REG - Altona Rare Earths - Issue of Equity

Altona Rare EarthsAnnouncement

22/08/2025 07:00

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RNS Number : 3404W  Altona Rare Earths PLC  22 August 2025

 

22 August 2025

 

 

ALTONA RARE EARTHS PLC

("Altona" or "the Company")

 

FUNDRAISE UPDATE: PROCEEDS RISE TO £851,950

 

Altona (LSE: REE), a resource exploration and development company focused on
critical raw materials in Africa, today announces that further to the
announcement on 15 August 2025, it has received an additional £344,500 of
funding from existing shareholders, increasing from £507,450 to £851,950.

 

The fundraise, including the additional funding, comprised:

 

·    the subscription (the "Subscription") for 9,630,000 new ordinary
shares of 1p each in the capital of the Company (the "Ordinary Shares" and
such 9,630,000 Ordinary Shares being the "Subscription Shares") at 3.6p per
Subscription Share (the "Subscription Price"); and

·    the transfer and subsequent exercise of 40,500,000 warrants at an
exercise price of 1p (the "Transferred Warrants") over 40,500,000 Ordinary
Shares (the "Warrant Shares" and, together with the Subscription Shares, the
"New Shares") as below (the "Warrant Exercise" and, together with the
Subscription, the "Fundraise").

 

The blended price of each New Share issued pursuant to the Fundraise is 1.5p
(the "Blended Price"). The Blended Price has been calculated by dividing the
proceeds of the Fundraise by the number of the New Shares.

 

The issue of Warrant Exercise Shares remains unchanged from the announcement
on 15 August 2025, (in respect of 10,000,000 warrants over shares at a price
of 1 pence per ordinary share, with proceeds of £100,000).

 

The issue of Salary Sacrifice Shares remains unchanged from the announcement
on 15 August 2025, (in respect of 1,949,000 new Ordinary Shares at an average
of 1.62 pence per Salary Sacrifice Share).

 

The issue of Service Shares remains unchanged from the announcement on 15
August 2025, (in respect of 243,002 new Ordinary Shares at a price of 2.06p
per Service Share).

 

Admission and Total Voting Rights

 

The New Shares, Warrant Exercise Shares, Salary Sacrifice Shares and Service
Shares are being issued from authorities granted to directors to issue new
Ordinary Shares at the annual general meeting of the Company's shareholders on
27 November 2024.

 

The Subscription Shares, Salary Sacrifice Shares and Service Shares in
aggregate represent less than 20% of the Ordinary Shares currently in issue
and the Warrant Shares and the Warrant Exercise Shares have previously been
disclosed in a published prospectus. Accordingly, the Company is not required
to publish a prospectus in order to issue the Warrant Shares or the Warrant
Exercise Shares.

 

Application is being made for the above shares to be admitted to trading on
the Main Market of the London Stock Exchange which is expected to be on or
around 26 August 2025.

 

Following this issue of 62,322,002 new Ordinary Shares, which will rank pari
passu with the Company's existing Ordinary Shares, the Company's enlarged
share capital and total voting rights in the Company will comprise
229,064,306.  The Company has no shares held in Treasury. This figure of
229,064,306 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 delighted and grateful to see
the strong support of our shareholders materialise in this additional funding.
The proceeds strengthen the Company's ability to deliver short term advances
on the fluorspar, gallium and rare earths fronts.

 

"With multiple workstreams progressing in parallel, we look forward to
providing shareholders with a steady flow of strategic operational and
commercial updates."

 

 

 

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).

 

-ends-

 

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(https://investors.altonare.com/)

 

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

Imogen Ellis

 

Oberon Capital (Corporate
Broker)
     +44 (0) 20 3179 5300

Nick Lovering

Adam Pollock

Aimee McCusker

 

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 is actively
seeking a strategic downstream rare earths partner to advance the 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 and
lithium battery electrolyte production, 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 is undertaking
mineralogical and metallurgical studies to assess the potential for gallium
production.

 

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.

 

 

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