Harena Rare Earths: DFC Financing, PFS Milestone, Appointments

By Patricia Miller

Jan 09, 2026

4 min read

Harena Rare Earths advances DFC financing, submits its PFS and strengthens leadership with key appointments as Ampasindava moves toward development.

Harena Rare Earths (OTCQB: CRMNF) (LSE: HREE) recently released an operational update highlighting two material developments for the Ampasindava Ionic Clay Rare Earth Project in Madagascar: progress on US-backed project financing and the formal submission of its Pre-Feasibility Study (PFS). The company has also appointed a CFO, Adviser and Joint Broker.

Following senior-level meetings in Washington D.C., the Company has now entered a formal application process with the U.S. International Development Finance Corporation (DFC) for up to US$5 million in project development finance. This engagement is a meaningful signal of institutional interest from a US government-backed lender, supporting Harena’s broader financing strategy as it moves toward development.

Concurrently, Harena has completed and submitted the technical components of its PFS and is actively working with the Ministry of Mines of the Republic of Madagascar to align the study with prescribed government formatting requirements. This submission represents a key milestone on the pathway toward securing an Exploitation Permit for Ampasindava.

The company has also recently strengthened corporate infrastructure, with the appointment of a CFO and the onboarding of new advisers and brokers to expand capital markets reach in both the UK and US, an important consideration as the Company transitions from technical validation to funding and execution.

Ivan Murphy, Executive Chairman, commented:

"Our recent meetings in Washington D.C. and subsequent engagement with the DFC investment team represent meaningful progress in our project financing strategy, and we are encouraged to be moving into a formal application process for development funding.

"In parallel, the submission of our Pre-Feasibility Study is a pivotal moment in Harena's development and is the culmination of extensive technical work and sustained engagement with the Ministry of Mines of Madagascar.

"We sincerely thank Minister Carl Andriamparany and the Ministry for their collaborative and constructive approach throughout this process. The level of engagement has been highly encouraging and reflects the Ministry's progressive and commercially focused outlook as well as strong alignment between the Company and the Government of Madagascar.

"With permitting, financing and technical work advancing together, Harena is well positioned as we move into the next stage of development at Ampasindava."

Harena DFC 17.11.25

Ivan Murphy in Washington D.C. for discussion with officials from the DFC and the U.S. State Dept.

Meanwhile, Allan Mulligan, Technical Director of Harena, said:

"Completing our PFS and ensuring it aligns with the Madagascan Government's requirements has been a major focus in our engagement with the Ministry over recent weeks. The interactive dialogue with the Ministry has been highly productive, and we are encouraged by the positive engagement we have maintained throughout.

"This Study demonstrates the robustness of our technical work and reinforces the quality and economic potential of the Ampasindava Project. We look forward to continuing our engagement with the Ministry as the permitting process advances."

#Harena Rare Earths Appoints CFO, Adviser and Joint Broker

Harena Rare Earths Plc has appointed Jack Allardyce as CFO, alongside Marex as Corporate Adviser and SP Angel Corporate Finance LLP as Joint-Broker, effective immediately.

Allardyce brings extensive CFO and capital markets experience across the natural resources sector, strengthening Harena’s financial and investor-facing capabilities. Marex will support institutional marketing, trading and access to US capital markets, leveraging its enhanced equities platform following its acquisition of Winterflood Securities.

SP Angel will lead UK equity research and investor marketing, while Muriel Siebert & Co. will continue as financial advisor and broker.

Collectively, these appointments position Harena to broaden shareholder access and support continued development of the Ampasindava Project.

Learn more about Harena Rare Earths

Investor-Relevant Highlights

  • Entered formal application process with the DFC for up to US$5m in project development finance
  • Completed and submitted Pre-Feasibility Study for Ampasindava
  • Active, collaborative review underway with Madagascar’s Ministry of Mines
  • PFS submission advances timeline toward an Exploitation Permit
  • Strengthened leadership and capital markets capability with new CFO, adviser and brokers
  • Ampasindava positioned as one of the largest ionic clay rare earth deposits outside China

#About Harena Rare Earths

Harena Rare Earths is a London-based critical minerals company developing the Ampasindava Ionic Clay Rare Earth Project in Madagascar. With a 100% interest in a JORC-compliant 699Mt mineral resource, the company aims to support long-term demand for magnet metals across the energy-transition, defence, and advanced-manufacturing sectors.

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 maintains a commitment to low-impact extraction methods associated with clay-hosted rare earth systems.

Explore the Harena Rare Earths stock report now.

Harena DFC 17.11.25 2

Harena CEO Ivan Murphy in Washington D.C. for discussion with officials from the DFC and the U.S. State Dept.

#FAQs for Retail Investors

Why is DFC engagement important for Harena?

The International Development Finance Corporation (DFC) is a US government-backed institution. Progressing into a formal application process adds credibility to Harena’s financing strategy and may help de-risk future funding discussions with other lenders or strategic partners.

Why is the PFS submission such a key milestone?

The Pre-Feasibility Study (PFS) underpins the technical and economic case for the project and is a prerequisite for advancing permitting. Submission signals readiness to move from exploration into development planning.

How advanced is the permitting process in Madagascar?

Harena is now in an interactive review phase with the Ministry of Mines. This collaborative approach suggests constructive momentum toward an Exploitation Permit, though timelines remain subject to regulatory review.

What’s the strategic value of Ampasindava?

Ampasindava hosts one of the largest ionic clay rare earth deposits outside China, with high-value magnet metals (Nd, Dy, Pr) critical to EVs, defence, robotics and the global energy transition.

Uncover the Harena Rare Earths stock story.

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