SP Angel has initiated coverage on Harena Rare Earths (LON:HREE) with a BUY rating and 9.4p price target, highlighting strong upside potential from its Ampasindava Ionic Clay Rare Earth Project in Madagascar.
The January 2026 PFS outlines an 18-year operation producing ~4.1ktpa TREO, including ~1.6ktpa NdPr and ~100tpa DyTb, key materials used in EVs, wind turbines and advanced technologies.
Key highlights:
- ~700Mt rare earth resource
- ~$250M project NPV and ~30% IRR
- ~$140M initial capex
- Strategic ex-China rare earth supply potential
Upcoming catalysts include licence approval, DFS completion, demonstration plant development and potential strategic funding support.
