Desk · Development / financing · HREE-heavy
TSX:ARA · ARAAF · OTCID
Aclara Resources
Ionic-clay HREE developer. Carina FS in Brazil, Penco in Chile, and Project Dynamo separation scoped for Louisiana.
Strong
Pulse Timeline
Isoelectric line is the baseline Pulse. Spike height is catalyst strength. Wide gaps or a flat line = stalled progress / life support.
- 1) 04-13 FS
- 2) 06-01 Beat
- 3) 12-01 FS
- 4) 07-01 Oxide
Lead II · 25 mm/s · Pulse 10 mm/mV · snapshot 2026-08-22
Building
Cadence is real, not yet a cluster. Next print has to land.
- Last beat
- 131d
- Beats / 90d
- 1
- Recent gap
- 49d
2 beats in 180d
- — Last material beat 131d ago — Carina NI 43-101 FS filed.
- — Next: Project Dynamo FS (guided) (101d).
- — Recent gap 49d between prints.
- — Nasdaq path is a sequence, not a filing.
Trading
- Last
- C$3.96
- 1d
- +5.9%
- Mkt cap
- $714M
- Volume
- 92k
- 52-week
- C$0.7 – C$4.4
- 1m
- —
- 3m
- —
- 1y
- —
Shares — · EV / MagREO $29M/kt · snapshot, not a live tape
Company & people
HQ
Toronto / Santiago
Focus
HREE-heavy · Ionic clay
CEO Ramón Barúa
- Ramón Barúa, CEO
- Hochschild Mining (strategic)
- CAP (Chile partner on Penco)
Hochschild-backed. This is a controlled developer, not an orphan junior.
Mine / project
Flagship
Carina (Brazil) + Project Dynamo (Louisiana)
Location
Goiás, Brazil; Biobío, Chile; Louisiana, USA · Brazil / Chile / United States
Deposit
Ionic adsorption clay
Resource
Carina ~168 Mt ionic clay. FS: 4,378 tpa REO including 1,191 t NdPr, 156 t Dy, 27 t Tb over 18 years.
NdPr / MagREO
HREE-weighted MREC (97.7% purity cited). NPV ~$1.7B at 8% (Apr 2026 FS).
Desk basket
25 kt MagREO (desk) · 21,000 t NdPr (desk)
Radioactivity
Low — permit tell vs peers
EV / contained MagREO is usable here — clay, FS-stage, HREE-weighted.
Capital, loans, grants & support
Developer treasury vs Carina + Dynamo capex. Hochschild is the backstop, not a funded plant.
Hochschild Mining equity
Strategic/controlling shareholder
US build partner
Louisiana separation (Dynamo) and alloys FEL-2 — the Nasdaq-path tell
- Mine-to-alloys strategy; offtake book still being filled post-FS
The Pulse
FS + EIA on Carina, 2028 start, Louisiana plant scoped. This is the cleanest Western ionic-clay HREE name with a US processing story. Offtake and Dynamo capex are the remaining pulse.
TSX + OTCID (ARAAF ~US$2.90). Not OTCQB, not DTC. Louisiana Dynamo plus offtake is the honest uplist path — a plant, not a ticker swap.
Next: 1 Dec 2026 — Dynamo separation FS (guided Q4 2026) and Carina early works
Nasdaq path
Home listing is not Nasdaq. Bid price, registration, and a real asset gate are.
- 01 · DoneTSX listing10 Dec 2021
Primary listing ARA. Hochschild-backed. This is already a senior-board Canadian name.
- 02 · LiveUS OTC (ARAAF)
OTCID / pink-adjacent, ~US$2.88. Not OTCQB. US tape exists; it is the cheap kind.
- 03 · GapDTC eligibility
No DTC print the desk will count. OTCID without DTC is not a US institutional path.
- 04 · LiveUS holder tape
Louisiana Dynamo is the US story. Holders will follow a plant, not an OTC ticker.
- 05 · NextDynamo FS + offtake1 Dec 2026
Carina FS is filed. Dynamo separation FS guided Q4 2026. That is the listing argument.
- 06 · GapSEC registration
No 20-F / 40-F. A Nasdaq listing needs Exchange Act registration. MJDS 40-F if they qualify as Canadian.
- 07 · GapNasdaq $4 bid
ARA ~C$3.96 / ARAAF ~US$2.90. Below $4. A Louisiana plant plus offtake is how this clears without a split.
- 08 · GapNasdaq application
Not filed. Honest path: Dynamo capex + US offtake, then uplist. A ticker swap before the plant is decoration.
Catalysts
- 13 Apr 2026Carina NI 43-101 FS filed study
- 1 Jun 2026Carina EIA received other
- 1 Dec 2026Project Dynamo FS (guided) study
- 1 Jul 2028Carina startup window production
Journal
Desk note
Stays on this device. Not the press release.
Pulse = Catalyst proximity + government/strategic support + Nasdaq-path / listing signals + valuation & execution + stage progress. Method