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Altamin / Appian Joint Venture – Vedra

Gorno is owned and operated by an incorporated Italian joint venture company, Vedra Metals Srl (Vedra), a special purpose company established to operate and fund the project.

Altamin’s highly experienced Italian team are directly employed by Vedra to manage the project, with the
support of Appian’s technical team, with workstreams to achieve a final investment decision (FID):

The workstreams are funded by Appian’s first tranche US$10 million investment.

The material terms of the joint venture agreement or contained in Altamin’s ASX announcement
dated 19 October 2022.


JV funding

Appian may invest up to US$65 million to earn up to a 67.4% interest in Vedra:

• first tranche of US$10 milliion to earn up to ~ 29.9%

• the right to fund up to a further US$55 million for project construction following FID to earn a further 37.5%

Altamin and Appian share management of Gorno prior to FID and Altamin anticipates it will retain a 32.6% interest in Gorno once the project has been funded to commercial production based on the November 2021 Scoping Study parameters.


About Appian

Appian Capital Advisory LLP is a European headquartered investment advisor to long-term value-focused private equity funds that invest solely in mining and mining-related companies. With experience in South America, North America, Europe, Australia and Africa it has a successful track record of supporting companies to achieve their development targets cross, across a global operating portfolio.


The Appian team has a long history of successfully bringing mines through development and into production, having completed 7 mine builds in the last 4 years.

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