ALTAMIN LIMITED — Capital/Financing Update 2016

Dec 20, 2016

ASX Announcement

21 December 2016

Gorno Zinc Project: DFS On Track for Completion in March 2017 with Further Key Milestones Achieved

Four diamond rigs operating to complete resource upgrade drilling

==> picture [403 x 207] intentionally omitted <==

ASX Code EMX

ABN 63 078 510 988 PO Box 1785 West Perth WA 6872

Level 2, 20 Kings Park Road West Perth WA 6005

T: + 61 8 9321 5000 F: + 61 8 9321 7177 E: info@energiaminerals.com W: www.energiaminerals.com

Board of Directors Alexander Burns Executive Chairman Kim Robinson Managing Director Marcello Cardaci Non-Executive Director

Company Secretary Jamie Armes

Figure 1: GDD130 intersection located outside of current resource

• Confirmation received from Comune Di Gorno (local council) that the historical Riso treatment plant site at Gorno (Energia’s preferred location) is available for construction of a new plant.

• Exploration Decline completed at 585m – with all seven drilling nicchia (cuddies) now established.

• Definitive Feasibility Study on track for completion in March 2017 with preliminary mine design completed and discussions continuing with potential financiers and off-take partners.

• Plant design being undertaken by GBM Minerals Engineering Consultants is well advanced.

• Four drilling rigs now operating on site. Latest assays from Colonna Zorzone Zinc deposit include:

• 6.4m grading 11.5% Zn+Pb and 32g/t Ag in GDD112

• 3.7m grading 7.1% Zn+Pb and 16g/t Ag in GDD114

• 3.6m grading 6.3% Zn+Pb and 73g/t Ag in GDD111

==> picture [502 x 28] intentionally omitted <==

Page 1 of 17

Energia Minerals Ltd (ASX: EMX, “Energia” or Company) is pleased to advise that it has achieved further important milestones as part of the ongoing Definitive Feasibility Study (DFS) at its flagship 100%-owned Gorno Zinc Project in northern Italy, which remains on track for completion in March 2017.

Importantly, the Company has received written confirmation from the Comune Di Gorno that the historical treatment plant site at Riso near Gorno, which logistically is Energia’s preferred site, is available for the construction of a treatment plant, subject to the negotiation of satisfactory terms and conditions.

This is a very significant and positive development for the Gorno Zinc Project which highlights the continuing support by the local communities and the strong relationships that Energia has developed generally with the local and regional authorities over several years.

Plant design work being carried out by GBM Minerals Engineering Consultants is now well advanced and will be finalised as soon as metallurgical testwork is completed.

This testwork is continuing to focus on increasing both zinc and lead recoveries from the anticipated 15% of oxidised ore present within the Colonna Zorzone orebody, and the results of will be reported when finalised.

In tandem with plant design, a preliminary mine design (see Figure 2 for general layout) has been completed by SRK Consulting and this will be refined as resource definition in the lower levels is finalised.

==> picture [504 x 321] intentionally omitted <==

Figure 2: Colonna Zorzone Preliminary Mine Layout

The Exploration Decline, together with seven nicchia (drill cuddies), is now complete with a total advance of 585 metres.

==> picture [502 x 28] intentionally omitted <==

Page 2 of 17

Diamond drilling is continuing to make strong progress, with four rigs currently operating. Recent assay results in the deeper levels of Colonna Zorzone include:

• a 6.4 metre intersection grading 8.6% Zn, 2.9%Pb and 32g/t Ag in hole GDD112;

• a 3.7 metre intersection grading 5.6% Zn, 1.5%Pb and 16g/t Ag in hole GDD114; and

• a 3.6 metre intersection grading 4.9% Zn, 1.4%Pb and 73g/t Ag in hole GDD111.

Significant mineralisation has been returned in six out of nine holes assayed in the current batch, with assays expected from four additional holes by the end of December. A further ten holes have been completed but are yet to be submitted for assay.

Three of the four drilling rigs currently on site are now operating from nicchias (drill cuddies) excavated at the base of the Exploration Decline with the primary objective of elevating the Inferred Resource down-plunge of the current Indicated Resource to Indicated status.

The fourth rig is focussed on outlining additional mineralisation above the 940 level at the western extremity of the Colonna Zorzone deposit. Two holes, GDD128 and GDD130, have been completed in this area and have both encountered significant mineralisation necessitating further resource definition drilling (see GDD130 intersection in Figure 1 and location of both holes in Figure 3).

Energia’s Managing Director, Mr Kim Robinson, said the Gorno Definitive Feasibility Study was now well advanced with significant progress being made on a number of fronts.

“With our preferred plant location confirmed, preliminary mine design completed and the Exploration Decline now finished, we are moving through the final intensive phase of resource in-fill and extensional drilling with four rigs operating,” he said.

“Metallurgical testwork is also well advanced and we are expecting results from this and additional drilling over the coming weeks. This will pave the way for the resource upgrade in February and delivery of the Definitive Feasibility Study in March.”

“And there couldn’t be a better time to be bringing significant new European zinc project into production. The zinc price has maintained its impressive recent performance and is holding on to nine-year highs.”

“With major producers continuing to display strong discipline, supply tightening further and demand remaining strong as the major industrial economies of China and North America show further signs of economic strength, we believe that 2017 will be a pivotal year for the zinc industry.”

“Energia is ideally placed to take advantage of this scenario with a high-grade, high quality resource in a Tier-1 location, a supportive local community and permitting framework, and a clear pathway to financing, development and production.” he added.

For and on behalf of Energia Minerals Limited.

==> picture [144 x 55] intentionally omitted <==

Kim Robinson Managing Director +61 8 9321 5000 info@energiaminerals.com

For media enquiries contact: Nicholas Read Read Corporate +61 8 9388 1474 info@readcorporate.com.au

==> picture [502 x 28] intentionally omitted <==

Page 3 of 17

Competent Person Statement

Information in this release that relates to Exploration Results is based on information prepared by Mr Kim Robinson, a Competent Person who is a Member of the Australian Institute of Geoscientists. Mr Robinson is a full-time employee of Energia Minerals Limited. Mr Robinson has sufficient experience which is relevant to the styles of mineralisation and types of deposits under consideration and to the activities being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Robinson consents to the inclusion in this release of the matters based on their information in the form and context in which it appears.

Table 1 : Drilling location details and assay results for holes GDD106 to GDD130

HOLE ID	Easting (m)	Northing (m)	Collar RL	Dip	Azimuth	Depth	From	Zn %	Pb %	Ag g/t	Thickness
	WGS84Z32N	WGSZ32N	(m ASL)			(m)	(m)				(m)
GDD106	559675	5084588	911	-27	27	80.4	No Significant Intercept
GDD108	559676	5084587	911	-37	76	101.5	No Significant Intercept
							104.6	1.3	0.6	27	2.5
GDD109	559579	5084580	899	-10	275	144.4	115.7	1.1	1.2	50	0.7
							97.1	1.8	0.8	41	2.1
GDD110	559579	5084580	899	-26	251	124	107.4	2.2	0.6	33	1.2
GDD111	559541	5084493	884	-39	258	105.8	88.6	4.9	1.4	73	3.6
GDD112	559579	5084580	899	-41	205	133.6	102.9	8.6	2.9	32	6.4
GDD113	559541	5084493	884	-55	213	95.6	No Significant Intercept
							80.1	3.0	0.8	24	3.7
GDD114	559579	5084580	899	-37	169	121.5	112.0	5.6	1.5	16	3.7
GDD115	559541	5084493	884	-53	160	102.9	82.7	2.1	0.4	18	5.4
*GDD116	559579	5084580	899	-30	153	208.8	Assays Pending
GDD117	559513	5084435	876	-40	101	144.6	Assayspending
*GDD118	559513	5084435	876	-47	248	150.8	Assays Pending
*GDD119	559513	5084435	876	-36	283	116.0	Assays Pending
GDD120	559914	5084864	943	51	250	82.5	Assays Pending
*GDD121	559513	5084435	876	-69	171	107.7	Assays Pending
GDD122	559513	5084435	876	-60	262	93.2	Assays Pending
GDD123	559513	5084435	876	-51	126	134.6	Assays Pending
GDD124	559935	5084797	940	33	266	99.4	Assays Pending
GDD125	559541	5084493	885	-16	297	110.6	Assays Pending
GDD126	559513	5084435	876	-36	266	132.9	Assays Pending
GDD127	559541	5084493	885	-25	28	84.0	Assays Pending
GDD128	559505	508415	946	34	243	32.6	Assays Pending
GDD129	559440	5084375	861	-36	196	N/A	Drilling Underway
GDD130	559450	5084360	861	-11	121	N/A	Assays pending

* Denotes drill holes where assays will be received prior to December 31

==> picture [502 x 28] intentionally omitted <==

Page 4 of 17

==> picture [504 x 539] intentionally omitted <==

Figure 3: Colonna Zorzone showing past and planned drilling

==> picture [502 x 28] intentionally omitted <==

Page 5 of 17

==> picture [450 x 306] intentionally omitted <==

Figure 4: GDD109 Cross Section

==> picture [444 x 303] intentionally omitted <==

Figure 5: GDD110 Cross Section

==> picture [502 x 28] intentionally omitted <==

Page 6 of 17

==> picture [444 x 303] intentionally omitted <==

Figure 6: GDD111 Cross Section

==> picture [440 x 300] intentionally omitted <==

Figure 7: GDD112 Cross Section

==> picture [502 x 28] intentionally omitted <==

Page 7 of 17

==> picture [435 x 297] intentionally omitted <==

Figure 8: GDD114 Cross Section

==> picture [431 x 293] intentionally omitted <==

Figure 9: GDD115 Cross Section

==> picture [502 x 28] intentionally omitted <==

Page 8 of 17

JORC Code, 2012 Edition – Table 4 Gorno Historical Exploration Drilling Results

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

Criteria	JORC Code explanation	Commentary
Sampling	 Nature and quality of sampling (eg cut channels, random	 Drill core was cored using NQ core bits. NQ measurements ID of 47.6mm and an
techniques	chips, or specific specialised industry standard	OD of 75.7mm. Core samples were half core cut using a diamond saw with half
	measurement tools appropriate to the minerals under	the core being dispatched to the laboratory, and half retained. Individual samples
	investigation, such as down hole gamma sondes, or	were taken on geological intervals with lengths ranging between 0.7m and 1.3m,
	handheld XRF instruments, etc). These examples should	and an ideal length of 1m. Core received to date is largely very competent and
	not be taken as limiting the broad meaning of sampling.	cuts well with little material loss or contamination. Cut core samples were
	 Include reference to measures taken to ensure sample	dispatched using a reputable contract courier from site to the laboratory where
	representivity and the appropriate calibration of any	half core is dried, then crushed and pulverised to allow 85% to pass -75µm. A
	measurement tools or systems used.	0.15g-0.25g aliquot subsample of the pulverised sample was then dissolved in a
	 Aspects of the determination of mineralisation that are	four acid digest, and then analysed using an ICP-AES or ICP-AAS technique to
	Material to the Public Report.	determine grades of the following elements Pb, Zn, As, Ag, Bi, Co, Cu, Fe, Mg, Mn,
	 In cases where ‘industry standard’ work has been done	Ni. Further testworks may be carried out in the future for other analytes.
	this would be relatively simple (eg ‘reverse circulation	 Duplicates, blanks and certified reference materials were inserted into sample
	drilling was used to obtain 1 m samples from which 3 kg	series at a rate of better than 3 in 20. In addition two sample batches have been
	was pulverised to produce a 30 g charge for fire assay’).	dispatched to an independent laboratory for umpire analysis, results obtained
	In other cases more explanation may be required, such	support the original results received.
	as where there is coarse gold that has inherent sampling	 Mineralisation can be both contained in oxides and sulphide material. Historical
	problems. Unusual commodities or mineralisation types	studies and recent observations show very low levels of deleterious elements in
	(eg submarine nodules) may warrant disclosure of	both material types, however further studies must be completed to quantify this.
	detailed information.	 Energia has exhaustive procedures and protocols in place to ensure that ‘Industry
		Standard’ is met as a minimum.
Drilling	 Drill type (eg core, reverse circulation, open-hole	 Diamond Core holes description:
techniques	hammer, rotary air blast, auger, Bangka, sonic, etc) and	o NQ diamond core
	details (eg core diameter, triple or standard tube, depth	o NQ core oriented.
	of diamond tails, face-sampling bit or other type,	o Coring bit used
	whether core is oriented and if so, by what method, etc).	o Sandvik 130
Drill sample	 Method of recording and assessing core and chip sample	 To date 123 holes have been completed, recovery on these holes has been
recovery	recoveries and results assessed.	acceptable, in excess of 99%. Most recovery loss in mineralised zones is most likely

9

Criteria	JORC Code explanation	Commentary
	 Measures taken to maximize sample recovery and	the result of fine friable material being washed out from the core sample by the
	ensure representative nature of the samples.	drilling fluid. Observations to date suggest that this fine friable fraction is
	 Whether a relationship exists between sample recovery	weathered oxidized lead and zinc sulphides, resulting in a loss of mineralized
	and grade and whether sample bias may have occurred	material from the core sample. GDD115 experienced moderate core loss, with
	due to preferential loss/gain of fine/coarse material.	16% of the core from the mineralised interval lost.
		 Core blocks are inserted by the drillers at the end of each drilling run, noting the
		run length, and total depth. This data is then compared to the measured recovered
		core length and recoveries for each run and the entire hole are calculated. Given
		the nature of the drilling, and the type of mineralisation encountered to date the
		sample is judged as being representative.
		 Given the nature of the drilling (diamond coring), and the generally competent
		nature of the mineralisation and host rock observed to date it is deemed very
		unlikely that a bias exists due to preferential loss/gain of fine/coarse material.
Logging	 Whether core and chip samples have been geologically	 All holes have been geologically logged on geological intervals with recording of
	and geotechnically logged to a level of detail to support	lithology, grain size and distribution, sorting, roundness, alteration, mineralisation,
	appropriate Mineral Resource estimation, mining studies	veining, structure, oxidation state, colour and geotechnical data noted and stored
	and metallurgical studies.	in the database. All holes were logged to a level of detail sufficient to support
	 Whether logging is qualitative or quantitative in nature.	future mineral resource estimation, scoping studies, and metallurgical
	Core (or costean, channel, etc) photography.	investigations.
	 The total length and percentage of the relevant	 Oxidation, colour, alteration, roundness, sorting, sphericity, alteration and
	intersections logged.	mineralisation are logged qualitatively. All other values are logged quantitatively.
		All holes have been photographed both wet and dry, and these photos stored in a
		database.
		 All holes have been logged over their entire length (100%) including any
		mineralised intersections. To date core loss is less than 2% and is noted in the
		logging.
Sub-sampling	 If core, whether cut or sawn and whether quarter, half or	 All core was half cut using a Diamonte table diamond saw.
techniques	all core taken.	 Not applicable.
and sample	 If non-core, whether riffled, tube sampled, rotary split,	 Mineralised core is visually identified, and then sampled in geological intervals
preparation	etc and whether sampled wet or dry.	using 0.7-1.3m intervals, the core is then half cut and half the core is wholly
Sub-sampling techniques	 For all sample types, the nature, quality and appropriateness of the sample preparation technique.	sampled for that interval then inserted into pre numbered calico bags along with QA/QC samples. The sample preparation technique is deemed appropriate.

10

Criteria	JORC Code explanation	Commentary
and sample	 Quality control procedures adopted for all sub-sampling	 Quality control procedures include following EMX standard procedures when
preparation	stages to maximise representivity of samples.	sampling, sampling on geological intervals, and reviews of sampling techniques in
(continued)	 Measures taken to ensure that the sampling is	the field.
	representative of the in situ material collected, including	 Field Duplicate samples are taken in the field at a rate of 1 in 20, and consist of ¼
	for instance results for field duplicate/second-half	core taken from the reserved ½ core.
	sampling.	 The expected sample weight for 1m of half core NQ is 2.4kg. This sample weight
	 Whether sample sizes are appropriate to the grain size	should be sufficient to appropriately describe base metal mineralisation grades
	of the material being sampled.	from mineral particle sizes up to 5mm.
Quality of	 The nature, quality and appropriateness of the assaying	 The digest method and analysis techniques are deemed appropriate for the
assay data	and laboratory procedures used and whether the	samples. Four acid digestions are able to dissolve most minerals; however,
and	technique is considered partial or total.	although the term “near-total” is used, depending on the sample matrix, all
laboratory	 For geophysical tools, spectrometers, handheld XRF	elements may not be quantitatively extracted. The intended analysis techniques
tests	instruments, etc, the parameters used in determining the	are ICP-AES (Atomic Emission Spectroscopy) and ICP-AAS (Atomic Absorption
	analysis including instrument make and model, reading	Spectroscopy typically used to quantify higher grade base metal mineralisation.
	times, calibrations factors applied and their derivation,	 No geophysical tools, spectrometers or XRF instruments have been used.
	etc.	 QA/QC samples (duplicates, blanks and standards) are inserted in the sample
	 Nature of quality control procedures adopted (eg	series at a rate of better than 3 in 20. These check samples are tracked and
	standards, blanks, duplicates, external laboratory	reported on for each batch. When issues are noted the laboratory is informed and
	checks) and whether acceptable levels of accuracy (ie	an investigation begins defining the nature of the discrepancy, a suitable
	lack of bias) and precision have been established.	explanation, and whether further check assays are required. The laboratory
		completes its own QA/QC procedures and these are also tracked and reported on
		by EMX. No bias has been established to date.
Verification	 The verification of significant intersections by either	 Significant intersections, drill hole locations, and mineralisation in view have been
of sampling	independent or alternative company personnel.	checked by Energia Minerals personnel and consultants in June 2015, June 2012,
and assaying	 The use of twinned holes.	and March 2010.
	 Documentation of primary data, data entry procedures,	 To date 7 historical holes have been twinned, and 8 EMX holes have been twinned
	data verification, data storage (physical and electronic)	for metallurgical purposes.
	protocols.	 All geological, sampling, and spatial data that is generated and captured in the field
	 Discuss any adjustment to assay data.	is immediately entered into a field notebook on standard Excel templates. These
Verification of sampling		templates are then validated each night in Micromine. This information is then sent to Energia’s in house database manager for further validation. If corrections need to be made theyare corrected the followingdaybytheperson responsible

11

Criteria	JORC Code explanation	Commentary
and assaying		for generating the data. Once complete and validated the data is then compiled
(continued)		into a SQL database server.
		 No adjustment of assay data is required
Location of	 Accuracy and quality of surveys used to locate drill holes	 Collar locations are designed using data acquired from surveying existing
data points	(collar and down-hole surveys), trenches, mine workings	infrastructure using a total station. Once drilled drill holes are surveyed using a
	and other locations used in Mineral Resource estimation.	total station, and logged with a EZ -TRAC system to define azimuth and inclination
	 Specification of the grid system used.	of the drill hole.
	 Quality and adequacy of topographic control.	 The grid system used at Gorno is WGS_1984_UTM_Zone_32N. Easting and
		Northing are stated in metres.
		 Topographic control for surveyed infrastructure is from a total station
		measurements tied into multiple Italian Survey Control Points, and for unsurveyed
		infrastructure from control points noted on both hand drawn maps, and from RL’s
		noted on geological logs.
Data spacing	 Data spacing for reporting of Exploration Results.	 Drill hole orientation and spacing is non-uniform with multiple holes often being
and	 Whether the data spacing and distribution is sufficient to	proposed to be drilled from a single exploration drive.
distribution	establish the degree of geological and grade continuity	 A Mineral Resource has been established in the area of drilling, and the new
	appropriate for the Mineral Resource and Ore Reserve	drilling data has been obtained to increase the level of geological confidence in the
	estimation procedure(s) and classifications applied.	existing resource model.
	 Whether sample compositing has been applied.	 No sample compositing has been applied.
Orientation of	 Whether the orientation of sampling achieves unbiased	 The attitude of the mineralisation is thought to be generally dipping to the south
data in	sampling of possible structures and the extent to which	at approximately 30 degrees. However the level of confidence in this is low, and
relation to	this is known, considering the deposit type.	the multiple orientations of drilling suggest that some intersections may be biased.
geological	 If the relationship between the drilling orientation and	True width for these intersections will be confirmed once collar surveys, hole
structure	the orientation of key mineralised structures is	deviation surveys, and geological modelling is finalized. Sections provided in the
	considered to have introduced a sampling bias, this	text show fairly accurate depictions of the attitude of the mineralised horizons,
	should be assessed and reported if material.	and angle of intersections of the drill holes.
		 Sampling bias due to drilling orientation and mineralised structure orientation is
		probable and with information currently at hand is hard to precisely quantify. An
		orientation tool is now being used to orient core and this along with a more refined
		geological model should allow this to be better defined.

12

Criteria	JORC Code explanation	Commentary
Sample	 The measures taken to ensure sample security.	 Samples were dispatched from the Exploration Site using a single reputable
security		contracted courier service to deliver samples directly to the assay laboratory
		where further sample preparation and assay occurs.
Audits or	 The results of any audits or reviews of sampling	 Reviews of sampling techniques and material sampled are undertaken regularly to
reviews	techniques and data.	ensure any change in geological conditions is adequately accounted for in sample
		preparation. Reviews of assay results and QA/QC results occur for each batch. 1
		in 10 checks on all compiled and entered data are completed by Energia Minerals.

Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Criteria	JORC Code explanation	Commentary
Mineral	 Type, reference name/number, location and ownership	 The Gorno Lead Zinc deposit is located in the north of Italy, in the Lombardia
tenement and	including agreements or material issues with third	Province. The Gorno Project is made up of ten (10) granted tenements: Decrees
land tenure	parties such as joint ventures, partnerships, overriding	1571, 1629, 1630, 1632, 1633, 3276, 3277, 3278, 3279, 3280; and six applications.
status	royalties, native title interests, historical sites, wilderness	These leases are 100% owned and operated by Energia Italia, a 100% owned
	or national park and environmental settings.	subsidiary of Energia Minerals. The titles are current at the time of release of this
	 The security of the tenure held at the time of reporting	report.
	along with any known impediments to obtaining a	 All tenements are in good standing and no impediments to operating are currently
	licence to operate in the area.	known to exist.
Exploration	 Acknowledgment and appraisal of exploration by other	 A significant amount of work was undertaken by ENI subsidiaries in the region.
done by other	parties.	Drilling works completed in the period between 1964-1980 have been compiled
parties		and digitised. A significant amount of work has been completed on the Gorno
		deposit including the development of more than 230km of exploration drives,
		detailed mapping, and the mining and production of over 800,000 tonnes of high
		grade zinc concentrate. Large scale mining operations ceased at the Gorno deposit
		in 1978, and the project closed in 1980.
Geology	 Deposit type, geological setting and style of	 The Gorno deposit is an Alpine Type Lead-Zinc deposit (similar to Mississippi Valley
Geology (Continued)	mineralisation.	Type Lead Zinc deposits) it is broadly stratabound with some breccia bodies and veining also occurring. It displays generally simple mineralogy of low iron sphalerite, galena, pyrite, and minor silver. Gorno lies in a part of the Italian
		Southern Alps named “Lombard Basin”,formed bya strongsubsidence occurring

13

Criteria	JORC Code explanation	Commentary	Commentary
		in the Permian-Triassic which allowed the subsequent accumulation of a thick
		sedimentary pile. The sedimentary sequence is constrained laterally by the
		Luganese Platform to the west and by the Atesina Platform to the east. The
		lithotypes in the southern portion of the basin are predominantly Triassic in age.
		The geological sequences of importance in relation to mineralisation, from oldest
		to youngest are as follows:
		o	Breno Formation: a back-reef limestone composed of light grey calcareous
			beds, 10 to 170 m thick. The facies indicate a palaeogeographical evolution
			from back reef to shelf environment, in low energy water to alternating
			peri-tidal cycles.
		o	Metalliferous Limestone:composed of dark grey to black limestone
			deposited in stromatolitic tidal flats, with siliceous intercalations present in
			the upper part. The dark colour suggests a stagnant anaerobic depositional
			environment with bituminous beds generally present at the footwall of the
			Metallifero. This formation represents a transitional phase between the
			underlying shelf environment and the upper sequence typified by a peri-
			continental and detrital sedimentation. Three tuffaceous levels are present
			in the Metallifero stratigraphical column. The pyroclastic tuffs are
			submarine volcanic phases which intervened during the deposition of the
			limestones, and effectively represent a control for the mineralized horizons,
			in that they are always found at the foot wall (Tuff 1) and at the hanging
			wall (Tuff 2) of the productive mineralised horizons.
		o	Val Sabbia Sandstone:present along the southern Lombard Basin border
			and is composed of alternating tuffaceous sandstone and green and\or red
			silt-mudstone. These were possibly derived from the erosion of continental
			sediments present to the south. The thickness varies between 0 and 400
			metres.
		o	Gorno Formation: alternating thinly bedded, black limestone and
			laminated marl deposited in protected lagoon environment with a
			thickness of 0-350 metres. A thin tongue, intercalated between the
Geology (Continued)		o	Metalliferous Limestone and the Val Sabbia Sandstone, is often mineralised and is referred to as the mineralised “black shales” of the Gorno deposits. San Giovanni Bianco Formation: is composed of a thick alternation of marl,
			sandstone,siltstone and mudstone which transitions at the topof the unit

14

Criteria	JORC Code explanation	Commentary
		to cellular limestone and evaporitic vuggy dolomite, estimated thickness of
		150 metres.
		 Structure in the basin is typified by E-W trending belts which can be subdivided in
		five sectors:
		o Orobic Anticline,in the northern part, which includes Palaeozoic
		successions;
		o Valtorta-Valcanale Line,oriented E-W and separating the Orobic Anticline
		to the north from the Pb-Zn mineralised belt in the south. The line is
		responsible for many of the allochthonous units;
		o Camuno Autochthonous,including the sedimentary cover, which is
		covered in the central-western part by various overthrusts and outcrops
		only in the east;
		o Para-autochthonous and allochthonous units,present over a large area to
		the south of the Valtorta-Valcanale Line and formed by the double or triple
		superimposition of the Triassic carbonate formations;
		o Fold and fold-fault zone,which constitutes the southern sector near the Po
		plains and includes Jurassic-Cretaceous formations.
		 Mineralisation in the Gorno district occurs within the Camuno Autochthonous
		Zone, and the para-autochthonous, and allocthounous units. The geometry of the
		mineralised bodies is mainly stratabound with common characteristics in the
		majority of the Gorno deposits. The prevailing distribution trend is N-S and the
		shape, represented by tabular “columns”, which can be longitudinally developed
		for more than 2000 metres, with widths from 50 to 100 metres and thickness
		between 3 and 20 metres.
Drill hole	 A summary of all information material to the	 Information material to the understanding of the exploration results is provided in
Information	understanding of the exploration results including a	the text of the release.
	tabulation of the following information for all Material	 No information has been excluded.
	drill holes:
	o easting and northing of the drill hole collar
Drill hole	o elevation or RL (Reduced Level – elevation above sea
Information (continued)	level in metres) of the drill hole collar o dip and azimuth of the hole
	o down hole length and interception depth

15

Criteria	JORC Code explanation	Commentary
	o hole length.
	 If the exclusion of this information is justified on the
	basis that the information is not Material and this
	exclusion does not detract from the understanding of the
	report, the Competent Person should clearly explain why
	this is the case.
Data	 In reporting Exploration Results, weighting averaging	 A nominal low cut grade of 1% Zn+Pb has been chosen to differentiate
aggregation	techniques, maximum and/or minimum grade	mineralised material from unmineralised material, once assays are returned.
methods	truncations (eg cutting of high grades) and cut-off	 Aggregates were calculated as weighted averages using the above cut off grade
	grades are usually Material and should be stated.	typically allowing only 10m of total internal dilution to be included, with a
	 Where aggregate intercepts incorporate short lengths of	maximum individual length of waste thickness not exceeding 4m.
	high grade results and longer lengths of low grade	 No metal equivalents are used.
	results, the procedure used for such aggregation should
	be stated and some typical examples of such
	aggregations should be shown in detail.
	 The assumptions used for any reporting of metal
	equivalent values should be clearly stated.
Relationship	 These relationships are particularly important in the	 All drill holes are variable orientated. Little confidence has been established in the
between	reporting of Exploration Results.	orientation of the mineralisation at this stage other than a general dip and strike.
mineralisatio	 If the geometry of the mineralisation with respect to the	 The mineralisation is currently thought to be roughly tabular and dipping to the
n widths and	drill hole angle is known, its nature should be reported.	south-south west at an angle of approximately 30 degrees.
intercept	 If it is not known and only the down hole lengths are	 True widths of intercepts are not known at this stage. Diagrams in the text show
lengths	reported, there should be a clear statement to this effect	the interpreted relationship between mineralisation intercepts and strata, In most
	(eg ‘down hole length, true width not known’).	instances true thicknesses would be approximately 70% of the reported widths,
		however in some cases such as GDD110, and GDD112 may be 50%-60% of the
		reported widths.
Diagrams	 Appropriate maps and sections (with scales) and	 Please refer to Figures 4, 5, 6, 7, 8 and 9 for this data.
	tabulations of intercepts should be included for any
	significant discovery being reported These should
	include, but not be limited to a plan view of drill hole
	collar locations and appropriate sectional views.

16

Criteria	JORC Code explanation	Commentary
Balanced	 Where comprehensive reporting of all Exploration	 The results reported in the above text are comprehensively reported in a balanced
reporting	Results is not practicable, representative reporting of	manner.
	both low and high grades and/or widths should be
	practiced to avoid misleading reporting of Exploration
	Results.
Other	 Other exploration data, if meaningful and material,	 A significant amount of mining, exploration, survey, and environmental data has
substantive	should be reported including (but not limited to):	been recovered from the Bergamo State Archives and is currently being
exploration	geological observations; geophysical survey results;	translated and digitized.
data	geochemical survey results; bulk samples – size and
	method of treatment; metallurgical test results; bulk
	density, groundwater, geotechnical and rock
	characteristics; potential deleterious or contaminating
	substances.
Further work	 The nature and scale of planned further work (eg tests	 Future works at Gorno would include rehabilitation of exploration drivesl, and
	for lateral extensions or depth extensions or large-scale	drilling diamond drill holes to test for continuity of the Colona Fortuna
	step-out drilling).	mineralisation across strike and down plunge.
	 Diagrams clearly highlighting the areas of possible	 Please refer to Figure 3 for areas that are open to extensions, these are shown as
	extensions, including the main geological interpretations	high priority exploration targets. Release of future detailed drilling plan data is
	and future drilling areas, provided this information is not	commercially sensitive, subject to change on review; and will not be detailed here.
	commerciallysensitive.

17