Rare Earths Americas, Inc. (NYSE American: REA) has commenced an Initial Assessment (IA) at its Constellation Rare Earths Project in Brazil's Poços de Caldas district, with completion targeted for mid-2027, according to a company press release.

The Constellation project holds an inferred mineral resource of 266.2 million tonnes grading 2,637 ppm total rare earth oxides (TREO) at a 1,000 ppm TREO cut-off, effective October 31, 2025. The resource was prepared by McGarry Geoconsulting Corp. and Karst Geo Solutions LLC. The project covers approximately 59.5 km² across 21 mineral tenements in the Poços de Caldas alkaline complex in Minas Gerais, with the resource currently defined on approximately 16 km².

The IA is expected to include an initial mine plan, rare earth annual production potential, metallurgical review, infrastructure assessment, permitting overview and preliminary project economics. Magnet rare earths neodymium-praseodymium (NdPr) and dysprosium-terbium (DyTb) represent approximately 21% and 1% of the TREO basket, respectively.

REA holds two other rare earth projects in Brazil: the Alpha project in Bahia, which hosts an inferred mineral resource and is advancing a separate IA targeting early 2027 completion, and the early-stage Homer-A exploration project in Goiás, where no mineral resource has been estimated.

The Poços de Caldas district has recently drawn attention from other companies. Lynas Rare Earths (ASX: LYC) announced a proposed acquisition of Meteoric Resources (ASX: MEI), owner of the Caldeira project in the same complex. In September 2026, USA Rare Earth (Nasdaq: USAR) completed its acquisition of Serra Verde, owner of the Pela Ema ionic adsorption clay operation in Goiás, supported by a $565 million loan facility from the U.S. International Development Finance Corporation.

REA has not completed the IA and has not made a development or construction decision for Constellation. Inferred mineral resources do not have demonstrated economic viability.