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Altona Rare Earth Plc – Final Results
Home / Client News / Altona Rare Earth Plc – Final Results

Altona (LSE: REE), a resource exploration and development company focused on Rare Earths in Africa, is pleased to announce its final results for the year ended 30 June 2023. A copy of the Annual Report will be available shortly on the Company’s website: A further announcement will be made with the date of the Annual General Meeting in due course.




·    Successful listing on the London Stock Exchange (“LSE”) on 9 June 2023

·    Fundraise of £2.0 million at 5 pence per share completed in conjunction with the LSE listing




·    Mineral Resource Estimate published on 25 September 2023, reporting:

–    13.6 million at 2.42% Total Rare Earths Oxide (“TREO”)

–    58% of tonnage reported as Indicated, balance as Inferred.

·    Scoping Study published on 18 October 2023, reporting:

–    Post tax NPV8 of US$283.3 million

–    Post tax IRR of 25%

–    Life of Mine (“LoM”) of 18 years

–    LoM EBITDA of US$1.67 billion

·    The Scoping Study:

–    Provides sufficient confidence to proceed to Prefeasibility Study (PFS) stage;

–    Identified several potential upsides to be developed during PFS.


The financial information set out below does not constitute the Company’s statutory accounts for the year ending 30 June 2023.




·    Net Assets increased to £1.9 million (FY 22: £1.1 million)

·    Cash at year end increased to £1.1 million (30 June 22: £0.3 million)

·    Loss for the year increased to £1.3 million (FY 22: £0.8 million), mainly due to the cost of the LSE listing and fundraise 


Cedric Simonet, CEO of Altona, commented, “For Altona, the Financial Year 2023 ended on a positive note, with the Company completing its long-anticipated move to the Main Market of the London Stock Exchange on 9 June 2023. The simultaneous fundraise allowed the Company to complete its Phase 2 deliverables (the MRE and Scoping Study) and to meet the requirements to increase Altona’s holding in the Monte Muambe Project to 51%.


“The Scoping Study serves as an affirmative initial validation of the potential economic viability of the Project and provides a solid foundation for its subsequent progression to the Prefeasibility Study stage.


“We are looking forward to a busy and exciting time ahead as we enter Phase 3 and continue de-risking the Monte Muambe project whilst delivering on the Prefeasibility Study, a Mining Concession and the subsequent increase in our holding of the Project to 70%.”



Final Results – 14:50:08 24 Oct 2023 – REE News article | London Stock Exchange


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