Altamin (ASX:AZI) has completed a second funding drawdown of US$3.7 million in a joint venture (JV) agreement with European investment company Appian for the Gorno Project in Italy.
The company reports the Gorno project assets were transferred to Altamin’s special purpose vehicle Vedra Metals, which was established in December 2022 to develop Gorno. At the time Appian invested US$2.6 million to earn an initial 9.96% interest in Vedra.
The second drawdown of US$3.7 million of the US$10 million first tranche funding has increased Appian’s interest in the special purpose vehicle to 21.14%. Altamin reports all conditions relating to the first tranche have been satisfied, and the remaining US$3.7 million may be drawn by when required, which will result in Appian’s interest increasing to 29.85%.
This funding will be used to fund a ‘significant’ drilling campaign for about 19,000m, as well as advancing all permitting, a Definitive Feasibility Study (DFS), and building the in-country team in preparation for a Final Investment Decision (FID).
Commenting on the drawdown, Altamin Managing Director Geraint Harris says: “I am delighted to report that our joint venture with Appian is progressing well. We see that our development strategy at Gorno is benefiting not only from the necessary funding, but also from the enhanced project construction and operational skill sets that Appian is bringing to the table in support of our drilling and permitting activities at Gorno.
It is an exciting time to be involved in the development and growth activities at Gorno, particularly against the current background of strong support within the EU and Italian government to unlock the extraction of mineral resources in Europe.”
“We see that our development strategy at Gorno is benefiting not only from the necessary funding, but also from the enhanced project construction and operational skill sets that Appian is bringing”
The Gorno project is an advanced stage asset located in the Lombardy region of northern Italy, and presents the opportunity to deliver ‘high-grade’, clean zinc and lead concentrates to smelters and offtake customers in Europe.
Altamin is an ASX-listed base and battery metals exploration company focused on its portfolio of projects in Italy. These projects include the Gorno, Punta Corna, Campagnano, and Galeria projects. The company has also lodged applications over the Monte Bianco, Corchia, and Ferento projects.
Appian is a Europe-based investment advisor to long-term value-focused private equity funds that invest solely in mining and mining-related companies.
Images: Altamin Ltd
