Tete Province · Mozambique

Monte Muambe

A world-class carbonatite-hosted neodymium-praseodymium project — with fluorspar and one of the first carbonatite-hosted gallium resources ever published, within a single deposit.

A development-stage critical minerals project in Tete Province, Mozambique, advancing rare earths, fluorspar and gallium within a single carbonatite intrusion.

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Mineral resources — JORC (2012)

13.6 Mt @ 2.42% TREO

Rare earth mineral resource (JORC)

3.48 Mt @ 20.6% CaF₂

Fluorspar mineral resource (JORC)

11.73 Mt @ 54.7 g/t Ga₂O₃

Gallium mineral resource (JORC, Inferred)

Project facts

2049

Mining concession valid to

US$1.875M

USTDA grant — Prefeasibility Study

51% → 70%

Earn-in interest (on completion of Phase 3)

Mineral Resource Estimates are reported in accordance with the JORC Code (2012). See important notices below.

A single deposit, three strategic minerals

Monte Muambe, Mozambique, is a world-class carbonatite-hosted neodymium and praseodymium mine development project. The project is a 4 km-wide circular structure containing a large carbonatite intrusion, located in an uninhabited part of Tete Province.

Held under a Mining Concession valid until 2049, with a surface area of 39.39 km², the project carries a JORC Mineral Resource Estimate of 13.6 million tonnes at 2.42% TREO. Beside the main neodymium-praseodymium resource, heavy rare earth enrichment has also been identified in association with fluorspar ore, and the intrusion hosts one of the first carbonatite-hosted gallium resources ever published.

“One of the first carbonatite-hosted gallium resources ever published — discovered at Monte Muambe in April 2025.”

Rare earths · fluorspar · gallium

Three critical minerals, one project

Rare earths (Nd-Pr)

13.6 Mt @ 2.42% TREO

JORC mineral resource — 58% Indicated (October 2023 CPR)

Magnet metals for the energy transition

Monte Muambe is a world-class carbonatite-hosted neodymium and praseodymium mine development project. Held under a Mining Concession valid until 2049, with a surface area of 39.39 km², the Company currently holds 51% of the project, increasing to 70% on completion of Phase 3 of the earn-in agreement.

The project is now in the Prefeasibility Study stage, with a focus on metallurgy and process engineering, funded through the US$1.875 million USTDA grant.

As at 1 June 2026, bids from qualified contractors for the execution of this work have been received and are being evaluated, with metallurgical sampling expected in Q3 2026. The planned work spans 13 tasks covering technical, commercial, environmental and financial aspects. Alongside process parameters and product samples, a key deliverable will be an update of the 2023 techno-economic model, resulting in an updated project valuation.

The complete Prefeasibility Study will include an upgrade of the Mineral Resource Estimate — only 2 of the 11 identified targets have been drilled extensively — and the preparation of an Ore Reserves Statement.

Scoping Study highlights (October 2023 Competent Person Report)

Post-tax NPV₈ of US$283.3 million
Post-tax IRR of 25%
Payback from first production: 2.5 years
Average production of 15,000 tonnes per annum of Mixed Rare Earth Carbonate (MREC), at an average price of US$13,558.4 per tonne of MREC
18-year Life of Mine
Open-pit mining operation, 750,000 tonnes of ore extracted and processed per annum
Two-stage recovery process — comminution and flotation, followed by hydrometallurgy
Life-of-Mine EBITDA of US$1.67 billion
Initial capex of US$276.3 million

Resource growth potential

Down-dip drilling at Target 1 and Target 4
Resource drilling at Target 3 and Target 9, which have already shown the presence of high-grade ore
Ongoing follow-up exploration on other targets generated through the 2022 soil sampling survey and geological mapping and modelling

Rare earth Mineral Resource Estimate, by target

Target	Classification	Tonnes (Mt)	TREO %	NdPrO %	Pr₆O₁₁ (ppm)	Nd₂O₃ (ppm)	Tb₄O₇ (ppm)	Dy₂O₃ (ppm)
Target 1	Indicated	8.0	2.38	0.32	910	2,250	15.1	80.0
	Inferred	0.8	2.28	0.30	861	2,140	14.6	78.0
	Total	8.8	2.38	0.32	905	2,240	15.1	80.0
Target 4	Indicated	–	–	–	–	–	–	–
	Inferred	4.8	2.50	0.31	872	2,190	25.6	143
	Total	4.8	2.50	0.31	872	2,190	25.6	143
Overall	Indicated	8.0	2.38	0.32	910	2,250	15.1	80.0
	Inferred	5.6	2.47	0.31	871	2,190	24.1	134
	Total	13.6	2.42	0.31	894	2,230	18.8	102

Gallium

11.73 Mt @ 54.7 g/t Ga₂O₃

JORC mineral resource (Inferred)

One of the first carbonatite-hosted gallium resources ever published

The Company discovered high-grade gallium occurrences at Monte Muambe in April 2025 and is rapidly advancing an assessment programme. The host geological formation is fluorite-bearing fenites located along the periphery of the carbonatite intrusion.

Gallium is closely associated with fluorite, and was initially used — successfully — as a pathfinder for fluorspar exploration. Samples from the 2025 fluorspar drilling campaign were all assayed for gallium, and gallium mineralisation proved to have a wider extent than fluorspar mineralisation, prompting the Company to prepare a separate gallium JORC Mineral Resource Estimate.

The resource model covers less than 20% of identified gallium in soil anomalies, showing significant potential for a larger resource tonnage — in excess of 40 million tonnes. Ongoing metallurgical testing will allow the Company to assess possible gallium concentration or extraction pathways.

Fluorspar

3.48 Mt @ 20.6% CaF₂

JORC mineral resource (May 2026), plus a 3.2 Mt CaF₂ exploration target

A near-term, lower-capital pathway

A short-term, high-grade fluorspar mining opportunity. Carbonatite systems typically host more than one mineral — beside rare earths and gallium, Monte Muambe also hosts fluorspar, occurring mostly along the circular contact between the carbonatite intrusion and its host rock.

In May 2026, the Company published a JORC Mineral Resource Estimate of 3.48 million tonnes at 20.6% CaF₂, plus a separate exploration target of 3.2 million tonnes CaF₂. These resources back the Company's plans to develop a 50,000 tonnes-per-year acid-grade fluorspar mine.

The Company has recently identified heavy rare earth-enriched mineralisation in direct association with the fluorspar ore, and is assessing its recoverability as a by-product.

Advanced metallurgical studies are underway to refine the process plant design and operating parameters, targeting a final investment decision in late 2026 or early 2027 and mine construction starting in 2027. The anticipated size and relative simplicity of the project lends itself to fast-tracking, with potential for commercial sales within 12 months of an investment decision.

Geology & location

Map showing the location of Monte Muambe in Tete Province, northwestern Mozambique.

Monte Muambe is a roughly circular, 4 km-wide carbonatite intrusion in Tete Province, northwestern Mozambique, located in an uninhabited part of the project area.

Tete Province hosts several operating coal mines, a major iron mining and steel manufacturing project, and many exploration projects across a wide range of commodities. Mozambique is a stable country with a well-developed exploration and mining industry, a trained workforce, and available drilling and exploration contractors.

Well-positioned for development

30 km off a major tarred road linking Mozambique to Malawi
Rail access to the port of Nacala
Ample power supply: the 2 GW Cahora Bassa hydroelectric plant, plus an advanced-stage 300 MW coal-fired power station project
Located in an established mining province with a trained workforce and contractor base
Uninhabited project area; excellent security in Tete Province and on site

Where the project stands

2021 — Acquisition & exploration

Project acquired and exploration begun across the carbonatite intrusion in Tete Province.

2023 — Maiden resource & scoping study

Maiden JORC Mineral Resource Estimate of 13.6 Mt at 2.42% TREO, and a positive Scoping Study for the rare earth project, published via Competent Person Report in October 2023.

April 2025 — Gallium discovery

High-grade gallium occurrences discovered in fluorite-bearing fenites at Monte Muambe — one of the first carbonatite-hosted gallium resources ever published.

May 2026 — Fluorspar resource

JORC Mineral Resource Estimate of 3.48 Mt at 20.6% CaF₂ published, plus a separate 3.2 Mt CaF₂ exploration target.

2026 — Prefeasibility, US-backed

Rare earth project advancing through Prefeasibility Study, funded by a US$1.875 million USTDA grant covering metallurgy and process engineering. As at 1 June 2026, contractor bids are under evaluation, with metallurgical sampling expected in Q3 2026.

Near term — Fluorspar fast-track

Final investment decision targeted for late 2026 or early 2027, with mine construction planned to start in 2027 and potential for commercial sales within 12 months of an investment decision.

Why Monte Muambe matters

Monte Muambe is a rare three-in-one critical minerals project: a world-class carbonatite-hosted neodymium-praseodymium resource, a near-term fluorspar development opportunity, and one of the first carbonatite-hosted gallium resources ever published.

The rare earth project's Prefeasibility Study is backed by the government of the United States, through a US$1.875 million grant from the U.S. Trade and Development Agency (USTDA) funding metallurgy and process engineering work.

World-class REE project

13.6 Mt at 2.42% TREO, with a Scoping Study post-tax NPV₈ of US$283.3 million and 25% IRR.

US-backed

US$1.875M USTDA grant funding Prefeasibility Study metallurgy and process engineering.

Rare gallium discovery

One of the first carbonatite-hosted gallium resources ever published, discovered in April 2025.

Ownership & operator

The Company currently holds 51% of the project, increasing to 70% on completion of Phase 3 of the earn-in agreement.

The project is held under a Mining Concession valid until 2049, covering a surface area of 39.39 km².

Interest: 51%, rising to 70% on completion of Phase 3
Mining concession: Valid until 2049
Surface area: 39.39 km²

Get in touch

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[PLACEHOLDER: contact email]