REG - Altona Rare Earths - US Government confirms support for Monte Muambe

Altona Rare EarthsAnnouncement

09/02/2026 07:00

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RNS Number : 2181S  Altona Rare Earths PLC  09 February 2026

9 February 2026

 

 

ALTONA RARE EARTHS PLC

("Altona" or "the Company")

 

U.S. Government announces support for the Monte Muambe Rare Earths project

 

Altona (LSE: REE), a resource exploration and development company focused on
critical raw materials in Africa, is pleased to announce that the United
States Government, through the United States Trade and Development Agency
("USTDA") has confirmed its intention to support the Monte Muambe Rare Earths
project in Mozambique.

 

The confirmation was provided by Mr. Thomas Hardy, USTDA's Deputy Director and
Chief Operating Officer on 8 February 2026 during his address at the
High-Level Engagement on U.S. Support for Critical Mining Projects in
Sub-Saharan Africa meeting in Cape Town.

 

The event was attended by the Company's CEO Cedric Simonet and Chairman Harvey
Sinclair.

 

USTDA's support is intended to help define the technical and financial pathway
for the development of Monte Muambe, targeting the production of rare earth
elements vital for high-strength permanent magnets, defense applications, and
energy transition technologies. This support is subject to the execution of a
formal grant agreement, which is in preparation.

 

This commitment from USTDA coincides with a broader announcement by the United
States Government at the 2026 Critical Minerals Ministerial. The announcement
outlined a tangible commitment to reshape the global critical minerals market
through the Forum on Resource Geostrategic Engagement (FORGE), alongside the
mobilisation of significant and unprecedented resources to secure resilient
and sustainable mineral supply chains.

 

In the meantime, the Company expects to receive the assay results from its
recent and extensive fluorspar and gallium drilling campaign in the near
future. The Company anticipates that these results, and the resulting mineral
resource estimate, will demonstrate that the fluorspar component of the Monte
Muambe project represents a viable mining project of significant interest.

 

Cedric Simonet, CEO, commented: "This commitment of support from USTDA is a
powerful external validation of the Monte Muambe project's strategic quality
and economic potential. It highlights the strong, high-level interest from a
leading U.S. government institution in developing a secure, alternative source
of rare earths. This partnership is a clear endorsement of our progress in
Mozambique, reinforces our shared objective to advance a project of growing
strategic relevance, and highlights the role Monte Muambe can play in building
more resilient global supply chains for both rare earths and fluorspar."

 

-ends-

 

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Altona Rare Earths Plc

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

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

 

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

Christopher Raggett

Imogen Ellis

 

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

Simon Johnson

James Hornigold

 

About Altona Rare Earths Plc

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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