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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: www.altonaRE.com/investors/documents. A further announcement will be made with the date of the Annual General Meeting in due course.

PERIOD HIGHLIGHTS

·    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

POST-PERIOD HIGHLIGHTS

·    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.

FINANCIAL HIGHLIGHTS

·    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