Altona Rare Earths - Monte Muambe MRE Results - Fluorspar and Gallium

Neoterra

05/05/2026 07:00

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% CaF2 for 716,000 tons of CaF2 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 CaF2 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 Ga2O3 for 641 tons of Ga2O3 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 (CaF2 %)
Contained CaF2 (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% CaF2 - see Notes1)

 

Assuming a metallurgical recovery of 65% and a concentrate grade of 97.5% CaF2, the contained CaF2 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 CaF2 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 (CaF2 %)
Contained CaF2 (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 Ga2O3)
Contained Ga2O3 (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 Ga2O3 - see Notes2)

 

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/ 

  

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
JORCCodeexplanation
Commentary (Updated for Monte Muambe)
Samplingtechniques
ï  Nature and quality of sampling (eg cut channels, random chips, or specific specialisedindustrystandardmeasurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling.
ï  Include reference to measures taken to ensure sample representivity and the appropriatecalibrationofanymeasurement tools or systems used.
ï  Aspects of the determination of mineralisation that are Material to the Public Report.
ï Incaseswhere'industrystandard'workhas been done this would be relatively simple (eg 'reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverisedtoproducea30gchargeforfire
Asat01May2026(databaseclosureandeffective date),theprojectdatabasecontains145boreholes(71GlobeRC,59Altona2025RC,15Altona2025DD).Thedatabaseincludes:BoreholeCollars(145), Downhole Surveys (all Altona holes), Geological Logs(145),pXRFlogs(allAltona2025holes),andLaboratoryAssayLogs(allAltona2025+63Globe holes). Globe RC chips are not preserved and the Globe assay dataset is treated as historical data.
Sampling methods: RC cyclone and riffle splitting at1mintervals(2-5kgsub-sample).DDhalf-core sampled at 0.5-2.0 m geologically controlled intervals using a diamond saw; half-core retained. Globe RC chips are not preserved; data accepted as historical.
pXRF:AllRCchipsandDDcorefacesscannedat1 m intervals (30-second reading). Used solely for lithological classification via empirical Si% and Mg% thresholds, not for grade estimation.
Calibratedatstartofeachuse.

 

Criteria
JORCCodeexplanation
Commentary (Updated for Monte Muambe)
assay'). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisationtypes(egsubmarinenodules) may warrant disclosure of detailed
information.
Representivity: Sample intervals respect lithological boundaries. A three-level lithology hierarchyisused:pXRFchemistry(preferred),CPgeologicaloverride(wherejustified),andoriginal field log (fallback). Globe dataset harmonised using laboratory Si% and Mg% values.
Drilling techniques
Drill type (eg core, reverse circulation, open-hole hammer,rotaryairblast,auger,Bangka,sonic,etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc).
Altona 2025 Programme: 59 RC holes (140 mm bit, 2,735.6m)and15HQ(63.5mmdiameter)DDholes (690.6 m). Predominant dip -55° (61 holes); 10 holes
vertical (-90°); remainder vary -60° to -70°. Azimuths
varybyzone(000°,090°,162°,270°,342°)tointersectthefenite-carbonatitecontact.Nocoreorientation.
Globe2012Programme:71RCholes(5,288m).
Predominantly vertical (61 of 71 holes at -90°); 10
holesat-55°withazimuthsof090°,180°,270°,
360°.
Drill sample recovery
Method of recording and assessing core and chip samplerecoveriesandresultsassessed.Measures taken to maximise sample recovery and ensure representative nature of the samples.Whether a relationship exists between sample recovery and
Core recovery: Measured against drill run length for every DD run. Generally good, but treatment of core loss is suboptimal. The current system allocates remaining core run length to percentage recoveryandlogscavitiesbasedondriller-reported

 

Criteria
JORCCodeexplanation
Commentary (Updated for Monte Muambe)
grade and whether sample bias may have occurred duetopreferentialloss/gainoffine/coarsematerial.
losses rather than observed core, which can blur boundaries and introduce bias. Recommendation made to implement metre marking and revise core loss treatment.
RC recovery: Cyclone and rig ensure consistent samplereturn.Nosystematicrelationshipbetween recovery and grade is apparent.
Cavity depletion: A global 7.8% depletion factor (×0.922)isappliedtoallreportedtonnesbasedonhistoricalno-recoveryintervals,ensuringreported resources are not overstated.
Logging
Whether core and chip samples have been geologicallyandgeotechnicallyloggedtoalevelof detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc)photography.Thetotallengthandpercentage of the relevant intersections logged.
AllAltona2025coreandchipsloggedindetailto industry-standardSOPs:lithology,mineralisation, colour, weathering, structure, RQD. Core photographedwetanddry.Loggingisqualitative for geology, quantitative for RQD. pXRF provides quantitative geochemical classification at 1 m intervals.
Globe2012loggingrecordsareavailableindigital format and have been harmonised to the Altona coding scheme.
pXRF chemical classification: Applied to 1,288 intervals(16.9%ofdatabase).Discordancebetween

 

Criteria
JORCCodeexplanation
Commentary (Updated for Monte Muambe)
visuallogandchemistryoccurredin51.7%ofthese intervals, reflecting the difficulty of visual classification of fine-grained carbonate and fenitised material. The chemistry-derived classification is preferred for domaining.
Sub-samplingtechniques and sample preparation
If core, whether cut or sawn and whether quarter, half or all core taken.If non-core, whether riffled, tube sampled, rotary split, etc and whether sampledwetordry.Forallsampletypes,thenature, quality and appropriateness of the sample preparation technique.Quality control procedures adopted for all sub-sampling stages to maximise representivityofsamples.Measurestakentoensure that the sampling is representative of the in situ materialcollected,includingforinstanceresultsfor field duplicate/second-half sampling.Whether samplesizesareappropriatetothegrainsizeofthe material being sampled.
RC:Cycloneandrifflesplittingat1mintervals;2-5 kg sub-sample taken.
DD core: Cut longitudinally with diamond saw; half-core sampled, half-core retained.
Sample preparation (Intertek Johannesburg): Samples dried at 110°C, jaw-crushed to <2 mm, rifflesplit,pulverisedto<75μm(>90%passing).QAQC programme: Three project-specific ore-basedCRMs(ALTONA1,2,3),oneprocessblank (BLANK_QTZ),andcommercialCRMAMIS0250.Duplicateprogramme:field50:50splits(RC)at~5%frequency;laboratorypulprepeats(DD)at~5% frequency. Full QAQC documentation available.
Samplesize:2-5kgRCsampleandhalf-coreDD samples are appropriate for the fine-grained, disseminated mineralisation style.
Quality of assay data
Thenature,qualityandappropriatenessofthe
Primary laboratory: Intertek Johannesburg.

 

Criteria
JORCCodeexplanation
Commentary (Updated for Monte Muambe)
and laboratory tests
assaying and laboratory procedures used and whether the technique is considered partial or total.For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratorychecks)andwhetheracceptablelevelsof accuracy (ie lack of bias) and precision have been established.
Fluorine:ISEmethod(detectionlimit50ppmF;BDL substituted at 100 ppm F). Gallium & REE suite:
ICP-MS. CaF₂ = F% × 2.0547 using JCU-AAC
conversionfactors.LOIexcludedduetofluorine volatilisation risk.
GlobeRCdata:Laboratoryandanalyticalmethods 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 discriminatecarbonatite(Si<3.27%)fromfenite (Si>9.35%).
QAQC Performance: In-house standards
(ALTONA1-3)certifiedviaround-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
Theverificationofsignificantintersectionsbyeitherindependentoralternativecompanypersonnel.The use of twinned holes.Documentation of primary
Verification: Significant intersections verified in-housebyAltonageologicalpersonnelandbytheCP duringsitevisits(November2025).

 

Criteria
JORCCodeexplanation
Commentary (Updated for Monte Muambe)
data,dataentryprocedures,dataverification,data storage(physicalandelectronic)protocols.Discuss any adjustment to assay data.
Database: PostgreSQL 18 database. All raw data preservedinsourcetables;transformationsatview 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
Accuracyandqualityofsurveysusedtolocatedrill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.Specification of the grid systemused.Qualityandadequacyoftopographic control.
Coordinate system:Metricsystem;WGS84datum, UTM Zone 36S grid.
Collarsurveys:140collarssurveyedbyRTK-GNSS. Mean bias +1.1 m vs DTM; 81% within ±1 m. GPS-only collars (5 holes) updated to DTM-sampled elevations.MURC044flaggedasoutlier(RTK16m above DTM; queried with client).
Downholesurveys:Multi-shotforAltona2025 holes.HistoricalGlobe2012holesuseplanned azimuth and dip.
Topographic control: DTM based on drone photogrammetrymergedwithupsampledSRTM,

 

Criteria
JORCCodeexplanation
Commentary (Updated for Monte Muambe)
validatedagainstRTKcollarsurveys.Adequatefor current resource reporting.
Data spacing and distribution
Data spacing for reporting of Exploration Results.Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral ResourceandOreReserveestimationprocedure(s) and classifications applied.Whether sample compositing has been applied.
Drill spacing: Main Zone Measured: holes ≤20 m spacing with NS ≥8. Main Zone Inferred and Python: holes ≤40 m spacing with NS ≥4. Spacing is sufficient to establish continuity at the assigned classification levels.
Compositing: 1 m downhole, length-weighted, withinestimationdomain.Intervals<0.3mshared equally with adjacent composites.
Orientation of data in relation togeologicalstructure
Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposittype.Iftherelationshipbetweenthedrilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.
Mineralisation is hosted close to the fenite-carbonatite contact, which dips towards the crater edge and is sub-horizontal to shallow-dipping in the Main Zone. Drilling orientations (predominantly
-55°to-90°frommultipleazimuths)aredesignedto 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.
Samplesecurity
Themeasurestakentoensuresamplesecurity.
Chain of custody: Managed by Altona and MMML personnel. Samples transported from site to

 

Criteria
JORCCodeexplanation
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 CompetentPersonduringtheNovember2025siteinspection.
Auditsorreviews
Theresultsofanyauditsorreviewsofsampling techniques and data.
Internal audit: CP site visit (November 2025) identified a principal concern with diamond core logging methodology (treatment of core loss, absenceofmetremarks).Recommendationmade to implement metre marking and revise core loss treatment.
Previous reviews:SnowdenOptiro(2024)REECPR reviewedGlobe2012fluorspardataandconfirmeddataqualityasadequate.Hattingh(2023)REE Exploration Target also reviewed the dataset.
No external audit of the 2026 CaF₂/Ga₂O₃ MRE has beenconducted.CPinternalreviewofblockmodel, 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
JORCCodeexplanation
Commentary (Updated for Monte Muambe)
Mineral tenement and land tenure status
Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national parkandenvironmentalsettings.Thesecurityofthe tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.
The Monte Muambe project is held under Mining Concession 11854 in Mozambique, valid to 20 December2049.Theconcessionwasderivedfrom Prospecting Licence LPP7573L. MMML (Monte Muambe Mining Limitada) is the operating SPV; Altona Rare Earths Plc holds 51% following completionofPhase2oftheFarmOutAgreement. Originalshareholdersretaina20%free-carriedand 10% participating interest.
No known issues with security of tenure. A production tax (royalty) of 3% applies to mineral sales.ALevelAEnvironmentalImpactAssessment (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.
Explorationdonebyother parties
Acknowledgmentandappraisalofexplorationby other parties.
Globe Metals & Mining (2009-2013): Conducted firstsystematicexploration:71RCholes(5,288m),soilgeochemistry,geophysics,geologicalmapping. ProducedmaidenInferredfluorsparMRE(1.630Mt at19%CaF₂at10%COG),whichissupersededby

 

Criteria
JORCCodeexplanation
Commentary (Updated for Monte Muambe)
this CPR. Data incorporated into the database after harmonisation and review. The QAQC for this historicaldataisnotfullydocumented,butitsuseis supported by interleaved two-campaign drilling with Altona 2025 data.
Regional mapping: A. François (1970s).
Geology
Deposittype,geologicalsettingandstyleofmineralisation.
Deposit type: Contact-metasomatic fluorite (CaF₂) and gallium (Ga) mineralisation hosted near the fenite-carbonatite contact of the Monte Muambe carbonatiteintrusion,partoftheCretaceousChilwa Alkaline Province (CAP).
Mineralisation style: Disseminated to semi-massive fluorite sub-aligned along the dipping contact plane. Gallium is spatially associated with thecontactzonebutextendsacrossbothfeniteand carbonatite lithologies (fenite mean Ga ~1.78× carbonatite).
Target zones: Main Zone (N-S extent ~750 m), PythonTarget(E-W~213m,N-S~93m),KuduSouthernExtension(southernMainZonecorridor).
Drill hole Information
A summary of all information material to the understanding of the exploration results including a
A full tabulation of the contributing 145 borehole collars(Altona2025andGlobe2012)isprovidedin

 

Criteria
JORCCodeexplanation
Commentary (Updated for Monte Muambe)
tabulation of the following information for all Material drill holes:easting and northing of the drill holecollarelevationorRL(ReducedLevel-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 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 report, the Competent Person should clearly explain why this is the case.
Error: Reference source not foundError: Reference source not found. Key statistics: Altona2025:74holes(59RC,15DD)totalling
~3,426 m.
Globe2012:71RCholes(5,288m).63holeswithassaydata;8holeswithoutassaysexcludedfromestimation.
No material drill hole information has been excluded.
Dataaggregationmethods
In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated.Where aggregate intercepts incorporate short lengths of high grade results and longer lengthsoflowgraderesults,theprocedureusedfor such aggregation should be stated and some typical examples of such aggregations should be shown in detail.The assumptions used for any reporting of metal equivalent values should be clearly stated.
Reporting cut-off: CaF₂ primary reporting COG is 12.5%.Ga₂O₃primaryreportingCOGis30ppmGa (40.3 ppm Ga₂O₃).
Weighting: Length-weighted averaging used for all intercept reporting.
Metal equivalents: No metal equivalents are reported.Ga₂O₃=Gappm×1.3442(conversion factor disclosed).
Top-capping:A50%CaF₂capappliedtocomposites prior to estimation (Main Zone and Python). A 150 ppm Ga cap applied for Ga estimation.

 

Criteria
JORCCodeexplanation
Commentary (Updated for Monte Muambe)
Relationship between mineralisationwidths and intercept lengths
Theserelationshipsareparticularlyimportantinthe reporting of Exploration Results.If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect(eg'downholelength,truewidthnotknown').
Mineralisationishostednearthefenite-carbonatite contact.InthePythonzonethecontactdips~57° towards 152°. In the Main Zone the geometry is sub-horizontal to shallow-dipping.
Drilled lengths are reported throughout. All intercepts are reported as down-hole lengths with theexplicitstatementthattruewidthsarelessthan drilled lengths.
Diagrams
Appropriate maps and sections (with scales) and tabulationsofinterceptsshouldbeincludedforany significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.
Figures referenced in this report include geology and boreholes positions and positions of Mineral Resources,blockmodelsandvalidationplotssuch as grade-tonnage curves and swath plots. All diagrams are referenced in the Index of Tables in this CPR.
Borehole collar locations are tabulated in Error: ReferencesourcenotfoundError:Referencesource not found.
Balanced reporting
Where comprehensive reporting of all Exploration Resultsisnotpracticable,representativereporting of both low and high grades and/or widths should be practised to avoid misleading reporting of Exploration Results.
Allresultswithinthemodelledareasforwhichdata are available were utilised irrespective of grade.
Sub-economic or barren holes are reported and described(e.g.,MM126atKudu:mean0.67%CaF₂,describedascarbonatiteinteriorfacies).MURC057

 

Criteria
JORCCodeexplanation
Commentary (Updated for Monte Muambe)
and MURC061 are documented as data gaps (no assayrecords).Estimationisunbiased;datawere not selectively used.
Other substantive exploration data
Other exploration data, if meaningful and material, should be reported including (but not limited to): geologicalobservations;geophysicalsurveyresults;geochemicalsurveyresults;bulksamples-sizeand method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.
Soilgeochemistry:281samples;FassayedbyISEatSGSJohannesburg.Values136-89,715ppmF. IDW grid (350 m search radius) used to define Exploration Target spatial context.
Geophysics:Helicopter-bornesurvey(1998,Aerodat);usedfortargetgeneration,notcurrent MRE.
Bulkdensity:396calliper(weight-volume)method measurementsfrom14DDholes;assignedbyrock type × weathering code lookup.
Deleterious elements: Sr assayed for all Altona 2025holes(Measured1,515ppm;Inferred728ppmat12.5%COG).Srisnotedasacriticalelementforacid-gradeconcentratespecification,comparableto Okorusu Mine levels.
Metallurgical testwork: None completed on Altona2025samples.Globe2012bench-scaleflotationtestsdemonstratedacid-gradeCaF₂concentrate(~97%CaF₂).

 

Criteria
JORCCodeexplanation
Commentary (Updated for Monte Muambe)
Furtherwork
The nature and scale of planned further work (eg testsforlateralextensionsordepthextensionsor large-scale step-out drilling).Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.
Immediate (Priority 1): Expanded soil fluorine geochemistry survey covering full circumferential fenite-carbonatitecontact(~12kmstrike)withover-samplingstrategy(200mx100minitial,infillto50 m x 25 m).
Staged drilling (Priority 2):
- Stage 1 - Kudu Southern Extension: 15-20 RC + 3-5DDholes(50mx50mpattern)toupgrade Exploration Target to Inferred Resource.
- Stage 2 - Python West & East Extensions: 10-15 RC holes per extension.
- Stage 3 - Jambire & Jambire North: 5-10 reconnaissanceRCholes,conditionalonsoilresults.Technical recommendations: Implement metre marking on DD core; revise core loss logging; umpire laboratory programme; possible high-resolution LiDAR survey; metallurgical testwork (flotation,Srrejection,Garecoveryscoping).

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
JORCCodeexplanation
Commentary (Updated for Monte Muambe)
Databaseintegrity
Measures taken to ensure that data has not been corruptedby,forexample,transcriptionorkeying errors,betweenitsinitialcollectionanditsusefor Mineral Resource estimation purposes.Data validation procedures used.
Database:PostgreSQL18(monte_muambe).All raw data preserved in source tables (t_0100_collars, t_0300_geology, t_0700_surveys, t_0800_sampling, t_1100_lab_assays, etc). All transformations applied at view level only; raw values never overwritten. JORC audit table (t_0010_field_provenance)documentsallCP-derivedfieldswithsource,derivationnote,date, and author.
Validation checks: Collar RTK elevations validated againstDTM(meanbias+1.1m;81%within±1m). 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
errorsregister.Theprojectdatabasewasvalidated prior to estimation using standard collar, survey, geology, sampling and assay checks. These included verification of collar coordinate

 

Criteria
JORCCodeexplanation
Commentary (Updated for Monte Muambe)
completeness, downhole survey consistency, intervalcontinuity,overlappingornegativesample 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
notpossible.
Site visits
Comment on any site visits undertaken by the Competent Person and the outcome of those visits.Ifnositevisitshavebeenundertakenindicate why this is the case.
AsitevisitwasconductedbytheCP(J.P.Hattingh)inNovember2025.Activitiesincluded:coreyard inspection (MM111-MM117, MM180-MM184,
MM124, MM126); logging verification for selected intervals;recoverylogchecks;fieldQAQCreview;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: absenceofmetremarksandtreatmentofcoreloss based on driller-reported losses rather than physical core observation. Recommendation made to implement metre marking and revise core loss

 

Criteria
JORCCodeexplanation
Commentary (Updated for Monte Muambe)
treatment.Nomaterialconcernswithsample collection or preparation were identified.
Geological interpretation
Confidence in (or conversely, the uncertainty of ) the geological interpretation of the mineral deposit.Nature of the data used and of any assumptions made.The effect, if any, of alternative interpretations on Mineral Resource estimation.The use of geology in guiding and controlling Mineral Resource estimation.The factors affecting continuity both of grade and geology.
Confidence: High confidence in the geological model.Thefenite-carbonatitecontactgeometryis confirmed by DD inclined drilling data and consistent across Main Zone, Python, and Kudu zones.
Uncertainties: (a) depth extent of contact-hosted mineralisation below 60 m TD at Python (Inferred classification);(b)spatialdistributionofcavityzones(addressedbyglobal7.8%depletionfactor);(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%)usedtorefinelithology.Three-levelhierarchy: pXRF (preferred), CP override, field log (fallback).

 

Criteria
JORCCodeexplanation
Commentary (Updated for Monte Muambe)
Dimensions
TheextentandvariabilityoftheMineralResource expressed as length (along strike or otherwise), planwidth,anddepthbelowsurfacetotheupper and lower limits of the Mineral Resource.
MainZone:N-Sextent~700m(N8,194,000-8,194,700);E-W100-160m;depth0-60mbelow surface. Measured zone: N8,194,600-8,194,910 (310 m N-S).
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 assumptions, including treatment of extreme grade values, domaining, interpolation parameters and maximum distance of extrapolation from data points. If a computer assisted estimation method was chosen include a description of computer software and parameters used.The availability of check estimates, previous estimates and/or mine production records and whether the Mineral Resource estimate takes appropriate account of such data.The assumptions made regarding recovery of by-products.Estimation of deleterious elementsorothernon-gradevariablesofeconomic significance (eg sulphur for acid mine drainage
Software:Leapfrog.
Estimator: Ordinary Kriging (OK); ID² as check estimator.
Domains: Main Zone CaF₂: 5% CaF₂ RBF shell. PythonCaF₂:boundingboundary(topography+40mDHbuffer).Ga₂O₃:boundingboundary(DTM+40 m buffer).
Compositing:1mdownhole,length-weighted;<0.3 m shared equally.
Top-capping:50%CaF₂(MainZone&Python);150 ppm Ga (both zones).
Blocksize:10×10×5mparent;sub-blockedto 5×5×1 m.
Validation:OKvsID²divergence<5%atallcut-offs. Global mean comparison <0.2% relative for CaF₂;

 

Criteria
JORCCodeexplanation
Commentary (Updated for Monte Muambe)
characterisation).In the case of block model interpolation, the block size in relation to the average sample spacing and the search employed.Any assumptions behind modelling of selective mining units.Any assumptions about correlation between variables.Description of how the geological interpretation was used to control theresourceestimates.Discussionofbasisforusing or not using 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 data if available.
<5%forGa(withinacceptablerangeforInferred). Swathplots(X,Y,Z)andvisualinspectionconfirm no systematic bias.
Previousestimates:Globe2012MRE(1.630Mtat 19% CaF₂, Inferred, 10% COG) is superseded.
By-products: No recovery assumed for Ga₂O₃; reportedin-situonly.Srisreportedasadeleterious element.
Moisture
Whetherthetonnagesareestimatedonadrybasis or with natural moisture, and the method of determination of the moisture content.
All tonnages are reported on a dry basis. SG measurements were conducted on air-dried samples; no moisture correction has been applied. Given the oxidised nature of near-surface regolith andcompetentcarbonatite/fenite,moistureeffects on density are considered minor.
Cut-off parameters
Thebasisoftheadoptedcut-offgrade(s)orquality parameters applied.
CaF₂primaryCOG:12.5%(client-agreed).Rationale: consistent with higher-grade Altona 2025 data, anchoredbyMM183(Python)mean25.25%CaF₂, providesconservativebasisfora50,000tpaacid-

 

Criteria
JORCCodeexplanation
Commentary (Updated for Monte Muambe)
gradefluorsparoperation.Sensitivitytablesat0-20% COG provided.
Ga₂O₃primaryCOG:30ppmGa(40.3ppmGa₂O₃), client-agreed.
Both COGs are stated as in-situ COGs without processingrecoveryassumptions.EconomicCOG will be refined during scoping/feasibility study.
Mining factors or assumptions
Assumptions made regarding possible mining methods, minimum mining dimensions and internal(or,ifapplicable,external)miningdilution. It is always necessary as part of the process of determining reasonable prospects for eventual economic extraction to consider potential mining methods, but the assumptions made regarding mining methods and parameters when estimating Mineral Resources may not always be rigorous.
Wherethisisthecase,thisshouldbereportedwith an explanation of the basis of the mining assumptions made.
RPEEE assessment: Based on geological analogue (Okorusu Mine, Namibia), shallow open-pit-compatiblegeometry,manageablestrontiumlevels, and strong fluorspar market fundamentals. A Class 4 Scoping Study (AACE RP 47R-11) assesses open-pit miningwithoverallpitslopes45-50°(weathered)to 55-60° (fresh rock), minimum mining width 10 m, and 5% mining dilution at pit boundary assumed for scoping purposes. These parameters are indicative only and subject to revision.
Keyrisk:MonteMuambegrade(20%CaF₂)islower thanOkorusu(35-40%),amaterialriskfactor requiring lower costs, higher throughput, or by-product revenue.
TheCPconsidersthatCaF₂MineralResourceshave RPEEE. Ga₂O₃ has conditional prospects pending

 

Criteria
JORCCodeexplanation
Commentary (Updated for Monte Muambe)
metallurgicaltestwork.
Metallurgicalfactors or assumptions
Thebasisforassumptionsorpredictionsregarding metallurgical amenability. It is always necessary as part of the process of determining reasonable prospects for eventual economic extraction to consider potential metallurgical methods, but the assumptions regarding metallurgical treatment processes and parameters made when reporting Mineral Resources may not always be rigorous.
Wherethisisthecase,thisshouldbereportedwith an explanation of the basis of the metallurgical assumptions made.
No metallurgical testwork has been completed on Altona 2025 samples. Assumptions are based on:
(a) Globe 2012 programme: Bench-scale flotation testsdemonstratingacid-gradeCaF₂concentrate production(~97%CaF₂).
(b) Okorusu analogue: Carbonatite-hosted fluorspar operation with multi-stage flotation to manageSr(1,900-2,500ppminfeed).Monte MuambeSrlevels(Measured1,515ppm;Inferred 728 ppm) are comparable or lower.
(c) Scoping Study assumption: Assumed flotation CaF₂recoveryof~75-80%andconcentrategrade 97% CaF₂, pending testwork.
Critical path: Sr rejection to below acid-grade specification(<425ppm)hasnotbeendemonstrated.Garecoveryhasnodemonstratedpathway.
Environmentalfactors or assumptions
Assumptionsmaderegardingpossiblewasteand process residue disposal options. It is always necessary as part of the process of determining reasonable prospects for eventual economic
The Scoping Study assumes dry-stack tailings disposal on-site within the licence area. A preliminaryenvironmentalbaselineexistsfromthe Altona2022-2023programme.Anindependent

 

Criteria
JORCCodeexplanation
Commentary (Updated for Monte Muambe)
extraction to consider the potential environmental impacts of the mining and processing operation. While at this stage the determination of potential environmental impacts, particularly for a greenfields project, may not always be well advanced,thestatusofearlyconsiderationofthese potential environmental impacts should be reported. Where these aspects have not been considered this should be reported with an explanation of the environmental assumptions made.
EnvironmentalAuditwasvalidatedbyAQUA(TeteProvince)on24October2022.
ALevelAEnvironmentalImpactAssessment(EIA)is required prior to mining, including Terms of Reference submitted to MITA and subsequent Environmental Licence issuance.
Theconcessionareaisnotwithinanaturereserve or national park. No permanent settlements exist within the crater.
Bulkdensity
Whether assumed or determined. If assumed, the basis for the assumptions. If determined, the methodused,whetherwetordry,thefrequencyof the measurements, the nature, size and representativenessofthesamples.Thebulkdensity for bulk material must have been measured by methods that adequately account for void spaces (vugs,porosity,etc),moistureanddifferences between rock and alteration zones within the deposit.Discuss assumptions for bulk density estimates used in the evaluation process of the different materials.
Determined:396calliper(weight-volume)method measurements on DD core from 14 Altona 2025 holes (MM112-MM126, excluding MM125).
Measurements made on intact, cylindrical core sections(15-25cmlength).Measurementsgrouped by rock type and weathering code.
Representative SG values: Fresh carbonatite 2.80-
2.90t/m³;weatheredcarbonatite2.50-2.60t/m³; fenite2.65-2.75t/m³;regolith2.11t/m³(midpointcalculationusingRSICPRsoildensityof1.65t/m³as lower bound).
Assignment:Lookuptable(rocktype×weathering

 

Criteria
JORCCodeexplanation
Commentary (Updated for Monte Muambe)
code) for intervals without direct measurement. 6.5%ofintervalscarrymeasuredvalues;79.5%use lookup with exact weathering code.
Cavity depletion: Global 7.8% scalar (×0.922) appliedtoallreportedtonnes,accountingforvoid spaces and no-recovery intervals.
Pythonholes(MM111-117):NoSGmeasurements; assigned from lookup table using lith and weath codes.
Classification
The basis for the classification of the Mineral Resources into varying confidence categories.Whether appropriate account has been takenofallrelevantfactors(ierelativeconfidenceintonnage/gradeestimations,reliabilityofinputdata, confidence in continuity of geology and metal values, quality, quantity and distribution of the data).Whether the result appropriately reflects the Competent Person's view of the deposit.
Classification followsJORC2012.
Main Zone CaF₂ - Measured: Northing 8,194,600-8,194,910 m; DH distance ≤20 m; NS ≥8; two-campaigninterleaveddrilling(Globe2012+Altona 2025) with independent sampling and QAQC.
Main Zone CaF₂ - Inferred: DH distance ≤40 m; NS
≥4.
Python CaF₂ - Inferred: DH distance ≤40 m; NS
≥4.NoIndicatedclassificationatPythonorKudu.
Ga₂O₃ - Inferred (Main & Python): DH distance
≤40 m; NS ≥4. No higher confidence categories assignedduetohigherGanuggeteffectandless systematic fenite coverage.
CPjudgement:TheclassificationreflectstheCP's

 

Criteria
JORCCodeexplanation
Commentary (Updated for Monte Muambe)
view, including the conservative Inferred classificationatPython/KuduandtheMeasured classification at the Main Zone infilled core.
Audits or reviews
TheresultsofanyauditsorreviewsofMineral Resource estimates.
Noformalexternalauditofthe2026MREhasbeen conducted at the time of CPR preparation.
Previousreviews:SnowdenOptiro(2024)REECPR 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-tonnagecurves,OK/ID²divergence,andswathplots 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 the Mineral Resourceestimateusinganapproachorprocedure deemedappropriatebytheCompetentPerson.For example, the application of statistical or geostatistical procedures to quantify the relative accuracy of the resource within stated confidence limits, or, if such an approach is not deemed
Main Zone Measured: High confidence in grade continuity(two-campaigndrilling,NS≥8,SoRmean 0.869).TonnesdependentonRBFshellgeometry (moderate sensitivity). Measured classification is appropriate.
Main Zone & Python Inferred (CaF₂): Grade continuityatexpectedInferredlevel(SoRmean0.465-0.606;NSmedian6).Tonnageuncertainty

 

Criteria
JORCCodeexplanation
Commentary (Updated for Monte Muambe)
appropriate, a qualitative discussion of the factors that could affect the relative accuracy and confidence of the estimate.The statement should specify whether it relates to global or local estimates,and,iflocal,statetherelevanttonnages,whichshouldberelevanttotechnicalandeconomic evaluation. Documentation should include assumptions made and the procedures used.These statements of relative accuracy and confidence of the estimate should be compared with production data, where available.
moderate(variogramrangevsdrillspacingratiois primary driver).
Ga₂O₃Inferred:SoRmean0.542-0.571;NSmedian 9-12. Confidence is adequate for Inferred classification. Higher Ga nugget effect requires tighter drilling for higher categories.
Kudu ET:Tonnagerange(9.9-14.6Mt)reflects genuinegeometricuncertainty;graderange(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 certifiedsourceforAMIS0250.Noproductiondata available for comparison (undeveloped deposit).
Confidence assessment relates to local block estimatesrelevanttofutureminingandeconomic evaluation.

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

 
  END

 

 
UPDBCGDUGXGDGLS