Altona has entered into a Memorandum of Understanding ("MoU") with Ussokoti Investimetos Limitada to start a legal and technical Due Diligence period of 90 days with a view to acquiring up to 70% in the Monte Muambe Rare Earths Project, via an earn-in arrangement.

The project has seen previous exploration for the mineral fluorspar. Drill holes intersected Rare Earth Elements ("REE") mineralisation in at least four different zones. Available data indicate that individual REE intercept grades reach up to 4.1%.

These intercepts show that the project has the potential to host a REE deposit amenable to open pit mining. Initial exploration work will focus on expanding the mineralised zones and identifying new ones, while ascertaining the basic metallurgical characteristics of the ore, which is essential for REE projects.