Business
Completion of Pre-Feasibility Study
Harena Rare Earths Plc has announced the completion of its pre-feasibility study for the Ampasindava Rare Earth Project, confirming technical viability and outlining a robust economic framework. The study projects a 20-year mine life with an estimated total rare earth oxide (TREO) production of 71 kilotonnes, at an average grade of 1,500 ppm TREO and a plant throughput of 5 million tonnes per annum. The pre-production capital cost is estimated at US$142 million, with an annual TREO production forecast of 4,000 tonnes. Economic projections indicate a post-tax undiscounted life of mine free cashflow of US$1.0 billion, a post-tax NPV10 of US$249.6 million, and a post-tax IRR of 30%, with a payback period of four years. The company is advancing to a phased "Proof of Concept" plant and is on track for permitting to commence construction in 2027, supported by strong government engagement. Disclaimer*
About this update from Harena Rare Earths Plc
[{"type":"text","content":"\n\nThis announcement contains inside information for the purposes of Regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310. With the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.\n \n \n26 January 2026\nHarena Rare Earths Plc\n(\"Harena\" or the \"Company\")\n \nCompletion of Pre-Feasibility Study Advances the Ampasindava Rare Earth Project\n \nHarena 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\"), is pleased to announce the highlights from its completed pre-feasibility study (\"PFS\"). The PFS represents an important advancement in the development of the Ampasindava Project, confirming its technical viability and providing a robust economic and operational framework to support the next phase of project progression.\n \nThe PFS was compiled by the Company with leading global engineering group SGS engaged to support technical inputs to the PFS and also to conduct an update of the 2023 Mineral Resource Estimate to JORC 2012 standard.\n \nPFS HIGHLIGHTS\n \nRobust technical and economic viability for long life heap leach operation\n\n\n\n\n•\n\n\nTotal rare earth oxide (TREO1) of ~71kt, over a measured 20-year life of mine (LOM)\n\n\n\n\n•\n\n\nPlant throughput set at 5Mtpa (dry) at average grade at 1,500 ppm TREO supported by independent metallurgical test work\n\n\n\n\n•\n\n\nPre-production capital cost estimate of US$142 million, including 25% in EPCM (engineering, procurement and construction management) and funding costs\n\n\n\n\n•\n\n\nAnnual TREO production estimate of 4,000 tonnes per year\n\n\n\n\n \n\n\n°\n\n\nAnnual oxide (NdPr + DyTb) production of 1,700t per year (29,670t for 20 years)\n\n\n\n\n\n\n\n°\n\n\nRatio of magnetic rare earth oxide (Magnet REO2) yielded to TREO despatched at 41%\n\n\n\n\n \nExcellent economic returns modelled using analyst sourced long term pricing\n\n\n\n\n•\n\n\nUndiscounted LOM free cashflow of US$1.0 billion post-tax\n\n\n\n\n•\n\n\nPre Tax NPV10 of US$343.7 million\n\n\n\n\n•\n\n\nPre Tax IRR of 34%\n\n\n\n\n•\n\n\nPost Tax NPV10 of US$249.6 million\n\n\n\n\n•\n\n\nPost Tax IRR of 30%\n\n\n\n\n•\n\n\nPaybac...