Harena Rare Earths has signed an exclusivity agreement to explore the acquisition of a 100% stake in Paradigm Critical Minerals’ rare earth and uranium assets in San Bernardino County, California, US.

This agreement aligns with Harena's strategy to support the US Government's critical minerals objectives, alongside its continuing Ampasindava Project in Madagascar.

The company plans to carry out comprehensive technical, legal and commercial due diligence on the assets.

If the findings align with the company's strategic and investment goals, it may proceed towards a definitive transaction.

The potential acquisition is contingent on satisfactory due diligence and internal approvals.

The assets are situated in a mining-rich district with supportive infrastructure and regulatory frameworks.

They are near MP Materials' Mountain Pass Mine, a key rare earth production site in North America.

Harena executive technical director Allan Mulligan said: “These assets represent an exciting opportunity for Harena to broaden its exposure to the international critical minerals exploration and development story.

“There are so many under-explored and under-realised deposits that need to be properly assessed and evaluated, and few are better located than these permits.

“In addition to the elevated ratios of rare earths within these deposits, the uranium grades are in the order of ten-times some of those currently being mined around the world.”

Originally a gold and silver operation, the site later revealed uranium deposits and significant rare earth potential through historical drilling.

Initial exploration has shown geological similarities to known uranium deposits globally, indicating large-tonnage potential.

Historical exploration efforts, which involved more than 4,200m of drilling, revealed promising geological signs indicating that the assets could contain economically viable rare earth mineralisation and uranium deposits.

Harena anticipates significant potential as more technical work is carried out.