Aclara Resources Inc. provided an update on the latest activities related to the Carina Module ("the Project") located in the State of Goiás, Brazil. Since announcing the discovery of the Carina Module on October 11, 2023, the Company has received the remaining desorbable[1] chemical assays from the initial auger drilling campaign. Furthermore, a reverse circulation (RC) drilling campaign has started and the first tranche of the earn-in agreement has been fulfilled, thus securing 51% ownership of the 8,490 hectares comprising the Carina Module.

In a recent trip to Goiania, the capital of the State of Goiás, the company was received by the Governor, Ronaldo Caiado, and the Secretaries of the Environment, Industry and Infrastructure, and were given the opportunity to present proposed project. The encouraging geological results combined with an enthusiastic reception from the local authorities provide with optimism about the outlook of the Carina Module. Completion of Desorbable Chemical Assays from the Auger Drilling Campaign.

The balance of the results from the initial auger drilling campaign (18.2% of chemical assays), which were still pending at the time of the Carina Module discovery press release on October 11, 2023, were received and they show improved results, further consolidating the quality of the discovery. Prospective Grades: The drilling results show higher Total Rare Earth Oxides[2] (TREO) with average grades at 1,229 ppm. From an average drilling depth of 7.2 meters, 89.1% of the drillholes (previously 71.2%) include 6.1 meters (previously 5.7 meters) with TREO average grades at 1,510ppm (previously 1,367 ppm) and Desorbable Rare Earth Oxides ("DREO") at 470ppm (previously 449 ppm).

A selection of high-grade drillhole results are shown in Table 1 below, with the full set of results included in Table 2 at the end of this press release. The Company started the execution of an initial RC drilling campaign consisting of 1,500 meters within 38 drillholes, of which 431 meters within 7 drillholes have been completed to date. Execution of the First Tranche of the Mining Rights Earn-in Agreement The Company has successfully executed the first tranche of the earn-in agreement, securing 51% ownership of the 8,490 hectares of the Project, with the remaining 49% expected to be secured during 2024.

The 238 auger drillholes, which were sampled at intervals of 0.5 meters to 2 meters, for a total of 1,344 samples, were sent for total REE analysis (REY T) to the ALS laboratory in Lima, Peru, and desorption (REY D) analysis to AGS laboratory in La Serena, Chile. The same sampling and analytical protocols were followed as detailed in the Company's Amended and Restated NI 43-101 Technical Report, Preliminary Economic Assessment for Penco Module Project, with an effective date of September 15, 2021. The QA/QC program indicates high levels of accuracy for Dy, Tb, Nd, Pr and Lu.

Overall, the database for total grades similarly shows high accuracy.