Altamin Limited · ASX:AZI
Altamin — Investor Presentation (September 2025)
47 slides from Altamin's investor presentation, Sep 22, 2025
Slide 1: Capital Raising Presentation – September 2025
NOT FOR RELEASE TO U.S. WIRE SERVICES OR DISTRIBUTION IN THE UNITED STATES ASX: AZI ALTAMIN LIMITED ABN : 63 078 510 988 Capital Raising Capital Presentation Raising Presentation – – September September 2025 2025 1
Slide 2: Disclaimer
Disclaimer Important Information and Disclaimer To the maximum extent permitted by law, the Company is not responsible for updating, nor undertakes to update, this Presentation. It should be read in conjunction with the Company’s other periodic and continuous The following notice and disclaimer appl
Slide 3: Disclaimer
Disclaimer Information is presented in an abbreviated form insofar as it does not include all the presentation and Except as required by law or regulation the Company undertakes no obligation to finalise, check, supplement, disclosures, statements or comparative information as required by the Austra
Slide 4: Disclaimer
Disclaimer expressly exclude and disclaim all liabilities in respect of, make no representations regarding, any part of included in those announcements and, in relation to the estimates of the Company’s Mineral Resources, that all this Presentation and make no representation or warranty as to the
Slide 5: Executive Summary
Executive Summary Capital Raising Presentation – September 2025 5
Slide 6: Overview
Overview ▪ Altamin Limited is an ASX-listed company evaluating and developing base metals and critical metal projects in Italy. ▪ Experienced team across commercial, technical, and regulatory disciplines, driving project advancement. ▪ Deep experience in Italy of building strong relationships and co
Slide 7: Board & Management
Board & Management The Altamin leadership team brings extensive expertise and a strong track record of delivering value in the resources sector. Peter Edwards | Non-executive Chairman Peter represents the Company’s majority shareholder, Victor Smorgon Group, one of Australia’s most established and s
Slide 8: Why Invest in Altamin
Why Invest in Altamin Developing brownfield projects for important minerals in a stable & mining-friendly European jurisdiction. PROJECTS STRATEGIC DE-RISKED ✓ JORC Resource: SOP, Li & B ✓ Scale: Large & high-grade SOP brine ✓ Lazio: historical dataset of geology and ✓ JORC Resource Zn, Pb, Ag ✓ Cri
Slide 9: Corporate Strategy
Corporate Strategy Developing our projects to minimise impacts and maximise project benefits for both shareholders & stakeholders. Parallel Processes Targeted Outcomes Flagship Project: rapidly evaluating Lazio Geothermal Brine – Sulphate of Potash, Lithium & Boron the project’s economic and Ongoing
Slide 10: Lazio Project (100% interest) SOP-Li-B
Lazio Project (100% interest) SOP-Li-B Capital Raising Presentation – September 2025 10
Slide 11: Lazio Geothermal Brine Project
Lazio Geothermal Brine Project Simple, Scalable, Strategic Key Strengths A world-class SOP project, located in rural Lazio, 30km north of Rome, with a JORC resource containing potassium (K, 226mt of SOPE), lithium (Li, 2mt of LCE) and Boron (B, 38.4mt as Boric Acid).a Extensive historical exploratio
Slide 12: Lazio Project: Overview
Lazio Project: Overview Circular Economy Principles Strategic For Italy EU Critical Materials Renewable Geothermal Energy in Brine Sulphate of Potash Fertiliser Borates & Lithium SOP Barren Liquor: Heat from brine used SOP Li & B Concentrated Li & B for evaporation Plant Plant content Extraction Wel
Slide 13: Lazio Project: Location
Lazio Project: Location Benefits from main road and rail network, nearby port, gas & electricity supply, and skilled Italian labour. Excellent Infrastructure Pilot Plant Testing (C1 well,1981-82) Nearby Industrial Facilities Excellent exploration potential (EL area: 11,086 Ha) Favourable topography
Slide 14: Lazio Project: De-Risked Geology
Lazio Project: De-Risked Geology Extensive drilling during 1970-80s provides a wealth of historical technical data, contributing to well-understood geology ▪ Lazio’s geothermal brine is hosted within fractures of carbonate and volcanic rock at depths of ~1km. ▪ Minerals are concentrated in the brine
Slide 15: Lazio Project: Experienced Team
Lazio Project: Experienced Team Highly credentialled team who have worked on geothermal energy, SOP and lithium brine projects globally. Company Role Sample of Relevant Experience Chief Operating Officer: Enej Catovic ✓Technical Director at Allkem (now Arcadium) Technical Manager of Owner’s Team ✓ R
Slide 16: Lazio Project: Indicative Development Timeline
Lazio Project: Indicative Development Timeline* 2022 2023 2024 2025 2026 2027 2028 Licences Acquisition Completed Processing Testwork In Progress Planned JORC Mineral Resource Estimate Best estimate Well & Platform Design (dependent activity) TECHNICAL Reservoir Assessment Process Plant Engineering
Slide 17: “BRAIN” grant funding
“BRAIN” grant funding Non-dilutive grant for refund of eligible Lazio Project expenditure, in partnership with respected Italian partners institutions. ▪ To develop a commercial and environmentally sustainable process to extract critical raw materials (CRMs) from geothermal brines. ▪ A$3.62M to co-f
Slide 18: Gorno Project (100% interest) Zn-Pb-Ag
Gorno Project (100% interest) Zn-Pb-Ag Capital Raising Presentation – September 2025 18
Slide 19: Gorno Project: Overview
Gorno Project: Overview A high-grade polymetallic brownfield project with clean metallurgy, infrastructure and growth potential. Key Strengths A high-grade polymetallic deposit (Zn-Pb-Ag), with a long history of clean concentrate production. Brownfield site with extensive underground development, of
Slide 20: Gorno Project: Strategic Process
Gorno Project: Strategic Process Targeting a commercial transaction for divestment or joint venture / strategic investment • In January 2025, Altamin acquired Appian’s interest in Vedra Metals Srl (the special purpose JV company established for the Gorno Project), resulting in Altamin’s 100% ownersh
Slide 21: Gorno Project: Indicative Development Timeline
Gorno Project: Indicative Development Timeline* 2021 2022 2023 2024 2025 2026 2027 2028 JORC Mineral Resource Upgrade Completed Targeted strategic divestment / JORC Scoping Study In Progress Processing Testwork TECHNICAL investment process Planned Exploration Drilling Best estimate (dependent activi
Slide 22: Capital Raising: Details of the Entitlement Offer
Capital Raising Details of the Entitlement Offer Capital Raising Presentation – September 2025 22
Slide 23: Details of Entitlement Offer
Details of Entitlement Offer • Accelerated non-renounceable entitlement offer to eligible shareholders1 to raise up to approximately $6.46 million (before costs) (“Entitlement Offer”). Offer Size and • Up to approximately 258.5 million new fully paid ordinary shares (“New Shares”) to be issued under
Slide 24: Sources & Uses
Sources & Uses Maximum Subscription1 Commitment Only Subscription1 100% take-up of the Entitlement Offer No take-up of the Entitlement Offer by eligible by eligible shareholders shareholders other than VSG subscribing for 137,065,485 New Shares ($ ‘000) ($ ‘000) TOTAL OFFER PROCEEDS RECEIVED 6,463 3
Slide 25: Indicative Timetable
Indicative Timetable Event Date* Trading halt and announcement of the Entitlement Offer Monday, 22 September 2025 Institutional Entitlement Offer opens Monday, 22 September 2025 Announce results of the Institutional Entitlement Offer 7:00pm (Sydney time) on Tuesday, 23 September 2025 Trading halt li
Slide 26: Pro Forma Capital Structure and financial position
Pro Forma Capital Structure and financial position Item Current Entitlement Proforma Entitlement Offer - Proforma Position - Offer – Position – $3.43m $3.43m Maximum Maximum commitment only1 commitment only1 Subscription1 Subscription1 Number of Shares 574,502,892 258,526,303 833,029,195 137,065,485
Slide 27: Potential control implications
Potential control implications ▪ Victor Smorgon Group is the Company’s largest shareholder, with voting power of 53.02%. ▪ VBS Exchange and Gannet (members of the Victor Smorgon Group) have committed to subscribe for their respective full entitlements under the Entitlement Offer, resulting in approx
Slide 28: Technical Appendix
Technical Appendix Capital Raising Presentation – September 2025 28
Slide 29: Lazio Project
Lazio Project JORC-compliant resource includes SOP, lithium, and boron Mineral Resource Estimate JORC 2012: Lazio Brine Mineral Resources, at & above 70mg/l Li cut-off Volume Lithium LCE Boron as Boric Acid Potassium SOPE Category k m3 mg/l kt kt mg/l kt mg/l kt kt Indicated 8,145,000 190 39 208 7,5
Slide 30: Lazio Project: Processing Test-work
Lazio Project : Processing Test-work ANSTO test-work supports SOP recovery and confirms lithium, boron potential. ▪ ANSTO test-work confirmed that simulated C-1 brine closely matches SOP Barren actual well brine & supporting SOP Liquor Ca(OH)2 recovery via the expected flowsheet. Well Brine CaSO4, 2
Slide 31: Gorno Project: 2025 Channel Sampling
Gorno Project : 2025 Channel Sampling ▪ Consistently demonstrated high-grade mineralisation outside current JORC resource envelope. ▪ Illustrates clear exploration upside within proximity of existing development. Summary map of all channel sampling areas against current OBM Capital Raising Presentat
Slide 32: Gorno Project
Gorno Project JORC-compliant high-grade zinc-lead-silver resource defined at the brownfield Gorno mine. Mineral Resource Estimate JORC Tonnes Zinc Lead Silver Domain Classification kt % kt % kt g/t koz Indicated 5,000 6.7 335 1.7 86 33 5,380 Sulphide Inferred 2,060 7.2 149 1.8 38 31 2,040 Subtotal 7
Slide 33: Altamin Limited contact details
Altamin Limited Level 3, Suite 3.5 9 Bowman Street South Perth WA 6151 Australia E: info@altamin.com.au T: +61 0(8) 9321 5000 www.altamin.com.au ACN: 078 510 988 Capital Raising Presentation – September 2025 33
Slide 34: Key Risks
Key Risks Capital Raising Presentation – September 2025 34
Slide 35: Key Risks
Key Risks This section details important factors and risks that could affect the financial and operating performance of the Company. You should consider these factors in light of your personal circumstances, including financial and taxation issues, before making a decision in relation to the Entitle
Slide 36: Key Risks (continued)
Key Risks (continued) Going concern and solvency risk The Company’s unaudited cash position as at 31 August 2025 was $0.744 million, with current cash resources expected to be exhausted by the end of September 2025. Therefore, the funds raised from the Entitlement Offer and, specifically, the Instit
Slide 37: Key Risks (continued)
Key Risks (continued) Whilst the Company considers that, due it its intimate knowledge of the Gorno Project, it is well placed to understand the condition of the Gorno Project and potential due diligence matters that may be material to a prospective buyer, there is no certainty that any such Sale wi
Slide 38: Key Risks (continued)
Key Risks (continued) Access The Company will require access to land in order to conduct its proposed exploration activities for the Lazio Project, including with respect to land required for proposed drilling and plant locations. The Company has identified a number of potential parcels of land to a
Slide 39: Key Risks (continued)
Key Risks (continued) Mineral Resource risks Mineral Resource estimates are expressions of judgment based on knowledge, experience and resource modelling. As such, Mineral Resource estimates are inherently imprecise and rely to some extent on interpretations made, and modifying factors and assumptio
Slide 40: Key Risks (continued)
Key Risks (continued) If the Company commences production, its operations may be disrupted by a variety of risks and hazards which are beyond its control, including environmental hazards, industrial accidents, technical failures, labour disputes, unusual or unexpected rock formations, flooding and e
Slide 41: Key Risks (continued)
Key Risks (continued) A serious site health and safety incident may result in significant interruptions and delays to the Company’s projects. A health and safety incident which results in serious injury, illness or death may also expose the Company to significant penalties and the Company may be lia
Slide 42: Key Risks (continued)
Key Risks (continued) Licence to operate Poor environmental, social and governance (“ESG”) decisions, implementation of policies or practices can materially adversely impact a Company’s social licence to operate. The Company’s continued reputation as a corporate citizen with the support of local sta
Slide 43: Key Risks (continued)
Key Risks (continued) Investment in capital markets As with all stock market investments, there are risks associated with an investment in the Company. Securities listed on the stock market, and in particular securities of mining and exploration companies, have experienced extreme price and volume f
Slide 44: International Offer Jurisdictions
International Offer Jurisdictions Australia, Italy, Japan, Mauritania, New Zealand, Singapore, Slovakia and the United Kingdom Capital Raising Presentation – September 2025 44
Slide 45: International Offer Jurisdictions
International Offer Jurisdictions This document does not constitute an offer of New Shares in any jurisdiction in which it would be unlawful. In particular, this document may not be distributed to any person, and the New Shares may not be offered or sold, in any country outside Australia except to t
Slide 46: International Offer Jurisdictions (continued)
International Offer Jurisdictions (continued) New Zealand The New Shares are not being offered to the public within New Zealand other than to existing shareholders of the Company with registered addresses in New Zealand to whom the offer of these securities is being made in reliance on the Financial
Slide 47: International Offer Jurisdictions (continued)
International Offer Jurisdictions (continued) Slovakia This document has not been, and will not be, registered with or approved by any securities regulator in the European Union. Accordingly, this document may not be made available, nor may the New Shares be offered for sale, in the European Union e