Altona provided an operational update on its Mozambique rare earths project, Monte Muambe, which includes initial Pre-Feasibility Study in-fill drilling activities. The Monte Muambe camp was re-opened on 3 July 2023 by the operations team under the direction of Project Manager, Luis Veloso Francisco. Drilling will resume on or around 15 July and will be carried out by Spartan Drilling Services Limitada, which has been engaged for the third consecutive season.

Drilling will initially focus on: In-fill and down-dip drilling at Target 4, which is one of the two orebodies being included in the maiden JORC Mineral Resource Estimate ("MRE"). Exploration drilling at Target 3, which was discovered by Altona in 2021, but has not yet been explored, and has the potential to increase the project's resource base for high-grade ore. As referenced in the RNS of 22 June 2023, a number of laboratory assay results from the 2022 drilling campaign have been returned to the Company from Intertek's facility in Australia and are being integrated into the database for the ongoing MRE work.

The Board reported that these results continue to be consistent with the Company's own preliminary findings, which were analysed in-situ by pXRF and used in the preparation of the JORC Exploration Target published in the RNS of 8 August 2022. The Exploration Target included high-grade zones totaling 6.5 million tons at 2.47% TREO to 11.5 million tons at2.41% TREO. After its publication, the remainder of the 2022 drilling campaign was focused on on-strike and down-dip extensions of Target 1's high-grade zone to build the database presently being used in the preparation of the MRE.

Assay Results The table below shows selected significant intercepts from the assay results received to date and illustrates: The correspondence between Altona's pXRF results and Intertek Laboratory's results (the pXRF results are usually slightly underestimated). The range of Magnet Metal concentrations for these intercepts, expressed as NdPrO for Neodymium and Praseodymium, as Dy2O3 ppm for Dysprosium, and as Tb4O7 for Terbium. The Company continues to work towards the publication of its MRE and Scoping Study, with metallurgical and mineralogical testing also ongoing.

The Company has engaged the services of GeoAmbiante Limitada, a Mozambican environmental consultant, to cover the environmental and social aspects of the Scoping Study.