Alba Mineral Resources plc has doubled its interest to 51%, for a total of £518,070 in shares, over the Motzfeldt project in southern Greenland, following government approval.
TVRs
Motzfeldt’s exploration licence has also received consent for a second five-year term, until 2030.
As part of the acquisition, executive chairman George Frangeskides and his connected parties will receive 1,814,703,811 consideration shares.
Following admission of the consideration shares, Mr Frangeskides and his spouse will hold 1,978,057,105 shares, representing 7.6% of the enlarged issued share capital.
The directors will, in aggregate, hold approximately 7.9% of the enlarged issued share capital.
On admission of the 2,146,103,977 consideration shares, the company’s total issued share capital will comprise 25,981,154,208 ordinary shares.
Alba does not holds any ordinary shares in treasury.
MERINO
Motzfeldt, prospective for niobium-tantalum-zirconium-rare earth elements, is one of “only five projects” in Greenland classified as a “very large deposit”, according to the Geological Survey of Denmark and Greenland (GEUS).
The project is also one of just two multi-element critical raw material systems of “significant” scale, with a JORC-compliant inferred resource at the Aries deposit of 340 million tonnes combined resource.
Alba’s prinicpal geologist Dr Curtis Rooks today said: “Our recent confirmation of high-grade results for multiple critical metal commodities at the Merino prospect, together with the existing defined resource at the Aries deposit, further underlines Motzfeldt’s potential as a large-scale polymetallic project across an extensive licence area.
Rock sample assay results at the end of April 2026 from the Merino target showed total rare earth oxides (TREO) of up to 1.36%, with an average of 0.71%.
Returns for niobium were 0.73% niobium pentoxide (Nb2O5) at an average of 0.5%, while zirconium results showed 2.3% zirconium dioxide (ZrO2), with a 1.2% average.
Alba added that an average of 19% of the TREO in the results was composed of magnet metals of praseodymium, neodymium, dysprosium and terbium.
An average of 11% of the TREO is composed of heavy rare earth elements (HREEs), which “compares favourably to a number of advanced rare earth projects around the world”.
The company said: “To put these results in context, the average TREO, Niobium and Zirconium grades in these samples is in each case at least 2.6 times greater than the equivalent grades in the current Motzfeldt JORC resource area which was delineated solely from drilling at the Aries deposit, around 2km away from Merino.”