23 March 2026

ALTONA RARE EARTHS PLC

("Altona" or "the Company")

Block Listing Application

Altona Rare Earths plc (LSE: REE), the critical raw materials exploration and development company focused on Africa, announces that it has applied for a block listing of up to 100,000,000 ordinary shares of £0.01 each (the "Block Listing Shares") to be admitted to trading on the Main Market of the London Stock Exchange.

The block listing facilitates the Company to issue shares from time to time upon the exercise of warrants and/or other share issuances, without needing to apply for admission to trading each time shares are issued. This approach reduces administrative time and costs for the Company.

No shares are being issued as part of this announcement.

Admission of the Block Listing Shares is expected to become effective on or around 25 March 2026. Any shares issued under the block listing will be fully paid and will rank pari passu with the Company's existing ordinary shares.

If warrants are exercised and/or new shares are issued, the Company's issued share capital and total voting rights will be updated accordingly.

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

Louise Adrian, CFO                                                                +44 (0) 7721 492 922 ([email protected])

Strand Hanson (Financial Adviser)                                                      +44 (0) 20 7409 3494

Christopher Raggett

Imogen Ellis

Zeus Capital (Corporate Broker)                                                         +44 (0) 20 3829 5000

Simon Johnson

James Hornigold 

About Altona Rare Earths Plc 

Altona Rare Earths Plc (ticker: REE) is a London Main Market-listed exploration and development company focused on unlocking the value of critical raw materials across Africa. The Company is pursuing a diversified strategy, targeting assets with potential for near-term monetisation alongside long-term growth.

The multi-commodity Monte Muambe Project in northwest Mozambique is a highly prospective tenement hosting rare earths, fluorspar, and gallium mineralisation. Since acquiring the project in June 2021, Altona has drilled over 7,800 metres, delivering a maiden JORC Mineral Resource Estimate of 13.6Mt at 2.42% TREO, secured a 25-year mining licence (granted December 2024), and published a Competent Person Report and scoping study for the rare earths component of the project (October 2023).

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The Company has received a US$ 1.875 million grant from USTDA to advance the rare earths project through the prefeasibility stage.

In parallel, Altona is progressing plans to fast-track the development of high-grade fluorspar veins identified along the western and southern margins of Monte Muambe, with a targeted production of 50,000 tonnes per annum of acid-grade fluorspar over a minimum 12-year mine life. Acid-grade fluorspar is a key input in a wide range of applications, including hydrofluoric acid, lithium battery electrolyte production, and nuclear fuel refining, placing Altona in a strong position to supply this critical material.

The discovery of gallium mineralisation, with grades up to 550 g/t identified to date, adds further value to Monte Muambe. The Company has established that gallium will be concentrated in fluorspar production tailings and is assessing its possible recovery as a by-product of fluorspar.

Altona's diversified portfolio also includes the Sesana Copper-Silver Project in Botswana, strategically located just 25 km from MMG's Khoemacau Zone 5 copper-silver mine. Situated on a recognised regional contact zone for copper deposits, Sesana represents a compelling exploration opportunity aligned with Altona's growth strategy.

With a unique combination of critical raw materials projects, Altona is well positioned to contribute to the global supply of highly sought commodities essential for clean energy, high technology, defence and industrial applications.

The Company and the Board remain actively focused on identifying and evaluating additional projects that align with our investment profile and strategic objectives, leveraging our extensive network and combined industry experience to uncover compelling opportunities that can drive long-term growth.