Altamin Advances Lazio Scoping Study, Raises A$5.39M Amid Gorno Sale Talks

Lazio Project – Pioneering Geothermal Lithium and SOP Development

Altamin Limited is steadily advancing its flagship Lazio Project, a geothermal lithium and sulphate of potash (SOP) initiative in Italy, with a Scoping Study targeted for release in the first half of 2026. The company has progressed a suite of technical studies encompassing SOP marketing, logistics, and process plant engineering, underpinned by innovative reservoir modelling and collaboration with seasoned Italian engineers who bring decades of operational experience from the Cesano geothermal field.

Notably, the project’s processing approach leverages renewable energy from high-temperature geothermal brines to power a mechanical evaporation process, eschewing traditional surface evaporation ponds. This closed-loop system promises significant energy cost savings and environmental benefits, aligning with Italy’s revised Mining Decree and the EU’s Critical Raw Materials Act, both of which prioritise streamlined permitting for strategic raw material projects.

Collaborations and Grant Funding Bolster Project De-risking

Altamin has secured multiple grant funding initiatives through partnerships with Italy’s National Research Council (CNR) and the University of Rome Tre, enhancing its research capabilities and technical development. The company’s involvement in the Mission Innovation 2.0 Brain project further supports non-dilutive funding avenues, reinforcing its financial platform to advance the Lazio Project.

During the quarter, Altamin’s owners and consultants conducted technical workshops in Italy, including sessions with Steam Srl and RINA, to refine reservoir models, drill-hole designs, and process plant layouts. These collaborative efforts are critical to the upcoming Environmental and Social Impact Assessment and permit applications, setting the stage for pilot drilling and infrastructure development.

Gorno Project – Maintaining Regulatory Compliance Amid Strategic Sale Process

The Gorno polymetallic project, known for its high-grade zinc, silver, and lead deposits, remains in good regulatory standing with ongoing permitting activities. Altamin has engaged London-based Argent Partners to conduct due diligence with interested parties, reflecting its objective to secure a sale or strategic partnership following full consolidation of Vedra Metals Srl.

Recent strength in silver prices and the EU’s heightened focus on securing critical raw materials have increased the project’s strategic relevance. While a sale is pursued, Altamin retains the option to advance Gorno towards a Final Investment Decision and commercial production, maintaining flexibility in its development strategy.

Capital Raising Strengthens Financial Position

Altamin successfully completed an accelerated non-renounceable pro-rata entitlement offer (ANREO), raising approximately A$5.39 million before costs. The retail component raised A$0.96 million, with a subsequent placement of shortfall securities managed by GBA Capital adding a further A$1.003 million. These funds are earmarked primarily for advancing the Lazio Project, maintaining the Gorno Project, and general working capital.

As at 31 December 2025, the company reported a cash balance of A$3.914 million, providing a solid financial foundation to execute its strategic objectives. The strengthened Board and management team remain focused on de-risking and advancing their project portfolio through technical progress, permitting, and strategic partnerships.