Altona Rare Earths PLC

First-pass take

Rare earths miner with strong long-term demand tailwinds (8.7% CAGR vs 5.1% supply through 2040) for EV motors and renewables, with theoretical operating leverage (25% IRR, 42% margins at Monte Muambe). However, pre-revenue and dependent on capital raises with going concern uncertainty, commodity price exposure (NdPr off 50% from 2021-22 peaks), and no valuation data.