Identifiers
Operating jurisdiction
Chile (Penco Module); Brazil (Carina, Goiás)
Sector classification
Aclara is a pure-play rare earth developer focused on ionic-clay (ionic adsorption clay) deposits. The Penco Module project in Chile and the Carina project in Goiás, Brazil are the company's primary corporate assets and represent the dominant share of enterprise value. The company has announced a vertically integrated mine-to-magnet supply chain plan, including a planned U.S. heavy REE separation facility. Pre-revenue developer with REE as the sole strategic focus places largest project capex in the Exploration Stage sector at inception.
Activity screen
Pure-play rare earth developer. Activity screen passes cleanly: REE is the company's sole strategic focus, with the Penco Module and Carina projects representing the entirety of corporate capex and forward EV. No non-REE operating segments.
Primary REE elements
HREE basket (Y, Dy, Tb; ionic-clay typical)
Borderline adjudication
Issue: Threshold marginal — liquidity floor
Facts for inclusion: Pure-play REE developer (Carina, Goiás, Brazil + Penco Module, Chile). REE is the company's sole strategic focus — vertically integrated 'mine to magnet' supply chain plan including a planned U.S. heavy REE separation facility. Activity screen passes cleanly. Market cap ~USD 579M (well above USD 50M floor). Public-facing identity is unambiguously REE.
Facts against inclusion: 90-day ADTV calculated at USD 487K — below the USD 500K standard floor. Distance from floor is ~2.6%, falling within the §10.3 / brief §9 'within 10% of the floor' window that flags to Tab 2 rather than confirming inclusion or exclusion.
Adjudication question: Should ARA.TO be included in Tab 1 with a 'liquidity proximate' annotation, or excluded with the expectation of re-evaluation at June 2026 reconstitution? Aclara is one of only two TSX-listed REE pure-play developers with majority-of-EV REE activity; excluding it on a 2.6% liquidity miss may produce a less-representative inaugural index.
Notes
Liquidity threshold-proximate: 90-day ADTV USD 487K vs USD 500K floor — 2.6% below. Included via §10.3 administrator adjudication; will be reviewed at the September 30, 2026 quarterly rebalance per constituent note §5.1.
Status, October 10, 2026. The quarterly rebalance moved to the third-Friday convention in June 2026 (methodology §8.1); the Q3 2026 rebalance was applied as of the September 18, 2026 close. Aclara’s liquidity review against the §10.3 zone is carried to the December 18, 2026 reconstitution (reconstitution log, September 18, 2026 entry). Weight at that rebalance: 5.75%.
Liquidity
- 30-day avg market cap (USD)
- $579.0M
- 90-day avg daily traded value (USD)
- $487K
Trailing windows ending at the April 30, 2026 calculation date (methodology §4.3).
Sources
https://www.aclara-re.com/ · Aclara Resources FY25 Annual Information Form (SEDAR+) · TSX filings · /constituent-note.html#adjudications
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