Harena Rare Earths PLC

First-pass take

Rare earth developer targeting 2028 first production from Madagascar project. Neodymium magnets are critical for wind turbines, EVs, and defense; well-positioned for energy transition and Western supply-chain resilience. However, micro-cap, pre-revenue (feasibility study underway), zero valuation data, and high historical cash burn (£3.3m admin vs. £28k cash as of June; recent fundraising improves position). No explicit AI strategy. Structural demand mitigates downside but does not overcome binary execution risk.