Harena Rare Earths PLC (HREE) booked a loss of just over £14 million in the 14 months to June 2025. 

Cash at year-end was just £28,000.

During the period the company listed – as Harena Resources – on the main market, becoming London’s only publicly-traded vehicle in ionic clay rare earths. Against the backdrop of the huge publicity around rare earths that developed this year, Harena then raised £1.2 million in July, and a further £450,000 in October. 

“Since then we have advanced our globally significant 606,000 tonne TREO JORC-compliant resource, which includes a premium mix of heavy rare earth elements such as dysprosium, terbium, neodymium, and praseodymium, all critical to the world's transition to clean energy, high-performance technologies, and advanced defence systems,” said executive chairman Ivan Murphy.

“Our project is not an exploration play, it is a true mining project with a clear development pathway. Following the completion of baseline metallurgical test work and our pre-feasibility study, scheduled for November 2025, we will move quickly into a feasibility study in early 2026. This will support the conversion of our mining licence application, expected in 2026, as we continue our active and constructive engagement with the Malagasy government and local stakeholders. A particularly important milestone in this period has been the strong financial support we have secured from leading institutions in both the UK and the US, including Wexford Capital, Fondren LLP, and RAB Capital. As a result of these fundings, Harena is now financially secure to meet its near-term costs, giving us the confidence and stability to accelerate the project on its path towards production.”

 

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The US government has made clear its determination to secure critical mineral supply chains and reduce reliance on China for rare earth elements, and Harena is exceptionally well placed to be part of the solution. Not surprisingly, then, Harena has been marketing heavily into the US and securing significant interest. Once the economic studies are complete, expect a rapid move towards development, with backing from some influential sources.