Announcement PDF ASX:ARO ASX Announcement 4 November 2026 ABN 16 003 254 395 info@altorometals.com PO Box 7059 Cloisters Square PO Perth Western Australia 6850 HIGH-GRADE ZINC RESULTS FROM MAIDEN UNDERGROUND DRILLING AT EMILIA Maiden modern drilling returns individual assays up to 25.70% zinc (Zn) within 5.00m at 13.66% Zn, highlighting further high-grade mineralisation outside Altoro's existing Mineral Resource Estimate. HIGHLIGHTS • Maiden modern underground diamond drilling at the historical Emilia Mine has returned encouraging high-grade zinc results from nine holes totalling 285.50 metres. • Emilia is located approximately 2.3km northeast of San José, within the interpreted 12km-long Novales–Udías zinc trend, and entirely outside the Company's existing Mineral Resource Estimate (MRE). • Standout result of 5.00m at 13.66% Zn and 0.04% Pb in EDDT001, including a one- metre interval grading 25.70% Zn. • Individual peak assays include 25.70% Zn in EDDT001, 18.90% Zn in EDDT005, 17.10% Zn in EDDT006 and 15.40% Zn in EDDT007. • Results coincide with a supportive global zinc market, with LME cash zinc trading at approximately US$3,955/t at the end of October and the latest industry forecast pointing to a global refined zinc deficit in 2026. • Multiple additional high-grade intersections include: o EDDT006: 4.00m at 6.01% Zn and 0.31% Pb. o EDDT009: 5.49m at 5.69% Zn and 0.09% Pb. o EDDT007: 4.00m at 4.96% Zn and 0.53% Pb. o EDDT008: 11.00m at 2.79% Zn and 0.06% Pb, together with a separate lower interval of 3.00m at 3.29% Zn and 2.15% Pb. Altoro Metals Limited (ASX: ARO) ("Altoro" or "the Company") is pleased to report high-grade zinc assay results from its maiden modern underground diamond drilling campaign at the Emilia Mine, part of the Company's flagship Novales Project in Cantabria, northern Spain. The nine-hole programme, comprising 285.50 metres of underground diamond drilling, has returned a series of encouraging zinc-lead intersections, highlighted by 5.00 metres at 13.66% Zn in EDDT001. The result is supported by multiple additional mineralised intervals across the programme, including substantial intersections in EDDT006 to EDDT009. Importantly, Emilia lies entirely outside the Company's existing MRE and represents a further opportunity to improve understanding of the broader mineralised system as Altoro advances its strategy to consolidate the Novales zinc district. Altoro Metals Limited | ASX:ARO | High-grade zinc results from maiden underground drilling at Emilia Page 2 of 19 Executive Commentary These are very encouraging results from our maiden modern underground drilling campaign at Emilia, particularly given the grades returned across multiple holes. The standout intersection of 5.00 metres at 13.66% zinc, including a one-metre assay of 25.70% zinc, demonstrates the high-grade nature of the mineralisation we are investigating. Importantly, this is not an isolated result, with several other holes returning substantial zinc intersections, including 5.49 metres at 5.69% zinc in EDDT009 and 4.00 metres at 6.01% zinc in EDDT006. What makes Emilia particularly interesting for Altoro is its position outside our existing Mineral Resource Estimate, approximately 2.3 kilometres northeast of San José. These results add another positive dimension to our broader Novales consolidation strategy and provide valuable information to guide further exploration. With zinc prices approaching US$4,000 per tonne and global mine supply facing increasing constraints, we believe the opportunity to consolidate and advance a series of high-grade zinc deposits in northern Spain is becoming increasingly compelling. Figure 1 – Underground drilling at the historical Emilia mine. Altoro Metals Limited | ASX:ARO | High-grade zinc results from maiden underground drilling at Emilia Page 3 of 19 EMILIA – AN IMPORTANT PART OF THE NOVALES STRATEGY The historical Emilia Mine is located approximately 2.3km northeast of the San José Mine along the Novales–Udías zinc trend, which is interpreted to extend over 12km of strike. Emilia forms part of Altoro's broader strategy to consolidate a number of zinc-rich deposits across the Novales district, including San José, Margarita, Emilia and Udías, into a more integrated exploration and development opportunity. The underground drilling campaign was designed to provide modern geological and assay information from a mineralised system that was mined in the early 20th century. The compact underground diamond drill was deployed from accessible historical workings, with short holes selected principally to test mineralisation exposed in or adjacent to historical pillars and interpreted or inferred sulphide-bearing horizons. The programme was therefore designed to confirm and improve the understanding of mineralisation at selected underground positions, rather than constitute a broad-spaced exploration or greenfields discovery programme. The results are particularly encouraging, with several holes returning high-grade, multi-metre intersections. They provide additional geological control at Emilia and a basis for refining the interpretation of mineralisation and targeting further work. Of particular interest are the results from EDDT006 to EDDT009, which returned multiple mineralised intervals. EDDT008 and EDDT009 each intersected separate upper and lower mineralised intervals, with the shallower intervals returning 11.00m at 2.79% Zn and 5.49m at 5.69% Zn respectively. The final sampled intervals in EDDT004, EDDT008 and EDDT009 also returned elevated zinc grades of 3.23%, 5.97% and 6.84% Zn respectively. While the extent of mineralisation beyond these hole depths remains untested, these results provide additional targets for follow-up drilling. Emilia's position outside the existing MRE is particularly significant to the Company's longer- term strategy. Further drilling and geological interpretation will be required to establish the extent and continuity of mineralisation and assess its potential to contribute to a future resource update. Altoro Metals Limited | ASX:ARO | High-grade zinc results from maiden underground drilling at Emilia Page 4 of 19 Figure 2 – Location of the new underground diamond drill holes and assays being released against the background of the historical Emilia mine workings (plan view and cross-section). The colour-coded zinc assay value scale refers to sampling intervals averaging 1m length. Altoro Metals Limited | ASX:ARO | High-grade zinc results from maiden underground drilling at Emilia Page 5 of 19 SUMMARY OF EMILIA DRILLING RESULTS The principal intersections from the nine-hole programme are summarised below. Hole ID From (m) To (m) Interval (m) Zn (%) Pb (%) EDDT001 0.00 5.00 5.00 13.66 0.04 incl. 2.00 3.00 1.00 25.70 0.09 EDDT002 7.00 10.00 3.00 1.79 0.40 EDDT003 1.00 2.00 1.00 2.73 0.01 EDDT004 6.00 7.00 1.00 3.23 0.12 EDDT005 0.00 1.00 1.00 18.90 0.02 EDDT006 1.00 5.00 4.00 6.01 0.31 incl. 2.00 3.00 1.00 17.10 0.89 EDDT007* 0.00 4.00 4.00 4.96 0.53 incl. 0.00 1.00 1.00 15.40 1.52 EDDT008 (Lower) 0.00 3.00 3.00 3.29 2.15 incl. 1.00 2.00 1.00 7.07 5.31 EDDT008 (Upper) 19.00 30.00 11.00 2.79 0.06 incl. 21.00 23.00 2.00 4.61 0.04 and incl. 28.00 30.00 2.00 4.68 0.04 EDDT009 (Lower) 0.00 5.00 5.00 2.42 0.11 incl. 3.00 4.00 1.00 3.73 0.04 EDDT009 (Upper) 6.71 12.20 5.49 5.69 0.09 incl. 9.00 12.20 3.20 7.85 0.07 *EDDT007 returned an average core recovery of approximately 60.8% over the 4.00m composite interval. See commentary below. All intervals are reported as downhole lengths. True widths have not yet been established. The EDDT009 upper-zone intersection (upward hole) includes consecutive primary sample assays of 8.08%, 8.84% and 6.84% Zn. The highest individual zinc assay across the programme was 25.70% Zn in EDDT001. Core Recovery and Geological Interpretation Core recovery across the 98 primary assay samples averaged approximately 94%, although recovery was locally lower in EDDT007. Altoro Metals Limited | ASX:ARO | High-grade zinc results from maiden underground drilling at Emilia Page 6 of 19 The 4.00m composite interval in EDDT007 returned an average core recovery of approximately 60.8%, including 47% recovery across the first metre, which returned 15.40% Zn and 1.52% Pb. The Company's geological interpretation is that locally friable or partially oxidised mineralised material may have been lost during drilling, potentially resulting in an understatement of the actual grade across this interval. This is consistent with the known behaviour of locally poorly consolidated or oxidised mineralisation in carbonate-hosted Mississippi Valley-Type (MVT) zinc- lead deposits. The reported composite is based on the assays of recovered core, without a recovery-based grade adjustment. The reduced recovery and its potential implications are addressed in the accompanying JORC Table 1. SUPPORTIVE GLOBAL ZINC MARKET The Emilia results come at a time of strengthening global fundamentals for zinc. The International Lead and Zinc Study Group's October 2026 forecast anticipates a global refined zinc market deficit of approximately 88,000 tonnes in 2026, equivalent to around 0.6% of forecast global usage. Global mine production is forecast to decline by 2.6% to approximately 12.40 million tonnes, reflecting constrained concentrate availability and lower production from a number of established operations. The physical market has also remained tight. LME official prices on 30 October 2026 showed a cash zinc price of approximately US$3,955 per tonne, compared with a three-month price of approximately US$3,890 per tonne, reflecting a cash premium of around US$66 per tonne. This backwardation, in which metal available for immediate delivery commands a premium over future delivery, reflects continuing competition for prompt physical metal. The market outlook is not without risks, with construction demand remaining uneven and global zinc prices subject to broader economic conditions. Nevertheless, the combination of constrained mine supply, tight concentrate availability and elevated zinc prices provides a supportive backdrop for companies advancing high-grade zinc opportunities. For Altoro, the identification of further high-grade mineralisation at Emilia, outside the existing MRE, reinforces the strategic rationale for consolidating and advancing its broader Novales zinc portfolio. NEXT STEPS Altoro has integrated the Emilia drilling results with its existing geological database, including previous underground and surface channel sampling, to refine the interpretation of mineralisation and identify priorities for further exploration. The Company's ongoing work will focus on: Altoro Metals Limited | ASX:ARO | High-grade zinc results from maiden underground drilling at Emilia Page 7 of 19 1. Geological interpretation and modelling: Integrating the nine Emilia drill holes and assay results with historical workings, geological mapping and previous channel sampling to improve understanding of mineralised structures and horizons. 2. Follow-up drilling: Using the new geological information to refine drill targeting around Emilia and along the broader Novales trend, including the Emilia–Margarita area. 3. Resource potential: Evaluating the combined geological and assay information to determine the extent of further drilling required to assess the potential contribution of Emilia and surrounding deposits to a future Mineral Resource Estimate. The Company believes the results provide further encouragement for its strategy to consolidate a series of high-grade zinc deposits across northern Spain and establish the broader potential of the Novales district. This announcement has been authorised for release by the Board of Altoro Metals Limited. ENDS For further information, please contact: Altoro Metals Limited Tony Wehby Chairman info@altorometals.com Media & Investor enquiries Jane Morgan Director jm@janemorganmanagement.com.au About the Novales Project The Novales Project is located in the Basque-Cantabrian Basin in northern Spain, approximately 30 km southwest of the regional capital, Santander. The project is centred around former producing historical underground workings and features a significant >12 km mineralised trend, alongside a sub-parallel 3 km trend, delineated from contemporary and historical data. The region is a world-class brownfield zinc district renowned for hosting multiple Mississippi Valley Type (MVT) deposits. The Novales Project is located just 9 km from the world-class Reocín Mine—the largest known strata-bound carbonate-hosted Zn-Pb deposit in Spain—and is within trucking distance (~180 km) of the San Juan de Nieva zinc smelter operated by Asturiana de Zinc (100% owned by Glencore). Competent Person Statement The information in this announcement that relates to Exploration Results is based on, and fairly represents, information and supporting documentation prepared by Dr Mike Mlynarczyk, Principal Geologist of Redstone Exploration Services, a consultant to Altoro Metals Limited. Dr Mlynarczyk is a Professional Geologist (P.Geo.) and a member of the Institute of Geologists of Ireland (IGI), a European Geologist (EurGeol) of the European Federation of Geologists, and a Fellow of the Society of Economic Geologists (SEG). He has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the Altoro Metals Limited | ASX:ARO | High-grade zinc results from maiden underground drilling at Emilia Page 8 of 19 Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code). Dr Mlynarczyk consents to the inclusion in this announcement of the matters based on his information in the form and context in which they appear. Where reference is made to previous releases of exploration results and mineral resource estimates in this announcement, the Company confirms that it is not aware of any new information or data that materially affects the information included in those announcements and all material assumptions and technical parameters underpinning the exploration results and mineral resource estimates included in those announcements continue to apply and have not materially changed. Forward-Looking Statements This announcement may contain forward-looking statements, including statements regarding planned exploration activities, drilling, timing of drilling and receipt of assay results, future exploration programmes and the Company's exploration strategy. Forward-looking statements are only predictions and are subject to known and unknown risks, uncertainties and assumptions, many of which are outside the control of the Company. Actual results may differ materially from those expressed or implied by such statements. Past performance is not necessarily a guide to future performance. The Company makes no representation or warranty as to the likelihood of achievement or reasonableness of any forward-looking statements. The occurrence of events in the future is subject to risks, uncertainties and other factors that may cause the Company's actual results, performance or achievements to differ materially from those referred to in this announcement. Given these uncertainties, recipients are cautioned not to place undue reliance on forward-looking statements. The Company undertakes no obligation to update or revise any forward-looking statements, except as required by applicable law or the ASX Listing Rules. Altoro Metals Limited | ASX:ARO | High-grade zinc results from maiden underground drilling at Emilia Page 9 of 19 APPENDICES TABLE 1 – DRILL HOLE COLLAR COORDINATES AND ORIENTATIONS FOR THE NEW UNDERGROUND EMILIA MINE DRILL HOLES PRESENTED IN THIS ANNOUNCEMENT HOLE ID UTM_X UTM_Y UTM_Z (m) LENGTH (m) AZIMUTH DIP EDDT001 405485.609 4805067.598 111.07 21.40 130 +40 EDDT002 405491.436 4805064.017 106.17 39.60 77 -40 EDDT003 405486.728 4805063.518 105.74 33.40 295 -40 EDDT004 405490.873 4805065.711 106.03 39.40 32 -35 EDDT005 405471.742 4805045.735 107.44 29.45 20 +45 EDDT006 405471.770 4805045.813 106.00 39.50 14 -45 EDDT007 405461.518 4805030.591 104.99 39.40 211 +25 EDDT008 405459.499 4805045.584 105.85 31.15 335 +20 EDDT009 405456.190 4805036.965 100.26 12.20 60 +25 Note: Positive dips (inclinations) indicate upward holes. Negative dips indicate downward holes. Azimuths are referenced to north. TABLE 2 – ASSAY RESULTS FOR THE NEW UNDERGROUND EMILIA MINE DRILL HOLES PRESENTED IN THIS ANNOUNCEMENT: RAW DATA HOLE ID Sample No From (m) To (m) Length (m) Recovery (%) Zn (wt.%) Zn ox (wt.%) Pb (wt.%) Zn+Pb (wt.%) EDDT001 531407 0.00 1.00 1.00 100% 14.65 0.41 0.03 14.68 EDDT001 531408 1.00 2.00 1.00 100% 12.65 2.80 0.05 12.70 EDDT001 531409 2.00 3.00 1.00 100% 25.70 8.21 0.09 25.79 EDDT001 531413 3.00 4.00 1.00 100% 11.45 8.83 0.02 11.47 EDDT001 531414 4.00 5.00 1.00 100% 3.84 0.21 0.02 3.86 EDDT001 531415 5.00 6.00 1.00 100% 0.08 0.05 0.00 0.09 Altoro Metals Limited | ASX:ARO | High-grade zinc results from maiden underground drilling at Emilia Page 10 of 19 HOLE ID Sample No From (m) To (m) Length (m) Recovery (%) Zn (wt.%) Zn ox (wt.%) Pb (wt.%) Zn+Pb (wt.%) EDDT001 531416 6.00 7.00 1.00 100% 0.06 0.05 0.01 0.07 EDDT001 531417 7.00 8.00 1.00 100% 0.03 0.01 0.01 0.03 EDDT001 531418 8.00 9.00 1.00 100% 0.02 0.02 0.01 0.02 EDDT001 531419 9.00 10.00 1.00 100% 0.03 0.02 0.01 0.04 EDDT002 531420 0.00 1.00 1.00 74% 0.06 0.06 0.01 0.07 EDDT002 531421 1.00 2.00 1.00 85% 0.04 0.03 0.01 0.05 EDDT002 531422 2.00 3.00 1.00 97% 0.20 0.05 0.07 0.27 EDDT002 531423 3.00 4.00 1.00 100% 0.19 0.06 0.00 0.20 EDDT002 531424 4.00 5.00 1.00 95% 0.04 0.03 0.01 0.05 EDDT002 531425 5.00 6.00 1.00 91% 0.05 0.04 0.01 0.05 EDDT002 531426 6.00 7.00 1.00 100% 0.28 0.16 0.02 0.30 EDDT002 531427 7.00 8.00 1.00 100% 1.53 0.36 1.15 2.68 EDDT002 531428 8.00 9.00 1.00 79% 1.78 0.23 0.04 1.81 EDDT002 531429 9.00 10.00 1.00 91% 2.05 0.15 0.01 2.06 EDDT002 531431 10.00 11.00 1.00 87% 0.12 0.06 0.01 0.13 EDDT003 531432 0.00 1.00 1.00 78% 0.21 0.13 0.01 0.21 EDDT003 531433 1.00 2.00 1.00 92% 2.73 0.96 0.01 2.74 EDDT003 531434 2.00 3.00 1.00 88% 0.28 0.22 0.01 0.29 EDDT003 531435 3.00 4.00 1.00 93% 0.49 0.40 0.02 0.50 EDDT003 531436 4.00 5.00 1.00 100% 0.12 0.09 0.00 0.13 EDDT003 531437 5.00 6.00 1.00 98% 1.41 0.48 0.01 1.41 EDDT003 531438 6.00 7.17 1.17 85% 0.02 0.02 0.00 0.03 EDDT003 531439 7.39 9.00 1.61 47% 0.04 0.03 0.00 0.05 EDDT003 531440 9.00 10.00 1.00 100% 0.02 0.02 0.00 0.03 EDDT003 531441 10.00 11.00 1.00 92% 0.20 0.12 0.01 0.20 EDDT003 531442 11.00 12.00 1.00 96% 0.01 0.01 0.00 0.01 EDDT004 531443 0.00 1.00 1.00 88% 0.15 0.05 0.03 0.17 EDDT004 531444 1.00 2.00 1.00 89% 0.17 0.14 0.01 0.18 Altoro Metals Limited | ASX:ARO | High-grade zinc results from maiden underground drilling at Emilia Page 11 of 19 HOLE ID Sample No From (m) To (m) Length (m) Recovery (%) Zn (wt.%) Zn ox (wt.%) Pb (wt.%) Zn+Pb (wt.%) EDDT004 531445 2.00 3.00 1.00 100% 1.70 0.37 0.12 1.82 EDDT004 531446 3.00 4.00 1.00 100% 0.02 0.01 0.00 0.02 EDDT004 531447 4.00 5.00 1.00 100% 0.02 0.01 0.00 0.02 EDDT004 531448 5.00 6.00 1.00 100% 0.57 0.12 0.07 0.64 EDDT004 531449 6.00 7.00 1.00 97% 3.23 0.53 0.12 3.35 EDDT005 531450 0.00 1.00 1.00 100% 18.90 0.46 0.02 18.92 EDDT005 531453 1.00 2.00 1.00 100% 0.43 0.14 0.00 0.43 EDDT005 531454 2.00 3.00 1.00 100% 0.03 0.03 0.00 0.03 EDDT005 531455 3.00 4.00 1.00 100% 0.26 0.19 0.02 0.28 EDDT005 531456 4.00 5.00 1.00 100% 0.08 0.05 0.00 0.09 EDDT005 531457 5.00 6.00 1.00 100% 0.07 0.05 0.00 0.07 EDDT005 531458 6.00 7.00 1.00 98% 1.13 0.61 0.09 1.21 EDDT005 531459 7.00 8.00 1.00 93% 0.03 0.03 0.00 0.03 EDDT005 531460 8.00 9.00 1.00 94% 0.09 0.08 0.00 0.10 EDDT005 531461 9.00 10.00 1.00 100% 0.37 0.17 0.02 0.39 EDDT005 531462 10.00 11.00 1.00 100% 0.80 0.35 0.04 0.84 EDDT005 531463 11.00 12.00 1.00 85% 0.05 0.04 0.00 0.05 EDDT006 531464 0.00 1.00 1.00 88% 0.57 0.16 0.00 0.57 EDDT006 531465 1.00 2.00 1.00 77% 4.49 1.11 0.01 4.50 EDDT006 531467 2.00 3.00 1.00 90% 17.10 3.16 0.89 17.99 EDDT006 531469 3.00 4.00 1.00 100% 1.66 0.42 0.35 2.01 EDDT006 531470 4.00 5.00 1.00 100% 0.79 0.11 0.00 0.79 EDDT006 531471 5.00 6.00 1.00 99% 0.02 0.03 0.00 0.02 EDDT006 531472 6.00 7.00 1.00 98% 0.23 0.06 0.00 0.23 EDDT006 531473 7.00 8.00 1.00 100% 0.14 0.04 0.00 0.14 EDDT007 531474 0.00 1.00 1.00 47% 15.40 5.64 1.52 16.92 EDDT007 531478 1.00 2.00 1.00 51% 1.24 0.82 0.24 1.48 EDDT007 531479 2.00 3.00 1.00 85% 1.41 0.88 0.18 1.59 Altoro Metals Limited | ASX:ARO | High-grade zinc results from maiden underground drilling at Emilia Page 12 of 19 HOLE ID Sample No From (m) To (m) Length (m) Recovery (%) Zn (wt.%) Zn ox (wt.%) Pb (wt.%) Zn+Pb (wt.%) EDDT007 531480 3.00 4.00 1.00 60% 1.80 1.33 0.19 1.99 EDDT007 531481 4.00 5.00 1.00 96% 0.08 0.06 0.01 0.08 EDDT007 531482 5.00 6.00 1.00 100% 0.23 0.14 0.01 0.24 EDDT007 531483 6.00 7.00 1.00 100% 1.16 0.84 0.21 1.37 EDDT007 531484 7.00 8.00 1.00 100% 0.63 0.39 0.16 0.79 EDDT007 531485 8.00 9.00 1.00 100% 0.48 0.34 0.03 0.51 EDDT008 531486 0.00 1.00 1.00 95% 1.67 0.45 0.78 2.45 EDDT008 531488 1.00 2.00 1.00 83% 7.07 1.35 5.31 12.38 EDDT008 531489 2.00 3.00 1.00 76% 1.13 0.85 0.37 1.50 EDDT008 531490 3.00 4.00 1.00 100% 0.40 0.18 0.03 0.43 EDDT008 531491 4.00 5.00 1.00 95% 0.36 0.23 0.02 0.38 EDDT008 531492 5.00 6.00 1.00 100% 0.17 0.11 0.01 0.18 EDDT008 531493 6.00 7.00 1.00 98% 0.02 0.02 0.00 0.02 EDDT008 531494 18.00 19.00 1.00 100% 0.18 0.12 0.02 0.20 EDDT008 531495 19.00 20.00 1.00 100% 2.15 1.44 0.28 2.43 EDDT008 531496 20.00 21.00 1.00 100% 1.12 0.75 0.17 1.29 EDDT008 531497 21.00 22.00 1.00 100% 6.36 3.79 0.05 6.41 EDDT008 531498 22.00 23.00 1.00 100% 2.85 1.51 0.04 2.89 EDDT008 531499 23.00 24.00 1.00 99% 1.08 0.68 0.00 1.08 EDDT008 531500 24.00 25.00 1.00 100% 2.06 1.22 0.01 2.07 EDDT008 531502 25.00 26.00 1.00 100% 4.67 0.51 0.01 4.68 EDDT008 531503 26.00 27.00 1.00 98% 0.53 0.25 0.03 0.56 EDDT008 531504 27.00 28.00 1.00 96% 0.47 0.37 0.00 0.48 EDDT008 531505 28.00 29.00 1.00 83% 3.38 2.69 0.05 3.43 EDDT008 531506 29.00 30.00 1.00 100% 5.97 4.68 0.03 6.00 EDDT009 531507 0.00 1.00 1.00 100% 2.58 0.55 0.26 2.84 EDDT009 531508 1.00 2.00 1.00 100% 1.32 0.47 0.03 1.35 EDDT009 531509 2.00 3.00 1.00 100% 1.48 0.61 0.02 1.50 Altoro Metals Limited | ASX:ARO | High-grade zinc results from maiden underground drilling at Emilia Page 13 of 19 HOLE ID Sample No From (m) To (m) Length (m) Recovery (%) Zn (wt.%) Zn ox (wt.%) Pb (wt.%) Zn+Pb (wt.%) EDDT009 531510 3.00 4.00 1.00 100% 3.73 0.40 0.04 3.77 EDDT009 531511 4.00 5.00 1.00 100% 2.97 2.22 0.21 3.18 EDDT009 531512 5.00 6.55 1.55 100% 0.35 0.26 0.02 0.38 EDDT009 531513 6.71 8.00 1.29 100% 2.54 0.28 0.12 2.66 EDDT009 531514 8.00 9.00 1.00 100% 2.83 0.18 0.13 2.96 EDDT009 531515 9.00 10.00 1.00 100% 8.08 0.28 0.08 8.16 EDDT009 531516 10.00 11.00 1.00 98% 8.84 0.41 0.04 8.88 EDDT009 531520 11.00 12.20 1.20 100% 6.84 0.43 0.10 6.94 TABLE 3 – ASSAY RESULTS FOR THE NEW UNDERGROUND EMILIA MINE DRILL HOLES PRESENTED IN THIS ANNOUNCEMENT: COMPOSITED INTERVALS HOLE ID From (m) To (m) Composite Length (m) Recovery (%) Zn (wt.%) Zn ox (wt.%) Pb (wt.%) EDDT001 0.00 5.00 5.00 100 13.66 4.09 0.04 EDDT002 7.00 10.00 3.00 90.0 1.79 0.25 0.40 EDDT003 1.00 6.00 5.00 94.2 1.00 0.43 0.01 EDDT004 2.00 7.00 5.00 99.4 1.11 0.21 0.06 EDDT005 0.00 1.00 1.00 100 18.90 0.46 0.02 EDDT005 6.00 11.00 5.00 97.0 0.48 0.25 0.03 EDDT006 1.00 5.00 4.00 91.7 6.01 1.20 0.31 EDDT007 0.00 4.00 4.00 60.7 4.96 2.17 0.53 EDDT007 6.00 8.00 2.00 100 0.90 0.62 0.18 EDDT008 0.00 3.00 3.00 84.7 3.29 0.88 2.15 EDDT008 19.00 30.00 11.00 97.8 2.79 1.63 0.06 EDDT008 28.00 30.00 2.00 91.5 4.68 3.69 0.04 EDDT009 0.00 5.00 5.00 100 2.42 0.85 0.11 EDDT009 6.71 12.20 5.49 99.6 5.69 0.32 0.09 Altoro Metals Limited | ASX:ARO | High-grade zinc results from maiden underground drilling at Emilia Page 14 of 19 JORC TABLE 1, SECTIONS 1 AND 2 Criteria JORC Code explanation Commentary Sampling techniques • Nature and quality of sampling (e.g., cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. • Include reference to measures taken to ensure sample representativity and the appropriate calibration of any measurement tools or systems used. • Aspects of the determination of mineralisation that are Material to the Public Report. • In cases where ‘industry standard’ work has been done this would be relatively simple (e.g., ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g., submarine nodules) may warrant disclosure of detailed information. • The sample data referenced in this report relates to nine new underground drill holes drilled by Altoro Metals at the historical Emilia mine, north of the village of Novales, in Cantabria, northern Spain. The diamond drill holes were drilled with a portable Hilti drill and had lengths ranging from 12.20m to 39.60m, and a drill core diameter of 38mm. The complete drill hole collar coordinates and orientations are listed in Table 1 of the Appendices. • The drill holes reportedin this announcement were sampledas full core from 1.00m to 1.61m sample length (average 1.00m) with at least a single 1m sample either side to cover the periphery of the mineralised intersection. • Drilling being reported has been sampled with industry best practice methods (for the sake of representativeness - as full core, because of its comparatively small diameter of 38 mm), and the samples were sent to the accredited ALS Seville laboratory for analysis. The samples are considered representative and include waste intervals on the periphery of mineralised intersections. It is assumed that the equipment used was calibrated correctly as per the internal SOPs at ALS. • The analytical method used by ALS is Zn-OG62h for zinc and Pb-OG62h for lead, as well as Zn-AA07 for non-sulphide (‘oxide’) zinc. These are considered appropriate for the deposit type in question (MVT Zn-Pb), and both sulphide and non- sulphide mineralisation types. Drilling techniques • Drill type (e.g., core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (e.g., core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc). • The new drill holes referred to in this announcement are underground diamond drill holes (core) completed using a Hilti portable drill, at a core diameter of 38mm. • These new drill holes were drilled either upward or downward. Oriented core methods were not employed. Drill sample recovery • Method of recording and assessing core and chip sample recoveries and results assessed. • Measures taken to maximise sample recovery and ensure representative nature of the samples. • Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material. • Drill core recovery for this batch of underground drill holes was good overall, in the 47.0% – 100.0% range (average 94.0%), with only 9 samples out of 98 having core recovery below 80%. Drill core recovery information has been formally recorded for all drill holes at this time, as this forms part of the detailed core logging. • No special methods have been used to maximise sample recovery. • The relationship between sample recovery and grade has not been assessed thus far. Logging • Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. • Detailed geological and geotechnical logging has been carried out for all reported drill holes. Currently there is insufficient geotechnical and geological logging data to support a Mineral Resource estimate for the Emilia mine area. The reported drill holes are located outside of the existing San José–Udías mineral resource estimate, and additional drilling should Altoro Metals Limited | ASX:ARO | High-grade zinc results from maiden underground drilling at Emilia Page 15 of 19 Criteria JORC Code explanation Commentary • Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. • The total length and percentage of the relevant intersections logged. enable the inclusion of the Emilia mine area into this mineral resource. • Total percentage of holes that have been logged for lithology, veins, alteration, and mineralisation is 100% and the total percentage of new drill holes that have detailed recovery and geotechnical logging is 100% at this stage (based on all logs available). All of the drill core from the reported batch was photographed before sampling, which was especially important as full core was assayed this time. Sub-sampling techniques and sample preparation • If core, whether cut or sawn and whether quarter, half or all core taken. • If non-core, whether riffled, tube sampled, rotary split, etc. and whether sampled wet or dry. • For all sample types, the nature, quality and appropriateness of the sample preparation technique. • Quality control procedures adopted for all sub-sampling stages to maximise representativity of samples. • Measures taken to ensure that the sampling is representative of the in- situ material collected, including for instance results for field duplicate/second-half sampling. • Whether sample sizes are appropriate to the grain size of the material being s