Alta Zinc : Scoping Study Presentation

Gorno Scoping Study | November 2021 | ASX: AZI

ACN: 078 510 988

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Developing European Metal Producer

ALTA ZINC LIMITED

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CAUTIONARY STATEMENT

This presentation contains summary information about Alta Zinc Limited (Alta Zinc or the Company).

Summary of information: This presentation contains general and background information about the Company's activities current as at the date of the presentation, and (i) does not purport to be complete; and (ii) should not be considered to be comprehensive or to comprise all the information that an investor should consider when making an investment decision. The information is provided in summary form, has not been independently verified, and should not be considered to be comprehensive or complete. The Company is not responsible for providing updated information and assumes no responsibility to do so.

Not financial product advice: This presentation is not financial product, investment advice or a recommendation to acquire the Company securities and has been prepared without taking into account the objectives, financial situation or needs of individuals. Before making an investment decision prospective investors should consider the appropriateness of the information having regard to their own objectives, financial situation and needs, and seek legal, taxation and financial advice appropriate to their jurisdiction and circumstances. The Company is not licensed to provide financial product advice in respect of its securities or any other financial products. Cooling off rights do not apply to the acquisition of the Company securities. The Company assumes that the recipient is capable of making its own independent assessment, without reliance on this document, of the information and any potential investment and will conduct its own investigation.

Disclaimer: The Company and its related bodies corporate and each of their respective directors, agents, officers, employees and advisers expressly disclaim, to the maximum extent permitted by law, all liabilities (however caused, including negligence) in respect of, make no representations regarding, and take no responsibility for, any part of this presentation and make no representation or warranty as to the currency, accuracy, reliability or completeness of any information, statements, opinions, conclusions or representations contained in this presentation. In particular, this presentation does not constitute, and shall not be relied upon as, a promise, representation, warranty or guarantee as to the past, present or the future performance of the Company.

Forward looking statements: This presentation may contain certain forward-looking statements and opinions including projections, forecasts and estimates (together forward looking statements) which may not have been based solely on historical facts, but rather may be based on the Company's current expectations about future events and results. Where the Company expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, forward looking statements are subject to risks, uncertainties, contingencies, assumptions and other factors, many of which are outside the control of the Company all which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements. Forward looking statements are inherently uncertain and may therefore differ materially from results ultimately achieved. Alta Zinc does not make any representations and provides no warranties concerning the accuracy of any forward looking statements or likelihood of achievement or reasonableness of any forward looking statements. Past performance is not necessarily a guide to future performance. The Company does not undertake any obligation to release publicly any revisions to any forward-looking statement to reflect events or circumstances after the date of this presentation, or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws.

Risks: An investment in the Company is subject to investment and other known and unknown risks, some of which are beyond the control of the Company. Such risks include, but are not limited to metals price volatility, currency fluctuations, increased production costs and variances in ore grade or recovery rates from those assumed in mining plans, as well as political and operational risks, and governmental regulation and judicial outcomes.

Not an offer: This presentation is for information purposes only. The presentation does not comprise a prospectus, product disclosure statement or other offering document under Australian law (and will not be lodged with ASIC) or any other law. This presentation also does not constitute any invitation, offer for sale or subscription or any solicitation for any offer to buy or subscribe for any securities nor shall they or any part of them form the basis of or be relied upon in connection therewith or act as any inducement to enter into any contract or commitment with respect to any securities.

Monetary values: Unless otherwise stated, all dollar values are in US dollars (US$).

No Distribution in the US: This presentation is not an offer of securities for sale in the United States. Any securities to be issued by the Company have not been and will not be registered under the US Securities Act of 1933, as amended (the US Securities Act) and may not be offered or sold in the United States absent registration or an exemption from registration under the US Securities Act. No public offer of the securities is being made in the United States and the information contained herein does not constitute an offer of securities for sale in the United States. This presentation is not for distribution directly or indirectly in or into the United States or to US persons.

No distribution: Distribution of this presentation may be restricted by law. Persons who come into possession of this presentation should seek advice on and observe any such restrictions. Any failure to comply with such restrictions may constitute a violation of applicable securities laws.

ALTA ZINC LIMITED | Investor Presentation | November 2021 | 2

EUROPE'S NEXT CLEAN ZINC PRODUCER

Rönnskär

Smelter

Kokkola

Smelter

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Alta is committed to becoming a key supplier of clean concentrate to European zinc smelters

• Europe & Italy is focussed on the security and sustainability of its metal supply
• Europe is currently experiencing a 300kt p.a. deficit for clean concentrate
• The scoping study has a defined a clear path to base metal production

First mover advantage in base metal rich Italian province

• Previously, Italy had 25 operational base and precious metals mines.
• As of 2017, there were 2196 industrial minerals mines and quarries active but no operational metals mines
• Significant opportunity to further grow project pipeline through exploration of Punta Corna and development of green & brownfield assets

High quality resource with significant upside

• High grade mining inventory: 7.8Mt at 6.8% Zn, 1.8% Pb and 32 g/t Ag
• Additional exploration target of 17Mt - 22Mt

Significantly de-risked, sustainable operation

• Strong engagement with government and local support
• Low impact production through efficient mine design
• Robust economic fundamentals to drive shareholder value
• Proven management team with a strong track record of delivery

Høyanger

Smelter

Odda

SmelterNikkelverk

Smelter

Bergsöe

Smelter

Nordeham

Smelter

Budel Smelter

Balen/Pelt

Smelter

Auby

Smelter

Gorno

Asturias Zinc

San Juan de Nieva

Smelter

Porto Vesme

Harjavalta

Smelter

Boleslaw

Smelter

Copșa Mică

Smelter

ALTA ZINC LIMITED | Investor Presentation | November 2021 |

GORNO, UNIQUELY POSITIONED IN ITALY

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Historical operation, idle since 1982, Gorno will be Italy's first metal mine in 40 years

Located within historic high-grade zinc and lead mining province

Close proximity to national rail and port infrastructure for distribution to off-takers

Significant organic upside with scalable production and low capital intensity

Local skilled labour market, also established fabrication and service providers

Low technical, geological, financial and jurisdictional risk

ALTA ZINC LIMITED | Investor Presentation | November 2021 |

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COMMITMENT TO SUSTAINABLE OPERATION

Alta has placed ESG at the heart of the development of Gorno and is driving the project to be a low impact & sustainable operation, with a positive legacy for the local community, Italy and the EU

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SOCIAL ENGAGEMENT

• Alta has local support for the re-start of Gorno in an historical mining area
• Regional and national government backing
• Limestone waste placed into the domestic economy
• Strong history of foreign and national investment into the region

ENVIRONMENTAL STEWARDSHIP

• Baseline EIA running since 2015
• Recycling of tailings in backfilling of mine
• Small footprint UG mine design reducing impact
• No surface tailings storage required
• Clean metallurgy eliminating need for harmful chemicals

SMART MINING

• Use of conveyor system to limit noise pollution
• Ore sorting technology reduces tailings, energy usage and process plant size
• Existing infrastructure to house processing facility
• Brownfield site significantly limits the impacts of new development

ALTA ZINC LIMITED | Investor Presentation | November 2021 | 5