Pilot plant

In 2023, Aclara successfully completed the piloting operation of a 25-tonne shipment of ionic clays from the Carina Project at its pilot plant facility in Concepción, Chile. Achievements:

• Compatibility of the patented Circular Mineral Harvesting technology with the Carina Project ionic clays on a semi-industrial scale.

• Production of 47 kg of premium heavy rare earth carbonate samples for commercial purposes.

• Optimization of processing flowsheet to improve the production of an end product suitable for Rare Earth Element (REE) separation.

• Continued demonstration of environmental attributes.

Permitting

Aclara initiated the development of environmental baseline studies for the Carina Project in 2024, aiming to deliver an Environmental Impact Assessment by the first half of 2025. This process includes:

• Environmental baseline studies

• Caving studies

• Radionuclides characterization

• Hydrogeological characterization

• Acid drainage study

• Archaeological survey

• Social baseline studies, including engagement with the Quilombola community

Government relations

This agreement, signed on August 16th, 2024, underscores the strategic importance of the Carina Project, aligning it with the best interests of both the State and Nova Roma. The partnership aims to expedite the permitting process and support the execution, implementation, and operation of the project, highlighting its significance for the social and economic development of Nova Roma and Goiás. This initiative also strengthens Brazil's position as a key player in the sustainable supply of critical minerals.

Key Responsibilities:

• State of Goiás and Municipality of Nova Roma: To work to efficiently evaluate the environmental and other permits required for the Project, support critical infrastructure enhancements and partner with Aclara to assist in the development of the local workforce.

• Aclara: To invest $582.3 million (expected CAPEX outlined on the preliminary economic assessment of the Carina Project previously announced by the Company on January 22, 2024), creating 3,200 direct jobs and prioritizing local work force and suppliers.

Meetings

Aclara regularly engages with key government and industry representatives in Goiânia to strengthen partnerships and advance the Carina Project. In January 2025, Vice President José Palma and Country Manager Murilo Nagato provided updates on project milestones. That same month, meetings with the Governor of Goiás and state officials focused on economic benefits, licensing, and infrastructure, while discussions with the Federation of Industries of Goiás (FIEG) underscored the project's role in driving sustainable development.