Altamin’s $6.46M Equity Raise Priced at $0.025 per Share with Victor Smorgon Backing

Capital Raising Overview

Altamin Limited (ASX – AZI), an Australian-listed mining company focused on critical and base metals exploration in Italy, has launched a significant capital raising initiative. The company is offering a 45 for 100 accelerated pro-rata non-renounceable entitlement offer priced at $0.025 per new share, aiming to raise approximately AUD 6.46 million before costs. This equity raise is split into an institutional component, which successfully secured AUD 3.43 million, and a retail component now open to eligible shareholders.

Use of Proceeds and Strategic Focus

The funds raised will predominantly support exploration and development activities at Altamin’s flagship Lazio Project, a large-scale geothermal brine resource rich in sulphate of potash, lithium, and boron. Additionally, proceeds will maintain the Gorno Project, a high-grade zinc-lead-silver underground mine, in good standing while the company pursues a potential joint venture, sale, or further development. The Board retains discretion to adjust the allocation of funds as project priorities evolve.

Institutional Support and Retail Offer Details

The institutional entitlement offer was strongly supported by the Victor Smorgon Group, Altamin’s largest shareholder with over 53% voting power, which subscribed for its full entitlement of approximately AUD 3.43 million. The retail entitlement offer opened on 29 September 2025 and closes on 8 October 2025, inviting eligible retail shareholders in Australia, Italy, Japan, Mauritania, New Zealand, Singapore, Slovakia, and the United Kingdom to participate. Shareholders can subscribe for 45 new shares for every 100 shares held as of the record date, with entitlements being non-renounceable and non-transferable.

Offer Mechanics and Investor Considerations

Eligible retail shareholders may take up all or part of their entitlement and can apply for additional shares under a top-up facility, subject to availability and Board discretion. The offer is not underwritten, meaning there is no guarantee of full subscription, which introduces dilution risk for shareholders who do not participate. New shares issued will rank equally with existing shares and are expected to commence trading on the ASX from 14 October 2025.

Risks and Forward Outlook

Altamin’s disclosures highlight several risks including going concern considerations given the company’s cash position prior to the raise, uncertainties around the sale or joint venture of the Gorno Project, permitting and regulatory approvals in Italy, and market risks such as commodity price volatility and foreign exchange exposure. The company’s strategic focus on advancing the Lazio Project aligns with European Union priorities for critical minerals, but execution risks remain. Investors are advised to carefully consider these factors alongside their investment objectives.