olivLaw · European equity research
Altona Rare Earths Plc TERA.L
United Kingdom · London Stock Exchange · ISIN GB00BFZNKV91 · Vertical: Listed companies from United Kingdom
Altona Rare Earths Plc is a London-based exploration company developing critical raw materials projects in Africa, mainly Monte Muambe in Mozambique, where the focus is now shifting toward fluorspar. The company reported a loss of £943 thousand for fiscal 2025 and a very tight cash position that depends on repeated financing.
At the close of 05 Nov 2026, Altona Rare Earths Plc (TERA.L) stock was 0.01 GBP (−4.44% on the day), with beta 0.56, 52-week range 0.01–0.05 GBP.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 23.5
- oversold (≤ 30)
- Bollinger (20, 2)
- 0.01 – 0.02
- in the lower half of the band · %B 0.04 · band width 55.5%
- SMA 50 / 200
- 0.02 / 0.02
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.00 / -0.00
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −40.3% | −0.6% | −39.6 pp | — |
| 3 months | −48.1% | −4.2% | −43.9 pp | — |
| 6 months | −64.2% | +4.3% | −68.5 pp | — |
| Year to date | −12.2% | +7.5% | −19.8 pp | — |
| 1 year | −38.6% | +9.9% | −48.5 pp | +6.7% |
| 3 years | −66.9% | +49.8% | −116.8 pp | +24.8% |
| 5 years | unavailable | +42.8% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
EPS unavailable in the issuer's structured filings (e.g. a partnership reports per unit, not per share).
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | -1.2 m | -1.6 m | -916.0 k |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | unavailable | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | -651.0 k | -998.0 k | -966.0 k |
Balance sheet & financial health
Fiscal year 2025 · 30 Jun 2025
- Cash
- 109.0 k GBP
- Financial debt
- 1.2 m GBP
- Net debt
- 1.1 m GBP
- Equity
- 435.0 k GBP
- Total assets
- 1.9 m GBP
- Debt / equity
- 2.83x
- Current ratio
- 0.16x
- ROE
- -125.8%
- ROA
- -43.2%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (GBP)
Income statement · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating income | -1.1 m | -1.1 m | -855.0 k | esef· 18 Nov 2025verified |
| Interest expense | 180.0 k | 527.0 k | 88.0 k | esef· 18 Nov 2025verified |
| Pre-tax income | -1.3 m | -1.7 m | -943.0 k | esef· 18 Nov 2025verified |
| Income tax | 0 | 0 | 0 | esef· 18 Nov 2025verified |
| Net income | -1.2 m | -1.6 m | -916.0 k | esef· 18 Nov 2025verified |
Balance sheet · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 1.1 m | 392.0 k | 109.0 k | esef· 18 Nov 2025verified |
| Receivables | 168.0 k | 174.0 k | 132.0 k | esef· 18 Nov 2025verified |
| Current assets | 1.3 m | 566.0 k | 241.0 k | esef· 18 Nov 2025verified |
| Property, plant & equipment, net | 146.0 k | 117.0 k | 73.0 k | esef· 18 Nov 2025verified |
| Intangibles (excl. goodwill) | 1.3 m | 1.6 m | 1.6 m | esef· 18 Nov 2025verified |
| Total assets | 2.7 m | 2.3 m | 1.9 m | esef· 18 Nov 2025verified |
| Accounts payable | 593.0 k | 585.0 k | 279.0 k | esef· 18 Nov 2025verified |
| Short-term debt | 256.0 k | 362.0 k | 1.2 m | esef· 18 Nov 2025verified |
| Long-term debt | 0 | 322.0 k | 0 | esef· 18 Nov 2025verified |
| Current liabilities | 849.0 k | 947.0 k | 1.5 m | esef· 18 Nov 2025verified |
| Total liabilities | 849.0 k | 1.3 m | 1.5 m | esef· 18 Nov 2025verified |
| Equity | 1.9 m | 1.0 m | 435.0 k | esef· 18 Nov 2025verified |
Cash flow · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -648.0 k | -987.0 k | -966.0 k | esef· 18 Nov 2025verified |
| Capex | 3.0 k | 11.0 k | 0 | esef· 18 Nov 2025verified |
| Free cash flow | -651.0 k ≈ | -998.0 k ≈ | -966.0 k ≈ | esef· 18 Nov 2025derived |
| Investing cash flow | -505.0 k | -368.0 k | -164.0 k | esef· 18 Nov 2025verified |
| Financing cash flow | 2.0 m | 617.0 k | 847.0 k | esef· 18 Nov 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 3 of at least 6
- score weight coverage: 20.8% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
21% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 3 of at least 6; score weight coverage: 20.8% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -50.0% | 0 (vs peers) | 50% |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -9.7x | 0 (on a fixed band) | 30% |
| Current ratio · Balance sheet | 0.2x | 0 (on a fixed band) | 20% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet0/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial0/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
ALTONA RARE EARTHS PLC (TERA.L). Latest full fiscal year: 2025; data up to 2025-06-30.
Figures computed from the financial statements: ROE -109.7%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 20.8% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- ROIC: -50.0%
- Interest coverage: -9.7x
- Current ratio: 0.2x
Not assessed (insufficient data or a ratio without meaning): Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from United Kingdom · same country · compared with 40 companies
Multiples and returns vs the median
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BATS.LBritish American Tobacco P.L.C. | 104.3 bn | 13.5 | 16.5% | 30.3% | −1.0% | +7% / +88% |
| ABF.LAssociated British Foods PLC | 14.7 bn | 14.3 | 9.2% | 5.3% | −3.1% | −5% / −15% |
| 0EV1.LCarnival PLC | 5.5 bn | 4.1 | 46.7% | 13.4% | +6.4% | unavailable / unavailable |
| BAB.LBabcock International Group PLC | 5.1 bn | 24.7 | 34.7% | 4.1% | +7.2% | −10% / +158% |
| AUTO.LAutotrader Group PLC | 4.8 bn | 16.4 | 60.2% | 47.1% | +3.9% | −13% / −23% |
| BBY.LBalfour Beatty PLC | 4.2 bn | 16.3 | 23.2% | 2.8% | +15.2% | +20% / +160% |
| ABDN.LAberdeen Group PLC | 4.1 bn | 10.8 | 8.0% | 28.9% | −2.1% | +11% / +41% |
| BKG.LThe Berkeley Group Holdings PLC | 3.6 bn | 11.3 | 8.8% | 13.4% | −4.2% | −0% / −22% |
| BME.LB&M European Value Retail PLC | 2.9 bn | 17.4 | 21.2% | 2.8% | +3.7% | +68% / −51% |
| AJB.LAj Bell PLC | 2.4 bn | 22.8 | 49.9% | 33.1% | +18.0% | +8% / +128% |
| ASHM.LAshmore Group PLC | 1.4 bn | 13.9 | 13.1% | 71.6% | −0.1% | +28% / +18% |
| BCG.LBaltic Classifieds Group PLC | 1.2 bn | 23.2 | 15.8% | 57.6% | +6.9% | −99% / −99% |
| APN.LApplied Nutrition PLC | 763.6 m | 36.2 | 41.2% | 19.7% | +24.2% | +71% / unavailable |
| BAG.LA.G. Barr P.L.C. | 671.9 m | 14.4 | 14.4% | 10.8% | +4.0% | −7% / +26% |
| ASC.LAsos PLC | 494.5 m | — | -81.3% | -12.0% | −14.7% | +71% / +8% |
| ALFA.LAlfa Financial Software Holdings PLC | 486.8 m | 16.3 | 61.5% | 23.8% | +15.3% | −28% / +10% |
| AML.LAston Martin Lagonda Global Holdings PLC | 344.3 m | — | -93.4% | -39.2% | −20.6% | −45% / −85% |
| APTD.LAptitude Software Group PLC | 111.3 m | 28.5 | 7.2% | 6.2% | −7.3% | −30% / −23% |
| BMS.LBraemar PLC | 78.3 m | 39.2 | 2.7% | 1.7% | −4.4% | +13% / −11% |
| AMGO.LAmigo Holdings PLC | 9.9 m | — | — | — | −81.9% | +325% / +844% |
| ASBE.LAssociated British Engineering PLC | 605.3 k | — | -19.1% | — | unavailable | unavailable / unavailable |
| AMIF.LAmicorp Fs (uk) PLC | 221.6 k | 0.1 | 27.5% | 9.1% | +8.1% | unavailable / unavailable |
| AAF.LAirtel Africa PLC | — | — | 24.1% | 10.6% | +29.5% | −7% / +164% |
| AAL.LAnglo American PLC | — | — | -19.3% | -20.2% | +4.5% | +30% / +76% |
| ACG.LAcg Metals Limited | — | — | -80.3% | -32.0% | +134.8% | +60% / +63% |
1- and 3-year price returns: for TERA.L from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Altona Rare Earths Plc is a London-based exploration company developing critical raw materials projects in Africa, mainly Monte Muambe in Mozambique, where the focus is now shifting toward fluorspar. The company reported a loss of £943 thousand for fiscal 2025 and a very tight cash position that depends on repeated financing 1.
SWOT
Strengths
- The company has a diversified portfolio of several projects in Africa and an ongoing drilling programme at Monte Muambe.
- There is a supportive shareholder base, with existing investors who have backed the company through equity and loans.
- The company has a clear timetable for its main project, with investment decision and production milestones set out.
Weaknesses
- The company's value depends heavily on one major asset, concentrating risk on the outcome of a single project.
- Liquidity is thin, and repeated borrowing and funding create pressure on the continuity of the business.
- The governance structure departs in some respects from recommended standards, including the limited number of independent directors.
Opportunities
- If the Monte Muambe project advances, the company could capture demand for fluorspar and gallium.
- Strategic partnerships or government-backed financial support, including ongoing talks with funding bodies, could become available.
- Developing the Botswana licence could diversify country and political risk.
Threats
- Difficulty raising finance in a volatile market could delay project development.
- Political, expropriation and regulatory risks in the countries of operation could affect projects.
- Competitors with greater resources could win future acquisition or development opportunities.
Risks
- Dependence on one assethigh
The company's value depends largely on the results of the Monte Muambe project, and an unfavourable outcome could significantly reduce value for shareholders.
- Liquidity and fundinghigh
The company relies on loans and share issues to sustain its activity, and access to capital may be limited in volatile markets.
- Political and country riskmedium
Operating in Africa exposes the company to regulatory change, political instability and possible government intervention, especially when operating in a single country.
- Approvals and licencesmedium
Obtaining and maintaining environmental approvals and licences can delay projects, and EIA processes still in progress could affect the timetable.
- ESG and climate risksmedium
Social, environmental or compliance issues could prevent project development, and reporting requirements are steadily increasing.
Investment thesis
What would need to be true (bull case)
- If the Monte Muambe fluorspar project advances on schedule and the metallurgical studies are completed, the company could enter a phase of asset monetisation.
- Structural demand for critical minerals linked to the energy transition could support project value if projects reach production.
- Funds raised after the reporting period and the reduction of debt could give the company more time to complete key technical steps.
What would break the thesis
- The company is still loss-making, with limited liquidity and dependence on existing investors, which could force further share issues and dilution for shareholders.
- If drilling results or metallurgical studies do not confirm the estimated potential, project value could be reassessed downward.
- Competition from larger, better-funded companies could reduce the company's chances of securing new opportunities or partnerships on favourable terms.
What to watch
- Final investment decision for Monte MuambeQ3 2026
- Start of fluorspar production at Monte Muambe2027
- Metallurgical study results and new JORC resource estimateFY 2026
- Extension of the £500,000 debt facility and progress of talks with USTDAnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The company's principal activity is the discovery and development of critical raw materials mining projects in Africa, with a strategy to identify, acquire, explore and develop these materials, which may then be developed into production, developed through partnerships or sold 1. The loss before taxation was £943,000 for the year ended 30 June 2025, compared with £1,672,000 in the prior year 1. The company pays no dividend and describes its aim as generating capital growth for shareholders 1.
Operations currently focus on exploration in Mozambique and permitting in Botswana, and the company has diversified its portfolio through the acquisition of a prospecting licence in Botswana and the fluorspar drilling programme at Monte Muambe, which began in September 2025 1. For FY 2026, the company targets a final investment decision at Monte Muambe by Q3 2026 and production start in 2027, if that timetable holds 1.
The financial structure remains dependent on existing investors: in fiscal 2025 the company secured a loan package from two investors and converted convertible loan notes into shares, and after the period it raised funds through warrant exercises 1. This dependence means liquidity and continuity depend on access to short-term capital 1.
Segments
Monte Muambe (Mozambique)
The Monte Muambe project is the company's main asset, focused on fluorspar (with gallium potential) and, to a lesser extent, rare earth elements; work in progress includes a pre-feasibility study, a new JORC resource estimate and a metallurgical study 1.
Sesana (Botswana)
The Sesana copper licence in Botswana is at an early stage: after completion of environmental permitting and transfer of the licence, planned work includes an airborne magnetic survey and ground geophysics to generate drilling targets 1.
Rare earths and other critical materials
The company has extended its strategy beyond rare earths to include other critical raw materials with potential for short-term monetisation, a direction that diversifies risk but requires additional resources 1.
Market context
The company states that global demand for rare earths and other critical minerals will continue to rise, driven by the energy transition, an assumption underlying its strategy 1. The market is competitive, however, and the company acknowledges that competitors with greater financial and technical resources can outbid it for future upstream opportunities 1.
The financing context matters: the company operates in volatile capital markets, and access to funding for new investment and exploration is uncertain, which could limit its pace of development 1.
Trends
- Demand for critical mineralstailwind
Demand for rare earths and other critical minerals is supported by the energy transition, which could support project value if projects reach the required technical and financial milestones 1.
- Financing in volatile marketsheadwind
Volatile capital markets make it hard to raise funds for new projects, and the company relies largely on existing investors 1.
- Climate pressure on costsmixed
The company identifies climate-related risks, including higher energy and building material costs and physical impacts on regions with deposits 1.
- ESG and reporting requirementsmixed
ESG and climate reporting expectations are rising, and the company must improve its emissions data collection, which can add cost but may also support access to finance 1.
Competitive position
The company explicitly notes that larger competitors with superior financial and technical resources can bid against it for future upstream opportunities 1. Competition exists both for projects and for shareholder equity capital 1.
The analysed sources do not name specific competitors, so the list below is limited to general categories without tickers, as the supplied documents provide no basis for naming companies 1.
- Other rare earths and critical minerals project developers
The sources do not name competing companies; competition is described only as coming from entities with greater financial and technical resources.
- Large mining companies with extensive technical resources
These may bid for upstream opportunities, as described in the company's risk discussion.
- Potential strategic investors
The company is seeking a strategic investor to support the pre-feasibility work, which points to competition for partners.
- Other mining companies seeking equity capital
Competition for shareholder capital is cited as a separate climate and financial risk.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202518 Nov 2025
- Annual report 202405 Nov 2024
Sources
- [1] Annual report, fiscal year ended 2025-06-30 (ESEF) · SEC / Altona Rare Earths Plc · 30 Jun 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.