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Ethiopian Cu-Au-Ag Portfolio
E x p l o r i n g t h e A r a b i a n N u b i a n S h i e l d
Q 4 2 0 2 0
EXPLORE DISCOVER REPEATAIM ALS TSX.V ALTS OTC ALTUF
2AIM ALS TSX.V ALTS OTC ALTUF EXPLORE DISCOVER REPEAT
Disclaimer and Forward Looking Statement
This presentation is being made only to and is directed at:
Persons who have professional experience in matters relating to investments falling within
Article 19(1) of the Financial Services and Markets Act 2000 (Financial Promotion) Order
2005 (the ‘’Order’’);
Or
High net worth entities and other persons to whom it may otherwise lawfully be communicated,
falling within Article 49(1) of the Order (all such persons together being referred to as ‘’relevant
persons’’).
Any person for whom this does not apply should not act or rely on this presentation or any of its contents.
3AIM ALS TSX.V ALTS OTC ALTUF EXPLORE DISCOVER REPEAT
Introduction
▪ 100 % owned and managed by Altus Strategies Plc, a group of proven mine finders and builders
▪ An established and growing portfolio of gold and copper projects in northern Ethiopia
▪ Three projects covering 877 km2 of the highly prospective Arabian Nubian Shield:
• Daro: 411.7 km2 5 prospects defined within 21 km of VMS / Au prospective ophiolite belt
• Zager: 284.9 km2 > 27 km of VMS / Au prospective ophiolite belt
• Tigray–Afar: 180.3 km2 > 5 km drill ready sediment hosted copper (SSHC) target
Daro: high grade gossan up to 34 % CuTigray: oxide copper above SSHC target Zager: Alluvial Au workings
4AIM ALS TSX.V ALTS OTC ALTUF EXPLORE DISCOVER REPEAT
Projects Overview
5AIM ALS TSX.V ALTS OTC ALTUF EXPLORE DISCOVER REPEAT
Team & Corporate Structure
Ashenafi Meresa (Senior Geologist) > 7 years’ exploration experience across
Ethiopia, Cameroon and Morocco. Holds an MSc in Economic Geology and an
Honours degree in Applied Geology, both from Mekelle University.
Will Slater (VP Operations) - Geologist with over 10 years’ experience in running
programmes across Africa. Involved in the management of reconnaissance,
drilling and resource stage exploration programmes.
Bayeligne Meshesha (Administration & Logistics Manager) > 40 years of
experience in project management and administration in Ethiopia across a wide
variety of sectors.
Steven Poulton (Director) - Mining Geologist with over 20 years’ experience. Co-
founder of Altus, Ariana, African Aura [Afferro / Avesoro] and Stellar
Diamonds.
Matthew Grainger (Director) - Mining Geologist with over 20 years’ experience.
Co-founder of Altus, Ariana and former COO of African Aura [Afferro /
Avesoro].
100%
100%
100%
Daro
[Cu-Au-Ag]
Zager
[Cu-Au-Ag]
Tigray-Afar
[Cu-Au-Ag]
100%
Dr, Richard Belcher (VP Exploration) - Over 17 years’ experience in Africa and
Europe on a range of commodities from grass-roots to resource. Held
management positions with several junior companies.
6AIM ALS TSX.V ALTS OTC ALTUF EXPLORE DISCOVER REPEAT
▪ One of the world’s top 10 growth countries for 15 years running
▪ Second most populous country in Africa (108 million people)
▪ Second fastest growing economy globally in 2018 (8.2 % GDP growth); Africa’s highest growth country
▪ Excellent infrastructure, multiple programmes under construction to modernise road, rail, power and airlines
- 5,000 km of rail lines currently in development by a consortium of nations including China & Brazil
- Largest wind power project in Sub-Saharan Africa completed 2013, 40 km from Tigray-Afar Project
- 58 regional airports with 16 domestic routes operated by Ethiopian Airlines
▪ Peace accord signed in 2018 with Eritrea and bilateral relations restored after 20 years of tensions
Ethiopia – Attractive investment destination
Addis Ababa – Djibouti railway (2018) Extensive modern road networkAddis Ababa
7AIM ALS TSX.V ALTS OTC ALTUF EXPLORE DISCOVER REPEAT
▪ Producer of gold, potash, tantalum, diamonds, $US3.5bn of FDI in mining since 2013
▪ Recent reduction in corporate tax rate from 35 % to 25 %; government holds a 5 % minimum equity stake
▪ Reforms to attract mining investment include extending duty free access and building infrastructure improvements
Ethiopia – Emerging mining industry
Company Ticker Target MCAP Asset
Kefi Minerals AIM:KEFI Au $US18m Tula Kapi (1.72 Moz)
ASCOM Precious metals Co private Au n.a. Dish Mountain (1.46 Moz)
Newmont - Goldcorp NYSE:NEM Au $US28.16bn Exploration
East Africa Metals TSX-V:EAM Au-Cu-Ag C$37.7m Harvest & Adyabo Projects (PEA / mining permit)
MIDROC Gold Mine Pvt. Ltd. Co. private Au n.a. 3m oz Lega Dembi gold mine (140 koz/yr)
Danakili ASX:DNK Potash $US194.35 1.3 Gt @ 11 % K20 & 6 % kieserie
Circum Minerals Ltd private Potash n.a. 2.8 Gt @ 18.6 % KCl
Yara International NO:YAR Potash $US11.7bn Dallol BV Potash Project
8AIM ALS TSX.V ALTS OTC ALTUF EXPLORE DISCOVER REPEAT
Tigray: a major new exploration district
9AIM ALS TSX.V ALTS OTC ALTUF EXPLORE DISCOVER REPEAT
Tigray: a major new exploration district
10AIM ALS TSX.V ALTS OTC ALTUF EXPLORE DISCOVER REPEAT
Tigray: Tier-1 geological belts
▪ Short-wave infra red remote (SWIR) remote sensing
defines key targets and prospective lithologies
across Daro & Zager licences
▪ Identical lithologies underlie operational mines of
SRBG in Eritrea and prospects of East African
Metals in Ethiopia including:
• Asmara (Au-Cu projects)
• Harvest & Abyabo (Au-Cu projects)
11
Daro Cu-Au-Ag Project
EXPLORE DISCOVER REPEATAIM ALS TSX.V ALTS OTC ALTUF
12AIM ALS TSX.V ALTS OTC ALTUF EXPLORE DISCOVER REPEAT
2017 2018 2019
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
Daro: Overview
▪ 411.7 km2 licence in northern Ethiopia with multiple Cu, Au and Ag discoveries
▪ >21 km of prospective ophiolite belt lithologies that traverse the project area
▪ Licence granted in 2017 with 5 prospects identified to date for potential VMS Cu-Au-Ag & orogenic Au deposits
▪ Work programmes have included:
- Stream sediment sampling - Rock-chip sampling - Pitting and channelling
- Sentinel remote sensing - Geological mapping - Reconnaissance geophysics (gravity)
Keren: new
orogenic lode Au
prospect defined
Wedi Keshi: new
orogenic lode Au
prospect defined
270 km2 stream
sediment survey
completed
Gossan float
(34.3%)
at Teklil
Wedihazo: new
Cu VMS prospect
defined
13 km of artisanal
workings defined via
remote sensing
Daro: licence
awarded
Trial gravity survey
undertaken and anomaly
at Teklil
Teklil: new Cu-Au-
Ag±Zn-Co VMS
prospect
Sentinel remote
sensing targets
generated
Simret: new Ag-
Au-Pb VMS
prospect defined
13AIM ALS TSX.V ALTS OTC ALTUF EXPLORE DISCOVER REPEAT
▪ Located on the Arabian Nubian Shield that hosts numerous
VMS & other gold mines in Saudi Arabia, Egypt, Sudan and
Eritrea
▪ Within the Neoproterozoic Nafka terrain, host to the Bisha
(Zinjin) & Asmara (Sichuan Group) polymetallic mines
▪ 3 x VMS prospects defined with key indicators observed:
• Located within 21 km long ophiolite belt
• High grade gossans and zones of stockworking
• Altered sericite-chlorite gabbros and pillow basalts
• Tuffs and Fe-exhalatives near gravity anomaly
• Bimodal metavolcanic assemblages
▪ 2 x orogenic lode gold prospects defined featuring:
• Multiple zones of hard rock and alluvial workings
• Quartz veining within kaolinised quartz porphyry
• Quartz veins with visible gold up to 91 g/t Au
Daro: Licence Overview
14AIM ALS TSX.V ALTS OTC ALTUF EXPLORE DISCOVER REPEAT
▪ 2.5 km Teklil prospect with Cu-Au-Ag ± Zn-Co mineralisation
▪ Geology considered prospective for VMS systems:
• Felsic schist (tuff) – mafic (pillow) contact
• A break in volcanic activity for sulphide genesis
• Mineralisation in rocks after this volcanism
▪ Gossanous outcrops mapped discontinuously along 900m of
strike and up to 15m wide
▪ Gossanous float of 34.3 % Cu, 24.0 % Cu & 22.7 % Cu
▪ Highly anomalous cobalt results up to 496 ppm Co
▪ Significant alluvial and hard-rock artisanal gold workings
▪ In-situ chert unit in northern Teklil returned 4.4 g/t Au
▪ Preliminary gravity survey defined anomaly coincident with:
• Outcrop of gossan with up to 6.95 % Cu
• Potential haematitic jasperiod exhalative horizon
• Chalcopyrite-pyrite veinlets and stockworking
Daro: Teklil VMS Prospect
15AIM ALS TSX.V ALTS OTC ALTUF EXPLORE DISCOVER REPEAT
Daro: Teklil VMS Prospect – trial gravity survey
16AIM ALS TSX.V ALTS OTC ALTUF EXPLORE DISCOVER REPEAT
Daro: Teklil VMS Prospect – mineralisation markers
17AIM ALS TSX.V ALTS OTC ALTUF EXPLORE DISCOVER REPEAT
150 m
N
1.95 g/t
4.40 g/t
6.5 g/tLEGEND
> 10 % Cu
1.0 – 10 % Cu
0.5 – 1.0 % Cu
0.2 – 0.5 % Cu
> 1 g/t Au
> 100 g/t Ag
Alluvial working
Hard-rock working
mG
als
Bo
ug
er
de
nsity
2.3
g/
cm
3
Te
rra
in C
orr
ectio
ns: r
= 2
.5 k
m b
y D
EM
Daro: Teklil VMS Prospect – targets confirmed
Mineralisation in gossan (34 % Cu)
Quartz with acanthite (203 g/t Ag)
Haematitic exhalative units (umber?)
Significant pyrite in stockworks
Hard-rock artisanal gold workings
Copper-bearing gossan (7.5 % Cu)
1.16 g/t
11.6 %
Contact between mafic igneous
rocks and tuffaceous units:
representing transition to
period of volcanic quiescence
Road cutting
Ccp-Py stringers
In-situ gossan
at 6.9 % Cu
18AIM ALS TSX.V ALTS OTC ALTUF EXPLORE DISCOVER REPEAT
Boudinaged haematitic exhalative unit (possibly umber) Quartz float with 203 g/t Ag and 0.7 % Pb
Gossanous sample of float returning 34.3 % Cu Highly developed gossans
Daro: Teklil VMS Prospect – photos
19AIM ALS TSX.V ALTS OTC ALTUF EXPLORE DISCOVER REPEAT
Gold nugget recovered by artisanal minersCross-cutting smoky quartz veins in an artisanal working
Sizable hard-rock gold working Approximately 3 m high artisanal excavation face
Daro: Teklil VMS Prospect – photos
20AIM ALS TSX.V ALTS OTC ALTUF EXPLORE DISCOVER REPEAT
Wedihazo Prospect
▪ Target discovered uphill of 22.3 % Cu float sample
▪ Copper mineralisation exposed in-situ along 100 m of strike and
up to 15 m wide with assay results consistently > 1 % Cu
▪ Pervasive malachite mineralisation in chert units
▪ Gold also present with 1.19 g/t Au from initial rock-chips
Simret Prospect
▪ Discovery from regional stream sampling programme
▪ High Ag-Au-Pb results from quartz veins, including:
• Silver up to 944 g/t, 540 g/t and 340 g/t Ag
• Gold up to 8.64 g/t, 3.55 g/t and 2.56 g/t Au
• Lead up to 2.73 %, 2.72 % and 2.02 % Pb
▪ Sheeted dyke complex, bimodal metavolcanics and tuffs
▪ Artisanal gold workings in river channels
Cupriferous float sample from Wedihazo - 22.3 % Cu
Quartz vein with plumbous acanthite – 944 g/t Ag
Daro: Wedihazo & Simret VMS Prospects
21AIM ALS TSX.V ALTS OTC ALTUF EXPLORE DISCOVER REPEAT
Argentiferous quartz vein at Simret Landscape across the prospects
Wide copper-bearing outcrop at Wedihazo Pervasive copper mineralisation
Daro: Wedihazo & Simret VMS Prospects – photographs
22AIM ALS TSX.V ALTS OTC ALTUF EXPLORE DISCOVER REPEAT
▪ 2 km long Wedi Keshi prospect ranging from 100–300 m wide
▪ Discovered in Q” 2019 from Sentinel remote sensing
▪ NNE-trending kaolinised quartz-feldspar porphyry intrusion
▪ Intense localised argillic alteration of the feldspar component
▪ Sporadic milky and smoky quartz veins, with visible gold
▪ Initial rock chip results from quartz veins include:
• 14.1 g/t, 10.1 g/t, 8.5 g/t and 7.3 g/t Au
▪ Wall-rock containing auriferous quartz veins up to 2.6 g/t Au
▪ Three hard-rock artisanal workings mapped, each reaching
depths of approximately 3 - 4 m
▪ Numerous alluvial gold workings observed in the main valley
traversing the intrusion as well along 1st order drainages
▪ Follow up exploration to include channel and trench sampling in
order to define potential drill targets
Daro: Wedi Keshi Gold Prospect
23AIM ALS TSX.V ALTS OTC ALTUF EXPLORE DISCOVER REPEAT
Zone of intense koalinisationAltered quartz-porphyry intrusive
Hard-rock artisanal trench Sulphide mineralisation in quartz spoil (14.1 g/t Au)
Daro: Wedi Keshi Gold Prospect – photographs
24AIM ALS TSX.V ALTS OTC ALTUF EXPLORE DISCOVER REPEAT
▪ Discovered by highly anomalous results from a stream sediment
survey that covered 261 km2
▪ > 2 km potential strike length defined to date
▪ In-situ rock-chip samples returning consistently with > 0.5 g/t Au
and up to 10.35 g/t Au over wider stockworks
▪ Isolated samples of quartz have assayed at 91 g/t and 52 g/t Au
▪ Clear carbonate-pyrite-silica alteration haloes observed surrounding
auriferous veins
▪ Systematic channel sampling programme recently completed to
test the width of mineralisation
▪ Follow-up of high grade vein targets planned
Daro: Keren Gold Prospect
Keren gold prospect
Quartz stockworking
25AIM ALS TSX.V ALTS OTC ALTUF EXPLORE DISCOVER REPEAT
▪ > 13 km of artisanal gold workings have been mapped downstream of Keren & Wedi Keshi along the Leto River
▪ Active miners target and extract alluvial gravels for subsequent panning within the river
▪ Workings range in size from individual pools up to densely pitted gold fields covering entire meander bars
▪ Further downstream, multiple extensive zones of workings up to 200 m long and 100 m wide exist
▪ Pits are typically shallow (0.5–1.5 m) however some are excavated to depths of 2–3 m
▪ Panned gold includes coarse and sub-angular nuggets indicating relative proximity to source
Daro: Keren Gold Prospect – alluvial workings
Keren gold prospect
Alluvial gold field, c. 200 m long and 100 m wide, downstream of Keren and Wedi Keshi along the Leto River covering a meander point bar
26AIM ALS TSX.V ALTS OTC ALTUF EXPLORE DISCOVER REPEAT
Relatively coarse and angular nuggets of goldGold recovered through panning of alluvium
Active panning in the Leto River Area of densely spaced pits up to 2-3 m deep
Daro: Keren Gold Prospect – photos
27
Zager Cu-Au-Ag Project
EXPLORE DISCOVER REPEATAIM ALS TSX.V ALTS OTC ALTUF
28AIM ALS TSX.V ALTS OTC ALTUF EXPLORE DISCOVER REPEAT
▪ 284.9 km2 licence in northern Ethiopia with potential for VMS as well as orogenic lode gold mineralisation
▪ Licence granted in Q2 2019; exploration programmes focusing on priority remote sensing targets
▪ Extensive artisanal gold workings identified from satellite imagery within > 27 km of prospective ophiolite belt
▪ Situated within the Nafka terrain of the Arabian Nubian Shield
▪ Strategic location, contiguous with East Africa Metals’ Adyabo development project and in relative close proximity to
licences held by Newmont Goldcorp and Sun Peak
▪ Project serviced by excellent infrastructure including high voltage power line, roads and a regional airport
Zager: Overview
Landscape across the Zager licence Alluvial gold workingsExcellent access
29AIM ALS TSX.V ALTS OTC ALTUF EXPLORE DISCOVER REPEAT
Zager: Licence
30AIM ALS TSX.V ALTS OTC ALTUF EXPLORE DISCOVER REPEAT
Zager: Geology
31AIM ALS TSX.V ALTS OTC ALTUF EXPLORE DISCOVER REPEAT
Sampling a stockworked dyke and nearby quartz vein
Pyrite-mineralised chloritic schist
Zager: Prospective geology
▪ The geology at Zager is considered prospective for volcanogenic
massive sulphide and orogenic lode gold deposits
▪ Licence contains a sizeable NE-SW trending fault-bound
package of undifferentiated (ultra)mafic rocks interpreted to
represent an ophiolite complex
▪ Other prospective units identified to date include pyrite bearing
black slates and felsitic dykes, being notable targets in Ethiopia
▪ Evidence of significant hydrothermal alteration, with quartz
veining and mineralisation across Zager, e.g.:
• Downslope of the largest hard-rock working, multiple
articles of semi-gossaniferous float with significant
remnant pyrite boxworking have been found
• A number of boudinaging iron-quartz breccias have been
observed
32AIM ALS TSX.V ALTS OTC ALTUF EXPLORE DISCOVER REPEAT
Zager: Extensive alluvial gold mining activity
Main river:
upstream
catchment
entirely within
licence area
Area of deepest
and, allegedly,
most productive
pitting
1,0
00 m
550 m
Aerial view of workings
ELUVIAL
WORKINGS
ALLUVIAL
WORKINGS
Pits several metres deep with
distinct alluvial gravel horizons
▪ Remote sensing utilising satellite imagery has identified
numerous zones of artisanal alluvial gold mining activity
▪ Large areas are often found on meander point bars and
palaeoterraces along major rivers
▪ Excavations usually closely spaced pits and trenches, a few
metres deep with some reaching 6-7 m depth
▪ Two extensive alluvial gold fields have been mapped to
date within separate drainages:
• 1,400 m long and 400 m wide, and
• 1,000 m long and 550 m wide (see picture right)
▪ Miners actively targeting the easily identifiable alluvial
gravel horizons and also collecting alluvium from small pits
in narrow first and second order drainages
▪ Workings provide useful indicators for isolating potential
hard-rock gold source terrains
33AIM ALS TSX.V ALTS OTC ALTUF EXPLORE DISCOVER REPEAT
Zager: Extensive alluvial gold mining activity – photographs
Deep alluvial pitting, some reaching c. 5 m Local miner employing a metal detector to find gold-in-soil
Active panning for gold Extensively worked meander point bar
34AIM ALS TSX.V ALTS OTC ALTUF EXPLORE DISCOVER REPEAT
Largest working approximately 10 m wide and deep
Excavation targeting dark smoky quartz veinlets
Zager: Hard-rocking artisanal workings
▪ A series of hard-rock workings have been discovered across the
northwest of the licence area:
• Largest is c. 10 m wide and deep, although reportedly this
pit reached 20 m depth prior to backfilling
• Others are smaller pits and shafts a few metres wide and
reaching 10-15 m deep (with wooden supports)
▪ Hard-rock workings hosted within different rock-types, including
black slates, chloritic schists and gabbros
▪ Boudinaging smoky and white quartz veins are often visible in
the walls of the excavations
▪ Mineralisation has been identified in the black slates (significant
pyrite disseminations) as well as traces within the spoil of the
dark smoky quartz (pyrite and Cu-oxides)
▪ Local workers target dark smoky quartz rock-chips with visible
gold mined from veinlets
35AIM ALS TSX.V ALTS OTC ALTUF EXPLORE DISCOVER REPEAT
Sampling a newly excavated working Smoky quartz chips with visible gold
Pits with quartz veins exposed in the walls Pyrite-rich black slates
Zager: Hard-rocking artisanal workings – photographs
36AIM ALS TSX.V ALTS OTC ALTUF EXPLORE DISCOVER REPEAT
Zager: Prospective geology – photographs
Semi-gossaniferous float with notable boxworking Narrow iron-quartz breccia
Serpentinised gabbro within the interpreted ophiolite belt Intense alteration zone with disseminated pyrite
37AIM ALS TSX.V ALTS OTC ALTUF EXPLORE DISCOVER REPEAT
Significant quartz vein: 50 m long and 5-10 m wide
Pyrite-bearing quartz veinlet (1.3 g/t Au)
Zager: Quartz veining & mineralisation
▪ Large number of quartz veins discvered, particularly in the
northwest part of the Zager licence area
▪ Outcrops range from 1-2 wide and 5-10 m long, trending
roughly NE-SW parallel to the regional foliation
▪ Some veins, are much larger at 5-10 m wide and reaching c. 50
m in length
▪ Veins vary in colour from milky white, smoky-translucent to dark-
smoky and found as isolated or pervasive stockworks within
specific lithologies (e.g. felsic dyke, black slate)
▪ Samples collected from veins during the very first phase of work
returned with results incl. 1.9 g/t, 1.3 g/t and 1.1 g/t Au
▪ Base metal mineralisation observed, namely:
• Copper (malachite, chalcopyrite, bornite and covellite)
• Lead (weakly argentiferous galena)
38AIM ALS TSX.V ALTS OTC ALTUF EXPLORE DISCOVER REPEAT
Zager: Quartz veining & mineralisation – photographs
Milky white quartz vein Stockworking within a felsite dyke
Quartz vein with minor oxidized pyrite (1.9 g/t Au) Smoky quartz vein
39AIM ALS TSX.V ALTS OTC ALTUF EXPLORE DISCOVER REPEAT
Zager: Quartz veining & mineralisation – photographs
Polymetallic mineralisation: semi-cubic galena Polymetallic mineralisation: chalcopyrite, bornite
Iron-leached quartz vein with polymetallic mineralisation Honeycomb texture in the quartz (boiling texture?)
40AIM ALS TSX.V ALTS OTC ALTUF EXPLORE DISCOVER REPEAT
Zager: Historic VTEM Survey
▪ In August 2007, a VTEM survey was carried out over an area which now forms a large part of Zager
▪ The survey covered an area of 492 km2 and flown using the AeroTEM III (‘Lima’ System)
▪ Roughly 2,315 line-km including 210 km tie lines at 300m spacing and 30m elevation with 125° azimuth
▪ The resultant thematic map has been used by Altus as a tool for identifying potential conductor anomalies
▪ Several targets generated
41AIM ALS TSX.V ALTS OTC ALTUF EXPLORE DISCOVER REPEAT
Zager: Historic VTEM Survey
42
Tigray-Afar Cu-Au Project
EXPLORE DISCOVER REPEATAIM ALS TSX.V ALTS OTC ALTUF
43AIM ALS TSX.V ALTS OTC ALTUF EXPLORE DISCOVER REPEAT
▪ Licence covers 180.3 km2 within the Tigray state of northern Ethiopia
▪ Since 2011, > US$4.5M spent of which > US$3.5M was spent by JOGMEC (JV partner) until Q4 2017
▪ > 7,800 m drilling (RC & DD) completed under JOGMEC JV targeting surface mantos oxide-copper model
▪ Major VTEM anomaly coincident with a surface gossan with > 5 km strike potential not tested by the JV
▪ Target potentially represent a copper sulphide ore body at depth
▪ Targets established by Altus focusing on ‘SSHC’ model analogous to Kamoa (Ivanhoe): 759Mt @ 2.57 % Cu
▪ US$500k budget to drill SSHC and further US$1.25M budget to define initial resource target of 20 Mt @ 2 % Cu
Tigray-Afar: Overview
VTEM geophysics highlighting multiple anomaliesMajor untested gossan at AgamatOxide-copper above SSHC target
44AIM ALS TSX.V ALTS OTC ALTUF EXPLORE DISCOVER REPEAT
▪ Neoproterozoic greenschist metavolcanics and metasedimentary rocks of the Arabian Nubian Shield
▪ The ANS hosts numerous gold / VMS mines throughout Saudi Arabia, Egypt, Sudan and Eritrea, including Bisha
▪ Historic copper mining activity during the Italian occupation of Ethiopia (c. 1930s)
▪ Outcropping copper-oxide along > 10 km of strike length across the Slater and Agamat prospects
▪ Six priority copper and gold prospects defined to date
Channel sampling Historical artisanal working named the “Italian Pit”
Tigray-Afar: Background
45AIM ALS TSX.V ALTS OTC ALTUF EXPLORE DISCOVER REPEAT
2011
▪ Licence granted covering 1,042 km2
▪ Discovery of 80 m long historic Italian Pit hosting copper
2012
▪ 1,959 line km VTEM airborne geophysical survey completed
2014
▪ Channel sampling completed at the Slater Zone & Agamat
▪ JV signed with JOGMEC
2015
▪ 3,325 m / 15 holes dual rig DD (Slater Zone & Agamat)
▪ Ground magnetic survey completed (Slater Zone & Agamat)
2016
▪ 3,260 m dual rig DD and RC drilling programme / 28 holes
2017
▪ 1,300 m / 6 holes DD programme (Agamat)
▪ JOGMEC withdraws from JV in Q4 2017
2018 & 2019
▪ Stratiform hosted copper model
▪ Drill targets defined
Diamond drilling at the Slater Prospect
RC Drilling at the Slater Prospect
Tigray-Afar: History
46AIM ALS TSX.V ALTS OTC ALTUF EXPLORE DISCOVER REPEAT
▪ Stratiform Sediment Hosted Copper (SSHC) model proposed for Tigray–Afar
▪ Similar SSHC deposits include Aknak, Afghanistan (250 Mt @ 2.3 % Cu) & Kamoa, DRC (759 Mt @ 2.57 % Cu)
▪ Characteristic mineral assemblages include chalcocite, bornite and chalcopyrite
▪ Typical ore deposit style of the Central African Copperbelt; these may also contain Co, Pb, Ag, Au
▪ Tectonic setting and stratigraphy of the ANS considered highly favourable
Kamoa Stratigraphy & MineralisationSSHC Model
Tigray-Afar: SSHC Sulphide Copper Model
47AIM ALS TSX.V ALTS OTC ALTUF EXPLORE DISCOVER REPEAT
▪ 5 km VTEM conductor anomaly, coincident with a 400 m long surface gossan up to 10 m wide
▪ Interpreted to be leached gossan (0.3 % Cu) with copper sulphides likely at depth; gold up to 13.5 g/t Au
▪ No drilling has been undertaken at this location to date; this untested VTEM anomaly coincides with the:
• Gossan outcrop
• Regional structural trend
• Gold and copper occurrences
▪ 2,000 m drill programme proposed to establish copper sulphide mineralisation and generate initial resource
Gossan up to 10m wideGossan outcrop at Agamat Gossan extending for 400 m
Tigray-Afar: Agamat Prospect
48AIM ALS TSX.V ALTS OTC ALTUF EXPLORE DISCOVER REPEAT
▪ Initial 5 hole programme totalling 2,000 m to test the presence of high grade sedimentary hosted copper
▪ Consistent sub-surface (c. 150 m but variable depth) VTEM conductor anomaly
▪ Target conductor anomaly appears folded and supports a double plunge as evidenced by surface observations
▪ Key target sits beneath Agamat gossan
▪ Phase 2 drilling would extend the potential strike along the 5 km VTEM anomaly
Priority conductor targets from the airborne VTEM surveyCross section of a proposed hole through the VTEM anomaly
Tigray-Afar: Proposed Drilling
49
Appendix
EXPLORE DISCOVER REPEATAIM ALS TSX.V ALTS OTC ALTUF
50AIM ALS TSX.V ALTS OTC ALTUF EXPLORE DISCOVER REPEAT
Appendix: Ethiopian Mining Code & Royalties
Licence
Type
Royalty Parameters Mining Code Key Terms
Corporate Tax
(%)
Govt.
Carried
Interest (%)
Precious
metals (%)
Base
metals (%)
Precious
stones
(%)
Industrial
minerals (%)Mining code date
Application /
Grant Cost
First
Renewal Fee
Second Renewal
Fee
Exploration 25.0% 5.0% 7.0% 6.0% 7.0% 4.0%
Mining Operations
(Amendment) Proc. No
816/2013; Mining
Operations Proclamation
678/2010; Licensing
Directive 1/2011
Application: 500 ETB ($22)
Licence: 200 ETB ($9)
One company may only hold
1,500km2 of ANS in total
100 ETB
($5)
100 ETB
($5)
Licence
Type
Mining Code Key Terms (continued)
Land rent
(local/km2)
Min. expenditure
(local/km2)
Min. Size
(km2)Max size (km2)
Reporting
requirements
Initial term
(Years)
Renewals (Numbers
& Years)
Area dropped on
renewal (%)Notes
Exploration
Oromia: 600 ETB
($25) / km2
Benishagul 120
ETB ($5) / km2
Afar: 60 ETB
($3) / km2
Tigray: 40 ETB
($2) / km2
No set minimum
expenditure but the
Ministry have to agree
the overall work
programme.
1
Level 1 - 1,500;
Level 2 - 2,000
Max size a licensee
can hold at a given
time is 3,500 km2.
Annual & Bi-annual
(Including operations,
results (incl. core and log
data), employment, financial,
commercial, and other
relevant info)
3 2 x 1yr 25% n/a
Recommended