Altamin Limited has advanced its geothermal lithium ambitions with a significant A$3.62 million grant from the Italian government, alongside strategic board changes and a $4.39 million capital raise.
- A$3.62 million grant awarded for Lazio geothermal lithium project
- Technical progress includes well design and reservoir assessment
- Gorno project undergoing strategic sale or partnership process
- Board refreshed with new Chairman Peter Edwards and CEO Geraint Harris
- Successful entitlement offer raised $4.39 million, boosting cash reserves
Grant Boosts Lazio Project Momentum
Altamin Limited has taken a major step forward in developing its Lazio geothermal lithium project, securing a prestigious A$3.62 million grant from the Italian Ministry of Environment and Energy Security. This funding, part of the Mission Innovation 2.0 program, supports the BRAIN research initiative aimed at scaling up an innovative process to extract lithium, boron, and sulphate of potash from geothermal brines using renewable energy. The project aligns closely with Italy’s updated Mining Decree and the EU’s Critical Raw Materials Act, positioning Altamin at the forefront of sustainable critical mineral extraction in Europe.
Technical and Environmental Progress
During the quarter, Altamin completed key technical work including well and platform design, with ongoing reservoir assessments led by STEAM Srl. The company’s partner RINA SpA is advancing the Pre-Feasibility Study for processing facilities, which will be followed by a draft Environmental Impact Assessment. This approach promises a closed-loop, energy-efficient process that avoids traditional surface evaporation ponds, potentially setting a new benchmark for environmentally responsible lithium extraction.
Gorno Project and Strategic Moves
Meanwhile, the Gorno project is in a transitional phase, with Argent Partners managing a strategic sale or partnership process following Altamin’s consolidation of full ownership. Although the final environmental approvals remain pending, the company continues baseline environmental monitoring and maintains operational readiness. This divestment or partnership effort is a critical step in streamlining Altamin’s portfolio and focusing resources on the high-potential Lazio asset.
Corporate Restructuring and Capital Raise
Altamin’s corporate structure has been refreshed with the appointment of Peter Edwards, Chairman of the Victor Smorgon Group, as non-executive Chairman, and the return of Geraint Harris as CEO. Both bring deep experience relevant to Altamin’s Italian projects and strategic ambitions. Complementing these leadership changes, the company successfully completed a non-renounceable pro-rata entitlement offer, raising $4.39 million before costs. This capital injection bolsters the group’s cash position to A$3.83 million as of 30 September 2025, underpinning ongoing development activities.
Looking Ahead
Altamin’s progress in integrating innovative technology with strong governmental support positions the Lazio project as a potential leader in Europe’s critical minerals supply chain. The company’s focus on sustainability and regulatory compliance, combined with strategic corporate moves, suggests a clear path toward advancing its lithium extraction ambitions. However, the outcomes of the Gorno divestment and the forthcoming environmental approvals will be key milestones to watch in the coming months.
Bottom Line?
Altamin’s blend of innovation, funding, and leadership changes sets the stage for a pivotal year in its geothermal lithium journey.
Questions in the middle?
- How will the BRAIN project’s innovative extraction process perform at scale?
- What timeline and terms will emerge from the Gorno project’s strategic sale or partnership?
- How quickly can Altamin secure final environmental approvals to advance Lazio’s development?