ALTAMIN LIMITED - Capital/Financing Update 2016

ASX Announcement

18 February 2016

ASX Code EMX

Energia on track for maiden resource and Scoping Study at Gorno as drilling continues to expand Zorzone deposit

Resource statement and Scoping Study on schedule for completion by end of March 2016

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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: [email protected] W: www.energiaminerals.com

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

Company Secretary Jamie Armes

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Disseminated to semi-massive zinc sulphides in GDD054

 Further high-grade intercepts from resource drilling include:

9.9m at 9.0% zinc, 2.0% lead and 19 g/t silver (GDD041)
3.0m at 14.8% zinc, 7.9% lead and 113 g/t silver (GDD042)
8.6m at 8.2% zinc, 2.3% lead and 40 g/t silver (GDD048)
3.0m at 12.4% zinc, 4.3% lead and 44 g/t silver (GDD053)
Latest results continue to expand the newly discovered Eastern Zone

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Energia Minerals Ltd (ASX: EMX or “Energia”) is pleased to report further impressive results from the ongoing resource definition diamond drilling program at its 100%-owned Gorno Zinc Project in northern Italy.

Building on a series of positive announcements over the past six months, the latest drilling has further expanded the known envelope of zinc mineralisation within the Colonna Zorzone deposit as well as intersecting zinc mineralization in all six additional holes completed within the newly discovered Eastern Zone.

The results continue to provide strong support for the previously announced Exploration Target for Colonna Zorzone (see figure1 below and figure 2 demonstrating both grade and continuity), confirming that Energia is on track to achieve its objective of completing a maiden Resource Estimate and Scoping Study for the Gorno Zinc Project by the end of March 2016.

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Figure 1: Colonna Zorzone Schematic Cross-Section (130m window)

Additional assay results have been received from sixteen holes (see Table 1), of which ten (GDD037, GDD039 and GDD041 – GDD045, GDD048, GDD049 and GDD052) are from or peripheral to the main Colonna Zorzone deposit with the remainder (GDD046, GDD047, GDD050, GDD051, GDD053 and GDD054) being from the rapidly developing Eastern Zone.

A total of six additional holes (GDD055–GDD060) have been completed and are awaiting assays (see Figure 2 for location).

Energia’s Managing Director, Mr Kim Robinson, said the latest drilling had successfully extended the Colonna Zorzone deposit both to the north and the south, as well as delivering some exciting intersections in the Eastern Zone – which is continuing to grow in stature.

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Page 2 of 20

“We have also recorded a number of potentially significant intersections within the Breno Formation which may reflect feeder zones for the overlying and clearly stratabound Colonna Zorzone mineralisation,” he added.

“The overall drill program is progressing extremely well and Gorno is now moving rapidly to its next phase with preliminary metallurgical results demonstrating that high recoveries should readily be achieved and work is now well underway on both our maiden Resource Estimate and Scoping Study – which will provide the foundation for our activities over the rest of the year.”

For and on behalf of Energia Minerals Limited.

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Kim Robinson For media enquiries contact: Managing Director Nicholas Read +61 8 9321 5000 Read Corporate [email protected] +61 8 9388 1474 [email protected]

Competent Person Statement

Information in this release that relates to Exploration Targets and Exploration Results is based on information prepared by Mr David Andreazza and Mr Kim Robinson who are both Competent Persons and Members of the Australian Institute of Geoscientists. Mr Andreazza and Mr Robinson are full-time employees of Energia Minerals Limited. Mr Andreazza and Mr Robinson have 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 Andreazza and Mr Robinson consent 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 2: Colonna Zorzone Horizontal Longitudinal Projection

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Figure 3: GDD037 and GDD039 Cross-Sections

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Figure 4: GDD041 Cross-Section

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Figure 5: GDD042 Cross-Section

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Figure 6: GDD043 Cross-Section

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Figure 7: GDD044 Cross-Sections

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Figure 8: GDD045 Cross-Section

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Figure 9: GDD046 and GDD048 Cross-Sections

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Figure 10: GDD047 and GDD055 Cross-Sections

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Figure 11: GDD050 and GDD053 Cross-Sections

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Figure 12: GDD051 Cross-Section

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Figure 13: GDD052 Cross-Section

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Figure 14: GDD054 Cross-Section

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Page 10 of 20

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)
GDD037	559692.6	5084675.9	943	-25	270	107.25	82.0	4.9	1.6	28	7.3
GDD039	559671	5084681	943	-90	0	79.6	37.8	2.5	0.3	5	1.1
GDD041	559668	5084624	943	-30	271	138.6	113.2	9.0	2.0	19	9.9
GDD042	559920	5084756	943	63	343	90.7	17.8	5.1	3.2	23	4.4
							31.7	1.7	0.6	2	7.0
							48.8	3.3	2.2	19	0.7
							62.8	3.7	0.9	8	2.0
							70.1	14.8	7.9	113	3.0
GDD043	559667	5084564	940	-50	256	141.5	117.6	4.5	1.4	15	4.4
GDD044	559645	5084846	942	29	348	151.5	140.3	1.3	0.7	52	0.7
GDD045	559667	5084564	940	-64	224	141.8	110.1	4.5	1.4	28	6.6
							128.9	3.5	0.0	0	1.2
GDD046	559913	5084854	943	70	38	98.1	84.4	1.9	0.6	30	1.3
GDD047	560096	5084789	940	23	32	174.8	131.0	4.1	1.1	71	0.8
							133.8	1.6	0.8	46	0.7
							143.0	3.2	1.1	37	13.9
		including					143.0	5.3	1.7	46	1.6
							147.8	3.8	1.3	43	9.1
		and					158.9	3.1	1.4	59	0.7
GDD048	559913	5084854	943	70	219	88.5	67.4	8.2	2.3	40	8.6
GDD049	559645	5084805	942	25	4	182.1	No Significant Intercept
GDD050	560096	5084789	943	23	7	159.6	124.3	2.1	0.9	31	8.8
							138.5	2.8	1.1	53	1.9
GDD051	560096	5084789	943	32	334	113.9	93.8	2.7	0.6	20	2.6
GDD052	559886	5084936	943	58	21	76.8	46.4	1.8	0.5	2	1.0
							64.8	5.2	1.6	37	3.0
GDD053	560096	5084789	943	62	6	95.5	76.0	2.7	0.9	6	2.2
							84.0	12.4	4.3	44	3.0
GDD054	559920	5084756	943	45	32	135.0	106.1	10.1	0.0	5	0.7
							111.7	4.6	1.1	59	6.8
		Including					115.7	8.6	2.0	63	2.8
GDD055	560095	5084791	944	58	33	112.9	Assays Pending
GDD056	559847	5085000	943	58	32	56.1	Assays Pending
GDD057	559941	5084741	943	60	207	126.5	Assays Pending
GDD058	560096	5084789	943	21	58	257	Assays Pending
GDD059	559855	5084981	941	60	25	53	Assays Pending
GDD060	559938	5084739	943	38	265	63.7	Assays Pending

Table 1: Collar location details and assay results for holes GDD037 to GDD060

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JORC Code, 2012 Edition – Table 2 Gorno Historical Exploration Drilling Results

Section 1 Sampling Techniques and Data

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

Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
Sampling		Nature and quality of sampling (eg cut channels, random		Drill core was cored using NQ (GDD0037, 39, 41, 43, 44, 45, 47, 49, 50, 51, 53, and
techniques		chips, or specific specialised industry standard		54) and T2-66 (GDD038, 40, 42, 46, 48, and 53) core bits. NQ/T2-66 measurements
		measurement tools appropriate to the minerals under		ID of 47.6/51.7mm and an OD of 75.7/66.5mm (T2-66 is roughly equivalent to NQ).
		investigation, such as down hole gamma sondes, or		Core samples were half core cut using a diamond saw with half the core being
		handheld XRF instruments, etc). These examples should		dispatched to the laboratory, and half retained. Individual samples were taken on
		not be taken as limiting the broad meaning of sampling.		geological intervals with lengths ranging between 0.7m and 1.3m, and an ideal
		Include reference to measures taken to ensure sample		length of 1m. Core received to date is largely very competent and cuts well with
		representivity and the appropriate calibration of any		little material loss or contamination. Cut core samples were dispatched using a
		measurement tools or systems used.		reputable contract courier from site to the laboratory where half core is dried, then
		Aspects of the determination of mineralisation that are		crushed and pulverised to allow 85% to pass -75µm. A 0.15g-0.25g aliquot
		Material to the Public Report.		subsample of the pulverised sample was then dissolved in a four acid digest, and
		In cases where ‘industry standard’ work has been done		then analysed using an ICP-AES or ICP-AAS technique to determine grades of the
		this would be relatively simple (eg ‘reverse circulation		following elements Pb, Zn, As, Ag, Bi, Co, Cu, Fe, Mg, Mn, Ni. Further testworks
		drilling was used to obtain 1 m samples from which 3 kg		may be carried out in the future for other analytes.
		was pulverised to produce a 30 g charge for fire assay’).		Duplicates, blanks and certified reference materials were inserted into sample
		In other cases more explanation may be required, such		series at a rate of better than 3 in 20. In addition it is intended that at least one
		as where there is coarse gold that has inherent sampling		sample batch will be dispatched post analysis for a further umpire analysis.
		problems. Unusual commodities or mineralisation types		Mineralisation can be both contained in oxides and sulphide material. Historical
		(eg submarine nodules) may warrant disclosure of		studies and recent observations show very low levels of deleterious elements in
		detailed information.		both material types, however further studies must be completed to quantify this.
				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` T2-66 and NQ diamond core
		details (eg core diameter, triple or standard tube, depth		`o` NQ core oriented, T2-66 core not 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` T2-66 Diamec 252 Atlas Copco rig NQ Sandvik 130, and Diamec 262

Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
Drill sample		Method of recording and assessing core and chip sample		To date 60 holes have been completed, recovery on these holes has been
recovery		recoveries and results assessed.		acceptable, in excess of 97.6%. Any recovery loss was most likely the result of fine
		Measures taken to maximize sample recovery and		friable material being washed out from the core sample by the drilling fluid.
		ensure representative nature of the samples.		Observations to date suggest that this fine friable fraction is weathered oxidized
		Whether a relationship exists between sample recovery		lead and zinc sulphides, resulting in a loss of mineralized material from the core
		and grade and whether sample bias may have occurred		sample.
		due to preferential loss/gain of fine/coarse material.		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 3% 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
		For all sample types, the nature, quality and		sampled for that interval then inserted into pre numbered calico bags along with

Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
Sub-sampling		appropriateness of the sample preparation technique.		QA/QC samples. The sample preparation technique is deemed appropriate.
techniques		Quality control procedures adopted for all sub-sampling		Quality control procedures include following EMX standard procedures when
and sample		stages to maximise representivity of samples.		sampling, sampling on geological intervals, and reviews of sampling techniques in
preparation				the field.
(continued)		Measures taken to ensure that the sampling is		Field Duplicate samples are taken in the field at a rate of 1 in 20, and consist of ¼
		representative of the in situ material collected, including		core taken from the reserved ½ core.
		for instance results for field duplicate/second-half		The expected sample weight for 1m of half core T2-66 is approximately 2.7kg, and
		sampling.		NQ is 2.4kg. This sample weight should be sufficient to appropriately describe base
		Whether sample sizes are appropriate to the grain size		metal mineralisation grades from mineral particle sizes up to 5mm.
		of the material being sampled.
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 5 EMX holes have been twinned
		data verification, data storage (physical and electronic)		for metallurgical purposes. Assays for the EMX twins are still outstanding.
		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
				sent to Energia’s in house database manager for further validation. If corrections

Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
				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 teleview and
				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		The data spacing and distribution is currently insufficient to establish an
		appropriate for the Mineral Resource and Ore Reserve		appropriate degree of geological and grade continuity appropriate for
		estimation procedure(s) and classifications applied.		classification of Mineral Resources.
		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		GDD044,47,49, and 50 were drilled at a low angle to the dip and these intersection
structure		the orientation of key mineralised structures is		are considered to be biased. True width for these intersections is considered to
		considered to have introduced a sampling bias, this		be approximately 35% of the widths stated in the table, however this will need to
		should be assessed and reported if material.		be confirmed once collar surveys, hole deviation surveys, and geological modelling
				finalized.
				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 beingused to orient core and this alongwith a more refined

Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
				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	JORC Code explanation	Commentary	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 broadly stratabound with some breccia bodies and
				veining also occuring. It displays generally simple mineralogy of low iron

Criteria	Commentary	Commentary
Geology	sphalerite, galena, pyrite, and minor silver. Gorno lies in a part of the Italian
(Continued)	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
		and is referred to as the mineralised “black shales” of the Gorno deposits.

Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
Geology				`o` San Giovanni Bianco Formation: is composed of a thick alternation of marl,
(Continued)				sandstone, siltstone and mudstone which transitions at the top of the unit to
				cellular limestone and evaporitic vuggy dolomite, estimated thickness to be
				in the order 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
Information		understanding of the exploration results including a		in 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
		level in metres) of the drill hole collar
		`o` dip and azimuth of the hole

Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
Drill hole		`o` down hole length and interception depth
Information		`o` hole length.
(continued)		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, however high angle
lengths		reported, there should be a clear statement to this effect		intercepts are currently deemed unlikely, except as noted above results from
		(eg ‘down hole length, true width not known’).		GDD024.
Diagrams		Appropriate maps and sections (with scales) and		Please refer to Figures 1 to 14 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.
Balanced		Where comprehensive reporting of all Exploration		The results reported in the above text are comprehensively reported in a balance
reporting		Results is not practicable, representative reporting of		manner.
		both low and high grades and/or widths should be

Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
		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 Panel 7 mineralisation across strike and down plunge.
		Diagrams clearly highlighting the areas of possible		Please refer to Figure 1 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.

AI assistant

ALTAMIN LIMITED Capital/Financing Update 2016

64488_rns_2016-02-17_ada599d2-9c3e-4bc2-856a-a3a030cebc45.pdf

ASX Announcement

ASX Code EMX

Energia on track for maiden resource and Scoping Study at Gorno as drilling continues to expand Zorzone deposit

 Further high-grade intercepts from resource drilling include:

Competent Person Statement

JORC Code, 2012 Edition – Table 2 Gorno Historical Exploration Drilling Results

Section 1 Sampling Techniques and Data

Section 2 Reporting of Exploration Results

AI assistant

ALTAMIN LIMITED — Capital/Financing Update 2016

64488_rns_2016-02-17_ada599d2-9c3e-4bc2-856a-a3a030cebc45.pdf

ASX Announcement

ASX Code EMX

Energia on track for maiden resource and Scoping Study at Gorno as drilling continues to expand Zorzone deposit

 Further high-grade intercepts from resource drilling include:

Competent Person Statement

JORC Code, 2012 Edition – Table 2 Gorno Historical Exploration Drilling Results

Section 1 Sampling Techniques and Data

Section 2 Reporting of Exploration Results

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ALTAMIN LIMITED Capital/Financing Update 2016