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REG - Altona Rare Earths - Monte Muambe MRE Results - Fluorspar and Gallium

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RNS Number : 9117C  Altona Rare Earths PLC  05 May 2026

5 May 2026

 

 

ALTONA RARE EARTHS PLC

("Altona" or "the Company")

 

Monte Muambe MRE results

 

Altona (LSE: REE), (OTCQB: ANRCF), a resource exploration and development
company focused on critical raw materials in Africa, is pleased to announce
JORC-compliant Mineral Resource Estimates ("MRE") for fluorspar and gallium
for the Monte Muambe project.

 

Highlights - Fluorspar

 

·    JORC MRE: 3.48 million tons at 20.6% CaF(2) for 716,000 tons of
CaF(2) contained.

·    Initial base case mine life: 9.5 years at 50,000tpa acid-spar.

·   Additional exploration target (Kudu - up to 3,200,000 tons of CaF(2)
contained) and additional exploration potential at Jambire and Jambire Mn
targets (not drilled yet).

·    Results justify initiating other fluorspar scoping study workflows.

 

Highlights - Gallium

 

·    JORC MRE: 11.73 million tons at 54.7 g/t Ga(2)O(3) for 641 tons of
Ga(2)O(3) contained.

·    MRE tonnage significantly exceeds expectations, underpins potential
for a large-scale gallium deposit.

·    One of very few published gallium MRE worldwide and the first on a
carbonatite deposit.

·    Less than 20% of gallium soil anomaly drilled to date - strong
tonnage upside potential (over 40 million tons).

·    Commercial viability subject to on-going gallium extraction testing
in Canada and Poland.

·    No direct global peer comparison exists - Altona is at the forefront
of carbonatite-hosted gallium exploration.

 

Cedric Simonet, CEO, commented: "The publication of the Monte Muambe fluorspar
and gallium MREs represent an important and transformative milestone for the
Company. The results fundamentally revalue the project.

 

"The fluorspar MRE supports the business case for the development of the
fluorspar mine, with clear upside potential demonstrated by the Kudu
exploration target. The next milestone for the fluorspar project is the
metallurgy, the initial results of which are expected by the end of the second
quarter of this year.

 

"The gallium MRE highlights a larger-than-expected mineralised system, and
positions Altona at the forefront of gallium explorers globally. On-going
gallium metallurgical studies will determine potential pathways for gallium
concentration and/or recovery. Should this workstream prove successful,
gallium extraction at Monte Muambe could evolve into a stand-alone development
opportunity.

 

"More broadly, these results continue to validate Monte Muambe as a
multi-catalyst project, with several parallel value creation workstreams, each
capable of delivering tangible milestones and sustained news flow. Together,
these initiatives provide multiple avenues for value creation as the Company
continues to refine the project's technical and economic parameters."

Fluorspar MRE results support fluorspar mine development progress

 

Both MREs were prepared by Rock and Stock Investments (Pty) Ltd, a geological
consultancy company based in Cape Town, South Africa, in accordance with the
JORC code. The competent person is Joshua Hattingh (BSc (Hons.), FGSSA,
Pr.Sci.Nat.). Fluorspar and gallium MREs were prepared for the Fluorite Zone
(including its Southern Extension), and for Python. The JORC Table 1 form is
attached as an appendix to this RNS. A fluorspar exploration target estimate
was prepared for the Kudu target.

 

 Zone           Category  Tonnage (Mt)  Grade (CaF(2) %)  Contained CaF(2) (t)
 Fluorite Zone  Measured  1.52          20.7%             314,000
 Fluorite Zone  Inferred  1.48          20.2%             299,000
 Fluorite Zone  Total     3.00          20.5%             613,000
 Python         Inferred  0.49          21.2%             103,000
 Python         Total     0.49          21.2%             103,000
 All            Measured  1.52          20.7%             314,000
 All            Inferred  1.97          20.5%             402,000
 All            Total     3.48          20.6%             716,000

 

Table 1 - Fluorspar MRE (cut-off grade 12.5% CaF(2) - see Notes(1))

 

Assuming a metallurgical recovery of 65% and a concentrate grade of 97.5%
CaF(2), the contained CaF(2) tonnage is sufficient to produce 50,000 tons per
year of acid-grade concentrate for a period of 9.5 years.

 

These results therefore justify proceeding with the other workstreams of the
fluorspar scoping study (metallurgy, mine plan, engineering studies and
financial modelling).

 

Significant potential remains to increase the fluorspar resource at Monte
Muambe. Reconnaissance drilling fences at Kudu were sufficient to define an
exploration target estimate (see Table 2), with up to 3.2 million tons of
CaF(2) contained. In addition, the Jambire and Jambire Mn targets, which
display marked fluorine-in-soil anomalies and fluorspar outcrops, have not
been drilled yet and are expected to provide additional tonnage.

 

 Target  Category            Tonnage (Mt)  Grade (CaF(2) %)  Contained CaF(2) (Mt)
 Kudu    Exploration Target  9.9-14.6      8%-22%            0.8-3.2

 

Table 2 - Kudu fluorspar exploration target

 

Further drilling is expected to lead to a material increase in the MRE,
potentially sustaining an up to 100,000 tons per year operation. Such drilling
will not take place immediately, but rather as part of the project's
definitive feasibility study, once project viability has been confirmed by the
on-going scoping study.

 

Gallium MRE - defining a new critical mineral asset class

 

 Zone           Category  Tonnage (Mt)  Grade (g/t Ga(2)O(3))  Contained Ga(2)O(3) (t)
 Fluorite Zone  Inferred  9.29          53.3                   496
 Python         Inferred  2.44          59.7                   146
 All            Inferred  11.73         54.7                   641

 

Table 3 - Gallium MRE (cut-off grade 40.3 g/t Ga(2)O(3) - see Notes(2))

 

The gallium MRE confirms that gallium mineralisation extends beyond the
fluorspar ore envelope and into adjacent fenite zones, defining a broad
mineralised zone around the perimeter of the carbonatite intrusion. As a
result, the tonnage of the gallium resource is much higher than that of the
fluorspar resource.

 

It is noteworthy that the gallium MRE so far covers less than 20% of the total
strike length of gallium-in-soil anomalies, indicating strong upside
potential. The Board believes that the potential to increase the gallium MRE
to a level of over 40 million tons is significant.

 

It is also important to note that the Monte Muambe gallium MRE is one of very
few code-compliant gallium estimates ever published worldwide, and, the Board
believes, the first for a carbonatite-hosted occurrence. Gallium is usually
reported as a potential by-product of bauxite, zinc ore, lithium, and in
Western Australia as a co-product of rare earths in saprolite deposits. All
these deposits have very different mineralogical and metallurgical
characteristics and cannot be directly compared to Monte Muambe. The
publication of the gallium MRE positions Altona to the forefront of gallium
exploration and development in a rare-earths and fluorspar carbonatite
context.

 

The progress achieved by the Company underpins the importance of carrying out
specific gallium metallurgical testing to test the possibility of (1)
producing a concentrate enriched in gallium and (2) extracting gallium from
this concentrate. This metallurgical testing is currently on-going in Canada
and Poland respectively, using cutting edge technology, and will inform the
next steps of the gallium exploration program.

 

 

Figure 1 - Map of Monte Muambe showing the location of REE, Fluorspar and
Gallium MREs, exploration targets, and untested anomalies and occurrences.
Note the extent of untested gallium soil anomalies (in green).

 

Next steps

 

As announced previously, fluorspar metallurgical testing is currently
progressing in South Africa. This workstream is an essential component of the
fluorspar scoping study, as it will determine process parameters, process
flowsheet (hence plant capex), and plant operating costs. Additional scoping
study workstreams including engineering and mine planning and design are now
being initiated. The fluorspar metallurgy and scoping study are expected to be
completed in the third quarter of 2026.

 

In parallel, on-going gallium metallurgy test work will confirm whether a
potentially viable pathway to gallium recovery exists. Heavy rare earths
workstreams announced on 14 April 2026 (mineralogy, drilling sample assays,
metallurgy) are progressing. The Board expects that an updated MRE for heavy
rare earths associated to fluorspar mineralisation will be published later
this year.

 

Gallium and heavy rare earths' behaviour is already being monitored as part of
the fluorspar metallurgical studies. Results from the above workstreams will
be integrated, if necessary, in the fluorspar scoping study.

 

The Company will continue updating investors on the progress of these
activities.

Notes

(1)  Ga₂O₃ in Total Inferred domain: Main Zone Inferred only (22.0 ppm Ga
× 1.3442 = 29.6 ppm Ga₂O₃.The CaF₂ resource and the Ga₂O₃ resource
(Section 4.3) are NOT additive and occupy different spatial domains. The
Ga₂O₃ values in table 1 are in-situ grades within the CaF₂ domain only.
7.8% cavity depletion applied (×0.922). Main Zone CaF2 does not support the
delineation of Indicated Resources - only Inferred and Measured CaF2 in the
Main Zone. Sr at 12.5% COG: Measured 1 515 ppm; Inferred 728 ppm (Main Zone).
Fe₂O₃: Measured 10.29%, Inferred 4.85%. P₂O₅: Measured 1.21%, Inferred
0.80%. MgO: Measured 0.08%, Inferred 0.05%. CaO: Measured 29.10%, Inferred
16.08%.

(2)  Ga₂O₃ = Ga × 1.3442. Total Inferred grade (54.7 ppm Ga₂O₃ /
40.67 ppm Ga) is the tonnage-weighted mean of Main Zone and Python. CaF₂%
and Sr ppm are reference domain grades; NOT additive to the CaF₂ MRE. 7.8%
global cavity depletion applied (×0.922). ID² divergence ≤3.7% (Main Zone)
and ≤3.4% (Python). The Ga₂O₃ resource and the CaF₂ resource (Section
4.2) are NOT additive. Ga₂O₃ domain substantially exceeds the CaF₂
domain. No Ga recovery methodology demonstrated at Monte Muambe.

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-

 

To subscribe for RNS alerts, please visit: https://investors.altonare.com/
(https://investors.altonare.com/)

 

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, with an initial base-case mine life of 9.5 years
supported by the current MRE and significant potential to extend beyond 12
years subject to resource growth from the Kudu Southern Extension and other
targets. 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 believes that gallium
may be concentrated in fluorspar production tailings and is conducting
metallurgical testwork to investigate the possibility of its 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 Mineral Resource Estimates contained in this RNS have been compiled by
Joshua Hattingh (BSc (Hons.), FGSSA, Pr.Sci.Nat. 400039/02), a director of
Rock and Stock Investments (Pty) Ltd. Mr Hattingh is a Fellow of the
Geological Society of South Africa and a registered Professional Natural
Scientist. He has sufficient experience relevant to the style of
mineralisation and type of deposit under consideration and to the activity he
is undertaking to qualify as a Competent Person in terms of the 2012 Edition
of the Australasian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves (JORC Code). Mr Hattingh consents to the inclusion
in this RNS of the Mineral Resource Estimate information in the form and
context in which it appears.

Annex B - Table 1 of JORC 2012 Code

Section 1: Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

 Criteria             JORC Code explanation                                                            Commentary (Updated for Monte Muambe)
 Sampling techniques  ï     Nature and quality of sampling (eg cut channels, random chips, or          As at 01 May 2026 (database closure and effective date), the project database
                      specific specialised industry standard measurement tools appropriate to the      contains 145 boreholes (71 Globe RC, 59 Altona 2025 RC, 15 Altona 2025 DD).
                      minerals under investigation, such as down hole gamma sondes, or handheld XRF    The database includes: Borehole Collars (145), Downhole Surveys (all Altona
                      instruments, etc). These examples should not be taken as limiting the broad      holes), Geological Logs (145), pXRF logs (all Altona 2025 holes), and
                      meaning of sampling.                                                             Laboratory Assay Logs (all Altona 2025 + 63 Globe holes). Globe RC chips are

                                                                                not preserved and the Globe assay dataset is treated as historical data.
                      ï     Include reference to measures taken to ensure sample representivity

                      and the appropriate calibration of any measurement tools or systems used.        Sampling methods: RC cyclone and riffle splitting at 1 m intervals (2-5 kg

                                                                                sub-sample). DD half-core sampled at 0.5-2.0 m geologically controlled
                      ï     Aspects of the determination of mineralisation that are Material to        intervals using a diamond saw; half-core retained. Globe RC chips are not
                      the Public Report.                                                               preserved; data accepted as historical.

                      ï     In cases where 'industry standard' work has been done this would be        pXRF: All RC chips and DD core faces scanned at 1 m intervals (30-second
                      relatively simple (eg 'reverse circulation drilling was used to obtain 1 m       reading). Used solely for lithological classification via empirical Si% and
                      samples from which 3 kg was pulverised to produce a 30 g charge for fire         Mg% thresholds, not for grade estimation.

                                                                                                       Calibrated at start of each use.

 

 Criteria               JORC Code explanation                                                            Commentary (Updated for Monte Muambe)
                        assay'). In other cases more explanation may be required, such as where there    Representivity: Sample intervals respect lithological boundaries. A
                        is coarse gold that has inherent sampling problems. Unusual commodities or       three-level lithology hierarchy is used: pXRF chemistry (preferred), CP
                        mineralisation types (eg submarine nodules) may warrant disclosure of detailed   geological override (where justified), and original field log (fallback).

                                                                                Globe dataset harmonised using laboratory Si% and Mg% values.
                        information.
 Drilling techniques    Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast,    Altona 2025 Programme: 59 RC holes (140 mm bit, 2,735.6 m) and 15 HQ (63.5mm
                        auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard     diameter) DD holes (690.6 m). Predominant dip -55° (61 holes); 10 holes
                        tube, depth of diamond tails, face-sampling bit or other type, whether core is

                        oriented and if so, by what method, etc).                                        vertical (-90°); remainder vary -60° to -70°. Azimuths

                                                                                                         vary by zone (000°, 090°, 162°, 270°, 342°) to intersect the
                                                                                                         fenite-carbonatite contact. No core orientation.

                                                                                                         Globe 2012 Programme: 71 RC holes (5,288 m).

                                                                                                         Predominantly vertical (61 of 71 holes at -90°); 10

                                                                                                         holes at -55° with azimuths of 090°, 180°, 270°,

                                                                                                         360°.
 Drill sample recovery  Method of recording and assessing core and chip sample recoveries and results    Core recovery: Measured against drill run length for every DD run. Generally
                        assessed.Measures taken to maximise sample recovery and ensure representative    good, but treatment of core loss is suboptimal. The current system allocates
                        nature of the samples.Whether a relationship exists between sample recovery      remaining core run length to percentage recovery and logs cavities based on
                        and                                                                              driller-reported

 

 Criteria  JORC Code explanation                                                           Commentary (Updated for Monte Muambe)
           grade and whether sample bias may have occurred due to preferential loss/gain   losses rather than observed core, which can blur boundaries and introduce
           of fine/coarse material.                                                        bias. Recommendation made to implement metre marking and revise core loss
                                                                                           treatment.

                                                                                           RC recovery: Cyclone and rig ensure consistent sample return. No systematic
                                                                                           relationship between recovery and grade is apparent.

                                                                                           Cavity depletion: A global 7.8% depletion factor (×0.922) is applied to all
                                                                                           reported tonnes based on historical no-recovery intervals, ensuring reported
                                                                                           resources are not overstated.
 Logging   Whether core and chip samples have been geologically and geotechnically logged  All Altona 2025 core and chips logged in detail to industry-standard SOPs:
           to a level of detail to support appropriate Mineral Resource estimation,        lithology, mineralisation, colour, weathering, structure, RQD. Core
           mining studies and metallurgical studies.Whether logging is qualitative or      photographed wet and dry. Logging is qualitative for geology, quantitative for
           quantitative in nature. Core (or costean, channel, etc) photography.The total   RQD. pXRF provides quantitative geochemical classification at 1 m intervals.
           length and percentage of the relevant intersections logged.

                                                                                           Globe 2012 logging records are available in digital format and have been
                                                                                           harmonised to the Altona coding scheme.

                                                                                           pXRF chemical classification: Applied to 1,288 intervals (16.9% of database).
                                                                                           Discordance between

 

 Criteria                                        JORC Code explanation                                                            Commentary (Updated for Monte Muambe)
                                                                                                                                  visual log and chemistry occurred in 51.7% of these intervals, reflecting the
                                                                                                                                  difficulty of visual classification of fine-grained carbonate and fenitised
                                                                                                                                  material. The chemistry-derived classification is preferred for domaining.
 Sub-sampling techniques and sample preparation  If core, whether cut or sawn and whether quarter, half or all core taken.If      RC: Cyclone and riffle splitting at 1 m intervals; 2-5 kg sub-sample taken.
                                                 non-core, whether riffled, tube sampled, rotary split, etc and whether sampled

                                                 wet or dry.For all sample types, the nature, quality and appropriateness of      DD core: Cut longitudinally with diamond saw; half-core sampled, half-core
                                                 the sample preparation technique.Quality control procedures adopted for all      retained.
                                                 sub-sampling stages to maximise representivity of samples.Measures taken to

                                                 ensure that the sampling is representative of the in situ material collected,    Sample preparation (Intertek Johannesburg): Samples dried at 110°C,
                                                 including for instance results for field duplicate/second-half                   jaw-crushed to <2 mm, riffle split, pulverised to <75 μm (>90%
                                                 sampling.Whether sample sizes are appropriate to the grain size of the           passing). QAQC programme: Three project-specific ore-based CRMs (ALTONA1, 2,
                                                 material being sampled.                                                          3), one process blank (BLANK_QTZ), and commercial CRM AMIS0250. Duplicate
                                                                                                                                  programme: field 50:50 splits (RC) at ~5% frequency; laboratory pulp repeats
                                                                                                                                  (DD) at ~5% frequency. Full QAQC documentation available.

                                                                                                                                  Sample size: 2-5 kg RC sample and half-core DD samples are appropriate for the
                                                                                                                                  fine-grained, disseminated mineralisation style.
 Quality of assay data                           The nature, quality and appropriateness of the                                   Primary laboratory: Intertek Johannesburg.

 

 Criteria                               JORC Code explanation                                                            Commentary (Updated for Monte Muambe)
 and laboratory tests                   assaying and laboratory procedures used and whether the technique is             Fluorine: ISE method (detection limit 50 ppm F; BDL substituted at 100 ppm F).
                                        considered partial or total.For geophysical tools, spectrometers, handheld XRF   Gallium & REE suite:
                                        instruments, etc, the parameters used in determining the analysis including

                                        instrument make and model, reading times, calibrations factors applied and       ICP-MS. CaF₂ = F% × 2.0547 using JCU-AAC
                                        their derivation, etc.Nature of quality control procedures adopted (eg

                                        standards, blanks, duplicates, external laboratory checks) and whether           conversion factors. LOI excluded due to fluorine volatilisation risk.
                                        acceptable levels of accuracy (ie lack of bias) and precision have been

                                        established.                                                                     Globe RC data: Laboratory and analytical methods not recorded. Data accepted
                                                                                                                         as historical, supported by two-campaign interleaved drilling with Altona 2025
                                                                                                                         data.

                                                                                                                         pXRF (lithology only): Handheld units, 30-second reading. Si% and Mg%
                                                                                                                         thresholds used to discriminate carbonatite (Si<3.27%) from fenite
                                                                                                                         (Si>9.35%).

                                                                                                                         QAQC Performance: In-house standards

                                                                                                                         (ALTONA1-3) certified via round-robin (Intertek, UIS, ALS, Minersa, Nagrom).
                                                                                                                         ALS and Nagrom excluded due to systematic bias vs SARM-32. Monitoring
                                                                                                                         identified anomalies which were investigated and resolved. QAQC considered
                                                                                                                         adequate for Inferred and Measured classification.
 Verification of sampling and assaying  The verification of significant intersections by either independent or           Verification: Significant intersections verified in-house by Altona geological
                                        alternative company personnel.The use of twinned holes.Documentation of          personnel and by the CP during site visits (November 2025).
                                        primary

 

 Criteria                 JORC Code explanation                                                           Commentary (Updated for Monte Muambe)
                          data, data entry procedures, data verification, data storage (physical and      Database: PostgreSQL 18 database. All raw data preserved in source tables;
                          electronic) protocols.Discuss any adjustment to assay data.                     transformations at view level only. JORC audit table (t_0010_field_provenance)
                                                                                                          documents all CP-derived fields.

                                                                                                          Data entry: Locked templates with validation rules. Validated logs imported
                                                                                                          into database. pXRF raw files and scanned paper records retained.

                                                                                                          Adjustments: No adjustments made to assay data. Derived fields (e.g., CaF₂
                                                                                                          from F%) are calculated and clearly identified.
 Location of data points  Accuracy and quality of surveys used to locate drill holes (collar and          Coordinate system: Metric system; WGS84 datum, UTM Zone 36S grid.
                          down-hole surveys), trenches, mine workings and other locations used in

                          Mineral Resource estimation.Specification of the grid system used.Quality and   Collar surveys: 140 collars surveyed by RTK-GNSS. Mean bias +1.1 m vs DTM; 81%
                          adequacy of topographic control.                                                within ±1 m. GPS-only collars (5 holes) updated to DTM-sampled elevations.
                                                                                                          MURC044 flagged as outlier (RTK 16 m above DTM; queried with client).

                                                                                                          Downhole surveys: Multi-shot for Altona 2025 holes. Historical Globe 2012
                                                                                                          holes use planned azimuth and dip.

                                                                                                          Topographic control: DTM based on drone photogrammetry merged with upsampled
                                                                                                          SRTM,

 

 Criteria                                                 JORC Code explanation                                                           Commentary (Updated for Monte Muambe)
                                                                                                                                          validated against RTK collar surveys. Adequate for current resource reporting.
 Data spacing and distribution                            Data spacing for reporting of Exploration Results.Whether the data spacing and  Drill spacing: Main Zone Measured: holes ≤20 m spacing with NS ≥8. Main
                                                          distribution is sufficient to establish the degree of geological and grade      Zone Inferred and Python: holes ≤40 m spacing with NS ≥4. Spacing is
                                                          continuity appropriate for the Mineral Resource and Ore Reserve estimation      sufficient to establish continuity at the assigned classification levels.
                                                          procedure(s) and classifications applied.Whether sample compositing has been

                                                          applied.                                                                        Compositing: 1 m downhole, length-weighted, within estimation domain.
                                                                                                                                          Intervals <0.3 m shared equally with adjacent composites.
 Orientation of data in relation to geological structure  Whether the orientation of sampling achieves unbiased sampling of possible      Mineralisation is hosted close to the fenite-carbonatite contact, which dips
                                                          structures and the extent to which this is known, considering the deposit       towards the crater edge and is sub-horizontal to shallow-dipping in the Main
                                                          type.If the relationship between the drilling orientation and the orientation   Zone. Drilling orientations (predominantly
                                                          of key mineralised structures is considered to have introduced a sampling

                                                          bias, this should be assessed and reported if material.                         -55° to -90° from multiple azimuths) are designed to intersect the contact
                                                                                                                                          orthogonally or at a high angle. No significant sampling bias is considered to
                                                                                                                                          have been introduced. Drilled lengths are reported; true widths are estimated
                                                                                                                                          at 60-80% of drilled length.
 Sample security                                          The measures taken to ensure sample security.                                   Chain of custody: Managed by Altona and MMML personnel. Samples transported
                                                                                                                                          from site to

 

 Criteria           JORC Code explanation                                                  Commentary (Updated for Monte Muambe)
                                                                                           Intertek Johannesburg under signed Chain of Custody documents. Laboratory
                                                                                           issues reconciliation reports upon receipt.

                                                                                           Core storage: Core retained in secure core yard at site. Globe RC chips not
                                                                                           preserved.

                                                                                           No sample security issues were identified by the Competent Person during the
                                                                                           November 2025 site inspection.
 Audits or reviews  The results of any audits or reviews of sampling techniques and data.  Internal audit: CP site visit (November 2025) identified a principal concern
                                                                                           with diamond core logging methodology (treatment of core loss, absence of
                                                                                           metre marks). Recommendation made to implement metre marking and revise core
                                                                                           loss treatment.

                                                                                           Previous reviews: Snowden Optiro (2024) REE CPR reviewed Globe 2012 fluorspar
                                                                                           data and confirmed data quality as adequate. Hattingh (2023) REE Exploration
                                                                                           Target also reviewed the dataset.

                                                                                           No external audit of the 2026 CaF₂/Ga₂O₃ MRE has been conducted. CP
                                                                                           internal review of block model, grade-tonnage curves, and validation checks is
                                                                                           documented.

 

Section 2: Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

 Criteria                                 JORC Code explanation                                                           Commentary (Updated for Monte Muambe)
 Mineral tenement and land tenure status  Type, reference name/number, location and ownership including agreements or     The Monte Muambe project is held under Mining Concession 11854 in Mozambique,
                                          material issues with third parties such as joint ventures, partnerships,        valid to 20 December 2049. The concession was derived from Prospecting Licence
                                          overriding royalties, native title interests, historical sites, wilderness or   LPP7573L. MMML (Monte Muambe Mining Limitada) is the operating SPV; Altona
                                          national park and environmental settings.The security of the tenure held at     Rare Earths Plc holds 51% following completion of Phase 2 of the Farm Out
                                          the time of reporting along with any known impediments to obtaining a licence   Agreement. Original shareholders retain a 20% free-carried and 10%
                                          to operate in the area.                                                         participating interest.

                                                                                                                          No known issues with security of tenure. A production tax (royalty) of 3%
                                                                                                                          applies to mineral sales. A Level A Environmental Impact Assessment (EIA) will
                                                                                                                          be required prior to mining. The area is not within a proclaimed nature
                                                                                                                          reserve or national park. No permanent settlements exist within the concession
                                                                                                                          area.
 Exploration done by other parties        Acknowledgment and appraisal of exploration by other parties.                   Globe Metals & Mining (2009-2013): Conducted first systematic exploration:
                                                                                                                          71 RC holes (5,288 m), soil geochemistry, geophysics, geological mapping.
                                                                                                                          Produced maiden Inferred fluorspar MRE (1.630 Mt at 19% CaF₂ at 10% COG),
                                                                                                                          which is superseded by

 

 Criteria                JORC Code explanation                                                          Commentary (Updated for Monte Muambe)
                                                                                                        this CPR. Data incorporated into the database after harmonisation and review.
                                                                                                        The QAQC for this historical data is not fully documented, but its use is
                                                                                                        supported by interleaved two-campaign drilling with Altona 2025 data.

                                                                                                        Regional mapping: A. François (1970s).
 Geology                 Deposit type, geological setting and style of mineralisation.                  Deposit type: Contact-metasomatic fluorite (CaF₂) and gallium (Ga)
                                                                                                        mineralisation hosted near the fenite-carbonatite contact of the Monte Muambe
                                                                                                        carbonatite intrusion, part of the Cretaceous Chilwa Alkaline Province (CAP).

                                                                                                        Mineralisation style: Disseminated to semi-massive fluorite sub-aligned along
                                                                                                        the dipping contact plane. Gallium is spatially associated with the contact
                                                                                                        zone but extends across both fenite and carbonatite lithologies (fenite mean
                                                                                                        Ga ~1.78× carbonatite).

                                                                                                        Target zones: Main Zone (N-S extent ~750 m), Python Target (E-W ~213 m, N-S
                                                                                                        ~93 m), Kudu Southern Extension (southern Main Zone corridor).
 Drill hole Information  A summary of all information material to the understanding of the exploration  A full tabulation of the contributing 145 borehole collars (Altona 2025 and
                         results including a                                                            Globe 2012) is provided in

 

 Criteria                  JORC Code explanation                                                            Commentary (Updated for Monte Muambe)
                           tabulation of the following information for all Material drill holes:easting     Error: Reference source not foundError: Reference source not found. Key
                           and northing of the drill hole collarelevation or RL (Reduced Level -            statistics: Altona 2025: 74 holes (59 RC, 15 DD) totalling
                           elevation above sea level in metres) of the drill hole collardip and azimuth

                           of the holedown hole length and interception depthhole length.If the exclusion   ~3,426 m.
                           of this information is justified on the basis that the information is not

                           Material and this exclusion does not detract from the understanding of the       Globe 2012: 71 RC holes (5,288 m). 63 holes with assay data; 8 holes without
                           report, the Competent Person should clearly explain why this is the case.        assays excluded from estimation.

                                                                                                            No material drill hole information has been excluded.
 Data aggregation methods  In reporting Exploration Results, weighting averaging techniques, maximum        Reporting cut-off: CaF₂ primary reporting COG is 12.5%. Ga₂O₃ primary
                           and/or minimum grade truncations (eg cutting of high grades) and cut-off         reporting COG is 30 ppm Ga (40.3 ppm Ga₂O₃).
                           grades are usually Material and should be stated.Where aggregate intercepts

                           incorporate short lengths of high grade results and longer lengths of low        Weighting: Length-weighted averaging used for all intercept reporting.
                           grade results, the procedure used for such aggregation should be stated and

                           some typical examples of such aggregations should be shown in detail.The         Metal equivalents: No metal equivalents are reported. Ga₂O₃ = Ga ppm ×
                           assumptions used for any reporting of metal equivalent values should be          1.3442 (conversion factor disclosed).
                           clearly stated.

                                                                                                            Top-capping: A 50% CaF₂ cap applied to composites prior to estimation (Main
                                                                                                            Zone and Python). A 150 ppm Ga cap applied for Ga estimation.

 

 Criteria                                                          JORC Code explanation                                                           Commentary (Updated for Monte Muambe)
 Relationship between mineralisation widths and intercept lengths  These relationships are particularly important in the reporting of Exploration  Mineralisation is hosted near the fenite-carbonatite contact. In the Python
                                                                   Results.If the geometry of the mineralisation with respect to the drill hole    zone the contact dips ~57° towards 152°. In the Main Zone the geometry is
                                                                   angle is known, its nature should be reported.If it is not known and only the   sub-horizontal to shallow-dipping.
                                                                   down hole lengths are reported, there should be a clear statement to this

                                                                   effect (eg 'down hole length, true width not known').                           Drilled lengths are reported throughout. All intercepts are reported as
                                                                                                                                                   down-hole lengths with the explicit statement that true widths are less than
                                                                                                                                                   drilled lengths.
 Diagrams                                                          Appropriate maps and sections (with scales) and tabulations of intercepts       Figures referenced in this report include geology and boreholes positions and
                                                                   should be included for any significant discovery being reported These should    positions of Mineral Resources, block models and validation plots such as
                                                                   include, but not be limited to a plan view of drill hole collar locations and   grade-tonnage curves and swath plots. All diagrams are referenced in the Index
                                                                   appropriate sectional views.                                                    of Tables in this CPR.

                                                                                                                                                   Borehole collar locations are tabulated in Error: Reference source not
                                                                                                                                                   foundError: Reference source not found.
 Balanced reporting                                                Where comprehensive reporting of all Exploration Results is not practicable,    All results within the modelled areas for which data are available were
                                                                   representative reporting of both low and high grades and/or widths should be    utilised irrespective of grade.
                                                                   practised to avoid misleading reporting of Exploration Results.

                                                                                                                                                   Sub-economic or barren holes are reported and described (e.g., MM126 at Kudu:
                                                                                                                                                   mean 0.67% CaF₂, described as carbonatite interior facies). MURC057

 

 Criteria                            JORC Code explanation                                                            Commentary (Updated for Monte Muambe)
                                                                                                                      and MURC061 are documented as data gaps (no assay records). Estimation is
                                                                                                                      unbiased; data were not selectively used.
 Other substantive exploration data  Other exploration data, if meaningful and material, should be reported           Soil geochemistry: 281 samples; F assayed by ISE at SGS Johannesburg. Values
                                     including (but not limited to): geological observations; geophysical survey      136-89,715 ppm F. IDW grid (350 m search radius) used to define Exploration
                                     results; geochemical survey results; bulk samples - size and method of           Target spatial context.
                                     treatment; metallurgical test results; bulk density, groundwater, geotechnical

                                     and rock characteristics; potential deleterious or contaminating substances.     Geophysics: Helicopter-borne survey (1998, Aerodat); used for target
                                                                                                                      generation, not current MRE.

                                                                                                                      Bulk density: 396 calliper (weight-volume) method measurements from 14 DD
                                                                                                                      holes; assigned by rock type × weathering code lookup.

                                                                                                                      Deleterious elements: Sr assayed for all Altona 2025 holes (Measured 1,515
                                                                                                                      ppm; Inferred 728 ppm at 12.5% COG). Sr is noted as a critical element for
                                                                                                                      acid-grade concentrate specification, comparable to Okorusu Mine levels.

                                                                                                                      Metallurgical testwork: None completed on Altona 2025 samples. Globe 2012
                                                                                                                      bench-scale flotation tests demonstrated acid-grade CaF₂ concentrate (~97%
                                                                                                                      CaF₂).

 

 Criteria      JORC Code explanation                                                          Commentary (Updated for Monte Muambe)
 Further work  The nature and scale of planned further work (eg tests for lateral extensions  Immediate (Priority 1): Expanded soil fluorine geochemistry survey covering
               or depth extensions or large-scale step-out drilling).Diagrams clearly         full circumferential fenite-carbonatite contact (~12 km strike) with
               highlighting the areas of possible extensions, including the main geological   over-sampling strategy (200 m x 100 m initial, infill to 50 m x 25 m).
               interpretations and future drilling areas, provided this information is not

               commercially sensitive.                                                        Staged drilling (Priority 2):

                                                                                              - Stage 1 - Kudu Southern Extension: 15-20 RC + 3-5 DD holes (50 m x 50 m
                                                                                              pattern) to upgrade Exploration Target to Inferred Resource.

                                                                                              - Stage 2 - Python West & East Extensions: 10-15 RC holes per extension.

                                                                                              - Stage 3 - Jambire & Jambire North: 5-10 reconnaissance RC holes,
                                                                                              conditional on soil results. Technical recommendations: Implement metre
                                                                                              marking on DD core; revise core loss logging; umpire laboratory programme;
                                                                                              possible high-resolution LiDAR survey; metallurgical testwork (flotation, Sr
                                                                                              rejection, Ga recovery scoping).

Section 3: Estimation and Reporting of Mineral Resources

(Criteria listed in section 1, and where relevant in section 2, also apply to
this section.)

 Criteria            JORC Code explanation                                                            Commentary (Updated for Monte Muambe)
 Database integrity  Measures taken to ensure that data has not been corrupted by, for example,       Database: PostgreSQL 18 (monte_muambe). All raw data preserved in source
                     transcription or keying errors, between its initial collection and its use for   tables (t_0100_collars, t_0300_geology, t_0700_surveys, t_0800_sampling,
                     Mineral Resource estimation purposes.Data validation procedures used.            t_1100_lab_assays, etc). All transformations applied at view level only; raw
                                                                                                      values never overwritten. JORC audit table (t_0010_field_provenance) documents
                                                                                                      all CP-derived fields with source, derivation note, date, and author.

                                                                                                      Validation checks: Collar RTK elevations validated against DTM (mean bias +1.1
                                                                                                      m; 81% within ±1 m). GPS-only collars updated to DTM-sampled elevations.
                                                                                                      Downhole surveys checked for dip/azimuth continuity. Assay QAQC charts
                                                                                                      reviewed per batch; anomalous standards and blank outlier referred to
                                                                                                      laboratory. Duplicate label-swap anomalies documented in source data

                                                                                                      errors register. The project database was validated prior to estimation using
                                                                                                      standard collar, survey, geology, sampling and assay checks. These included
                                                                                                      verification of collar coordinate

 

 Criteria     JORC Code explanation                                                          Commentary (Updated for Monte Muambe)
 completeness, downhole survey consistency, interval continuity, overlapping or
 negative sample intervals, missing assay records, duplicate sample
 identifiers, and consistency between geological and assay interval tables.
 Errors identified during validation were corrected in the source database or
 excluded from estimation where correction was

 not possible.
 Site visits  Comment on any site visits undertaken by the Competent Person and the outcome  A site visit was conducted by the CP ( J.P. Hattingh) in November 2025.
              of those visits.If no site visits have been undertaken indicate why this is    Activities included: core yard inspection (MM111-MM117, MM180-MM184,
              the case.

                                                                                             MM124, MM126); logging verification for selected intervals; recovery log
                                                                                             checks; field QAQC review; RC sample station inspection; observation of active
                                                                                             RC drilling.

                                                                                             Outcome: Logging standards and procedures confirmed as adequate with some room
                                                                                             for improvement. A principal concern was identified regarding the diamond core
                                                                                             logging methodology: absence of metre marks and treatment of core loss based
                                                                                             on driller-reported losses rather than physical core observation.
                                                                                             Recommendation made to implement metre marking and revise core loss

 

 Criteria                   JORC Code explanation                                                            Commentary (Updated for Monte Muambe)
                                                                                                             treatment. No material concerns with sample collection or preparation were
                                                                                                             identified.
 Geological interpretation  Confidence in (or conversely, the uncertainty of ) the geological                Confidence: High confidence in the geological model. The fenite-carbonatite
                            interpretation of the mineral deposit.Nature of the data used and of any         contact geometry is confirmed by DD inclined drilling data and consistent
                            assumptions made.The effect, if any, of alternative interpretations on Mineral   across Main Zone, Python, and Kudu zones.
                            Resource estimation.The use of geology in guiding and controlling Mineral

                            Resource estimation.The factors affecting continuity both of grade and           Uncertainties: (a) depth extent of contact-hosted mineralisation below 60 m TD
                            geology.                                                                         at Python (Inferred classification); (b) spatial distribution of cavity zones
                                                                                                             (addressed by global 7.8% depletion factor); (c) variation in fluorite
                                                                                                             enrichment laterally (captured by variogram nugget effects).

                                                                                                             Alternative interpretation: A horizontal, lenticular geometry (Globe 2012
                                                                                                             approach) would produce a shallower-dipping volume with lower effective
                                                                                                             thickness. The current shallow dip to steeper dipping interpretation related
                                                                                                             to contact morphology is preferred and supported by structural data.

                                                                                                             Geology control: pXRF chemical classification (Si%, Mg%) used to refine
                                                                                                             lithology. Three-level hierarchy: pXRF (preferred), CP override, field log
                                                                                                             (fallback).

 

 Criteria                             JORC Code explanation                                                            Commentary (Updated for Monte Muambe)
 Dimensions                           The extent and variability of the Mineral Resource expressed as length (along    Main Zone: N-S extent ~700 m (N8,194,000-8,194,700); E-W 100-160 m; depth 0-60
                                      strike or otherwise), plan width, and depth below surface to the upper and       m below surface. Measured zone: N8,194,600-8,194,910 (310 m N-S).
                                      lower limits of the Mineral Resource.

                                                                                                                       Python: E-W ~213 m; N-S ~93 m; depth 0-60 m (40 m buffer domain).

                                                                                                                       All resources are open to depth below TD; no basal constraint on
                                                                                                                       mineralisation has been established.
 Estimation and modelling techniques  The nature and appropriateness of the estimation technique(s) applied and key    Software: Leapfrog.
                                      assumptions, including treatment of extreme grade values, domaining,

                                      interpolation parameters and maximum distance of extrapolation from data         Estimator: Ordinary Kriging (OK); ID² as check estimator.
                                      points. If a computer assisted estimation method was chosen include a

                                      description of computer software and parameters used.The availability of check   Domains: Main Zone CaF₂: 5% CaF₂ RBF shell. Python CaF₂: bounding
                                      estimates, previous estimates and/or mine production records and whether the     boundary (topography + 40 m DH buffer). Ga₂O₃: bounding boundary (DTM + 40
                                      Mineral Resource estimate takes appropriate account of such data.The             m buffer).
                                      assumptions made regarding recovery of by-products.Estimation of deleterious

                                      elements or other non-grade variables of economic significance (eg sulphur for   Compositing: 1 m downhole, length-weighted; <0.3 m shared equally.
                                      acid mine drainage

                                                                                                                       Top-capping: 50% CaF₂ (Main Zone & Python); 150 ppm Ga (both zones).

                                                                                                                       Block size: 10×10×5 m parent; sub-blocked to 5×5×1 m.

                                                                                                                       Validation: OK vs ID² divergence <5% at all cut-offs. Global mean
                                                                                                                       comparison <0.2% relative for CaF₂;

 

 Criteria            JORC Code explanation                                                            Commentary (Updated for Monte Muambe)
                     characterisation).In the case of block model interpolation, the block size in    <5% for Ga (within acceptable range for Inferred). Swath plots (X, Y, Z)
                     relation to the average sample spacing and the search employed.Any assumptions   and visual inspection confirm no systematic bias.
                     behind modelling of selective mining units.Any assumptions about correlation

                     between variables.Description of how the geological interpretation was used to   Previous estimates: Globe 2012 MRE (1.630 Mt at 19% CaF₂, Inferred, 10% COG)
                     control the resource estimates.Discussion of basis for using or not using        is superseded.
                     grade cutting or capping.The process of validation, the checking process used,

                     the comparison of model data to drill hole data, and use of reconciliation       By-products: No recovery assumed for Ga₂O₃; reported in-situ only. Sr is
                     data if available.                                                               reported as a deleterious element.
 Moisture            Whether the tonnages are estimated on a dry basis or with natural moisture,      All tonnages are reported on a dry basis. SG measurements were conducted on
                     and the method of determination of the moisture content.                         air-dried samples; no moisture correction has been applied. Given the oxidised
                                                                                                      nature of near-surface regolith and competent carbonatite/fenite, moisture
                                                                                                      effects on density are considered minor.
 Cut-off parameters  The basis of the adopted cut-off grade(s) or quality parameters applied.         CaF₂ primary COG: 12.5% (client-agreed). Rationale: consistent with
                                                                                                      higher-grade Altona 2025 data, anchored by MM183 (Python) mean 25.25% CaF₂,
                                                                                                      provides conservative basis for a 50,000 tpa acid-

 

 Criteria                       JORC Code explanation                                                          Commentary (Updated for Monte Muambe)
                                                                                                               grade fluorspar operation. Sensitivity tables at 0-20% COG provided.

                                                                                                               Ga₂O₃ primary COG: 30 ppm Ga (40.3 ppm Ga₂O₃), client-agreed.

                                                                                                               Both COGs are stated as in-situ COGs without processing recovery assumptions.
                                                                                                               Economic COG will be refined during scoping/feasibility study.
 Mining factors or assumptions  Assumptions made regarding possible mining methods, minimum mining dimensions  RPEEE assessment: Based on geological analogue (Okorusu Mine, Namibia),
                                and internal (or, if applicable, external) mining dilution. It is always       shallow open-pit-compatible geometry, manageable strontium levels, and strong
                                necessary as part of the process of determining reasonable prospects for       fluorspar market fundamentals. A Class 4 Scoping Study (AACE RP 47R-11)
                                eventual economic extraction to consider potential mining methods, but the     assesses open-pit mining with overall pit slopes 45-50° (weathered) to
                                assumptions made regarding mining methods and parameters when estimating       55-60° (fresh rock), minimum mining width 10 m, and 5% mining dilution at pit
                                Mineral Resources may not always be rigorous.                                  boundary assumed for scoping purposes. These parameters are indicative only

                                                                              and subject to revision.
                                Where this is the case, this should be reported with an explanation of the

                                basis of the mining assumptions made.                                          Key risk: Monte Muambe grade (20% CaF₂) is lower than Okorusu (35-40%), a
                                                                                                               material risk factor requiring lower costs, higher throughput, or by-product
                                                                                                               revenue.

                                                                                                               The CP considers that CaF₂ Mineral Resources have RPEEE. Ga₂O₃ has
                                                                                                               conditional prospects pending

 

 Criteria                              JORC Code explanation                                                            Commentary (Updated for Monte Muambe)
                                                                                                                        metallurgical testwork.
 Metallurgical factors or assumptions  The basis for assumptions or predictions regarding metallurgical amenability.    No metallurgical testwork has been completed on Altona 2025 samples.
                                       It is always necessary as part of the process of determining reasonable          Assumptions are based on:
                                       prospects for eventual economic extraction to consider potential metallurgical

                                       methods, but the assumptions regarding metallurgical treatment processes and     (a)   Globe 2012 programme: Bench-scale flotation tests demonstrating
                                       parameters made when reporting Mineral Resources may not always be rigorous.     acid-grade CaF₂ concentrate production (~97% CaF₂).

                                       Where this is the case, this should be reported with an explanation of the       (b)   Okorusu analogue: Carbonatite-hosted fluorspar operation with
                                       basis of the metallurgical assumptions made.                                     multi-stage flotation to manage Sr (1,900-2,500 ppm in feed). Monte Muambe Sr
                                                                                                                        levels (Measured 1,515 ppm; Inferred 728 ppm) are comparable or lower.

                                                                                                                        (c)   Scoping Study assumption: Assumed flotation CaF₂ recovery of ~75-80%
                                                                                                                        and concentrate grade 97% CaF₂, pending testwork.

                                                                                                                        Critical path: Sr rejection to below acid-grade specification (<425 ppm)
                                                                                                                        has not been demonstrated. Ga recovery has no demonstrated pathway.
 Environmental factors or assumptions  Assumptions made regarding possible waste and process residue disposal           The Scoping Study assumes dry-stack tailings disposal on-site within the
                                       options. It is always necessary as part of the process of determining            licence area. A preliminary environmental baseline exists from the Altona
                                       reasonable prospects for eventual economic                                       2022-2023 programme. An independent

 

 Criteria      JORC Code explanation                                                           Commentary (Updated for Monte Muambe)
               extraction to consider the potential environmental impacts of the mining and    Environmental Audit was validated by AQUA (Tete Province) on 24 October 2022.
               processing operation. While at this stage the determination of potential

               environmental impacts, particularly for a greenfields project, may not always   A Level A Environmental Impact Assessment (EIA) is required prior to mining,
               be well advanced, the status of early consideration of these potential          including Terms of Reference submitted to MITA and subsequent Environmental
               environmental impacts should be reported. Where these aspects have not been     Licence issuance.
               considered this should be reported with an explanation of the environmental

               assumptions made.                                                               The concession area is not within a nature reserve or national park. No
                                                                                               permanent settlements exist within the crater.
 Bulk density  Whether assumed or determined. If assumed, the basis for the assumptions. If    Determined: 396 calliper (weight-volume) method measurements on DD core from
               determined, the method used, whether wet or dry, the frequency of the           14 Altona 2025 holes (MM112-MM126, excluding MM125).
               measurements, the nature, size and representativeness of the samples.The bulk

               density for bulk material must have been measured by methods that adequately    Measurements made on intact, cylindrical core sections (15-25 cm length).
               account for void spaces (vugs, porosity, etc), moisture and differences         Measurements grouped by rock type and weathering code.
               between rock and alteration zones within the deposit.Discuss assumptions for

               bulk density estimates used in the evaluation process of the different          Representative SG values: Fresh carbonatite 2.80-
               materials.

                                                                                               2.90 t/m³; weathered carbonatite 2.50-2.60 t/m³; fenite 2.65-2.75 t/m³;
                                                                                               regolith 2.11 t/m³ (midpoint calculation using RSI CPR soil density of 1.65
                                                                                               t/m³ as lower bound).

                                                                                               Assignment: Lookup table (rock type × weathering

 

 Criteria        JORC Code explanation                                                        Commentary (Updated for Monte Muambe)
                                                                                              code) for intervals without direct measurement. 6.5% of intervals carry
                                                                                              measured values; 79.5% use lookup with exact weathering code.

                                                                                              Cavity depletion: Global 7.8% scalar (×0.922) applied to all reported tonnes,
                                                                                              accounting for void spaces and no-recovery intervals.

                                                                                              Python holes (MM111-117): No SG measurements; assigned from lookup table using
                                                                                              lith and weath codes.
 Classification  The basis for the classification of the Mineral Resources into varying       Classification follows JORC 2012.
                 confidence categories.Whether appropriate account has been taken of all

                 relevant factors (ie relative confidence in tonnage/grade estimations,       Main Zone CaF₂ - Measured: Northing 8,194,600-8,194,910 m; DH distance ≤20
                 reliability of input data, confidence in continuity of geology and metal     m; NS ≥8; two-campaign interleaved drilling (Globe 2012 + Altona 2025) with
                 values, quality, quantity and distribution of the data).Whether the result   independent sampling and QAQC.
                 appropriately reflects the Competent Person's view of the deposit.

                                                                                              Main Zone CaF₂ - Inferred: DH distance ≤40 m; NS

                                                                                              ≥4.

                                                                                              Python CaF₂ - Inferred: DH distance ≤40 m; NS

                                                                                              ≥4. No Indicated classification at Python or Kudu.

                                                                                              Ga₂O₃ - Inferred (Main & Python): DH distance

                                                                                              ≤40 m; NS ≥4. No higher confidence categories assigned due to higher Ga
                                                                                              nugget effect and less systematic fenite coverage.

                                                                                              CP judgement: The classification reflects the CP's

 

 Criteria                                     JORC Code explanation                                                           Commentary (Updated for Monte Muambe)
                                                                                                                              view, including the conservative Inferred classification at Python/Kudu and
                                                                                                                              the Measured classification at the Main Zone infilled core.
 Audits or reviews                            The results of any audits or reviews of Mineral Resource estimates.             No formal external audit of the 2026 MRE has been conducted at the time of CPR
                                                                                                                              preparation.

                                                                                                                              Previous reviews: Snowden Optiro (2024) REE CPR reviewed the Globe 2012
                                                                                                                              fluorspar data and confirmed data quality as adequate for use in geological
                                                                                                                              context, providing indirect validation.

                                                                                                                              Internal review: Block model statistics, grade-tonnage curves, OK/ID²
                                                                                                                              divergence, and swath plots have been reviewed by the CP. No
                                                                                                                              Indicated-or-above classification has been applied at Python without external
                                                                                                                              review.
 Discussion of relative accuracy/ confidence  Where appropriate a statement of the relative accuracy and confidence level in  Main Zone Measured: High confidence in grade continuity (two-campaign
                                              the Mineral Resource estimate using an approach or procedure deemed             drilling, NS ≥8, SoR mean 0.869). Tonnes dependent on RBF shell geometry
                                              appropriate by the Competent Person. For example, the application of            (moderate sensitivity). Measured classification is appropriate.
                                              statistical or geostatistical procedures to quantify the relative accuracy of

                                              the resource within stated confidence limits, or, if such an approach is not    Main Zone & Python Inferred (CaF₂): Grade continuity at expected
                                              deemed                                                                          Inferred level (SoR mean 0.465-0.606; NS median 6). Tonnage uncertainty

 

 Criteria  JORC Code explanation                                                           Commentary (Updated for Monte Muambe)
           appropriate, a qualitative discussion of the factors that could affect the      moderate (variogram range vs drill spacing ratio is primary driver).
           relative accuracy and confidence of the estimate.The statement should specify

           whether it relates to global or local estimates, and, if local, state the       Ga₂O₃ Inferred: SoR mean 0.542-0.571; NS median 9-12. Confidence is
           relevant tonnages, which should be relevant to technical and economic           adequate for Inferred classification. Higher Ga nugget effect requires tighter
           evaluation. Documentation should include assumptions made and the procedures    drilling for higher categories.
           used.These statements of relative accuracy and confidence of the estimate

           should be compared with production data, where available.                       Kudu ET: Tonnage range (9.9-14.6 Mt) reflects genuine geometric uncertainty;
                                                                                           grade range (8-22% CaF₂) reflects geological variability across 6 holes.

                                                                                           Primary project risk (resource confidence): Reliance on ISE fluorine assay
                                                                                           without blind round-robin validation of Intertek/UIS against a second
                                                                                           certified source for AMIS0250. No production data available for comparison
                                                                                           (undeveloped deposit).

                                                                                           Confidence assessment relates to local block estimates relevant to future
                                                                                           mining and economic evaluation.

 

 

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