As part of its multi-pronged strategy, Altona is also actively seeking the possible acquisition of other mining projects that have a short timeline to cash flow and a low capex requirement. Further to this, the company is engaging with the US government and industry partners to explore opportunities to build additional value along the rare earth supply chain. “This could take several forms, including participation in midstream processing projects or collaboration on US-based upstream initiatives.” In parallel, the company has recently begun cross trading its shares on the OTCQB exchange in the United States. Drilling programme to unlock further value Discussing Altona’s drilling programme, Simonet explains that additional drilling will be required to expand the resource and improve confidence levels. “Fortunately, mineralisation at Monte Muambe is shallow, with typical drill depths of around 50 to 70 metres, which keeps costs relatively low. The drilling budget for this phase of the DFS on the fluorspar project is expected to be in the region of $500 000.” “What makes the fluorspar project particularly compelling is the presence of gallium, a strategically important mineral. This creates further opportunities to evaluate the recovery of gallium and heavy rare earth elements as by-products of fluorspar production, which could significantly enhance the project’s value and overall profitability.” An ongoing drilling programme, aimed at defining a Mineral Resource Estimate (MRE), has recently identified enrichment of Heavy Rare Earth Elements (HREEs) within the Monte Muambe fluorspar and gallium mineralisation—highlighting a potential additional value driver for the project. While US backing is expected to extend beyond the initial phase of the REE project, Altona is independently funding the development of its fluorspar project. For the rare earths project, near-term drilling will be limited to a small number of holes—around three—for metallurgical sampling. Once metallurgical and process engineering work is complete, the company will move forward with the remaining components of the pre-feasibility study, including a more extensive drilling programme aimed at increasing both the size of the resource and the level of geological confidence. “We anticipate continued support from the USTDA beyond the current scope, which could help fund future drilling activities.” Is Altona looking to be a sole developer or partner in JVs? According to Simonet, the company is open to both options – “developing projects ourselves or bringing in partners; however, those decisions will ultimately be guided by the value they create for shareholders”. “Where we have the capacity, we would certainly look to develop projects independently, especially in the case of fluorspar. Given that the rare earths project is a much larger undertaking, it will require strong strategic partners. There are multiple potential development pathways, and the final structure will depend on what best supports the project’s long- term success.”
Research on rare earths and gallium is done with the support of a team from the Camborne School of Mines, University of Exeter.
Yellow fluorspar sample from the Fluorite Zone.
Monte Muambe - How does it stack against its peers? “Our project is currently at the pre-feasibility stage, which means we are not as advanced as some peers who started earlier and are closer to production. However, what ultimately matters is project quality. We believe that Monte Muambe stands out in this regard, particularly due to its multi-commodity nature, which offers different development pathways. This provides a clear competitive advantage and allows us to create shareholder value in multiple ways as we advance toward production.” As a result, Altona is experiencing strong and growing investor appetite, driven largely in part by favourable geopolitical dynamics and market conditions for critical minerals. “Just as importantly, the company has consistently delivered
JULY 2026 | www.modernminingmagazine.co.za MODERN MINING 17
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