Altamin Secures Full Control of Gorno Project, Raises $3.2M to Accelerate Growth
Altamin Limited has completed its acquisition of Appian's stake in Vedra Metals, gaining 100% ownership of the Gorno Project, while advancing environmental assessments and development plans for its Lazio geothermal lithium project. A recent $3.2 million capital raise underpins its dual strategy to unlock value and progress key assets.
- Completed acquisition of Appian's 29.85% interest in Vedra Metals, securing 100% ownership of Gorno Project
- Engaged Ramboll Group for environmental impact assessment at Gorno, with EIA approval expected in ~12 months
- Advanced Lazio Project with new geological models, drilling site studies, and technology evaluations for lithium and potash recovery
- Raised $3.2 million in capital through a successful Entitlement Offer, supported by major shareholder VBS
- Ongoing stakeholder engagement with Italian government and local communities to facilitate permitting and strategic partnerships
Strategic Acquisition Completes Full Ownership of Gorno
Altamin Limited (ASX: AZI) has taken a decisive step in consolidating its position in Italy’s critical minerals sector by completing the acquisition of Appian Italy B.V.'s 29.85% interest in Vedra Metals Srl. This transaction, finalized on 23 January 2025, grants Altamin 100% ownership of the Gorno Project, a significant zinc, lead, and silver asset in the Bergamo province. The termination of the Vedra joint venture simplifies the company’s strategic options, enabling a potential direct or indirect disposal of the project or a strategic partnership to advance development.
This full ownership removes previous dilution risks associated with pre-final investment decision (FID) funding and positions Altamin to crystallize shareholder value through a planned sales process. The company is actively engaging potential investors and strategic partners who could bring complementary expertise or capital to accelerate Gorno’s path to production.
Environmental and Regulatory Progress at Gorno
Following a voluntary disclosure of additional drilling activities outside the original permit scope, Altamin has engaged the international environmental consultancy Ramboll Group to conduct the required Environmental Impact Assessment (EIA) for the Cime Exploration Licence. The Ministry of the Environment and Energy Security has mandated this assessment, with lodgement due by 25 February 2025 and an anticipated approval timeline of approximately 12 months.
During this period, exploration activities are paused, but Altamin continues to foster strong relationships with local authorities and communities, including meetings with the Mayor of Oltre il Colle and regional utility providers. These efforts aim to maintain goodwill and support for the project’s future development and potential sale.
Advancing the Lazio Geothermal Lithium Project
Altamin’s 100% owned Lazio Project is progressing steadily, targeting the extraction of lithium, boron, and sulphate of potash (SOP) from geothermal brines in the Cesano field near Rome. The company has engaged highly experienced chemical engineer Enej Catovic to lead technical development, leveraging his extensive lithium and SOP expertise from global projects.
Recent milestones include completion of location studies for drill pads and production facilities, development of a new geological and 3D conceptual model, and initiation of a numerical geothermal reservoir model with Energy Modelling Systems Limited. This model will underpin future drilling decisions and risk mitigation.
On the technology front, Altamin has partnered with ANSTO to evaluate lithium and boron recovery methods and with the Saskatchewan Research Council to conduct testwork supporting a pre-feasibility study for SOP production. These initiatives align with Italy’s updated Mining Decree and EU critical raw materials policies, positioning Lazio as a strategic asset in the clean energy transition.
Capital Raising and Corporate Engagement
To support its dual-project strategy, Altamin successfully completed an Entitlement Offer raising $3.2 million before costs, with strong backing from major shareholder VBS Exchange Pty Limited. This capital injection enhances the company’s financial flexibility to advance permitting, technical studies, and stakeholder engagement activities throughout 2025.
Altamin’s management has also intensified engagement with Italian government bodies, financial institutions, and international stakeholders, including meetings with the Ministry of Enterprises and Made in Italy, Cassa Depositi e Prestiti, and representatives from the US and Australian embassies. These efforts aim to secure regulatory support, attract strategic partners, and explore potential grant funding opportunities.
Outlook and Next Steps
With full control of the Gorno Project and a clear development pathway for Lazio, Altamin is well-positioned to unlock value from its Italian portfolio. The coming months will focus on completing the Gorno EIA, advancing Lazio’s technical and environmental studies, and progressing the sales process for Gorno to attract strategic investment. The company’s ability to navigate regulatory timelines and secure partnerships will be critical to delivering on its growth ambitions.
Bottom Line?
Altamin’s consolidation and capital raise set the stage for pivotal developments in Italy’s critical minerals landscape, but regulatory timelines and market interest will shape the pace of progress.
Questions in the middle?
- How will the timing of the Gorno EIA approval impact Altamin’s sales process and project development?
- What strategic partners might Altamin attract for Gorno and Lazio, and how could they influence project outcomes?
- Can the technology evaluations at Lazio deliver cost-effective lithium and SOP production aligned with market demand?
