Altona Rare Earths (LSE:REE) confirmed high-grade gallium and associated fluorspar mineralisation at its Monte Muambe project in Mozambique.
Lab assays returned gallium grades of 210 and 269 grams per tonne from samples collected in June 2025.
Fluorite was identified in both samples, with content of 34.00% and 26.38% CaF₂, exceeding the planned cutoff grade for the upcoming fluorspar resource estimate. The company will consider these rocks as potential ore, supported by the presence of K-feldspar, which enhances fluorite separation.
“I am very excited to see that every fluorspar and gallium result coming back from the field and from the lab is serving to only strengthen further this project and its potential economics,” said chief executive Cedric Simonet.
Also this morning, the company noted that it has raised £507,450 of new capital as a result of a warrant exercise.
Altona shares were up 7.5% in Friday morning's trade, changing hands at 1.67p.