Alto Metals Limited (ASX: AME) (Alto or the Company) is pleased to announce that it has entered into a binding option agreement to acquire granted mining lease M57/659 within its 100% owned Sandstone Gold Project in Western Australia.

The granted mining lease M57/659 known as 'Lightning' sits within Alto's exploration licence E57/1033 and is located 3 kilometres west of the Company's granted mining lease M57/647, which hosts the Vanguard gold deposit (150,000oz at 2.0 g/t gold). The Lightning area is structurally complex with folded banded iron formation which are often well exposed. These interflow sediments may represent the mafic/ultramafic contact zone.

Highlights

Option agreement to acquire granted mining lease M57/659 'Lightning' gold prospect, located only 3km west of the 2.3Mt @ 2.0 g/t Au for 150,000oz Vanguard Camp The mining lease has had no RC drilling and remains untested at depth, however shallow high-grade gold mineralisation has been intercepted in limited historical RAB drilling including: o 12m @ 13.5 g/t gold from 25m incl. 1m @ 147 g/t gold from 25m and 1m @ 7.9 g/t gold from 36m (LR002) o 1m @ 4.5 g/t gold from 26m (LR033) o 1m @ 3.5 g/t gold from 46m (LWR129) Extensive shallow alluvial gold workings have been undertaken over the Lightning area, however the primary source of mineralisation has not yet been identified. A one kilometre long gold-in-soil anomaly (peak 242ppb), situated within a favourable structural setting, extends into Alto's exploration licence (E57/1033), where it remains open and untested by drilling.

Highlights (Continued)

The option complements Alto's growth strategy of focusing on near-term growth opportunities within the Alpha Domain, in parallel with testing priority high-grade regional gold targets. First pass air-core drilling at the Sandstone North gold target has been completed, with a total of 94 holes and 3,223 metres drilled. The first batch of samples have already been prepared and sent to the laboratory for assay. Alto's Sandstone Gold Project covers > 740km2 of the Sandstone Greenstone Belt in Western Australia and currently has an open pit gold resource of 17.6Mt @ 1.5 g/t gold for 832,000 oz, constrained within A$2,500/oz pit-shells. The optimised and pit-constrained MRE captures over 80% of the total unconstrained MRE of 23.5Mt at 1.4 g/t gold for 1.05Moz

The Lightning area is structurally complex with folded banded iron formation which are often well exposed. These interflow sediments may represent the mafic/ultramafic contact zone. Extensive shallow alluvial gold workings have been undertaken historically by various parties over the Lightning area, however the primary source of mineralisation has not been identified. Limited historical RAB drilling at Lightning prospect, has intersected shallow gold mineralisation, including: o 12m @ 13.5 g/t gold from 25m, incl. 1m @ 147.0 g/t gold from 25m and 1m @ 7.9 g/t gold from 36m (LR002) o 6m @ 1.2 g/t gold from 26m, incl. 1m @ 4.5 g/t gold from 26m (LR033) o 5m @ 1.2 g/t gold from 42m, incl. 1m @ 3.5 g/t gold from 46m (LWR129) Mineralisation intersected in drilling at Lightning appears to be associated with quartz veining within banded iron formation. This gold anomaly remains open and untested by drilling. The Company is continuing to compile and validate the historical data over the ML and surrounding Lightning area. This work will support targeting work, in preparation for further exploration activities, including additional geochemical sampling and follow up drilling.

Summary of the key terms of the option and tenement sale agreement Alto has signed a binding option and tenement sale agreement with a private vendor, who is an unrelated party, to acquire a 100% interest in granted mining lease M57/659 on the following key commercial terms: A cash payment of $20,000 as an option fee to the vendor; Alto has the right to exercise the option to acquire M57/659 at any time within two (2) years from signing of the option agreement, by giving notice to the vendor and paying $100,000; During the option period, Alto will meet the minimum expenditure commitment and keep the licences in good standing and There are no royalty's payable to the Vendor. The agreement is subject to a certain number of suspensive conditions required to be satisfied by the parties, including transfer of the Tenement

Drilling and ongoing exploration at Sandstone North

First pass air-core drilling at the Sandstone North gold target has been completed, with a total of 94 holes and 3,223 metres drilled. The first batch of samples have already been prepared and sent to the laboratory for assay. Further information on the ongoing exploration at Sandstone North, including pending assay results will be release when available. Refer to ASX Announcements released on 8 April 2024 and 25 March 2024 for further information.

Contact:

Matthew Bowles

Managing Director

Tel: +61 8 9381 2808

About Alto Metals

Alto Metals Ltd (ASX: AME) is an advanced gold explorer that owns the Sandstone Gold Project (100%) located in the East Murchison of Western Australia. The Sandstone Gold Project covers 740km2 of the Sandstone Greenstone Belt and currently has an optimised, open-pit constrained mineral resource estimate of 832,000oz gold at 1.5g/t, capturing over 80% of the unconstrained total MRE of 1.05Moz. Importantly the mineral resources are shallow with over 90% within 150m from surface Alto is currently focused on growing these resources through continued exploration success and new discoveries

Forward-Looking Statements

This release may include forward-looking statements. Forward-looking statements may generally be identified by the use of forward-looking verbs such as expects, anticipates, believes, plans, projects, intends, estimates, envisages, potential, possible, strategy, goals, objectives, or variations thereof or stating that certain actions, events or results may, could, would, might or will be taken, occur or be achieved, or the negative of any of these terms and similar expressions. which are only predictions and are subject to risks, uncertainties and assumptions which are outside the control of Alto Metals Limited. Actual values, results or events may be materially different to those expressed or implied in this release. Given these uncertainties, recipients are cautioned not to place reliance on forward-looking statements. Any forward-looking statements in this release speak only at the date of issue. Subject to any continuing obligations under applicable law and the ASX Listing Rules, Alto Metals Limited does not undertake any obligation to update or revise any information or any of the forward-looking statements in this release or any changes in events, conditions or circumstances on which any such forwardlooking statement is based.

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