Altona Rare Earths PLC (LSE:REE) said it had now exercised its option to acquire the Sesana copper-silver project in Botswana.
The option allows Altona to acquire an interest of up to 85% in the tenement, in consideration for cash, shares and exploration expenditure commitments.
The tenement is in the Kalahari Copper Belt, about 25km from the Khoemacau Copper-Silver underground mine, and close to Galileo Resources licence PL039/2018 and ARC Minerals licence PL135/2017 (Virgo Copper-Silver Project).
Altona and current owner Ignate are preparing the final agreement, which is expected to be signed shortly said the statement with plans being drawn up to start exploration.
Altona added that Audrey Mothupi is stepping down as a non-executive from 1 August 2024 after 3 years on the board.
Martin Wood, Chairman of Altona, said: "I would like to extend my personal thanks to Audrey for her very professional service to the board of Altona.”
Kristoffer Andersson has been appointed a non-executive to replace Mothupi.