Altus Strategies Plc announced that the Ministry of Mines, Energy and Water of the Republic of Mali has issued a small-scale gold mining licence in respect of the Company's 100% owned 83.1 square kilometre Korali Sud licence, containing the Diba gold project located in western Mali. Diba hosts the Diba Deposit, Diba NW and Diba Far East prospects and is located approximately 5km west of the Company's 100% owned 24km2 Lakanfla gold exploration licence. The Company has commissioned independent consulting firm Mining Plus UK Ltd. of Bristol, United Kingdom to update the Mineral Resource Estimate and Preliminary Economic Assessment for the combined Diba & Lakanfla project.

The Mining Licence is dated 15 April 2022 and was granted to the Company's 100% owned Mali incorporated subsidiary LGC Exploration Mali SARL in accordance with Mali's mining code. It covers the full 83.1 km2 extent of the former Diba exploration licence and is valid for an initial four year period, renewable for successive four year periods until the deposit is depleted. The Company's application for the Mining Licence included various studies and files, including an environmental permit, a mine closure and rehabilitation plan and a community development plan.

There are no statutory minimum expenditure commitments under the Mining Licence. The Company retains the option to apply for a full-scale mining licence at a later date, subject to the delineation of a larger MRE. The Mining Licence includes requirements for quarterly and annual operational reports to be submitted to the Ministry.

The Company is required to pay an annual surface royalty of 100,000 CFA francs (approximately US$170) per square kilometre. The Mining Licence can be transferred to third parties in accordance with certain conditions set out in Mali's mining code.