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Altona Rare Earths pivots to fluorspar and gallium for near-term revenue, posts 2025 results, and explores US funding for rare earths project.
This article covers information on Altona Rare Earths PLC.
LON:REEAltona Rare Earths has released audited results for the year to 30 June 2025 and set out a busy programme across fluorspar, gallium, rare earths and copper-silver. The big picture: management is steering the portfolio towards near-term monetisation while keeping the longer-term rare earths project moving with potential US backing.
You can read the full report and accounts on the company’s site at investors.altonare.com, with AGM documents at investors.altonare.com/documents.
| Metric (year to 30 June 2025) | Reported |
|---|---|
| Loss from continuing operations | £943,000 |
| Attributable loss to owners | £916,000 |
| Basic and diluted EPS | (0.59)p |
| Administrative expenses | £789,000 (down from £971,000) |
| Finance costs | £88,000 (down from £527,000) |
| Cash and cash equivalents (year end) | £109,000 |
| Total assets | £1.95 million |
| Current liabilities | £1.51 million |
| Net assets | £435,000 |
| Post year-end equity and warrant inflows | £1.5 million (rounded, per RNS) |
| Debt changes post year-end | £0.6 million repaid; £0.5 million facility extended to 30 Oct 2026 at 12% |
| Monte Muambe mining concession | 25 years (granted 20 Dec 2024) |
| Rare earths JORC resource | 13.6 Mt at 2.42% TREO |
| Target fluorspar production | 50,000 tpa acid-spar from 2027 (subject to studies and FID) |
Altona is executing a diversification plan aimed at earlier revenue. Monte Muambe in Mozambique now carries three strings: rare earths, fluorspar and gallium. Management believes supply-side tightness in fluorspar creates a favourable backdrop for a new mine. Early metallurgy suggests the ore can make acid-grade fluorspar (the high-spec product used to make hydrofluoric acid, which feeds into batteries and nuclear applications).
Crucially, new fluorspar outcrops were discovered in Q2 2025 along the southern margin of the carbonatite, beyond the 2012 historical fluorspar estimate of 1.63 million tonnes at 19% CaF2. A 2,100 metre drill programme kicked off in September to underpin a fresh JORC resource and provide samples for final metallurgical testwork.
Altona reports gallium occurrences up to 550 g/t in outcrop (pXRF assays), closely associated with the host rocks around fluorspar. Mineralogy shows gallium is hosted in feldspar and will concentrate in fluorspar tailings – opening the door to a potential by-product recovery route once processing flowsheets are finalised. That could enhance project economics if confirmed in studies.
Opinion: this is the right sequencing. Rare earths are capital intensive; pushing fluorspar and gallium first gives Altona a shot at nearer-term cash flow and lessens reliance on the equity markets.
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The rare earths project completed a scoping study in October 2023 and is now at Prefeasibility Study (PFS) stage. Altona is engaging with the United States Trade and Development Agency (USTDA) regarding potential funding support. The 25-year mining concession granted in December 2024 derisks permitting and, in my view, makes the project more partnerable.
Why this matters: if USTDA support lands, it could reduce equity dilution for shareholders and bring credibility to project delivery. Timing is “under discussion” – not disclosed beyond that.
In Botswana, the Sesana Copper-Silver Project moved from option to final agreement in January 2025. Environmental permitting is well advanced with the EIA report almost ready for submission. Once through permitting and licence transfer, Altona plans a high-resolution airborne magnetic survey followed by ground geophysics to define drill targets near MMG’s Khoemacau Zone 5 mine.
Opinion: it is early-stage but well located. A discovery here would add a second potential pathway to value alongside Monte Muambe.
Cash at year-end was £109,000 with current liabilities of £1.51 million. Since then, Altona raised £851,950 in August 2025 and a further £600,000 in October 2025 via warrant exercises, using the latter to repay a £600,000 loan. The remaining £500,000 facility has been extended to 30 October 2026 at 12% interest and includes a 10% reprofiling fee payable in shares at 1.5 pence, plus a conversion right at 2.5 pence.
The company also notes the auditors’ “material uncertainty” relating to going concern. Management expects to need additional working capital within six months and is confident on further finance and warrant exercises, but that funding risk remains a key consideration for investors.
My take: operational momentum is good, cost control improved, and the balance sheet has been tidied up post period-end. Even so, further capital will be needed to drive drilling, metallurgy and studies. Expect dilution unless strategic funding (off-takers or USTDA) materialises.
Simon Charles will not seek re-election at the AGM, with Harvey Sinclair appointed as the new Non-Executive Chairman. The board also added a Non-Executive Director in August 2024 and reduced accrued director fees materially by year end. Governance-wise, the company has moved to a more development-focused board mix to match its project slate.
AGM: 10:00 am UK time, 26 November 2025 at Orana Corporate LLP, Eccleston Yards, 25 Eccleston Place, London SW1W 9NF. The meeting will be streamed via the Investor Meet Company platform – register at this link. Shareholders cannot vote online during the meeting; to vote, register in advance at www.shareregistrars.uk.com as directed in the RNS.
This update shows real progress. The 25-year mining concession, active drilling for a 50,000 tpa acid-spar plan, and the gallium by-product angle collectively sharpen the path to first revenues. Engagement with USTDA could be a catalyst for the rare earths side of the story.
On the flip side, the balance sheet remains light and the auditors highlight a material uncertainty on going concern. That is not unusual for juniors, but it means timelines and strategic funding matter. If Altona can deliver the Q1 2026 fluorspar scoping study with credible metallurgy – and secure an off-taker or partner – 2026 could be the year that turns a good geological story into a financeable mine plan.
For now, this is a focused pivot towards cash-generative critical minerals, with liquidity and execution the two levers to watch.
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