Ionic clay is the deposit type the West does not have enough of. Carina’s FS (NPV ~$1.7B at 8%) and a June EIA put Aclara on a 2028 start. Average output of 4,378 t REO including 1,191 t NdPr, 156 t Dy and 27 t Tb is a magnet-industry number, not a junior brochure.

The desk cares about the US leg. Project Dynamo — a Louisiana separation plant fed by Brazilian MREC — is how a TSX ionic-clay name becomes a Western supply-chain name. Metals and alloys are scoped behind it. Permits and capex on Dynamo are the next pulse, not another Brazilian drill hole.