Harena Rare Earths Plc (LSE:HREE) (HREE) said it has signed an Exclusivity Agreement to carry out technical, legal and commercial due diligence on Paradigm Critical Minerals Limited's heavy rare earth and uranium exploration assets, with a view to a possible 100% acquisition should the work meet the company's criteria.
The filing highlighted strong historical results: more than 4,200m of prior drilling, grab samples up to approximately 2.0% TREO, pXRF readings of 0.5% to 7.2% total REE, and uranium intercepts including 30.3 metres at 0.37% U₃O₈e with internal zones up to 10% U₃O₈e, the company said.
Harena emphasised the permits' strategic location — around c100 miles from MP Material's Mountain Pass Mine — and placed them in a well-established mining district with "over 3,000 mines and over 8,000 active mining claims", the filing said. The company said the area has not been subjected to a modern systematic exploration programme and offers scope for rapid advancement.
Ivan Murphy, Executive Chairman, said: "We are pleased to be entering into an exclusive period to consider these critical mineral permits in the United States." The filing cautioned there is no certainty the exclusivity will lead to a definitive agreement, which would remain subject to satisfactory due diligence, internal approvals and definitive documentation.
The recap
- Harena has exclusivity to evaluate a 100% purchase of Paradigm Critical Minerals' San Bernardino County assets.
- Historical work includes >4,200m drilling, assays to ~2.0% TREO and uranium intercepts to 30.3m at 0.37% U₃O₈e (internal up to 10%).
- Assets sit c100 miles from Mountain Pass and lie in a district with over 3,000 mines and 8,000 active claims.
