Exercise of Warrants and Issue of Equity

Altona (LSE: REE), a resource exploration and development company focused on critical raw materials in Africa, is pleased to announce an exercise of warrants and an issue of equity 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 3,733,334 warrants at an exercise price of 2.0 pence per Ordinary Share ("2p Warrants").

Accordingly, a further 3,733,334 new Ordinary Shares will be issued pursuant to these exercises.

This exercise of the 2p Warrants brings in further cash funds of £74,666, which will be used to fund the fluorspar and gallium resource estimate and scoping study.

In addition, the Company has issued 625,000 new Ordinary Shares to a service provider in lieu of cash settlement of outstanding fees of £15,000 ("Service shares").

Admission and Total Voting Rights

The Service shares and 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 9 March 2026. Following this issue of a further 4,358,334 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 383,240,635. The Company has no shares held in Treasury.

This figure of 383,240,635 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.

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Altona Rare Earths Plc

Simon Johnson

James Hornigold

About Altona Rare Earths Plc

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 has received a grant from USTDA 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.