Client NewsAltona 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: www.altonaRE.com/investors/documents. 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%.”
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