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STRICTLY PRIVATE AND CONFIDENTIAL Building an Integrated Heavy Rare Earths Champion Aclara Resources October 2026 Aclara Chile Aclara Brazil Aclara Resources TSX:ARA
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This presentation of Aclara Resources Inc. (the “Company” or “Aclara”) has been prepared solely for informational purposes. You should not definitively rely upon it or use it to form the definitive basis for any decision, contract, commitment or action whatsoever, with respect to any proposed transaction, investment or otherwise. Forward Looking Information This p resentation contains “forward looking information” or “forward looking statements” within the meaning of applicable securities legislation. Forward looking information may relate to the Company’s future financial outlook and anticipated events or results and may include information regarding our business, financial position, business strategy, permits, licenses, growth plans, strategies and objectives, budgets and operations. Particularly, information regarding our expectations of future results, performance, achievements, prospects or opportunities or the markets in which the Company operates, and statements regarding production, modelling, pilot work, ongoing development and exploration work at the Carina Project and the Penco Module and Project Dynamo and statements relating to preliminary economic assessment studies, including resource estimates, rare earth element composition, grade and quality, mine life estimates, estimates of capital expenditures (“CAPEX”) and operating expenses (“OPEX”) are forward looking information. Such statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Aclara or the Penco Module or Carina Project to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements or information. This presentation also contains future-oriented financial information and financial outlook (collectively, “FOFI”) within the meaning of a pplicable Canadian securities laws, including estimates of EBITDA, Attributable EBITDA, after-tax net present value (“NPV”), internal rate of return (“IRR”), payback period, CAPEX, OPEX, and the enterprise value to EBITDA multiples derived from those estimates. FOFI is forward looking information and is subject to the assumptions, risks and cautions described in this section. In some cases, forward looking information can be identified by the use of forward looking terminology such as “plans”, “targets”, “expects” or “does not expect”, “is expected”, “expected”, “an opportunity exists”, “budget”, “scheduled”, “estimates”, “outlook”, “forecasts”, “projection”, “prospects”, “strategy”, “intends”, “anticipates”, “does not anticipate”, “anticipate”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might”, “will”, “will be taken”, “taken”, “or “be achieved”. In addition, any statements that refer to expectations, intentions, projections or other characterizations of future events or circumstances contain forward looking information. Statements containing forward looking information are not historical facts but instead represent management’s expectations, estimates and projections regarding future events or circumstances. The f orward looking information, opinions and projections contained in this presentation have been prepared on the basis of the management’s opinions, estimates and assumptions in light of management’s experience and perception of historical trends, current conditions and expected future developments, as well as other factors that management currently believes are appropriate and reasonable in the circumstances. Despite a careful process to prepare and review the forward looking information, there can be no assurance that the underlying opinions, estimates and assumptions will prove to be correct. Material factors underlying forward looking information and management’s expectations include certain assumptions in respect of, among other things: the accuracy of the estimation of mineral resources; that exploration activities and studies will provide results that support anticipated development and extraction activities; estimated mine life and production rates at the Carina Project and the Penco Module will provide results that support anticipated development and extraction activities; the Company’s ability to retain key personnel; future prices of rare earth elements; that rare earth elements will continue to be vital inputs for a variety of industries and technologies; that demand for rare earth elements will continue to grow in line with management's expectations; that s ubstitutes for rare earth elements will be limited; that China will continue to control a significant portion of the supply and processing of heavy rare earth elements and that ex-China supply will remain constrained; that ex-China prices for rare earth elements will remain at levels that support the development of the Company's projects; the Company's ability to enter into offtake agreements on acceptable terms; that governmental support for the development of ex-China rare earth supply chains, including from the United States, will continue, and that the Company will receive the anticipated government financing, incentives and grants; that the Company's proprietary extraction, separation and metallization technologies will perform at commercial scale as anticipated; favourability of operating conditions, including the ability to operate in a safe, efficient and effective manner; the receipt of governmental and other third party approvals, licences and permits on favourable terms; obtaining required renewal for existing approvals, licences and permits and obtaining all other required approvals, licences and permits on favourable terms; sustained labour stability; stability in financial and capital goods markets; availability of equipment and the condition of existing equipment being as described in the Technical Reports (as d efined) ; the Company’s ability to continue investing in infrastructure to support its growth; the Company’s ability to obtain and maintain existing financing on acceptable terms; currency exchange and interest rates; the impact of competition; the changes and trends in the mining industry and the global economy; the estimated development timeline, including certain specific technical, permitting, construction and operation milestones; and changes in laws, rules, regulations, and global standards. Although th e forward-looking statements or information contained in this presentation are based upon what management of Aclara believes are reasonable assumptions, Aclara cannot assure recipients that actual results will be consistent with these forward-looking statements. They should not be read as guarantees of future performance or results. A number of factors could cause actual results to differ materially from the results discussed in the forward looking statements, including, but not limited to, changes in global, political, economic, business, commodity, competitive, market and regulatory forces, future exchange and interest rates, changes in tax rates, technological developments, and future business combinations or dispositions. Recipients should carefully consider the risk factors described under “Risk Factors” in Aclara’s annual information form dated March 18, 2026 and other publicly filed documents, made available under the Company´s profile on SEDAR+ at www.sedarplus.ca. The FOFI contained in this presentation was approved by management of the Company on October 19, 2026. The FOFI contained in this presentation is provided for the purpose of presenting management’s expectations regarding the potential economics of the Company’s development projects, as set out in the Company’s technical reports and the Company’s engineering studies, and to assist readers in understanding the Company’s development strategy. Readers are cautioned that the FOFI may not be appropriate for, and should not be relied upon for, any other purpose. Aclara is a development-stage company: none of its projects are in production, and development of its projects is subject to, among other things, the Company obtaining project financing on acceptable terms, receiving the required permits and approvals, and the other risks and uncertainties described in this presentation and in Aclara’s public filings. Forward l ooking statements speak only as of the date on which they are made and are expressly qualified in their entirety by this cautionary statement. Subject to applicable securities laws, Aclara does not assume any obligation to update or revise the forward-looking statements contained herein to reflect events or circumstances occurring after the date of this presentation. The recipient should not place undue reliance on forward looking statements. Aclara’s actual results could differ materially from those anticipated in these forward-looking statements. Comparables Certain information presented herein compares the Company to other issuers and such data sets are considered to be comparables. Comparable information about other issuers contained in this presentation was obtained from public sources and has not been independently verified by the Company. The comparables are considered to be an appropriate basis for comparison with the Company based on their industry, commodity mix, jurisdiction, size, operating scale and other additional criteria. The comparable issuers may face different risks from those applicable to the Company. Market and Industry Data Market a nd industry data and forecasts contained in this presentation have been obtained from third party sources, industry publications and reports, websites and other publicly available information. The Company believes that the market and economic data presented throughout this presentation is accurate but the Company cannot offer any assurance as to the accuracy or completeness thereof. The accuracy and completeness of the market and economic data presented throughout this presentation are not guaranteed and the Company does not make any representation as to the accuracy of such data. Actual outcomes may vary materially from those forecast in such reports or publications, and the prospect for material variation can be expected to increase as the length of the forecast period increases. Although the Company believes it to be reliable, the Company has not independently verified any of the data from third party sources referred to in this presentation, or analyzed or verified the underlying market, economic and other assumptions relied upon by such sources. Market and industry data are subject to variations and cannot be verified due to limits on the availability and reliability of data inputs, the voluntary nature of the data gathering process and other limitations and u ncertainties inherent in any statistical survey. Scientific a nd Technical Information This presentation also contains references to estimates of Mineral Resources. The estimation of Mineral Resources is inherently uncertain and involves subjective judgments about many relevant factors. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. The accuracy of any such estimates is a function of the quantity and quality of available data, and of the assumptions made and judgments used in engineering and geological interpretation (including estimated future production from the Company’s projects, the anticipated tonnages and grades that will be mined and the estimated level of recovery that will be realized), which may prove to be unreliable and depend, to a certain extent, upon the analysis of drilling results and statistical inferences that ultimately may prove to be inaccurate. Mineral Resource Estimates may have to be re estimated based on: (i) fluctuations in prices of rare earth elements; (ii) results of drilling; (iii) metallurgical testing and other studies; (iv) proposed mining operations; (v) evaluation of mine plans subsequent to the date of any estimates; and (vi) the possible failure to receive required permits, approvals and licenses. Scientific a nd technical information (including financial forecasts and valuation calculations) relating to the Penco Module contained in this presentation has been derived from, and in some instances extracted from a technical report prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects (“NI 43-101”) titled “NI 43-101 Technical Report & Preliminary Economic Assessment on the Penco Module, Biobío, Chile” with an effective date of September 18, 2026 (“Penco Technical Report” or “Penco PEA”) and authored by Luis Oviedo, Stuart Saich, Andres Beluzan, Paulo Laymen, Rolf Schmitt, and William van Breugel, each of whom and is a “qualified person” and “independent” of the Company within the meaning of NI 43-101. Scientific and technical information (including financial forecasts and valuation calculations) relating to the Carina Project contained in this presentation has been derived from, and in some instances extracted from a technical report prepared in accordance with NI 43-101 titled “NI 43-101 Technical Report & Feasibility Study on the Carina Project, Goiás, Brazil” with an effective date of March 20, 2026 (“Carina Technical Report” or “Carina Feasibility Study”), prepared by Hatch Ltd. and authored by Tyler Wilson, Luis Oviedo, S tuart Saich, Andres Beluzan, Paulo Laymen, Stefan Hlouschko, and Terryn Kuzyck, each of whom and is a “qualified person” and “independent” of the Company within the meanings of NI 43-101. The Penco Technical Report and Carina Technical Report are together the “Technical Reports”. Portions of t he scientific and technical information relating to the Carina Project and Penco Module contained in this presentation are based on assumptions, qualifications, procedures and other information which are not fully described herein but are set out in the Technical Reports. Reference should be made to the full text of the Technical Reports which have been filed with the Canadian securities’ regulatory authorities in each of the provinces and territories of Canada (other than Québec) pursuant to NI 43-101 and are available for review under the Company’s profile on SEDAR+ at www.sedarplus.ca. The Mineral Resource Estimates referred to in this presentation were estimated in accordance with NI 43-101 and the 2019 Canadian Institute of Mining, Metallurgy and Exploration Definition Standards for Mineral Resources and Mineral Reserves. The Penco PEA is preliminary in nature. It includes Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves, and there is no certainty that the results of the Penco PEA will be realized. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. Juan Pa blo Navarro is a “qualified person” within the meaning of NI 43-101 and has reviewed and approved of the scientific and technical disclosure in this presentation. Juan Pablo Navarro is not “independent” of the Company within the meaning of NI 43-101. Non-GAAP Financial Measures This presentation contains certain financial data consisting of “non-GAAP financial measures”, such as EBITDA, Attributable EBITDA and Enterprise Value and ratios derived from these measures (including enterprise value to EBITDA multiples). They also include project-level measures such as after-tax NPV at an 8% discount rate (“NPV8%”), IRR, payback period and operating cost per tonne. The Company defines these measures, which do not have standardized meanings under International Financial Reporting Standards (“IFRS”). They may not be comparable to similarly titled measures presented by other companies, including the separation peer issuers referred to in this presentation. Such data and other financial measures should not be considered in isolation or as an alternative to historical financial results or other indicators of performance prepared in accordance with IFRS. Unless otherwise noted, EBITDA and related measures are forward-looking, project level estimates. They are presented as average annual figures, excluding ramp-up and ramp-down, and, where indicated, on an attributable basis (as further described in this presentation). The f inancial information, estimates and projections in this presentation, including any unaudited or preliminary financial information, have not been audited, reviewed or verified by any independent accounting firm. Their inclusion should not be regarded as a representation or warranty by the Company, its management or any other person as to their accuracy or completeness, and they should not be relied upon in making an investment decision. These non-GAAP and other financial measures depend on a number of assumptions that are subject to inherent uncertainties and to change. These include assumptions about rare earth prices (based on technical study prices), production rates, CAPEX, OPEX, exchange rates, permitting and the availability of financing. Actual results may differ materially. Calculation Methodology In thi s presentation, Forecast EBITDA is calculated based on the projected annual production and operating performance of each project over its life of mine. Annual mineral processing volumes are determined based on Mineral Reserves for the Carina Project and Mineral Resources for the Penco Module. These volumes are multiplied by the respective grades and metallurgical recoveries of each rare earth element to estimate annual production by individual rare earth oxide (“REO”). The resulting production volumes are then multiplied by the corresponding forecast selling prices for each REO to calculate gross revenue. Gross revenue is subsequently adjusted to account for metallurgical losses incurred during the separation process (separation efficiency), treatment charges and commercial discounts associated with rare earth separation and processing, and transportation costs, resulting in net revenue. Forecast EBITDA is then calculated by deducting mining, processing plant and general and administrative (“G&A”) operating expenses from net revenue, excluding depreciation and amortization, interest and taxes. To provide a measure of normalized operating performance, the first year of production ramp-up and the final year of ramp-down are excluded from the calculation. Average annual forecast EBITDA is determined as the simple arithmetic average of the remaining annual EBITDA es timates over the life of mine. Attributable EB ITDA is calculated by applying Aclara's respective ownership interests to the average annual forecast EBITDA of each project, including 80% for the Penco Module and 50% for the Metals and Alloys business. Forecast EBITDA and Attributable EBITDA are forward-looking non-GAAP financial measures that do not have standardized meanings under IFRS and may not be comparable to similarly titled measures presented by other issuers. These estimates are derived from project-level financial models and are subject to assumptions regarding mineral processing volumes, grades, metallurgical recoveries, rare earth prices, separation efficiencies, operating costs and other relevant factors. Actual results may differ materially from these forecasts. Currency All references in this presentation to “$” or “US$” are to United States dollars unless otherwise indicated. Disclaimer 2Aclara Resources (TSX:ARA) | aclara-re.com
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Today’s Presenters Ramón Barúa CEO & Director +30 years of experience Columbia Business School Francois Motte CFO +15 years of experience Aarhus University Hugh Broadhurst COO +20 years of experience Louisiana State University José Augusto Palma Executive Vice President +30 years of experience Georgetown Law Mauricio Carrasco Head of Technology & AI Projects Led technology, AI, and digital transformation initiatives at Aclara Resources Pontifical Catholic University of Chile 3Aclara Resources (TSX:ARA) | aclara-re.com
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Agenda Aclara Resources (TSX:ARA) | aclara-re.com The Heavy Rare Earths Dilemma Why Aclara Aclara’s Portfolio & Project Execution AI Innovation ESG Integrated Value Proposition Closing Remarks & Q&A 1. 2. 3. 4. 5. 6. 7. Ramón Barúa - CEO Ramón Barúa - CEO Hugh Broadhurst - COO Mauricio Carrasco - Head of Technology & AI Projects Jose Palma – Executive Vice President Francois Motte - CFO Ramón Barúa - CEO
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Aclara at-a-Glance 5Aclara Resources (TSX:ARA) | aclara-re.com Dual Source HREEs Feedstock Mine-to-Alloy Vertical Integration Strong Shareholders Ionic clay deposits and exploration in Brazil and Chile Proprietary processing technologies for extraction, separation and production of alloys 110+80 years of combined experience in mining and industrial operations in the Americas
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1. The Heavy Rare Earths Dilemma Aclara Resources (TSX:ARA) | aclara-re.com
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Abundant, but not always economical: Economically viable deposits are less common 1 Complex to process: Separation and refining require sophisticated technology and expertise 2 Concentrated supply chains: Production and processing are heavily concentrated in a single country 3 Strategically essential: They are vital inputs for strategic industries 4 Difficult to replace: Substitutes are limited 5 HREEs: Economic deposits are even rarer HREEs: More difficult to separate than LREEs HREEs: Are even more concentrated HREEs: Are very small pieces of very large industries HREEs: Are still fundamental, despite reductions in applications If Rare Earths are Not Rare, Why Are They Critical? Aclara Resources (TSX:ARA) | aclara-re.com 7
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Rare Earths Are Not All Equal 8Source: Argus Media pricesdatedOctober 16, 2026Aclara Resources (TSX:ARA) | aclara-re.com 65 Tb Terbium 66 Dy Dysprosium 39 Y Yttrium 64 Gd Gadolinium 59 Pr Praseodymium 60 Nd Neodymium HREEs offer highest value of all rare earths (US$/kg) 58 Ce Cerium 57 La Lanthanum HREELREE $3,500 $7,000 $2,000 $1,000 $110 $110 $3.00 $1.00
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Concentration of Rare Earth Supply in a Single Country 9 While Western supply of light rare earths is growing, heavy rare earths supply is still strongly controlled by China Stage Upstream Separation Metals & Alloys Rare Earth Elements % HREEs Supply Controlled by China 98% 2% 97% 3% 95% 5% 65 Tb Terbium 66 Dy Dysprosium 39 Y Yttrium 64 Gd Gadolinium % LREEs Supply Controlled by China 58% 42% 88% 12% 93% 7% 62 Sm Samarium 63 Eu Europium 59 Pr Praseodymium 60 Nd Neodymium Rest of World SupplyChina Supply Source: IMF World Economic Outlook April 2026; U.S. DOW, Securing Rare Earth Elements a National Security Imperative, Official Says, February 24, 2026 Aclara Resources (TSX:ARA) | aclara-re.com
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70 Yb Ytterbium Chinese Supply Controls and Consequences China Has Severely Constrained its Heavy Rare Earths Supply 10 China’s recent rare earths export controls have created a shortage of heavy rare earths supply in the West Price Impact of Export Controls (US$/kg)1 Export restrictions on heavy rare earths have contributed to a widening gap between domestic Chinese and ex-China prices, highlighting the concentration of global supply and processing capacity Controls on seven REEs introduced in Apr-25 were expanded in Oct-25 to include five additional REEs, selected technologies and magnet-related products, with the expanded measures suspended until Nov-26 62 Sm Samarium 64 Gd Gadolinium 65 Tb Terbium 66 Dy Dysprosium 71 Lu Lutetium 39 Y Yttrium 63 Eu Europium 67 Ho Holmium 68 Er Erbium 69 Tm Thulium Line halted (May – June 2025) Multiple lines/plants shut (2025) Consequences Explorer line temporarily shut (June 2025) 260 3,500 1,240 7,000 36 1,000 65 Tb Terbium 158.93 66 Dy Dysprosium 162.50 39 Y Yttrium 88.91 13.5x 5.6x 27.8x US$/kg REO If REE export controls were to be implemented in full, the economic value of downstream ex-China production at risk would reach US$6.5 trillion per year Ex-ChinaChina Source: Public information, Argus Non-Ferrous Markets, MOFCOM Announcements No. 18 (Apr-25) and No. 57 (Oct-25), CSIS. Notes: (1) Argus Non-Ferrous Markets (October 16, 2026); oxide prices: China = fob China low end (Oct 16, 2026), Ex-China = ddp US low end (Oct 15, 2026).Aclara Resources (TSX:ARA) | aclara-re.com Export licensing in force (since Apr-25) Controls announced Oct-25 (suspended until Nov-26)
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425 1,121 1,546 995 2,541 37 36 2,614 5,549 233 Significant Supply Gap will Continue to Grow: The Case for DyTb 11 DyTb - Estimated 2025 Supply vs. 2030 & 2035 Demand(1) (in tonnes) Restricted by China China Processed Hard Rock Ionic Clays Official Production Unofficial Production (100% Ionic Clays) China’s HREEs production has not increased since 2018(2) +41% MP Materials Lynas 2025 Est. DyTb Supply 2030 Est.DyTb Demand 2030-2035 Demand Growth 2035 Est. DyTb Demand Aclara LOM Average DyTb Production Production from Myanmar / Laos / Thailand Source: Benchmark Minerals, Benchmark REE Operations & Projects IEA, Key Questions on Energy and AI (2026); DOE-funded STTR project DE-SC0004356; GE Vernova, Q2 2026 Financial Results, July 22, 2026; Siemens Energy, Q3 FY2026 Analyst Presentation, August 5, 2026 The Chinese Ministry of Industry and Information Technology. Elements approximation based on mines grades. Argus Media based on customs reports as of July 2025. (REO content of ionic clays carbonates of 40%). Others from USGS 2023 Rare Earths report (customs reports). Company presentation (08,2021): Serra Verde Geology, expected production slide. Press release (January 11, 2023) Serra Verde, a Denham Capital portfolio company, announces investment by Vision Blue Resources and The Energy & Minerals Group as well as appointment of new leadership team. (1) China data based on 2020 numbers (1) China’s Ministry of Industry and Information Technology (MIIT), Chinese Mining quota for ionic-type rare earths (mainly medium and heavy rare earths) remained unchanged at 19,150 tonnes of REO from 2018 to 2024 Aclara Resources (TSX:ARA) | aclara-re.com 2025 Supply Estimated Demand DyTb Supply Gap 5,2127,826
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Aclara Resources (TSX:ARA) | aclara-re.com Aclara Holds Two of the Most HREE-Concentrated Deposits 12 Penco and Carina Stand Out for Their High Y, Dy and Tb Content Source: Public information. Notes: Includes only producing projects or projects with studies completed within the last three years. HREEs considered: Y, Dy and Tb. (1) REE in concentrate. (2) Crude MREC composition. (3) Based on LOM avg. annual production. (4) Calculated using in-situ grades. 61% 31% 27% 8% 6% 3% 0.2% 0 0. 1 0. 2 0. 3 0. 4 0. 5 0. 6 0. 7 Penco Carina Pela Ema Colossus Caldeira Mount Weld Mountain Pass 21 4 43 Concentration of Y, Dy and Tb (% of TREO)
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2. Why Aclara Aclara Resources (TSX:ARA) | aclara-re.com
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Products: Vertically Integrated from Mine to Metals and Alloys 14 Aclara’s Demonstration Plant in Chile Demonstration Plant at Virginia Tech NdPr Metal Produced from Demonstration Plant Super Pure Rare Earth Carbonate (SPREC) High Purity Individual Rare Earth Oxides High Purity Rare Earth Metals and Alloys IONIC EXCHANGE SOLVENT EXTRACTION ELECTROLYSIS Carina Project (Brazil) Penco Module (Chile) Project Dynamo (Louisiana, USA) Technologies Aclara Metals (Louisiana, USA) Upstream Separation Metals & Alloys Aclara Resources (TSX:ARA) | aclara-re.com
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Y + Yb + Gd Power generation and AI Materials for demanding thermal applications, with potential growth from AI power needs Non-Magnetic Rare Earths One platform, multiple products Selling more products improves the financial sustainability of the supply chain Aclara’s Two Rare Earth Businesses 15 DyTb + NdPr + Sm E-mobility and robotics Materials for efficient, compact motors and specialized high-temperature applications Magnetic Rare Earths Hybrid Vehicles & EVs Robotics & Drones Power Generation & AI Healthcare & Medical Imaging Aclara Resources (TSX:ARA) | aclara-re.com
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Up to 97% fresh water recycled: Minimizes freshwater consumption through a closed-loop water management system Patented process technology: Proprietary innovations protects the water and reagents recirculation flowsheet Non-radioactive: The selective process is designed to avoid concentrating radioactive elements in SPREC and the concentration process No explosives, crushing or milling required: Ionic clays can be excavated without drilling and blasting, eliminating energy-intensive comminution stages Progressive rehabilitation: Processed clays are returned to mined areas, enabling restoration and revegetation with native species Zero liquid discharge: Designed to eliminate liquid effluent discharge and the need for conventional tailings dams 99% reagent recycled: Recycles ammonium sulfate, reducing chemical consumption and operating costs Patented Sustainable Extraction Process 16 Critical Mineral Harvesting Technology World’s main source of HREEs Simple metallurgy (cost efficient and environmentally friendly) Low levels of deleterious elements compared with monazite-rich hard rock Unique Advantages of Ionic Clay deposits 3 4 2 5 1 6 7 Source: NI 43-101 Technical Report & Preliminary Economic Assessment on the Penco Module, Biobío, Chile with an effective date of September 18, 2026 ; NI 43-101 Technical Report & Feasibility Study On the Carina Project, Goias, Brazil effective date March 20, 2026Aclara Resources (TSX:ARA) | aclara-re.com
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Technology developed in-ho use Verified by independent testing Demonstration-Produced High-Purity SPREC Achieved in 2026 Concepción 2023 -2024 Goiania 2025 Blacksburg 2026 Significant Operational, Cost, and Commercial Synergies Non-r egulated, non -radioactive material for transportation and processing Simplified blending 17Aclara Resources (TSX:ARA) | aclara-re.com Super Pure Rare Earths Concentrate (SPREC) Product Source: NI 43-101 Technical Report & Preliminary Economic Assessment on the Penco Module, Biobío, Chile with an effective date of September 18, 2026 99% purity achieved
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Separation Technology SX Flowsheet Design & Optimization AI-Driven Flowsheet Optimization Proprietary Separation Technology Developed In-house 18Aclara Resources (TSX:ARA) | aclara-re.com Focus on developing technology, training people and generate data for the digital twin
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U.S. Department of Energy State of Louisiana Developing a Strong U.S. Partnership 19Aclara Resources (TSX:ARA) | aclara-re.com ● Up to $5M commitment for Carina Feasibility in September 2025 ● Retained financing right for additional investment / funding for construction of Carina ● Non-binding LOI for up to $750M issued Sept. 2026 ● Funding to support separation and metallization plant in the U.S. ● Tenor of up to 15 years ● Selected for Federal Funding as part of phase I of DOE's Genesis Mission program ● Aclara to apply to phase II which can provide up to $15M of funding ● State Air Permit approved September 2026 ● Up to $46 million in state tax incentives and grants
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Partnership with Stanford and Mineral-X ● Developing an AI model for mining exploration ● Optimizing Aclara’s proprietary AI exploration model Partnering with the Japanese Government in Brazil ● Partnership with JOGMEC to explore and develop third ionic clay HREE deposit in Brazil ● $3 million commitment over 3 years, option to invest additional $1.5 million ● JOGMEC has 40% offtake right Significant Growth Potential on Resource Base 20Aclara Resources (TSX:ARA) | aclara-re.com Active Exploration Projects Pipeline ● Highly prospective project pipeline in Chile & Brazil ● ~86,000ha of concessions in Chile ● ~76,000ha of concessions in Brazil
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Leading publicly-listed LATAM precious-metals producer with 110 years of mining experience CAP S.A. is a Chilean mining and industrial group with 80 years of experience in iron ore, steelmaking and infrastructure businesses $3.7B Enterprise Value New Hartsdale Capital(1) ~37% ~19% ~12% Management & Insiders ~5% Other ~27% Total 100% Selected CAP Operation Strategic Shareholder Base of Aclara 21 Approximately $300 million of equity invested to date Aclara Resources (TSX:ARA) | aclara-re.com CAP S.A.’s Minería del Pacífico operation Selected Hochschild Operation Hochschild's Inmaculada operation $3.3B Enterprise Value (1) Eduardo Hochschild's ownership stake is held through New Hartsdale Capital Inc
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Chief Human Resources Officer Vacant President U.S. Vacant Managing Director Chile CEO Brazil Chief Operating Officer Chief Financial Officer Executive Vice President Senior Policy Advisor Vacant Experienced Management Team Execution risk of several projects will be managed by an experienced team 22Aclara Resources (TSX:ARA) | aclara-re.com Chief Executive Officer Corporate (works across more than one Group company) Operations Director CFO General Counsel and Deputy Corporate Secretary Project Director Legal & Compliance Manager Corporate Affairs & Social Value Manager Sustainability Manager Human Resources Manager Project Director Sustainability & Corporate Affairs Director Legal Director Chief Geologist Carina CFO Brazil Technology Director Metals & Alloys General Manager Capital Project Director (1) Organogram shows first two lines of report below the CEO Financial Planning & Treasury Lead Data Science & IT Lead Chief Geologist Greenfields Head of Investor Relations & Capital Markets Accounting Deputy Manager Compliance & Ethics Manager Sustainability & ESG Integration Manager
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The Aclara Difference: Seeking to Become the Long-Term, Reliable Supplier of HREEs 23 3 4 2 5 1 Mine-to-Alloy Vertical Integration End-to-end supply chain from in-ground ore to NdFeB alloy ready for permanent magnet manufacturers Proprietary Processing Technologies Separation and metal and alloys technologies developed in-house in partnership with world-leading experts Partnering with U.S. Government Agencies Support from U.S. government agencies including EXIM, DoE, DFC, Louisiana Government, and Argonne Significant Growth Potential Modular hub and spoke model with potential to grow supply through additional ionic clay projects Opportunity to expand separation capacity to additional rare earths beyond current capabilities Dual Source Heavy Rare Earths (HREEs) Feedstock Diversified HREEs feedstock with simple metallurgy and no radioactivity, capable of producing 99% SPREC (Super Pure Rare Eart h Carbonate), and circular mineral harvesting Aclara Resources (TSX:ARA) | aclara-re.com
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3. Aclara’s Portfolio & Project Execution Aclara Resources (TSX:ARA) | aclara-re.com
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Aclara Metal Product Technologies Render of Louisiana Separation Facility Penco Module Chile Demonstration Plant Vertically Integrated Platform with De-Risked Pathway to Production 25Aclara Resources (TSX:ARA) | aclara-re.com Carina Project Super Pure Rare Earth Concentrate Separation Demonstration Plant at Virginia Tech (1) Demonstration stage separation Metallization Pilot Plant Inauguration in Chile Primary Separation Carina Separation1 into Oxides Metals & Alloys Ship to Louisiana from Carina Primary Separation Penco NdPr separated sample 99.5% purity Carina Penco Ship to Louisiana from Penco
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Circular Mineral Harvesting Flowsheet 26 Innovative technology providing the cleanest way to extract heavy rare earths from ionic clays, protected by patents and trade secrets Aclara Resources (TSX:ARA) | aclara-re.com Recycling up to 97% of fresh water & 99% of reagent
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Upstream Separation Metals & Alloys Recent Achievements Demonstration operation completed in 2023 & 2024 Environmental Impact Assessment for Phase 1 granted J une 2026(3) Chile – U .S. Joint Declaration on critical minerals and rare earths (March 2026) and MOU on critical minerals (April 2026) Updated PEA rec ently released (October 2026) 17,397 meters of drilling complete 9,229 metallurgical tests complete ● CAP owns 20% of the Penco Module and has option to in crease to 40% with a capital contribution of $50 million at final investment decision ● Hatch has been engaged to work on the Penco F easibility Study Upcoming Catalysts ● Feasibility Study targeted for Q1 2027 ● Detailed engineering targeted to be completed in H 1 2027(2) ● Early works targeted to commence Q1 2027(2) ● Full construction targeted to commence H2 2027(2) ● Construction completion targeted in H2 2028 Development Status PEA Life of Mine (years) 17 Product SPREC DyTb Production(1) (tpa) 50 NdPr Production(1) (tpa) 128 Y Production(1) (tpa) 400 Gd Production(1) (tpa) 31 Sm Production(1) (tpa) 19 Start-Up of Operation(2) Q4 2028 PEA Study Highlights(1) Penco Module Status Penco’s Key Partners Project Location – Chile Outstanding i nfrastructure <8 km from the Port <12 km from the Airport <15 km from Concepción <1 km from power Existing road network Penco Module 27 Source: NI 43-101 Technical Report & Preliminary Economic Assessment on the Penco Module, Biobío, Chile with an effective date of September 18, 2026 ; Aclara’s Press Release Announcement titled “ACLARA ANNOUNCES UP TO US$80M STRATEGIC INVESTMENT BY CAP IN ITS CHILEAN SUBSIDIARY AND AN OPTION FOR AN EQUITY INVESTMENT OF UP TO 19.9%” (1) Average annual over life of mine, excluding ramp-up and ramp-down; (2) Subject to financing; (3) Pending legal challenges. EIA 2 still required to be completed.Aclara Resources (TSX:ARA) | aclara-re.com Source: Updated Penco NI 43-101
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2026 2027 2028 2029 Today Q1/27 Q2/27 Q3/27 Q4/27 Q1/28 Q2/28 Q3/28 Q4/28 Q1/29 Permits Feasibility Study Tendering & Contract Award Early Works(1) Construction(1) Commissioning Operations Ongoing sectorial permits as required for construction Construction Start First Production Commissioning Start Penco Module 28 Targeted key milestones and execution schedule (1) Early works and construction start subject to financingAclara Resources (TSX:ARA) | aclara-re.com Environmental Approval Obtained for Phase 1✓ Simple and Proven Operations Simple and Proven Operations ✓ Lower Capex Requirements ✓ Government Support ✓ Partnered with CAP SA to Execute ✓ Upstream Separation Metals & Alloys
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FS Study Highlights Carina Project Status ● MoU with Government of Goiás, including support to s treamline permit reviews and improve critical infrastructure U.S. Government Backing ● U.S. DFC committed up to $5 million ● Has a financing right for additional funding P artnerships for REE Research ● University of the State of Goiás to co-d evelop REE R&D projects ● MagBras p ermanent magnet supply chain project ● Chosen by FINEP for potential R&D financing Carina’s Key Partners Project Location – Goiás, Brazil Recent Achievements PFS and FS engineering with Hatch Demonstration operation completed in 2025 SPREC product designed for processing at Project Dynamo NI 43-1 01 compliant mineral reserves 30,384 meters of drilling complete 19,731 metallurgical tests complete U pcoming Catalysts ● EPCM targeted to be awarded Q1 2027 ● EIA approval targeted by Q1 2027 ● Detailed engineering targeted by Q1 2027 ● Early works targeted to commence by Q2 2027 ● Construction permit targeted by Q3 2027 Carina Project 29 Source: NI 43-101 Technical Report & Feasibility Study On the Carina Project, Goias, Brazil effective date March 20, 2026 (1) Average annual over life of mine, excluding ramp-up and ramp-down; (2) Subject to financingAclara Resources (TSX:ARA) | aclara-re.com Development Status FS (complete) Life of Mine (years) 18 Product SPREC DyTb Production(1) (tpa) 183 NdPr Production(1) (tpa) 1,191 Y Production(1) (tpa) 1,160 Gd Production(1) (tpa) 176 Sm Production(1) (tpa) 173 Start-Up of Operation(2) Q2 2029 Source: Carina Feasibility Study Peru Upstream Separation Metals & Alloys
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Carina Project 30 Targeted key milestones and execution schedule (1) First production date subject to financingAclara Resources (TSX:ARA) | aclara-re.com 2026 2027 2028 2029 Today Q1/27 Q2/27 Q3/27 Q4/27 Q1/28 Q2/28 Q3/28 Q4/28 Q1/29 Q2/29 Q3/29 Q4/29 Permits Detailed Engineering Tendering & Contract Award Early Works Construction Commissioning Operations LO LI First Production(1) Commissioning Start Feasibility Study Completed✓ Simple and Proven Operations Demonstration Plant Validated Process ✓ Local Government Support ✓ Permitting In-Progress ✓ First Production(1) Targeted Q2/29✓ LP Upstream Separation Metals & Alloys
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Demonstration-Produced High-Purity SPREC Purity is more than a product specification—it is a key technology risk indicator. Every increase in purity simplifies the downstream process and reduces commercial operating risk. Super Pure Rare Earths Concentrate (SPREC) Product 31 Proprietary know-how developed entirely in-house Note: MREC: Mixed Rare Earth Carbonate / SPREC: Super Pure Rare Earth Carbonate / %REO Purity: Rare Earth Oxide equivalent content in dry MREC product, representing REE concentration versus impuritiesAclara Resources (TSX:ARA) | aclara-re.com Demonstration Plant Campaign in Chile (Carina Clays) Demonstration Plant Campaign in Brazil (Carina Clays) SX/La Purification SPREC ~99% Demonstration Plant Campaign in Chile (Penco Clays) 2023 2024 2025 2026 MREC ~95-97% MREC ~93-95% MREC ~90-92% Upstream Separation Metals & Alloys
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L3 Process Dev. Separation process development Onterris Environmental & Permitting U.S. DOE Selected for Genesis Mission to develop separation AI tech U.S. EXIM LOI for up to $750 million; tenor up to 15 years Hatch Basic engineering (FEL-3) completed State of Louisiana $46 million incentives; Air Permit approved; LED- certified site Aclara Resources (TSX:ARA) | aclara-re.com Louisiana Separation Plant Virginia Tech Hosts pilot plant; PhD support Argonne AI digital twin for faster ramp-up First U.S. separation facility with secured supply of SPREC feedstock, designed to produce market-spec heavy and light rare earth oxides Phase 1 | Initial magnetic & non-magnetic NdPr Dy Tb Y Gd Sm Phase 2 | Expansion other rare earths Eu Ho Er Yb Lu Overview Partners & Support 32 Technology Partners Industrial Development Partners Basic engineering complete Completed by Hatch in Oct-26; basis for detailed engineering Construction permit secured LDEQ Small Source Air Permit approved Sep-26 Louisiana Gov. backing Up to $46 million in incentives, infrastructure and workforce support EXIM financing pathway Letter of Interest issued Sep-26 for up to $750 million Strategic site ~82-acre LED Certified Site at Port of Vinton, Gulf waterway access Own, traceable feed Aclara’s SPREC from its Chile and Brazil deposits Path to execution Site prep Q1-27; construction completion H2-28 Upstream Separation Metals & Alloys
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SX Equipment Commercial Experience Reliability Relative Scale-Up Risk Mixer-Settlers (Aclara's Choice) Extensive (all major global producers) ✓ Excellent ✓ Low ✓ Columns Minimal in HREE Moderate High — complex controls Centrifugal Contactors Growing Moderate Medium Membrane Contactors Limited Limited High Technology Commercial Users Commercial Maturity Scalability Relative Risk Solvent Extraction China, Lynas, MP, Neo Perf. Materials, Iluka, Energy Fuels, Solvay, Carester Excellent ✓ Excellent ✓ Low ✓ Chromatograph y Limited Low Unproven High SX in Columns Limited Low TBD for HREE High Ion Exchange Limited Moderate Limited Medium Membranes Pilot stage only Emerging Unproven Very High Aclara is replicating a proven technology that works. Scale-up is chemistry optimization Mixer-Settlers and Solvent Extraction: Aclara’s Lower-Risk Path to Commercial Scale 33Aclara Resources (TSX:ARA) | aclara-re.com Upstream Separation Metals & Alloys Key attributes of Solvent Extraction Technology: China controls ~95% of global HREE processing — all using industrial-scale SX with mixer-settlers Highest Throughput Proven Selectivity Cost-Effective & Predictable
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Stage 1 Stage 2 Stage 3 Stage 4 Stage 5 Modeling Literature & L3 internal data Conceptual design Theoretical Modeling Concept Validation Core SX processes validated at L3’s Trois- Rivières labs Optimization SX circuits optimized with L3 proprietary modeling software Pilot -scale Design and fabricate and operate SX circuits at pilot scale at L3’s Trois Riviere Lab Demonstration plant at Virginia Tech Final stage before commercial production IN PROGRESS ✓ Stages 1–4 fully completedby L3 Process Development Stage 5 in progress Demonstration Aclara’s Demonstration Plant at Virginia Tech is On Final Stage of Technology Maturity Progression 34Aclara Resources (TSX:ARA) | aclara-re.com Upstream Separation Metals & Alloys
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Magnetic circuits (NdPr, Dy, Tb) Non-magnetic circuits (Y, Sm, Gd) By-product streams 8 SX Trains ~500 Mixer-Settler Stages 6 The Virginia Tech Demo Plant Fully Replicates Commercial Rare Earth Separation Operations 35Aclara Resources (TSX:ARA) | aclara-re.com Separation Process Map Key Highlights Final Oxide Products (NdPr, Dy, Tb, Y , Gd, Sm) Upstream Separation Metals & Alloys
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Aclara Resources (TSX:ARA) | aclara-re.com Virginia Tech Demo Plant Demo plant already produced NdPr to specification and is progressively validating the full Dynamo product slate Key Highlights Product Validation Status 36 Proprietary SX flowsheet Proven track record Representative feed AI digital twin Faster ramp-up Oxide Est. Recovery Target Purity Purity Achieved On-spec NdPr ~98.9% ≥99.5% ≥99.5% ✓ May-26 Dy ~97.9% ≥99.5% – Q4-26 Tb ~97.7% ≥99.9% – Q4-26 Y ~85.7% ≥99.9% – Q1-27 Sm ~96.3% ≥99.5% – Q2-27 Gd ~86.7% ≥99.9% – Q2-27 Mar-26 Demo plant inauguration May-26 NdPr on-spec at demo plant ~99.5% NdPr purity achieved at demo plant Q4-26 Dy and Tb target specification Upstream Separation Metals & Alloys
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Highlights Louisiana Separation Project Status Development Status Basic Engineering Technology Solvent Extraction (SX) Production NdPr, Dy, Tb, Sm, Gd & Y Start-Up of Operation(1) H2 2028 Recent Achievements State Air Permit approved September 2026 $46 million potential incentives and grants, of which $23 mil lion is already committed $750 million non-b inding LOI from EXIM issued in September 2026 Basic engineering completed October 2026 6 MW of energy contracted with Entergy Upcoming Catalysts ● Site preparation expected to commence Q1 2027 a nd finish H2 2028 ● EXIM financing finalization in Q2 2027 ● EPCM awarded in Q1 2027 ● Hatch leading engineering at both P enco & Carina to enhance coordination across projects and reduce execution risk ● Letter of Interest from EXIM indicates p otential financing of up to $750 million with tenor of up to 15 years Separation Project Key Partners Project Location - Port of Vinton, Louisiana Strong industrial base and skilled workforce available Project Dynamo – Louisiana Separation Project 37 Source: Aclara’s Press Release announcement titled “Aclara Announces Results From Technical Reports On Its Integrated Heavy Rare Earths Supply Chain”; Aclara’s Press Release announcement titled “ACLARA SECURES KEY LOUISIANA AIR PERMIT, ADVANCING PROJECT DYNAMO TOWARD Q1 2027 CONSTRUCTION”; Aclara’s Press Release Announcement titled “ACLARA COMPLETES BASIC ENGINEERING FOR ITS U.S. HEAVY RARE EARTHS SEPARATION FACILITY IN LOUISIANA” (1) Subject to financing Aclara Resources (TSX:ARA) | aclara-re.com Rendering of Louisiana Separation Plant Upstream Separation Metals & Alloys
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Louisiana Site – Industrial Plant 38Aclara Resources (TSX:ARA) | aclara-re.com Port of Vinton, Louisiana Regional Ports and Logistic Map Site Location • 82-acre site accommodates separation and the metals & alloys facilities • LED certified site allows for immediate industrial development • Zoned Heavy Industrial • Proximity to key reagent supplier in Lake Charles, LA • Container terminals for SPREC receiving in Houston and New Orleans • Energy secured with 6MW agreement with Entergy • Barge access possible through Port of Vinton’s wharf project and the Gulf Intracoastal Waterway. • Strong industrial base and skilled workforce available Upstream Separation Metals & Alloys
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Aclara Dy/Tb(1) Production Profile(2) (tpa of SPREC) Aclara Y Production Profile(2) (tpa of SPREC) Aclara’s Integrated Production Profile 39 Long-life, stable base of DyTb and Y production designed to match separation capacity with an opportunity to expand Source: NI 43-101 Technical Report & Preliminary Economic Assessment on the Penco Module, Biobío, Chile with an effective date of September 18, 2026 ; NI 43-101 Technical Report & Feasibility Study On the Carina Project, Goias, Brazil effective date March 20, 2026 ; U.S. Department of the Interior, U.S. Geological Survey, Mineral Commodity Summaries 2025 (1) DyTb production presented as the combined annual production of Dy and Tb (2) DyTb and Y production are derived from the Carina and Penco technical reports Aclara Resources (TSX:ARA) | aclara-re.com Upstream Separation Metals & Alloys 35 57 56 53 55 49 48 50 41 41 50 52 42 175 187 184 184 185 184 182 182 183 184 182 7 77 233 243 238 238 233 232 232 223 224 234 235 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 Penco Production Carina Production 263 492 492 463 479 422 408 396 249 263 382 411 219 1,067 1,114 1,124 1,088 1,100 1,110 1,135 1,143 1,175 1,200 1,155 47 482 1,558 1,606 1,588 1,567 1,522 1,518 1,531 1,392 1,438 1,583 1,566 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 Penco Production Carina Production
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Metals and Alloys Project – Technology Development 40 Source: Aclara’s Press Release announcement titled “Aclara Announces Results From Technical Reports On Its Integrated Heavy Rare Earths Supply Chain” & Aclara’s Press Release announcement titled “ACLARA AND CAP INAUGURATE METALS AND ALLOYS DEMONSTRATION PLANT (1) Anhydrous hydrofluoric acid Aclara Resources (TSX:ARA) | aclara-re.com Process Route Developed by Aclara Metals R&D Technical Development & Knowledge Generation Fluorination Testing Trials Vacuum Induction Melting Strip Casting Training Electrolysis Oxides after Aclara’s Separation Plant NdPr and Dy oxides NdPr and Dy fluorides Final product Alloys with NdPrDy among others Terbium fluoride Final product: Terbium metallic (above 99.4% purity) Example alloy recipe for permanent magnets: ● NdPr 30% ● Dy 1.5% ● Boron 1.0% ● Fe 66% ● Others 2.4% NdPr cell ● 100% of terbium ● ~10% of the NdPrDy Fluorination Strip Caster Strip Caster FeDy cell Vacuum Reduction + Remelting Upstream Separation Metals & Alloys Phoenix, Arizona Fraunhofer Institute, Germany South Africa F 9
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Metals and Alloys Project – Technology Development (cont’d) Piloting operations are becoming key differentiators to demonstrate technology, produce samples, train the workforce and generate data Inauguration of Metallization Demo Plant in Huachipato, Chile Key Facilities at the Huachipato Demo Plant The demonstration plant is capable of producing 175 kg/day of an NdPr metal, with 500kg already produced Validate operating parameters and process optimization1 Produce commercial-purity samples2 Define equipment sizing 3 Training of operators and technicians4 AI-powered dynamic digital twin development and process modeling5 Key Objectives of Industrial-Scale Demo 41Aclara Resources (TSX:ARA) | aclara-re.com Molten Salt Electrolysis Demonstration Plant Chile Demo Plant Production from Aclara Metals Source: Aclara’s Press Release announcement titled “Aclara Announces Results From Technical Reports On Its Integrated Heavy Rare Earths Supply Chain” & Aclara’s Press Release announcement titled “ACLARA AND CAP INAUGURATE METALS AND ALLOYS DEMONSTRATION PLANT Upstream Separation Metals & Alloys
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Development Status FEL 2 Production NdPr, FeDy, Tb, Gd, Y & NdFeB alloy Start-Up of Operation(1) Q4 2028 Co-Located Metals & Alloys Plant 42 Source: Aclara’s Press Release announcement titled “Aclara Announces Results From Technical Reports On Its Integrated Heavy Rare Earths Supply Chain” (1) Subject to financing; (2) Average annual, excluding ramp-up and ramp-down Aclara Resources (TSX:ARA) | aclara-re.com Study Highlights Metals & Alloys Status Recent Achievements Production flowsheet designed Scoping study completed FEL 2 engineering completed Tests completed for fluorination, vacuum induction and stripcaster $750 million LOI from EXIM issued in September 2026 Upcoming Catalysts ● FEL 3 engineering targeted for Q4 2026 ● Feasibility Study expected H2 2026 ● Industrial operation start-u p planned for 2028 Aclara Metals’ Key Partners Project Location ● CAP SA Joint Venture (50% Aclara / 50% CAP) ● Tea m in place supported by metallurgists from CAP SA ● Non-binding letter of Interest from EXIM indicates potential financing of up to $750 million with tenor of up to 15 years ● Industrial facility to be located next to the s eparation plant in Port Vinton, Louisiana to optimize logistics and process flow Source: Recently completed study Upstream Separation Metals & Alloys
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2026 2027 2028 2029 Permits Detailed Engineering Procurement Tendering & Contract Award Procurement Equipment Manufacturing Construction(1) Commissioning Operations Ramp-Up Key Permits Received✓ Enabled By AI & Digital Twin✓ EXIM Financing LOI✓ Louisiana Government Support✓ First Production Targeted Q4/28(1)✓ Dynamo & Metals and Alloys Projects 43 Targeted key milestones and execution schedule (1) Construction subject to financingAclara Resources (TSX:ARA) | aclara-re.com Today Q1/27 Q2/27 Q3/27 Q4/27 Q1/28 Q2/28 Q3/28 Q4/28 Q1/29 Q4/29Q3/29Q2/29 Operating Permits Commissioning Start Construction Start Startup(1) Penco & Carina Feed Penco Feed Upstream Separation Metals & Alloys
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Consolidated Timeline Penco, Carina & Dynamo – targeted key milestones and execution schedule Aclara Resources (TSX:ARA) | aclara-re.com 2026 2027 2028 2029 Penco Carina Project Dynamo Today Q1/27 Q2/27 Q3/27 Q4/27 Q1/28 Q2/28 Q3/28 Q4/28 Q1/29 Q4/29Q3/29Q2/29 (1) First production date subject to financing Permits Ongoing sectorial permits as required for construction Construction Commissioning Operations License to OperatePreliminary License Construction (Offsite Modularization) Commissioning Operations Permits Operating Permits Construction Commissioning Startup & Ramp-Up Installation License Early Works Early Works/Roads Power Supply Feasibility Study Detailed Engineering Detailed Engineering Procurement (Tendering & Equipment Manufacturing) 1 2 3 44
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4. AI Innovation
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METALS & ALLOYS · ACLARA METALS, LOUISIANA Why a digital twin for the metals & alloys plant Combine artificial intelligence, computing power, and real operational data to maximize efficiency and minimize the risks SEPARATION · DYNAMO, LOUISIANA Why a digital twin for the separation plant Digital Twins: Why We Are Building Them? 46Aclara Resources (TSX:ARA) | aclara-re.com Timing matters: Miss the moment and operating cost climbs….. Our Goal • Predict operating problems before the occur • A ccelerate learning from weeks to minutes • Thousands of scenarios instead of a handful of trials • Adapt to the feed before it enters the process • Predict operating problems before the occur • T housands of scenarios instead of a handful of trials • Feed and harvest at the optimal moment The digital twin simulates each plant millions of times, so we only have to get it right once on the ground Shorten ramp-up and maximize efficiency Shorten ramp-up and maximize efficiency
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Strip acidity: every point is a simulated run — 3 independent runs converge on one optimum. HOW WE TRAIN THE AGENT SIMULATE TRAIN VALIDATEthousands of simulated runs set-point recommendations Argonne's simulator of the whole circuit Our AI agent learns from the simulator Tested in the real world at our pilot plant Hour by hour, what to move and by how much — e.g. at 1.5 h, raise scrub acidity 1.20 → 1.25. Phase I awarded and finalizing negotiations: dynamic twin and AI agent working alongside the operators, with Argonne and Virginia Tech Phase II — in preparation: closed- loop plant, with sensors and actuators adjusting operating conditions automatically; Stanford joins the consortium Separation Digital Twin 47Aclara Resources (TSX:ARA) | aclara-re.com Argonne built the simulator, we trained the agent on it, and our own pilot plant keeps both honest — the first AI agent for this process trained on synthetic data and validated in a real plant How we do it: an AI agent trained on a simulator, validated on our pilot plant WHAT THE AGENT DELIVERS NEXT · GENESIS MISSION (U.S. DOE) Argonne simulator
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NdPr electrolysis cell THE CELL’S CYCLE · AND THE TWO MOMENTS THAT DECIDE ITS COST FEED ELECTROLYSIS metal builds up in the cell HARVEST REPEAT The twin says when the precise moment to feed The twin says when the precise moment to harvest Feed or harvest at the wrong moment and reagents are consumed for nothing — operating cost climbs 01 The Digital Twin A neural network trained on the cell Learns from the cell’s own data how it responds to feeding, and finds the pattern that runs it best 02 Today: recommendations On the operator’s screen When to feed, when to harvest — the operator keeps the final decision; the twin tells them when the moment has come 03 Next: robotics From advising to acting Automate it: the twin’s recommendations executed by robots rather than by hand. Metals & Alloys Digital Twin 48 A neural network trained on the cell’s own data learns the best way to feed it — and tells the operator the precise moment to feed and the precise moment to harvest. How we do it: the twin reads the cell and says when Aclara Resources (TSX:ARA) | aclara-re.com
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What we are building for exploration Reduce Time · Reduce Costs · Reduce the Impact · Increase Accuracy = Reduce Uncertainty Developed jointly with STEP 01 Integrate the data Clean, standardize, and combine all district data into a unified foundation for AI models STEP 02 Enhance & augment AI sharpens key features, fills data gaps, and generates new insights from existing information STEP 03 Model & target Machine learning identifies high- potential mineralization targets and quantifies their uncertainty STEP 04 Drill, learn & repeat Prioritize drilling, feed new results into the models, and continuously refine targets and confidence Already at work on our own ground: applied to the Penco Module, the workflow points to more potential than previously estimated — a drilling campaign to expand the resource is now under evaluation. Exploration: AI-Assisted Exploration, from Data to Drill Targets 49Aclara Resources (TSX:ARA) | aclara-re.com
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5. ESG
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Aclara Resources (TSX:ARA) | aclara-re.com Sustainable path to heavy rare earths 51 Four pillars, one strategy Environmental ■ Starts with low impact Circular Mining Harvesting ■ Robust studies and international standards (IFC & Equator Principles) ■ Progressive reclamation and revegetation Safety & People ■ Health, safety and labor standards aligned with best practices ■ No blasting and common fertilizer as key reagent reduces risk to workers and neighbors ■ Diversity & inclusion: 39% women Social ■ Committed to generating long term value for communities ■ Early, open engagement and communication with stakeholders: Casa Aclara in Penco ■ Investment in communities: US$20M committed for Nova Roma ■ Local hiring, training and supplier development Governance ■ Independent Board & Sustainability Committee ■ Responsible business practices grounded in key policies and procedures ■ Whistleblowing mechanism in place Sources: Aclara Resources public announcements (2022–2026); Government of Goiás.
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Aclara Resources (TSX:ARA) | aclara-re.com Chile: EIA already approved 52 From building trust during environmental licensing, which culminated in the project’s unanimous approval, to long-term local engagement based on compliance, trust and shared value Trust: dialogue and open doors Opportunities: local development with a gender perspective Participatory environmental commitment
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Aclara Resources (TSX:ARA) | aclara-re.com U.S.: Key air permit received 53 State and local parish support Meeting with Louisiana Governor Jeff Landry Engagements with local Port of Vinton community
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Aclara Resources (TSX:ARA) | aclara-re.com Brazil: Working towards the Preliminary License 54 Engagement with the State of Goiás ■ Business-friendly state in Brazil ■ Track record of supporting mining Hochschild licensed and operates an o pen pit mine in the state Several major mining companies (Anglo, Lundin) operating in the state Experience with rare earths ( Track record of licensing Serra Verde) ■ Fully supportive of the Carina Project MoU with the State of G oias, signed on August 15, 2024 Critical minerals (including specifically RREE) have become a s trategic area for the Governor Aclara engagement with State of Goiás Meeting with former Goiás Governor Ronaldo Caiado Product demonstration
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Aclara Resources (TSX:ARA) | aclara-re.com Brazil: Engagement with Stakeholders in Nova Roma 55 Engagement with municipal authorities Meeting with Nova Roma residents Aclara + Senai technical course graduation Meeting with Família Magalhães (quilombola community) Training of local suppliers Meeting with access road landowners High school graduation for adults World Cup viewing in partnership with the Municipality
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6. Integrated Value Proposition
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$2,921M(3) After-Tax NPV8% (3) Penco Carina Dynamo Metals & Alloys Key Financial Profile(1) Construction Capex $M $244 $781 $494 $149 Operating Cost US$/kg oxides $79 $29 $26 n/a Basket Price US$/kg oxides $309 $177 n/a n/a NPV8% $M $344 $1,661 $773 $203 IRR % 26.1% 26.9% 27.9% 25.0% Payback Period Years 3.2 2.9 2.6 3.7 Key Production Profile in SPREC(1) Startup Q4 2028 Q2 2029 Q4/28 Q4/28 Dy tpa 44 156 ~195 - Tb tpa 6 27 ~32 19 Ferrodysprosium Alloy tpa - - - 154 Gd tpa 31 176 ~181 Phase 2 Y tpa 400 1,160 ~1,318 Phase 2 Sm tpa 19 173 ~193 Phase 2 NdPr tpa 128 1,191 ~1,277 811 Nd-Iron-Boron Alloy tpa - - - 2,681 Portfolio Summary 57 Source: NI 43-101 Technical Report & Preliminary Economic Assessment on the Penco Module, Biobío, Chile with an effective date of September 18, 2026 ; NI 43-101 Technical Report & Feasibility Study On the Carina Project, Goias, Brazil effective date March 20, 2026; Aclara’s Press Release announcement titled “Aclara Announces Results From Technical Reports On Its Integrated Heavy Rare Earths Supply Chain” Note: MREC: Mixed Rare Earth Carbonate / SPREC: Super Pure Rare Earth Carbonate / %REO Purity: Rare Earth Oxide equivalent content in dry MREC product, representing REE concentration versus impurities Notes: (1) Metrics are shown on a 100% basis and reflect average annual production, excluding ramp-up and ramp- down (2) Separated oxide production figures include metallurgical recovery at the separation stage: Dy ~97.9%, Tb ~97.7%, Y ~85.7%, Gd ~86.7%, Sm ~96.3%, NdPr ~98.9%; Metrics are shown on an attributable basis — Penco at 80% and Metals & Alloys at 50% attributable to Aclara; (3) Based on Technical Study prices for : Dy at $1,045–$1,849/kg, Y at $250/kg, Tb at $2,535–$4,484/kg, Nd at $152–$223/kg and Pr at $155-$244/kg (2030–2040 ) for both project Penco and Carina Aclara Resources (TSX:ARA) | aclara-re.com Aclara Key Expected Estimates(2) ~15% China Official DyTb Supply 25%-28% Internal Rate of Return $1,668M Total Initial Capex
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$3,555 $7,000 Penco PEA 2030-2040 Avg. Current Spot Price $1,466 $3,500 Penco PEA 2030-2040 Avg. Current Spot Price Conservative Rare Earth Price Assumptions Aclara Resources (TSX:ARA) | aclara-re.com Source: NI 43-101 Technical Report & Preliminary Economic Assessment on the Penco Module, Biobío, Chile with an effective date of September 18, 2026; (1) Argus Media prices datedOctober 16, 2026 Key Rare Earth Prices in Penco PEA vs. Current Spot Prices(1) Dy Tb Y Gd Nd Pr +139% +97% +471%+300% 58 $180 $110 Penco PEA 2030-2040 Avg. Current Spot Price $187 $110 Penco PEA 2030-2040 Avg. Current Spot Price (39%) (41%) $250 Penco PEA 2030-2040 Avg. Current Spot Price $500 $1,000 Argus Price $350 Penco PEA 2030-2040 Avg. Current Spot Price $1,000 $2,000 Argus Price
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$81 $454 $183 $25 $743 Penco Carina Project Dynamo Metals & Alloys Total EBITDA @ LT Prices Potential Upside from prices, new deposits, processing third-party concentrate, and higher purity REEs (1) Compelling Anticipated EBITDA Generation Potential 59 Source: NI 43-101 Technical Report & Preliminary Economic Assessment on the Penco Module, Biobío, Chile with an effective date of September 18, 2026 ; NI 43-101 Technical Report & Feasibility Study On the Carina Project, Goias, Brazil effective date March 20, 2026; Aclara’s Press Release announcement titled “Aclara Announces Results From Technical Reports On Its Integrated Heavy Rare Earths Supply Chain” Notes: Metrics are shown on an attributable basis — Penco at 80% and Metals & Alloys at 50% attributable to Aclara (1) Based on Technical Study prices for : Dy at $1,045–$1,849/kg, Y at $250/kg, Tb at $2,535–$4,484/kg, Nd at $152–$223/kg and Pr at $155-$244/kg (2030–2040 ) for both project Penco and Carina Aclara Resources (TSX:ARA) | aclara-re.com Attributable Aclara EBITDA Estimates ($M) (1)(1)
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● Optionality for broad range of project financing structures ● CAP has option to contribute $50 million at construction to increase its participation from 20% to 40% (1) ● Potential contributions from existing shareholders Capital Markets & Existing Shareholders Penco Initial Construction Capex Requirements Carina Project $781M Penco Module $244M Project Dynamo $494M Metals & Alloys $149M Total Initial Capex $1,668M Future Capital Structure & Funding Strategy 60 Source: NI 43-101 Technical Report & Preliminary Economic Assessment on the Penco Module, Biobío, Chile with an effective date of September 18, 2026 ; NI 43-101 Technical Report & Feasibility Study On the Carina Project, Goias, Brazil effective date March 20, 2026; Aclara’s Press Release announcement titled “Aclara Announces Results From Technical Reports On Its Integrated Heavy Rare Earths Supply Chain”; Aclara’s Press Release announcement titled “Aclara Receives EXIM Bank Letter Of Interest For Up To US$750 Million” ; (1) Option at holding level to get to 19.9%. CAP has preferential access to shares when the company raises capital. Once installation license in Carina is received, CAP can call the shares to get to 19.9%. Option in Carina, but can be used for Louisiana and Penco too. Aclara Resources (TSX:ARA) | aclara-re.com ● Up to $5 million non-interest- bearing commitment announced ● Potential equity conversion upon qualifying financing events related to construction ● Preferential option for additional DFC financing or investment Carina ● Non-binding Letter of Interest for up to $750 million financing ● Potential repayment tenor of up to 15 years ● Financing case linked to expected U.S. exports and job creation Dynamo Metals & Alloys Capital Markets & Existing Shareholders Pursuing U.S. Government Financing to Accelerate Build-Up Carina
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Offtake Strategy 61 Higher Western prices are consolidating as customers recognize Chinese pricing is unsustainable; spot prices well above required levels Aclara Resources (TSX:ARA) | aclara-re.com ✓ Aclara’s Guiding Principles For Offtake Contracting ✓ Adapt to Client Needs Continued Engagement with Offtakers to Ensure Needs are Met Stage 2 – Capture Upside from REE Prices Excellent Supply / Demand Dynamics Stage 1 – Secure a Minimum Income to Repay Initial Investment Based on ex-China reference Prices Long-term (5-10 yrs.) Contracts to Provide Stability ✓ Key Potential Offtake Partners OEMs 3 Private MoUs Signed to Date Target Industries EVs Robotics Aerospace Wind Turbine Power Generation Diversified Customer Base USA South Korea Japan Europe Significant Commercial Progress with Certification Efforts Underway, Demand Identified but Offtake Agreements Pending to Materialize Alongside Financing and Initial Construction
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Market Cap ($M) 503 436 7,762 366 3,953 7,154 Main & Strategic Shareholders Eduardo Hochschild1 (~37%) | Hochschild Mining (~19%) | CAP (~12%) Tolga Kumova (~7%)2 | Andrew Tunks (~2%)2 Australiansuper (~9%) | Georgina Rinehart (~8%) One IM (~11%) | JGP (~4%) | S. Ahmad (~4%) Denham Capital (~13%) | Vision Blue (~8%) | EMG (~8%) Georgina Rinehart (~8%) | Blackrock (~7%) Asset Carina Penco Caldeira Mount Weld Colossus Pela Ema Round Top Mountain Pass Asset Location Stage FS (Mar-26) PEA (Oct-26) | FS (Exp. Q1 2027 DFS (Jul-26) Producing DFS (Aug-26) Early Production PEA (Aug-19) PFS-level TRS (Oct-25) Construction Capex ($M) 781 244 498 ~80 (from Dec-08) 449 ~1,100 350 7723 Opex4 ($/t) 13.1 28.9 22.2 - 16.4 - 15.6 2545 Drilling Meters6 (m) 30,384 17,397 ~90,000 134,000 17,1987 57,7728 ~30,000 ~36,200 Metallurgical Tests9 (#) 19,731 desorption samples 9,229 desorption samples 473 leach tests - 9 leach tests (36 samples) - - 8 flotation tests10 Reserve Classification Proven & Probable Measured & Indicated11 Probable Proved & Probable Proven & Probable - Measured & Indicated11 Proven & Probable Reserves (Mt) 170.9 35.8 151.0 32.0 200.1 3508 364 26.5 Grade12 (ppm) 1,745 2,095 3,524 64,400 2,894 1,500 650 59,000 Y+Dy+Tb (% Rec. REO) 31.0% 61.3% 6.0%13 2.9%14 8.2%15 26.7%16 ~50%14 0.2%14 Integration Upstream Separation Metallization Strategic shareholders include mining industry players and mining -specialized funds with extensive sector experience Aclara Combines Asset Quality, Technology, Integration and Experienced Shareholder Support 62 Source: Factset as of October 16, 2026. Public technical studies and company filings. Notes: (1) Eduardo Hochschild's ownership stake is held through New Hartsdale Capital Inc. (2) Meteoric subject to Lynas acquisition offer. (3) LoM sustaining capex (no initial capex). (4) Mining, processing, G&A and other costs per dry tonne processed. (5) Converted from US$/short ton; integrated cost incl. separation into refined products. (6) Total meters drilled to confirm existence and quality of resource and reserves. (7) Northern Concessions (15,807 m) and Tamoyo (1,391 m). (8) From 2016, latest public geology report. (9) Metallurgical Tests: lab tests on ore samples to measure REE recovery. (10) Rougher flotation tests on 1.86-8.10% TREO feed. (11) Resources. (12) Average TREO. (13) Based on LOM avg. annual production. (14) Calculated using in-situ grades (Round Top: Y+Dy+Tb oxides from 2019 PEA M&I grades over 650 ppm TREO disclosed in Mar-26). (15) Crude MREC composition. (16) REE in concentrate. Aclara Resources (TSX:ARA) | aclara-re.com SPREC Hard Rock Hard Rock MREC
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0.6x Aclara 9.3x 7.4x7.3x 3.6x MP Lynas USA… @ Technical Study Prices EV / ‘27E EBITDA EV / ‘28E EBITDA Market Cap. ($B) $0.5 Enterprise Value ($B) $0.5 LOM Average EBITDA ($B) $0.7(2) 2027E Peer Average: 13.1x 2028E Peer Average: 9.0x （1） Significant Value Proposition 63 Source: Source: S&P Capital IQ as of October 15, 2026; NI 43-101 Technical Report & Preliminary Economic Assessment on the Penco Module, Biobío, Chile with an effective date of September 18, 2026 ; NI 43-101 Technical Report & Feasibility Study On the Carina Project, Goias, Brazil effective date March 20, 2026; Aclara’s Press Release announcement titled “Aclara Announces Results From Technical Reports On Its Integrated Heavy Rare Earths Supply Chain”, Corporate Presentations, S&P Capital IQ data as of October 2, 2026 Note: Metrics are shown on an attributable basis — Penco at 80% and Metals & Alloys at 50% attributable to Aclara (1) Based on Technical Study prices for : Dy at $1,045–$1,849/kg, Y at $250/kg, Tb at $2,535–$4,484/kg, Nd at $152–$223/kg and Pr at $155-$244/kg (2030–2040 ) for both project Penco and Carina (2) Life of mine average EBITDA, excluding ramp up and ramp down Aclara Resources (TSX:ARA) | aclara-re.com ’27E Peer Average: 13.1x ’28E Peer Average: 9.0x 22.5x 16.0x MC ($B) $7.4 $7.5 $4.2 EV ($B) $8.4 $7.4 $2.6 ‘27E EBITDA ($B) $0.4 $0.8 $0.4 ‘28E EBITDA ($B) $0.5 $1.0 $0.7
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7. Closing Remarks Aclara Resources (TSX:ARA) | aclara-re.com
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Aclara has become a technology company, significantly improving credibility, reliability and sustainability 65Aclara Resources (TSX:ARA) | aclara-re.com Critical HREEs Aclara is targeting the HREEs most critical to future technologies Demonstrated Mine-to-Alloy Platform Aclara developed and demonstrated its separation technology in-house for an integrated mine-to-alloy process Backed to help close the supply gap Strategic shareholders, broad government support and a clear long- term vision position Aclara to help ease HREE shortages 1 2 3
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Q&A Aclara Resources (TSX:ARA) | aclara-re.com
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For further information, please contact: Gustavo de Castro Ferreira Finance & Investor Relations Manager investorrelations@aclara-re.com Website: www.aclara-re.com