REG - Altona Rare Earths - Sesana Project, Board Changes, Notice of GM

Altona Rare EarthsAnnouncement

29/07/2024 07:00

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RNS Number : 1123Y  Altona Rare Earths PLC  29 July 2024

29 July 2024

 

 

ALTONA RARE EARTHS PLC

 

("Altona" or "the Company")

 

EXERCISE OF SESANA COPPER-SILVER PROJECT OPTION,

BOARD CHANGES, NOTICE OF GENERAL MEETING

 

 

Altona (LSE: REE), a resource exploration and development company focused on
critical raw materials in Africa, announces that further to the announcements
of 9 April 2024, 4 July 2024 and 18 July 2024, it has now exercised its option
to acquire the Sesana Copper-Silver project located in Botswana.

 

Sesana Copper-Silver project acquisition

 

Further to the signature of a binding option agreement with Ignate African
Minerals (Pty) Ltd ("Ignate") with respect to prospecting licence PL2329/2023
("Tenement"), located in Botswana, the Company has notified Ignate of the
exercise of the option, which allows the Company to acquire an interest of up
to 85% in the Tenement, in consideration for cash and Altona shares payments,
and for exploration expenditure commitments.

 

The Tenement is located in the Kalahari Copper Belt, about 25km from the
low-cost Khoemacau Copper-Silver underground mine, and close to Galileo
Resources licence PL039/2018 and ARC Minerals licence PL135/2017 (Virgo
Copper-Silver Project). Recent interpretation of regional airborne magnetic
data shows that a ca. 10km long stretch of the

contact between the D'Kar and Ngwako Pan formations contact is passing through
the northern

part of the Tenement, along the eastern margin of a fold structure, which
makes it a perfect

setting for copper-silver mineralisation.

 

Altona and Ignate are now preparing the final agreement, which is expected to
be signed shortly. Activities pertaining to environmental and administrative
processes in Botswana have started, and plans are being made to start
exploration activities in due course.

 

Board changes

 

The Company announces that Audrey Mothupi will step down as a Non-Executive
Director of the Company effective 1 August 2024, after 3 years on the Board.

 

Commenting, Martin Wood, Chairman of Altona, said: "I would like to extend my
personal thanks to Audrey for her very professional service to the Board of
Altona. Her experienced and thoughtful approach to all aspects of Board work
is impressive and her ability to build great working relationships with
everyone made it a pleasure to work with her. I wish Audrey the best luck for
the future and hope we can work together again."

 

Mr Kristoffer Andersson has been appointed to the Board of Directors of the
Company as a Non-Executive Director, effective 1 August 2024.

 

Mr Andersson is an economist with extensive experience in the renewable
energies, mining, commodity trading and natural resources sectors, as well as
investment banking in emerging markets in Latin America and Africa. He has
served on the Board of Directors for both private and public companies across
various industries, and co-founded Ashmont Resources Corp, a Canadian private
company focusing on high-value mineral assets in Colombia.

 

Mr Andersson is currently the CEO of Ironveld Plc, a mining company and
speciality metals producer based in South Africa, listed on the AIM Market of
the London Stock Exchange.

 

Notice of General Meeting

 

The Company announces it will hold a General Meeting ("GM") on Tuesday 20
August 2024 at 11 am, at the office of Orana Corporate, Eccleston Yards,
London, SW1W 9NF.

 

The Notice of the GM and the Form of Proxy are available on the Company's
website: https://investors.altonare.com/documents
(https://investors.altonare.com/documents)

 

Cedric Simonet, CEO of Altona, commented: "I am delighted with the exercise of
the Sesana Copper-Silver project option, which marks a significant step
forward towards commencing exploration activities on this project. The unique
geological setting of copper-silver mineralisation in the Kalahari Copper Belt
is well defined, and identifiable through the use of various geophysical
methods, making it possible to fast-track exploration activities. The presence
of an operating mine and of several active exploration projects in close
proximity of the Tenement supports our assessment of its prospectivity.

 

"I would also like to welcome Kris to the Board of Directors of Altona. Kris'
varied business and funding experience in South America and Southern Africa
will add significant value to the Company's on-going diversification
strategy."

 

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).

 

Further information on Kristoffer Andersson

 

Kristoffer Andersson is or has been in the last five years a director of the
following companies:

 

 Current Directorships       Directorships in the past 5 years
 Ironveld PLC                EEW H2 Limited
 Inline Interior Aktiebolag

 

 

To subscribe for RNS alerts, please join our investor hub on:
https://investors.altonare.com/welcome
(https://investors.altonare.com/welcome)

 

-ends-

 

Altona Rare Earths Plc

Cédric Simonet,
CEO
+44 (0) 7778 866 108

Louise Adrian,
CFO
+44 (0) 7721 492 922

 

Novum Securities Ltd (Corporate
Finance)
+44 (0) 20 7399 9400

David
Coffman

Daniel Harris

 

Allenby Capital Ltd (Joint
Broker)
+44 (0)20 3328 5656

Kelly Gardiner / Guy McDougall (Sales)

Nick Athanas (Corporate Finance)

 

Optiva Securities (Joint
Broker)
+44 (0) 20 3411 1882

Vishal
Balasingham

 

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". Rare Earths are a group of 17
chemical elements, many of which are critical to the World's ongoing
transition from carbon-based to renewable energies, and to the defence and
communication sectors.

 

The Company is currently developing Monte Muambe, its flagship Magnet Rare
Earths Project, 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 and process.

 

Altona is presently diversifying its portfolio by acquiring a limited number
of critical raw material projects to complement Monte Muambe. The acquisition
of the Kabompo South copper project in Zambia and of the Sesana copper-silver
project in Botswana represents the first steps towards the implementation of
this expanded strategy.

 

 

 

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