Name of the Project
Monte Muambe rare earths, fluorspar and gallium project.

Location
Tete province, north-western Mozambique.

Project Owner/s
Altona Rare Earths changed its name to NeoTerra Group, effective June 22, 2026, to reflect its evolution from a rare earth-focused exploration company to a broader critical minerals development platform with multiple commodity exposures, near-term production opportunities and a growing pipeline of strategic growth initiatives.

Investment in the project for Phase 3 of the earn-in agreement is close to reaching the minimum expenditure commitment for this phase, which will result in the company’s holding in the project increase from 51% to 70%.

Project Description
Monte Muambe hosts rare earths, fluorspar, gallium and heavy rare-earth element (HREE) mineralisation. The project is held under a 25-year mining licence granted in December 2024.

A scoping study on the rare earths component has proposed the openpit mining of Target 1 and Target 4 over a life-of-mine of 18 years.

An estimated 750 000 t/y of ore is planned to be extracted and processed through a beneficiation plant to produce a rare-earth concentrate. The beneficiation process will include crushing, milling and flotation.

The concentrate will be processed through a hydrometallurgical plant to produce an average of 15 000 t/y of mixed rare-earth carbonate. The hydrometallurgical process will involve a weak acid gangue leach, followed by rare earths leaching and purification.

The mixed rare earth carbonate product will be packaged and transported using existing road infrastructure to the Port of Beira, in Mozambique, for export.

Monte Muambe hosts a Joint Ore Reserves Committee- (Jorc-) compliant rare earths mineral resource estimate of 13.6-million tonnes at 2.42% total rare-earth oxides (TREO). Published Jorc estimates for the broader project also include 3.48-million tonnes of fluorspar at 20.6% calcium fluoride (CaF2) for 716 000 t of contained CaF2, and 11.73-million tonnes at 54.7 g/t gallium oxide (Ga2O3) for 641 t of contained Ga2O3. An updated July 2026 mineral resource estimate for the Fluorite Zone and Python orebodies incorporates HREE grades for the first time, reporting 3.47-million tonnes at 3 070 ppm TREO and 770 ppm HREO, all in the inferred category.

The fluorspar estimate supports an initial base case of 50 000 t/y of acid-grade fluorspar concentrate for 9.5 years, assuming a metallurgical recovery of 65% and a concentrate grade of 97.5% CaF2. The gallium mineral resource estimate confirms mineralisation beyond the fluorspar ore envelope and into adjacent fenite zones, but commercial viability remains subject to ongoing extraction testwork.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The rare earths scoping study estimates an after-tax net present value, at an 8% discount rate, of $283.3-million and an internal rate of return of 25%, with a payback of 2.5 years.

Capital Expenditure
Initial capital expenditure for the rare earths project is estimated at $276.3-million.

Planned Start/End Date
The fluorspar metallurgy and scoping study are expected to be completed in the third quarter of 2026.

Latest Developments
NeoTerra reported on July 16, 2026, that the updated fluorspar mineral resource estimate could support up to 650 t/y of HREE-rich concentrate containing about 80 t/y of yttrium oxide, alongside 50 000 t/y of acid-grade fluorspar. The by-product could increase projected fluorspar revenue by up to 40%, subject to metallurgical optimisation, with modest incremental capital and operating costs.

Preliminary gallium testwork on August 13, 2026, identified X-ray transmission (XRT) sorting as a potential preconcentration route, while acid leaching by SGS Lakefield achieved 85% gallium extraction. Further work will define and optimise the recovery flowsheet, after which NeoTerra intends to drill to increase the current 11.73-million-tonne gallium resource to 50-million tonnes or more.

NeoTerra selected Valentine Enterprises on August 20, 2026, to lead the $1.875-million US Trade and Development Agency- (USTDA-) funded rare earths prefeasibility study (PFS), with SGS North America and New Dominion Consulting, subject to final USTDA approval. The study is scheduled to start in September 2026 with a site visit, followed by a short drilling campaign to recover representative metallurgical samples.

Key Contracts, Suppliers and Consultants
Rock and Stock Investments (mineral resource estimates); Comex and SGS Lakefield (gallium testwork); Valentine Enterprises, SGS North America and New Dominion Consulting (USTDA-funded rare earths PFS); and US Trade and Development Agency (grant funding). 

Contact Details for Project Information
NeoTerra Group CEO Cédric Simonet, tel +44 7769 555 757 or email Cedric.Simonet@neoterra-group.com; or CFO Louise Adrian, tel +44 7721 492 922 or email Louise.Adrian@neoterra-group.com.