Harena Resources completes reverse takeover of Citius and lists on London’s main board
Citius Resources , a cash shell on the official list of the London Stock Exchange, has completed the transaction under the terms of which it will acquire Harena Resources, and change its name to Harena Resources.
Harena owns 75% of the Ampasindava ionic clay rare earth project in Madagascar, one of the largest ionic clay rare earth deposits outside China.
Ampasindava hosts a 698 million tonne resource grading 0.087% total rare earth oxides. The deposit is rich in neodymium, praseodymium), dysprosium, and terbium.
These elements are critical for military, AI, and clean energy applications.
As part of the transaction, the company raised approximately £1.38 million, comprising £0.6 million raised at 3p per share, and a further and A$1.5m in loan notes.
This money will fund a feasibility study, an environmental impact social assessment, and will go towards general working capital.
The company’s market capitalisation on admission was £12.4 million.
Ampasindava’s high-value magnet metals are essential for next-generation military technology, including F-35 Lightning II fighter jets, Tomahawk and Javelin missiles, Virginia-class nuclear submarines, and Aegis Combat Systems & military radar.
The company already has a non-binding offtake agreement in place with United Rare Earths Inc, a US-based group developing a Rare Earths Centre of Excellence in the US state of Tennessee, aimed at supporting domestic rare earth supply chains for defence and energy markets.
The mine will be low-cost, and environmentally friendly. Ionic clay deposits enable simpler, lower-capex, rare earths processing compared to traditional hard rock mining.
“We are thrilled to complete the reverse takeover of Citius Resources and bring Harena Resources to the London Stock Exchange,” said Joe Belladonna, managing director of Harena Resources.
“Our Ampasindava project is a globally significant ionic clay rare earth deposit, positioned at the heart of growing Western demand for critical minerals. 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.”
View from Vox
Harena has plenty going for it. The project is well advanced, is close to the coast, and already has interest from potential customers. Establishing the precise parameters of the economics will be the next crucial step, and a lot will hang on it, including the details of the production licence offered by the government. The company is run by experienced operators, both as regards ionic clay rare earths, and as regards listed resources vehicles. The market’s been tough, but Harena is ticking a lot of timely boxes, geopolitically speaking. It should secure plenty of interest from here on in.
Q&A with Harena Resources CEO Joe Belladonna:
Feature article: Harena Resources all set to become London’s only listed ionic clay rare earths company
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