Aclara Resources Inc. announced that the second tranche of the earn-in agreement has been fulfilled, thus securing 100% ownership of the 8,490 hectares of mining rights comprising the Carina Module. On November 6, 2023, the Company had previously executed the first tranche of the earn-in agreement securing an initial 51% ownership interest. Earn-in Agreement: The Company has exercised the option to earn 100% interest of the Carina Module mining rights.

In order to earn the remaining 49%, Aclara fulfilled the following conditions: Drilled 2,000 meters within the mining rights that constitute the Project, in addition to the first 2,000 meters drilled to earn the first tranche in 2023; Invested USD 2.0 million in exploration expenses, in addition to the USD 1.0 million previously invested in exploration expenses to earn the first tranche; and Paid the owner of the mining rights a total USD 300,000, in addition to the USD 200,000 previously paid to the mining rights owner to earn the first tranche. The earn-in agreement also considers a royalty payment to the previous owner of the mining rights when the project is in commercial production. Aclara has an option to acquire 100% of the royalty for USD 6.5 million during the first year of commercial production.

The purchase of the royalty is included in the financial model that underpins the Carina Module Preliminary Economic Assessment released by the Company on January 23, 2024.