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Novales-Udias

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Montserrat

The Novales-Udias Project is an advanced-stage zinc-lead asset located in northern Spain’s Basque-Cantabrian Basin, approximately 30km southwest of Santander. Anchored around the historically producing San Jose and Udias underground mines, the project offers a district-scale landholding with multiple granted mining tenements and extensive exploration upside.

Competent Person identified additional mineralization not currently included in the updated MRE; will form the basis of future targets for exploration drilling

Majority of Novales Trend yet to be drill-tested

Maiden drilling at Udias has intercepted substantial high-grade zinc intervals

Average grade of historic production reported as ~7% Zn with super high-grade lenses commonly returning 10-20% Zn and instances +30% Zn

High-Grade Resource with Near-Term Production Potential

In December 2024, Altoro published a JORC-compliant Mineral Resource Estimate for the San Jose Mine of 3.4Mt @ 7.61% Zn and 0.88% Pb. 

This includes Measured and Indicated resource categories and forms the basis for a pending Mine ReStart (Scoping) Study on restarting operations.

Mineral Resource Estimate delineated over 3 constituent zones 

Measured & Indicated Resources represent 67% of the Mineral Resource Estimate for San Jose Mine 

Grades in the Measured category are higher (9.18% Zn) than any other category / deposit 

Significant scope for resource growth as majority of Novales Trend not yet included, especially current drilling in Udias Mine 

Well positioned on grade curve of pre-production ASX-listed zinc deposits

The principal geological feature is a wide synclinal structure that characterizes the western end of the Basque-Cantabrian Basin, named the Santillana syncline, striking NE-SW.

Regional exploration potential for scale analogous to Reocín Mine (total past production and remaining resource 62Mt @ 8.7% Zn and 1.0% Pb).Reocín Mine is located on the southeast flank of the syncline.

Maiden drilling at the Udias Mine delivered high-grade zinc intercepts 

Mineralisation style is classic Mississippi Valley-Type (MVT): strata-bound, epigenetic, lenticular and sub-horizontal

Simple mineralogy consisting primarily of sphalerite, galena, and calamine

The project benefits from strong local community and government support due to historic mining in the region

Excellent infrastructure is already in place; sealed road access, deep water ports and international airport

Local workforce and skills development through School of Mines & Energy Engineering, University of Cantabria in nearby Torrelavega (16km from San Jose Mine).

The Novales-Udias project is centred on the 12km-long mineralised Novales Trend, a well-defined corridor hosting multiple historic workings and zones of zinc anomalism. 

Altoro has substantially grown its tenement holding in recent years to 111 sq km. 

Just 9km away lies the world-class Reocín deposit, formerly operated by Xstrata. It is one of the world's largest strata-bound carbonate-hosted Zn-Pb deposit and one of the richest Mississippi Valley-Type (MVT) deposits globally. 

The project is also located within trucking distance via highway to the San Juan de Nieva smelter; one of the world's largest zinc smelters, operated by Glencore.

Highly successful drilling campaigns have discovered multiple, new mineralised zones

Best drilling intercepts rank favourably against global peer group

Utilising our own drill rig, we are able to drill underground effectively and efficiently 

Drilling continues whilst Mine ReStart studies and development advance 

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