Harena Rare Earths (HREE ) has established a sponsored Level 1 American Depositary Receipt (ADR) programme in the United States.
Each ADR will represent 100 ordinary shares in Harena and will trade in US dollars under the ticker symbol NDPRY.
JPMorgan Chase has been appointed as depositary bank.
Harena is continuing with development work at its Ampasindava ionic clay rare earths project in Madagascar, and the ADR launch comes at a time of increasing strategic focus on securing reliable and diversified supplies of critical minerals.
Rare earth elements essential to defence, advanced manufacturing, clean energy technologies and other high-growth industries have been a particular focus in the US of late.
"We are delighted to have worked with JPMorgan to launch our U.S. ADR programme, deepening our presence in the U.S. capital markets and giving American investors, whose interest in Harena is growing rapidly, direct access to one of the most significant rare earth projects outside China,” said Ivan Murphy, executive chairman of Harena.
“With our mining permit now in place and drawdowns under way on our US Government financing from the Development Finance Corporation, Harena is advancing at pace”
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No new ordinary shares are being issued and there is no dilution of existing shareholdings as a result of the ADR programme. With that in mind, the ADR programme represents an important step in broadening Harena's international investor base, enhancing its visibility among U.S. investors and increasing awareness of the company's strategic potential within the global critical minerals sector.