Announcement PDF RNS Number : 5635V Harena Rare Earths PLC 06 March 2026 06 March 2026 Harena Rare Earths Plc ("Harena" or the "Company") SPAngel 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 ("SPAngel"). SP Angel has initiated coverage on the Company with a Buy recommendation and a target price of 9.4p per share. Research Highlights: · The Ampasindava Project is a large-scale ionic clay rare earth project hosting a JORC Mineral Resource Estimate of approximately 699Mt at 868ppm TREO. · 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. · 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. · 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. · 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. 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: Harena Rare Earths Plc Ivan Murphy, Executive Chairman Allan Mulligan, Executive Technical Director +44 (0)20 7770 6424 SPAngel - Joint Broker +44 (0)20 3470 0470 Ewan Leggat / Josh Ray (Corporate Finance) Marex Financial - Corporate Advisor Angelo Sofocleous / Keith Swann / Matt Bailey (Broking) +44 (0)20 7655 6000 corporate@marex.com Muriel Siebert & Co. - US Financial Adviser & Broker Ajay Asija, Co-Head of Investment Banking +1 (917) 902 7823 aasija@siebert.com Celicourt Communications - Public Relations Mark Antelme / Charles Denley-Myerson +44 (0)20 7770 6424 harena@celicourt.uk 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. This information is provided by Reach, the non-regulatory press release distribution service of RNS, part of the London Stock Exchange. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com. RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy. END NRAFLFSRVEIEIIR