Member Info for DavidHoyer

No skin in this game. I am just attempting to pass on publically available information to prospective investors so that they don't lose out in the same way investors did when this was listed twice before.

Maybe you could share with those same investors evidence of a Rare Earth Ionic Clay Project outside of China that is in production? There must be one, as you are very confident that this is a ten-bagger.

HedgeHog ...you really need to stop shilling for Harema in multiple bulletin boards. It is tantamount to market abuse.

As you know the project has lost its permit. It is held via a court-ordered pledge by a creditor, and they haven't disclosed this in the prospectus. Even if they Harena was able to repay that creditor at a cost of Millions of Dollars, the permit lapsed in 2021 and ceased permanently in October 2024. But sure, let's talk about how many holes they have dug! The holes, btw, were a source of massive environmental complaints and featured prominently in the articles exposing the project and the documentary. that aired on national television.

The project has lost its permit. It is held via a court-ordered pledge by a creditor, and they haven't disclosed this in the prospectus. Even if they were able to repay that creditor at a cost of Millions of Dollars, the permit lapsed in 2021 and ceased permanently in October 2024. But sure, let's talk about how many holes they have dug! The holes, btw, were a source of massive environmental complaints and featured prominently in the articles exposing the project and the documentary. that aired on national television.

The project has lost its permit. It is held via a court-ordered pledge by a creditor, and they haven't disclosed this in the prospectus. Even if they were able to repay that creditor at a cost of Millions of Dollars, the permit lapsed in 2021 and ceased permanently in October 2024. But sure, let's talk about how many holes they have dug! The holes, btw, were a source of massive environmental complaints and featured prominently in the articles exposing the project and the documentary. that aired on national television.

I have no idea why the hyperlinks are blocked, but you can Google Le Monde, The Singapore Stock Exchange, Mongobay, the local advocacy groups, etc. to see the environmental risks. You can Google the Mada Mining registry to see that Harena has not paid its permit fees for the last few years. You can google the new Mada Mining Laws to figure out if they are not eligible for an extension or, indeed, an upgrade.

As for the suggestion that this is born out of some sort of FOMO, if that were the case, I would try to invest. I am simply concerned that another round of investors will be duped into funding insiders' attempts to exploit this project. That the previous owners spent some money drilling a few holes and somehow that has value is slightly far-fetched to me! As their failures demonstrate, they were not good custodians of other people's money.

Thanks for your reply.

You did not address the fact that the permit expired in 2021, and Harena has not paid the license fee since then. Hopefully link to the public record below gets through this time. You should also note that folowing the change to Mada mining laws, failure to pay all outstanding dues (c$200k in Harena's case) by October 2024 means an immediate forfeiture of a permit.

Link:

Link:

You did not address that a creditor that Harena owes several million USD has a pledge on the permit. Not that the permit has any value but no permit = no project.

You did not address the fact that this project has wiped out shareholders twice before, with the Singapore case ending in arrests!

Link:

As for the environmental claims, I can assure you, as someone who has spent time in Mada, that it is a very big deal! A documentary aired on National TV, and there were local advocacy groups. An article appeared in Le Monde. Hopefully, the links below get through this time.

To my mind there is hope in hell that the project will be given a permit. The eco-tourism industry is far more important to Mada than a singular high-risk mining project.! It will never be produced until there is a safe (i.e. super expensive) way to leach rare earths. The concentrations are so low that the costs will always be high. There is a reason no ionic clay project is produced outside of China.

Link:

The project was also the subject of a documentary that was aired on National Television in Madagascar. There is also an activist group of locals that lobby against the proposed mine and the proximity of the project to Nosy Be, a key tourist attraction, also appears to worry many.

Le Monde: [LINK REMOVED]

Foreign Policy in Focus: [LINK REMOVED]

Mongobay: [LINK REMOVED]

To date only projects that have extracted Rare Earths in scale from ionic clay have been in China. This has been the source of immense environmental damage because leaching is the only way to separate REE from clay. the concentrations of REE are tiny so an enormous amount of clay needs to be separated which entails enormous environmental risk, particularly in areas with high rainfall, poor infrastructure and vulnerable local populations. "TREM planned to export 10,000 tons of rare earths per year for more than 40 years, so the waste generation would be an estimated 400 million tons of contaminated water and 800 million tons of toxic waste over the life cycle of the mine. To avoid contamination, TREM would have to store the sludge in completely watertight compartments strong enough to withstand heavy rains and bad weather. Northern Madagascar experiences rainfall in excess of 2,000 millimeters per year. There is therefore a high risk of leaks or overflows from the storage sites, which would lead to changes in the acidity and siltation of nearby rivers.

The only other Madagscar project in London is Tirupati Graphite. Despite being far more advanced and far less contentious than Harena’s Project it has been a disaster for investors so please tread carefully.

I have read the prospectus for the impending reverse takeover of Citius Resources by an Australian company called Harena, see here:

[LINK REMOVED]

I appreciate that shareholders would love to see something positive happen but I don’t think this is going to be it.

Firstly, the underlying project, a highly contentious Rare Earth Project in Madagascar, has been listed twice before. On both occasions the listings ended up wiping out shareholders. The first listing was in Germany Tantalus) and the second listing was in Singapore (Reenova). The liquidators of Reenova in a release to the Singapore Stock Exchange on 23 May 2023 stated that they viewed the project as worthless:

SGX: [LINK REMOVED]

“The value of the shares in the project have been completely written-off, due to the fact that the exploration license PR 6698 granting the exclusive rights for prospecting and research in the Rare Earth Project expired on 5 November 2021 and that there is currently no confirmation from the Ministry of Mines and Strategic Resources of Madagascar that an extension would be granted; and the application for the full mining license (Permis de Exploitation) to the Madagascar Mining Cadastral Office (Bureau du Cadastre Minier de Madagascar) in relation to the Rare Earth Project is still pending and there is currently no confirmation that the license would be granted”

Secondly, the Mining code in Madagascar was changed in 2023 and any company that did not pay for previous years permitting fees by October 2024 would be ineligible to re-apply for a new permit. Harena has failed to do according to the public ledger: [LINK REMOVED]

Thirdly, there are rumours that a creditor in Madagascar holds a valid Court mandated Pledge against the Permit and is owed a considerable amount of money by Harena. Harens deny this in their prospectus, text below, but investors should be wary:

“In April 2023, the Company’s subsidiary, Reenova Holding (Mauritius) Limited received a claim by a third party for outstanding payments for purported services rendered which pre-dates the Company’s acquisition of the subsidiary as detailed in Note 14. Based on legal advice obtained by the Company, the Directors are of the view the claim is wholly without merit. While no legal proceedings have been commenced, ongoing conferrals are taking place on a confidential and without prejudice basis and the Company is unable to disclose details of those discussions. Further updates will be provided if the matter is resolved or if proceedings are commenced.”

Finally, the prospectus makes no mention of the fact that the project has been the subject of substantial negative press both locally and internationally. These include an article in the French National Press in August (Le Monde), Foreign Policy in Focus and Mongobay.