Citius Resources PLC (LSE:CRES) made its debut on the London Stock Exchange’s Main Market on Friday under a new name - Harena Resources - and with a bold ambition to become a key player in the global rare earths race.
The move follows the completion of its acquisition of Harena (in something known as a reverse takeover transaction) that gives it control of 75% of the Ampasindava Ionic Clay Rare Earth Project in Madagascar.
This site is believed to be one of the largest ionic clay rare earth deposits outside China, with a JORC-compliant resource of nearly 700 million tonnes. It's particularly rich in the magnet metals - neodymium, praseodymium, dysprosium and terbium - used in electric vehicles, wind turbines and even fighter jets.
Shares, priced at 3p, began trading under the ticker HREE after a £1.38 million investment round, which will help finance a feasibility study and environmental assessment.
The company is also in talks for more offtake agreements, having already signed a non-binding deal with United Rare Earths in the US.
With geopolitical tensions pushing Western nations to secure alternative supplies of critical minerals, Harena is positioning itself as a politically neutral option with a low-cost, environmentally friendly extraction method.
The company is aiming to increase its stake in the project and is actively engaging with US and European funding initiatives.
Managing director Joe Belladonna said: "With military, AI, and renewable energy applications driving rare earth demand, Harena offers the potential for low-cost, geopolitically neutral supply of the key rare earth elements.
"Our successful listing reflects strong investor interest in secure, ex-China rare earth supply chains, and we are excited to execute our near-term milestones to drive shareholder value."
The stock was unmoved in early trading.