Altamin Limited announced that it has executed a binding subscription and joint venture agreement with Appian Italy B.V (Appian) (Joint Venture Agreement), which replaces the binding term sheet with Appian Natural Resources Fund II acting by its general partner Appian Natural Resources Fund GP II Limited, the details of which were set out in Altamin's ASX announcement of 25 July 2022. Pursuant to the Joint Venture Agreement: Altamin's wholly owned subsidiary, Energia Minerals (Italia) SRL (EMI) will transfer the assets comprising the Gorno Project to a newly incorporated Italian joint venture company, Vedra Metals SRL (Vedra), which will be initially wholly owned by EMI; Appian may invest up to AUD 103 million (USD 65 million) to earn up to a 67.4% interest in Vedra, consisting of: first tranche of AUD 15.9 million (USD 10 million) committed funding for significantly expanded exploration and infill drilling campaign in excess of 20,000m, permitting and then completion of a definitive feasibility study (DFS), to earn up to 29.9%; and the right to fund up to a further AUD 87.3 million (USD 55 million) for project construction following a final investment decision (FID), to earn up to a further 37.5%, an amount sized to fund the expected project financing equity component for Gorno, based on the Scoping Study parameters. Following satisfaction of the applicable conditions precedent, Appian will invest an initial AUD 4.1 million (USD 2.6 million) to earn an initial interest in Vedra of approximately 9.96%, with the remaining first tranche funding to be drawn by Vedra when required after obtaining any requisite approvals under Italian law; and Altamin and Appian will share management of Gorno prior to FID and Altamin anticipates it will retain a 32.6% interest in Gorno once the project has been funded to commercial production based on the Scoping Study parameters.