REG - Altona Rare Earths - Monte Muambe: Strong Initial Assay Results

Altona Rare EarthsAnnouncement

16/02/2026 07:00

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RNS Number : 0450T  Altona Rare Earths PLC  16 February 2026

16 February 2026

 

 

ALTONA RARE EARTHS PLC

("Altona" or "the Company")

 

Strong initial fluorspar and gallium assay results

 

Altona (LSE: REE), a resource exploration and development company focused on
critical raw materials in Africa, is pleased to announce that it has started
to receive assay results from its 2025 drilling campaign at Monte Muambe.

 

Highlights

 

·   Approximately 10% of assay results from 2025 drilling campaign
received, remaining results expected over coming weeks.

·      Individual grades up to 82.76% CaF(2) and up to 409 g/t Ga(2)O(3)

·   Weighted average grade of significant intercepts 31% CaF(2),
consistent with the Company's expectations and with typical fluorspar mining
industry CaF(2) grades.

 

Excellent initial fluorspar and gallium assay results received

 

Received results correspond to samples from diamond drilling holes at both the
Fluorite Zone and the Python Zone, with individual grades reaching up to
82.76% CaF(2) and up to 409 g/t Ga(2)O(3).

 

Significant intercepts include:

 

 Hole Number  From (m)  Length (m)  CaF(2) %  Ga(2)O(3) g/t
 MM111        Surface   6.8         38.61
 MM112        Surface   18.3        43.89
 MM114        Surface   22.5        25.11     129
 MM115        Surface   66.4                  62
 Including    Surface   7.5         20.52     134
 Including    48.4      13.5        25.96     78
 MM116        Surface                         52
 MM117        6.4       12.2                  84
 MM118        5.6       10.5        31.89
 MM119        Surface   19.3        31.71     36
 MM120        32.1      32.9                  52
 MM121        31.5      5.3         29.82
 MM122        Surface   9.4         28.54
 MM122        33.6      15.1        31.39
 Including    33.6      5.8         69.04
 MM122        39.4      18.9                  35

 

The weighted average of the fluorspar intercepts is 31% CaF(2), with numerous
near-surface intercepts, confirming the suitability for open-pit mining. This
is consistent with the Company's pre-drill expectations for this project as
well as grades at which fluorspar is commercially mined, typically ranging
from 20% to 40% CaF(2.)

 

These results represent approximately 10% of the samples submitted. The
remaining assay results are expected over the coming weeks and, once received,
will be used immediately to prepare the project's fluorspar and gallium
Mineral Resource Estimate ("MRE").

 

Cedric Simonet, CEO, commented: "I am delighted with the assay results
received so far, which show wide intercepts of high grade fluorspar ore and
gallium mineralisation, often from surface level. I look forward to receiving
the remaining assays and completing and publishing the MRE in due course.

 

"I am also pleased to report that the Company's projects generated exceptional
momentum and interest at this year's Mining Indaba which was attended by
Altona board members. The level of strategic and financial interest in both
the rare earth and the fluorspar projects have exceeded our expectations."

 

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 project has recently
received an expression of support from the US Government, through USTDA, to
fund the advancement of the rare earths project through the prefeasibility
stage.

 

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

 

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

 

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

 

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

 

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

 

Competent Person Statement

 

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

 

 

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