Monte Muambe: Strong Initial Assay Results

16 February 2026

ALTONA RARE EARTHS PLC

("Altona" or "the Company")

Strong initial fluorspar and gallium assay results  

Altona (LSE: REE), a resource exploration and development company focused on critical raw materials in Africa, is pleased to announce that it has started to receive assay results from its 2025 drilling campaign at Monte Muambe.

Highlights

·   Approximately 10% of assay results from 2025 drilling campaign received, remaining results expected over coming weeks.

·      Individual grades up to 82.76% CaF₂ and up to 409 g/t Ga₂O₃

·   Weighted average grade of significant intercepts 31% CaF₂, consistent with the Company's expectations and with typical fluorspar mining industry CaF₂ grades.

Excellent initial fluorspar and gallium assay results received

Received results correspond to samples from diamond drilling holes at both the Fluorite Zone and the Python Zone, with individual grades reaching up to 82.76% CaF₂ and up to 409 g/t Ga₂O₃.

Significant intercepts include:

The weighted average of the fluorspar intercepts is 31% CaF₂, with numerous near-surface intercepts, confirming the suitability for open-pit mining. This is consistent with the Company's pre-drill expectations for this project as well as grades at which fluorspar is commercially mined, typically ranging from 20% to 40% CaF_2.

These results represent approximately 10% of the samples submitted. The remaining assay results are expected over the coming weeks and, once received, will be used immediately to prepare the project's fluorspar and gallium Mineral Resource Estimate ("MRE").

Cedric Simonet, CEO, commented: "I am delighted with the assay results received so far, which show wide intercepts of high grade fluorspar ore and gallium mineralisation, often from surface level. I look forward to receiving the remaining assays and completing and publishing the MRE in due course.

"I am also pleased to report that the Company's projects generated exceptional momentum and interest at this year's Mining Indaba which was attended by Altona board members. The level of strategic and financial interest in both the rare earth and the fluorspar projects have exceeded our expectations."

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended by virtue of the Market Abuse (Amendment) (EU Exit) Regulations 2019.

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Altona Rare Earths Plc

Louise Adrian, CFO                                                                 +44 (0) 7721 492 922 ([email protected])

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 

Altona Rare Earths Plc (ticker: REE) is a London Main Market-listed exploration and development company focused on unlocking the value of critical raw materials across Africa. The Company is pursuing a diversified strategy, targeting assets with potential for near-term monetisation alongside long-term growth.

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 project has recently received an expression of support from the US Government, through USTDA, to fund the advancement of 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 over a minimum 12-year mine life. 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 has established that gallium will be concentrated in fluorspar production tailings and is assessing its possible recovery as a by-product of fluorspar.

Altona's diversified portfolio also includes the Sesana Copper-Silver Project in Botswana, strategically located just 25 km from MMG's Khoemacau Zone 5 copper-silver mine. Situated on a recognised regional contact zone for copper deposits, Sesana represents a compelling exploration opportunity aligned with Altona's growth strategy.

With a unique combination of critical raw materials projects, Altona is well positioned to contribute to the global supply of highly sought commodities essential for clean energy, high technology, defence and industrial applications.

The Company and the Board remain actively focused on identifying and evaluating additional projects that align with our investment profile and strategic objectives, leveraging our extensive network and combined industry experience to uncover compelling opportunities that can drive long-term growth.

Competent Person Statement

The information in this RNS that relates to geology and exploration results is based on information compiled and/or reviewed by Cédric Simonet, who is a Member of European Geologist Federation (Eur. Geol. #739). Cédric Simonet is the Chief Executive Officer and a Director of the Company. He has sufficient experience which is relevant to the styles of mineralisation and type of deposit under consideration and the activity which he is undertaking to qualify as a Competent Person in terms of the 2012 Edition of the Australian Code for the Reporting of Exploration Results, Mineral Resources and Ore Reserves. Cédric Simonet consents to the inclusion in the RNS of the matters based on his information in the form and contest in which it appears.