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Altus Strategies announces MRE, PEA for Diba & Lakanfla gold project in Mali

Altus Strategies Plc announces the publication of an updated independent Mineral Resource Estimate (“MRE”) and Preliminary Economic Assessment (“PEA”) for its 100% owned Diba & Lakanfla gold project (“Diba & Lakanfla” or “the Project”) located in western Mali

Steven Poulton, Chief Executive of Altus, commented: “We are delighted to announce the significant increase in the MRE at the Company’s 100% owned Diba & Lakanfla gold project in western Mali. The updated PEA generates an impressive US$150 million after-tax NPV8, for the oxide portion alone of the Project. The PEA envisages a simple low-cost and low-strip ratio open-pit gold mine, using standard heap-leach processing for oxide ores. The MRE also identifies approximately 12 million tonnes of fresh sulphide material which could add additional ounces to an enlarged mine.

“With numerous prospects remaining to be adequately drill tested, the Diba & Lakanfla project is strategically positioned to become a potentially significant gold deposit in western Mali. With the publication of the MRE and PEA, Altus now intends to undertake a process to potentially monetise the Project, including the creation of a long-term royalty on any future gold production. We look forward to updating shareholders in due course.”

Updated Preliminary Economic Assessment

The updated PEA describes the potential technical and economic viability of establishing a conventional open-pit gold mine for Diba & Lakanfla. The updated PEA technical report has been prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators (“NI 43-101”) by independent consulting firm Mining Plus UK Ltd (“Mining Plus”) of Bristol, United Kingdom. The PEA will be filed on SEDAR and on the Company’s, shortly after the issuance of this news release.

Updated Mineral Resource Estimate

The updated MRE comprises 7,800,000 tonnes grading 1.24 g/t Au for 312,000 oz of contained gold in the Indicated category and a further 12,700,000 tonnes grading 0.87 g/t Au for 362,000 oz of contained gold in the Inferred category, representing a 67% increase in both categories when compared to the previous MRE with an effective date of 18 November 2020.

This MRE update follows an 11,832 metre (“m”) programme of infill drilling completed by the Company in Q1 2022 across Diba & Lakanfla, with results reported on 17 March 2022 (see news release entitled Further Significant Intercepts from Diba & Lakanfla Gold Project in Western Mali), 15 February 2022 (see news release entitled Altus Intersect 1.23 g/t over 127m at Lakanfla Central Prospect in Western Mali) and 21 January 2022 (see news release entitled Excellent Gold Grades from Drilling at Diba NW Prospect in Western Mali).

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