Highlights

• Altona Rare Earths develops a diversified portfolio of critical mineral projects in Mozambique and Botswana.
• Focus areas include rare earths, fluorspar, and gallium.
• The Monte Muambe project hosts a significant JORC resource of 13.6 Mt at 2.42% TREO.
• There is potential for high-grade fluorspar and gallium production.
• The company aims to become a strategic supplier of critical minerals essential for energy transition, defense, and advanced technologies.

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Altona Rare Earths Plc (opens in a new tab) (LSE: REE), an Africa-focused explorer and developer of critical raw materials, has announced the publication of a new research note by Optimo Capital (opens in a new tab). The report, accessible via Optimo’s website, provides an updated investor perspective on the company’s diversified portfolio, led by the Monte Muambe rare earths, fluorspar, and gallium project in Mozambique.

Key Highlights

• Rare Earths: Monte Muambe (opens in a new tab) hosts a JORC resource of 13.6 Mt at 2.42% TREO. Altona secured a 25-year mining license in December 2024 and is advancing toward prefeasibility while seeking a downstream partner to support separation and processing.
• Fluorspar: High-grade veins could produce ~50,000 tpa of acid-grade fluorspar over a 12-year mine life. This material is essential for hydrofluoric acid and lithium battery electrolyte production, directly tying into clean energy supply chains.
• Gallium: Early exploration has identified grades up to 550 g/t. Metallurgical studies are underway to evaluate production potential, positioning Altona in the high-tech semiconductor materials race.
• Diversification: Beyond Mozambique, the company is advancing the Sesana copper-silver project in Botswana, located just 25 km from MMG’s Zone 5 mine, and continues to evaluate additional critical mineral projects across Africa.

Why It Matters

Altona is positioning itself as a multi-commodity supplier at the intersection of rare earths, fluorspar, gallium, and base metals—materials all deemed critical to energy transition, defense, and advanced technologies. The issuance of an independent research note can help investors benchmark Altona’s valuation and risks against peers such as Rainbow Rare Earths, Pensana, and Arafura.

Unanswered Questions for Investors

• Downstream strategy: Will Altona secure a credible separation/refining partner, a critical step for unlocking value in its REE resource?
• Fluorspar monetization: How soon can the company translate its fluorspar potential into binding offtake agreements with battery or chemical producers?
• Gallium optionality: Can Monte Muambe’s gallium grades be commercialized economically, or will they remain a secondary curiosity?
• Capital structure: With multiple commodities in play, how will Altona finance simultaneous development streams without overextending?

For retail investors, the research note signals third-party recognition of Altona’s growth story. But execution—especially in downstream partnerships and financing—remains the real catalyst.

Exchange RNS, Research Note by Optimo Capital Ltd., September 22, 2025

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