ALTAMIN LIMITED — Capital/Financing Update 2016

Sep 1, 2016

ASX Announcement

1 September 2016

Gorno Zinc Project Definitive Feasibility Study Moving Rapidly Towards Completion

Colonna Zorzone Zinc Deposit strike length increased to 800m

• Exploration Decline (Decline) advanced to 355m; remaining 195m to be completed during October, 2016.

• Strike length of the Colonna Zorzone Zinc Deposit (Colonna Zorzone) extended to 800m.

• Planned drilling program expanded significantly to a 50m by 50m pattern between the 600 and 850 levels. This will be completed during December, 2016.

• Latest intersections from in-fill drilling of the current Inferred Resource at Colonna Zorzone include:

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

• 16.6m grading 4.8% Zn, 1.4% Pb and 57g/t Ag including 4.8m grading 13.4% Zn, 3.8% Pb and 94g/t Ag in GDD091; and

• 20.4m grading 3.5% Zn, 0.8% Pb and 20g/t Ag including 5.9m grading 7.0% zinc, 1.8% Pb and 57g/t Ag and 2.2m grading 13.1% Zn, 2.6% Pb and 26g/t Ag in GDD090.

• Definitive Feasibility Study (DFS) well advanced and on track for completion by end of January, 2017.

• Remaining Paladin Energy (PDN) shares sold.

• Cash at end of August, including proceeds from sale of PDN, was approximately $3.5M.

Energia Minerals Ltd (ASX: EMX, “Energia” or Company) is pleased to report on the progress being made on exploration, Decline development and the DFS at its 100%owned Gorno Zinc Project in northern Italy.

The DFS, which focuses on development of the flagship Colonna Zorzone deposit, is progressing well with development of the Decline to provide drilling access to the lower levels of the deposit on track for completion in October.

Resource drilling to be undertaken from the Decline is expected to be completed during December, which will allow the DFS to be completed by the end of January, 2017.

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Page 1 of 15

The one month extension of time for the DFS completion is a consequence of the Company’s decision to increase the drilling density within the current Inferred Resource to a 50m by 50m pattern to assist in detailed mine planning. Once complete, a total of 14,200m in 138 diamond drill holes will have been drilled, of which approximately 6,000m remains to be drilled as a result of this expanded program (see Figure 1 for planned drill hole locations).

Drilling continues to expand the potential of the Colonna Zorzone deposit, with recent assays featuring some wide mineralised intersections in holes GDD090 and GDD091. These are adjacent to the Inferred Resource and in the vicinity of the previously announced spectacular results in drill hole GDD082 ( 14.9m grading 21.0% Zn+Pb ) and drill hole GDD083 ( 7.1m grading 29.0% Zn+Pb ).

Diamond drill hole GDD090 achieved a composite intercept of 20.4m grading 4.3% Zn+Pb from 51.0m and diamond drill hole GDD091 achieved a composite intercept of 16.6m grading 6.2% Zn+Pb from 73.3m . Both of these intersections include the higher grade intervals detailed in Table 1 but are not included in the table as they are calculated at a 1% cutoff grade instead of the standard 2% cutoff grade. The deposit still remains open to the north of these holes.

Drilling within the upper levels of the Colonna Zorzone resource is currently focusing on establishing the easterly strike extent of mineralisation. Diamond drill holes GDD094 and GDD095 have both encountered mineralisation which has extended the overall strike length to 800 metres, with the deposit still remaining open to the east.

Three more holes are planned above the 940 level before the drilling rig is relocated to the decline, where it will initially target extensions to the Indicated Resource to the south and east of diamond drill hole GDD045 (see Figure 1 attached).

Energia’s Managing Director, Mr Kim Robinson, said the Company was continuing to make excellent progress on several fronts at Gorno.

“We are delighted with the progress on the exploration decline and with the results from the ongoing drilling program which continues to surprise on the upside,” Mr Robinson said.

“Importantly, the recent drilling has extended the strike length of the main Colonna Zorzone deposit and the decline will be finshed next month, enabling further drilling to take place.”

“A significant amount of work is also being done in the background as part of the Definitive Feasibility Study. And while this will take a month longer to complete than originally expected, the additional in-fill drilling will further underpin what is already a compelling zinc project.”

For and on behalf of Energia Minerals Limited.

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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

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.

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Figure 1: Colonna Zorzone showing recent and planned drilling

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Table 1: Drilling location details and assay results for holes GDD084 to GDD096

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)
GDD084	559743	5085062	943	24	185	142.9	121.0	1.7	0.6	17	1.7
							124.5	9.2	2.3	43	2.1
GDD085	559743	5085062	943	33	185	77.6	61.2	2.4	0.7	17	1.6
GDD086 *	559743	5085062	943	22	219	152.3	No Significant Intercept
GDD087 *	559606	5085096	944.4	28	232	92.0	45.2	2.2	0.2	4	0.9
							53.0	3.3	0.9	15	1.8
							58.8	6.8	2.7	39	1.6
GDD088	559606	5085096	944	19	211	124.5	No Significant Intercept
GDD089	559608	5085096	945	45	179	72.3	No Significant Intercept
GDD090	559799	5085048	944.15	40	67	78.0	51.0	1.4	0.7	5	0.7
							58.0	22.8	4.3	44	1.2
							66.5	10.0	2.6	80	3.9
GDD091	559799	5085048	944.15	38	27	111.0	73.3	5.9	0.7	40	0.7
							78.2	13.4	3.8	94	4.8
							86.1	1.7	0.6	97	3.9
GDD092	559798.8	5085047	944.2	44	128	61	Assays Pending
GDD093	560284.4	5084771	943	53	284	86.55	Assays Pending
GDD094	560284.4	5084771	943	38	301	193.55	Assays Pending
GDD095	560284.4	5084771	943	36	323	165.4	Assays Pending
GDD096	560284.4	5084771	943	44	311	174.8	Assays Pending

• Denotes a hole which could not reach target and was deemed ineffective

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Figure 2: GDD084 and GDD085 Cross-Section

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Figure 3: GDD087 Cross-Section

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Figure 4: GDD090 Cross-Section

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Figure 5: GDD091 Cross-Section

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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

7

Criteria	JORC Code explanation	Commentary
Drill sample	 Method of recording and assessing core and chip sample	 To date 96 holes have been completed, recovery on these holes has been
recovery	recoveries and results assessed.	acceptable, in excess of 98%. Most recovery loss in mineralised zones is most likely
	 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. GDD091 experienced significant core loss, with
	due to preferential loss/gain of fine/coarse material.	20% 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

8

Criteria	JORC Code explanation	Commentary
Sub-sampling	 For all sample types, the nature, quality and	sampled for that interval then inserted into pre numbered calico bags along with
techniques	appropriateness of the sample preparation technique.	QA/QC samples. The sample preparation technique is deemed appropriate.
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
		templates are then validated each night in Micromine. This information is then

9

Criteria	JORC Code explanation	Commentary
		sent to Energia’s in house database manager for further validation. If corrections
Verification of sampling and assaying (continued)		need to be made they are corrected the following day by the person responsible for generating the data. Once complete and validated the data is then compiled 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 for all holes were designed from georeferenced paper maps.
data points	(collar and down-hole surveys), trenches, mine workings	Underground surveying is underway to refine the georeferenced data and collar
	and other locations used in Mineral Resource estimation.	locations will be surveyed once drilling and surveying is completed on each level.
	 Specification of the grid system used.	Currently it appears the georeferenced data is located some 30m to the north-
	 Quality and adequacy of topographic control.	west of the surveyed data with a predominantly linear correction required across
		the areas surveyed so far. Once drilled drill holes are logged with a EZ -TRAC
		system to define azimuth and inclination of the drill hole.
		 The grid system used at Gorno is WGS_1984_UTM_Zone_32N. Easting and
		Northing are stated in metres.
		 Topographic control is 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
geological	 If the relationship between the drilling orientation and	biased. True width for these intersections will be confirmed once collar surveys,
structure	the orientation of key mineralised structures is	hole deviation surveys, and geological modelling is finalized. Sections provided in
	considered to have introduced a sampling bias, this	the text show fairly accurate depictions of the attitude of the mineralised
	should be assessed and reported if material.	horizons, and angle of intersections of the drill holes.
		 Sampling bias due to drilling orientation and mineralised structure orientation is
		probable and with information currentlyat hand is hard toprecisely quantify. An

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Criteria	JORC Code explanation	Commentary
		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.
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 Mississppi Valley
	mineralisation.	Type Lead Zinc deposits)it is broadlystratabound with some breccia bodies and

11

Criteria	JORC Code explanation	Commentary	Commentary
Geology		veining also occuring. It displays generally simple mineralogy of low iron
(Continued)		sphalerite, galena, pyrite, and minor silver. Gorno lies in a part of the Italian
		Southern Alps named “Lombard Basin”, formed by a strong subsidence occurring
		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
			Metalliferous Limestone and the Val Sabbia Sandstone,is often mineralised

12

Criteria	JORC Code explanation	Commentary
		and is referred to as the mineralised “black shales” of the Gorno deposits.
Geology (Continued)		o San Giovanni Bianco Formation: is composed of a thick alternation of marl, sandstone, siltstone and mudstone which transitions at the top of the unit 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
	o elevation or RL(Reduced Level – elevation above sea

13

Criteria	JORC Code explanation	Commentary
Drill hole	level in metres) of the drill hole collar
Information	o dip and azimuth of the hole
(continued)	o down hole length and interception depth
	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 2% Zn+Pb has been chosen to differentiate mineralised
aggregation	techniques, maximum and/or minimum grade	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 relationship between mineralisation intercepts and strata, true thicknesses
	(eg ‘down hole length, true width not known’).	could be between 30 and 50% of reported down hole lengths.
Diagrams	 Appropriate maps and sections (with scales) and	 Please refer to Figures 2, 3, 4 and 5 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.

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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 translated
exploration	geological observations; geophysical survey results;	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 drives, a 710m
	for lateral extensions or depth extensions or large-scale	exploration decline from the 940 level, and drilling diamond drill holes to test for
	step-out drilling).	continuity of the Colona Fortuna mineralisation across strike and down plunge.
	 Diagrams clearly highlighting the areas of possible	 Please refer to Figure 2 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.

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