December 2024 Quarterly Activities Report & Appendix 5B

Altair Minerals Limited (ASX: ALR) (‘Altair or ‘the Company’) is pleased provide an update in relation to the activities carried out during the December 2024 quarter.

Key Developments & Exploration Progress

• Major untested conductive and phase anomaly were both identified proximal to each other within Altair’s Olympic Domain Project which is highly prospective for IOCG style mineralisation.¹
• The newly uncovered conductive and phase anomaly body1 located ~5km Northwest of BHP Oak Dam Deposit (1.34Bt @ 0.66% Cu & 0.33g/t Au)²
• Ovoid conductive anomalous body shares parallels to those of Khamsin and Carrapateena deposits, with a follow up with TEM survey that can precisely identify the depth of the body for drill targeting¹
• Previous drilling appears to have narrowly missed the newly identified phase anomaly with impressive results on the mineralised halo surrounding the target anomaly^{1, 5, 6, 7}:
  • HWDD08: 115m @ 0.32% CuEq from 1040m (Drilled ~2km North of main phase anomaly)
  • HWD1: 61m @ 0.33% CuEq from 901m
  • HWDD05: 115m @ 0.62% CuEq from 1095m (Drilled ~700m North of conductive high)
  • HWDD05W1: 70m @ 0.67% CuEq from 962m
• Altair executive team continued reviewing multiple complimentary business opportunities in the resources sector globally.

OLYMPIC DOMAIN PROJECT

The Olympic Domain Project consists of three prospects (Horse Well, Pernatty C, Lake Torrens) situated in one of the largest copper provinces in the world – the Gawler Craton, which hosts mega-IOCG discoveries such as Oak Dam West, Olympic Dam, Prominent Hill and Carrapateena.

Figure 1: Horse Well Total Magnetic Intensity (TMI) overlaid with TMI variable reduction to pole (VRTP) 2nd derivative - SARIG. Shown are two of Altair’s key high-priority magnetic targets1.

The Horse-Well Project represents a strategic opportunity for Altair, being the only project held by a junior exploration company in the vicinity (merely 2km away) of BHP’s Oak Dam West discovery with a recently defined inferred resource of 1.34Bt @ 0.66% Cu and 0.33g/t Au, including 220Mt @ 1.96% Cu and 0.68g/t Au². The Horse-Well Project consists of EL’s 6122 and 6183 spanning a large area of 147km² with initial drill results within geophysical anomalies having returned very positive levels of Cu-Au mineralisation associated with IOCG style alteration, with the possibility that these represent intersections peripheral to major targets.

During the quarter, Geophysical Audio Magnetotelluric (AMT) data acquired across Horse-Well in 2019 reprocessing was finalised as part of Altair’s strategy for the next step in targeted work plans. The 3D forward geophysics model has defined major conductive and phase anomalous bodies which has shown significant scale to host a potential large IOCG deposit which is analogous to the genesis of the Oak Dam Deposit.

The AMT data model includes 220 different sounding stations covering an area of 146km2, with conductivity and phase readings across a spectrum of 90 frequencies at each sounding station with additional repeat soundings for both Conductivity and Phase, leading to a model formed from analysing ~40,000 data points. For further detail see announcement dated 4th of December 2024¹

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