium - Tm₂ O₃ , Ytterbium - Yb₂ O₃ , Lutetium - Lu₂ O₃ , Yttrium - Y₂ O₃ ).).

² Desorbible Rare Earths ("DREO"): DREO is the recoverable fraction of TREO using the Circular Mineral Harvesting ammonium sulfate based metallurgical process.

SOURCE: Aclara Resources Inc.

View the original press release on accesswire.com

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ARA:CA

Aclara Secures Funding from Corfo's Innovation High-Tech Program for Artificial Intelligence Project

Aclara Resources Inc. ("Aclara" or the "Company") (TSX:ARA) is pleased to announce that its Chilean subsidiary, REE Uno, has been awarded a research, development and innovation grant of US$ 730,000 from the Innovation Management Division of the Chilean Economic Development Agency ("CORFO") to implement and further develop a new exploration technology using artificial intelligence ("AI") models. Combined with Aclara's own investment, the initiative will have total funding of approximately US$ 1.0 million

This initiative harnesses advanced multi-variable machine learning models to analyze and interpret complex data, revolutionizing rare earth element ("REE") exploration, particularly associated with ionic clay deposits. The algorithms are designed to process large volumes of geological and geospatial data generated both internally as well as acquired from third parties, all of which is stored and organized within a centralized database developed by Aclara.

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Aclara Receives Support from the U.S. Department of Commerce

Aclara Resources Inc. ("Aclara" or the "Company") (TSX:ARA) is pleased to announce that it is working with the U.S. Department of Commerce's International Trade Administration, through its SelectUSA program, to conduct a study aimed at identifying the optimal site for Aclara's planned separation facility in the United States (the "Location Study

The SelectUSA program fosters business investment that supports economic development and job creation in the United States. To date, SelectUSA has facilitated over $250 billion in investments, creating or retaining more than 230,000 jobs across the country.

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Toronto Stock Exchange, Aclara Resources Inc., The View from the C-Suite

Ramon Barua, Chief Executive Officer, Aclara Resources Inc. ("Aclara Resources" or the "Company") (TSX: ARA), shares their Company's story in an interview with TMX Group.

The View From The C-Suite video interview series highlights the unique perspectives of listed companies on Toronto Stock Exchange and TSX Venture Exchange. Videos provide insight into how company executives think in the current business environment. To see the latest View From The C-Suite visit https://www.tsx.com/en/c-suite

About Aclara Resources Inc. (TSX: ARA)

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.

Aclara has decided to vertically integrate its rare earths concentrate production towards the manufacturing of rare earths alloys. The Company has established a U.S.-based subsidiary, Aclara Technologies Inc., which will focus on developing technologies for rare earth separation, metals, and alloys. Additionally, the Company is advancing its metals and alloys business through a joint venture with CAP S.A., leveraging CAP's extensive expertise in metal refining and special ferro-alloyed steels.

Product or service names mentioned herein may be the trademarks of their respective owners.

To learn more, visit: https://www.aclara-re.com/

SOURCE Toronto Stock Exchange

MEDIA CONTACT:
Ramon Barua
Chief Executive Officer
investorrelations@aclara-re.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/227819

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Aclara Announces Update on its Rare Earths Separation Project

Aclara Resources Inc. ("Aclara" or the "Company") (TSX:ARA) is pleased to announce the completion of a conceptual engineering study for its rare earths ("REE") separation project, currently being developed by its U.S.-based subsidiary, Aclara Technologies. The separation flowsheet concept, based on solvent extraction, was developed in collaboration with the Saskatchewan Research Council. This concept provided the foundation for Hatch to complete a Class 5-AACE CAPEX and OPEX estimate, while also incorporating robust environmental features such as significant waste reduction and zero liquid discharge. The initial results are highly encouraging, and positions Aclara to become the first vertically integrated heavy rare earths company outside of Asia

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Update Regarding the Penco Module Permitting Process

Aclara Resources Inc. ("Aclara" or "Company") (TSX:ARA) informs that the evaluation process of the Penco Module's Environmental Impact Assessment ("EIA") continues and has now formally received from the Environmental Service Assessment ("SEA") the consolidated report with the observations and questions ("ICSARA") received from the different agencies involved in the evaluation process

The Company is diligently working to file its response addressing questions and observations received by the end of Q1, 2025. The Company is committed to working with the SEA throughout the assessment and review process.

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Biden Admin Makes Big Angola Investment to Counter China’s Critical Minerals Dominance

US President Joe Biden directed an additional US$600 million to the Lobito Corridor project during a visit to Angola, reinforcing a commitment to enhancing critical minerals supply chains in the African region.

The funding builds on the US$553 million committed earlier this year to the corridor, which connects the copper-rich Democratic Republic of Congo (DRC) and Zambia to Angola’s Atlantic coast.

The US has now invested more US$1.1 billion in the project, with the latest amount reportedly supporting related sectors as well, including agriculture, clean energy, health and digital access.

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Energy Fuels and Madagascar Government Execute Memorandum of Understanding to Further Advance Toliara Critical Mineral Project in Madagascar

Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) (" Energy Fuels " or the " Company "), a leading U.S. producer of uranium, rare earth elements (" REE "), and critical minerals, is pleased to announce that it has entered into a Memorandum of Understanding (the " MOU ") with the Government of Madagascar (the " Government ") setting forth certain key terms applicable to the Company's Toliara titanium, zirconium, and REE project (the " Toliara Project " or " Project "), located in southwestern Madagascar .

As previously announced , on November 28, 2024 , the Madagascar Council of Ministers, as Chaired by the President of Madagascar , lifted the suspension on the Toliara Project, which was originally imposed in November 2019 . The lifting of the Suspension allows the Company to continue development of the Project, re-establish community programs, and advance activities necessary to achieve a positive final investment decision (" FID ").

The MOU announced today is the culmination of extensive negotiations over several years with the Malagasy Government on fiscal and other terms applicable to the Toliara Project and a major step forward in advancing the Project. While the Company is progressing towards an FID, which is expected to be made in approximately 14 months, the Company will continue working with the Government of Madagascar to formalize the terms and conditions set out in the MOU through the implementation of a " Stability Mechanism " consisting of one or a combination of the following: (a) submittal of an Investment Agreement to the Madagascar Parliament for approval as law and certification of the Toliara Project (" Project Certification ") under existing law establishing a special regime for large scale investments in the Malagasy mining sector (the " LGIM "); (b) promulgation of amendments and revisions to the existing LGIM (the " LGIM Amendment ") in a form that provides for the necessary certainty of financial and legal terms, and reasonable financial, operational and legal requirements, for large-scale projects and have Project Certification under the amended LGIM, together with an Investment Agreement (if reasonably required) submitted to Parliament for approval as law; and/or (c) another agreed upon mechanism that achieves the necessary certainty of financial and legal terms, and reasonable financial, operational and legal requirements, applying to large-scale mining projects.

Mark S. Chalmers , President and CEO of Energy Fuels commented: "As I've said before, I believe the Toliara Project is a 'generational' critical mineral project that has the strong potential to operate well beyond many of our lifetimes. Therefore, it is vital to Energy Fuels, and to our Base Resources subsidiaries, that the Republic of Madagascar and the communities in the vicinity of the Project enjoy significant benefits that go beyond jobs, economic development, and sustainable operations that respect human rights, local culture, and the environment. To achieve this vision, the MOU signed today creates the framework for a long-term mutually beneficial partnership between a U.S. critical mineral company and the people of Madagascar . We look forward to continuing to work with the Government of Madagascar to formalize the terms of the MOU and grow our relationship with what we believe will be the largest U.S. investment in the country's history."

Key Terms and Conditions of the MOU

Under the MOU, the Company has agreed to pay a five percent (5%) royalty (and no other) on mining products and deliver US$80 million after Project Certification in development, community, and social project funding, including a total of $30 million within 30 days after Project Certification, another $10 million within 30 days after achieving a positive FID and an additional $40 million by the fourth year of operations. In addition, the Company has agreed to spend at least $1 million prior to FID in the Atsimo Andrefana Region on community and social investments, and $4 million annually thereafter, indexed at 2% per annum, from commencement of construction after a positive FID. The Company has also committed to developing the Toliara Project in an environmentally, socially and fiscally responsible manner, and to observe the specific protections set out in the MOU.

The payments described above are not expected to have a material effect on the economics of this potentially multi-billion project, which (along with the appropriate disclaimers related to technical disclosure) are described in the Company's April 2024 press release . The Company is in the process of updating the September 2021 definitive feasibility study and December 2023 prefeasibility study on the Toliara Project, along with the White Mesa Mill's 2024 prefeasibility study on rare earth oxide production, to reflect current economics.

The Government has agreed in the MOU, among other things, to:

assist the Company with obtaining all necessary administrative authorizations for the purpose of adding REE-bearing monazite recovery to existing permits;
certify the Project as eligible under the LGIM (or amended LGIM, if applicable) as soon as the LGIM eligibility conditions are met; support the prompt development of the Toliara Project, including (without limitation) by causing all relevant State authorities to timely consider and grant all complete applications for permits, licenses or authorizations necessary or desirable for the development and operation of the Toliara Project in accordance with the laws of Madagascar ;
maintain the fiscal, legal and customs stability of the Toliara Project;
not, directly or indirectly, receive, take or have an interest (including an economic interest or form of production sharing arrangement, and whether carried or free-carried) in the Company or any of its assets, including the Toliara Project;
provide active and public support for the Toliara Project, including by publicly announcing the State's support for the Toliara Project and its development; and
undertake any LGIM amendments in consultation with relevant stakeholders, including the Company, to ensure that such amendments (or similar instruments with legislative force) provide the necessary certainty of financial and legal terms to address the reasonable financial, operational and legal requirements of large-scale mining projects, and otherwise supports the bankability of the Toliara Project and the ability of the Company to achieve a positive FID.

In addition, under the MOU, the Company's agreement to pay a 5% royalty on revenues and its commitments to pay the US$80 million in development, community and social funding are conditional on:

the terms of the Stability Mechanism being adopted in a form that is satisfactory to the Company;
Project Certification having been obtained; and
prior to Project Certification having been obtained, there being no change to the laws of Madagascar (as they apply to the Company and the Toliara Project as at the date of the MOU) that is adverse to the Company or the Toliara Project.

The MOU and its terms are expressly subject to the foregoing conditions set out in the MOU. It should be noted that there can be no assurance that the foregoing conditions will be satisfied or as to the timing of satisfaction of those conditions, or the timing for approval of the addition of monazite to the mining permit. If such conditions are not satisfied, this could delay any FID in relation to the Toliara Project or prevent or otherwise have a significant effect on the development of the Toliara Project or ability to recover Monazite from the Toliara Project.

ABOUT Energy Fuels

Energy Fuels is a leading US-based critical minerals company, focused on uranium, REEs, heavy mineral sands ("HMS"), vanadium and medical isotopes. The Company has been the leading U.S. producer of natural uranium concentrate for the past several years, which is sold to nuclear utilities that process it further for the production of carbon-free nuclear energy and owns and operates several conventional and in situ recovery uranium projects in the western United States. The Company also owns the White Mesa Mill in Utah, which is the only fully licensed and operating conventional uranium processing facility in the United States. At the Mill, the Company also produces advanced REE products, vanadium oxide (when market conditions warrant), and is preparing to begin pilot-scale recovery of certain medical isotopes from existing uranium process streams needed for emerging cancer treatments. The Company also owns the operating Kwale HMS project in Kenya which is nearing the end of its life and is developing three (3) additional HMS projects, including the Toliara Project in Madagascar, the Bahia Project in Brazil, and the Donald Project in Australia in which the Company has the right to earn up to a 49% interest in a joint venture with Astron Corporation Limited. The Company is based in Lakewood, Colorado, near Denver, with its HMS operations managed from Perth, Australia. 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." For more information on all we do, please visit http://www.energyfuels.com

CAUTIONARY STATEMENT 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 uranium and critical minerals company or as the leading producer of uranium in the U.S.; any expectation that the Company will re-commence development activities on the ground, re-establish the Company's community programs or progress the other activities necessary to achieve a positive FID for the Toliara Project; any expectation that the Toliara Project is a 'generational' critical minerals project or that it has the strong potential to operate well beyond many of our lifetimes or at all; any expectation that the Company will continue working with the Government of Madagascar to formalize fiscal and other terms applicable to the Project through an investment agreement, amendments to existing laws or other mechanisms as appropriate; any expectation that rare-earth element production will be added to the existing mining permit; any expectation that the financial and legal stability of the Toliara Project will be maintained; any expectation that the Toliara Project will attain Project Certification or that the other conditions to the Company's funding obligations will be satisfied; any expectation that a positive FID will be made for the Toliara Project and the timing of any such positive FID; any expectation that the Toliara Project will be developed; any expectation that the MOU will create the framework for a long-term mutually beneficial partnership between a U.S. critical mineral company and the people of Madagascar ; and any expectation that the Company will be successful in recovering certain medical isotopes from existing uranium process streams needed for emerging cancer treatments. 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; competition from other producers; public opinion; government and political actions; the failure of the Company to provide or obtain the necessary financing required to develop the Project; market factors, including future demand for REEs; 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.shtml , on SEDAR at www.sedar.com , 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.

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SOURCE Energy Fuels Inc.

View original content to download multimedia: http://www.newswire.ca/en/releases/archive/December2024/05/c6155.html

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News Provided by GlobeNewswire via QuoteMedia

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2024 Hole ID	From (m)	To (m)	Width (m)	Au (g/t)1	Ag (g/t)2	Sb (%)1

DEM23-04 (fully sampled) – no significant assays (hole drilled above the zone?)

DEM23-05 (fully sampled) – strong intercept
	303.00	306.00	3.00	0.70	14	0.03
Including	303.50	304.00	0.50	2.19	50	0.11
Zone intercept – first occurrence of high-grade antimony to last	344.00	384.00	40.00	0.10	2	0.42
Including	344.00	345.00	1.00	0.18	7	0.74
And Including	350.00	351.00	1.00	0.63	3	0.03
And Including	354.00	356.00	2.00	0.80	10	0.09
Including	355.00	356.00	1.00	0.98	17	0.07
And Including	358.00	364.00	6.00	0.10	2	1.63
Including	360.00	362.50	2.50	0.06	1	3.60
Including	361.00	361.50	0.50	0.04	2	8.37
And Including	366.00	368.00	2.00	0.06	2	0.37
And Including	372.00	374.15	2.15	0.04	1	0.52
And Including	377.00	382.40	5.40	0.03	1	0.67
Including	379.00	380.00	1.00	0.03	1	2.42

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