Fundraise And Botswana Licence Acquisition Update

Altona (LSE: REE), a resource exploration and development company focused on critical raw materials in Africa, today announces that further to the announcement on 28 June 2024, it has received an additional £4,000 Subscription from an existing shareholder ("Further Subscription Shares").

The Company has therefore conditionally raised £394,000 in aggregate through a subscription of 39,400,000 new ordinary shares of 1 pence each (the "Shares") in the Company (the "Subscription").

This brings the total amount raised to £1,294,000 ("Fundraise"), of which £394,000 is equity and £900,000 is in debt facilities.

The Company will also issue a further 375,000 new Shares ("Creditor Shares") to satisfy an existing creditor to the value of £3,750. This brings the total Shares issued to other creditors to 1,306,791 new Shares to satisfy existing creditors to the value of £24,236.

The total number of Shares to be issued pursuant to the Fundraise, conversion of existing Convertible Loan Notes and payment of fees and settlement of creditors is 76,248,759.

Botswana copper licence acquisition update

Further to the Company's announcement of 9 April 2024, the Company and Ignate African Minerals Ltd have agreed to extend the exclusivity period of the option agreement until 17 July 2024.

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

Daniel Ingram

About Altona Rare Earths Plc

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.