Altona Rare Earths (LSE:REE) has raised £74,666 after the exercise of 3,733,334 warrants priced at 2 pence each, providing additional funding for technical work at its Monte Muambe project. The proceeds will help finance a fluorspar and gallium resource estimate alongside a scoping study aimed at advancing the project’s development.
In addition, the company has issued 625,000 new ordinary shares to a service provider in place of £15,000 in fees, reflecting its continued use of equity to cover certain project and corporate expenses. Following the issuance of a total of 4,358,334 new shares, Altona’s enlarged share capital will increase to 383,240,635 ordinary shares, all of which will be admitted to trading on the London Stock Exchange’s Main Market. While the issuance results in modest dilution for existing shareholders, it supports ongoing technical work designed to strengthen Monte Muambe’s multi-commodity potential and enhance its strategic relevance within global critical minerals supply chains.
The company’s outlook remains constrained by weak financial fundamentals, including a lack of revenue, ongoing losses, persistent cash burn, and increasing leverage. However, technical indicators provide some positive momentum, with the share price trading well above major moving averages and supported by a positive MACD signal. Valuation metrics offer limited support given the company’s negative earnings and absence of dividend payments.
More about Altona Energy
Altona Rare Earths is a London Main Market-listed exploration and development company focused on critical raw materials projects in Africa. Its flagship Monte Muambe project in Mozambique contains rare earth elements alongside fluorspar and gallium, while the company also holds the Sesana copper-silver project in Botswana. Together, these assets position the group to contribute to the supply of materials essential for clean energy technologies and advanced industries.
Monte Muambe has progressed through extensive drilling, the publication of a maiden JORC-compliant resource, the granting of a 25-year mining licence, and a scoping study focused on rare earths. Altona is also evaluating the potential for near-term fluorspar production and the recovery of gallium as a by-product, while continuing to pursue additional opportunities aligned with its strategy in critical minerals.
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