Altona Rare Earths plc has encountered visible fluorspar mineralisation in “most holes” from completed drilling at its Monte Muambe rare earth elements-gallium project in northwest Mozambique.
FINANCING
The expanded campaign comprised 15 holes for 691m of diamond drilling and 59 holes for 2,728m reverse circulation drilling, for a total 74 holes for 3,419m.
The original 2,000m campaign was increased by 70%, following “encouraging” results in October of the initial holes and discovery of new targets.
The explorer has sent 3,163 geochemical and metallurgical fluorspar-gallium samples for analysis, ahead of an additional fluorspar mineral resource estimate due in 2026.
Altona also continues to explore financing sources and options to expand its project footprint.
Following the US Government’s shutdown, the company has resumed talks with the US Trade and Development Agency on possible funding for a rare earths prefeasibility study, with a decision expected in early 2026.
During H1 2026, Altona expects to acquire “at least” one new low-cost project to diversify its portfolio and create a “long-term pipeline of projects”.
In addition to Monte Muambe, the company currently holds the Sesana coppper-silver exploration project in Botswana.
TVRs
The company has also issued five million shares after receiving a notice to exercise warrants, at a price of one pence per ordinary share, for £50,000.
On admission, Altona’s enlarged share capital and voting rights will total 296,864,306.
The company holds no shares in treasury.