Altona Rare Earths Plc announced its maiden JORC compliant Mineral Resource Estimate ("MRE") for its Monte Muambe rare earths project in Mozambique. 13.6 million tons at 2.42% TREO(1) using a cut-off grade of 1.5% TREO; Including 0.31% NdPrO(2) representing 42,500 contained tons NdPrO; 58% of the reported tonnage in the Indicated category; Mineralisation open at depth at both Target 1 and Target 4; and The Scoping Study is expected to be finalised for publication no later than the third week of October. The estimate, which is focused on the high-grade zones of the deposit, is in line with Altona's expectations and it follows the Company's strategy of focusing its endeavors on the part of the deposit that is most likely to be exploitable, as opposed to "drilling for numbers", in order to fast-track the project towards production.

The estimate includes 42,500 tons of contained Neodymium ("Nd") and Praseodymium ("Pr") Oxides. These elements are the most sought after "Magnet Metals" due to their usage in the manufacture of power drivetrains for electric vehicles ("EV") and wind turbines. They are therefore critical for the world's energy sources decarbonisation, and the future of the EV market relies just as heavily on sustainable sources of Nd and Pr as it does on battery minerals, such as lithium, graphite and cobalt.

The Company is now fully focused on finalising its updated Competent Person Report ("CPR") which will include all the details of the MRE computation, as well as the Scoping Study, which is expected to be published no later than the third week of October. The minor delay in the expected publication date of the CPR is due to additional work being required on the Scoping Study, part of the report to ensure the highest standard of document is produced. The completion of the CPR will also trigger the increase of Altona's holding in Monte Muambe to 51% from its current position of 20%, and the start of Phase 3 of the farm-in agreement.

The MRE does not correspond to the entire block model constructed from the drilling data, but to the part of the model for which the following reasonable prospects for eventual economic extraction ("RPEEE") were applied: pit shells based on a 1.5% TREO cut-off, revenue of 24.65 USD/kg TREO in Mixed Rare Earth Carbonate (MREC), and average total recovery to MREC of 48%.