Altona Rare Earths
Primary ticker: LSE:REE
Stage of development: Exploration
Primary minerals:Rare Earths Fluorspar Copper
Project to promote: Monte Muambe Rare Earths Project, Sesana Copper-Silver Project Project
Project location: Mozambique, Botswana
Website: www.altonaRE.com
Altona is a junior mining exploration company focused on the acquisition and development of critical minerals projects in Africa.
The Company’s project is the Monte Muambe rare earths project in Mozambique, which has a JORC resource (indicated and inferred) of 13.6 mt at 2.42% TREO. A Scoping Study was completed in October 2023 and the the Company is currently focusing on the grant of a 25 years mining concession, and on metallurgical studies as part of the PFS. The Company is actively seeking a strategic investor in the REE supply chain to partner on the project.
Since September 2024, Altona is reviewing the potential of low-tonnage high-grade (50% to 70% CaF2) fluorspar deposits at Monte Muambe, with the aim of putting these deposits in production within the a short term production and starting to monetise this asset and the mining concession.
Altona is also expanding its portfolio of exploration assets into other commodities including copper, with the Sesana copper-silver project in the Kalahari Copper Belt of Botswana, and the Kabompo South project in Zambia.
Cash: GBP 1M
Debt: NIL
Major shareholders:
Tracarta Ltd- 19.94%
Richard Jenning – 11.07%
Optiva Securities 8.99%
Christian Taylor Wilkinson 3.85%
Louise Adrian 2.03%
Management Ownership – 3.58%
Financials
Management Profile
Cedric Simonet (51) was appointed when the company moved from Aquis to the London Stock Exchange on 9 June 2023. Cedric was previously the COO of the company. Cedric is a geologist (PhD) with about 30 years experience in geology, mining and business management, most of which in Eastern and Southern Africa. His experience spans a wide range of commodities over a dozen of African jurisdiction and in France. Cedric is a former Chairman of the Kenya Chamber of Mines.
What is your rationale for taking part in 121 Mining Investment?
What are your key goals in 3 months, 6 months, 12 months?
3 Months:
– Obtain the mining licence for the Monte Muambe Rare Earths project
– Completion of flottation metallurgy for the Monte Muambe Rare Earths project
– Conceptual study for the short-term production of fluorspar from Monte Muambe from high-grade veins
– Firm up a portfolio of high-potential copper exploration assets in Zambia and Botswana.
6 Months:
– Secure a strategic partner at project level to fund the PFS for the Monte Muambe Rare earths project
– Initial exploration activities for copper in Zambia and Botswana (geophysics, geochemistry)
12 Months:
– Continuation of PFS activities for the Monte Muambe Rare Earths project
– Bulk-sampling and test production of metallurgical grade fluorspar at Monte Muambe
– Initial drilling for copper in Botswana and Zambia
What do you see as the key risks and challenges facing your company at the moment and how are you overcoming these?
This is mitigated by the on-going assets diversification.
What do you think makes your company such a compelling investment?
Altona’s portfolio development is focused on project with low entry cost, low initial exploration cost, and early monetization opportunities.
Experienced board with CEO based in Africa, on the ground.
What are the top 3 key investor takeaways?
– Considerable value built from exploration work done since 2021 on the Monte Muambe rare earths project
– Short term production opportunity from low-tonnage high grade fluorspar veins at Monte Muambe, within the mining concession area
– Building a portfolio of low-cost copper exploration projects with strong technical merits
– Company significantly under-valued considering assets held, in particular Monte Muambe