Altona Rare Earths Plc (LSE:REE) has released updated JORC-compliant mineral resource estimates for fluorspar and gallium at its Monte Muambe project in Mozambique, highlighting the project’s expanding scale and multi-commodity potential.
The company confirmed 3.48 million tonnes of fluorspar-bearing ore with an average grade of 20.6% CaF2. This supports an initial mine life of around 9.5 years based on annual production of 50,000 tonnes of acid-grade concentrate and paves the way for detailed scoping studies.
Gallium Resource Adds Strategic Upside
Alongside fluorspar, Altona reported an inferred gallium resource of 11.73 million tonnes grading 54.7 g/t Ga2O3. This is among the few code-compliant gallium resources globally and is believed to be the first defined within a carbonatite system.
The company sees significant upside potential, noting that only a fraction of identified gallium anomalies has been drilled. Further exploration could expand the resource beyond 40 million tonnes, potentially supporting a standalone gallium development in addition to fluorspar and rare earths operations.
Development Pathway Strengthens Multi-Commodity Case
The fluorspar resource, covering both measured and inferred categories across key zones, reinforces the economic case for mine development. Additional exploration targets such as Kudu and Jambire could further scale the project, potentially supporting production of up to 100,000 tonnes per year.
At the same time, Altona is progressing metallurgical testing programmes for fluorspar in South Africa and gallium in Canada and Poland, alongside ongoing studies into heavy rare earths. Management views Monte Muambe as a project with multiple parallel development pathways, offering several routes to value creation as technical work advances.
Outlook Impacted by Financial Constraints
Despite strong project momentum, Altona’s outlook remains constrained by its financial position, characterised by a lack of revenue, ongoing losses, cash burn, and increasing leverage.
Positive technical indicators, including a share price trading above key moving averages and supportive momentum signals, provide some offset. However, valuation remains limited by negative earnings and the absence of dividend support.
More About Altona Rare Earths
Altona Rare Earths Plc is an exploration and development company focused on critical minerals in Africa. Its flagship Monte Muambe project in Mozambique hosts rare earths, fluorspar, and now gallium within a carbonatite deposit.
Listed in London and on the OTCQB, the company targets materials essential for the energy transition, advanced technologies, and industrial processes, positioning itself within global supply chains for strategically important resources.
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