Member Info for Slogg

Harena’s £2m subscriber is described as a “prominent international investor”, I actually believe it’s more likely an institutional or corporate backer just due to the size of the investment. The Identity remains undisclosed???, possibly due to anonymity requests, regulatory reasons, or a broader strategic arrangement perhaps.

Potential investor types: specialist rare earth / critical minerals funds, strategic mining companies, sovereign wealth funds, or downstream processors — all would signal confidence in Ampasindava’s long-term value.

All the above would lineup with an investor paying full price for shares, suggesting a long-term commitment rather than short-term trading.

When could we find out - it could also possibly be part of a broader strategic arrangement — e.g., future offtake, partnership, or multi-stage investment — which isn’t finalised yet and therefore they aren’t obliged to let us know.

UK / LSE rules: >3% holdings must be reported to the company/FCA, but the investor doesn’t have to be named immediately if there’s a settlement, lock-in, or strategic arrangement.

Yep I’m just guessing as I’ve said but could be a lot more to this investment than just some individual sticking in 2m into the company.

AIMO. Time will tell. Good day for Harena regardless.

Must be some serious buys in the background to come through with this movement. Wondering if things are moving quicker than expected.

Looking forward to some good news.

AIMO. GLTA

Lots to look forward to, and the £2m investment should cover us for the foreseeable. Hopefully we’ll hear soon about the meetings at the African Mining Indaba 2026 – this investment must be a big positive that should encourage further investment.

GLTA

Gives me greater confidence so topped up again. Nearly 3m shares. Next few months will be very interesting. Let’s get the DFC and see this really move.

GLTA.

Actually quite encouraged by this. Small discount, no toxic structure, and a named international investor backing the story. £2m isn’t huge but it keeps momentum going.

Seen far worse placings in this market. This feels measured and strategic.

GLTA

My £10k purchase still not showing. The potential gains for this price level seem to be a bit of a no brainer IMO

GLTA.

The Sproule CPR only covers part of the acreage (“White Sands Unit” ~20,000 acres with modern 3D seismic), not the entire 46,000 acre operated position, so the full potential might be considerably larger - just a thought oh! And potentially the further acreage they are intending to bid for. Mahoosively potentially.

GLTA.

Was looking into Madagascar’s decision in January 2026, to lift its 16-year ban on new mining permits and who else would benefit in the country.

Energy Fuels own a major Madagascar project (Toliara / Vara Mada). They have excellent Government relationships in Madagascar and shipping pathways planned for REE feedstock export.

Energy Fuels owns the White Mesa Mill in Utah, which is currently:

✔️ Already modified to process monazite and REE-bearing feedstocks

✔️ Producing separated rare earth oxides (including NdPr)

✔️ Designed to accept third-party rare earth concentrate

They state they are actively looking to build a vertically integrated rare earth supply chain they control end to end and actively growing and transforming itself into a rare earth / critical minerals supplier.

Harena’s ionic clay REE is slightly different in host mineralogy, but the same hydrometallurgical processes (leaching + solvent extraction) used at White Mesa for monazite easily adapted to Harena ore.

This means Energy Fuels wouldn’t need to build a new processing facility to handle Harena ore; White Mesa could take the ore as feedstock with some minor adjustments for mineralogical differences

Vara Mada shows that Energy Fuels already operates in Madagascar and has processing infrastructure, meaning Harena could potentially integrate smoothly into their supply chain.

Energy Fuels plans to process monazite at its White Mesa Mill in Utah into separated rare earth oxides (including NdPr)

They are in the process of acquiring Strategic Materials (ASM) 2026 and have bought others in the past, they tend to buy them outright rather than going for a JV.

Financially they would have no issues purchasing Harena - even at 150-200m.

The board of Harena last year mentioned that if they got the right offer for the company they would consider all options.

They certainly appear on paper to be a very good fit. There were numerous other potential buyers listed if we can prove the resource but definitely one to watch in my opinion.

Just IMO. DYOR.

Harena’s management discussed the importance of their appearance at the Indaba African and Global Mining Summit in a January 2026 interview. That conference is the African Mining Indaba 2026, which starts today 9–12 February 2026 in Cape Town, South Africa.

Let’s hope they can secure a few deals with a few bottles of Pinotage .

GLTA

Altona Rare earths up over 40% this morning with confirmed USA financial backing up to 5m. Looking forward to similar if not a higher increase when we get the green light too.

GLTA

Madagascar’s landmark decision on January 30, 2026, to lift its 16-year ban on new mining permits is a game-changing breakthrough — and a huge win for HREE and its shareholders. By reopening the door to new permits across key critical minerals — including nickel, cobalt, graphite, and rare earth elements — the government has effectively switched the sector from standstill to full acceleration.

For HREE, this is a powerful tailwind. It dramatically improves the regulatory landscape, unlocks expansion opportunities, and supercharges the company’s ability to advance and grow its asset base. In a world racing for secure critical mineral supply, HREE now stands in a revitalized jurisdiction at exactly the right moment. For shareholders, this isn’t just good news — it’s a high-impact catalyst that elevates strategic value, growth potential, and long-term upside.

Yep totally agree. Tbh any further investment but that would be a huge milestone as they don’t just give the money out. The project has to be viable and there are numerous checks they do. I think it’s typically 2 -4 months on average for this to come through if successful and they are already into the system so hopefully we will hear soon. I do think the pfs will be upgraded to the dfs prior to that which will be another good catalyst as that also means that they can apply for larger funding than the maximum of 5m they can get now. There were possibly be dilution in the future it’s to be expected but tbh if it’s managed correctly and to the benefit of the company moving forward I’ve absolutely no issues with that. In many cases a dilution actually increases share value as the metrics have changed.

AIMO. Best of luck if you invest, I’m now up to 1.5m shares so it better do well lol

Apologies 14m mcap. As an add on My biggest concern was the processes in which they were going to use to extract the rare earths as if it was going to cause major issues I simply wouldn’t have invested. They appear to be doing it in what definitely appears to be a much more environmentally friendly manner although I do appreciate any mining will have drawbacks. Better it being done with a company who is sympathetic to the environment than those who tbh have owned it in the past and have not.

AIMO

Been in since oct last year after being recommended by a fellow investor. Not sure I can give much more insight than can be seen in the interviews, rns’s and history of the company but the fact they now own 100% of the resource I feel is instrumental in them now moving things forward at pace. The acreage had been owned by a few companies previously but they were unable to move things forward due to a number of reasons (lack of experience, financial restraints etc).

What I would encourage though difficult to give exact comparable is to look at the likes of:

Rainbow (RBW) is ~£120m with a ~35 Mt resource. Mkango (MKA) is ~£200m+ with advanced DFS economics and growing project scope. 

Arafura (ARU) is ~AU$1.2b with a classic ~56 Mt NdPr resource and is many years into permitting/development. 

By comparison, HREE’s ~£11m cap vs its ~699 Mt resource suggests that the market is currently pricing in very little economic value today — but if they de-risk the project and prove economics, re-rating toward these peers would not be unreasonable. There are obvious differences in the type of rare earths etc but noticeably the method of extraction. How it’s mined

• Conventional open-pit mining

• Drill, blast, crush, mill

• Concentration plant required

As Ivan has mentioned numerous times the ionic absorption clay has Lower capex than hard-rock projects

• Simpler mining method

• Typically richer in heavy rare earths (Dy, Tb, etc.)

We’re clearly at the early stages but they have moved quickly and I’m impressed with the quality of news flow and the fact that they have a vested interest in making it successful.

Hope that helps a little AIMO

Once a bankable DFS is in hand, the project moves into a different category for DFC:

• Opens the door to much larger tickets:

• Tens of millions

• In some cases $100m+, depending on capex and strategic value

• Funding can shift to:

• Senior project debt

• Direct loans

• Political risk insurance

• Blended finance alongside commercial banks

• DFC can also act as an anchor financier, which helps crowd in others

The 5 million could potentially become a significantly larger figure in the future once we have moved from PFS to DFS.

Let’s hope we hear some positive news of the upgrade in the coming weeks. Would expect a significant increase in share value.

GLTA holders

Upgrade of licence by Ivan mentioned (2.35min) in the next few weeks???. Not sure if that’s a slip as expected it to take a lot longer. The EISA I noticed actually began last August so they appear to be a lot further on with this than would have been expected. They certainly indicate they have a good working relationship with the ministry and perhaps it wasn’t a slip after all. Regardless it’s so undervalued and obviously the large sale on the day of the pfs subdued the price. Great opportunity and happy to top up can only see this being multiples of where it is now. Exciting times ahead.

GLTA holders

Sometimes things just don’t go to plan.

Could be a number of reasons tbh. Would of hoped they could have given an update but if it was definitely a duster I’m sure we would have been told IMO

Good operators usually issue at least a “drilling continues” or “operational delay” update but as we know they are sometimes a bit slow on the updates.

Operational issues

• Stuck pipe, lost circulation, sidetrack

• Equipment failure

• Weather or rig downtime

These can add weeks without saying anything about hydrocarbons AIMO

Guessing doesn’t really benefit anyone but just human nature and just tell us one way or the other would be helpful.

GLTA

Can’t see a specific reason, there’s a lot of moving parts but tbh they have ticked off the majority of them. I topped up earlier and I’m guessing a few with the drop will have been caught out with stop losses. If it doesn’t happen by the end of the month I don’t expect it to be much longer hopefully.

GLTA holders

The delay might actually work in our favour in negotiating deals with the rises we’re seeing. Let’s hope so.

Got a long way to go yet. Topped up again and can see this in the 4-5 range when the DFC gets the 👍 which is a stick on.

AIMO. Hold on to your shares guys