Harena Resources Plc

Harena Resources is a private Australian natural resources company that is strategically positioned to supply critical rare earths into Western supply chains for renewable energy production. At Harena we are focused on advancing the Ampasindava Rare Earths Ionic Clay Project in Madagascar. Ampasindava is on of the largest ionic clay deposits outside China and is development-ready. The resource is characterised by high concentrations of magnet metals. Operating sustainably and with respect are core to how we do business. Our plans take into account Madagascar’s biologically diverse and sensitive environment and the local communities that have limited opportunities for economic advancement. Our mining operation will be similar to earthworks utilising simple heap leach extraction methods, and we will rehabilitate as we mine. We plan to move 3-4m of topsoil and plants to the side for ~4 months to access the 5-12m clay horizon beneath. The clay will be processed on site in an environmentally contained heap leach operation, using sea water and modest pH solution to extract the valuable rare earths. The high value, low volume concentrate will be shipped from existing port infrastructure. Washed waste will refill the cavity with the topsoil and plants returned. The project will employ local community members, many of whom have worked in the mining industry for years. Local communities and Madagascan Authorities are supportive of Harena’s Team and our plans. Key Project Metrics: • Ni 43-101 resource of 628mt @ 895ppm TREO prepared by SGS Canada, and updated in March 2022 • Behre Dolbear independently valued the project at US$48.1m (Circa A$70m) in September 2017 and rare earth prices have significant appreciated since then. • Mine life 50 years + Pre-IPO Plans • Convert Ni-101 to JORC 2012, a view to high-grade production for the first 10 to 15 years of operation • Re-do the valuation using 2023 rare earths prices