Altamin Limited Completes Acquisition of Appian’s 29.85% Stake in Vedra Metals, Paving the Way for Strategic Growth

Key Highlights

• Altamin Ltd (ASX: AZI) completes acquisition of Appian Italy B.V.’s 29.85% interest in Vedra Metals.
• Altamin Ltd (ASX: AZI) now holds 100% ownership in Vedra and the Gorno Project.
• Regulatory approvals and initial settlement of €1.00 received, marking the end of joint venture agreement.
• Potential future royalties or sale proceeds for Appian linked to Gorno Project’s commercial success.
• Altamin Ltd (ASX: AZI) to explore value realization through either project sale or development towards commercial production.

Altamin Limited (ASX: AZI) has confirmed the completion of its acquisition of the 29.85% stake held by Appian Italy B.V. (Appian) in Vedra Metals Srl, marking a significant milestone for the company. This acquisition, finalized after securing all regulatory approvals in Italy, positions Altamin Ltd (ASX: AZI) as the sole owner of Vedra and its flagship Gorno Zinc Project, situated in Lombardy, northern Italy.

A New Era for Altamin: Full Ownership of Vedra Metals

The deal, which follows the payment of a nominal €1.00 by Altamin Ltd (ASX: AZI) wholly-owned subsidiary, Energia Minerals (Italia) S.r.l. (EMI), terminates the existing joint venture between Altamin Ltd (ASX: AZI) and Appian, giving Altamin Ltd (ASX: AZI) 100% control of Vedra and the Gorno Project. This strategic acquisition not only simplifies the company’s structure but also enables Altamin Ltd (ASX: AZI) to leverage full operational control over its Italian mining interests.

“We are excited to complete this acquisition, which strengthens our position in Italy’s resource sector and provides us with a clear path forward,” said Stephen Hills, Interim Managing Director of Altamin Ltd (ASX: AZI). With this acquisition, Altamin Ltd (ASX: AZI) sole ownership structure is expected to unlock opportunities for an eventual sale or partnership involving the Gorno Project, which boasts high-grade zinc and lead concentrates that could serve smelters and customers across Europe.

Appian’s Right to Royalty or Sale Proceeds

Under the terms of the agreement, Altamin Ltd (ASX: AZI) has agreed to offer Appian the right to a portion of future proceeds from any potential sale or disposal of the Gorno Project.

Appian can choose between receiving 15% of the net sale proceeds or a US$10 million royalty, payable in five annual installments once the Gorno Project achieves commercial production. This structure ensures that Appian remains incentivized while Altamin Ltd (ASX: AZI) moves forward with its plans for the project.

Gorno Project: A Strategic Asset for Altamin

The Gorno Zinc Project remains one of Altamin Ltd (ASX: AZI) most promising assets, with the potential to contribute significantly to the company’s bottom line. Located in a historically significant mining region of Italy, Gorno is set to deliver clean, high-grade zinc and lead concentrates.

As of now, Altamin Ltd (ASX: AZI) is evaluating multiple strategies for the Gorno Project’s future, including advancing its Definitive Feasibility Study (DFS) or submitting a Mining License (ML) application, with the latter expected by June 2025, depending on progress with environmental impact assessments.

Vedra is actively working on the Environmental Impact Assessment (EIA) for the CIME exploration permit. This is expected to take approximately 12 months to complete. This process is critical to advancing the project and moving closer to commercial production. Altamin Ltd (ASX: AZI) leadership remains optimistic that the completion of these steps will further enhance the asset’s value, either through a strategic sale or direct development.

Future Outlook and Market Response

The acquisition marks a crucial step in Altamin Ltd (ASX: AZI) evolution as a key player in the base and critical metals exploration space, particularly in Italy. With a full stake in Vedra, the company is now well-positioned to push for the development of the Gorno Project towards commercial production, a milestone that could unlock significant value.

The next 12 months will be pivotal in determining whether Altamin Ltd (ASX: AZI) moves forward with the DFS, the ML application, or potentially explores a sale or joint venture partnership. Altamin Ltd (ASX: AZI) stock price has seen a modest increase following the completion of this acquisition, reflecting investor confidence in the company’s strategic direction.

Market analysts are closely monitoring the company’s progress in moving the Gorno Project forward. There are some expectations of a potential surge in stock value as key milestones are reached.

A Final Word on Altamin’s Strategy

Altamin Ltd (ASX: AZI) acquisition of Appian’s interest in Vedra Metals Srl is more than just a corporate consolidation; it’s a clear signal of the company’s intent to maximize value from its Gorno Zinc Project.

The termination of the joint venture with Appian and the company’s new 100% ownership structure provide Altamin Ltd (ASX: AZI) with a streamlined, flexible strategy to either push the project into production or explore an exit route that could significantly benefit shareholders.

As Altamin Ltd (ASX: AZI) progresses with its plans, all eyes will be on the Gorno Project as it moves closer to potential commercial production, with the company’s strategic decisions over the next few months likely to have a major impact on its future.