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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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