Directorate Change

3 June 2025

Harena Resources Plc

("Harena" or the "Company")

Board Changes

Harena (LSE:HREE) is pleased to notify Mr Stephen Weir will be joining the board of Harena Resources as a Non-Executive Director, effective immediately. Stephen Weir is a highly experienced mining and finance executive.

In conjunction with Stephen's appointment, Joe Belladonna will transition from his current role to become General Manager of Business Development (a non-board executive role), with effect from 30 June 2025. This planned transition is part of the Company's strategy to evolve Board composition while maintaining an appropriately sized governance structure for a company at Harena's stage of development.

Harena Chairman, Tim Morrison, commented:

"We are very fortunate to have attracted Stephen, a high-quality and experienced director to the Board of Harena. Stephen brings deep mining industry experience and capital market insight at both and executive and director level. His knowledge of the UK capital markets will be invaluable as we progress the Ampasindava rare earth project. 

I would also like to acknowledge enormous effort and contribution of Joe Belladonna whose leadership and determination has been instrumental in steering the company through to its successful LSE listing. Joe will continue to play a key role in our growth strategy by focusing on business development and advancing discussions around government and non-government funding - particularly aligned with growing US based rare earth processing capability and initiatives." 

Background on Stephen Weir

Stephen has more than 25 years of experience in equity capital markets and corporate advisory roles. He previously served as Managing Director at RFC Ambrian, a UK based mining corporate advisory firm and previously held senior roles in the mining & metals team at Bankers Trust in Sydney. Stephen has an extensive background in mining and finance and most recently was CEO of ASX-listed, Magnetite Mines Ltd, where he worked closely with the executive team to deliver the Definitive Feasibility Study in line with an evolving ESG roadmap and establishing company values to ensure approvals and permitting objectives were met and being involved in raising investor awareness in the Company and its core value proposition.

Stephen's expertise spans senior corporate advisory, project financing, and construction management roles, and will provide valuable expertise in support of the development and financing of Harena's flagship Ampasindava rare earth project development in Madagascar. 

He holds a Bachelor of Engineering (Hons, Mechanical) from the University of Melbourne, a Graduate Diploma of Applied Finance (SIA), and is a Member of Australian Institute of Company Directors (AICD). He is a non-executive director of EQ Resources Ltd and is a member of the GBA Capital Advisory Board.

Stephen's nomination and appointment is in accordance with the rights of the trustee under the Company's A$1.5m Loan Note Facility ("Facility") that was created in-conjunction with the listing of Harena on 21 March 2025. In line with the terms of the Facility the trustee has the right to appoint two directors to the board of Harena, as was detailed in the prospectus dated 26 February 2025. Stephen is now representing one of those appointments. The Facility was organised by GBA Capital Pty Ltd. The principle of GBA Capital currently owns or controls 9.9% of the issued capital of Harena.

Stephen currently holds 4,449,206 Harena Shares (1.07% of the issued capital). 

There are no further disclosures required for the purposes of UKLR 6.4.6R and UKLR 6.4.8R.

Board Structure and Role Transition

In line with the Company's aim to maintain an effective board, Joe Belladonna will step into the executive role of General Manager of Business Development following two years as Managing Director. This ensures continuity of strategic vision while aligning Board size with Harena's current stage.

At this time, Harena does not intend to appoint a new Managing Director with Allan Mulligan leading the technical and geological aspects of project development of the Ampasindava rare earth project. 

Contact

Notes to Editors

Harena Resources is a rare earths exploration and development company focused on the Ampasindava Ionic Clay Rare Earth Project in Madagascar (Harena's interest is 75%). The project hosts one of the largest ionic clay rare earth deposits outside of China, with significant concentrations of high-value magnet metals. Harena is committed to low-impact, high-recovery mining, providing a sustainable supply of critical minerals for the global energy transition and military defence industries.

Forward-Looking Statements This announcement contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially from those expressed or implied in such statements.