Harena Rare Earths advances Madagascar project as losses widen on development spend

Citius Resources PLC ( (GB:HREE) ) has shared an announcement.

Harena Rare Earths reported interim results for the six months to 31 December 2025, highlighting continued technical and regulatory progress at its Ampasindava project, including substantial completion of a pre-feasibility study with SGS Canada and ongoing work to convert its exploration licence to an exploitation licence amid Madagascar’s political transition. The company strengthened its financial position and market access by raising £1.23m in equity in August 2025, securing a further £450,000 from RAB Capital issued in January 2026, cross-trading its shares on the OTCQB in the U.S., and ending the period with £599,567 in cash despite a widened net loss of £3.16m driven largely by higher administrative expenses, while reiterating key project, financing and political risks but maintaining a going concern outlook.

Harena’s interim update underscores its strategic push to de-risk and advance the Ampasindava rare earths project through technical, financial and regulatory milestones, consolidating full ownership and positioning itself in critical minerals supply chains outside China. For investors, the larger loss reflects intensified development activity rather than production setbacks, with the board emphasising sufficient funding flexibility to support work programmes into 2028, though exposure to Madagascar’s political environment, rare earth price volatility and permitting outcomes remains a central uncertainty.

Spark’s Take on HREE Stock

According to Spark, TipRanks’ AI Analyst, HREE is a Underperform.

Citius Resources PLC faces critical financial and technical challenges, with no revenue and poor market indicators dominating the outlook. While positive corporate events suggest potential upside, these factors are overshadowed by the company’s ongoing financial distress and negative technical trends.

To see Spark’s full report on HREE stock, click here.

More about Citius Resources PLC

Harena Rare Earths is a rare earths exploration and development company focused on the Ampasindava ionic clay rare earth project in northern Madagascar, where it now holds a 100% interest. The project hosts one of the largest ionic clay rare earth deposits outside China, rich in high-value magnet metals such as neodymium, dysprosium and praseodymium for use in energy transition, defence and robotics industries.

Average Trading Volume: 2,394,485

Technical Sentiment Signal: Buy

Current Market Cap: £24.97M

See more data about HREE stock on TipRanks’ Stock Analysis page.