RCS - Harena Rare Earths - SP Angel Initiates Research Coverage

Harena Rare EarthsAnnouncement

06/03/2026 07:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20260306:nRSF5635Va&default-theme=true

RNS Number : 5635V  Harena Rare Earths PLC  06 March 2026

06 March 2026

Harena Rare Earths Plc

("Harena" or the "Company")

 

SP Angel Initiates Research Coverage

 

Harena Rare Earths Plc (LSE: HREE, OTCQB: CRMNF), the rare earths company
focused on the Ampasindava ionic clay rare earth project in Madagascar (the
"Ampasindava Project"), notes the publication of a research initiation report
by its broker, SP Angel Corporate Finance LLP ("SP Angel").

 

SP Angel has initiated coverage on the Company with a Buy recommendation and a
target price of 9.4p per share.

 

Research Highlights:

 

 ·   The Ampasindava Project is a large-scale ionic clay rare earth project hosting
     a JORC Mineral Resource Estimate of approximately 699Mt at 868ppm TREO.

 ·   The Ampasindava Project is positioned as a potential scalable ex-China source
     of high-value magnet rare earth oxides, including neodymium, praseodymium,
     dysprosium and terbium, which are critical for electric vehicles, renewable
     energy, advanced manufacturing and defence.

 ·   Rare earth supply remains highly concentrated, with >60% of upstream supply
     and >90% of downstream processing controlled by China, highlighting growing
     Western supply chain security concerns.

 ·   Discussions are underway with the U.S. International Development Finance
     Corporation (DFC) regarding a potential initial commitment of up to US$5M,
     with scope for broader project-level support.

 ·   Near-term catalysts over the next 24 months include Exploitation Licence
     conversion (1H 2026), DFS completion (2026), potential government funding
     update (2026), demonstration plant validation (2026-27), and potential
     strategic/offtake agreements ahead of a targeted Final Investment Decision in
     2027.

 

 

SP Angel's valuation analysis estimates the Ampasindava Project's post-tax
NPV10 at approximately US$200M under base case pricing, increasing to US$510M
under spot pricing assumptions, suggesting the Company is currently trading at
approximately 0.1x P/NAV, reflecting strong upside potential.

 

The full research report is available on the Company's website and can be
found here.
(https://harenaresources.com/wp-content/uploads/2026/03/March-2026-SP-Angel-Harena-Rare-Earths-Initiation-Note.pdf)

 

 

For further information please contact:

 

 Harena Rare Earths Plc

 Ivan Murphy, Executive Chairman                                +44 (0)20 7770 6424

 Allan Mulligan, Executive Technical Director

 SP Angel - Joint Broker                                        +44 (0)20 3470 0470

 Ewan Leggat / Josh Ray (Corporate Finance)

 Marex Financial - Corporate Advisor                            +44 (0)20 7655 6000

 Angelo Sofocleous / Keith Swann / Matt Bailey (Broking)        corporate@marex.com

 Muriel Siebert & Co. - US Financial Adviser & Broker           +1 (917) 902 7823 aasija@siebert.com

 Ajay Asija, Co-Head of Investment Banking

 Celicourt Communications - Public Relations                    +44 (0)20 7770 6424

 Mark Antelme / Charles Denley-Myerson                          harena@celicourt.uk

 

 

Notes to editors

 

Harena (www.harenaresources.com (http://www.harenaresources.com.au) ) is a
rare earths exploration and development company focused on the Ampasindava
Ionic Clay Rare Earth Project in Madagascar (Harena's interest is 100%). The
project hosts one of the largest ionic clay rare earth deposits outside of
China, with significant concentrations of high-value magnet metals,
specifically heavy rare earths, including neodymium (Nd), dysprosium (Dy), and
praseodymium (Pr), which are critical for the composition of neodymium magnets
(NdFeB). Harena is committed to low-impact, high recovery mining, providing a
sustainable supply of critical minerals for the global energy transition and
military defence industries as well as meeting the ever-growing demand for
NdFeB from the robotics sector.

 

This information is provided by Reach, the non-regulatory press release distribution service of RNS, part of the London Stock Exchange. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  NRAFLFSRVEIEIIR



            Copyright 2019 Regulatory News Service, all rights reserved