(Alliance News) - Altona Rare Earths PLC on Monday said it expects to start exploration and complete its switch to the Main Market of the London Stock Exchange by the end of September, as it released results for the 2021 financial year.
The company, which makes no revenue, reported a pretax loss of GBP733,000 in the year that ended June 30, widened from GBP226,000 the previous year. Cash on hand stands at GBP436,000, after the company raised GBP1.1 million in share placings in financial 2021.
Shares were up 6.3% to 8.50 pence in London. They're up 13% so far in 2021.
Altona Rare Earths is an exploration company focused on east and central Africa. It changed its name from Altona Energy in February, after switching its strategy to focus on rare-earth elements instead of coal and oil.
The company expects to start maiden exploration work by the end of September, at the Monte Muambe project in Mozambique. It agreed last month to buy up to 70% of Monte Muambe.
"At this early stage in the company's strategy, it is impossible to decide whether successful projects will be taken into production by Altona, or whether the company will look to find a buyer or partner to take on this hugely costly process of mining production," Altona said.
The company expects to "complete further acquisitions by the year end to help mitigate shareholder risk and increase our chances of entering...production," Chief Executive Christian Taylor-Wilkinson said.
Altona plans to complete its listing on the standard segment of the London Stock Exchange main market by the end of September. Shares are currently traded on the Aquis Stock Exchange. The company plans to raise funds to provide up to 18 months of working capital as part of the new listing.
By Ivan Edwards; ivanedwards@alliancenews.com
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