ALTAMIN LIMITED — Capital/Financing Update 2020

Feb 19, 2020

ASX Announcement

20 February 2020

==> picture [75 x 85] intentionally omitted <==

DRILLING RESULTS EXTEND MINERALISATION AT PIAN BRACCA

HIGHLIGHTS

• Pian Bracca drill program delivers further high grade and thick mineralisation within multiple stacked mineralised lenses, including:

• 6.8m at 8.8% Zn and 2.3% Pb (11.1% Zn+Pb) and 14g/t Ag from 16.3m (PBD07);

• 8.8m at 9.7% Zn and 4.9% Pb (14.6% Zn+Pb) and 36g/t Ag from drill collar (PBD09);

  • including 3.4m at 22.5% Zn and 11.3% Pb (33.8% Zn+Pb) and 89g/t Ag from 5.4m

• 8.7m at 13.3% Zn and 3.7% Pb (17.0% Zn+Pb) and 22g/t Ag from 5.2m (PBD11).

• Channel sampling returns some of the highest grades yet at the Gorno Project:

• 2.8m at 30.4% Zn and 5.0% Pb (35.4% Zn+Pb) and 41g/t Ag (PBCH14).

• Mineralisation has now been defined over a strike length of 250m, based on the first 13 holes of the current campaign, with next drilling due to step out to the west at Pian Bracca.

Alta Zinc Limited (Alta or the Company) (ASX: AZI) is pleased to announce the results of eight further drill holes and five new channel samples. Every hole analysed to date has intersected significant zinc, lead and silver mineralisation.

Drilling has extended the mineralisation to the east and confirmed that the ‘Breno’ lens hosts high-grades and is thickening to the east with demonstrated continuity. Within the Pian Bracca Zone drilling has identified multiple and closely-stacked layers of mineralisation which are accessible from existing underground development.

Geraint Harris, MD of Alta Zinc commented:

“ I am delighted that these exploration results continue to build upon the success of our first five holes and that within a such a short time frame our team is delivering consistently exciting grades and thickness. Our new mineralisation has lain undiscovered adjacent to old workings and is easily accessible from existing underground development”.

So far, the drilling has successfully defined the mineralisation and geology present in the central-eastern portion of the Pian Bracca Zone. Figure 1 is a long-section showing the position and results of reported drilling and channel sampling. Importantly, historical results show that Pian Bracca is open along strike to both the east and the west. The western extension will form the next phase of the drilling programme, where channel samples and historic data provide a guide to determine drill positioning. The aim will be to extend the known mineralisation to the west before looking to extend the mineralisation to the north, south and east (see Figure 2).

Alta Zinc Limited | ASX Code AZI | ABN 63 078 510 988

Level 3, Suite 3.5, 9 Bowman Street, South Perth, WA 6151, Australia Email: info@altazinc.com | Tel: +61 (0)8 9321 5000 | Fax: +61 (0)8 9321 7177 Website: www.altazinc.com

Page 1 of 22

==> picture [489 x 298] intentionally omitted <==

Figure 1: Long-section showing the reported 8 drill-holes & 5 channel samples

==> picture [496 x 303] intentionally omitted <==

Figure 2: Plan view of Pian Bracca structural corridor & recent drilling locations

Page 2 of 22

The channel sample lengths are limited by the height of the underground development but they consistently show mineralisation continuing into the floor and roof of the development drives. Samples from PBD09 and PBCH14 have returned some of the highest-grade intersections assayed at Gorno in modern times.

Table 1 below contains the highlighted mineral intervals from the reported drill-holes and channel samples. The selection criterion for highlighted holes is where grade is greater than 0.5% Zn and the interval contains a maximum of two consecutive samples with grades less than or equal to 0.5% Zn. The entire channel sample intersection from roof to floor are shown, including any non-mineralised sections.

Table 1: Highlighted drill results and channel samples (down hole thickness)

Hole ID	From	To	**Intercept **	Ag	Zn	Pb	Pb+Zn
	m	m	m	g/t	%	%	%
PBD06	13.9	16.8	2.9	11	5.1	1.4	6.5
PBD06	52.8	59.6	6.9	31	7.4	2.2	9.6
PBD07	16.3	23.0	6.8	14	8.8	2.3	11.1
PBD07	25.7	26.4	0.7	8	5.6	1.6	7.1
PBD08	11.5	12.2	0.7	1	5.1	0.1	5.2
PBD08	27.7	31.4	3.7	26	8.5	3.1	11.6
PBD08	34.0	37.1	3.1	42	12.5	3.6	16.2
PBD08	64.2	68.5	4.3	20	4.2	1.3	5.4
PBD09	0.0	8.8	8.8	36	9.7	4.9	14.6
PBD09 Including	5.4	8.8	3.4	89	22.5	11.3	33.8
PBD09	15.4	17.2	1.9	3	3.8	0.9	4.6
PBD09	27.4	28.1	0.7	5	3.1	1.2	4.3
PBD09	35.2	36.0	0.8	24	1.1	0.5	1.6
PBD09	80.5	85.1	4.6	25	9.8	3.5	13.4
PBD09A	0.0	10.1	10.1	5	1.5	0.9	2.4
PBD10	0.0	0.7	0.7	6	8.2	1.5	9.8
PBD11	0.7	2.2	1.5	3	1.8	0.1	1.9
PBD11	5.2	13.9	8.7	22	13.3	3.7	17.0
PBD11	55.4	59.8	4.4	44	3.0	1.1	4.0
PBD12	0.0	11.3	11.3	11	3.5	1.7	5.2
PBD12 including	2.0	7.4	5.4	21	6.7	3.3	10.0
PBCH10	0.0	2.4	2.4	21	16.2	2.4	18.6
PBCH11	0.0	2.3	2.3	12	5.3	1.9	7.2
PBCH12	0.0	2.1	2.1	9	4.2	1.7	5.8
PBCH13	0.0	2.7	2.7	6	2.7	1.3	4.0
PBCH14	0.0	2.8	2.8	41	30.4	5.0	35.4

Figure 3 shows an Alta Zinc geologist cutting channel samples on the 990m Level. The channel samples are taken by accurately cutting a slot of consistent width and depth perpendicular, where possible, to the orientation of the mineralisation. The sample is taken from roof to floor, including any non-mineralised sections, therefore providing a diluted and representative sample which can be used in a similar fashion to drill holes for the purpose of a Mineral Resource estimate.

The attitude of the mineralisation is thought to be generally dipping to the south-east at approximately 5- 10 degrees following and beneath a low angle thrust. Sections provided in the text show the interpreted attitude and thicknesses of the mineralised horizons, and the angles of intersections of the drill holes.

Page 3 of 22

==> picture [433 x 343] intentionally omitted <==

Figure 3: Channel sampling at Pian Bracca, also illustrating the highly visible sphalerite mineralisation

Figure 4 below shows a plan view of the reported drill holes, channel samples and drill pad locations on the 990m level, it also shows the location of the section lines corresponding to Figures 5 to 8.

==> picture [455 x 276] intentionally omitted <==

Figure 4: Plan view showing section locations relative to drilling and channel sampling

Page 4 of 22

Figures 5 and 6 are east-west long-sections that illustrate how recent drilling results clearly demonstrate the continuity of the multiple layers of mineralisation within the Pian Bracca Zone. The information from the current drilling and channel sampling is also consistent with the historical data, allowing the Company to rapidly advance the geological interpretation of the zone.

==> picture [480 x 355] intentionally omitted <==

Figure 5: Long-section showing the recent drilling and channel sampling within the Pian Bracca Zone

As exploration has progressed towards the east it has confirmed that the Breno mineralisation not only hosts high grades but also significantly thickens around the 990m level and remains open below that level. The new discovery of this un-mined mineralisation of significant grades and thickness, immediately adjacent to historical development, demonstrates the benefits of using focussed modern exploration at Gorno.

• The tremendous potential that exists to expand the Mineral Resource base within the entire Gorno zinc district is highlighted by the fact that significant undiscovered mineralisation has been found in the first phase of exploration, adjacent to old workings and within a limited footprint. This is highly encouraging when one considers the widespread extent of the other prospective historical workings at the Project.

Page 5 of 22

==> picture [494 x 364] intentionally omitted <==

Figure 6: Long-section showing the recent drilling and channel sampling within the Pian Bracca Zone

Figures 7 and 8 show oblique cross-sections through the current drilling area and illustrate the interpretation of the mineralisation and the geological structures intersected. The interpretation is based on current drilling, historical data and mapping, and recent mapping of mineral exposures in the underground development. The interpretation continues to indicate that the mineralisation remains open in all directions and on multiple horizons.

Page 6 of 22

==> picture [443 x 327] intentionally omitted <==

Figure 7: Oblique cross-section of the current drilling area within the Pian Bracca Zone

==> picture [444 x 327] intentionally omitted <==

Figure 8: Oblique cross-section of the current drilling area within the Pian Bracca Zone

Page 7 of 22

Drilling continues on budget and schedule and Alta looks forward to keeping shareholders updated with regular news as the drilling campaign progresses to further explore the exciting Pian Bracca Zone.

Authorised for ASX release by Mr Geraint Harris (Managing Director).

For further information, please contact:

Geraint Harris For other enquiries contact: Managing Director Adam Miethke Alta Zinc Limited Discovery Capital Partners info@altazinc.com info@discoverycapital.com.au

Competent Person Statement

Information in this release that relates to Exploration Results is based on information prepared or reviewed by Dr Marcello de Angelis, a Competent Person who is a Fellow of the Australasian Institute of Mining and Metallurgy (AusIMM). Dr de Angelis is a Director of Energia Minerals (Italia) Srl and Strategic Minerals Italia Srl (controlled entities of Alta Zinc Limited) and a consultant of Alta Zinc Limited. Dr de Angelis 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”. Dr de Angelis consents to the inclusion in this release of the matters based on their information in the form and context in which it appears.

Table 2: Locations of drill hole collars and channel samples (UTM-WGS84)

Hole ID	Easting	Northing	Elevation	Azimuth (TN)	Dip
	m	m	m	degree	degree
PBD06	560763	5085016	994.66	270	60
PBD07	560785	5085025	994.16	44	347
PBD08	560786	5085023	994.24	52	152
PBD09	560828	5085059	994.41	31	298
PBD09a	560828	5085060	994,29	-31	128
PBD10	560847	5085076	994.41	48	138
PBD11	560846	5085075	994.41	43	310
PBD12	560846	5085075	994	-38	310
PBCH10	560820	5085054	994	NA
PBCH11	560822	5085056	994
PBCH12	560837	5085068	995
PBCH13	560845	5085080	995
PBCH14	560845	5085078	990

Page 8 of 22

Table 3: Assay results of the current drill holes & channel samples

ID	From (m)	To (m)	Length (m)	Ag	Pb	Zn
				g/t	%	%
PBD06	0.00	0.80	0.80	2.00	0.29	0.11
PBD06	0.80	1.80	1.00	1.00	0.04	0.01
PBD06	1.80	6.40	4.60	1.00	0.03	0.01
PBD06	6.40	7.40	1.00	1.00	0.00	0.08
PBD06	7.40	8.40	1.00	1.00	0.00	0.00
PBD06	8.40	9.85	1.45	1.00	0.09	0.28
PBD06	9.85	10.85	1.00	1.00	0.01	0.04
PBD06	10.85	11.85	1.00	2.00	0.24	0.01
PBD06	11.85	12.85	1.00	1.00	0.02	0.01
PBD06	12.85	13.85	1.00	1.00	0.03	0.11
PBD06	13.85	15.10	1.25	2.00	0.14	2.00
PBD06	15.10	16.75	1.65	17.00	2.33	7.51
PBD06	16.75	18.00	1.25	1.00	0.04	0.08
PBD06	18.00	19.00	1.00	1.00	0.15	0.01
PBD06	19.00	20.00	1.00	1.00	0.02	0.01
PBD06	20.00	21.00	1.00	1.00	0.01	0.01
PBD06	21.00	22.00	1.00	1.00	0.03	0.09
PBD06	22.00	23.00	1.00	1.00	0.04	0.28
PBD06	23.00	24.00	1.00	1.00	0.00	0.01
PBD06	50.75	51.75	1.00	1.00	0.00	0.01
PBD06	51.75	52.75	1.00	1.00	0.00	0.01
PBD06	52.75	53.55	0.80	57.00	3.30	14.40
PBD06	53.55	54.47	0.92	4.00	0.34	0.80
PBD06	54.47	55.45	0.98	32.00	2.19	5.27
PBD06	55.45	56.45	1.00	1.00	0.00	0.01
PBD06	56.45	57.30	0.85	1.00	0.00	0.01
PBD06	57.30	58.00	0.70	36.00	2.76	9.77
PBD06	58.00	58.70	0.70	32.00	1.53	4.93
PBD06	58.70	59.60	0.90	88.00	7.87	25.60
PBD06	59.60	60.60	1.00	1.00	0.00	0.01
PBD06	60.60	61.60	1.00	1.00	0.01	0.02
PBD07	1.60	2.60	1.00	1.00	0.01	0.01
PBD07	2.60	3.60	1.00	1.00	0.02	0.02
PBD07	3.60	4.60	1.00	1.00	0.08	0.48
PBD07	4.60	5.60	1.00	1.00	0.00	0.02
PBD07	5.60	6.60	1.00	1.00	0.00	0.01
PBD07	14.20	15.20	1.00	1.00	0.02	0.02
PBD07	15.20	16.25	1.05	1.00	0.02	0.04

Page 9 of 22

ID	From (m)	To (m)	Length (m)	Ag	Pb	Zn
				g/t	%	%
PBD07	16.25	16.95	0.70	1.00	0.14	0.75
PBD07	16.95	18.10	1.15	1.00	0.08	0.33
PBD07	18.10	19.20	1.10	1.00	0.45	0.65
PBD07	19.20	20.00	0.80	3.00	0.78	0.50
PBD07	20.00	21.10	1.10	3.00	0.65	1.76
PBD07	21.10	22.20	1.10	68.00	10.50	45.32
PBD07	22.20	23.00	0.80	14.00	2.67	6.93
PBD07	23.00	24.00	1.00	1.00	0.20	0.33
PBD07	24.00	25.00	1.00	1.00	0.08	0.02
PBD07	25.00	25.70	0.70	2.00	0.29	0.41
PBD07	25.70	26.40	0.70	8.00	1.59	5.55
PBD07	26.40	27.40	1.00	1.00	0.00	0.02
PBD07	27.40	28.40	1.00	1.00	0.00	0.01
PBD07	30.00	31.00	1.00	1.00	0.00	0.01
PBD07	31.00	32.00	1.00	1.00	0.00	0.01
PBD07	32.00	32.70	0.70	1.00	0.04	0.03
PBD07	32.70	33.40	0.70	1.00	0.28	0.36
PBD07	33.40	34.40	1.00	1.00	0.04	0.12
PBD07	34.40	35.30	0.90	1.00	0.01	0.01
PBD07	35.30	36.30	1.00	1.00	0.01	0.01
PBD07	66.50	67.20	0.70	1.00	0.01	0.02
PBD07	69.00	70.10	1.10	1.00	0.01	0.13
PBD08	0.00	0.70	0.70	1.00	0.06	0.03
PBD08	0.70	1.40	0.70	1.00	0.00	0.01
PBD08	1.40	2.12	0.72	1.00	0.08	0.01
PBD08	2.12	2.85	0.73	1.00	0.03	0.24
PBD08	2.85	3.80	0.95	1.00	0.04	0.03
PBD08	3.80	4.80	1.00	1.00	0.02	0.05
PBD08	4.80	5.50	0.70	1.00	0.01	0.01
PBD08	5.50	6.30	0.80	1.00	0.04	0.03
PBD08	6.30	7.30	1.00	1.00	0.00	0.01
PBD08	7.30	8.00	0.70	2.00	0.31	0.03
PBD08	8.00	8.70	0.70	1.00	0.00	0.01
PBD08	8.70	9.40	0.70	1.00	0.01	0.02
PBD08	9.40	10.10	0.70	1.00	0.02	0.02
PBD08	10.10	10.80	0.70	1.00	0.17	0.30
PBD08	10.80	11.50	0.70	1.00	0.02	0.03
PBD08	11.50	12.20	0.70	1.00	0.10	5.14
PBD08	12.20	13.00	0.80	1.00	0.14	0.26
PBD08	13.00	14.00	1.00	1.00	0.01	0.02

Page 10 of 22

ID	From (m)	To (m)	Length (m)	Ag	Pb	Zn
				g/t	%	%
PBD08	14.00	15.00	1.00	1.00	0.00	0.01
PBD08	25.00	26.00	1.00	1.00	0.00	0.01
PBD08	26.00	27.00	1.00	1.00	0.01	0.02
PBD08	27.00	27.70	0.70	4.00	0.70	0.14
PBD08	27.70	28.90	1.20	15.00	2.36	5.48
PBD08	28.90	29.90	1.00	33.00	2.74	21.00
PBD08	29.90	31.35	1.45	30.00	4.08	2.37
PBD08	31.35	32.05	0.70	1.00	0.02	0.06
PBD08	32.05	33.05	1.00	1.00	0.21	0.03
PBD08	33.05	34.00	0.95	1.00	0.02	0.04
PBD08	34.00	34.70	0.70	28.00	3.25	12.50
PBD08	35.50	36.20	0.70	81.00	6.31	26.40
PBD08	36.20	37.10	0.90	22.00	1.87	1.74
PBD08	37.10	38.10	1.00	3.00	0.09	0.11
PBD08	38.10	39.10	1.00	1.00	0.02	0.14
PBD08	62.15	63.15	1.00	1.00	0.04	0.15
PBD08	63.15	64.15	1.00	1.00	0.05	0.37
PBD08	64.15	65.35	1.20	23.00	1.03	3.00
PBD08	65.35	66.05	0.70	1.00	0.09	0.55
PBD08	66.05	66.75	0.70	58.00	4.73	16.05
PBD08	66.75	67.55	0.80	18.00	0.79	3.04
PBD08	67.55	68.50	0.95	5.00	0.23	0.50
PBD08	68.50	69.50	1.00	1.00	0.00	0.02
PBD08	69.50	70.50	1.00	1.00	0.00	0.01
PBD08	76.35	77.35	1.00	1.00	0.01	0.10
PBD08	77.35	78.35	1.00	1.00	0.02	0.02
PBD08	78.35	79.05	0.70	1.00	0.02	0.16
PBD08	79.05	80.05	1.00	1.00	0.00	0.01
PBD08	80.05	81.05	1.00	1.00	0.00	0.01
PBD09	0.00	1.10	1.10	5.00	1.12	2.38
PBD09	1.10	1.90	0.80	5.00	1.26	2.14
PBD09	1.90	2.60	0.70	1.00	0.02	0.02
PBD09	2.60	3.44	0.84	10.00	2.77	4.04
PBD09	3.44	4.35	0.91	1.00	0.68	1.37
PBD09	4.35	5.40	1.05	1.00	0.26	0.18
PBD09	5.40	6.10	0.70	163.00	23.90	32.06
PBD09	6.10	6.90	0.80	134.00	16.85	34.90
PBD09	6.90	7.75	0.85	4.00	0.64	1.36
PBD09	7.75	8.75	1.00	72.00	6.96	24.00
PBD09	8.75	10.00	1.25	1.00	0.11	0.05

Page 11 of 22

ID	From (m)	To (m)	Length (m)	Ag	Pb	Zn
				g/t	%	%
PBD09	10.00	11.00	1.00	1.00	0.00	0.01
PBD09	11.00	12.00	1.00	1.00	0.00	0.00
PBD09	13.35	14.35	1.00	1.00	0.00	0.00
PBD09	14.35	15.35	1.00	1.00	0.00	0.01
PBD09	15.35	16.37	1.02	5.00	1.43	6.38
PBD09	16.37	17.20	0.83	1.00	0.14	0.59
PBD09	17.20	18.00	0.80	1.00	0.09	0.14
PBD09	18.00	19.00	1.00	1.00	0.03	0.10
PBD09	19.00	20.00	1.00	1.00	0.09	0.43
PBD09	20.00	21.00	1.00	1.00	0.23	0.32
PBD09	21.00	22.00	1.00	1.00	0.51	0.44
PBD09	22.00	23.00	1.00	1.00	0.24	0.01
PBD09	23.00	25.40	2.40	1.00	0.00	0.01
PBD09	25.40	26.40	1.00	1.00	0.00	0.05
PBD09	26.40	27.40	1.00	1.00	0.01	0.07
PBD09	27.40	28.10	0.70	5.00	1.20	3.13
PBD09	28.10	29.10	1.00	1.00	0.01	0.02
PBD09	29.10	30.10	1.00	1.00	0.00	0.00
PBD09	33.10	34.10	1.00	1.00	0.00	0.01
PBD09	34.10	35.20	1.10	7.00	0.16	0.09
PBD09	35.20	36.00	0.80	24.00	0.46	1.14
PBD09	36.00	37.00	1.00	1.00	0.00	0.01
PBD09	37.00	38.00	1.00	1.00	0.00	0.00
PBD09	77.77	78.77	1.00	1.00	0.04	0.10
PBD09	78.77	79.77	1.00	2.00	0.11	0.14
PBD09	79.77	80.50	0.73	1.00	0.14	0.18
PBD09	80.50	81.50	1.00	10.00	1.38	4.11
PBD09	81.50	82.50	1.00	9.00	1.21	1.31
PBD09	82.50	83.48	0.98	3.00	0.24	0.17
PBD09	83.48	84.18	0.70	11.00	1.68	1.06
PBD09	84.18	85.05	0.87	97.00	13.85	44.23
PBD09	85.05	86.00	0.95	2.00	0.16	0.12
PBD09	86.00	87.00	1.00	1.00	0.03	0.05
PBD09A	0.00	0.70	0.70	2.00	0.48	1.08
PBD09A	0.70	1.40	0.70	1.00	0.38	1.31
PBD09A	1.40	2.10	0.70	1.00	0.07	0.23
PBD09A	2.10	3.00	0.90	1.00	0.12	0.51
PBD09A	3.00	3.70	0.70	2.00	0.65	1.52
PBD09A	3.70	4.70	1.00	1.00	0.16	2.18
PBD09A	4.70	5.40	0.70	42.00	8.36	0.91

Page 12 of 22

ID	From (m)	To (m)	Length (m)	Ag	Pb	Zn
				g/t	%	%
PBD09A	5.40	6.40	1.00	6.00	0.85	3.66
PBD09A	6.40	7.10	0.70	4.00	0.59	2.26
PBD09A	7.10	7.70	0.60	1.00	0.20	0.20
PBD09A	7.70	8.40	0.70	1.00	0.25	0.98
PBD09A	8.40	9.40	1.00	3.00	0.58	1.97
PBD09A	9.40	10.10	0.70	2.00	0.19	0.87
PBD09A	10.10	10.90	0.80	1.00	0.04	0.37
PBD09A	10.90	11.80	0.90	1.00	0.04	0.01
PBD09A	11.80	12.50	0.70	2.00	0.17	0.60
PBD09A	12.50	13.50	1.00	1.00	0.02	0.12
PBD09A	13.50	14.50	1.00	1.00	0.00	0.02
PBD10	0.00	0.70	0.70	6.00	1.51	8.24
PBD10	0.70	1.70	1.00	1.00	0.00	0.02
PBD10	1.70	2.70	1.00	1.00	0.00	0.01
PBD11	0.00	0.70	0.70	2.00	0.06	0.16
PBD11	0.70	1.40	0.70	1.00	0.03	0.67
PBD11	1.40	2.20	0.80	4.00	0.17	2.78
PBD11	2.20	3.20	1.00	1.00	0.01	0.02
PBD11	3.20	4.20	1.00	1.00	0.01	0.03
PBD11	4.20	5.20	1.00	2.00	0.19	0.15
PBD11	5.20	6.10	0.90	26.00	4.02	11.40
PBD11	6.10	6.80	0.70	11.00	2.55	4.90
PBD11	6.80	7.50	0.70	16.00	3.76	19.80
PBD11	7.50	8.20	0.70	12.00	3.41	12.05
PBD11	8.20	8.90	0.70	12.00	2.70	31.29
PBD11	8.90	9.60	0.70	8.00	1.78	9.32
PBD11	9.60	10.30	0.70	15.00	3.86	17.35
PBD11	10.30	11.00	0.70	22.00	5.91	17.45
PBD11	11.00	11.75	0.75	6.00	1.49	4.04
PBD11	11.75	12.45	0.70	7.00	1.36	3.14
PBD11	12.45	13.15	0.70	107.00	9.09	10.20
PBD11	13.15	13.85	0.70	20.00	4.99	19.80
PBD11	13.85	14.85	1.00	1.00	0.02	0.01
PBD11	14.85	15.85	1.00	1.00	0.00	0.01
PBD11	53.35	54.35	1.00	3.00	0.06	0.19
PBD11	54.35	55.35	1.00	2.00	0.06	0.16
PBD11	55.35	56.05	0.70	63.00	1.70	13.10
PBD11	56.05	57.05	1.00	13.00	0.34	0.45
PBD11	57.05	58.05	1.00	39.00	0.80	0.46
PBD11	58.05	59.05	1.00	91.00	2.00	0.74

Page 13 of 22

ID	From (m)	To (m)	Length (m)	Ag	Pb	Zn
				g/t	%	%
PBD11	59.05	59.75	0.70	9.00	0.42	3.21
PBD11	59.75	60.75	1.00	3.00	0.06	0.09
PBD11	60.75	61.75	1.00	1.00	0.01	0.01
PBD12	0.00	1.00	1.00	6.00	0.32	0.74
PBD12	1.00	2.00	1.00	1.00	0.24	0.46
PBD12	2.00	2.70	0.70	25.00	5.04	12.35
PBD12	2.70	3.40	0.70	6.00	1.48	7.31
PBD12	3.40	4.25	0.85	4.00	1.00	4.93
PBD12	4.25	5.25	1.00	2.00	0.68	3.00
PBD12	5.25	6.05	0.80	74.00	10.20	12.15
PBD12	6.05	7.35	1.30	20.00	2.65	3.82
PBD12	7.35	8.35	1.00	1.00	0.15	0.30
PBD12	8.35	9.60	1.25	1.00	0.01	0.02
PBD12	9.60	10.30	0.70	8.00	1.62	2.11
PBD12	10.30	11.30	1.00	1.00	0.11	0.76
PBD12	11.30	12.35	1.05	1.00	0.03	0.16
PBD12	12.35	13.45	1.10	6.00	1.37	0.31
PBD12	13.45	14.55	1.10	1.00	0.11	0.06
PBD12	14.55	15.55	1.00	1.00	0.01	0.03
PBD12	15.55	16.55	1.00	1.00	0.00	0.01
PBCH10	0.00	0.80	0.80	26.00	2.60	19.10
PBCH10	0.80	1.55	0.75	30.00	3.34	24.20
PBCH10	1.55	2.35	0.80	8.00	1.18	5.84
PBCH11	0.00	0.70	0.70	1.00	0.10	0.21
PBCH11	0.70	1.50	0.80	14.00	3.17	9.55
PBCH11	1.50	2.30	0.80	20.00	2.10	5.50
PBCH12	0.00	0.70	0.70	17.00	2.80	9.73
PBCH12	0.70	1.35	0.65	9.00	2.05	1.96
PBCH12	1.35	2.05	0.70	1.00	0.15	0.70
PBCH13	0.00	0.80	0.80	3.00	0.67	0.29
PBCH13	0.80	1.70	0.90	2.00	0.26	0.13
PBCH13	1.70	2.70	1.00	13.00	2.71	6.91
PBCH14	0.00	0.80	0.80	61.00	6.88	45.92
PBCH14	0.80	1.65	0.85	68.00	8.52	52.73
PBCH14	1.65	2.75	1.10	5.00	0.84	1.74

Page 14 of 22

JORC Code, 2012 Edition – Table 4 Underground Face Sampling

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections)

Criteria JORC Code explanation	Criteria JORC Code explanation	Commentary
Sampling techniques	• Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. • Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. • Aspects of the determination of mineralisation that are Material to the Public Report. • In cases where ‘industry standard’ work has been done this would be relatively simple (e.g. ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g. submarine nodules) may warrant disclosure of detailed information.	• Samples were collected using face samples taken from underground drives using a diamond disc saw to trace the channel, and using geo picks, or hammer and chisels to dislodge mineralisation from the adit wall. Samples were collected at continuously along intervals ranging from 0.65 to 1.3 m, along the mineralised face, and composited, the length of each sample is given in Table 3. • Effort was made to ensure each individual sample was of similar size to others. The samples were dispatched using a reputable contract courier from site to the laboratory where it was dried, then crushed and pulverised to allow 85% to pass - 75μm. A 0.15g-0.25g aliquot subsample of the pulverised sample was then dissolved in a four acid digest, and then analysed using an ICP-AES or ICP-AAS technique to determine grades of the following elements Pb, Zn, As, Ag, Bi, Co, Cu, Fe, Mg, Mn, Ni. • Alta Zinc and laboratory QAQC completed with no issues being noted. The nature of the samples is representative of a grade thickness_._ • Mineralisation is entirely contained in sulphide material. Historical studies, and recent University preliminary observations show very low levels of deleterious elements, however further studies must be completed to quantify this. • Alta Zinc has exhaustive procedures and protocols in place to ensure that ‘Industry Standard’ is met as a minimum.
Data spacing and distribution	• Data spacing for reporting of Exploration Results. • Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. • Whether sample compositing has been applied.	• Data spacing is continuous along the channel, but vertical channel intervals are limited to the height of the drives. • Channels do not fully describe or encompass the true width of the mineralisation at the sample point, • No sample compositing has been applied other than previously mentioned_._
Orientation of data in relation to geological structure	• Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. • If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have	• Not applicable. • Not applicable

Page 15 of 22

Criteria JORC Code explanation	Criteria JORC Code explanation	Commentary
	introduced a sampling bias, this should be assessed and reported if material.
Sample security	• The measures taken to ensure sample security.	• Samples were dispatched from the Exploration Site using a single reputable contracted courier service to deliver samples directly to the assay laboratory where further sample preparation and assay occurs.
Audits or reviews	• The results of any audits or reviews of sampling techniques and data.	• Not applicable

Page 16 of 22

JORC Code, 2012 Edition –Table 5 Pian Bracca exploration drilling

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections)

Criteria JORC Code explanation	Criteria JORC Code explanation	Commentary
Sampling techniques	• Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. • Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. • Aspects of the determination of mineralisation that are Material to the Public Report. • In cases where ‘industry standard’ work has been done this would be relatively simple (e.g. ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g. submarine nodules) may warrant disclosure of detailed information.	• T2-76 and NQ diamond core was cut in half to provide a sample for assay typically weighing around 2-3 kg. Samples were submitted to the ALS facility in Rosia Montana, Romania for industry standard analytical analysis. • The half core and weight of the sample provide sufficient representivity. • No calibration of any equipment was required as all samples were sent for assay by commercial laboratory. • Mineralised core is visually identified, and then sampled in geological intervals using 0.7-1.3m intervals to obtain 2-3 kg samples.
Drilling techniques	Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc).	• Drill Type is Sandvik 130 drill rig. • Core not oriented, but a Televiewer system is used to define azimuth, inclination and structures of each drill hole. • Coring bit used in campaign: T2-76 and NQ diamond core.
Drill sample recovery	• Method of recording and assessing core and chip sample recoveries and results assessed. • Measures taken to maximize sample recovery and ensure representative nature of the samples. • Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.	• All core was logged for geology and RQD with recovery in the mineralised and sampled zone greater than 90%. • The T2-76 and NQ diameters and sampling of half core ensured the representative nature of the samples. • There is no observed relationship between sample recovery and grade, and with little to no loss of material there is considered to be little to no sample bias.

Page 17 of 22

Criteria JORC Code explanation	Criteria JORC Code explanation	Commentary
Logging	• Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. • Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. • The total length and percentage of the relevant intersections logged.	• All holes have been geologically logged on geological intervals with recording of lithology, grain size and distribution, sorting, roundness, alteration, veining, structure, oxidation state, colour and geotechnical data noted and stored in the database. All holes were logged to a level of detail sufficient to support future mineral resource estimation, scoping studies, and metallurgical investigations. • Oxidation, colour, alteration, roundness, sorting, sphericity, alteration and 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.
Sub-sampling techniques and sample preparation	• If core, whether cut or sawn and whether quarter, half or all core taken. • If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. • For all sample types, the nature, quality and appropriateness of the sample preparation technique. • Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples. • Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling. • Whether sample sizes are appropriate to the grain size of the material being sampled.	• All core was half cut using a table diamond saw. • Not applicable. • Mineralised core is visually identified, and then sampled in geological intervals using 0.7-1.3m intervals, the core is then half cut and half the core is wholly sampled for that interval then inserted into pre numbered calico bags along with QA/QC samples. The sample preparation technique is deemed appropriate. • Quality control procedures include following AZI standard procedures when sampling, sampling on geological intervals, and reviews of sampling techniques in the field. • Field Duplicate samples are taken in the field at a rate of 1 in 20, and consist of ¼ core taken from the reserved ½ core. • The expected sample weight for 1m of half core T2-76 is approximately 2.7kg, and NQ is 2.4kg. This sample weight should be sufficient to appropriately describe base metal mineralisation grades from mineral particle sizes up to 5mm.
Quality of assay data and laboratory tests	• The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. • For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. • Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) andprecision	• The digest method and analysis techniques are deemed appropriate for the samples. Four acid digestions are able to dissolve most minerals; however, although the term “near-total” is used, depending on the sample matrix, all elements may not be quantitatively extracted. The intended analysis techniques are ICP-AES (Atomic Emission Spectroscopy) and ICP-AAS (Atomic Absorption Spectroscopy) typically used to quantify higher grade base metal mineralisation. • No geophysical tools, spectrometers or XRF instruments have been used. • QA/QC samples (duplicates, blanks and standards) are inserted in the sample series at a rate of better than 3 in 20. These check samples are tracked and reported on for each batch. When issues are noted the laboratoryis informed and an

Page 18 of 22

Criteria JORC Code explanation	Criteria JORC Code explanation	Commentary
	have been established.	investigation begins defining the nature of the discrepancy, a suitable 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 AZI.
Verification of sampling and assaying	• The verification of significant intersections by either independent or alternative company personnel. • The use of twinned holes. • Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. • Discuss any adjustment to assay data.	• There has been no independent logging of the mineralised interval; however, it has been logged by several company personnel and verified by senior staff using core photography. • None of the reported holes are twinned holes. • All geological, sampling, and spatial data that are generated and captured in the field are 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 Alta’s in-house database manager for further validation. All geological, sampling, and spatial data that are generated and captured in the field are 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 Alta’s in- house database manager for further validation. • No adjustment was necessary.
Location of data points	• Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. • Specification of the grid system used. • Quality and adequacy of topographic control.	• Collar locations are designed using data acquired from surveying existing infrastructure using a total station. Once completed, drill holes are surveyed using a total station, and logged with a Televiewer system to define azimuth, inclination and structures of the drill hole. • The grid system used at Gorno is WGS_1984_UTM_Zone_32N. Easting and Northing are stated in meters. • The topographic surface of the area is based on 1:10000 scale topographic maps issued by Regione Lombardia, derived from restitution of orthophoto mosaics with an accuracy of ±2m horizontal and ±5-10m vertical.
Data spacing and distribution	• Data spacing for reporting of Exploration Results. • Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. • Whether sample compositing has been applied.	• Results from all drill holes are being reported. All samples were collected at from 0.7 to 1.3m intervals down hole. • No Mineral Resource or Ore Reserve are being reported. • Sample composites were not employed.
Orientation of data in relation to	• Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. • If the relationship between the drilling orientation and the	• Reported holes were drilled at an average declination and azimuth as stated in Table 2 of the accompanying report. • The attitude of the mineralisation is thought to be generally dipping to the south- east at approximately5-10 degrees followinga low angle fault direction. Some

Page 19 of 22

Criteria JORC Code explanation	Criteria JORC Code explanation	Commentary
geological structure	orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.	intersections may be biased. True width for these intersections will be confirmed once collar surveys, hole deviation surveys, and geological modelling is finalized. Sections provided in the text show fairly accurate depictions of the attitude of the mineralised horizons, and angle of intersections of the drill holes.
Sample security	• The measures taken to ensure sample security.	• Samples were dispatched from the Exploration Site using a single reputable contracted courier service to deliver samples directly to the assay laboratory where further sample preparation and assay occurs.
Audits or reviews	• The results of any audits or reviews of sampling techniques and data.	• Reviews of sampling techniques and material sampled are undertaken regularly to 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 Alta Zinc.

Section 2 Reporting of Exploration Results

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

Criteria JORC Code explanation	Criteria JORC Code explanation	Commentary
Mineral tenement and land tenure status	• Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. • The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.	• The Gorno Lead Zinc Mineral District is located in the north of Italy, in the Lombardy Province. The Gorno Project is made up four (4) granted exploration permits and one (1) Mining Licence. These leases are 100% owned and operated by Energia Italia, a 100% owned subsidiary of Alta Zinc Ltd. All permits are valid at the time of this report. • All tenements are in good standing and no impediments to operating are currently known to exist.
Exploration done by other parties	• Acknowledgment and appraisal of exploration by other parties.	• A significant amount of work was undertaken by ENI subsidiaries in the region, notably SAMIM, an Italian state-owned company and part of the ENI group. Drilling works completed in the period between 1964-1980 have been compiled and digitised by Alta Zinc. A significant amount of work has been completed in the Gorno Mineral District 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 Mineral District in 1978, and the project closed in 1980.

Page 20 of 22

Criteria JORC Code explanation	Criteria JORC Code explanation	Commentary
Geology	• Deposit type, geological setting and style of mineralisation.	• The Gorno Mineral District is an Alpine Type Lead-Zinc deposit (similar to Mississippi Valley Type Lead Zinc deposits). The mineralisation is broadly stratabound with some breccia bodies and veining also observed. It displays generally simple mineralogy of low iron sphalerite, galena, pyrite, and minor silver. Mineralisation is hosted by the Metallifero Formation which consists of predominantly limestones with interbedded shales in the higher parts of the sequence. 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.
Drill hole Information	• A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material 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 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.	• Information material to the understanding of the exploration results is provided in the text of the release. • No information has been excluded.
Data aggregation methods	• In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (e.g. cutting of high grades) and cut-off grades are usually Material and should be stated. • Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade 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.	• Not applicable. • Not applicable. • No metal equivalents are used.
Relationship between mineralisation widths and	• These relationships are particularly important in the reporting of Exploration Results. • If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.	• All drill holes are variable orientated. Little confidence has been established in the orientation of the mineralisation at this stage other than a general dip and strike. • The mineralisation is currentlythought to be roughlytabular and dippingto the

Page 21 of 22

Criteria JORC Code explanation	Criteria JORC Code explanation	Commentary
intercept lengths	• If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (e.g. _‘down hole length, true width not known’). _	south-south west at an angle of approximately 5 degrees. • True widths of intercepts are not known at this stage.
Diagrams	• Appropriate maps and sections (with scales) and 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.	• Please refer to Figures 1 to 8 for these data.
Balanced reporting	• Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.	• The results reported in the above text are comprehensively reported in a balanced manner.
Other substantive exploration data	• Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; 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.	• Not applicable
Further work	• The nature and scale of planned further work (e.g. tests for lateral extensions or depth extensions or large-scale step-out drilling). • Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.	• Future works at Gorno will test the continuity of mineralisation at Pian Bracca (including Pian Bracca down-plunge), Colonna Fontanone, and regional exploration works. • Please refer to Figures 1 to 8 for areas that are open to extensions.

Page 22 of 22