A Strategic Rare Earths Project Aligned With US Demand

Harena Rare Earths (OTCQB: CRMNF) (LSE: HREE) offers investors access to a large-scale ionic-clay rare earth asset¹ at a time when the US is intensifying efforts to secure diversified magnet-metal supply². The company’s 100% ownership, advancing technical work, and institutional support provide a clear structure as it moves through resource evaluation and development programs.

The Ampasindava Project in Madagascar adds meaningful weight to Harena’s proposition. The deposit contains an independently verified 699 million tonne resource, assessed under the Joint Ore Reserves Committee (JORC) code of practice³, and ranks among the larger known clay-hosted rare earth resources outside China. Harena’s presence in Madagascar aligns the operation with allied-market priorities to broaden and stabilise rare earth supply chains⁴.

Taken together, Ampasindava’s scale, geology, jurisdiction, and policy relevance position Harena as an increasingly visible participant in the emerging field of non-Chinese rare earth development.

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. Harena is currently undertaking its pre-feasibility study and maintains a commitment to low-impact extraction methods associated with clay-hosted rare earth systems.

Project Location and Infrastructure

The Ampasindava Project is located on the eastern side of the Ampasindava Peninsula in Antsiranana Province on Madagascar’s northwest coast, approximately 500 km north of Antananarivo. The area benefits from access to enabling infrastructure including semi-industrial ports, the international airport at Nosy Be Island, and the regional town of Ambanja, supporting longer-term development planning.

Operating Environment

Madagascar has an established mining sector with clear permitting frameworks and a history of hosting major international mining developments. This context is important as Harena advances technical work and engages with regulatory processes that support the progression of mining operations in the country.

CEO Ivan Murphy has developed strong ties with key officials in the country through ongoing outreach and coordination. As part of Harena management’s strategy to expand government engagement and support US objectives for a secure, non-Chinese rare earth supply, he met with US officials and held discussions with the US International Development Finance Corporation (DFC), the government’s development finance institution that plays a central role in critical minerals strategy.

Murphy noted,

It was a privilege to engage with the DFC. We look forward to continuing discussions as the US seeks to diversify #REE supply chains.

Positioning Harena alongside recognised rare earth producers and developers provides helpful context for investors assessing its potential role in the supply chain. The companies compared operate at different scales and with different mineral systems, but these differences showcase where Harena’s resource, ownership structure, and strategic direction set it apart.

Competitive Edge

Harena’s competitive edge comes from its large-scale, near-surface clay-hosted rare earth element (REE) resource, its presence in a recognised mining jurisdiction, full ownership of the asset, a defined US-facing strategy, and support from recognised institutions that reinforce confidence in its development pathway.

This alignment of geology, jurisdiction, ownership structure, and strategic positioning gives the company development momentum and a differentiated place within the emerging non-Chinese rare earth landscape.

Source: Harena Rare Earths Corporate Presentation December 2025

Global demand for magnetic rare earth elements continues to accelerate as electrification, advanced manufacturing, and defence modernisation reshape industrial supply chains. Independent industry forecasts indicate that demand for neodymium, praseodymium, dysprosium, and terbium may triple by 2035⁸ as electric vehicle adoption grows, grid-scale wind deployments expand, and automation spreads across logistics, aerospace, and industrial robotics. These applications rely heavily on neodymium-iron-boron (NdFeB) permanent magnets, which remain the strongest commercially available magnets and are difficult to substitute at comparable performance-to-weight ratios.

At the same time, supply growth outside China remains constrained. Reports over the past year highlight China’s continued dominance⁹ across extraction, processing, metal making, and magnet production. Periodic export and licensing adjustments have demonstrated how concentrated and sensitive the downstream chain remains. Even short-term disruptions have affected global manufacturers, reinforcing the importance of diversified supply.

This backdrop has shifted policy priorities in the US, Europe, Japan, Australia, and other aligned economies. Governments are placing greater emphasis on secure and transparent mineral sourcing, investing in new capacity, and supporting early-stage upstream projects as part of broader industrial and national security strategies. Similar dynamics are evident across other critical minerals, drawing increased institutional interest to assets that can support long-run diversification.

Clay-hosted rare earth deposits, although uncommon outside southern China and parts of Southeast Asia, have attracted growing attention due to their potential for lower-impact mining and simpler metallurgy relative to hard-rock systems. This has elevated interest in clay-rich deposits located in jurisdictions aligned with western supply-chain objectives.

Source: Harena Rare Earths Corporate Presentation December 2025

Several forces are shaping the long-term outlook for rare earths:

• Supply Reshoring: Efforts to reduce reliance on a single processing hub.
  

• Federal Backing: Government programs supporting feasibility studies and processing capacity.
  

• Defence Priorities: Rising defence spending and strategic focus on magnet metals used in aircraft, naval platforms, and advanced electronics.
  

• Electrification Surge: Continued growth in EVs, wind, grid-storage technologies, and automation.
  

• Magnet Demand: Sustained expansion in NdFeB magnet use across mobility, clean energy, medical technology, and robotics.
  

• ESG Preference: Stronger preference for transparent, ESG-aligned mineral development.
  

• Clay-Hosted Interest: Rising focus on non-Chinese clay-hosted REE systems for their strategic and operational advantages.

Global policy shifts are reinforcing these trends. Several countries have increased restrictions or oversight on critical-mineral trade linked to China, while China has expanded administrative controls on products containing rare earths¹⁰. These shifts have heightened corporate awareness of supply-chain risk and intensified the search for alternative, geographically diversified magnet-metal sources.

In this environment, large-scale clay-rich REE systems located outside China have drawn greater attention from institutional investors, governments, and downstream manufacturers seeking longer-term security of supply.

Investment Considerations

As with all development-stage mining opportunities, outcomes depend on future technical, regulatory, and financial milestones. Timelines, costs, and project advancement remain subject to permitting results, study outcomes, funding conditions, and operational execution.

Harena Rare Earths’ development-stage asset in Madagascar, combined with its 100% ownership position and JORC-classified 699Mt Mineral Resource, places it among the emerging assets that may become increasingly relevant to US-aligned diversification efforts. While advancement depends on future results, the alignment of resource scale, geology, and market timing positions Harena within a strategic segment of the tightening global rare earth landscape.

Harena’s leadership team blends technical depth, operational know-how, and capital markets experience directly relevant to rare earth project development. The board has previously advanced similar assets through feasibility, financing, and construction phases, bringing insight into project delivery, regulatory engagement, and strategic partnerships.

Ivan Murphy – Executive Chairman

Ivan has over 25 years of experience in natural resource finance, including senior roles across investment banking and asset management. He has sourced, structured, and raised public and private capital for companies across the sector. His past positions include Director at GazpromBank Invest (MENA), Partner at Fairfax Investment Bank, Managing Director of Aberdeen Asset Management (Ireland) Limited, and Executive Chairman of Tantalus Rare Earths AG, the previous owner of the Ampasindava asset. During his prior tenure with Tantalus, he introduced the opportunity to potential development partners in the US and Europe. Ivan was also a founder director of Cove Energy PLC, which was acquired for $1.5 billion, and secured $20 million in private equity for Aladdin Middle East, a Turkish oil exploration and production company.

Allan Mulligan – Executive Technical Director

Allan is a mining engineer with extensive experience in operating, exploring, and developing mines in Africa. He is a co-founder of Walkabout Resources and previously helped manage an ionic-clay rare earth project in Uganda, contributing rare earth specific technical expertise.

Board Strength

The wider board adds complementary experience across mining finance, project execution, governance, and rare earth sector strategy.

Timothy Morrison (Non-Executive Director)

Founder of ASX-listed Galena Mining Limited, where he worked with the team to secure project finance and bring a mine into production within five years of listing. He has more than twenty years of experience across private and public markets.

Stephen Weir (Non-Executive Director)

Stephen has over 25 years of experience in equity capital markets, including as CEO of ASX-listed Magnetite Mines. His background includes senior corporate advisory roles, project finance, and construction management. He is a member of the Australian Institute of Company Directors and sits on the GBA Capital Advisory Board.

Paul Richards (Non-Executive Director)

Paul is a qualified Solicitor and experienced investment banker with over 35 years in capital markets. He has worked on numerous IPOs and private fundraisings across sectors including natural resources. Paul previously served as an Executive Director of Tantalus Rare Earths AG, the former owner of the Ampasindava Project, giving him detailed knowledge of the asset, its site, and the regulatory regime under which it operates. He is currently the Executive Chairman of TES Holdings Limited, a waste oil and water treatment business in Colombia.