Alba Mineral Resources plc shareholders are due to vote on the company’s purchase of a further 25.5% stake in the Motzfeldt niobium-tantalum-zirconium-rare earth element project, located in South Greenland.
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The acquisition for a total of £518,070 in Alba shares would give the company a 51% controlling interest in and operatorship of the project, which is owned by Elemental Rare Metals Ltd (ERM).
Completion of the transaction is subject to the Government of Greenland’s approval to the change of the project’s control, after which Alba will issue a further 2,146,103,977 shares.
Of the total shares, Alba’s chairman George Fangeskides will receive £46,250 (for 191,590,720 consideration shares) for fees owed by ERM; £106,675.50 (441,903,480 shares) as ERM’s repayment of loans; and £285,144 (1,181,209,611 shares) for the 25.5% acquisition.
The payments are to Mr Frangeskides and entities connected with him, which are two private companies of which he is a director.
Mr Frangeskides’ wife owns one of the companies and they jointly own one company.
ERM describes Motzfeldt as “the largest undeveloped niobium-tantalum-rare earth deposit in the world”, with an inferred mineral resource of 340 million tons.
The project is 10 km from the transport hub of Narsarsuaq with its local workforce, harbour and international airport.
Shareholders will vote on the Alba’s second acquisition in Motzfeldt at a general meeting on 6 February 2026.