Altona Energy is a mining exploration company focused on the evaluation, development and extraction of Rare Earth Elements “REE”.

The Company was admitted to trading on AIM on 10 March 2005 and was subsequently admitted to Aquis Stock

Exchange (Formerly NEX Exchange for Growth Companies) on 1 February 2019.

The Company embarked upon its new strategy focus in early 2020 and in May 2020 it entered into an MoU with a Malawian mining consultancy company, Akatswiri Mineral Resources, for the acquisition of 75% of a REE mining asset in Southern Malawi. In July, Heads of Agreement were signed with Akatswiri with the intention of completing the acquisition once funding is in place. The Exploration Licence (APL 0153) is waiting approval by the Malawi government, which is expected by mid-October.

On 20 September the Company signed Heads of Agreement with Leadway Group, a Ugandan company which owns an Exploration Licence (TN03385) on a tenement in Eastern Uganda, to acquire a 70% interest in the project. The Company is also currently reviewing a number of other Rare Earth projects in Africa, where one of more is expected to lead to an investment by Altona.

The Rare Earth Rationale

The expansion of the “new energy” sectors and the increases in demand for electric vehicles and wind turbines is driving global demand for REEs, particularly Neodymium and Praseodymium (known as the “NdPr Metals”), as well as other “technology” or “critical” metals which are used in the manufacture of permanent magnets, a key component in green energy manufacturing. It has been widely reported that many companies are looking for alternative REE supplies outside China, which has controlled the supply for the past several years.

Altona is looking to build a multi-asset portfolio of REE mining projects in Eastern and Central Africa. While the East African Rift System has long been known for its endowment in Carbonatite-hosted REE deposits, some of which have been estimated to be among the richest in the world, the presence of Ionic Clay REE deposits has only more recently been shown in the region, making it an ideal target for Altona’s exploration work. Further, by acquiring REE assets of differing geological natures, the Company hopes to spread its risk between low grade / low operating cost ionic-clay type deposits and the high grade and high operating costs carbonatite deposits.