During the six months ended 31 December 2021, Altona Rare Earths (ANR ) reported success within its initial exploration programmes as it reviewed several new acquisition opportunities.

The African-focused mining company which is focused developing rare earth elements (“REE”) mining projects, completed a Phase 1 exploration programme at the Monte Muambe Project in Mozambique where it has now mobilised for a second phase to prove up resources.

To date, results from Monte Muambe indicate potential for the project to become a valuable REE asset. Drilling results have confirmed the presence of carbonatite-hosted rare earth mineralisation, at a typical grade Total Rare Earth Oxide in four of the six targets drilled.

These results also reported the discovery of two new REE occurrences which are open in several directions. The full result set from the Phase 1 exploration programme has been sent to certified assay labs in South Africa and Australia, and is expected by the end of May 2022.

The Company said these results will provide valuable additional information but, as previously announced earlier this month, it has made the decision to proceed to Phase 2 resource drilling, based on analysis of samples conducted on site using a pXRF field analyser.

Over the half-year period, Altona reported a financial loss of £0.417m, up from £0.119m in 1H20 with the increase due to the increased corporate activity of the Group in its drive to complete licence acquisitions in line with its stated strategy and its proposed LSE listing.

As at 31 December 2021, Altona had net assets of £0.868m, up from £0.136m in 2021. The Company said this increase was primarily due to the spend on intangible assets through the acquisition of its subsidiary as well as the capitalised exploration expenditure of £0.316m.

During the six month period, the net cash outflow from operating activities was £0.507m but the net cash position increased by £0.195m to £0.631m due to its success with fundraising.

Looking ahead, Altona intends to establish a clear valuation for Monte Muambe, as well as acquiring new Rare Earths assets, where their potential value can be explored and reported.

Altona noted that it is working “diligently on all fronts” to establish its presence as a major player in the REE sector with a goal to be a significant contributor in the global supply chain.

Commenting today, Christian Taylor-Wilkinson, Chief Executive of Altona Rare Earths, told investors: “The strengthening long-term outlook for REE metals supports our strategy of investing in known REE assets and prospecting new targets across Southern and East Africa.

We look forward to making more progress in 2022 and, in due course, updating the market with further operational news as well as progress with our move to a Standard LSE listing.”

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