REG - Altona Rare Earths - USTDA-Funded Rare Earths Workstream Advances

Altona Rare EarthsAnnouncement

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RNS Number : 5372Y  Altona Rare Earths PLC  30 March 2026

30 March 2026

 

 

ALTONA RARE EARTHS PLC

("Altona" or "the Company")

 

USTDA-Funded Rare Earths Workstream Advances with Publication of Request for
Proposals

 

Altona (LSE: REE), a resource exploration and development company focused on
critical raw materials in Africa, is pleased to announce the publication of
the Request For Proposals ("RFP") for the implementation of the Monte Muambe
rare earths work program, funded by a grant from the U.S. Trade and
Development Agency ("USTDA").

 

Qualified U.S. firms are now invited to submit proposals to undertake the
metallurgy and process engineering components of a pre-feasibility study for
the development of the Company's rare earths mining and processing facility in
the Moatize District of the Tete Province in northwest Mozambique.

 

A Pivotal Milestone

 

The publication of this RFP represents a key step in activating the
USTDA-supported work program and advancing the Monte Muambe rare earths
project towards development.

 

The scope of work encompasses a comprehensive workstream designed to further
de-risk key technical and commercial aspects of the project while
strengthening engagement with participants across the U.S. rare earths value
chain.

 

The scope of the funded work includes:

 

·    A targeted drilling campaign to obtain representative metallurgical
samples

·   Comprehensive metallurgical testing and engineering studies covering
comminution, beneficiation, and hydrometallurgy, including the separation of
NdPr oxide from mixed rare earth carbonate

·    Associated environmental and commercial studies

·    Engagement with potential US off-take partners

·    The development of an updated financial model and project valuation

 

Why Does This Matter?

 

The signing of the grant agreement with USTDA announced on 27 February 2026
represents an important endorsement of Monte Muambe as a globally significant
rare earths project.

 

The publication of this RFP now triggers the execution of the planned work,
which will deliver multiple tangible outcomes and sustained news flow, while
refining the project's technical and economic parameters and supporting a
potential increase in project value through updated financial modelling.

 

This workstream is therefore an important priority for the Company and will
progress alongside the recently announced strategy of pursuing and evaluating
potential partnerships across the U.S. rare earths and gallium value chains.

 

Timeline and Next Steps

 

The deadline for proposal submission is a 4:00 p.m. Central African Time
(10:00 a.m. Eastern Daylight Time) on May 4, 2026. Selection of the successful
bidder will follow.

 

Further details on the submission process are available at:

https://www.ustda.gov/business_opp_oversea/mozambique-monte-muambe-rare-earths-mining-pre-feasibility-study/
(https://www.ustda.gov/business_opp_oversea/mozambique-monte-muambe-rare-earths-mining-pre-feasibility-study/)

 

Cedric Simonet, CEO, commented: "The launch of this RFP marks a defining step
in the advancement of the Monte Muambe rare earths project. We are pleased to
be moving forward at such a fast pace, working in close cooperation with
USTDA.

 

"Backed by the U.S. Government, this work will support the continued technical
and commercial development of the project, and also deepen engagement with
potential strategic and commercial U.S partners.

 

"We look forward to progressing this workstream and providing further updates
as it advances."

 

-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 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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