REG - Altona Rare Earths - USTDA Grant Agreement for Monte Muambe Signed

Altona Rare EarthsAnnouncement

27/02/2026 07:00

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RNS Number : 6911U  Altona Rare Earths PLC  27 February 2026

27 February 2026

 

ALTONA RARE EARTHS PLC

("Altona" or "the Company")

 

USTDA grant agreement for Monte Muambe rare earths project signed

 

Altona (LSE: REE), a resource exploration and development company focused on
critical raw materials in Africa, is pleased to announce that its subsidiary
Monte Muambe Mining Limitada has formally executed a grant agreement
("Agreement") with the US Government, through the United States Trade and
Development Agency ("USTDA").

 

The Agreement was signed today at the United States Embassy in Maputo in the
presence of Mrs. Sarah Troutman, Deputy Assistant Secretary, Bureau of African
Affairs, US Department of State. This signing represents a significant
milestone and marks the formal commencement of the strategic partnership with
the United States Government to advance the Monte Muambe rare earths project
in Mozambique.

 

Strategic Partnership and Funding

 

Under the terms of the Agreement, USTDA will provide a grant of US$ 1,875,000
to fund the metallurgy and process engineering components of the Monte Muambe
rare earths prefeasibility study.

 

The funded program will include:

·    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

 

The grant fully funds these critical de-risking workstreams, which will run in
parallel with the on-going development of the Company's high-grade fluorspar
deposits. Selection of the contractor(s) to undertake the funded work will
commence in due course.

 

Strengthening Critical Mineral Supply Chains

 

Thomas R. Hardy, USTDA's Deputy Director, commented: "Securing access to rare
earths is essential for America's defense industrial base and our
technological edge. By partnering on the Monte Muambe project, we're advancing
both countries' strategic priorities: strengthening U.S. supply chain security
while supporting Mozambique's goal of becoming a major player in the global
critical minerals market."

 

Cedric Simonet, CEO, commented: "The USTDA grant represents more than just
non-dilutive funding - it is a tangible operational partnership and a powerful
strategic endorsement. Working with the US Government through USTDA
significantly advances the Company's ambition to become a major, responsible
Western source of magnet rare earths.

 

"Alignment with US strategic priorities represents a transformative step for
Altona. We expect this collaboration to deepen over the life of the project,
complementing our recent initiative to position the Company on North American
capital markets through our application to trade on the OTCQB."

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-

 

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(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
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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