USTDA grant agreement for Monte Muambe rare earths project signed
Altona (LON: 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.
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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)
