Mr. Tim Warman reports

ATACAMA COPPER AND TCP1 ANNOUNCE A MAIDEN RESOURCE ESTIMATE FOR THE CRISTINA PROJECT, CHIHUAHUA MEXICO

Atacama Copper Corp. and TCP1 Corp. have released the results of a maiden mineral resource estimate (MRE) at TCP1's wholly owned Cristina polymetallic vein project in southwestern Chihuahua state, Mexico. The Cristina project consists of multiple outcropping quartz veins that are frequently greater than 10 metres (m) in width and extend for a currently known strike length of up to five kilometres (km). At least four parallel mineralized vein structures have been mapped to date, however, most of the resource estimate reported here is contained within the Guadalupe vein structure. Atacama and TCP1 recently announced a proposed business combination whereby the company will acquire, directly or indirectly, all the issued and outstanding shares of TCP1 in exchange for common shares of the company.

Highlights:

• Indicated resources of 17.5 million tonnes (Mt) at 0.51 gram per tonne (g/t) gold, 33.8 g/t silver, 0.47 per cent zinc, 0.19 per cent lead and 0.04 per cent copper (1.33 g/t gold equivalent (AuEq) grade), for a contained 752,000 gold equivalent ounces;
• Inferred resources of 19.0 Mt at 0.51 g/t gold, 27.5 g/t silver, 0.50 per cent zinc, 0.19 per cent lead and 0.05 per cent copper (1.27 g/t AuEq grade), for a contained 777,000 gold equivalent ounces;
• The resource estimate is based on 220 diamond drill holes completed between 2010 and 2022 for approximately 70,000 m of drilling in total;
• Preliminary metallurgical test work suggests recoveries into concentrate of 75 to 85 per cent for gold, 85 to 95 per cent for silver, 80 to 90 per cent for zinc and lead, and 70 to 80 per cent for Cu.

The Cristina deposit is an epithermal to mesothermal vein system where the mineralization is predominantly gold and silver, with lesser base metal values. Cristina is similar to other active mines in the region, including Fresnillo's San Julian and La Cienega mines, as well as First Majestic's Tayoltita/San Dimas mine.

Tim Warman, Atacama's chief executive officer, commented: "We're extremely pleased with the maiden resource estimate for the Cristina deposit, particularly as the deposit remains open along strike and at depth, as well as in at least three other parallel mineralized veins. Once the transaction closes, we intend to continue with an aggressive drilling program at Cristina to grow the resource base, convert inferred to indicated, and target higher-grade shoots within the vein systems. Our technical team believes that this maiden resource may represent the tip of the iceberg at Cristina."

Mineral resource estimate

The mineral resource estimate for the Cristina deposit was prepared for TCP1 by Independent Mining Consultants Inc. (IMC), with an effective date of Jan. 1, 2023. Jacob W. Richey, PE of IMC, is the qualified person (QP) responsible for the MRE.

The mineral resources were established by building four 3-D (three-dimensional) block models (an open-pit and underground block model in the North area and an open-pit and underground block model in the south area) to estimate the in situ mineralization. The Guadalupe vein structure is contained within the south area. Mineral resource estimates for both models include in situ material that meets the requirements for reasonable expectation of economic extraction either by underground mining methods or is contained within a computer-generated pit shell. Approximately 90 per cent of the indicated resource tonnage and 79 per cent of the inferred resource tonnage is contained within a computer-generated pit shell.

The MRE is based on metal prices of $1,700 per ounce (oz) Au, $23.61 per oz Ag, $1.32 per pound (lb) Zn, 94 cents per lb Pb and $3.78 per lb Cu. Open-pit tonnages were tabulated as blocks above a $9.60 per tonne net of smelter return (NSR) contained within a pit shell, while underground tonnages were tabulated as blocks above $55 per t NSR and touching at least three other blocks above same cut-off. Appropriate estimates for metal recoveries, treatment and refining charges were applied when calculating the NSR values.

Mining and processing inputs used to constrain the mineral resource estimates include process costs of $8.35 per t processed, G&A (general and administrative) of $1 per t processed, open-pit mining costs of $2.25 per t of ore and $2 per t of waste, a pit slope angle of 50 degrees, and underground mining costs of $45.65 per t.

Qualified person

Mr. Richey, PE of IMC, is the qualified person responsible for the MRE. Charlie Ronkos, MMSA, is the chief operating officer of TCP1 and the qualified person for the remaining technical information disclosed in this release. The QPs have reviewed and approved the technical information herein. Details of the MRE will be presented in a technical report prepared in accordance with NI 43-101 which will be available under the company's SEDAR profile and on the company's website within 45 days of this news release.

About Atacama Copper Corp.

Atacama Copper is a resource company focusing on acquiring, exploring, and developing base and precious metals properties in the Americas. It is committed to advancing the exploration and development of its Placeton/Caballo Muerto copper project in Chile while looking to increase its asset portfolio through the acquisition and development of other high-value exploration, development and production opportunities. Atacama's Placeton/Caballo Muerto project hosts several porphyry copper targets situated between the giant Relincho and El Morro/La Fortuna copper-gold deposits of the Nueva Union joint venture between Teck and Newmont Mining.

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