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Altona confirms intention to list on LSE

Published by , Editor
Global Mining Review,

Altona, a mining exploration company focused on the evaluation, acquisition and development of rare earth elements (REE) mining projects in Africa, has confirmed its intention to apply for admission of its ordinary shares to the Standard Segment of the Official List and to trading on the London Stock Exchange’s (LSE) Main Market for listed securities (admission). Admission to trading of the company's ordinary shares on the AQSE Growth Market will be cancelled simultaneously with admission. It is also proposed that on admission, the company will change its TIDM to REE.

Concurrently with admission, the company is seeking to raise funds to satisfy its working capital requirement for a period of 12 months from admission, by way of a placing of new ordinary shares (the fundraising). Altona’s will use the fundraising proceeds to finance its current and future rare earths mining projects in Southern and Eastern Africa.

The directors believe that an LSE listing will provide access to the future capital it will need to develop its asset portfolio and be of benefit when negotiating acquisitions in Africa. It will also increase liquidity in the company’s shares. The Directors currently anticipate that admission will become effective during May 2022.

REE sector highlights

  • Neodymium and praseodymium (NdPr) are the critical rare earth metals needed to propel the green revolution.
  • Rare earths market size approximately US$13.2 billion in 2019 and set to rise US$19.8 billion by 2026.
  • Record rare earths commodity prices recorded in 1Q22.
  • Permanent magnet demand driven by increase in electric vehicles and wind turbines.
  • Permanent magnet production doubled to 125 000 t between 2006 – 2021.
  • Projected to reach 315 000 t by 2030.
  • Demand for rare earths outstripping production by 3000 tpy and rising.

Company highlights

  • Altona acquired its first rare earths project in July 2021 – Monte Muambe in Mozambique.
  • Phase 1 exploration drilling programme completed in November 2021.
  • Assay results show multiple intercepts over 2.5% total rare earth oxides (TREO) with the highest recorded at 7.24% TREO.
  • REE carbonatite projects considered viable for BFS over 1% TREO.
  • Monte Muambe a potentially significant light rare earths asset.

2022 highlights

  • Commenced Phase 2 exploration – resource drilling – in April 2022.
  • Negotiating two new acquisitions expected to complete in 1H22.
  • Investigating multiple opportunities in various African countries – Angola, Tanzania, Uganda, Burundi.
  • Cash raised at listing will fully fund Altona’s current exploration activity and acquisition strategy for 12 months.

Christian Taylor-Wilkinson, Chief Executive of Altona, commented: “Our move to the LSE Main Market signals the greater maturity of the Altona business and the increasing opportunity within the sector. It supports our strategy to develop the significant rare earth asset at Monte Muambe, where we have seen exploration success, while pursuing other rare earth exploration and acquisition opportunities.

“Our goal is to fill a significant gap in the market as global demand for NdPr and the other critical metals continues to rise. Altona has spent the last two years building its African infrastructure, including local partners, highly experienced directors and resource ministry relations.

“The growth of this rare earth asset platform, means now we can both be nimble and responsive to opportunities, as well as able to implement long-term development plans across different countries within Africa.”

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