Harena Rare Earths Plc · LSE:HREE
Harena Rare Earths — Investor Presentation (May 2026)
24 slides from Harena Rare Earths's investor presentation, May 2026
Slide 1: Harena Rare Earths Plc
HARENA RARE EARTHS PLC LON:HREE I OTCQB: CRMNF Ampasindava Rare Earth Project
Slide 2: Disclaimer
DISCLAIMER This Presentation has been produced by the Company alone and not by or in conjunction with any of its advisers. The information and opinions in this presentation are entirely those of the Company. None of the Company’s advisers have any authority whatsoever to give any information or to m
Slide 3: Overview
HARENA RARE EARTHS PLC Overview Harena Rare Earths Plc is a London Stock Exchange and OTCQB listed natural resources company that is strategically positioned to supply critical rare earth magnet metals, neodymium, praseodymium (NdPr) and dysprosium, terbium (DyTb) into supply chains that underpin na
Slide 4: Harena Corporate Overview
HARENA CORPORATE OVERVIEW 100% Owner of the Ampasindava Ionic Clay Rare Earth Deposit in Madagascar SGS, the world’s leading resource certification company, commented: HARENA SNAPSHOT “The Ampasindava Project is one of relatively few projects of ionic clay hosted REE deposits outside of China. LSE M
Slide 5: Strategic Importance to the U.S.
STRATEGIC IMPORTANCE TO THE U.S. Ex-China Critical to U.S. Supply Chain Supply Source: Defence Tech: Resilience: Harena provides one of Heavy rare earth elements Harena’s concentrate the world’s very few from the Ampasindava is designed to feed proven ionic clay rare- deposit are essential for direc
Slide 6: Ongoing U.S. Support for Global Rare Earth Projects
ONGOING U.S. SUPPORT FOR GLOBAL RARE EARTH PROJECTS Examples of U.S. agency-backed funding from the last 12 months MP Materials 10 Jul 2025 ▪ U.S. Department of Defence (DoD) announced a multibillion-dollar public- private partnership, including a $400m equity investment Critical Metals Corp 26 Aug
Slide 7: Positive Meetings with DFC & Madagascan Officials
POSITIVE MEETINGS WITH DFC & MADAGASCAN OFFICIALS Harena Chairman Ivan Murphy met senior officials at the U.S. International Development Finance Corporation (DFC) and U.S. State Department in Washington D.C. Ivan also held meetings in Antananarivo with Madagascar’s new Minister of Mines, his Chief o
Slide 8: Ampasindava Ionic Clay Rare Earth Element Project Overview
AMPASINDAVA IONIC CLAY RARE EARTH ELEMENT PROJECT OVERVIEW
Slide 9: Ampasindava Project
AMPASINDAVA PROJECT 100% Working Interest in Ampasindava Project in Madagascar * An AI representation – NOT exploration, a not a true image development-ready MINING project One of the most significant Ionic Clay Rare Earth deposits in the world outside of China 8
Slide 10: PFS Highlights
PFS HIGHLIGHTS Excellent economic returns modelled using analyst sourced long term pricing Undiscounted LOM free Pre Tax NPV10 of Pre Tax IRR Post Tax NPV10 Post Tax IRR Payback period cashflow of US$343.7 million of 34% of US$249.6 of 30% of 4 years US$1.0 billion million post-tax Outstanding finan
Slide 11: Project Location, Key Infrastructure
PROJECT LOCATION, KEY INFRASTRUCTURE ✓ Access to established infrastructure including an international airport and shipping container ports 10
Slide 12: Substantial JORC 2012 Mineral Resource
SUBSTANTIAL JORC 2012 MINERAL RESOURCE Mineral Resource with premium neodymium and praseodymium (“NdPr”) and dysprosium, terbium (“DyTb”) TONNAGE THICKNESS MREO CONTAINED TREO MREO/ CONTAINED CLASSIFICATION (mt) (m) (ppm) (ppm) TRE0% MREO (t) TREO (t) MEASURED 42.5 5.5 221 9,400 958 23 40,700 INDICA
Slide 13: Proof of Concept Plant Will Optimise Heap Leach Process
PROOF OF CONCEPT PLANT WILL OPTIMISE HEAP LEACH PROCESS Simplified Ampasindava Project Process Flow Seawater + ammonium sulphate Mineral Extraction Heap leaching Nano Filtration Carbonate precipitation Separation and refining Open-pit clay mining and Ammonium sulphate Water recovery and reagent Impu
Slide 14: PFS Highlights
PFS HIGHLIGHTS Robust technical and economic viability for long life heap leach operation Total rare earth oxide (TREO1) of ~71kt, over a measured 20-year life of mine (LOM) Plant throughput set at 5Mtpa (dry) at average grade at 1,500 ppm TREO supported by independent metallurgical test work Pre-pr
Slide 15: HREE's Exposure Driving a Higher Value Concentrate
HREE’S EXPOSURE DRIVING A HIGHER VALUE CONCENTRATE Harena’s testwork highlights a leading magnet REE basket Magnet REEs drive ~90% of Harena's basket value Peer rare earth element (REE) composition1, % of TREO Implied basket value contribution by magnet REEs, % value of $63/kg REO Source: Company di
Slide 16: Investment Overview
INVESTMENT OVERVIEW Ampasindava Ionic Clay Rare Earth Element Project (Madagascar) SGS commented - “The Ampasindava Ionic clay project displays a pervasive and well-balanced rare earth distribution that is prevalent throughout the deposit. The deposit includes appreciable amounts of the critical mag
Slide 17: Madagascar Asset Development Pathway
MADAGASCAR ASSET DEVELOPMENT PATHWAY Formation & Asset PFS (Phase 1) Construction (Phase 3) Acquisition ~$142 Mn capital • Company and REE strategy established • PFS confirms robust economics • Project financing for full-scale • Non-dilutive US DFC funding development • Madagascan project secured •
Slide 18: Leveraging the US Supply Chain Demand
LEVERAGING THE US SUPPLY CHAIN DEMAND
Slide 19: Harena Is Well Positioned Within the US Rare Earth Ecosystem
HARENA IS WELL POSITIONED WITHIN THE US RARE EARTH ECOSYSTEM Resource utilisation and Processing & Capital & strategic funding Offtake & strategic demand development separation We are securing $4.8m DFC Rapid development model with We will produce MREC Positioned to secure offtake funding for DFS an
Slide 20: Ex-China REE Companies Are Realising Strong Equity Performance
EX-CHINA REE COMPANIES ARE REALISING STRONG EQUITY PERFORMANCE Non-exhaustive Ex-China REE assets are still early stage… …but US policy is driving strong equity re-rating Rebased share price performance, Jan 2022 – Jan 2026 (Jan 2022 = 100) Owning company Project location Development status Source:
Slide 21: Rare Earth Companies with U.S. Support
RARE EARTH COMPANIES WITH U.S. SUPPORT (Exc ASX) Market Cap 1,000,000,000 Harena is the LSE’s only pure ionic clay rare earth project 900,000,000 800,000,000 700,000,000 Attractively valued at £13 per tonne 600,000,000 of contained rare earth oxides (“reo”) 500,000,000 400,000,000 300,000,000 Harena
Slide 22: A Near Term, Well-Defined Investment
US government-backed and funded $4.8 Mn expected from the US DFC supports project development and delivery of Definitive Feasibility Study Strong underlying asset economics Ionic clay mining enables rapid development and early production with low cost ~$38.5/kg REO production A near term, well-defin
Slide 23: Photos from Ampasindava Site
PHOTOS FROM AMPASINDAVA SITE 21
Slide 24: Contact
Ivan Murphy Executive Chairman ivanm@harenaresources.com Allan Mulligan Technical Director allanm@harenaresources.com Harena Rare Earths Plc Harena Rare Earths @HarenaRareEarth 24
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