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On 06 March 2026, SP Angel Corporate Finance LLP initiated research coverage on Harena Rare Earths Plc, issuing a 'Buy' recommendation with a target price of 9.4p per share. Harena's Ampasindava Project holds a JORC Mineral Resource Estimate of approximately 699Mt at 868ppm TREO. The company is in discussions with the U.S. International Development Finance Corporation regarding a potential initial commitment of up to US$5M.
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:
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The Ampasindava Project is a large-scale ionic clay rare earth project hosting a JORC Mineral Resource Estimate of approximately 699Mt at 868ppm TREO.
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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.
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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.
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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.
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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.
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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.
For further information please contact:
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Harena Rare Earths Plc Ivan Murphy, Executive Chairman Allan Mulligan, Executive Technical Director
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+44 (0)20 7770 6424
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SP Angel - Joint Broker Ewan Leggat / Josh Ray (Corporate Finance)
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+44 (0)20 3470 0470 |
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Marex Financial - Corporate Advisor Angelo Sofocleous / Keith Swann / Matt Bailey (Broking) |
+44 (0)20 7655 6000 |
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Muriel Siebert & Co. - US Financial Adviser & Broker Ajay Asija, Co-Head of Investment Banking |
+1 (917) 902 7823 [email protected] |
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Celicourt Communications - Public Relations Mark Antelme / Charles Denley-Myerson |
+44 (0)20 7770 6424 |
Notes to editors
Harena (www.harenaresources.com) 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.