Altona Rare Earths Plc moved from Aquis to the Main Market of the LSE on 9th June 2023, with a new ticker #REE. Board changes include the appointment of Cedric Simonet (previously COO) as CEO, Louise Adrian (previously Financial Controller) as CFO, and Simon Charles as a NED. Altona is entirely focused on its Rare Earths asset acquisition and development strategy in Africa and is currently preparing its maiden MRE and Scoping Study on the Monte Muambe REE project in Mozambique.

Significant early indications at Monte Muambe. Altona is rapidly moving its Monte Muambe RE E project up the valuation curve. Moreover, a high-grade zone looks to exist of 11.5Mt @ 2.41% TREO.

A maiden JORC Resource and Scoping Study are set to be released in Third Quarter 2023, respectively and should start to suggest the potential size of the prize. Future Synergies? China maintains a stranglehold on the mining/processing of REE market, so end-user manufacturers are searching for alternative supplies, spurred on by Western governments which seek to secure supplies of such critical minerals.

"Our highly conservative valuation leads to set an adjusted target price of 30.9p and Strong Buy stance. This investment may not be suitable for user personal circumstances. If user are in any doubt as to its suitability user should seek professional advice.

Phase 2 is expected to be completed in Third Quarter 2023 with the delivery of a maiden Mineral Resource Estimate (MRE) and Scoping Study. High-grade REE close to the surface. Altona is currently developing its first rare earths project, Monte Muambe, in Mozambique.

The project's tenement is located in Tete Province, Northwestern Mozambique, under Prospecting Licence 7573L, which covers a 4km diameter circular carbonatite intrusion, where significant REE intercepts have shown grades up to 7.24% TREO lying relatively close to the surface.Altona entered into an agreement in June 2021 with Ussokoti Investimentos Limitada to acquire up to a 70% interest in the Monte Muambe Rare Earths Project via an earn-in arrangement. This prestigious business advocacy organisation was founded in 2012 by several large international mining companies. The CMM is involved in coordinating private sector mining companies in Mozambique and representing the interests of private sector mining companies to the government.

To this end, the CMM regularly consults with the government and other stakeholders about regulatory improvements and other matters affecting the Mining Industry. Highly encouraging assay results which feed into the MRE. In late June 2023, the company released news that the well-respected Snowden Mining Industry Consultants Pty Ltd. has been appointed to prepare the maiden JORC Mineral Resource Estimate (M REE) and Scoping Study for Monte Muambe.

At the time, the Board was also able to report assay results from the 2022 drilling season that had started to come in. These will form the backbone of the MRE, which the team expects to announce in late August/early September 2023. The hot news is that the results arriving at HQ continue to be consistent with the company's preliminary findings, which were analysed in situ by pXRF and used in preparing the JORC Exploration Target published in the RNS on 8 August 2022.

Exploration Target estimate.