ASX Announcement 26 May 2021 Ponente Continues to Expand with Further High- Grade Drilling & Channel Sampling Results HIGHLIGHTS • Step out drilling and channel sampling at Ponente confirms continuity of thick and high-grade mineralisation a further 125m east, returning: o 12.8m at 11.4% Zn and 2.2% Pb (13.5% Zn+Pb) and 30g/t Ag, (aggregate of POD11 & POCH14) o 5.4m at 8.6% Zn and 1.9% Pb (10.5% Zn+Pb) and 30g/t Ag (aggregate of POD12 & POCH16) o 10.6m at 5.7% Zn and 1.4% Pb (7.0% Zn+Pb) and 10g/t Ag (aggregate of POD13 & POCH12) • Close spaced sidewall channel sampling between drill coverage demonstrates good continuity of high- grade mineralisation, returning: o 2.2m at 11.4% Zn and 2.5% Pb (13.9% Zn+Pb) and 26g/t Ag (POCH13) o 2.1m at 8.2% Zn and 2.3% Pb (10.5% Zn+Pb) and 30g/t Ag (POCH15) • Ponente mineralisation remains open to the north, east and south • Strong news flow expected from the ongoing dual rig drill programme at Ponente and upcoming results from Pian Bracca South Alta Zinc Limited (Alta or the Company) (ASX: AZI) is pleased to announce the results of drill holes POD11 to POD13 and five channel samples (POCH12-16) which returned multiple intersections of zinc, lead and silver mineralisation from new drill locations in the Ponente area of the Gorno Mine. These results have extended the thick and high-grade mineralisation 125m to the east of the initial drill Pad A and defined a thick and high- grade zone in a N-S direction from Pad D (Figure 1). The mineralisation appears to be a shallow dipping lens of variable thickness, with recent drill intersections suggesting an average true thickness of 10m in this area. Geraint Harris, MD of Alta Zinc commented: “Ponente drilling and channel sampling continues to push out the extent of the mineralisation and it is very encouraging to see these high-grades and good thicknesses being defined with consistency. These results will flow into our upcoming Mineral Resource estimate (MRE), and with two drill rigs now in Ponente we will endeavour to complete coverage of the Ponente West area prior to the MRE data cut-off. However, Ponente remains wide open to the north, east and south with many exciting drilling targets, giving us significant additional growth potential post MRE.” Alta Zinc Limited | ASX Code AZI | ABN 63 078 510 988 Level 3, Suite 3.5, 9 Bowman Street, South Perth, WA 6151, Australia Email: [email protected] |Tel: +61 (0)8 9321 5000 | Fax: +61 (0)8 9321 7177 Website: www.altazinc.com Page 1 of 20 Several of the drill holes were collared in mineralisation in the sidewalls of the drives and this mineralisation was channel sampled and the results aggregated with the drill hole intercepts to give a resultant total thickness. A combination of positive angled (up) drill holes at Pads D, E and F (POD11 to POD13), and channel sampling at drill collars and positions between the drill-holes returned several significant intersections including: • the aggregate of channel sample POCH14 and drill hole POD11 returned: 12.8m @ 11.4% Zn, 2.2% Pb and 30g/t Ag from floor to end of hole • the aggregate of channel sample POCH12 and drill hole POD13 returned: 10.6m @ 5.7% Zn, 1.4% Pb and 10g/t Ag from collar, including 3.4m @ 10.7% Zn, 2.0% Pb and 11g/t Ag from collar In this area the drilling and channel sampling results confirm a 10m average true thickness of mineralisation which extends from the first drill pad (Pad A) 125m to the south-east (Figure 1). Geological and structural logging indicates a general dip to the SSE at approximately 5-10 degrees, and with slight undulations caused by N-S oriented mineralised structures (Figures 2 and 3). Figure 1: Plan View of Recent Drilling & Channel Sampling by Pads D to F in Ponente West Page 2 of 20 Figure 2: Section (looking NE) showing drill-hole POD11 & channel sample POCH14 at Pad D Figure 3: Section (looking east) showing the dip & true thickness of the high-grade mineralisation Page 3 of 20 Mineralisation at Ponente remains open to the north-east, east and south. Geological interpretation of historical exploration data suggests the mineralisation may extend approximately 400m to the north-east into an area where historical drilling intersected significant mineralisation and mineralisation is visible in the sidewalls, and approximately 300m to the south where it may extend to the northern end of the current Zorzone Mineral Resource area. These extension areas will be drilled and channel sampled in due course. Figure 4: Location of Ponente West drilling, Pian Bracca, the Zorzone Mineral Resource & Malanotte areas Highlighted mineral intervals, aggregated mineral widths, drill locations and drill results are listed variously in Tables 1 to 5. This includes POD11, which was previously released on 21 April 2021. The selection criterion for Table 1 is where grade is greater than 0.5% Zn and the interval contains a maximum of two consecutive samples with grades less than or equal to 0.5% Zn. The attitude of the mineralisation is thought to be generally dipping to the south-east at approximately 5-10 degrees, with slight undulation caused by N-S mineralised structures. Some intersections may be biased and true width for these intersections will be confirmed once collar surveys, hole deviation surveys and geological modelling is finalised. Sections provided in the text show reasonably accurate depictions of the attitude of the mineralised horizons, and the angles of drill hole intercepts. Table 1: Highlighted drill results (down hole thickness) Hole ID From To Intercept Zn Pb Ag Zn + Pb m m m % % g/t % POD11 0.0 10.4 10.4 12.6 2.3 30 14.9 POD12 0.0 3.4 3.4 5.2 1.3 27 6.5 POD13 0.0 8.4 8.4 5.8 1.3 10 7.0 incl. 0.0 3.4 3.4 10.7 2.0 11 12.7 Page 4 of 20 Table 2: Channel sample results (true mineral width exposed in sidewall) Sample ID From To Intercept Zn Pb Ag Zn + Pb m m m % % g/t % POCH12 0.0 2.2 2.2 5.4 1.7 9 7.1 POCH13 0.0 2.2 2.2 11.4 2.5 26 13.9 POCH14 0.0 2.4 2.4 6.0 1.8 32 7.8 POCH15 0.0 2.1 2.1 8.2 2.3 30 10.5 POCH16 0.0 2.0 2.0 14.5 3.1 35 17.5 Table 3: Aggregate of upwards drill holes & coincident sidewall channel sample to define the mineralisation true width & grade Hole ID From To Intercept Zn Pb Ag Zn + Pb m m m % % g/t % POD11 0.0 10.4 10.4 12.6 2.3 30 14.9 POCH14 0.0 2.4 2.4 6.0 1.8 32 7.8 Aggregate D11 &CH14 0.0 0.0 12.8 11.4 2.2 30 13.5 POD12 0.0 3.4 3.4 5.2 1.3 27 6.5 POCH16 0.0 2.0 2.0 14.5 3.1 35 17.5 Aggregate D12 &CH16 0.0 0.0 5.4 8.6 1.9 30 10.5 POD13 0.0 8.4 8.4 5.8 1.3 10 7.0 POCH12 0.0 2.2 2.2 5.4 1.7 9 7.1 Aggregate D13 &CH12 0.0 0.0 10.6 5.7 1.4 10 7.0 Table 4: Location of drill hole collars & channel samples (UTM-WGS84) Easting Northing Elevation Azimuth (TN) Dip Sample ID m m m degree degree POD11 559978 5085427 1082 264 40 POD12 559970 5085392 1082 207 48 POD13 559973 5085451 1083 1.7 60 POCH12 559940 5085446 1083 N/A N/A POCH13 559974 5085451 1082 N/A N/A POCH14 559973 5085437 1082 N/A N/A POCH15 559974 5085426 1082 N/A N/A POCH16 559971 5085409 1083 N/A N/A Page 5 of 20 Table 5: Assay results of drill-holes & channel samples Ag Zn Pb ID From (m) To (m) Length (m) g/t % % POD11 0.0 0.8 0.8 23 9.1 1.3 POD11 0.8 1.5 0.7 17 4.5 1.2 POD11 1.5 2.2 0.7 69 34.8 7.7 POD11 2.2 3.0 0.8 113 50.0 9.8 POD11 3.0 3.8 0.8 69 36.4 5.3 POD11 3.8 4.8 1.0 1 0.1 0.1 POD11 4.8 6.0 1.2 1 0.0 0.0 POD11 6.0 7.3 1.3 1 0.1 0.0 POD11 7.3 8.1 0.8 9 5.3 1.1 POD11 8.1 8.9 0.8 1 0.2 0.1 POD11 8.9 9.7 0.8 77 26.5 3.4 POD11 9.7 10.4 0.7 16 2.0 0.7 POD11 10.4 11.6 1.2 1 0.0 0.0 POD11 11.6 12.3 0.7 1 0.2 0.1 POD11 12.3 13.3 1.0 1 0.0 0.0 POD11 13.3 14.3 1.0 1 0.0 0.0 POD12 0.0 1.3 1.3 4 2.0 0.5 POD12 1.3 2.1 0.8 88 13.0 3.8 POD12 2.1 2.7 0.6 1 0.1 0.1 POD12 2.7 3.4 0.7 25 6.9 1.2 POD12 3.4 4.1 0.7 1 0.0 0.0 POD12 4.1 5.0 0.9 1 0.0 0.0 POD12 5.0 6.0 1.0 1 0.0 0.0 POD12 6.0 7.0 1.0 1 0.0 0.0 POD13 0.0 0.8 0.8 8 7.8 1.5 POD13 0.8 1.7 0.9 3 2.2 1.0 POD13 1.7 2.6 1.0 1 1.1 0.4 POD13 2.6 3.4 0.8 34 35.0 5.8 POD13 3.4 4.4 1.0 1 0.2 0.1 POD13 4.4 5.3 0.9 1 0.1 0.1 POD13 5.3 6.0 0.7 30 7.9 2.6 POD13 6.0 6.7 0.7 5 2.2 0.5 POD13 6.7 7.4 0.7 18 4.5 1.4 POD13 7.4 8.4 1.0 6 1.2 0.3 POD13 8.4 9.1 0.7 1 0.0 0.0 POD13 9.1 10.0 0.9 1 0.0 0.0 POD13 10.0 11.0 1.0 1 0.0 0.0 Page 6 of 20 Ag Zn Pb ID From (m) To (m) Length (m) g/t % % POCH12 0 1.1 1.1 6 1.1 3.7 POCH12 1.1 2.2 1.1 12 2.3 10.5 POCH13 0 0.7 0.7 1 0.1 0.4 POCH13 0.7 1.4 0.7 14 0.9 4.5 POCH13 1.4 2.2 0.8 59 5.9 33.9 POCH14 0 0.9 0.9 6 0.3 3.1 POCH14 0.9 1.7 0.8 59 3.3 13.3 POCH14 1.7 2.4 0.7 34 2.1 7.6 POCH15 0 0.7 0.7 1 0.1 0.5 POCH15 0.7 1.4 0.7 30 2.4 9.9 POCH15 1.4 2.1 0.7 60 4.5 21.3 POCH16 0 1.25 1.25 44 3.6 19.8 POCH16 1.25 1.95 0.7 20 2 13.4 Drilling continues at Ponente with the two diamond rigs now focussed on drilling the western zone for its inclusion in the upcoming MRE.