Highlights

• Harena Rare Earths raised £2M at 2.20p per share to advance its Ampasindava ionic clay rare earth project in Madagascar and support DFC engagement, but this is operational runway—not construction capital for the US$142M capex requirement.
• Ampasindava holds 606,000 tonnes TREO with an attractive 22% MREO/TREO ratio and targets 4,000 tpa TREO production over 20 years, but remains a pre-production asset dependent on securing major financing, permitting, and binding offtake agreements.
• While the ex-China ionic clay deposit offers strategic value with defined JORC metrics, critical questions remain around the capital stack, refining partnerships, and jurisdiction risks in Madagascar.

---

Harena RareEarths Plc (opens in a new tab) (LSE: HREE; OTCQB: CRMNF) has raised £2.0 million via aconditional subscription (opens in a new tab) at 2.20p per share to advance its 100%-owned Ampasindava ionic clay rare earth project in Madagascar, support engagement with the U.S. International Development Finance Corporation (DFC), and fund working capital. This REEx review examines whether the financing meaningfully de-risks the asset — and what remains to be proven.

TheRaise: Bridge Funding, Not Build Funding

Harena will issue 90,909,090 new shares, conditional on Admission around 23 February 2026. The company’s February corporate presentation shows 562.65 million shares outstanding and a 2.5p share price (2 Feb 2026), implying noticeable but not transformational dilution.

This £2M raise is an operational runway. It is not construction capital. Investors should clearly distinguish between maintaining project momentum and funding a mine build.

The presentation references U.S. engagement and DFC dialogue. It does not disclose an approved DFC facility or binding funding commitment.

Engagement is strategic — but not financing certainty.

The Asset: Real Scale, Defined Metrics — Still Early

Ampasindava is presented under JORC (2012) with 606,000 tonnes contained TREO and 131,100 tonnes contained MREO (Nd+Pr+Tb+Dy) — approximately 22% MREO/TREO, which is attractive for magnet markets.

The PFS highlights include:

• US$142M pre-production capex
  

  5Mtpa throughput* ~4,000 tpa TREO production

• ~1,700 tpa NdPr+DyTb oxides
• 20-year modeled life

A recent company deck (opens in a new tab) also references an average grade of ~1,500 ppm TREO under PFS assumptions.

These are credible study-level metrics. But they remain feasibility outputs — not financed construction plans.

Critical Investor Questions

1. Financing Gap: How does £2M bridge to a US$142M+ build? What is the realistic capital stack (equity, debt, DFC, strategic partner)?
2. Permitting & Timeline: Mining licence conversion is “advancing,” subject to PFS and EISA, with Feasibility targeted Q2 2026. What are the gating risks?
3. Refining Strategy: The deck states concentrate is “designed to feed directly into U.S. refining capacity.” Which refiner? Under what binding offtake terms?  Remember the Rare Earth Exchanges™ supply chain paradigm—see REEx Insights.
4. Jurisdiction Risk: Madagascar can be workable — but political, fiscal, and logistics clarity matter.

REEx Verdict: Strategic Asset, Still Funding-Dependent

Ex-China ionic clay deposits with meaningful MREO exposure are rare. Ampasindava has legitimate scale and defined technical work.

However, this raise does not de-risk construction. It sustains momentum while larger capital solutions are pursued.

For investors: this remains a high-optionality, pre-production rare earth developer — attractive in thesis, capital-intensive in reality.

Top Holders

As of late 2025/early 2026, major shareholders in Harena Rare Earths Plc (LSE: HREE) include Sebastian Jurd (9.32%), RAB Capital (approx. 9.8% as of Jan 2026), and Allan Mulligan (8.83%), with significant insider ownership, notably Director Joseph Belladonna. The company is focused on the Ampasindava Project in Madagascar.

Source: Harena Corporate Presentation (Mining Indaba, Feb 2026)