REG - Harena Resources PLC - Directorate Change

Harena ResourcesAnnouncement

03/06/2025 07:30

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RNS Number : 1863L  Harena Resources PLC  03 June 2025

 

3 June 2025

 

Harena Resources Plc

 

("Harena" or the "Company")

 

Board Changes

Harena (LSE:HREE) is pleased to notify Mr Stephen Weir will be joining the
board of Harena Resources as a Non-Executive Director, effective immediately.
Stephen Weir is a highly experienced mining and finance executive.

In conjunction with Stephen's appointment, Joe Belladonna will transition from
his current role to become General Manager of Business Development (a
non-board executive role), with effect from 30 June 2025.  This planned
transition is part of the Company's strategy to evolve Board composition while
maintaining an appropriately sized governance structure for a company at
Harena's stage of development.

Harena Chairman, Tim Morrison, commented:

"We are very fortunate to have attracted Stephen, a high-quality and
experienced director to the Board of Harena.  Stephen brings deep mining
industry experience and capital market insight at both and executive and
director level.  His knowledge of the UK capital markets will be invaluable
as we progress the Ampasindava rare earth project.

I would also like to acknowledge enormous effort and contribution of Joe
Belladonna whose leadership and determination has been instrumental in
steering the company through to its successful LSE listing. Joe will continue
to play a key role in our growth strategy by focusing on business development
and advancing discussions around government and non-government funding -
particularly aligned with growing US based rare earth processing capability
and initiatives."

 

Background on Stephen Weir

Stephen has more than 25 years of experience in equity capital markets and
corporate advisory roles. He previously served as Managing Director at RFC
Ambrian, a UK based mining corporate advisory firm and previously held senior
roles in the mining & metals team at Bankers Trust in Sydney.  Stephen
has an extensive background in mining and finance and most recently was CEO of
ASX-listed, Magnetite Mines Ltd, where he worked closely with the executive
team to deliver the Definitive Feasibility Study in line with an evolving ESG
roadmap and establishing company values to ensure approvals and permitting
objectives were met and being involved in raising investor awareness in the
Company and its core value proposition.

Stephen's expertise spans senior corporate advisory, project financing, and
construction management roles, and will provide valuable expertise in support
of the development and financing of Harena's flagship Ampasindava rare earth
project development in Madagascar.

He holds a Bachelor of Engineering (Hons, Mechanical) from the University of
Melbourne, a Graduate Diploma of Applied Finance (SIA), and is a Member of
Australian Institute of Company Directors (AICD).  He is a non-executive
director of EQ Resources Ltd and is a member of the GBA Capital Advisory
Board.

Stephen's nomination and appointment is in accordance with the rights of the
trustee under the Company's A$1.5m Loan Note Facility ("Facility") that was
created in-conjunction with the listing of Harena on 21 March 2025.  In line
with the terms of the Facility the trustee has the right to appoint two
directors to the board of Harena, as was detailed in the prospectus dated 26
February 2025.  Stephen is now representing one of those appointments.  The
Facility was organised by GBA Capital Pty Ltd.  The principle of GBA Capital
currently owns or controls 9.9% of the issued capital of Harena.

Stephen currently holds 4,449,206 Harena Shares (1.07% of the issued
capital).

There are no further disclosures required for the purposes of UKLR 6.4.6R and
UKLR 6.4.8R.

Board Structure and Role Transition

In line with the Company's aim to maintain an effective board, Joe Belladonna
will step into the executive role of General Manager of Business
Development following two years as Managing Director. This ensures continuity
of strategic vision while aligning Board size with Harena's current stage.

At this time, Harena does not intend to appoint a new Managing Director with
Allan Mulligan leading the technical and geological aspects of project
development of the Ampasindava rare earth project.

Contact

 Harena Resources                      www.harenaresources.com.au (https://harenaresources.com.au/)
 Joe Belladonna/Allan Mulligan         +44 (0)1624 681 250

                                       info@harenaresources.com.au (mailto:info@harenaresources.com.au)
 Tavira Financial                      +44 (0)20 7330 1833

 Jonathan Evans/Oliver Stansfield
 Flowcomms (Investor Relations)        +44 (0) 7891 677 441

 Sasha Sethi                           sasha@flowcomms.com (mailto:sasha@flowcomms.com)
 X (Twitter)                           www.x.com/HarenaResources (http://www.x.com/HarenaResources)
 LinkedIn                              www.linkedin.com/company/harenaresources
                                       (https://www.linkedin.com/company/harenaresources/)

 

 

 

Notes to Editors

 

Harena Resources is a rare earths exploration and development company focused
on the Ampasindava Ionic Clay Rare Earth Project in Madagascar (Harena's
interest is 75%). The project hosts one of the largest ionic clay rare earth
deposits outside of China, with significant concentrations of high-value
magnet metals. 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.

Forward-Looking Statements This announcement contains forward-looking
statements that involve risks and uncertainties. Actual results may differ
materially from those expressed or implied in such statements.

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