Zeus24 Mar 2026 13:54
Altona is now working towards delivering a maiden MRE for the fluorspar and gallium project. Metallurgical samples have already been submitted for test work to assess the potential recovery of gallium from fluorspar tailings. Zeus view: Altona is making steady progress on the Monte Muambe fluorspar and gallium project. Following completion of the MRE, a scoping study is planned for the first half of this year. If results are encouraging a feasibility study and FID could be reported by the end of the year. Today’s results are clearly positive. In our view, the combination of shallow mineralisation, consistently strong fluorspar grades over broad intervals, and associated gallium enrichment will underpin a robust maiden resource. With only 40% of surface geochemical anomalies drilled to date, there is potential to expand on the resource. Ongoing metallurgical test work assessing gallium recovery from fluorspar tailings will inform the scoping study. Investors should note that once fluorspar is removed, the relative concentration of other elements within the tailings - such as gallium - increases considerably. Both fluorspar and gallium are classified as critical minerals by the USA, EU, and others due to supply‑chain vulnerabilities and strategic industrial relevance. China currently dominates global production of both commodities, and we believe that additional supply sources are likely to be welcomed by the market. We still see fair value estimate of 8.9p per share.