Altamin Acquires Remaining 29.85% Stake in Vedra, Gains 100% Ownership

Altamin Completes Full Acquisition of Vedra Metals

Altamin Limited (ASX: AZI) has officially completed the acquisition of the 29.85% interest in Vedra Metals Srl previously held by Appian Italy B.V., consolidating its ownership to 100%. This milestone follows the receipt of all necessary regulatory approvals in Italy and the settlement of the nominal initial consideration of €1.00 by Altamin’s wholly-owned subsidiary, Energia Minerals (Italia) S.r.l.

The acquisition terminates the prior joint venture arrangements with Appian, granting Altamin full control over the Gorno Project, a high-grade zinc and lead asset located in northern Italy’s Lombardy region. This streamlined ownership structure is expected to simplify any future sale processes and support ongoing efforts to advance the project towards commercial production.

Strategic Options and Financial Terms

Under the terms of the acquisition agreement, Appian retains a contingent interest should Altamin dispose of its stake in Vedra or the Gorno Project. Appian may elect to receive either 15% of the net proceeds from such a sale or a US$10 million royalty payable in five annual installments once commercial production is achieved. This arrangement balances Altamin’s desire for full operational control with Appian’s ongoing financial participation in the project’s success.

Altamin has signaled its intention to realise value from the Gorno Project either through a direct or indirect sale or by continuing to progress the project towards a final investment decision (FID). The company is weighing whether advancing the definitive feasibility study (DFS) or submitting the mining lease (ML) application will enhance the attractiveness of the asset to potential buyers.

Regulatory and Environmental Considerations

Currently, Vedra is conducting an environmental impact assessment (EIA) related to the CIME exploration permit, a prerequisite step before submitting the ML application. The EIA process is expected to take approximately 12 months, which may delay the ML submission beyond the initially estimated June 2025 timeline. This environmental review is critical for securing the necessary permits to advance mining operations.

Altamin’s management, led by Interim Managing Director Stephen Hills, remains focused on navigating these regulatory milestones while maintaining flexibility to capitalise on market opportunities. The company’s broader portfolio, including geothermal and cobalt projects in Italy, complements its base metals ambitions and underscores its strategic commitment to the region.

Implications for Investors and the Market

With full ownership of Vedra and the Gorno Project, Altamin is better positioned to unlock value from this advanced-stage zinc and lead asset. The consolidation removes joint venture complexities, potentially accelerating decision-making and enhancing appeal to strategic partners or buyers. However, the timeline for environmental approvals and mining leases introduces an element of uncertainty that investors will watch closely.

As Altamin balances development progress with potential disposal strategies, the market will be attentive to updates on the EIA, ML application, and any emerging sale processes. The company’s ability to navigate these next steps effectively will be pivotal in realising the Gorno Project’s value proposition.