Altona (LSE: REE), a resource exploration and development company focused on diversified critical raw materials in Africa, is pleased to announce its interim results for the six month period ended 31 December 2024.
HIGHLIGHTS
· Sesana copper-silver project (Botswana): option exercised, final agreement signed (Jan 2025), EIA started.
· Monte Muambe (Mozambique): 25 years mining licence approved in January 2025
· Commencement of a fluorspar production scoping study at Monte Muambe, highly encouraging assay results with 88.03% CaF2
· Metallurgical studies for rare earths recovery continuing
· Improved capital management through tighter control of corporate costs, ensuring greater allocation to operations
· Continued review of portfolio to best manage resources while assessing new project opportunities
· Converted £333,000 of loan notes and drawn 75% of the £900,000 loan facility to date. Cash of £156,000 as at 31 December 2024 with £225,000 undrawn facilities available
Cedric Simonet, CEO of Altona, commented, “The second half of 2024 and the first months of 2025 saw many achievements for Altona, including the approval of the Monte Muambe mining licence and the signature of the final agreement for the Sesana copper-silver project. The latter, as well as the assessment of the possible short-term production of fluorspar from Monte Muambe, are perfectly in line with the Company’s diversification strategy through low-cost assets having potential for short-term monetisation.
“I am particularly excited with the Sesana copper silver project. The Kalahari Copper Belt is a highly sought-after copper province, with clear mineralisation controls and operating mines seeking avenues for expansion. This makes Sesana a compelling proposition, both in terms of geological and commercial merits.”
This announcement contains information which, prior to its disclosure, was inside information as stipulated under Regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310 (as amended).
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Altona Rare Earths Plc
Cédric Simonet, CEO +44 (0) 7778 866 108
Louise Adrian, CFO +44 (0) 7721 492 922
About Altona Rare Earths Plc
Altona is a resource exploration and development company focused on critical raw materials in Africa. The Company is listed on the Main Market of the London Stock Exchange with the ticker “REE”. The Company currently holds copper, fluorspar and rare earths projects.
The Monte Muambe rare earths and fluorspar project is located in Northwest Mozambique. The Project was acquired in June 2021, and the Company has so far drilled over 7,800m, and defined a maiden JORC Mineral Resource Estimate of 13.6 million tons at 2.42% TREO. A Competent Person Report including the Scoping Study for Monte Muambe was published on 18 October 2023. The Project is now at Prefeasibility Study stage, with a focus on metallurgical testing for rare earths extraction.
The Company is also assessing the possibility of rapidly putting in production high-grade fluorspar veins occurring at Monte Muambe along the western margin of the rare earth bearing carbonatite intrusion.
Altona is presently diversifying its portfolio by acquiring a limited number of critical raw material projects to complement Monte Muambe. The acquisitions of the Kabompo South copper project in Zambia and of the Sesana copper-silver project in Botswana, located just 25 km from MMG’s Khoemacau Zone 5 copper-silver mine, represent the first steps towards the implementation of this expanded strategy.
