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

Location
Tete province, north-western Mozambique.

Project Owner/s
Altona Rare Earths (51%, through Monte Muambe Mining Limitada). Altona’s interest is expected to increase to 70% on completion of the ongoing prefeasibility study (PFS).

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.

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
Altona Rare Earths reported on June 4, 2026, that rare earths assays from its 2025 drilling campaign had confirmed HREE enrichment associated with fluorspar at Monte Muambe. All rare earths assays were within fluorspar mineralisation, with HREEs present at a significantly higher ratio to TREO than in the existing rare earths resource at Target 1 and Target 4, which is predominantly enriched in light rare earths.

The drilling returned intercepts of up to 30 m at 2 677 parts per million (ppm) HREO, with HREO/TREO ratios of 21% to 77%. Individual intercepts returned up to 567 ppm dysprosium oxide. Mineralogical work on a representative fluorspar ore sample undergoing metallurgical testing also identified xenotime, an HREE mineral, for the first time at Monte Muambe. Altona has said this indicates a potential dual rare earths development comprising the existing light rare earths resource and a possible HREE resource associated with the fluorspar/gallium system. Subject to ongoing geological modelling, the company will determine whether a dedicated HREE mineral resource estimate is warranted.

Key Contracts, Suppliers and Consultants
Rock and Stock Investments (Jorc-compliant fluorspar and gallium mineral resource estimates); and US Trade and Development Agency (grant funding for the metallurgy and process engineering components of the rare earths PFS). 

Contact Details for Project Information
Altona Rare Earths, email cs@altonaRE.com.