Harena Rare Earths plc (LSE: HREE; OTCQB: CRMNF) has announced the establishment of a sponsored Level 1 American Depositary Receipt programme in the United States, with JPMorgan Chase Bank, N.A. appointed as depositary bank. The programme, which has been registered with the U.S. Securities and Exchange Commission, is designed to broaden the company's international investor base and deepen its presence in U.S. capital markets. The move comes as Harena advances its Ampasindava ionic clay rare earth project in Madagascar, described in the announcement as one of the largest ionic clay rare earth deposits outside China. Investors may be watching the development as a signal of the company's growing ambitions within the global critical minerals sector.

Key Points

  • Harena Rare Earths plc (LSE: HREE; OTCQB: CRMNF)
  • The company has launched a JPMorgan-sponsored Level 1 ADR programme, with ADRs trading in U.S. dollars under the ticker symbol NDPRY
  • Each ADR represents 100 ordinary shares; no new shares are being issued and existing shareholders face no dilution
  • Investors should watch for further updates on the Ampasindava Project's mining permit progress and U.S. Development Finance Corporation financing drawdowns

JPMorgan-Sponsored Level 1 ADR Structure and SEC Registration for HREE

Under the sponsored Level 1 programme, JPMorgan Chase Bank, N.A. will act as depositary bank, issuing ADRs that each represent 100 ordinary shares in Harena. The ADRs will trade in U.S. dollars on the OTCQB market under the ticker symbol NDPRY, while the company's existing ordinary shares continue to trade on the Main Market of the London Stock Exchange under HREE. The programme has been registered with the SEC, though as a Level 1 structure, the company is exempt from ongoing registration and reporting requirements under the United States Securities Exchange Act of 1934, as amended.

No Dilution for Existing Harena Shareholders as ADR Programme Takes Effect

The announcement explicitly confirms that the ADR programme does not affect the rights or entitlements of existing Harena shareholders. No new ordinary shares are being issued in connection with the programme, meaning there is no dilution of existing shareholdings. Existing shareholders are not required to take any action following this disclosure. The company's Executive Chairman, Ivan Murphy, noted in the announcement that U.S. investor interest in Harena is growing, and that the programme provides American investors with direct access to the Ampasindava Project.

Ampasindava Project in Madagascar and U.S. Development Finance Corporation Backing

Harena holds a 100% interest in the Ampasindava ionic clay rare earth project in Madagascar, which hosts concentrations of high-value magnet metals including neodymium, praseodymium, dysprosium, and terbium — all critical components of neodymium magnets used in defence, clean energy, and robotics. The announcement states that a mining permit is now in place and that drawdowns are under way on financing from the U.S. Government's Development Finance Corporation. The company positions the Ampasindava Project as a potential contributor to rare earth supply chains outside China.

Critical Minerals Demand and Harena's Strategy to Reduce China Supply Concentration

The launch of the ADR programme is framed against a backdrop of heightened global focus on securing reliable supplies of critical minerals, particularly rare earth elements essential to defence, advanced manufacturing, and clean energy technologies. Harena argues the Ampasindava Project is well positioned to support supply chain diversification efforts away from concentrated Chinese production. The company's revenue model is based on rare earth extraction and development, though the announcement does not disclose current revenue figures or project timelines beyond confirming the mining permit is in place.