REG - Altona Rare Earths - Assay Results Confirm High Grade Mineralisation

Altona Rare EarthsAnnouncement

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RNS Number : 8558X  Altona Rare Earths PLC  24 March 2026

24 March 2026

 

 

ALTONA RARE EARTHS PLC

("Altona" or "the Company")

 

Final Assay Results Confirm High-Grade, Near-Surface Fluorspar and Gallium
Mineralisation at Monte Muambe

 

Altona (LSE: REE), a resource exploration and development company focused on
critical raw materials in Africa, is pleased to announce the receipt of all
outstanding assay results from its 2025 drilling campaign at Monte Muambe.

 

Highlights

 

·    All assays received: Final results from the 2025 drilling programme
are now in hand, clearing the path for the delivery of the Mineral Resource
Estimate ("MRE").

·    Record fluorspar intercept: Hole MM156 returned 30 metres at 42.5%
CaF₂ from surface, representing the highest grade × intercept length
recorded to date at the Monte Muambe project.

·    Consistent, commercial-grade fluorspar: The weighted average grade of
all significant fluorspar intercepts is 30% CaF₂, aligning with industry
benchmarks for commercially viable open-pit mining operations (typically
20-40% CaF₂).

·    Gallium results exceed expectations: Gallium mineralisation was
encountered over wide, consistent intercepts up to 50 metres (averaging 18
metres), with a weighted average grade of 63 g/t Ga₂O₃. These results
surpassed internal pre-drilling expectations.

·    Gallium metallurgical testing underway: A gallium metallurgical
testing programme was initiated last week to assess recovery potential from
fluorspar tailings, an essential step toward evaluating commercial viability.

 

Received results correspond to samples from diamond drilling and reverse
circulation drilling holes at the Fluorite Zone, Southern Extension, Kudu and
Python.

 

It is noteworthy that the 2025 drilling campaign covered only about 40%
surface area of soil gallium and fluorspar anomalies. The remaining 60% has
not been drilled yet, leaving significant scope for new mineralized zones
identification and definition through additional drilling.

 

Individual sample grades reach up to 93.11% CaF(2) and up to 149 g/t
Ga(2)O(3).

 

Significant intercepts for fluorspar and gallium are detailed in the tables
below.

 

Fluorspar Results Meet Expectations

 

The weighted average of the fluorspar intercepts reported in this RNS which
cover 2,842 reverse circulation drilling samples is 30% CaF(2), with numerous
surface or near-surface intercepts, confirming a favourable geometry for
open-pit mining. This is consistent with the Company's pre-drill expectations
for this project as well as with grades at which fluorspar is commercially
mined, typically ranging from 20% to 40% CaF(2.)

 

Results include a record fluorspar intercept (in terms of grade x intercept
length) for hole MM156, with 30m at 42.5% CaF(2).

 

Gallium Results Exceed Expectations

 

Gallium results show consistent mineralisation with grades above 55 g/t
Ga(2)O(3) across wide intercepts (up to 50m, average 18m). The weighted
average grade of the gallum intercepts is 63 g/t Ga(2)O(3).

 

Gallium results strongly exceed the Company's pre-drilling expectations.
Gallium grades extend into the host rock of fluorspar mineralisation, meaning
that gallium may be recovered not only from fluorspar ore but also from
fluorspar waste. These results underpin the importance of specific gallium
metallurgical testing workstreams initiated by the Company as announced on 19
March 2026.

 

Next steps

 

All assay results have now been incorporated in the project database and work
towards the preparation of the MRE is on-going. The Company will provide
further updates as this work progresses, alongside results from the gallium
metallurgical testing programme.

 

Cedric Simonet, CEO, commented: "These final assay results give us a complete
picture of the 2025 resource drilling campaign and have confirmed the
high-grade nature of fluorspar mineralization at Monte Muambe aligned with our
expectations.

 

"Gallium results, however, show an exceptional consistency and exceeded our
expectations. While gallium associated to carbonatites and fluorspar is a new
type of deposit, and much work remains to be done to establish its ultimate
commercial viability, these results clearly strengthen the case for investing
further in gallium studies. The initiation of gallium metallurgical testing
announced last week is a essential part of these studies.

 

"With all assays now in hand, we are focused entirely on delivering the MRE.
That will be the next major milestone in building a comprehensive
understanding of Monte Muambe's value."

 

Significant fluorspar intercepts (over 18% CaF(2)):

 

 Hole Number  From (m)  Length (m)  CaF(2) %
 MM127        12        8           56.6%
 MM127        25        8           34.7%
 MM128        29        7           19.6%
 MM130        1         6           32.1%
 MM130        28        15          46.7%
 MM131        3         3           21.1%
 MM131        27        14          27.3%
 MM134        Surface   25          19.5%
 Including    1         5           36.6%
 Including    12        3           42.2%
 MM135        9         16          34.2%
 MM136        Surface   13          42.0%
 MM136        24        5           19.1%
 MM136        38        7           21.5%
 MM138        Surface   10          23.9%
 Including    Surface   5           37%
 MM138        31        4           21.1%
 MM138        48        2*          62.6%
 MM139        Surface   14          29.4%
 MM139        23        10          18.1%
 MM143        1         4           25.4%
 MM143        17        5           26.8%
 MM144        Surface   3           18.7%
 MM146        3         24          30.6%
 Including    15        12          40.7%
 MM148        Surface   26          32.0%
 MM150        1         4           30.4%
 MM151        19        11          32.8%
 MM152        31        8           30.3%
 MM153        18        4           24.5%
 MM156        Surface   30          42.5%
 Including    6         12          54.7%
 MM160        23        4           18.9%
 MM161        8         11          18.1%
 MM162        6         3           26.5%
 MM162        25        4           21.4%
 MM163        1         5           53.9%
 MM168        58        8           23.3%
 MM169        73        2*          28.8%
 MM170        21        6           22.2%
 MM170        34        8           20.2%
 MM170        59        7           28.5%
 MM173        38        12          26.8%
 MM175        27        4           27.7%
 MM179        8         6           23.9%
 MM182        15        11          27.6%
 MM182        29        5           21.5%
 MM182        59        4*          19.3%
 MM183        20        24          32.2%
 Including    24        7           41.8%
 Including    36        4           42.7%
 MM183        49        9           31.6%
 MM184        2         17          28.4%

 

* Hole ended in mineralisation, open at depth.

 

Significant gallium intercepts (over 54g/t Ga(2)O(3)):

 

 Hole Number  From (m)  Length (m)  Ga(2)O(3) g/t
 MM125        28        11          63
 MM127        10        3           68
 MM128        Surface   5           62
 MM128        15        13          58
 MM129        28        6           64
 MM131        Surface   21          63
 MM131        27        19          62
 Including    38        8           78
 MM132        1         23          67
 MM137        Surface   19          60
 MM138        5         33          71
 Including    27        11          84
 MM139        2         38          64
 Including    32        8           78
 MM140        Surface   28          59
 MM148        2         28          52
 MM150        28        22          65
 MM152        3         15          64
 MM154        9         18          55
 MM155        1         24          61
 MM157        1         24          67
 Including    19        5           111
 MM158        21        8           79
 MM159        23        15          73
 MM160        1         22          59
 MM161        1         15          52
 MM162        2         37          58
 MM166        Surface   21          67
 MM167        2         10          69
 MM168        21        22          62
 MM168        54        8           56
 MM168        73        9           62
 MM169        20        5           58
 MM169        36        19          58
 Including    51        4           100
 MM169        65        9           63
 MM170        Surface   8           78
 MM170        15        4           65
 MM170        35        11          67
 MM170        52        26          67
 MM171        13        20          58
 MM171        54        14          56
 MM172        29        25          57
 MM173        8         18          63
 MM173        43        14          84
 MM173        64        6           65
 MM174        Surface   21          80
 MM174        64        16          62
 MM175        Surface   8           58
 MM175        14        12          55
 MM175        33        23          54
 MM176        1         20          58
 MM176        26        24          65
 MM177        17        43          61
 MM178        28        27          67
 MM179        Surface   50          59
 MM180        25        3           97
 MM180        34        6           79
 MM181        46        5           55
 MM182        43        18          56
 MM183        6         20          70

 

 

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulation
(EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of
the European Union (Withdrawal) Act 2018, as amended by virtue of the Market
Abuse (Amendment) (EU Exit) Regulations 2019.

 

-ends-

 

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Altona Rare Earths Plc

Cédric Simonet, CEO                                                +44 (0) 7778 866 108 (cs@altonare.com)

Louise Adrian,
CFO
                   +44 (0) 7721 492 922 (la@altonare.com)

 

Strand Hanson (Financial
Adviser)
+44 (0) 20 7409 3494

Christopher Raggett

Imogen Ellis

 

Zeus Capital (Corporate
Broker)
                 +44 (0) 20 3829 5000

Simon Johnson

James Hornigold

 

 

 

About Altona Rare Earths Plc

 

Altona Rare Earths Plc (ticker: REE) is a London Main Market-listed
exploration and development company focused on unlocking the value of critical
raw materials across Africa. The Company is pursuing a diversified strategy,
targeting assets with potential for near-term monetisation alongside long-term
growth.

 

The multi-commodity Monte Muambe Project in northwest Mozambique is a highly
prospective tenement hosting rare earths, fluorspar, and gallium
mineralisation. Since acquiring the project in June 2021, Altona has drilled
over 7,800 metres, delivering a maiden JORC Mineral Resource Estimate of
13.6Mt at 2.42% TREO, secured a 25-year mining licence (granted December
2024), and published a Competent Person Report and scoping study for the rare
earths component of the project (October 2023). The Company has received a US$
1.875 million grant from USTDA to advance the rare earths project through the
prefeasibility stage.

 

In parallel, Altona is progressing plans to fast-track the development of
high-grade fluorspar veins identified along the western and southern margins
of Monte Muambe, with a targeted production of 50,000 tonnes per annum of
acid-grade fluorspar over a minimum 12-year mine life. Acid-grade fluorspar is
a key input in a wide range of applications, including hydrofluoric acid,
lithium battery electrolyte production, and nuclear fuel refining, placing
Altona in a strong position to supply this critical material.

 

The discovery of gallium mineralisation, with grades up to 550 g/t identified
to date, adds further value to Monte Muambe. The Company has established that
gallium will be concentrated in fluorspar production tailings and is assessing
its possible recovery as a by-product of fluorspar.

 

Altona's diversified portfolio also includes the Sesana Copper-Silver Project
in Botswana, strategically located just 25 km from MMG's Khoemacau Zone 5
copper-silver mine. Situated on a recognised regional contact zone for copper
deposits, Sesana represents a compelling exploration opportunity aligned with
Altona's growth strategy.

 

With a unique combination of critical raw materials projects, Altona is well
positioned to contribute to the global supply of highly sought commodities
essential for clean energy, high technology, defence and industrial
applications.

 

The Company and the Board remain actively focused on identifying and
evaluating additional projects that align with our investment profile and
strategic objectives, leveraging our extensive network and combined industry
experience to uncover compelling opportunities that can drive long-term
growth.

 

Competent Person Statement

 

The information in this RNS that relates to geology and exploration results is
based on information compiled and/or reviewed by Cédric Simonet, who is a
Member of European Geologist Federation (Eur. Geol. #739). Cédric Simonet is
the Chief Executive Officer and a Director of the Company. He has sufficient
experience which is relevant to the styles of mineralisation and type of
deposit under consideration and the activity which he is undertaking to
qualify as a Competent Person in terms of the 2012 Edition of the Australian
Code for the Reporting of Exploration Results, Mineral Resources and Ore
Reserves. Cédric Simonet consents to the inclusion in the RNS of the matters
based on his information in the form and contest in which it appears.

 

 

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