REG - Alba Mineral Resrcs. - Acquisition & Placing

Alba Mineral ResourcesAnnouncement

Mon 07:00

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RNS Number : 8971Q  Alba Mineral Resources PLC  14 July 2025

14 July 2025

Alba Mineral Resources Plc

("Alba" or the "Company") 

 

Transformational Acquisition of Greenland Critical Metals Project

Share Placing to Raise £550k

 

Alba Mineral Resources plc (AIM: ALBA), the gold and critical raw materials
focused exploration and development company, is pleased to announce that it
has entered into an agreement to acquire a majority stake in the Motzfeldt
Critical Metals Project, a large and highly prospective
niobium-tantalum-zirconium-rare earth element (Nb-Ta-Zr-REE) project located
in southern Greenland ("Motzfeldt" or the "Project"). The Company has also
raised £550,000 (before costs) in a share placing to institutional investors.

Highlights

·      Acquisition of Motzfeldt Project: Alba to acquire a majority
stake in the Motzfeldt Critical Metals Project in southern Greenland, enriched
in Niobium (Nb), Tantalum (Ta), Zirconium (Zr), and Rare Earth Elements
("REEs").

 

·      Strategic Metals Exposure: Motzfeldt provides diversified
exposure to four critical raw materials ("CRMs"), Niobium, Tantalum,
Zirconium, Rare Earths, essential for clean energy, advanced technology, and
defence.

 

·      Motzfeldt one of only five CRM projects in Greenland granted
"very large deposit" status by GEUS (Danish & Greenlandic Geological
Survey), and one of only two multi-element CRM projects with scale.

 

·      JORC-Compliant Resource: Motzfeldt's Aries deposit holds an
inferred resource of 340Mt, containing 41,000t of Tantalum, 629,000t of
Niobium, 1.56Mt of Zirconium and 884,000t of Total Rare Earth Oxides.

 

·      Complementary to Alba's existing CRM asset portfolio, comprising
its investment in GreenRoc Strategic Materials plc ("GreenRoc"), owner of the
Amitsoq Graphite Project, and its earn-in to the Finnsbo REE & Gold
Project in Sweden ("Finnsbo").

 

·      Strategic Funding Potential: Strong alignment with UK, EU, and US
critical mineral strategies, providing potential access to non-dilutive or low
cost governmental, institutional and international export/import bank grants
and loans.

 

·      Alba team highly experienced operators in Greenland, having
previously operated four projects there and completed three successful
drilling campaigns between 2016-2021.

 

·      The current project owners have partnered with the University of
St Andrews, experts in the Motzfeldt Centre style of mineralisation, over the
past three years to develop an exciting new model for high-grade REE
mineralisation at Motzfeldt.

 

·      The current operators are about to commence a field programme at
Motzfeldt, meaning Alba will benefit from immediate news-flow and valuable
data generation for high-grade REE prospects at the Project.

 

·      Alba has identified certain key value drivers for the Project
including a detailed metallurgical test work programme on an Aries deposit
bulk sample and a Scoping Study / Preliminary Economic Assessment.

 

·      Alba estimates that at least £5-6m has been spent on the Project
by previous operators, including on two drill programmes and other field and
technical work programmes.

 

·      Acquisition terms: consideration for the acquisition of a 51%
controlling interest in the Project comprises £30,000 in cash and £945,000
in Alba shares, with the shares issued at 0.02414p, a premium of approximately
10% above the last closing price of Alba shares of 0.022p on 11 July 2025.

 

·      Fundraising: A share placing has raised £550k (before costs) to
progress work at Motzfeldt and Finnsbo and support the next phase of blasting
and bulk sampling at the Clogau-St David's Gold Mine in Wales ("Clogau").

Strategic Rationale

This acquisition fits squarely within the Company's long-stated strategy which
is to target assets that have a history of production or advanced exploration
and are in stable jurisdictions, and which thereby offer real potential to be
brought into commercial production.

The acquisition of the Motzfeldt Project represents a transformational step
for Alba, delivering:

·      Exposure to multiple strategic metals in a single project;

·      A large, drill-confirmed resource base with clear and significant
expansion potential;

·      Location in a pro-mining jurisdiction with increasing
geopolitical importance; and

·      Alignment with global decarbonisation and critical materials
strategies.

The Project also complements the Company's investment in GreenRoc, which is
advancing the high-grade Amitsoq Graphite Project in Greenland, as well as
Alba's earn-in to the earlier-stage Finnsbo Rare Earth & Gold Project in
southern Sweden.

The Alba team has considerable expertise in operating in Greenland, having
owned and operated four 100% owned projects there in the period 2016-2021,
namely the Amitsoq Graphite, TBS Ilmenite, Melville Bay Iron and Inglefield
Multi-Element projects.  This included successfully completing the maiden
drilling campaign at Amitsoq in 2021 and carrying out two separate drilling
programmes at TBS in 2018 and 2021.

Alba intends to continue to focus on developing the Clogau Mine in Wales, as
announced in the Company's RNS of 26 June 2025.  Part of the proceeds from
the share placing announced today will be applied to the next blasting and
bulk sampling phase at Clogau.

Figure 1: Gardar Province of southern Greenland, location of three of the
largest CRM projects in Greenland: Kvanefjeld, Kringlerne and Motzfeldt.

Company Comment

The independent Non-Executive Directors of the Company, Elizabeth Henson and
Michael Nott, commented:

"The Company is delighted to have agreed to acquire a significant interest in
the Motzfeldt Project, which offers scale, strategic metals, and a stable
jurisdiction - a rare combination in today's critical minerals landscape.
Motzfeldt's multi-commodity potential, particularly in niobium, tantalum,
zirconium and rare earths, positions us strongly to support the transition to
a low-carbon global economy. We look forward to accelerating exploration and
development and unlocking Motzfeldt's considerable value.

"In addition to Motzfeldt's strategic geology and resource base, its alignment
with the critical raw material priorities of governments in the US, UK, EU,
and other allied economies opens up the possibility of public and
institutional support for the project. This offers us a significant
opportunity - the potential to access grant funding, development loans, or
strategic partnerships, which would enable us to advance the project with far
less dilution than would traditionally be required on the public markets. This
is a compelling differentiator."

Project Overview

Location and Climate

The Motzfeldt Project is situated within the Motzfeldt Centre of the
Ilímaussaq Intrusive Complex, one of the world's largest known alkaline
igneous systems. The Project covers a substantial area and hosts a large zone
of mineralisation enriched in critical metals that are essential to the green
energy transition and advanced technologies.

The Motzfeldt Project is located in the Gardar Province of southern Greenland,
some 18 km from the nearest fjord and 24 km east of the town of Narsarsuaq.
South Greenland is a relatively populated area with reasonably well-developed
regional services. Access to the area is by air through Narsarsuaq, which
receives scheduled international flights from Copenhagen all year and from
Reykjavik in the summer. There are regular helicopter connections from
Narsarsuaq to towns and villages in South Greenland, and also a small harbour
from which many of the fjords are navigable, generally remaining ice-free
during winter.

The area has a sub-Arctic climate, with summer temperatures in Narsarsuaq of
around 8-10°C, allowing for a defined exploration season, and winter
temperatures of around -6°C. Being further inland and at altitude,
temperatures at Motzfeldt are lower.

Significant changes are in train to further develop Greenland's current
transportation and energy generation infrastructure, and these developments
are expected to greatly benefit the country's minerals industry in the coming
years.  For instance, a new international airport was opened in the capital
city, Nuuk, in November 2024.  As regards energy generation, the goal of the
Greenland Government Greenland is to transition to 100% renewable energy by
2030, with greatly increased hydropower capacity being a crucial part of this
transition.

Figure 2: Map of southern Greenland showing the CRM resource potential of
Greenland (known deposits and undiscovered resources); filled symbols sized
according to potential: low, moderate or high. Motzfeldt shown as a very large
deposit.

Diagram extracted from "Critical Raw Material Resources in Greenland", GEUS
publication No.34, Nov 2023.

 

Project Geology

The mineralisation in the Motzfeldt Sø Formation is hosted by syenite and
peralkaline microsyenite that are both strongly affected by hydrothermal
(albitiic, hematitic and silicic) alteration resulting in a coarse-grained,
often pegmatitic rock. The peralkaline microsyenite is fine- to
medium-grained, often porphyritic, and exhibits various aplitic and pegmatitic
phases. In the upper and eastern areas of the intrusion, where mineralisation
is most widespread, lithology is predominantly altered syenite, showing minor
intrusions of pegmatite and diorite dykes.

The majority of the minerals of economic interest are present as relatively
coarse "free" grains above 50 μm that are anticipated to be relatively
straightforward to recover and concentrate by milling and heavy mineral
separation. Initial verification of the potential to concentrate the
zirconium-REE and tantalum-niobium minerals has been demonstrated by previous
studies.

Exploration History

The Motzfeldt Centre was mapped by Greenland's Geological Survey in the 1960s.
Surveys in the 1980s discovered widespread pyrochlore mineralisation,
including via an airborne radiometric survey that identified significant
radiometric anomalies around Motzfeldt Sø. In the early 2000s, a ground-based
radiometric survey was also carried out and it identified anomalies along two
main trends - NNW-SSE and NE-SW - over a strike length of 1.5 km. The
radiometric anomalies were used to target a diamond drilling programme in 2001
(nine holes with a total length of 1,621 m were drilled on the Aries plateau).
Further work established that the full extent of the surface expression of
Ta-rich mineralisation at the Aries plateau was about 1,400 m north-south, and
200-300 m in width.

An Engineering Report was produced in 2002, which was subsequently reviewed by
leading mining consultancy Behre Dolbere International.  At that time, no
flaws or reasons to cease exploration were identified, although it was
acknowledged that a mining operation at Motzfeldt would face significant
logistical and infrastructural challenges. This is considered to be a feature
of the Greenland mining industry generally, however as mentioned above,
significant progress is also being made in terms of developing the country's
transportation and energy infrastructure.

In 2010-11, a further 3,227 m of drilling was completed at Aries across 21
holes, leading to the declaration of a maiden JORC resource for the project in
2012. The Aries deposit remains open to the south and east.

Since it took over the project in 2019, the current operator has focused on
advancing some of the other prospects which sit alongside the Aries deposit
within the Project area, such as the Voskop and Merino targets (Figure 3),
with field programmes undertaken in 2019 and, post Covid pandemic, 2023, and a
2025 field programme about to be commence.  This recent work, in conjunction
with the team led by Professor Adrian Finch at St Andrews University, an
expert on the Motzfeldt Centre, has led to the exciting potential discovery of
high-grade rare earth mineralisation at the Merino prospect, only about 1km
from the main Aries deposit.

Alba has been able to verify at least £4m of exploration expenditures
incurred on the Project since 2010. The Company estimates that if the pre-2010
exploration expenditures were also included, the total historic exploration
expenditure on the Project would be at least £5-6m. Alba therefore takes the
benefit of all of this historic work and sunk costs as part of its acquisition
of a controlling interest in the Project.

JORC Resource

The Project benefits from a JORC-compliant inferred resource at the Aries
deposit of 340 million tonnes at 0.012% Ta2O5 (Tantalum), 0.185% Nb2O5
(Niobium), 0.460% ZrO2 (Zirconium) and 0.260% TREO (Total Rare Earth
Oxides).  This equates to a contained metal inventory of 41,000 tonnes (t) of
Tantalum, 629,000 t of Tantalum, 1,564,000 t of Zirconium and 884,000 t of
TREO. It should also be noted that the average uranium content in the Aries
resource is 70ppm, well within the 100ppm maximum threshold set by the
Greenlandic law passed in 2021 restricting the exploration and exploitation of
uranium.

 

Figure 3: Motzfeldt licence map (purple polygons) with Aries resource area
marked, plus other main prospects Voskop, Merino and Romney.

In the report "Review of the critical raw material potential in Greenland"
produced by the Center for Minerals and Materials of the Geological Survey of
Denmark and Greenland ("GEUS")
(https://data.geus.dk/pure-pdf/MiMa-R_2023_1_web.pdf), Motzfeldt is one of
only five critical raw material ("CRM") projects in Greenland which are given
"very large deposit" status.  The others are:

-    Kringlerne: Niobium-Tantalum-Zirconium-Rare Earth project also in the
Gardar Province of south Greenland, acquired in June 2024 by Critical Metals
Corp (NASDAQ: CRML) for $US211m.

-    Kvanefjeld: REE-Uranium project also in the Gardar Province of south
Greenland, currently prohibited for further development due to its uranium
content.

-    Karstryggen: strontium project in east Greenland.

-    Mjalmberg: molybdenum project in east Greenland.

Of these deposits, only Kringlerne and Motzfeldt are multi-element, with
multiple different CRMs within the same defined resource. This provides a
hedge against the risk to which single commodity projects are particularly
susceptible of a sustained downturn in global prices for a single metal or
mineral.

Strategic Metals at Motzfeldt

The Motzfeldt Project is enriched in four key critical raw materials, all
considered vital for high-tech and low-carbon applications:

Niobium (Nb): Primarily used in high-strength, low-alloy steels for
infrastructure, aerospace, and automotive applications. Also used in
superconducting materials and emerging battery technologies. Listed as a
critical material by both the EU and USA due to supply concentration and
industrial relevance.

Tantalum (Ta): Essential for capacitors in electronic devices (e.g.,
smartphones, laptops), as well as in aerospace alloys and medical implants.
Often produced as a by-product in politically unstable regions, leading to
strong interest in ethical and stable sources.

Zirconium (Zr): Used in ceramics, refractory materials, and as cladding in
nuclear reactors due to its corrosion resistance. Industrial demand growing
alongside nuclear power generation and advanced ceramics manufacturing.

Rare Earth Elements: REEs, particularly heavy rare earths (HREEs), are vital
for permanent magnets in wind turbines, EV motors, electronics, and military
applications. China dominates global REE production, making non-Chinese
sources increasingly valuable.

Figure 4: Assessment of mineral criticality based on economic importance and
supply risk (after European Commission 2023). Diagram extracted from "Critical
Raw Material Resources in Greenland", GEUS publication No.34, Nov 2023.

Raw materials shown in red are considered critical by the EU, whereas those
shown in green were considered as near critical in the CRM assessment made by
GEUS. Motzfeldt's Nb, Ta and REEs are categorised as critical, with its Zr
considered near critical.

Filled symbols are sized according to the EU's Inspire deposit size categories
for each given commodity at the largest known Greenlandic deposits: very small
to medium, large (deposit names in italics), or very large (deposit names in
bold). Numbers in brackets are the number of deposits with a resource
estimate.

Motzfeldt is shown in bold as a "very large deposit", with its Niobium,
Tantalum, Zirconium and Rare Earths (shown as HREE and LREE for heavy and
light rare earth elements respectively) plotted on the map, with its rare
earth element and niobium resources in particular characterised as being
commodities with a high degree of supply risk and having high to very high
economic importance.

Strategic Funding Opportunities

Given the Motzfeldt Project's alignment with national and international
critical raw materials priorities, Alba believes there are significant
prospects for accessing non-dilutive or low-cost funding from various
governmental and strategic sources.

In particular:

-    The US has enacted legislation such as the Inflation Reduction Act and
the Defense Production Act, which support the development of secure,
non-Chinese supply chains for critical minerals through grants, loans, and
offtake agreements.

 

-    The EU and UK have both launched dedicated critical raw materials
strategies, including the EU Critical Raw Materials Act and UK Critical
Minerals Strategy, which provide for public investment and partnerships in
projects that can enhance supply chain resilience.

 

-    Greenland, while semi-autonomous, has close ties with Denmark (an EU
member) and increasing engagement with Western strategic partners seeking to
reduce reliance on single-source suppliers, especially for REEs, niobium, and
tantalum.

The Company will also assess potential funding support from international
development banks, innovation funds, and climate-finance institutions
targeting sustainable resource development. These mechanisms provide a
potential pathway to advance exploration and development at Motzfeldt without
over-reliance on equity dilution via the public markets, helping to preserve
shareholder value while accelerating progress.

Several high-profile critical mineral projects have recently secured
government or institutional funding support, underscoring the appetite for
investment in secure, ethical supply chains in the West. See Table 1 for
examples.

The EU Critical Raw Materials Act ("CRMA") supports upstream and downstream
REE projects. Greenland projects can benefit via Denmark's EU status, as
demonstrated by the Amitsoq Project's recent award of "Strategic Project"
status under the CRMA (see GreenRoc RNS of 4 June 2025).

Next Steps

The current operator is due to commence a field programme at Motzfeldt
shortly.  This will include:

-    The carrying out of a ground radiometric survey at the high-grade rare
earth prospect, Merino, as well as mapping and sampling of Merino to identify
high-grade "chimney mineralisation style" structures.

-    Mapping and sampling of other known high-grade prospects (eg Voskop).

The objective of the field programme is to delineate a significant mineralised
body at Merino and to provide the data to enable a maiden drilling campaign to
be designed for that target.

In the coming months, Alba also intends to:

-    Carry out a detailed mineralogical and metallurgical study of the
Aries deposit, in order to establish the optimal processing routes for Aries
material. This will be undertaken using the 2.5 tonne bulk sample which has
previously been collected from the Aries plateau by the current operator.

-    Commence a Scoping Study or Preliminary Economic Assessment for the
Project, building on the previous Engineering Report and incorporating the
results from the Aries metallurgical test work programme.

Alba will also be focused on seeking non-dilutive or low-cost funding for
Motzfeldt from various governmental and strategic sources.

Table 1: CRM Projects Having US/EU/UK etc. Funding Support

Acquisition Terms and Related Party Transaction

The consideration for the acquisition by Alba of a 51% interest in the
Project, which is expected to complete in a few weeks' time, will comprise
£30,000 in cash and £945,000 in Alba shares, calculated based on a 10-day
volume-weighted average price ("VWAP") of £0.0002414 (0.02414p), a premium of
approximately 10% above the last closing price of Alba shares of 0.022p on 11
July 2025. The transaction will be undertaken in two stages, firstly the
acquisition of a 49% interest in the Project for £30,000 in cash and
£895,000 in Alba shares, and then, upon receipt of Greenland Government
approval, the acquisition of a further 2% interest in the Project for £50,000
in Alba shares. Upon completion of the first stage of the transaction, a total
of 3,707,539,354 consideration shares will be issued. Upon completion of the
second stage of the transaction, a total of 207,125,104 consideration shares
will be issued.

Part of the consideration will be applied in the repayment of shareholder and
third-party loans and accrued invoices through which the current operator and
100% owner of the Project, Elemental Rare Metals Ltd ("ERM") has funded the
development of the Project in the past several years, amounting to
approximately £375K, with the balance of the consideration, approximately
£600k, to be paid for the 51% controlling interest in the Project and
distributed to ERM shareholders pro rata.

Following Completion, a 51:49 joint venture will be established between Alba
and ERM. Alba will act as operator and manager of the Project and will sole
fund the next £350,000 of project expenditure by the joint venture partners
(which shall not include grant or loan funding which may be received from
governments and institutions).

As part of the agreement, Alba will have a right of first refusal over ERM's
remaining 49% interest. ERM will hold a tag-along right in the event of a
proposed sale by Alba of its 51% stake. The agreement also provides that Alba
shares issued in the transaction will be subject to a total of 12 months of
restrictions on sale, namely:

-    an initial three-month lock-in from completion for 100% of the Alba
consideration shares;

 

-    a further three months during which 50% of the shares will be
locked-in and 50% subject to orderly marketing provisions; and

 

-    a further six-month orderly market period for 100% of the remaining
shares.

Alba Chairman George Frangeskides is a founder, significant shareholder and
funder of ERM and therefore stands to receive part of the consideration from
the transaction (see Table 1). Alba CFO Sarah Potter has, independently of her
role with Alba, provided accounting services to ERM which will be paid from
the transaction consideration as part of the settlement of accrued invoices
referred to above (Table 1). The independent directors of the Company, Michael
Nott and Elizabeth Henson, consider, having consulted with SPARK Advisory
Partners Ltd, the Company's nominated adviser, and having obtained independent
valuation advice, that the terms of the transaction are fair and reasonable
insofar as the Company's shareholders are concerned.

Table 1

Interest of Related Parties in ERM/Project

 Related Party                                  Provision of Loans/Services to ERM  ERM/Project Interest  Total Consideration Shares  Percentage shareholding in Alba post Completion
 George Frangeskides (and associated entities)  £153k                               49.9%                 1,814,703,811               10.7%
 Sarah Potter                                   £15k                                N/A                   62,137,531                  0.3%

NB: Immediately following the consummation of the transaction in full, no loan
amounts or accrued invoices will be owing by ERM to George Frangeskides or his
associated entities or to Sarah Potter, and George Frangeskides and his
associated entities will have a 24.451% interest in the Project.

Share Placing

The Company is pleased to announce that it has raised £550,000 (before
expenses) in a share placing to institutional investors involving the
issue of 3,235,294,118 new ordinary shares at a price of 0.017 pence per
ordinary share (the "Issue Price") (the "Placing"), conditional on the
admission of such new ordinary shares to trading on AIM. The placing price
represents a discount of approximately 15% to the last closing bid price of
the Company's shares on 11 July 2025.

One warrant is being granted for every two placing shares. Each warrant will
have an exercise price of 0.0255 pence and an expiration date of two years
from grant ("Exercise Period") and will be subject to an accelerator provision
whereby the Company may give warrant holders notice to exercise their Warrants
if at any time during the Exercise Period the 10-trading day volume-weighted
average price of Alba ordinary shares exceeds 0.035 pence per share.

The proceeds from the Placing are intended to be used to continue the
Company's activities across its projects, including:

-    Progressing some of the work streams in relation to Motzfeldt, as set
out above;

 

-    At Clogau, continuing the blasting and bulk sampling programme at the
Llechfraith Target, the primary gold development target at the Mine, scheduled
to commence in late July;

 

-    Preparing for a drilling programme at Finnsbo; and

 

-    General working capital requirements.

Application will be made for the placing shares to be admitted to trading on
AIM ("Admission"). It is expected that Admission of the new ordinary shares
will become effective at 8.00 a.m. on or around 17 July 2025. The new ordinary
shares will be issued credited as fully paid and will rank in full for all
dividends and other distributions declared, made or paid after Admission and
will otherwise rank on Admission pari passu in all respects with the
existing ordinary shares.

Total Voting Rights

 

Following Admission of the placing shares, the total number of ordinary shares
in issue will be 14,777,016,067. The Company does not hold any ordinary shares
in treasury. Therefore, the total number of ordinary shares with voting rights
will be 14,777,016,067. This figure may be used by shareholders in the Company
as the denominator for the calculations by which they will determine if they
are required to notify their interest in, or a change to their interest in,
the share capital of the Company under the Financial Conduct Authority's
Disclosure and Transparency Rules.

 

This announcement contains inside information for the purposes of the UK
Market Abuse Regulation and the Directors of the Company are responsible for
the release of this announcement.

Forward Looking Statements

This announcement contains forward-looking statements relating to expected or
anticipated future events and anticipated results that are forward-looking in
nature and, as a result, are subject to certain risks and uncertainties, such
as general economic, market, financial and business conditions, competition
for and availability of qualified staff and contractors, regulatory processes
and actions, technical issues, new legislation, uncertainties resulting from
potential delays or changes in plans, uncertainties resulting from working in
a new political jurisdiction, uncertainties regarding the results of
exploration, uncertainties regarding the timing and granting of prospecting
rights, uncertainties regarding the timing and granting of regulatory and
other third party consents and approvals, uncertainties regarding the
Company's or any third party's ability to finance, execute and implement
future plans and programmes, and the occurrence of unexpected events. Actual
results achieved may vary from the information provided herein as a result of
numerous known and unknown risks and uncertainties and other factors.

Competent Person Declaration

The information in this release that relates to Exploration Results has been
reviewed by Mr Mark Austin. Mr Austin is a member of SACNASP (Reg. No.
400235/06), Fellow of The Geological Society and Fellow of the Geological
Society of South Africa. He has a B.Sc. Honours in Geology with 40 years'
experience.

Mark Austin has sufficient experience that is relevant to the style of
mineralisation and type of deposit under consideration and to the activity
being undertaken to qualify as a Competent Person as defined in the 2012
Edition of the 'Australasian Code for Reporting of Exploration targets,
Exploration Results, Mineral Resources and Ore Reserves', also known as the
JORC Code. The JORC code is a national reporting organisation that is aligned
with CRIRSCO. Mr Austin consents to the inclusion in the announcement of the
matters based on his information in the form and context in which they appear.

**ENDS**

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 Alba Mineral Resources plc                 +44 20 3950 0725

 George Frangeskides, Executive Chairman
 SPARK Advisory Partners Limited (Nomad)    +44 20 3368 3555

 Andrew Emmott
 CMC Markets plc (Broker)                   +44 20 3003 8632

 Thomas Smith / Douglas Crippen

 

 Alba's Projects & Investments

 Projects Operated by Alba                            Location   Ownership
 Clogau (gold)                                        Wales      100%
 Dolgellau Gold Exploration (gold)                    Wales      100%
 Gwynfynydd (gold)                                    Wales      100%
 Investments Held by Alba                             Location   Ownership
 GreenRoc Strategic Materials Plc (graphite - anode)  Greenland  26.15%
 Horse Hill (oil)                                     England    11.765%
 Earn-in Projects                                     Location   Earn-in Rights
   Finnsbo (rare earths, copper, gold)                Sweden     Up to 100%
 Optioned Projects                                    Location   Further details
   Norrby (gold, other metals)                        Sweden     RNS 6/11/24
   Glava (copper, gold)                               Sweden     RNS 6/11/24

 

 

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