Altamin Launches $6.46M Entitlement Offer at 30% Discount to Fund Lazio and Gorno

• Accelerated non-renounceable entitlement offer to raise up to $6.46 million
• Victor Smorgon Group commits to full subscription of $3.43 million entitlement
• Funds targeted at Lazio Project development and Gorno Project permitting
• Offer price set at $0.025 per share, a 30.6% discount to last traded price
• Retail offer includes a top-up facility and runs from 29 September to 8 October

Capital Raise Overview

Altamin Limited (ASX, AZI) has announced an accelerated non-renounceable pro-rata entitlement offer to raise approximately $6.46 million before costs. The offer is priced at $0.025 per new share, representing a significant 30.6% discount to the last traded price of $0.036. This capital raise is designed to provide the company with the financial flexibility necessary to progress its key projects, notably the Lazio and Gorno mineral exploration sites.

The entitlement offer allows existing shareholders to subscribe for 45 new shares for every 100 shares held as of the record date. Importantly, the offer is non-renounceable, meaning shareholders cannot sell their rights, which could influence participation decisions.

Strong Support from Major Shareholder

The offer is underpinned by the Victor Smorgon Group, which holds a controlling 53.02% voting interest in Altamin. Members of this group, including V B S Exchange Pty Ltd and Gannet Capital Pty Ltd, have committed to fully take up their entitlements, injecting approximately $3.43 million into the company. This commitment signals confidence in Altamin’s strategic direction and its potential to create shareholder value.

Use of Proceeds and Strategic Focus

Proceeds from the entitlement offer will primarily fund exploration and development activities at the Lazio Project, a key growth asset for Altamin. Additionally, funds will support permitting and maintenance activities at the Gorno Project, which is currently being positioned for a potential joint venture, sale, or advancement towards a final investment decision. The company retains discretion to adjust the allocation of funds as project circumstances evolve.

Maintaining the Gorno mine in good standing is critical as Altamin navigates options to unlock value from this asset. The capital raise thus serves a dual purpose, advancing exploration while preserving strategic flexibility.

Offer Structure and Timetable

The entitlement offer consists of an institutional component, which commenced on 22 September 2025, and a retail component scheduled from 29 September to 8 October 2025. Eligible retail shareholders can also apply for additional shares beyond their entitlement through a top-up facility, subject to availability and board discretion.

Altamin has appointed Euroz Hartleys Limited as nominee to manage shares for ineligible foreign shareholders, with proceeds from any sales to be distributed after expenses. The company has also reserved the right to place any shortfall shares with institutional or high net worth investors within three months post-offer.

Risks and Market Implications

While the entitlement offer strengthens Altamin’s balance sheet, investors should be mindful of risks related to project permitting, the uncertain outcome of the Gorno Project sale or joint venture process, and general exploration and funding challenges inherent in the mining sector. The discount to market price and potential dilution may also influence shareholder sentiment in the near term.

Altamin’s CEO, Geraint Harris, expressed optimism that the capital raise will enable the company to build on promising work at Lazio and maximize Gorno’s appeal, reflecting a renewed strategic focus supported by its major shareholder.

Bottom Line?

Altamin’s capital raise sets the stage for critical project milestones, but the path to unlocking Gorno’s value remains a watchpoint.

Questions in the middle?

• Will retail shareholders fully subscribe to the entitlement offer and top-up facility?
• What progress will Altamin make in securing a joint venture or sale for the Gorno Project?
• How will the market react to the dilution and discount embedded in the entitlement offer?