Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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I hope the termination of the interest in Chambe doesn’t mean yet another delay in the main market listing as a result of having to change the prospectus again to remove reference to Chambe. We have waited long enough already.
Termination of the Chambe Joint Venture RNS announced on 7th March. Looks like the BOD are determined to make sure they partner with a company that is serious about finding REE. Not just someone who holds the license to an area.
Dear Shareholder, Recommended proposal relating to the increase in the Directors’ authority to allot equity securities The Company’s Rare Earths mining project in Mozambique – Monte Muambe – is moving forward on schedule and we have made significant progress since acquiring the asset in June 2021, completing Phase 1 exploration towards the end of last year. The plan for Monte Muambe is to commence Phase 2 exploration in April, once the rains have stopped. This phase will now consist of a 6,000m drilling programme, which is greater than the contracted meterage for this phase and will lead to the completion of a Resource Estimate – the first published on this tenement and it will be an exciting moment in the Company’s history. Given the size of the Monte Muambe carbonatite complex, in parallel to the Phase 2 drilling campaign, we will be running additional exploration work in order to identify further Rare Earths targets on the tenement, which we can develop into a profitable mining operations. Further, the Company is now in early-stage discussions with the owners of two more Rare Earth projects, also in Africa, which we would hope to convert into fresh projects for Altona in the first half of 2022. As previously stated, we would prefer to use shares for any new acquisition, to preserve our cash for exploration work. Finally, as we approach the listing on the LSE Standard market, we are assessing our expenditure for the next 18 months, as required by the FCA. To complete the 2022/23 strategy we have calculated it will require between £3 to £4 million of new funding. Therefore, to ensure we are fully prepared, we now feel it prudent to increase the Directors’ authority over new shares to give us the headroom needed to execute the strategy. Currently, the board has authority to allot a further 30 million new shares, with 30 million shares already in issue and a further 14 million shares held for the issue of warrants at between 12p and 18p. This authority was granted by shareholders at the AGM held on 13 September 2021. The Company is now asking shareholders to approve a new mandate, which would replace the current figure and increase the authority to 60 million shares from its current position of 30 million shares, ie, to give a total issued share capital of up to 90 million shares.
Hopefully we list first! Otherwise there will be another delay as ANR will need to include third acquisition in the documents.
Great news. With rare earth prices contining to soar ANR is a tremendous buy at this microscopic market cap if you can get any stock. GLA
Great news. With rare earth prices contining to soar ANR is a tremendous buy at this microscopic market cap if you can get any stock. GLA
ALTONA RARE EARTHS PLC
(“Altona” or “the Company”)
LSE LISTING UPDATE
Altona (AQSE: ANR), a Rare Earths mining company focused on the discovery and development of rare earth mine projects in Africa, is pleased to update shareholders following the FCA’s Policy Statement PS21/22 (“Policy Statement”), issued on 2 December 2021.
As a result of the Policy Statement, from 3 December 2021, all companies seeking to list premium or standard listed shares must have a minimum market capitalisation (“MMC”) of at least £30 million, increased from the previous threshold of £700,000.
However, as Altona has already made a completed submission to FCA for a listing eligibility review prior to the publication of the Policy Statement, the Company is able to take advantage of the transitional provisions in the Policy Statement (“Transitional Provisions”). Under the Transitional Provisions, companies can apply for a listing based on the previous MMC of £700,000 provided they have applied to list by 2 June 2023.
Altona is therefore continuing with its application for admission to the Official List (by way of Standard Listing under Chapter 14 of the Listing Rules) and to trading on the ’s Main Market for listed securities (“Admission”), which it hopes to complete in the first quarter of 2022.
The Company further announces that it has appointed Novum Securities Limited as its Financial Adviser for the Admission process.
Fantastic that they managed to complete the drilling program before the rainy season.
The CEO sounded a little jaded on the Stockbox interview - hope it was just fatigue rather than veiled disappointment.
Regardless, looks like little or no meaningful news coming out until the end of March - only one possibility is that they may actually get a listing date sometime in January - but for when...
Could be Q2 2022 will be an exciting quarter.
The first one is on Vox Markets!
https://www.**********.co.uk/articles/christian-taylor-wilkinson-of-altona-rare-earths-discusses-completion-of-its-drilling-programme-at-monte-muambe-edc5c7a
https://youtu.be/ASGAQmqltQg
RNS released today:
https://www.investegate.co.uk/altona-rare-earths-plc--anr-/prn/completion-of-2021-drilling/20211130070902P01F2/
Certainly a sector that’s attracting increased attention as decision makers realise that the green transition will require a ramp up for junior mining projects
Perfect timing for ANR. Just need to get listed on the LSE.
That would be great. Looking at another two months I think from what I could gather from the last interview with the CEO.
Aquis website shows 152617 shares purchased at 13p at 10:18:44 this morning. That's a big trade for ANR. I've also added a few. Can't be long until we get a date for the LSE IPO. Would be great if they could make the move before exploration results start to come in.
https://www.aquis.eu/aquis-stock-exchange/member?securityidaqse=ANR
Aquis website shows 152617 shares purchased at 13p at 10:18:44 this morning. That's a big trade for ANR. I've also added a few. Can't be long until we get a date for the LSE IPO. Would be great if they could make the move before exploration results start to come in.
https://www.aquis.eu/aquis-stock-exchange/member?securityidaqse=ANR
Ah, I got you. Hope you manage to get in before this re-rates. ATB
Nah you misunderstood, it was bitter for me because of the delay to transition to LSE. I was waiting to buy there.
https://stockboxmedia.com/interviews/altona-rare-earths-ceo-joins-us-for-an-announcement/
I thought this was a great update on recent progress and a chance for Christian to pay out his vision for the next 3 or 4 years. Seems glaringly obvious that at current mcap Altona is punching way above it's weight. Next six months look set to be very exciting for shareholders, even more so if you're lucky enough to have warrants.
Good that the two licences cover both iconic clay and carbonatite resources, but what's really crucial is the ability to mine both heavy and light rare earths. On the light side neodymium and praseodymium are experiencing strong demand and subsequent price increases, but the heavy dysprosium is also predicted to be in supply deficit during this decade. There are plenty of much larger rare earth companies who cannot currently offer the full range of elements required for permanent magnet production so Altona are already positioning themselves to have a competitive advantage. Second mover advantage could also play a part as Altona can learn from some of the mistakes that other western rare earth companies who are further ahead in development will inevitably make, and also replicate processes that are successful. With China something like 20 years ahead of the West in the supply -chain there will be plenty of support and interest from European and American governments who can't fulfil environmental promises without critical raw materials.
Should read '2.5p under the recent placing'.
Bitter sweet? I see nothing but good news. Second project added and the six week delay to allow acquisition CPR is F all. The assets look great with Monte Muambe in particular having super intercepts. Frankly the tiny market cap is pure comedy gold and anyone selling is a chump IMO. Whoever just sold 1p under the bid or 3.5p under the recent placing either has no idea what they invested in or must be utterly desperate for cash. The only problem I can see here is the Aquis listing, which means few investors know about it, not many can buy it through their broker and even those that can find there is almost nothing available. Well that's all about to change with LSE listing and I'm expecting a major re-rate when it does. Stop making a Mt. Everest out of a pimple and throwing the Rembrandt out with the trash.
It looks like with the recent announcement the listing on the LSE could be delayed by a couple of months - unless they go for an AIM listing instead.
I've been watching for a while and wanted to wait until they transferred to LSE so although the new JV is very good news it's bitter sweet.
As part of the joint venture, AMR will nominate a candidate for consideration as a Non-Executive Director of Altona.
A key part of the Chambe project is its ongoing relationship with the local community. Therefore, a dedicated Community Engagement Programme is currently being run, where members of the joint venture will meet with a number of village leaders and the local communities over a four day period between 18 and 21 October. The initiative is two-fold, firstly to explain the rational and benefits of the Chambe project to the Mulanje region, and secondly, to distribute Covid-19 prevention measures, such as face masks, hand sanitisers and washing stations.
Altona’s justification for this second acquisition in the rare earths sector is due to the rapid expansion of new energy sectors and the increasing, global demand for electric vehicles and wind powered electricity, which is driving demand for neodymium, praseodymium and other REE “technology” metals which are used in the manufacture of permanent magnets, a key component. It has been widely reported that many manufacturers and governments are looking for alternative REE supplies outside China, which has controlled the supply for the past several years.
Christian Taylor-Wilkinson, Chief Executive of Altona Rare Earths, commented, “We are delighted to have agreed the acquisition of the Chambe Rare Earths Project. By adding an Ionic-Clay rare earths project to our portfolio of assets, it delivers two probable benefits: firstly, it gives us access to REEs not typically found in carbonatite formations, as is currently being explored at our Monte Muambe project, and secondly, it enables us to realistically look at entering into production of rare earth metals in a timeframe much shorter than carbonatite REE projects afford.
“We look forward to working closely with our new partners at Akatswiri Mineral Resources in developing this important rare earths project.”
Altona Rare Earths Plc - Acquisition of Chambe Rare Earths Project PR Newswire
21 October 2021
ALTONA RARE EARTHS PLC
(“Altona” or “the Company”)
AGREEMENT TO ACQUIRE CHAMBE
RARE EARTHS MINING PROJECT
Altona (AQSE: ANR) is pleased to announce it has entered into an agreement to acquire an initial 51% interest in the Chambe Rare Earths Project (“Chambe”) in Malawi, through a joint venture agreement with Akatswiri Mineral Resources Ltd (“AMR”). Chambe is held under exploration licence EPL 0594/20 which was granted on 9 September 2021 and valid until 6 September 2024, with an option to renew. The tenement covers an area of 128 km2 in the Mulanje region of Southern Malawi.
Chambe is a large, weathered ionic adsorption clay-hosted (“Ionic Clay”) Rare Earth Elements (“REE”) project which contains kaolinitic soils which could lend itself to carrying bulk REE deposits. Historic exploration work was carried out on the site between 2009 and 2014, confirming the presence of mineralised Rare Earth Oxide clays, similar to many of the larger, high-value Heavy REE mines in China. Analysis of samples from 2010 show the soils contain from 475 to 739 ppm total REE, including the key Neodymium and Praseodymium (NdPr) metals. The benefits of extracting REE from shallower ionic clay deposits include lower operating and capital costs, as well as shorter times for development.
The project will be run through Akatswiri Rare Earths Ltd (“ARE”), into which the exploration licence is in the process of being transferred. The acquisition is subject to government regulatory approval as is standard when transferring the ownership of a licence.
An initial payment of 1 million Altona shares will be made immediately and will be held in escrow by the Company’s Malawian lawyer, until such time as the licence is transferred from AMR to ARE. Simultaneously, Altona will immediately receive 51% of the issued share capital of ARE.
Altona can increase its interest in ARE to 70%, subject to the fulfillment of work and expenditures commitments, as well as payments over the course of the project by Altona to AMR, including 5 million Altona ordinary shares, paid over three tranches. The Company will bear 100% of the project costs up to completion of Phase 3 and holds a majority position on the board of ARE. The total cash expenditure in respect to the purchase of Chambe is expected to be approximately £200,000.
The planned work programme commitments are as follows:
Phase 1: Orientation drilling on three targets – Chambe and two smaller geologically important areas, Linje and Lichenya. Includes test pitting, in-situ permeability testing and basic metallurgical testing. This work is expected to commence in November 2021.
Phase 2: JORC compliant Resource Estimate – will include a scoping study for a rare earths production operation
Phase 3: Bankable Feasibility Study
Phase 4: Development of a Mining Facility
As part of the joint venture, AMR will no
Just listened to the Stockbox interview, this morning, it'll be interesting to see how much of the drilling they can accomplish before rainy season (November), otherwise delayed until February.