Altamin : Target's Statement

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Target's Statement

Altamin Limited (ABN 63 078 510 988)

This Target's Statement has been issued in response to the off-market takeover bid made by V B S Exchange Pty Limited (ABN 75 109 106 201) (VBS) for all of the ordinary shares in Altamin for $0.095 per ordinary share.

THE ALTAMIN DIRECTORS UNANIMOUSLY RECOMMEND THAT YOU REJECT THE OFFER FROM VBS BY TAKING NO ACTION

THIS IS AN IMPORTANT DOCUMENT AND REQUIRES YOUR IMMEDIATE ATTENTION.

If you are in any doubt about what to do, you should contact your broker or your legal, financial or other professional adviser as soon as possible.

Altamin Shareholders can contact the Altamin Shareholder Information Line on 1300 043 194 (callers within Australia) or +612 8355 1006 (callers outside Australia). The lines are open 9:00am to 5:00pm AEST, Monday to Friday (excluding public holidays).

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Important Information

To REJECT the Offer, you should TAKE NO ACTION in relation to all correspondence sent to you by VBS.

Key Dates

Note: The above dates are indicative only and may change without notice. The Company reserves the right to amend the timetable at any time.

Nature of this document

This document is a Target's Statement issued by Altamin Limited (ABN 63 078 510 988) (Altamin) under Part 6.5 of the Corporations Act in response to the off-market takeover bid announced on 3 May 2022 by V B S Exchange Pty Limited (ABN 75 109 106 201) (VBS) for all the ordinary shares in Altamin.

ASIC and ASX disclaimer

A copy of this Target's Statement has been lodged with ASIC and ASX on 17 June 2022. Neither ASIC, ASX nor any of their respective officers takes any responsibility for the content of this Target's Statement.

No account of personal circumstances

The information contained in this Target's Statement does not constitute personal advice. In preparing this Target's Statement, Altamin has not taken into account the objectives, financial situation or needs of individual Altamin Shareholders. It is important that you consider the information in this Target's Statement in light of your particular circumstances. You should seek advice from your financial, legal or other professional adviser before deciding whether to accept or reject the Offer.

Disclaimer as to forward-looking statements

Some of the statements in this Target's Statement may be in the nature of forward-looking statements. Forward-looking statements are subject to inherent risks and uncertainties. Those risks and uncertainties include factors and risks specific to the industry in which Altamin operates as well as

1 VBS also lodged on this date a Supplementary Bidder's Statement which attached a marked up copy of the Replacement Bidder's Statement against the Original Bidder's Statement.

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general economic conditions, prevailing exchange rates, interest rates and conditions in the financial markets. Actual events, results or outcomes may differ materially from the events, results or outcomes expressed or implied in any forward-looking statement. None of Altamin, its Related Bodies Corporate or any of its officers or employees, nor any persons named in this Target's Statement or any person involved in the preparation of this Target's Statement makes any representation or warranty (express or implied) as to the accuracy or likelihood of fulfilment of any forward-looking statement, or any events or results expressed or implied in any forward-looking statement, except to the extent required by law. You are cautioned not to place undue reliance on any forward-looking statement. The forward-looking statements in this Target's Statement reflect views held only as at the date of this Target's Statement. Except as required by applicable law or the Listing Rules, Altamin does not undertake to update or revise these forward-looking statements nor any other statements (written or oral) that may be made from time by or on behalf of Altamin, whether as a result of new information, future events or otherwise.

Disclaimer as to information on VBS

The information on VBS contained in this Target's Statement has been prepared by Altamin using publicly available information (including information contained in the Replacement Bidder's Statement) and has not been independently verified by Altamin. Accordingly, subject to the Corporations Act, Altamin does not make any representation or warranty (express or implied) as to the accuracy or completeness of such information.

Risk factors

Altamin Shareholders should note that there are a number of risk factors attached to their investment in Altamin and other risks which apply in the event the Offer is accepted. Section 6 of this Target's Statement sets out further information regarding those risks.

Reporting of Exploration Results, Mineral Resources, Scoping Study and Production Targets

The Exploration Results for the Punta Corna Project referred to in this Target's Statement are set out in Altamin's announcement titled 'Punta Corna Delivers Further High-Grade Cobalt, Nickel, Copper & Silver Results' released on 8 February 2021. Altamin confirms that it is not aware of any new information or data that materially affects the information included in that announcement.

The estimates of Mineral Resources for the Gorno Project referred to in this Target's Statement are set out in Altamin's announcement titled 'Updated Mineral Resource for Gorno' released on 15 November 2021. Altamin confirms that it is not aware of any new information or data that materially affects the information included in those announcements, and that all material assumptions and technical parameters underpinning the estimates in those announcements continue to apply and have not materially changed.

Altamin's Production Targets were announced on 24 November 2021 in its announcement titled 'Gorno Project Scoping Study Results'. Altamin confirms that all the material assumptions underpinning the Production Target and the forecast financial information derived from the Production Target in that announcement continue to apply and have not materially changed.

Information on the Company's Scoping Study for the Gorno Project in this Target's Statement is extracted from Altamin's announcement titled 'Gorno Project Scoping Study Results' released on 24 November 2021. The Company confirms it is not aware of any new information or data that materially affects the information in that announcement, and that all material assumptions and technical parameters underpinning the estimates in that announcement continue to apply and have not materially changed. As stated in the Scoping Study, there is a low level of geological confidence associated with Inferred Mineral Resources (as defined in the JORC Code) (which comprise 23% of the 9-year production period in the Scoping Study) and there is no certainty that further exploration work will result in the determination of Indicated Mineral Resources (as defined in the JORC Code) or that the production target itself will be realised.

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Foreign jurisdictions

The release, publication or distribution of this Target's Statement may be restricted by law or regulation in some jurisdictions outside Australia. Accordingly, persons outside Australia who come into possession of this Target's Statement should seek advice and observe any such restrictions. Any failure to comply with such restrictions may constitute a violation of applicable laws or regulations.

This Target's Statement has been prepared in accordance with Australian law and the information contained in this Target's Statement may not be the same as that which would have been disclosed if this Target's Statement had been prepared in accordance with laws and regulations outside Australia.

Privacy

Altamin has collected your information from its share register for the purpose of providing you with this Target's Statement. Such information may include the name, contact details and shareholdings of Altamin Shareholders and the names of persons appointed to act as proxy, attorney or corporate representative of Altamin Shareholders. Without this information, Altamin would be hindered in its ability to issue this Target's Statement. The Corporations Act requires the name and address of shareholders to be held in a public register. Personal information of the type described above may be disclosed on a confidential basis to Altamin and its Related Bodies Corporate, Altamin Shareholders and external service providers, and may be required to be disclosed to regulators, such as ASIC. If you would like details of information about you held by Altamin, please contact the Altamin Shareholder Information Line as set out below.

Diagrams

Diagrams appearing in this Target's Statement are illustrative only and may not be drawn to scale. Unless stated otherwise, all data contained in charts, graphs and tables is based on information available at the Last Practicable Date.

Effect of rounding

Figures, amounts, percentages, prices, estimates, calculations of value and fractions in this Target's Statement may be subject to the effect of rounding. Accordingly, the actual calculation of these figures may differ from the figures set out in this Target's Statement.

Currencies

In this Target's Statement, references to "Australian dollars", "AUD", "$", "A$" or "cents" are to the lawful currency of Australia.

This Target's Statement may contain conversions of relevant currencies to other currencies for convenience. These conversions should not be construed as representations that the relevant currency could be converted into the other currency at the rate used or at any other rate. Conversions that have been calculated at the date of this Target's Statement (or any other relevant date) may not correspond to the amounts shown in the historic or future financial statements of Altamin in respect of which different exchange rates may have been, or may be, used.

Time

All references to time in this Target's Statement are to Perth (AWST) time, unless otherwise stated.

Defined terms

Capitalised terms used in this Target's Statement are defined in paragraph 1.1 of Schedule 1. The rules of interpretation that apply to this Target's Statement are also set out in paragraph 1.2 of Schedule 1.

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Altamin Shareholder Information Line

If you have any questions about the Offer, please contact the Altamin Shareholder Information Line on 1300 043 194 (callers within Australia) or +612 8355 1006 (callers outside Australia). Alternatively, contact the chat line at http://chat4.shareholdersfirst.com.au, or scan the QR code.

The lines are open 9:00am to 5:00pm AEST Monday to Friday (excluding public holidays).