REG - Altona Rare Earths - Issue of Equity and Exercise of Warrants

Altona Rare EarthsAnnouncement

26/03/2026 07:30

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20260326:nRSZ1664Ya&default-theme=true

RNS Number : 1664Y  Altona Rare Earths PLC  26 March 2026

26 March 2026

 

 

ALTONA RARE EARTHS PLC

("Altona" or the "Company")

 

Issue of Incentive Shares, Exercise of Warrants and Issue of Equity following
Interest Conversion

 

Altona (LSE: REE), a resource exploration and development company focused on
critical raw materials in Africa, is pleased to announce the issue of new
ordinary shares to Directors following the vesting of awards under the
Company's incentive plan together with the exercise of warrants and the issue
of equity following the conversion of interest due on its outstanding debt, at
the election of the lender.

 

Incentive Shares

Further to the Company's announcement on 28 November 2025 in relation to the
grant of share options to directors over a total of 29,186,430 ordinary shares
of 1 pence each in the capital of the Company ("Ordinary Shares") (the "Share
Incentive Scheme"), the Tranche 1 performance condition has now been satisfied
(being that the Company's volume weighted average share price over a period of
20 consecutive trading days traded at or above 3p). Accordingly, 9,728,810
options over Ordinary Shares have vested and have been exercised by the
Directors, resulting in the issue of 9,728,810 new Ordinary Shares (the
"Incentive Shares") to Directors under its Share Incentive Scheme.

 Director              Number of Shares Issued  Total Holding following Issue of Shares  Percentage Holding following Issue of Shares
 Cedric Simonet        4,377,964                10,065,346                               2.35%
 Louise Adrian         2,432,203                9,928,538                                2.31%
 Harvey Sinclair       1,945,762                1,945,762                                0.45%
 Kristoffer Andersson  972,881                  1,430,139                                0.33%

 

Exercise of Warrants

The Company received Notices of Exercise from existing shareholders in respect
of the warrants set out below:

 

-    12,000,000 warrants at an exercise price of 1.0 pence per Ordinary
Share ("1p Warrants"), being the final outstanding 1 pence warrants,

-    10,000,000 warrants at an exercise price of 1.5 pence per Ordinary
Share ("1.5p Warrants") and

-    11,096,667 warrants at an exercise price of 2.0 pence per Ordinary
Share ("2p Warrants").

The shares issued pursuant to the exercise of the warrants are referred to as
the "Warrant Shares".

The exercise of these warrants brings in further cash proceeds of £491,933,
which will be used to fund the fluorspar and gallium resource estimate and
scoping study, as well as business development activities.

Remaining Warrants:

 Number of Warrants  Price  Expiry Date
 50,000,000          1.5p   30/06/2028
 19,100,000          2p     26/08/2026
 2,512,760           5p     09/06/2026

 

Conversion of Interest into Equity

 

In addition, the Company has received notification from its remaining lender
that they have elected to convert interest of £20,000 into Ordinary Shares.
Accordingly, the Company will also issue 2,000,000 new Ordinary Shares (the
"Interest Shares") at a price of 1 penny per Interest Share, in settlement of
the interest converted up to and including 30 June 2026.

 

Admission and Total Voting Rights

 

The Incentive Shares and Warrant Shares are being issued pursuant to
authorities granted to Directors to issue new Ordinary Shares at the annual
general meeting of the Company's shareholders on 27 November 2024 and 26
November 2025. The 1p Warrants and 1.5p Warrants have previously been
disclosed in a published prospectus. Accordingly, the Company is not required
to publish a prospectus in order to issue these Shares.

 

The Incentive Shares, Warrant Shares and Interest Shares will be issued
pursuant to the Company's block listing facility as announced to the market on
23 March 2026. Following this issue of 44,825,477 new Ordinary Shares, which
will rank pari passu with the Company's existing Ordinary Shares, the
enlarged share capital and total voting rights in the Company will comprise
429,066,112. The Company has no Ordinary Shares held in Treasury.

 

This figure of 429,066,112 Ordinary Shares 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 in their
interest in, the share capital of the Company under the FCA's Disclosure
Guidance and Transparency Rules.

 

Cédric Simonet, CEO of Altona, commented:

 

"I am pleased to report that we have made significant progress towards tidying
up our capital structure, as all the 1p Warrants have now been exercised, and
the number of remaining 1.5p Warrants and 2p Warrants has been substantially
reduced. I am grateful for the continued support of our existing shareholders
as we execute our strategy and further strengthen our capital base in
preparation for the expected growth and development in the coming period."

 

 

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulation
(EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of
the European Union (Withdrawal) Act 2018, as amended by virtue of the Market
Abuse (Amendment) (EU Exit) Regulations 2019.

 

 

Notification and public disclosure of transactions by Persons Discharging
Managerial Responsibilities (PDMR) and persons closely associated with them.

 1.  Details of the person discharging managerial responsibilities/person closely
     associated
 a)  Name:                                                         Cedric Simonet
 2.  Reason for the notification
 a)  Position/status:                                              CEO
 b)  Initial notification/Amendment:                               Initial notification
 3.  Details of the issuer, emission allowance market participant, auction
     platform, auctioneer or auction monitor
 a)  Name:                                                         Altona Rare Earths Plc
 b)  LEI:                                                          2138002A5GU9BFS2I491
 4.  Details of the transaction(s): section to be repeated for (i) each type of
     instrument; (ii) each type of transaction; (iii) each date; and (iv) each
     place where transactions have been conducted
 a)  Description of the financial instrument, type of instrument:  Ordinary shares of £0.01

Identification code:
ISIN Code: GB00BFZNKV91
 b)  Nature of the transaction:                                     Ordinary Shares issued
 c)  Price(s) and volume(s):                                       Price(s)  Volume(s)
                                                                   £nil      4,377,964
 d)  Aggregated information:                                       -

·Aggregated volume:

·Price:
 e)  Date of the transaction:                                      26 March 2026
 f)  Place of the transaction:                                     Outside of a trading venue

d)

Aggregated information:

·Aggregated volume:

·Price:

-

e)

Date of the transaction:

26 March 2026

f)

Place of the transaction:

Outside of a trading venue

 

Responsibilities (PDMR) and persons closely associated with them.

 1.  Details of the person discharging managerial responsibilities/person closely
     associated
 a)  Name:                                                         Louise Adrian
 2.  Reason for the notification
 a)  Position/status:                                              Chief Finance Officer
 b)  Initial notification/Amendment:                               Initial notification
 3.  Details of the issuer, emission allowance market participant, auction
     platform, auctioneer or auction monitor
 a)  Name:                                                         Altona Rare Earths Plc
 b)  LEI:                                                          2138002A5GU9BFS2I491
 4.  Details of the transaction(s): section to be repeated for (i) each type of
     instrument; (ii) each type of transaction; (iii) each date; and (iv) each
     place where transactions have been conducted
 a)  Description of the financial instrument, type of instrument:  Ordinary shares of £0.01

Identification code:
ISIN Code: GB00BFZNKV91
 b)  Nature of the transaction:                                     Ordinary Shares issued
 c)  Price(s) and volume(s):                                       Price(s)  Volume(s)
                                                                   £nil      2,432,203

 d)  Aggregated information:                                       -

·Aggregated volume:

·Price:
 e)  Date of the transaction:                                      26 March 2026
 f)  Place of the transaction:                                     Outside of a trading venue

d)

Aggregated information:

·Aggregated volume:

·Price:

-

e)

Date of the transaction:

26 March 2026

f)

Place of the transaction:

Outside of a trading venue

 

Responsibilities (PDMR) and persons closely associated with them.

 1.  Details of the person discharging managerial responsibilities/person closely
     associated
 a)  Name:                                                         Kristoffer Andersson
 2.  Reason for the notification
 a)  Position/status:                                              Non-Executive Director
 b)  Initial notification/Amendment:                               Initial notification
 3.  Details of the issuer, emission allowance market participant, auction
     platform, auctioneer or auction monitor
 a)  Name:                                                         Altona Rare Earths Plc
 b)  LEI:                                                          2138002A5GU9BFS2I491
 4.  Details of the transaction(s): section to be repeated for (i) each type of
     instrument; (ii) each type of transaction; (iii) each date; and (iv) each
     place where transactions have been conducted
 a)  Description of the financial instrument, type of instrument:  Ordinary shares of £0.01

Identification code:
ISIN Code: GB00BFZNKV91
 b)  Nature of the transaction:                                     Ordinary Shares issued
 c)  Price(s) and volume(s):                                       Price(s)  Volume(s)
                                                                   £nil      972,881

 d)  Aggregated information:                                       -

·Aggregated volume:

·Price:
 e)  Date of the transaction:                                      26 March 2026
 f)  Place of the transaction:                                     Outside of a trading venue

d)

Aggregated information:

·Aggregated volume:

·Price:

-

e)

Date of the transaction:

26 March 2026

f)

Place of the transaction:

Outside of a trading venue

 

 

Responsibilities (PDMR) and persons closely associated with them.

 1.  Details of the person discharging managerial responsibilities/person closely
     associated
 a)  Name:                                                         Harvey Sinclair
 2.  Reason for the notification
 a)  Position/status:                                              Director
 b)  Initial notification/Amendment:                               Initial notification
 3.  Details of the issuer, emission allowance market participant, auction
     platform, auctioneer or auction monitor
 a)  Name:                                                         Altona Rare Earths Plc
 b)  LEI:                                                          2138002A5GU9BFS2I491
 4.  Details of the transaction(s): section to be repeated for (i) each type of
     instrument; (ii) each type of transaction; (iii) each date; and (iv) each
     place where transactions have been conducted
 a)  Description of the financial instrument, type of instrument:  Ordinary shares of £0.01

Identification code:
ISIN Code: GB00BFZNKV91
 b)  Nature of the transaction:                                     Ordinary Shares issued
 c)  Price(s) and volume(s):                                       Price(s)  Volume(s)
                                                                   £nil      1,945,762

 d)  Aggregated information:                                       -

·Aggregated volume:

·Price:
 e)  Date of the transaction:                                      26 March 2026
 f)  Place of the transaction:                                     Outside of a trading venue

d)

Aggregated information:

·Aggregated volume:

·Price:

-

e)

Date of the transaction:

26 March 2026

f)

Place of the transaction:

Outside of a trading venue

 

-ends-

 

To subscribe for RNS alerts, please visit: https://investors.altonare.com/
(https://investors.altonare.com/)

 

 

Altona Rare Earths Plc

Cédric Simonet, CEO                                                +44 (0) 7778 866 108 (cs@altonare.com)

Louise Adrian,
CFO
                   +44 (0) 7721 492 922 (la@altonare.com)

 

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).

 

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.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  IOEPPUMWWUPQPUA



            Copyright 2019 Regulatory News Service, all rights reserved