REG - Altona Rare Earths - Warrant Exercise

Altona Rare EarthsAnnouncement

Tue 07:00

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RNS Number : 0215V  Altona Rare Earths PLC  03 March 2026

3 March 2026

 

 

ALTONA RARE EARTHS PLC

("Altona" or the "Company")

 

Exercise of Warrants

 

Altona (LSE: REE), a resource exploration and development company focused on
critical raw materials in Africa, is pleased to announce an exercise of
warrants over ordinary shares of £0.01 each in the capital of the Company
("Ordinary Shares").

 

Exercise of Warrants

 

The Company is pleased to announce that it has received Notices of Exercise
from existing shareholders in respect of 4,200,000 warrants at an exercise
price of 2.0 pence per Ordinary Share ("2p Warrants").

Accordingly, a further 4,200,000 new Ordinary Shares will be issued pursuant
to these exercises.

This exercise of the 2p Warrants brings in further cash funds of £84,000,
which will be used to fund the fluorspar and gallium resource estimate and
scoping study.

Admission and Total Voting Rights

 

The 2p Warrants are being issued from authorities granted to directors to
issue new Ordinary Shares at the annual general meeting of the Company's
shareholders on 26 November 2025.

 

Application is being made for the New Shares to be admitted to trading on the
Main Market of the London Stock Exchange which is expected to be on or around
6 March 2026. Following this issue of a further 4,200,000 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 378,882,301. The Company has no shares held in Treasury.

 

This figure of 378,882,301 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.

 

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.

 

-ends-

 

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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 is actively
engaging with the US Government, through USTDA, as a possible strategic
partner 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.

 

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