Altona Rare Earths

Altona is a junior mining exploration company focused on the acquisition and development of critical minerals projects in Africa.

The Company's main asset is the Monte Muambe carbonatite in Mozambique, held under a mininig licence valid until 2049. Monte Muambe encompasses two projects: a short term fluorspar mine development project, and a longer term rare earths mine project. In addition, high grade gallium occurrences have recently been discovered and are currently being assessed.

Since september 2024, Altona has been reviewing the potential of the high-grade (up to +90%) fluorspar deposits at Monte Muambe, with very encouraging sampling and prelimiary metallurgy results, as well as the discovery of new fluorspar orebodies. Altona has now started a resource drilling campaign in parallel with advanced metallurgical studies. The company intends to rapidly develop (FID Q3 2026) a 50,000 tpa acid grade fluorspar operation. Gallium (up to +500 g/t Ga so far) is found in close proximity to fluorspar veins and its possible extraction as a by-product is being assessed.

The rare earths project 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, and is currently in talks with the USTDA for PFS funding.

The Sesana copper-silver project, located in the deal-prone Kalahari Copper Belt of Botswana, is a grass root exploration project located on a 12km stretch of the D'Kar - Ngwako Pan formations contact, which regionally carries all copper-silver deposits of that region. The project is the environmental permitting process. Once completed, high resolution airborne geophysical surveys will allow to fast track first pass drilling targets generation.

The Company continues to assess possible acquisitions in Africa, focussing on assets having potential for short term monetization though development or disposal.

Management Profile

Cedric Simonet, Chief Executive Officer

Cedric 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?

To reach out to a wider pool of investment capital to fund ongoing projects.

What are your key goals for the next 3, 6 and 12 months?

3 Months

Monte Muambe:

• Completion of fluorspar resource drilling at Monte Muambe
• Secure a strategic partner at project level to fund the rare earths PFS

Sesana:

• high resolution airborne magnetometer survey

6 Months

Monte Muambe:

• Fresh fluorspar JORC Mineral Resource Estimate
• Advanced fluorspar and initial gallium metallurgy studies
• Fluorspar Scoping Study
• Fluorspar offtake agreements
• Rare earths PFS activities

Sesana:

• Ground geophysics, drilling targets generation
• First pass drilling

12 Months

Monte Muambe:

• DFS and FID for fluorspar mine
• Continuation of rare earths PFS

Sesana:

• Copper resource drilling

What do you see as the key risks and challenges facing your company at the moment and how are you overcoming these?

• Raising capital for a rare earths project in a context of low Nd and Pr prices.
• This is mitigated by the on-going assets diversification and rhe development of the fluorspar project, for which market dynamic is excellent.

What do you think makes your company such a compelling investment?

Altona is focused on rapidly monetising its existing assets through development (Monte Muambe fluorspar) or post-discovery disposal (Sesana copper). The fluorspar project can be developed rapidly, has well very well received by the fluorspar industry, and Altona's CEO has direct experience in mining fluorspar. The portfolio of commodities covers several highly critical minerals including rare earths and gallium, the later having the potential to be recovered as a by-product of the fluorspar mine. At 4.5m market cap the Company is significantly undervalued.

What are the top 3 key investor takeaways?

1. Considerable value built from exploration work done since 2021 on the Monte Muambe rare earths project

2. Short term production opportunity from low-tonnage high grade fluorspar veins at Monte Muambe, within the mining concession area.

3. Gallium opportunity advancing rapidly from discovery in April 2025 to possible production opportunity

4. Low-cost copper exploration projects with strong technical merits