Mr. Ramon Barua reports

ACLARA ANNOUNCES IMPROVED GRADES AT THE CARINA MODULE

Aclara Resources Inc. has provided an update on the latest activities related to the Carina module located in the state of Goias, Brazil. Since announcing the discovery of the Carina module on Oct. 11, 2023, the company has received the remaining desorbable 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-per-cent ownership of the 8,490 hectares comprising the Carina module.

Ramon Barua, chief executive officer, commented:

"We are pleased to report that the remaining results of our initial drilling campaign at the Carina module have been received, which show improved grades compared to our initial results. The preparation of the maiden mineral resource estimate is under way and we expect it should be ready in the coming weeks. Even though our initial drilling campaign has only extended to approximately seven metres below surface, we believe that the model will confirm the discovery of an attractive rare earths deposit. Furthermore, the next phase of our drilling campaign is under way, this time using RC drilling equipment, which will allow deeper holes to be drilled with the objective of understanding the full potential of the deposit at depth. The assay results show strong desorbable grades for both heavy and light rare earths, favourable metallurgy, and a mineralized footprint that covers an area 10 times larger than our Penco module in Chile.

"In a recent trip to Goiania, the capital of the state of Goias, we were received by the governor, Ronaldo Caiado, and the secretaries of the Environment, Industry and Infrastructure, and were given the opportunity to present our proposed project. The encouraging geological results combined with an enthusiastic reception from the local authorities provide us 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 per cent of chemical assays), which were still pending at the time of the Carina module discovery press release on Oct. 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 (TREO) with average grades at 1,229 parts per million (ppm). From an average drilling depth of 7.2 metres, 89.1 per cent of the drill holes (previously 71.2 per cent) include 6.1 metres (previously 5.7 metres) with TREO average grades at 1,510 ppm (previously 1,367 ppm) and desorbable rare earth oxides (DREO) at 470 ppm (previously 449 ppm). A selection of high-grade drill hole results are shown in the table entitled "Summary of Carina module's top 10 drill hole results," with the full set of results included in the table entitled "Complete list of drill holes from the auger drilling campaign at Carina module (February to August, 2023)" at the end of this press release.

Reverse circulation drilling campaign commenced

The company started the execution of an initial RC drilling campaign consisting of 1,500 metres within 38 drill holes, of which 431 metres within seven drill holes have been completed to date. The company expects to receive the results of this campaign during Q1 2024.

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-per-cent ownership of the 8,490 hectares of the project, with the remaining 49 per cent expected to be secured during 2024.

Sampling and assay protocols

The 238 auger drill holes, which were sampled at intervals of 0.5 m to two m, for a total of 1,344 samples, were sent for total REE (rare earth element) 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 National Instrument 43-101 technical report and preliminary economic assessment for the Penco module project, with an effective date of Sept. 15, 2021. The quality assurance/quality control (QA/QC) program indicates high levels of accuracy for Dy (dysprosium), Tb (terbium), Nd (neodymium), Pr (praseodymium) and Lu (lutetium). Over all, the database for total grades similarly shows high accuracy.

Qualified person

The technical information in this news release, including the information related to geology, drilling and mineralization, has been reviewed and approved by the company's exploration manager, Luiz Jorge Frutuoso Jr., who has more than 20 years of relevant experience. Mr. Frutuoso is a fellow of the Australasian Institute of Mining and Metallurgy (AusIMM), a fellow of the Australian Institute of Geoscientists (AIG) and is a qualified person (QP) as defined by National Instrument 43-101 -- Standards of Disclosure for Mineral Projects.

Mr. Frutuoso confirms that he visited the project area on May 24, 2023, and was supported by the company's chief geologist, Juan Pablo Navarro, who reviewed and analyzed the relevant project information. The company contracted the services of GeoAnsata to review and approve the data quality and QA/QC protocols.

About Aclara Resources Inc.

Aclara Resources is a development-stage company that focuses on heavy rare earth mineral resources hosted in ion-adsorption clay deposits. Its primary project is known as the Penco Module and is located in the BioBio region of southern Chile. The company is also evaluating a second module, the Carina Module, located in the state of Goias in central Brazil.

Currently, Aclara has a strong focus on the development, construction and future operation of the Penco module, with the primary objective of establishing a processing plant designed to produce heavy rare earths concentrate.

Aclara's extraction process offers several environmentally attractive features. It does not involve blasting, crushing or milling. Additionally, it does not generate tailings, eliminating the need for a tailings storage facility. The company utilizes 100-per-cent-recycled water and minimizes water consumption through high levels of water recirculation. The ionic clay feedstock is amenable to leaching with a fertilizer and harmful radionuclides are not produced.

Simultaneously, alongside the development of the Penco module, the company intends to identify and evaluate further opportunities, such as the Carina module, for increasing production of heavy rare earth elements. This will involve intensive greenfield exploration programs, and the development of additional project modules within the company's concessions in Brazil, Chile and Peru.

Note:

• DREO is the recoverable fraction of the total contained rare earths (TREO) using the Penco module's ammonium sulphate-based metallurgical process.
• TREO considers all rare earths elements represented in oxide form (lanthanum (La2O3), cerium (Ce2O3), praseodymium (Pr6O11), neodymium (Nd2O3), samarium (Sm2O3), europium (Eu2O3), gadolinium (Gd2O3), terbium (Tb4O7), dysprosium (Dy2O3), holmium (Ho2O3), erbium (Er2O3), thulium (Tm2O3), ytterbium (Yb2O3) and lutetium (Lu2O3).

We seek Safe Harbor.