Cast your vote!2 Mar 2022 07:57
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.
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