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Altoro intersects high-grade zinc outside existing Novales resource

Jane Morgan Management

4 November 2026 – Perth, WA | Altoro Metals (ASX: ARO) has intersected high-grade zinc at its historical Emilia Mine in northern Spain, identifying mineralisation outside its existing resource and providing new drilling targets for its broader Novales district strategy.

The company’s maiden modern underground drilling programme returned a standout intersection of 5.00 metres at 13.66% zinc, including one metre at 25.70% zinc, from hole EDDT001.

Emilia lies approximately 2.3 kilometres northeast of San José along the interpreted 12-kilometre Novales–Udías zinc trend. Altoro is working to consolidate deposits across the district, including San José, Margarita, Emilia and Udías.

The results provide further geological information from an area entirely outside the company’s existing Mineral Resource Estimate. Further drilling and interpretation will be required to establish the extent and continuity of mineralisation and assess whether Emilia could contribute to a future resource update.

The nine-hole programme totalled 285.50 metres. Drilling from accessible historical workings targeted mineralisation exposed in or near remaining mine pillars and interpreted mineralised horizons, improving understanding of a previously mined system.

Results included 11.00 metres at 2.79% zinc in EDDT008. Both EDDT008 and EDDT009 intersected separate upper and lower mineralised intervals, adding information about the distribution of mineralisation around the workings.

All intersections are reported as downhole lengths. True widths have not yet been established.

Altoro’s executive commentary stated:

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.

The announcement reported an LME cash zinc price of approximately US$3,955 a tonne on 30 October, with metal available for immediate delivery trading above the three-month price. That premium reflected competition for near-term physical supply.

Altoro also acknowledged that uneven construction demand and broader economic conditions remained risks to the zinc market.

The company has incorporated the Emilia results into its geological database. Its ongoing work will combine the drilling data with historical workings, geological mapping and previous channel sampling to refine its interpretation of the mineralised system.

That work will guide further drilling targets around Emilia and along the broader Novales trend, including the Emilia–Margarita area, and help determine the drilling required to assess potential contributions to a future Mineral Resource Estimate.

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).

About us:

Altoro Metals Limited is an ASX-listed exploration company advancing a portfolio of polymetallic projects in Spain. Its flagship Novales Project includes the former-producing San José Zinc mine and a broader mineralised district with significant exploration potential. Altoro is also advancing its Guajaraz Project in central Spain, focused on defining and expanding critical metals opportunities in established mining jurisdictions.

Contact details:

Jane Morgan
Jane Morgan Management
[email protected]