NeoTerra Group Plc (LSE:TERA) has reported progress in developing its Monte Muambe critical minerals project in Mozambique, including the establishment of fluorspar and gallium Mineral Resource Estimates and the award of US$1.875 million in US government grant funding.
In its audited annual results for the year ended 30 June 2026, the African critical minerals exploration and development company outlined the expansion of Monte Muambe into a multi-commodity project, alongside changes to its corporate structure and international market presence.
Monte Muambe Fluorspar Resource Reaches 3.48 Million Tonnes
NeoTerra reported a JORC-compliant fluorspar Mineral Resource Estimate of 3.48 million tonnes grading 20.6% calcium fluoride (CaF₂), containing approximately 716,000 tonnes of CaF₂.
The resource provides the basis for the company’s proposed development of an acid-grade fluorspar operation with planned annual production capacity of 50,000 tonnes.
The company also established an initial gallium Mineral Resource Estimate of 11.73 million tonnes grading 54.7 grams per tonne gallium oxide (Ga₂O₃), containing approximately 641 tonnes of Ga₂O₃.
According to NeoTerra, the gallium estimate is believed to be among the first JORC-compliant resources of its kind reported in Africa.
The resource was defined after drilling less than 20% of the identified gallium soil anomalies, leaving additional areas available for exploration.
Following its 2025 drilling programme, Monte Muambe now has three JORC Mineral Resource Estimates, compared with one previously.
US Government Awards $1.875 Million for Rare Earths Study
NeoTerra secured US$1.875 million in non-dilutive grant funding from the US Trade and Development Agency (USTDA) to support the advancement of the Monte Muambe rare earths project.
The funding will cover key components of the project’s Pre-Feasibility Study.
Following the reporting period, the company selected Valentine Enterprises, supported by SGS North America and New Dominion Consulting, to lead the USTDA-funded programme.
NeoTerra also submitted an application for a further US$5 million grant under the US-Africa Strategic Investment Program to support an expansion of the planned fluorspar production capacity.
The additional funding remains subject to approval.
NeoTerra Increases Monte Muambe Ownership to 70%
Following the financial year-end, NeoTerra completed Phase 3 of the Monte Muambe Farm-Out Agreement, increasing its interest in Monte Muambe Mining Limitada from 51% to 70%.
The company also updated its fluorspar Mineral Resource Estimate to incorporate heavy rare earth elements as a potential additional product stream.
Subject to successful metallurgical processing, NeoTerra estimates that the inclusion of heavy rare earth elements could increase projected fluorspar project revenue by up to 40% over the mine’s operating life.
The company also extended the remaining £0.5 million debt facility to 30 October 2027.
Company Rebrands and Expands US Market Access
During the reporting period, the company changed its name from Altona Rare Earths Plc to NeoTerra Group Plc, with its London Stock Exchange ticker changing from REE to TERA.
The rebranding reflects its broader focus on critical minerals beyond rare earth elements.
NeoTerra also commenced cross-trading on the US OTCQB Venture Market under the ticker ANRCF, providing an additional trading venue for US investors.
The company confirmed that its audited annual report and accounts for the year ended 30 June 2026 are available, with details of its 2026 Annual General Meeting to be announced separately.
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