Share Price Movement
Altona Rare Earths PLC has announced that its Board is unaware of any specific reasons for recent share price movements, while expressing confidence in the Monte Muambe Project, supported by its 5 May 2026 Mineral Resource Estimates. The company also confirmed that its growth capital facility with Zeus has not been utilized to date and any future drawdowns are expected to be at or above 4 pence per share, with no shares having been sold under the agreement.
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Altona (LSE: REE) (OTCQB: ANRCF), a resource exploration and development company focused on critical raw materials in Africa, announces that, further to the recently observed share price movements, the Board confirms that it is not aware of any reason for this movement in the Company's share price.
The Board remains highly confident in the opportunities within the Monte Muambe Project, as supported by the Mineral Resource Estimates announced on 5 May 2026.
Furthermore, the Board confirms that, further to the announcement dated 6 May 2026 entitled "Growth Capital Facility", the facility with Zeus has not been utilised to date. The facility is intended to support the Company's growth objectives for the benefit of shareholders, and no shares have been sold under the agreement.
The Board further confirms that it is its instruction and expectation that any future utilisation of the facility would be undertaken at or above a price of 4 pence per share.
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Altona Rare Earths Plc
Cédric Simonet, CEO +44 (0) 7778 866 108 (cs@altonare.com)
Louise Adrian, CFO +44 (0) 7721 492 922 (la@altonare.com)
Strand Hanson (Financial Adviser) +44 (0) 20 7409 3494
Christopher Raggett
Imogen Ellis
Zeus Capital (Corporate Broker) +44 (0) 20 3829 5000
Simon Johnson
James Hornigold
About Altona Rare Earths Plc
The multi-commodity Monte Muambe Project in northwest Mozambique is a highly prospective tenement hosting rare earths, fluorspar, and gallium mineralisation. Since acquiring the project in June 2021, Altona has drilled over 7,800 metres, delivering a maiden JORC Mineral Resource Estimate of 13.6Mt at 2.42% TREO, secured a 25-year mining licence (granted December 2024), and published a Competent Person Report and scoping study for the rare earths component of the project (October 2023). The Company has received a US$ 1.875 million grant from USTDA to advance the rare earths project through the prefeasibility stage.
In parallel, Altona is progressing plans to fast-track the development of high-grade fluorspar veins identified along the western and southern margins of Monte Muambe, with a targeted production of 50,000 tonnes per annum of acid-grade fluorspar, with an initial base-case mine life of 9.5 years supported by the current MRE and significant potential to extend beyond 12 years subject to resource growth from the Kudu Southern Extension and other targets. Acid-grade fluorspar is a key input in a wide range of applications, including hydrofluoric acid, lithium battery electrolyte production, and nuclear fuel refining, placing Altona in a strong position to supply this critical material.
The discovery of gallium mineralisation, with grades up to 550 g/t identified to date, adds further value to Monte Muambe. The Company believes that gallium may be concentrated in fluorspar production tailings and is conducting metallurgical testwork to investigate the possibility of its recovery as a by-product of fluorspar.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.