Altair Minerals

Investor Insight

Altair Minerals is strategically positioned to unlock the value of its Venatica and Olympic Domain projects. By leveraging cutting-edge exploration techniques and its seasoned technical team’s expertise, the company is poised for significant copper and gold discoveries, presenting a compelling investment opportunity.

Overview

Altair Minerals (ASX:ALR) is an exploration company focused on unlocking significant copper and gold deposits through a disciplined and systematic approach. The company’s strategy centers on building a portfolio of high-quality assets with the potential to become Tier-1 discoveries, while advancing exploration on early-stage projects and actively evaluating opportunities to acquire advanced deposits and exploration assets.

Focused on copper and gold - critical metals for the global transition to renewable energy - Altair prioritizes systematic exploration campaigns to validate high-priority targets and seeks strategic partnerships to fund and accelerate its exploration efforts. By targeting projects which demonstrate potential to make tier-1 and large-scale discoveries in globally significant mining jurisdictions, Altair aims to position itself as an attractive leading exploration company to deliver maximum returns to shareholders.

Company Highlights

• Altair Minerals’ two world-class projects - Venatica in Peru and Olympic Domain in Australia - are located in globally significant mining districts, targeting Tier-1 copper and gold deposits.
• Venatica Project is a 337 sq km exploration project in the world-famous Andahuaylas-Yauri Porphyry Belt, featuring extensive copper-gold porphyry and skarn mineralization with proven high-grade historical production.
• The Olympic Domain project, located in South Australia’s Gawler Craton, is an 831 sq km IOCG project adjacent to BHP’s Oak Dam deposit (1.34 Bt @ 0.66 percent copper and 0.33 g/t gold) and boasts major analogous geophysical anomalies just 5 km from the Oak Dam deposit, indicative of significant mineralization.
• Historic sampling and exploration work was conducted at Venatica by INMET prior to its subsequent take over First Quantum for C$5.1 billion. The historic work has shown two major porphyry targets of 6 sq kmand 4 sq km, respectively, which have demonstrated abundant copper mineralisation at surface.
• Historic sampling at Venatica covers a small portion of the overall target, leaving substantial scope to expand its target size which remains open in all directions, these samples include:
  • 7.0 percent copper and 33 g/t silver (sample 2254)
  • 5.7 percent copper and 43 g/t silver (sample 4807)
  • 4.8 percent copper and 32 g/t silver (sample 15245)
  • 6.5 percent copper and 0.52 g/t gold (sample 4803)
  • 4.8 percent copper and 0.40 g/t gold (sample 4801)
• Advanced geophysical techniques, modernized modelling has refined drill at Olympic Domain which shows previous impressive holes have narrowly missed the true core of the IOCG body, which shows a target size larger than the adjacent Oak Dam deposit owned by BHP.
• Altair’s boasts a first class and leading technical exploration team, who have cumulatively contributed to 11.4 Mt of copper and 26 Moz of gold discoveries in the past two decades.

Key Projects

Venatica Project (Flagship) – Peru

The Venatica Project, Altair Minerals' flagship asset, is strategically situated in Peru’s Andahuaylas-Yauri Porphyry Belt, a globally significant copper-producing region. The project is neighboring and sitting along strike Tier-1 mines, including Las Bambas, Antapaccay and Haquira, collectively establishing the area as one of the world’s premier porphyry copper districts. These mines contribute significantly to Peru’s copper output, underscoring the region’s importance in the global supply chain. Spanning approximately 337 sq km, Venatica’s land package is strategically positioned along the northern extension of the batholith intrusion contact zone, a geological anomaly known for hosting large-scale copper deposits with no modern exploration. Altair holds a first-mover advantage, being the first company to test the extension of this trend which has without failure made Tier-1 discoveries every ~60 km. The project’s geology is characterized by a combination of porphyry and skarn mineralization, which underpins its exceptional exploration potential.

Within Venatica West, the Irka NE target, a copper-molybdenum-gold porphyry system with a lateral footprint of 4 sq km, has yielded exceptional surface sampling results, including reported historic grades of up to 9.5 percent copper, 4.6 grams per ton (g/t) gold, and 160 g/t silver.

Additionally, a porphyry-skarn target covering a 6 sq km footprint within the contact aureole of the Andahuaylas-Yauri Batholith has historically been mined via small-scale operations, with exploited grades of 4 percent copper at the base of 10 meter pits – and remaining open at depth. These targets align with regional structural controls, consistent with the characteristics of nearby Tier-1 deposits.

Historic exploration has been conducted highlighting Venatica’s tremendous potential, including geophysical surveys which have delineated two primary anomalies with strong structural controls, providing clear focus areas for future drilling. Over 140 stream sediment and rock chip samples have confirmed high-grade copper mineralization, alongside historical artisanal mining efforts, including shallow pits and shafts, that have validated the presence of high-grade copper near the surface, further supporting the project’s prospectivity.

Within Venatica East, major sets of stream anomalies have been identified over 5 times the background levels for Copper, delineating over 17km strike of anomalous zones for maiden exploration.

The stream anomalies present at Venatica East are analogous to the Haquira discovery (1.4 Bt @ 0.46 percent copper, taken over by First Quantum for C$650 million in 2010) – sitting along strike Venatica sharing the same trend, host rock and structural controls. Haquira was first identified through similar stream anomalies which, like Venatica, recorded over 5 times background levels for copper.

The project benefits from excellent infrastructure and logistics. Venatica is accessible via established road networks and is in close proximity to major mining hubs, ensuring cost-effective exploration and potential future development. The region is well-connected to the electrical grid, and nearby towns offer access to a skilled mining workforce familiar with the operating conditions in the region.

Venatica’s strategic location within one of the world’s most productive porphyry belts further adds to the attractiveness of the project. Neighboring operations, such as Las Bambas (1.87 Bt @ 0.62 percent copper) and Haquira (1.39 Bt @ 0.48 percent copper), highlight the region’s capacity to host massive copper deposits. Altair’s project lies along the same structural corridor, significantly increasing the likelihood of discovering a Tier-1 deposit.

Altair has an aggressive exploration program planned to advance Venatica toward discovery. A drilling campaign is scheduled for Q2 2025, targeting the vertical extensions of the identified porphyry and skarn systems. The drill campaign will be complemented by advanced geophysical and geochemical mapping to refine structural interpretations and geological models. Resource delineation efforts will focus on defining both the lateral and vertical extent of mineralized zones, with the ultimate goal of confirming Venatica’s Tier-1 potential.

Olympic Domain Project – South Australia

The Olympic Domain project, located in South Australia’s Gawler Craton, is one of the most promising IOCG (iron oxide copper gold) exploration projects globally. This region hosts renowned assets such as BHP’s Oak Dam and Carrapateena, and the world-class Olympic Dam deposit, underscoring its exceptional mineral potential. With an extensive land package spanning ~831 sq km, the project comprises three key prospects: Horse Well, Pernatty C and Lake Torrens, each with unique geological attributes indicative of Tier-1 mineral discovery potential. The key project area and most advanced target with historic drilling is Horse Well, located 2 km west of BHP’s Oak Dam (1.34 Bt @ 0.66 percent copper and 0.33 g/t gold). Strategically positioned within the Olympic Dam Lineament Corridor, a structural feature closely associated with significant IOCG systems, the project demonstrates substantial geological promise.

The Horse Well Prospect features a large ovoid conductive anomaly measuring 4.2 km in strike length and 1.9 km in width which is significantly larger than BHP’s Oak Dam deposit. Although historic drilling on its own accord is impressive, the recent maiden geophysics model shows these intercepts have narrowly missed the core of this anomaly – including 115 m @ 0.62 percent copper equivalent, 61 m @ 0.33 percent copper equivalent, and 70 m @ 0.67 percent copper equivalent, which confirm the presence of a mineralized halo, highlighting the assets tremendous potential, once intersecting the core of the IOCG.

The Pernatty C Prospect hosts untested conductive anomalies with geological characteristics akin to a high-grade polymetallic deposit, with structural mapping identifying cross-cutting faults acting as conduits for mineralizing fluids.

At Lake Torrens, gravity anomalies two to three times the size of Oak Dam’s suggest the presence of large-scale, untapped IOCG mineralization. Furthermore, Lake Torrens sits on a key annular mantle disruption, similar to the positioning of Olympic Dam and Oak Dam West and is located on the rare PD1 Lineament Corridor, famously used to target the Olympic Dam discovery.

Substantial exploration work has advanced the Olympic Domain project, refined its geological models and identified high-priority targets. Advanced AMT and magnetic surveys have delineated major conductive zones coinciding with structural and magnetic anomalies, located just 5 km northwest of BHP’s Oak Dam deposit, providing a clear focus for exploration. Structural mapping has revealed extensive faulting and brecciation, serving as pathways for IOCG fluid systems.

The project is bolstered by exceptional infrastructure that enhances its development and exploration potential. Proximity to major regional highways ensures efficient logistics for exploration and future operations. The site is also well-positioned near smelters, industrial hubs, and export ports, ensuring access to critical resources and services. South Australia’s mining-friendly jurisdiction provides a supportive regulatory environment and a skilled workforce, further strengthening the project’s viability.

Altair has developed an aggressive exploration strategy to fully unlock the project’s potential. A focused drilling campaign, planned for 2025, will target the untested cores of major geophysical anomalies, including the high-priority ovoid conductor at Horse Well. The company is undergoing negotiations with potential JV partners which will provide a non-dilutive pathway to unlocking full value for the asset and allow Altair to proceed with its endeavours in making a globally significant discovery within its wholly owned Olympic Domain project. Enhancements to AMT and an imminent follow-up TEM will refine anomaly resolution and allow for precise drill targeting. Efforts will focus on validating Tier-1 IOCG targets, with the potential for discoveries comparable to neighboring world-class deposits like Oak Dam.

Management Team

Faheem Ahmed – Chief Executive Officer

Appointed as CEO on March 21, 2024, Faheem Ahmed holds a Bachelor of Engineering and a Bachelor of Project Management. With over seven years of experience, he has a robust background in project evaluation, asset management, data analysis, lifecycle cost analysis, and risk modeling across sectors including infrastructure, mining, health and transport. Prior to joining Altair, Ahmed played a pivotal role in transitioning Viridis Mining & Minerals into the rare earths sector, contributing to its successful exploration and development strategy.

Mordechai Benedikt – Non-executive Chairman

Mordechai Benedikt brings over 12 years of experience in the food import industry and has been actively involved in export trade from Australia to Asia, establishing a vast international network. More recently, he has engaged in commercial property ventures and substantial investments in the public sector. His diverse business background provides valuable insights into strategic decision-making and corporate governance.

Nochum Labkowski – Non-executive Director

As the CEO and principal investor of Halevi Enterprises, a private equity firm, Nochum Labkowski oversees equity holdings in over 30 private companies with global real estate investments. His unique investment approach has yielded significant returns, and his leadership experience contributes to Altair Minerals' strategic growth initiatives.

Jamie Larmont – Non-executive Director

Jamie Larmont is a seasoned mining professional and corporate strategy expert. With a Bachelor of Engineering and over a decade of hands-on experience working with industry leaders, such as BHP and Rio Tinto, he has extensive expertise in operational and project management. Larmont's consultative work further enhances his understanding of operational strategy, project value analysis and corporate communication, making him a valuable asset to the board.

Justin Mouchacca – Company Secretary

Justin Mouchacca is a qualified chartered accountant and fellow of the Governance Institute of Australia, with over 15 years of experience in public company responsibilities, including statutory, corporate governance, and financial reporting requirements. He graduated from RMIT University in 2008 with a Bachelor of Business majoring in accounting and completed the Chartered Accountants Program in 2011. Mouchacca has been appointed company secretary and financial officer for several entities listed on the ASX and unlisted public companies, bringing a wealth of experience in corporate compliance and governance to Altair Minerals.

Chris Anderson – Technical Advisor, Australia

Chris Andersen has extensive expertise in geophysical modelling and targeted drill planning led to the Carrapateena IOCG discovery holes, subsequently sold to Oz Minerals. Carrapateena became Oz Minerals’ flagship asset prior to its AU$9.6B takeover by BHP.

Ken Cross – Technical Advisor, Australia

Ken Cross is a senior geologist at WMC Resources and following a role as senior research geologist at Olympic Dam. He has made significant contributions to IOCG geological modelling and exploration concepts.

Jim Hanneson – Technical Advisor, Australia

Jim Hanneson is a leading geophysicist known for his cutting-edge proprietary techniques and advanced 3D modelling. His expertise has been critical to the success of major discoveries, including Havieron and Carrapateena.

Steven Cooper – Exploration Manager, Australia

Steven Cooper has 35 years of hands-on experience in managing and evaluating mineral exploration programs. Cooper is poised to lead a dynamic new phase of exploration at Altair Minerals.