2026 121 Mining Investment Cape Town | Executive Chairman, Ivan Murphy Interview

Harena 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.

What are your key goals for the next 3, 6 and 12 months?

3 Months:

• Receive Mining Licence conversion from Ministry in Madagascar

• Finalise Feasibility Study upgrade from PFS to DFS

• Commence design of Pilot Plant at site in Madagascar

6 Months:

• Commence construction of Pilot Plant at site in Madagascar

• Finalise ESIA and submit to ONE for approval

12 Months:

• Initiate final testwork at Pilot Plant

• Commence Front End Engineering and Design

• Secure long term product off-take

• Proceed to FID

What do you think makes your company such a compelling investment?

Harena Rare Earths (HREE) is substantially under-valued in comparison to its peers in Ionic Clay Rare Earth deposits globally. A huge measured, indicated and inferred JORC resource of 600kt of rare earth minerals underpins the value. Mining Licence award is imminent and progress toward on-the-ground testing of proven metallurgical test work is near term. Construction of the simple heap leach operation to produce 300 tonnes/annum of Rare Earth Concentrate is near term.