REG - Altona Rare Earths - Half-year Financial Report
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RNS Number : 1663Y Altona Rare Earths PLC 26 March 2026
26 March 2026
ALTONA RARE EARTHS PLC
("Altona" or the "Company")
INTERIM RESULTS
Altona Rare Earths plc (LSE: REE), the critical raw materials exploration and
development company focused on Africa, is pleased to announce its interim
results for the six month period ended 31 December 2025.
FINANCIAL HIGHLIGHTS
· Improved cost discipline, reducing administrative costs from
£440,000 to £340,000 for the comparative periods.
· £600,000 loan facility repaid; remaining £500,000 facility extended
to October 2026.
· c. £1.2 million raised during the period through warrant exercises,
with additional c. £1.0 million raised post period end.
· Cash of £348,000 at period end. Current cash balances stand at c.
£1.1 million sufficient for the Company's current requirements.
· Continued portfolio optimisation and review of potential new project
opportunities.
POST PERIOD-END HIGHLIGHTS
· 3,419m (74 holes) drilling campaign for fluorspar and gallium
completed at Monte Muambe: JORC Mineral Resource Estimate expected April 2026.
· US$1.875 million USTDA grant to support prefeasibility study for rare
earths project obtained post period end.
· Admission to OTCQB Venture Market post period end, broadening access
to North American investors.
Cedric Simonet, CEO, commented:
"The reported period has been very important for the Company, with the
execution of the Monte Muambe fluorspar and gallium drilling campaign and the
negotiation of the USTDA grant. Improving the capital structure of the Company
and maintaining financial discipline remain key corporate objectives to ensure
a solid base for further growth during 2026."
This announcement contains information which, prior to its disclosure, was
inside information as stipulated under Regulation 11 of the Market Abuse
(Amendment) (EU Exit) Regulations 2019/310 (as amended).
ALTONA RARE EARTHS PLC
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
FOR THE HALF YEAR ENDED 31 DECEMBER 2025
Operational Review
During the period from 1 July 2025 to the date of this report, the Company
continued to advance development of its Monte Muambe project in northwest
Mozambique, which hosts rare earths, fluorspar and gallium mineralisation.
Monte Muambe Rare Earths
Following the approval of the 25 year mining licence, significant progress was
made during the reported period in securing associated landrights (locally
known as DUAT).
Engagement with the United States Government, through the United States Trade
and Development Agency ("USTDA") and the United States Embassy in Maputo,
advanced in relation to potential funding support for a prefeasibility study
for the project. A formal proposal was submitted and discussions progressed
during the period.
Post period end, the grant agreement with the United States Government through
the USTDA was agreed. Under the terms of the agreement, USTDA will provide a
grant of US$1.875 million to support key metallurgical and process engineering
work required for the prefeasibility study for the Monte Muambe rare earths
project.
Monte Muambe Fluorspar and Gallium
During the period, exploration activities at the Monte Muambe project advanced
following the reassessment of high-grade fluorspar deposits. The Company
reported encouraging trench and soil results which resulted in the discovery
of several new high-grade fluorspar and gallium occurrences, and subsequently
completed a 3,419m (74 holes) resource drilling programme to further delineate
the extent of the mineralised zones.Geochemical and metallurgical samples were
collected and submitted for laboratory analysis to support the preparation of
a fluorspar and gallium JORC mineral resource estimate ("MRE"). A site visit
by the competent person was also completed as part of the verification process
for the MRE work. The MRE is expected to be published in April 2026.
Portfolio diversification
The Company is continuing to pursue a diversified strategy, targeting assets
with potential for near-term monetisation alongside longer-term growth
opportunities.
Financial Review
During the reporting period the administrative costs reduced from £440,000 to
£340,000 against the comparative period. This decrease represents the results
of the Company's efforts to reduce corporate costs to ensure that where
possible, expenditure is focused on the Company's priority operational
activities. The financial loss of the Group for the six months ended 31
December 2025 was £376,000 (H1 2024: £512,000).
Non-current assets increased from £1.7m to £2.3m representing the continued
expenditure at Monte Muambe to further the rare earths and fluorspar projects.
In August 2025, the Company raised gross funds of £601,300 through the
exercise of 60,130,000 warrants. In October 2025, it raised a further gross
funds of £600,000 through the exercise of warrants and used these funds to
pay down one of its loan facilities. The remaining £500,000 debt facility
was extended until 30 October 2026. The net cash flow used in operations was
£244,000 (H1 2024: £766,000) and net cash outflow from investing activities
was £506,000 (H1 2024: £106,000). The cash balance was £348,000 (30 June
2025: £109,000) at the period end. The cash balance as the date of the
publication of these accounts is £1.1 million.
Post Period End Activity
Rare Earths Project
In February 2026, the Company's subsidiary, Monte Muambe Mining Limitada,
signed a grant agreement with the United States Government through USTDA.
Under the terms of the agreement, USTDA will provide a grant of US$1.875
million to support key metallurgical and process engineering work required for
the prefeasibility study for the Monte Muambe rare earths project.
The programme funded under the grant will include a targeted drilling campaign
to obtain representative metallurgical samples, comprehensive metallurgical
testing, process engineering studies covering beneficiation and
hydrometallurgy, environmental and commercial studies, engagement with
potential U.S. off‑take partners, and the development of an updated
financial model. The grant is non‑dilutive and non-reimbursable, and is
intended to advance critical technical workstreams required for the
development of the project.
Fluorspar and Gallium Project
Subsequent to the period end, the Company reported further encouraging
developments at the Monte Muambe fluorspar project, including strong initial
laboratory assay results confirming high-grade fluorspar mineralisation, with
individual sample grades reported of up to approximately 93% CaF₂.
Metallurgical testing and evaluation work aimed at assessing the potential
viability of the production of acid-grade fluorspar started and is currently
on-going.
Corporate Activity
Post the year end, the Company raised a further £250,000 through the issue of
new ordinary shares and a significant number of warrants were exercised
resulting in the issue of new ordinary shares and the receipt of additional
funds (approximately £1.0 million) to support the Company's ongoing
exploration and development activities.
Harvey Sinclair was appointed as Non-Executive Chairman of Altona effective 1
November 2025, and Simon Charles stepped down from the Board.
Altona shares started to cross-trade on the OTCQB on 18 March 2026.
Outlook
During the course of 2026, the Company intends to focus its activities on:
1) Progressing the development of the Monte Muambe rare earths project
in conjunction with the USTDA.
2) Continuing to assess the potential viability of the Monte Muambe
fluorspar project, initially with an MRE, followed by a scoping study.
3) Reviewing potential pathways for the extraction of gallium from
fluorspar ore
4) Assessing and generating potential business opportunities with
respect to Monte Muambe with US (or allied) entities arising from the OTCQB
listing, the USTDA grant, and the current geopolitical context around rare
earths and gallium.
5) Continuing the implementation of the Company's diversification
strategy though the acquisition of a pipeline project meeting the Company's
specifications including a low acquisition cost and a short timeline to
production and cash flow. Several opportunities have been identified and are
at an advanced stage of technical review.
Interim Financial Report
This interim financial report does not include all the notes of the type
normally included in an annual financial report. Accordingly, this report
should be read in conjunction with the financial statements for the year ended
30 June 2025, and any public announcements made by Altona Rare Earths Plc
during and subsequent to the interim reporting period.
Altona Rare Earths Plc, (the "Company") is a company registered in England and
Wales. Its registered office is at Eccleston Yards, 25 Eccleston Place, London
SW1W 9NF.
Principal Risks
The principal risks and uncertainties for the remaining six months of the
financial year remain the same as those contained within the annual report and
accounts as at 30 June 2025.
Related- party transactions
See note 15 for a list of the related party transactions that have taken place
in the first six months of the current financial year. There have been no
changes in the related party transactions described in the last annual report
that could have a material effect on the financial position or performance of
the Group in the first six months of the current financial year.
Post Reporting Date Events
See note 16 for a list of these events.
Statement of directors' responsibilities
The directors confirm that these condensed interim financial statements have
been prepared in accordance with UK adopted International Accounting Standard
34, 'Interim Financial Reporting' and the Disclosure Guidance and Transparency
Rules sourcebook of the United Kingdom's Financial Conduct Authority and that
the interim management report includes a fair review of the information
required by DTR 4.2.7 and DTR 4.2.8, namely:
· an indication of important events that have occurred during the first
six months and their impact on the condensed set of financial statements, and
a description of the principal risks and uncertainties for the remaining six
months of the financial year; and
· material related-party transactions in the first six months and any
material changes in the related-party transactions described in the last
annual report.
By order of the board
Cedric Simonet
Chief Executive Officer
CONDENSED CONSOLIDATED STATEMENT OF PROFT OR LOSS AND
OTHER COMPREHENSIVE INCOME
FOR THE HALF YEAR ENDED 31 DECEMBER 2025
Notes Unaudited Unaudited
Half-year ended Half-year ended
31 Dec 2025 31 Dec 2024
Continuing operations: £'000 £'000
Administrative expenses 4 (340) (440)
Operational costs (24) (11)
Operating loss (364) (451)
Finance costs 5 (12) (61)
Loss before taxation (376) (512)
Income tax expense - -
Loss for the period (376) (512)
Total loss is attributable to:
Owners of Altona Rare Earths Plc (359) (493)
Non-controlling interests (17) (19)
(376) (512)
Other comprehensive income:
Items that may be reclassified subsequently to profit and loss:
Exchange differences on translation of foreign operations 86 34
Total comprehensive loss for the period (290) (478)
Total comprehensive loss is attributable to:
Owners of Altona Rare Earths Plc (272) (468)
Non-controlling interests (18) (10)
(290) (478)
Earnings per share (expressed in pence per share)
- Basic and diluted 6 (0.16p) (0.33p)
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2025
Unaudited Audited
31 Dec 2025 30 June 2025
£'000 £'000
ASSETS
Non-current assets
Intangible assets 7 2,189 1,632
Property, plant and equipment 8 64 73
Total non-current assets 2,253 1,705
Current assets
Trade and other receivables 9 159 132
Cash and cash equivalents 348 109
Total current assets 507 241
Total assets 2,760 1,946
LIABILITIES
Current liabilities
Trade and other payables 10 (320) (279)
Loans and borrowings 11 (510) (1,232)
Total current liabilities (830) (1,511)
Total liabilities (830) (1,511)
NET ASSETS 1,930 435
EQUITY
Share capital 12 4,334 3,082
Share premium 12 23,410 23,127
Paid in share capital to issue 250 -
Share-based payment reserve 474 474
Foreign exchange reserve (43) (130)
Retained losses (26,360) (26,001)
Capital and reserves attributable to the owners of Altona Rare Earths plc 2,065 552
Non-controlling interests (135) (117)
TOTAL EQUITY 1,930 435
CONDENSED CONSOLIDATED STATEMENT OF CASHFLOWS
FOR THE HALF YEAR ENDED 31 DECEMBER 2025
Unaudited Unaudited
Half-year ended Half-year ended
31 Dec 31 Dec
2025 2024
£'000 £'000
Cash flow from operating activities
Loss for the period before taxation (376) (512)
Adjusted for:
Depreciation 4 20 20
Interest 5 10 61
Shares issued for services/ share-based payments 36 48
Foreign exchange movement 53 34
Cashflow from operations before working capital changes (257) (349)
Increase in receivables (28) (5)
Increase/(decrease) in payables 43 (412)
Net cash outflow used in operating activities (242) (766)
Cash flows from investing activities
Expenditure on intangible assets 7 (524) (105)
Expenditure on tangible assets 8 (12) (1)
Net cash outflow from investing activities (536) (106)
Cash flows from financing activities
Proceeds from the issue of shares 1,452 49
Proceeds from shares to be issued 250 -
Cost of shares issued (85) -
(Repayment)/proceeds from loans 11 (600) 587
Net cash inflow from financing activities 1,017 636
Net increase/(decrease) for period 239 (236)
Beginning cash 109 392
Cash and cash equivalents at end of period 348 156
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE HALF YEAR ENDED 31 DECEMBER 2025
Share capital Share premium Paid in share capital to issue CLN reserve FX reserve SBP reserve Retained deficit Minority interest Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Balance at 30 June 2025 3,082 23,127 - - (130) 474 (26,001) (117) 435
Loss for the period - - - - - - (359) (17) (376)
Foreign Exchange movement - - - - 87 - - (1) 86
Total Comprehensive loss for the period - - - - 87 - (359) (18) (290)
Transactions with owners recognised directly in equity
Issue of shares 1,252 465 - - - - - - 1,717
Shares to be issued - - 250 - - - - - 250
Cost of shares issued - (182) - - - - - - (182)
Total transactions with owners recognised directly in equity 1,252 283 250 - - - - - 1,785
Balance at 31 December 2025 4,334 23,410 250 - (43) 474 (26,360) (135) 1,930
Balance at 30 June 2024 2,283 23,072 345 12 29 474 (25,097) (97) 1,021
Loss for the period - - - - - - (493) (19) (512)
Foreign Exchange movement - - - - 25 - - 9 34
Total Comprehensive loss for the period - - - - 25 - (493) (10) (478)
Transactions with owners recognised directly in equity
Issue of shares 417 42 - - - - - - 459
Shares to be issued 345 - (345) - - - - - -
CLN issue - - - (12) - - - - (12)
Total transactions with owners recognised directly in equity 762 42 (345) (12) - - - - 447
Balance at 31 December 2024 3,045 23,114 - - 54 474 (25,590) (107) 990
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS
FOR THE HALF YEAR ENDING 31 DECEMBER 2025
1. GENERAL INFORMATION AND BASIS OF PREPARATION OF HALF YEAR
REPORT
(a) General Information
Altona Rare Earths Plc, (the "Company") is a publicly listed company
incorporated and domiciled in England and Wales. Its registered office is at
Eccleston Yards, 25 Eccleston Place, London SW1W 9NF.
The Company's principal activity is focused on the discovery and development
of Critical Raw Materials mining projects in Africa.
These condensed interim financial statements were approved for issue on 25
March 2026.
These condensed interim financial statements do not comprise statutory
accounts within the meaning of section 434 of the Companies Act 2006.
Statutory accounts for the year ended 30 June 2025 were approved by the board
of directors on 24 October 2025 and delivered to the Registrar of Companies.
The auditor's report on those financial statements was unqualified but did
include a reference to the material uncertainty surrounding going concern, to
which the auditors drew attention by way of emphasis of matter and did not
contain a statement under s498 (2) - (3) of Companies Act 2006. The Company's
auditors have not reviewed these condensed interim financial statements.
(b) Basis of Preparation
This condensed consolidated interim financial report for the half-year
reporting period ended 31 December 2025 has been prepared in accordance with
the UK-adopted International Accounting Standard 34, 'Interim Financial
Reporting' and the Disclosure Guidance and Transparency Rules sourcebook of
the United Kingdom's Financial Conduct Authority.
This interim financial report does not include all the notes of the type
normally included in an annual financial report. Accordingly, this report
should be read in conjunction with the financial statements for the year ended
30 June 2025, which has been prepared in accordance with both "International
Accounting Standards in conformity with the requirements of the Companies Act
2006" and "International Financial Reporting Standards adopted pursuant to
Regulation (EC) No 1606/2002 as it applies in the European Union", and any
public announcements made by Altona Rare Earths Plc during the interim
reporting period.
The financial statements have been prepared on a going concern basis. The
Group's assets are not currently generating revenues, an operating loss has
been reported and an operating loss is expected in the 12 months subsequent to
the date of these financial statements. The Company has raised funds in the
period, paid down one loan facility and extended another until 30 October
2026. It has also received funds from the exercise of warrants and expects to
continue to receive funds from these warrants over the next accounting
period. Therefore, the directors consider it appropriate to prepare the
financial statements on a going concern basis. The financial statements do not
include the adjustments that would result if the Group were unable to continue
as a going concern.
The accounting policies adopted are consistent with those of the previous
financial year and corresponding interim reporting period. There were no new
or amended accounting standards that required the Group to change its
accounting policies. The directors also considered the impact of standards
issued but not yet applied by the Group and do not consider that there will be
a material impact of transition on the financial statements. The Group's
results are not subject to seasonal variations.
2. CRITICAL ESTIMATES AND JUDGEMENTS
The preparation of interim financial statements requires management to make
judgements, estimates and assumptions that affect the application of
accounting policies and the reported amounts of assets and liabilities, income
and expense. Actual results might differ from these estimates.
In preparing these condensed interim financial statements, the significant
judgements made by management in applying the Group's accounting policies and
the key sources of estimation uncertainty were the same as those that applied
to the financial statements for the year ended 30 June 2025.
3. SEGMENT INFORMATION
For the purpose of IFRS 8, the Chief Operating Decision Maker "CODM" takes the
form of the board of directors. The directors are of the opinion that the
business of the Group focused on three reportable segments as follows:
· Head office, corporate and administrative, including parent company
activities of raising finance and seeking new investment and exploration
opportunities, based in the UK;
· Mineral exploration, based in Mozambique and Botswana, and
· Other costs, mostly administrative activities, based in Mauritius and
Africa.
The geographical information is the same as the operational segmental
information shown below.
Corporate and Administrative (UK/Mauritius) Mineral exploration (Mozambique)
Half year ending 31 December 2025
Other Total
£'000 £'000 £'000 £'000
Operating loss before and after taxation (419) (376)
(35) 78
Segment total assets (net of investments in subsidiaries) 372 2,760
2,380 8
Segment liabilities (742) (87) (1) (830)
Corporate and Administrative (UK/Mauritius) Mineral exploration (Mozambique)
Half year ending 31 December 2024
Other Total
£'000 £'000 £'000 £'000
Operating loss before and after taxation (440) (512)
(39) (33)
Segment total assets (net of investments in subsidiaries) 470 2,144
1,656 18
Segment liabilities (1,135) (15) (4) (1,154)
4. ADMINISTRATIVE EXPENSES
Unaudited Unaudited
Half year ended Half year ended
31 Dec 2025 31 Dec 2024
£'000 £'000
Legal and professional 102 116
Regulatory fees 34 52
Wages and Salaries 134 150
Depreciation 20 20
Other 50 102
340 440
5. FINANCE COSTS
Unaudited Unaudited
Half year ended Half year ended
31 Dec 2025 31 Dec 2024
£'000 £'000
Interest payable on facility loans 10 71
Foreign exchange movement 2 (10)
12 61
6. LOSS PER SHARE
The basic loss per share is derived by dividing the loss for the period
attributable to ordinary shareholders by the weighted average number of shares
in issue.
Unaudited Unaudited
Half year ended Half year ended
31 Dec 2025 31 Dec 2024
Loss for the period (£'000) (376) (512)
Weighted average number of shares - expressed in thousands 237,633 153,016
Basic loss per share - expressed in pence (0.16p) (0.33p)
As the inclusion of the potential ordinary shares would result in a decrease
in the loss per share they are considered to be anti-dilutive and, as such,
the diluted loss per share calculation is the same as the basic loss per
share.
7. INTANGIBLE ASSETS
Exploration and evaluation assets
£'000
Cost and carrying amount
At I July 2024 1,607
Additions to exploration assets 105
At 31 December 2024 1,712
Cost and carrying amount
At I July 2025 1,632
Additions to exploration assets 524
Foreign exchange movement 33
At 31 December 2025 2,189
8. TANGIBLE FIXED ASSETS
Buildings Heavy machinery Precision machinery and office equipment Vehicles Total assets
£'000 £'000 £'000 £'000 £'000
Cost
At 1 July 2025 32 82 35 22 171
Additions - 5 7 - 12
Foreign exchange 1 1 - - 2
At 31 December 2025 33 88 42 22 185
Accumulated Depreciation
At 1 July 2025 3 59 18 18 98
Depreciation charge 1 13 3 3 20
Foreign exchange - 3 - - 3
At 31 December 2025 4 75 21 21 121
Net Book Value
At 30 June 2025 29 23 17 4 73
At 31 December 2025 29 13 21 1 64
9. TRADE AND OTHER RECEIVABLES
Unaudited Audited
31 December 30 June
2025 2025
£'000 £'000
Taxes and social security receivable 130 84
Prepayments and other receivables 29 48
159 132
10. TRADE AND OTHER PAYABLES
Unaudited Audited
31 December 30 June
2025 2025
£'000 £'000
Trade payables 132 39
Accruals and other payables 188 240
320 279
11. LOANS AND BORROWINGS
Movement in loans and borrowings: £'000
Balance as at 1 July 2024 322
Loans drawndown in the period 587
Interest expense 71
Balance as at 31 Dec 2024 980
Loans drawndown in the period 226
Interest expense 26
Balance as at 1 July 2025 1,232
Loans repaid in the period (600)
Interest expense (on extended £500,000 facility) 10
Interest paid in the period (132)
2)2)
Balance as at 31 Dec 2025 510
In October 2025, the Company repaid the outstanding loan facility of
£600,000. £132,000 of accrued interest was satisfied through the issue of
ordinary shares at £0.01 per share. Interest was calculated and paid up to
the 30 October 2025.
On 27 June 2024, the Company entered into two debt facilities totaling
£900,000 with a 12% fixed interest rate, both due for repayment by 30 October
2025. An existing convertible loan note of £200,000 was rolled up into these
facilites with the same terms.
12. SHARE CAPITAL
No. £'000
Ordinary Shares
Ordinary shares at 1 July 2025 166,742,304 1,667
Shares issued in the period 125,122,002 1,252
TOTAL ORDINARY SHARES at 31 December 2025 291,864,306 2,919
Deferred Shares at 0.09p
Deferred shares at 1 July 2025 and 31 December 2025 1,411,956,853 1,271
Deferred Shares at 9p
Deferred shares at 1 July 2025 and 31 December 2025 1,602,434 144
TOTAL DEFERRED SHARES at 31 December 2025 1,413,559,287 1,415
TOTAL SHARES AT 31 December 2025 1,442,745,723 4,334
ORDINARY SHARES Ordinary shares Share Capital Share Premium Total
No. £'000 £'000 £'000
As at 30 June 2025 166,742,304 1,667 23,127 24,794
Issued 26 August 2025 62,322,002 624 265 889
Issued 9 September 2025 9,600,000 96 - 96
Issued 17 October 2025 53,200,000 532 200 732
Share issue costs - - (182) (182)
As at 31 December 2025 291,864,306 2,919 23,410 26,329
13. WARRANTS
The following table sets out the movement of warrants during the period, no
warrants were exercised during the period:
Number of warrants Exercise Price
Balance as at 30 June 2025 216,012,760 £0.01 - £0.05
Warrants exercised - 26 August 2025 (60,130,000) £0.01
Warrants issued - 26 August 2025 50,130,000 £0.02
Warrants exercised - 17 October 2025 (40,000,000) £0.015
Warrants expired (11,000,000) £0.05
Balance as at 31 December 2025 155,012,760 £0.01 - £0.05
Warrants exercised post period end (59,933,333) £0.01 - £0.05
Balance as at 25 March 2026 85,079,427 £0.015 - £0.05
14. COMMITMENTS AND CONTINGENT LIABILITIES
As at 31 December 2025 the capital commitments of the Group relate to Phase 3
of the Farm-Out Agreement in Mozambique which sets out a minimum spend of $2m
over 2 years. This Phase and the related capital commitments can be extended
with further payments.
15. RELATED PARTY TRANSACTIONS
On 26 August 2025, the Company issued 1,949,000 ordinary shares to Directors
and Senior Management in lieu of salaries and fees amounting to £31,498 at an
average of £0.016 per ordinary share. Louise Adrian also works as a
consultant for Orana Corporate LLP who provide the Company with accounting,
bookkeeping and company secretarial services. During the year these services
cost the Company £24,000.
16. POST REPORTING DATE EVENTS
In the period between 1 January 2026 and the date of the publication of these
accounts, the Company made the following changes to its capital structure:
- Issue of 59,933,333 ordinary shares from the exercise of warrants
raising funds of £1.0 million
- Issue of 25,000,000 new ordinary shares to raise funds of
£250,000 (announced pre year end)
- Issue of 7,442,996 new ordinary shares in lieu of cash payments to
directors, debt holders and suppliers for £109,489
Shares in issue as at the date of the publication of these accounts is
384,240,635 and the outstanding number of warrants is 85,079,427.
In February 2026, the Company's subsidiary, Monte Muambe Mining Limitada,
signed a grant agreement with the United States Government through the United
States Trade and Development Agency ("USTDA"). Under the terms of the
agreement, USTDA will provide a grant of US$1.875 million to support key
technical work required for the prefeasibility study for the Monte Muambe rare
earths project.
-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.
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. END IR FFFVIVLIEFIR
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