Harena Rare Earths Enters Exclusivity Agreement to Acquire Strategic U.S. Rare Earth and Uranium Assets

Harena moves on U.S. heavy rare earths and uranium – here is what it means

Harena Rare Earths has signed an Exclusivity Agreement to evaluate the 100% acquisition of Paradigm Critical Minerals, which owns rare earth and uranium exploration permits in San Bernardino County, California. It is not a binding deal yet, but it gives Harena time to run the ruler over the assets – technically, legally and commercially – with a view to a definitive transaction if everything stacks up.

This would sit alongside Harena’s Ampasindava ionic clay rare earth project in Madagascar, broadening its footprint into the United States and potentially plugging into the U.S. Government’s critical minerals push.

Quick snapshot of the proposed U.S. acquisition

Item	Detail
Deal stage	Exclusivity Agreement to evaluate a 100% acquisition
Target	Paradigm Critical Minerals Limited
Location	San Bernardino County, California, U.S.
Commodities	Heavy rare earths and uranium
District credentials	Over 3,000 mines and more than 8,000 active mining claims
Nearby processing anchor	Approximately 100 miles from MP Materials’ Mountain Pass Mine
Historical work	Over 4,200m of drilling
Notable uranium intercept	30.3 metres at 0.37% U₃O₈e with internal zones up to 10% U₃O₈e
Rare earths highlights	Grab samples up to ~2.0% TREO; pXRF readings 0.5% to 7.2% total REE; ~50:50 LREE:HREE
Status	No certainty of a transaction; subject to due diligence and definitive documentation

Why San Bernardino County and proximity to Mountain Pass matter

Location is doing a lot of heavy lifting here. San Bernardino County is described as a well-established, highly regarded mining district with a supportive regulatory framework and active fast-tracking of drilling approvals. A skilled local workforce and existing infrastructure add practical tailwinds.

Crucially, the permits are around 100 miles from MP Materials’ Mountain Pass, the only operating rare earth mine in North America. MP has recently received substantial U.S. Government funding to expand domestic processing, underlining the strategic premium on reliable heavy rare earth feedstock. If Harena can validate and advance these assets, they could become an appealing future source of material within driving distance of a North American processing hub.

Geology and grades: what the data shows so far

The project area has a long history, originally explored for gold and silver, then drilled for uranium, with rare earths identified more recently. Over 4,200m of historical drilling and surface work point to encouraging signatures for both uranium and rare earths.

• Uranium: Mineralisation occurs primarily as uraninite within leucogranitic to pegmatitic intrusives. Historical drilling reported 30.3 metres at 0.37% U₃O₈e with internal high-grade zones up to 10% U₃O₈e.
• System style: Geological analogies are drawn to intrusion-related alaskite and pegmatite-hosted uranium systems (e.g., Bancroft in Canada, Midnite in the U.S., Rössing and Husab in Namibia). These are typically large-tonnage, moderate-grade systems with continuity at depth and along strike, rather than narrow vein-style deposits.
• Rare earths: Both light and heavy rare earths are present with an approximate 50:50 LREE:HREE ratio. Grab samples returned up to approximately 2.0% total rare earth oxides (TREO), while pXRF readings ranged from 0.5% to 7.2% total REE across multiple locations. Elevated heavy REE values – including yttrium, dysprosium and gadolinium – showed pXRF grades of approximately 0.5-1.0%.

The area remains largely underexplored by modern methods. Harena highlights clear scope to accelerate work through systematic mapping, sampling, trenching, geophysics and drilling.

Strategic fit with Harena’s Madagascar project

Harena’s core focus is the Ampasindava ionic clay rare earth project in Madagascar, which the company describes as one of the largest ionic clay rare earth deposits outside China, with significant concentrations of high-value magnet metals such as neodymium (Nd), dysprosium (Dy) and praseodymium (Pr). These are critical inputs for neodymium magnets (NdFeB), used across the energy transition, defence and robotics sectors.

Adding a U.S. exploration foothold – with heavy rare earth potential and uranium – would diversify geography and commodity mix, while aligning with the U.S. critical minerals strategy. It strengthens Harena’s narrative as a supplier-in-waiting of scarce, strategic materials.

My take: the positives and the pressure points

What I like

• High-impact postcode: A recognised mining district with stated support for fast-tracking drilling approvals, near North America’s only operating rare earth mine.
• Heavy rare earth angle: An approximate 50:50 LREE:HREE mix and elevated dysprosium and yttrium readings stand out in a market often short on heavy REE opportunities.
• Uranium kicker: Historical intercepts include 30.3 metres at 0.37% U₃O₈e and internal zones up to 10% U₃O₈e, which is eye-catching for an early-stage package.
• Clear upside case: The ground is underexplored by modern standards, offering room for value-adding discovery work if Harena proceeds.
• Strategic alignment: Closeness to Mountain Pass and U.S. processing ambitions could be advantageous if a viable resource is defined.

What to watch

• Deal certainty: This is an exclusivity period only. There is no guarantee of a definitive transaction.
• Early-stage nature: The dataset is historical plus recent surface work. Harena still needs to validate, expand and de-risk the picture.
• No transaction terms disclosed: We have no price, structure or work programme guidance at this stage.
• Execution load: Technical, legal and commercial diligence must all pass muster before any binding deal.

Potential catalysts from here

• Completion of due diligence and a go/no-go decision on a definitive agreement.
• Outline of an initial exploration plan – mapping, sampling, trenching, geophysics and drilling – if Harena proceeds.
• Further technical details, including any verification of historical data and follow-up results.
• Clarity on timelines and budget – not disclosed in today’s RNS.

Glossary – fast definitions

• Exclusivity Agreement: A time-limited arrangement where Harena alone can evaluate and negotiate for the assets.
• TREO: Total rare earth oxides – a common way to report combined rare earth content.
• LREE/HREE: Light and heavy rare earth elements. Heavy REEs such as dysprosium are typically scarcer and higher value.
• pXRF: Portable X-ray fluorescence – a handheld tool that gives rapid, indicative element readings in the field.
• U₃O₈e: Uranium content reported as triuranium octoxide equivalent, a standard industry unit.

Bottom line

This is a strategically smart piece of optionality. The inferred scale potential, heavy rare earth flavour and proximity to Mountain Pass make these permits worth a proper look. The uranium intercepts add some spice.

However, it is still early days. There is no deal yet, and no economics or timelines on the table. If due diligence confirms the promise hinted at by historical work and recent sampling, Harena could secure a U.S.-based growth leg to complement Madagascar. Until then, it is a well-aimed swing – now we wait to see if they decide to follow through.