REG - Altona Rare Earths - Interim Results
31/03/2025 07:15
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RNS Number : 8347C Altona Rare Earths PLC 31 March 2025
31 March 2025
ALTONA RARE EARTHS PLC
("Altona" or "the Company")
INTERIM RESULTS
Altona (LSE: REE), a resource exploration and development company focused on
diversified critical raw materials in Africa, is pleased to announce its
interim results for the six month period ended 31 December 2024.
HIGHLIGHTS
· Sesana copper-silver project (Botswana): option exercised, final
agreement signed (Jan 2025), EIA started.
· Monte Muambe (Mozambique): 25 years mining licence approved in
January 2025
· Commencement of a fluorspar production scoping study at Monte Muambe,
highly encouraging assay results with 88.03% CaF(2)
· Metallurgical studies for rare earths recovery continuing
· Improved capital management through tighter control of corporate
costs, ensuring greater allocation to operations
· Continued review of portfolio to best manage resources while
assessing new project opportunities
· Converted £333,000 of loan notes and drawn 75% of the £900,000 loan
facility to date. Cash of £156,000 as at 31 December 2024 with £225,000
undrawn facilities available
Cedric Simonet, CEO of Altona, commented, "The second half of 2024 and the
first months of 2025 saw many achievements for Altona, including the approval
of the Monte Muambe mining licence and the signature of the final agreement
for the Sesana copper-silver project. The latter, as well as the assessment of
the possible short-term production of fluorspar from Monte Muambe, are
perfectly in line with the Company's diversification strategy through low-cost
assets having potential for short-term monetisation.
"I am particularly excited with the Sesana copper silver project. The Kalahari
Copper Belt is a highly sought-after copper province, with clear
mineralisation controls and operating mines seeking avenues for expansion.
This makes Sesana a compelling proposition, both in terms of geological and
commercial merits."
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
Cédric Simonet, CEO
+44 (0) 7778 866 108
Louise Adrian, CFO
+44 (0) 7721 492 922
Strand Hanson (Financial Adviser)
+44 (0) 20 7409 3494
Christopher Raggett
About Altona Rare Earths Plc
Altona is a resource exploration and development company focused on critical
raw materials in Africa. The Company is listed on the Main Market of the
London Stock Exchange with the ticker "REE". The Company currently holds
copper, fluorspar and rare earths projects.
The Monte Muambe rare earths and fluorspar project is 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 at Prefeasibility Study stage, with a focus on metallurgical testing
for rare earths extraction.
The Company is also assessing the possibility of rapidly putting in production
high-grade fluorspar veins occurring at Monte Muambe along the western margin
of the rare earth bearing carbonatite intrusion.
Altona is presently diversifying its portfolio by acquiring a limited number
of critical raw material projects to complement Monte Muambe. The acquisitions
of the Kabompo South copper project in Zambia and of the Sesana copper-silver
project in Botswana, located just 25 km from MMG's Khoemacau Zone 5
copper-silver mine, represent the first steps towards the implementation of
this expanded strategy.
Operational Review
Monte Muambe Rare Earths
During the reported period, activities at the Monte Muambe rare earth project
were focused on continuing to derisk the project through securing a mining
licence and through metallurgical testing.
The mining licence was approved shortly after the end of the reported period
(see below), and significant progress was make in securing associated
landrights (locally known as DUAT).
Metallurgical testing for rare earths recovery was undertaken at SGS
Lakefields in Canada. The main objective of this testing was to further
constrain the parameters of the flotation part of the process. An increase in
the flotation concentrate grade will result in significant reduction of the
opex and capex of the hydrometallurgical part process, for which the flotation
concentrate is an input.
So far, the best tests (F2 and F6) achieved a mass pull of 23.2% and 31.2%
(the lower the mass pull, the higher the concentrate grade), and a rare earths
recovery of 59.7% and 69.3% respectively, with a good selectivity of rare
earths against fluorite.
Monte Muambe Fluorspar
In September 2024, the company started reviewing the possibility of developing
a fluorspar mining operation based on mineralisation present along the western
edge of the Monte Muambe carbonatite intrusion (an area known as the "Fluorite
Zone"). In October 2024, the Company carried out geology and topography
mapping at the Fluorite Zone, and collected a 300kg fluorspar ore sample.
Assay results from the fluorspar sample were highly encouraging, with an
average CaF(2) grade of 88.03%. The assays also indicated the presence of, on
average: 6.16% Fe2O3, 0.97% SiO2, 0.49% Al2O3, 1.08% P2O5, 1.62% SrO, and less
than 0.36% CaCO3.
The Company started a scoping study aimed at assessing the potential viability
of producing 15,000 to 20,000 tons per year of metallurgical grade fluorspar
through a simple crushing and gravity concentration process.
Portfolio diversification
The Company continued to implement its portfolio diversification strategy
announced in February 2024, with the aim of acquiring quality mineral
exploration and development projects having relatively low acquisition and
initial exploration costs, and short time lines to monetisation.
On 29 July 2024 the Company announced the exercise of the Sesana copper-silver
project option, which will enable the Company to earn up to 85% in prospecting
licence PL2329/2023, located on a highly potential part of the Kalahari Copper
Belt in Botswana. While negotiating the final agreement, the Company initiated
exploration work planning, environmental permitting and stakeholders
consultations, and registered the project SPV (Sesana Copper (Pty) Ltd), of
which we hold 51%.
The Company also carried out a field visit and a review of available
geophysical data for its Kabompo South copper project, located in Zambia. The
review concluded that the tenement is prospective for Iron Ore Copper Gold
("IOCG") copper mineralisation. Following these results the renewal process of
the licence was started.
During the reported period the Company continued to assess new potential
acquisitions in Namibia, Zambia and Mozambique.
Financial Review
During the reporting period the financial loss of the Group for the six months
ended 31 December 2024 was £512,000 (H1 2023: £690,000). This decrease
represents the results of the Company's efforts to reduce corporate costs to
ensure that where possible, expenditure is focused on the Company's priority
operational activities.
Non-current assets increased from £1.7m to £1.8m representing the continued
expenditure at Monte Muambe to further the metallurgical work.
In July 2024, the Company converted £333,000 of convertible loan debt into
equity at £0.01 per share and entered into two new loan facilities totaling
£900,000 with a fixed interest rate of 12% and a maturity date of 30 October
2025. Net cash flow used in operations was £768,000 (H1 2024:£758,000) and
net cash outflow from investing activities was £105,000 (H1 2024:£278,000).
The cash balance was £156,000 (1H 2024:£73,000) at the period end, with two
loan tranches of £225,000 still available to be drawn down at the date of
this report.
Post Period End Activity
On 27 January 2025 the Company announced the signature of the final agreement
for the acquisition of the Sesana copper-silver project.
This was followed by:
- The initiation of the transfer of prospecting licence PL2329/2023
to Sesana Copper (Pty) Ltd, the project special purpose vehicle 51% held by
Altona and
- The start of the Environmental Impact Assessment approval process.
On 28 January 2025 the Company announced that the status of its Monte Muambe
mining licence had changed to "active", with a licence validity extending up
to 20 December 2049. Since then, the Company has received written confirmation
of the attribution of the licence to its 51% held subsidiary Monte Muambe
Mining Limitada, and is carrying out the remaining administrative processes
for the final grant of the licence.
Activities at Monte Muambe continue to be focused on rare earths metallurgical
testing and on progressing the fluorspar scoping study. The fluorspar sample
collected in October 2024 is currently undergoing metallurgical testing
(including both gravity separation and flotation) at Peacocke & Simpson's
laboratories in Zimbabwe to assess processing options available to produce a
commercial fluorspar product.
As previously announced, the Company is actively seeking a strategic investor
for participation in the Monte Muambe project.
The Company continues to actively assess other potential new opportunities,
with the objective of selecting a project having a low-entry cost and a clear
pathway to early results and monetisation, preferably through short term
development. Commodities being considered include copper, gold, zinc, and
fluorspar.
Outlook
During the course of 2025, the Company intends to focus its activities on:
1) Rapidly advancing the Sesana copper-silver project through environmental
permitting, geophysical surveys and target definition in order to be able to
drill the first holes, which may lead to a copper-silver discovery, during the
course of the year. The contact zone between the D'Kar and the Ngwako Pan
formations, which carries copper-silver mineralisation in the Kalahari Copper
Belt passes through the licence, and that MMG, the owner of the neighbouring
Khoemacau Zone 5 mine, is considering an expansion of the mine which will
require additional ore resources. In such circumstances, a potential discovery
at Sesana could be easily monetized.
2) Continuing to seek a strategic investor for Monte Muambe, with
several actions in place to this effect. The results of the Company's
application to have Monte Muambe included in the list of Strategic Projects
under the European Union's Critical Raw Materials Act are expected during the
second quarter.
3) Assessing the possibility to produce fluorspar from Monte Muambe will
continue and will be guided by the impending results of on-going fluorspar
recovery metallurgical testing.
4) Identifying and participating in a new project, preferably with a
very short timeline to production and cash flow. Several opportunities have
been identified and are at an advanced stage of technical review.
Interim Financial Report
This interim financial report does not include all the notes of the type
normally included in an annual financial report. Accordingly, this report
should be read in conjunction with the financial statements for the year ended
30 June 2024, and any public announcements made by Altona Rare Earths Plc
during and subsequent to the interim reporting period.
Altona Rare Earths Plc, (the "Company") is a company registered in England and
Wales. Its registered office is at Eccleston Yards, 25 Eccleston Place, London
SW1W 9NF.
Principal Risks
The principal risks and uncertainties for the remaining six months of the
financial year remain the same as those contained within the annual report and
accounts as at 30 June 2024.
Related- party transactions
See note 16 for a list of the related party transactions that have taken place
in the first six months of the current financial year. There have been no
changes in the related party transactions described in the last annual report
that could have a material effect on the financial position or performance of
the Group in the first six months of the current financial year.
Post Reporting Date Events
See note 17 for a list of these events.
Statement of directors' responsibilities
The directors confirm that these condensed interim financial statements have
been prepared in accordance with UK adopted International Accounting Standard
34, 'Interim Financial Reporting' and the Disclosure Guidance and Transparency
Rules sourcebook of the United Kingdom's Financial Conduct Authority and that
the interim management report includes a fair review of the information
required by DTR 4.2.7 and DTR 4.2.8, namely:
· an indication of important events that have occurred during the first
six months and their impact on the condensed set of financial statements, and
a description of the principal risks and uncertainties for the remaining six
months of the financial year; and
· material related-party transactions in the first six months and any
material changes in the related-party transactions described in the last
annual report.
By order of the board
Cedric Simonet
Chief Executive Officer
31 March 2025
CONDENSED CONSOLIDATED STATEMENT OF PROFT OR LOSS AND
OTHER COMPREHENSIVE INCOME
FOR THE HALF YEAR ENDED 31 DECEMBER 2024
Notes Unaudited Unaudited
Half-year ended Half-year ended
31 Dec 2024 31 Dec 2023
Continuing operations: £'000 £'000
Administrative expenses 4 (440) (616)
Operational/exploration costs (11) -
Operating loss (451) (616)
Finance costs 5 (61) (74)
Loss before taxation (512) (690)
Income tax expense - -
Loss for the period (512) (690)
Total loss is attributable to:
Owners of Altona Rare Earths Plc (493) (659)
Non-controlling interests (19) (31)
(512) (690)
Other comprehensive income:
Items that may be reclassified subsequently to profit and loss:
Exchange differences on translation of foreign operations 34 (16)
Total comprehensive loss for the period (478) (706)
Total comprehensive loss is attributable to:
Owners of Altona Rare Earths Plc (468) (676)
Non-controlling interests (10) (30)
(478) (706)
Earnings per share (expressed in pence per share)
- Basic and diluted 6 (0.33p) (0.83p)
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
Unaudited Audited
31 Dec 2024 30 June 2024
£'000 £'000
ASSETS
Non-current assets
Intangible assets 7 1,712 1,607
Property, plant and equipment 8 97 117
Total non-current assets 1,809 1,724
Current assets
Trade and other receivables 9 179 174
Cash and cash equivalents 156 392
Total current assets 335 566
Total assets 2,144 2,290
LIABILITIES
Non-current liabilities
Loans and borrowings 12 - (322)
Total non-current liabilities - (322)
Current liabilities
Trade and other payables 10 (174) (585)
Convertible loan notes 11 - (362)
Loans and borrowings 12 (980) -
Total current liabilities (1,154) (947)
Total liabilities (1,154) (1,269)
NET ASSETS 990 1,021
EQUITY
Share capital 13 3,045 2,283
Share premium 13 23,114 23,072
Paid in share capital to issue - 345
Other equity-CLN reserve - 12
Share-based payment reserve 474 474
Foreign exchange reserve 54 29
Retained losses (25,590) (25,097)
Capital and reserves attributable to the owners of Altona Rare Earths plc 1,097 1,118
Non-controlling interests (107) (97)
TOTAL EQUITY 990 1,021
CONDENSED CONSOLIDATED STATEMENT OF CASHFLOWS
FOR THE HALF YEAR ENDED 31 DECEMBER 2024
Unaudited Unaudited
Half-year ended Half-year ended
31 Dec 31 Dec
2024 2023
£'000 £'000
Cash flow from operating activities
Loss for the period before taxation (512) (690)
Adjusted for:
Depreciation 4 20 12
Interest 5 61 74
Shares issued for services/ share-based payments 48 52
Foreign exchange movement 34 22
Cashflow from operations before working capital changes (349) (530)
(Increase)/ decrease in receivables (5) 23
Decrease in payables (412) (251)
Net cash outflow used in operating activities (766) (758)
Cash flows from investing activities
Expenditure on intangible assets 7 (105) (183)
Expenditure on tangible assets 8 (1) (9)
Purchase of subsidiaries - (86)
Net cash outflow from investing activities (106) (278)
Cash flows from financing activities
Proceeds from the issue of shares 49 -
Proceeds from loans 12 587 -
Finance costs paid - (21)
Net cash inflow/ (outflow) from financing activities 636 (21)
Net decrease for period (236) (1,057)
Beginning cash 392 1,130
Cash and cash equivalents at end of period 156 73
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE HALF YEAR ENDED 31 DECEMBER 2024
Share capital Share premium Paid in share capital to issue CLN reserve FX reserve SBP reserve Retained losses Minority interest Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Balance at 30 June 2024 2,283 23,072 345 12 29 474 (25,097) (97) 1,021
Loss for the period - - - - - - (493) (19) (512)
Foreign Exchange movement - - - - 25 - - 9 34
Total Comprehensive loss for the period - - - - 25 - (493) (10) (478)
Transactions with owners recognised directly in equity
Issue of shares 417 42 - - - - - - 459
Shares to be issued 345 - (345) - - - - - -
CLN issue - - - (12) - - - - (12)
Total transactions with owners recognised directly in equity 762 42 (345) (12) - - - - 447
Balance at 31 December 2024 3,045 23,114 - - 54 474 (25,590) (107) 990
Balance at 30 June 2023 2,239 22,950 - 12 17 121 (23,360) (94) 1,885
Loss for the period - - - - - - (659) (31) (690)
Foreign exchange movement - - - - (17) - - 1 (16)
Change in NCI asset - - - - - - - 49 49
Total comprehensive loss for the period - - - - - - (659) 19 (657)
Transactions with owners recognised directly in equity
Issue of shares 20 63 - - - - - - 166
Share-based payment - - - - - 46 - - 353
Total transactions with owners recognised directly in equity 20 63 - - - 46 - - 129
Balance at 31 Dec 2023 2,259 23,013 - 12 - 167 (24,019) (75) 1,357
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS
FOR THE HALF YEAR ENDING 31 DECEMBER 2024
1. GENERAL INFORMATION AND BASIS OF PREPARATION OF HALF YEAR
REPORT
(a) General Information
Altona Rare Earths Plc, (the "Company") is a company registered in England and
Wales. Its registered office is at Eccleston Yards, 25 Eccleston Place, London
SW1W 9NF.
The principal activity of the Company and its subsidiaries (the "Group") is in
Rare Earths and the exploration and the development of appropriate exploration
projects, focusing on opportunities in Africa.
These condensed interim financial statements were approved for issue on 31
March 2025.
These condensed interim financial statements do not comprise statutory
accounts within the meaning of section 434 of the Companies Act 2006.
Statutory accounts for the year ended 30 June 2024 were approved by the board
of directors on 24 October 2024 and delivered to the Registrar of Companies.
The auditor's report on those financial statements was unqualified but did
include a reference to the material uncertainty surrounding going concern, to
which the auditors drew attention by way of emphasis of matter and did not
contain a statement under s498 (2) - (3) of Companies Act 2006. The Company's
auditors have not reviewed these condensed interim financial statements.
(b) Basis of Preparation
This condensed consolidated interim financial report for the half-year
reporting period ended 31 December 2024 has been prepared in accordance with
the UK-adopted International Accounting Standard 34, 'Interim Financial
Reporting' and the Disclosure Guidance and Transparency Rules sourcebook of
the United Kingdom's Financial Conduct Authority.
This interim financial report does not include all the notes of the type
normally included in an annual financial report. Accordingly, this report
should be read in conjunction with the financial statements for the year ended
30 June 2024, which has been prepared in accordance with both "International
Accounting Standards in conformity with the requirements of the Companies Act
2006" and "International Financial Reporting Standards adopted pursuant to
Regulation (EC) No 1606/2002 as it applies in the European Union", and any
public announcements made by Altona Rare Earths Plc during the interim
reporting period.
The financial statements have been prepared on a going concern basis. The
Group's assets are not currently generating revenues, an operating loss has
been reported and an operating loss is expected in the 12 months subsequent to
the date of these financial statements. The Company has arranged a debt
facility of £900,000 in the period and will look to raise further funds as
necessary, therefore, the directors consider it appropriate to prepare the
financial statements on a going concern basis. The financial statements do not
include the adjustments that would result if the Group were unable to continue
as a going concern.
The accounting policies adopted are consistent with those of the previous
financial year and corresponding interim reporting period. There were no new
or amended accounting standards that required the Group to change its
accounting policies. The directors also considered the impact of standards
issued but not yet applied by the Group and do not consider that there will be
a material impact of transition on the financial statements. The Group's
results are not subject to seasonal variations.
2. CRITICAL ESTIMATES AND JUDGEMENTS
The preparation of interim financial statements requires management to make
judgements, estimates and assumptions that affect the application of
accounting policies and the reported amounts of assets and liabilities, income
and expense. Actual results might differ from these estimates.
In preparing these condensed interim financial statements, the significant
judgements made by management in applying the Group's accounting policies and
the key sources of estimation uncertainty were the same as those that applied
to the financial statements for the year ended 30 June 2024.
3. SEGMENT INFORMATION
For the purpose of IFRS 8, the Chief Operating Decision Maker "CODM" takes the
form of the board of directors. The directors are of the opinion that the
business of the Group focused on two reportable segments as follows:
· Head office, corporate and administrative, including parent company
activities of raising finance and seeking new investment and exploration
opportunities, based in the UK and Mauritius and
· Mineral exploration, all based in Mozambique.
The geographical information is the same as the operational segmental
information shown below.
Corporate and Administrative (UK/Mauritius) Mineral exploration (Mozambique)
Half year ending 31 December 2024
Other Total
£'000 £'000 £'000 £'000
Operating loss before and after taxation (440) (512)
(39) (33)
Segment total assets (net of investments in subsidiaries) 470 2,144
1,656 18
Segment liabilities (1,135) (15) (4) (1,154)
Corporate and Administrative (UK) Mineral exploration (Mozambique)
Half year ending 31 December 2023
Other Total
£'000 £'000 £'000 £'000
Operating loss before and after taxation 650 40 - 690
Segment total assets (net of investments in subsidiaries) 479 1,961
1,482
-
Segment liabilities (573) (31) - (604)
4. ADMINISTRATIVE EXPENSES
Unaudited Unaudited
Half year ended Half year ended
31 Dec 2024 31 Dec 2023
£'000 £'000
Legal and professional 116 193
Regulatory fees 52 5
Wages and Salaries 150 272
Depreciation 20 12
Other 102 134
440 616
5. FINANCE COSTS
Unaudited Unaudited
Half year ended Half year ended
31 Dec 2024 31 Dec 2023
£'000 £'000
Release of CLN reserve (12) 21
Interest payable on facility loans 71 7
Share-based payment on loans (cost of warrants) - 46
Foreign exchange movement 2 -
61 74
6. LOSS PER SHARE
The basic loss per share is derived by dividing the loss for the period
attributable to ordinary shareholders by the weighted average number of shares
in issue.
Unaudited Unaudited
Half year ended Half year ended
31 Dec 2024 31 Dec 2023
Loss for the period (£'000) (512) (690)
Weighted average number of shares - expressed in thousands 153,016 83,560
Basic loss per share - expressed in pence (0.33p) (0.83p)
As the inclusion of the potential ordinary shares would result in a decrease
in the loss per share they are considered to be anti-dilutive and, as such,
the diluted loss per share calculation is the same as the basic loss per
share.
7. INTANGIBLE ASSETS
Exploration and evaluation assets
£'000
Cost and carrying amount
At 1 July 2023 1,290
Exploration and evaluation assets additions 67
Additions to exploration assets 250
At 30 June 2024 1,607
Additions to exploration assets 105
At 31 December 2024 1,712
8. TANGIBLE FIXED ASSETS
Buildings Heavy machinery Precision machinery and office equipment Vehicles Total assets
£'000 £'000 £'000 £'000 £'000
Cost
At 1 July 2024 35 89 37 24 185
Additions - 1 - - 1
At 31 December 2024 35 90 37 24 186
Accumulated Depreciation
At 1 July 2024 2 40 13 13 68
Depreciation charge 1 13 4 3 20
Foreign exchange - 1 - - 1
At 31 December 2024 3 54 16 16 89
Net Book Value
At 30 June 2024 33 49 24 11 117
At 31 December 2024 32 36 21 8 97
9. TRADE AND OTHER RECEIVABLES
Unaudited Audited
31 December 30 June
2024 2024
£'000 £'000
Taxes and social security receivable 127 128
Prepayments and other receivables 52 46
179 174
10. TRADE AND OTHER PAYABLES
Unaudited Audited
31 December 30 June
2024 2024
£'000 £'000
Trade payables 68 127
Accruals and other payables 106 458
174 585
11. CONVERTIBLE LOAN NOTES
Unaudited Audited
31 December 30 June
2024 2024
£'000 £'000
Opening balance 362 -
Loan notes issued in the period - 362
Converted in period (333) -
Interest paid (17) -
Reallocated to other payables (12) -
- 362
On 19th July 2024, £333,000 of the outstanding loan notes were converted at
£0.01 per ordinary share and interest was calculated and paid up to the 30
June 2024.
12. LOANS AND BORROWINGS
Movement in loans and borrowings: £'000
Balance as at 1 July 2024 322
Loans drawndown in the period 587
Interest expense 71
Balance as at 31 Dec 2024 980
On 27 June 2024, the Company entered into two debt facilities totaling
£900,000 with a 12% fixed interest rate, both due for repayment by 30 October
2025. The first facility, for £300,000 and the second facility, for
£600,000, are each being drawn down in 8 tranches. As of the reporting date,
six tranches have been drawn across both facilities An existing convertible
loan note of £200,000 was rolled up into these facilites with the same terms.
13. SHARE CAPITAL
No. £'000
Ordinary Shares
Ordinary shares at 1 July 2024 86,767,107 868
Shares issued in the half year on 25 July 2024 76,428,759 762
TOTAL ORDINARY SHARES at 31 December 2024 163,015,866 1,630
Deferred Shares at 0.09p
Deferred shares at 1 July 2024 and 31 December 2024 1,411,956,853 1,271
Deferred Shares at 9p
Deferred shares at 1 July 2024 and 31 December 2024 1,602,434 144
TOTAL DEFERRED SHARES at 31 December 2024 1,413,559,287 1,415
TOTAL SHARES AT 31 December 2024 15,576,575,153 3,045
ORDINARY SHARES Ordinary shares Share Capital Share Premium Total
No. £'000 £'000 £'000
As at 30 June 2024 86,767,107 868 23,072 23,940
Issued 25 July 2024 - subscription shares 39,400,000 394 - 394*
Issued 25 July 2024 - CLN shares 33,300,000 333 - 333
Issued 25 July 2024 - fee and creditor shares 3,548,759 35 42 77
As at 31 Dec 2024 163,015,866 1,630 23,114 24,744
*£345,000 was received in the prior period before the subscription shares
were issued.
14. WARRANTS
The following table sets out the movement of warrants during the period, no
warrants were exercised during the period:
Number of warrants Exercise Price
Balance as at 30 June 2024 313,646,561 £0.01 - £0.14
Less Broker warrants 1 which expired during the period 342,857 £0.14
Balance as at 31 Dec 2024 313,303,704 £0.01 - £0.12
15. COMMITMENTS AND CONTINGENT LIABILITIES
As at 31 December 2024 the capital commitments of the Group relate to Phase 3
of the Farm-Out Agreement in Mozambique which sets out a minimum spend of $2m
over 2 years. This Phase and the related capital commitments can be extended
with further payments.
16. RELATED PARTY TRANSACTIONS
On 25 July 2024, the Company issued 2,426,561 ordinary shares to Directors and
Senior Management in lieu of salaries and fees amounting to £60,000 at an
average of £0.025 per ordinary share. Louise Adrian also works as a
consultant for Orana Corporate LLP who provide the Company with accounting,
bookkeeping and company secretarial services. During the year these services
cost the Company £24,000.
17. POST REPORTING DATE EVENTS
In January 2025, Altona Rare Earths Plc executed the final agreement to
acquire up to an 85% interest in the Sesana Copper Project, located in the
Kalahari Copper Belt, Botswana. This agreement followed the exercise of an
option originally announced on 29 July 2024. Under the terms of the agreement,
Altona will make phased payments totaling $110,000 in cash and $250,000 in
Altona shares over a four-year period. The shares will be priced at the VWAP
for the 10 days before each phase is completed commencing at the date when the
condiitons precedents are fulfilled. The agreement also includes specific
exploration and expenditure commitments, further strengthening the company's
presence in the region.
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