RECENT FLUORSPAR DISCOVERY AT MONTE MUAMBE DELIVERS
VERY STRONG RESULTS:
LAB ASSAYS CONFIRM HIGH-GRADES UP TO 93.31% CaF₂
Altona Rare Earths PLC (LSE: REE), the resource exploration and development company advancing critical raw materials projects in Africa, is delighted to announce very encouraging assay results from its recently discovered fluorspar body at Monte Muambe, confirming grades as high as 93.31% CaF₂. Management is confident that these results significantly strengthen the business case for the development of the fluorspar operation and highlight the growing resource potential of the project.
Highlights
· Independent laboratory assays confirm the high-grade character of the newly discovered fluorspar body, with grades ranging from 69.72% to 93.31% CaF₂.
· Results validate the effectiveness of gallium soil geochemistry as an exploration tool and point to further potential across Monte Muambe.
· The findings underpin and enhance the case for developing a 50,000 tpa acid-grade fluorspar mine at Monte Muambe.
· Metallurgical testwork is ongoing with improved recoveries in the cleaner circuit and removal of ~80% of iron impurities to date.
· These results will guide and optimise the design of the upcoming drilling and metallurgical testing programme planned for the second half of 2025.
High-grade discovery unlocks further value at Monte Muambe
On 28 May 2025, the Company reported the discovery of a previously undocumented, high-grade fluorspar body following ground-truthing of gallium soil anomalies in the southern part of the Monte Muambe carbonatite intrusion. Mapping and trenching defined a continuous fluorspar structure at least 120m long and up to 15m wide, remaining open at both ends and offering significant upside potential.
Five representative grab samples from trenching across the fluorspar body, analysed by Intertek South Africa, returned significantly higher than expected fluorspar grades ranging from 69.72% to 93.31% CaF₂.
This fluorspar body exhibits a significantly narrower and higher range of grades compared to the historically known Fluorite Zone located along the western margin of the carbonatite intrusion. This presents an opportunity to blend ore from both sources, thereby achieving a higher overall plant feed grade and improving the recoverability of material from the Fluorite Zone.
Management is confident that these initial results reaffirm the strong prospectivity of Monte Muambe and strengthen the Board’s confidence that continued systematic exploration in conjunction with detailed mapping will unlock further discoveries and expand the project’s fluorspar resource base.
Pathway to a premium acid-grade fluorspar concentrate
In parallel with assaying, the Company has advanced its metallurgical testing programme at the Peacocke and Simpson laboratory. The latest optimisation work demonstrates promising progress towards producing a high-quality acid-grade fluorspar concentrate, with improved recoveries in the cleaner circuit and removal of ~80% of iron impurities to date. Discussions with leading international laboratories are underway to define and initiate an advanced metallurgical testing program in H2 2025.
Next Steps:
· Commence advanced metallurgical testwork to deliver a definitive process flowsheet and generate product samples for offtaker engagement.
· Finalise and implement the next phase of resource drilling to upgrade and expand the project’s fluorspar resource base.
· Continue discussions with offtakers and industry stakeholders to position Monte Muambe as a strategic supplier of acid-grade fluorspar to European and global markets.
· Advance engineering and procurement workstreams with updated plant and equipment cost estimates to support robust project economics.
Cedric Simonet, CEO of Altona, commented:
“I would like to congratulate our first-class exploration team, led by Project Manager Luis Veloso, for delivering another step-change result at Monte Muambe. The discovery and confirmation of new high-grade fluorspar mineralisation further reinforces the strategic value of this unique asset, which already hosts rare earths, gallium, and now an increasingly well-defined fluorspar development project.
“In my view, these exceptional results further demonstrate the immense, untapped potential of Monte Muambe, reinforcing our conviction that it can emerge as a key contributor to the global supply of critical raw materials amid surging demand. We believe the Monte Muambe fluorspar project has the potential to significantly accelerate Altona’s own growth trajectory and strategic positioning.
“While we assess the potential economic significance of the gallium discovery, and as we move towards our next round of drilling, metallurgical optimisation and commercial engagement for fluorspar, we are excited by the scale of opportunity this project presents, both for Altona and for our shareholders. We look forward to keeping the market updated as we continue to build momentum.”
This announcement contains information which, prior to its disclosure, was inside information as stipulated under Regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310 (as amended).
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Altona Rare Earths Plc
Cédric Simonet, CEO +44 (0) 7778 866 108
Louise Adrian, CFO +44 (0) 7721 492 922
