LSE-listed Altona, a resource exploration and development company focused on critical raw materials in Africa, has announced JORC-compliant Mineral Resource Estimates (MRE) for fluorspar and gallium for the Monte Muambe project.
Highlights - Fluorspar
· JORC MRE: 3.48 million tons at 20.6% CaF2 for 716,000 tons of CaF2 contained.
· Initial base case mine life: 9.5 years at 50,000tpa acid-spar.
· Additional exploration target (Kudu - up to 3,200,000 tons of CaF2 contained) and additional exploration potential at Jambire and Jambire Mn targets (not drilled yet).
· Results justify initiating other fluorspar scoping study workflows.
Highlights - Gallium
· JORC MRE: 11.73 million tons at 54.7 g/t Ga2O3 for 641 tons of Ga2O3 contained.
· MRE tonnage significantly exceeds expectations, underpins potential for a large-scale gallium deposit.
· One of very few published gallium MRE worldwide and the first on a carbonatite deposit.
· Less than 20% of gallium soil anomaly drilled to date - strong tonnage upside potential (over 40 million tons).
· Commercial viability subject to on-going gallium extraction testing in Canada and Poland.
· No direct global peer comparison exists - Altona is at the forefront of carbonatite-hosted gallium exploration.
Cedric Simonet, CEO, commented: "The publication of the Monte Muambe fluorspar and gallium MREs represent an important and transformative milestone for the Company. The results fundamentally revalue the project. The fluorspar MRE supports the business case for the development of the fluorspar mine, with clear upside potential demonstrated by the Kudu exploration target. The next milestone for the fluorspar project is the metallurgy, the initial results of which are expected by the end of the second quarter of this year. The gallium MRE highlights a larger-than-expected mineralised system, and positions Altona at the forefront of gallium explorers globally. On-going gallium metallurgical studies will determine potential pathways for gallium concentration and/or recovery. Should this workstream prove successful, gallium extraction at Monte Muambe could evolve into a stand-alone development opportunity.
"More broadly, these results continue to validate Monte Muambe as a multi-catalyst project, with several parallel value creation workstreams, each capable of delivering tangible milestones and sustained news flow. Together, these initiatives provide multiple avenues for value creation as the Company continues to refine the project's
technical and economic parameters.”
Next steps
As announced previously, fluorspar metallurgical testing is currently progressing in South Africa. This workstream is an essential component of the fluorspar scoping study, as it will determine process parameters, process flowsheet (hence plant capex), and plant operating costs. Additional scoping study workstreams including engineering and mine planning and design are now being initiated. The fluorspar metallurgy and scoping study are expected to be completed in the third quarter of 2026.
In parallel, on-going gallium metallurgy test work will confirm whether a potentially viable pathway to gallium recovery exists. Heavy rare earths workstreams announced on 14 April 2026 (mineralogy, drilling sample assays, metallurgy) are progressing. The Board expects that an updated MRE for heavy rare earths associated to fluorspar mineralisation will be published later this year.
Gallium and heavy rare earths' behaviour is already being monitored as part of the fluorspar metallurgical studies.
Results from the above workstreams will be integrated, if necessary, in the fluorspar scoping study.