Monte Muambe Holding Increased To 51%

6 December 2023

ALTONA RARE EARTHS PLC

("Altona" or "the Company")

MONTE MUAMBE HOLDING INCREASED TO 51%

Altona (LSE: REE), a resource exploration and development company focused on Rare Earths in Africa, is pleased to announce that, following the successful completion of Phase 2 of the Monte Muambe Rare Earths project as announced on 18 October 2023, its holding in Monte Muambe Mining Limitada has now increased from 20% to 51%.

Monte Muambe Mining Limitada is the Mozambican subsidiary holding the prospecting license encompassing the Monte Muambe Project.

The transfer is subject to the final approval by the Minister of Mineral Resources and Energy, which the Company has sought.

Cedric Simonet, CEO of Altona, commented: "We are delighted with this progress and the increase of the Company's holding in Monte Muambe Mining Limitada to 51% materialises the rewards of the completion of Phase 2, representing an important step in de-risking the project further."

To subscribe for RNS alerts, please visit: https://www.altonare.com/investors/regulatory-news-alerts/

-ends-

Altona Rare Earths Plc

Cedric Simonet, CEO                                                                               +44 (0) 7778 866 108

Christian Taylor-Wilkinson, Business Development                                 +44 (0) 7795 168 157

Novum Securities Ltd (Corporate Finance)                                        +44 (0) 20 7399 9400

David Coffman                                                                                                                           

Daniel Harris

Allenby Capital Ltd (Joint Broker)                                                         +44 (0)20 3328 5656

Kelly Gardiner / Guy McDougall (Sales)

Nick Athanas (Corporate Finance)

Optiva Securities (Joint Broker)                                                           +44 (0) 20 3411 1882

Daniel Ingram                                                                                                                             

Yellow Jersey PR (Financial PR)                                                          +44 (0) 20 3004 9512

Sarah Hollins

Annabelle Wills

About Altona Rare Earths Plc

Altona is a resource exploration and development company focused on Rare Earths in Africa. The Company is listed on the Main Market of the London Stock Exchange. 

Rare Earths are a group of 17 chemical elements, many of which are critical to the World's ongoing transition from carbon-based to renewable energies, and to the defence and communication sectors.

The Company currently focuses on the development of Monte Muambe, its flagship Magnet Rare Earths Project, 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 entering its Prefeasibility Study stage.

Altona continues to take advantage of its position in Africa to assess other possible Rare Earths opportunities on the Continent.