Mr. Tim Warman reports

ATACAMA COPPER AND TCP1 ANNOUNCE A MAIDEN RESOURCE ESTIMATE FOR THE YECORA COPPER PROJECT, SONORA MEXICO

Atacama Copper Corp. and TCP1 Corp. have released the results of a maiden mineral resource estimate (MRE) at TCP1's wholly owned Yecora copper project in southwestern Sonora state, Mexico. The Yecora project is located in the Laramide copper belt that extends from Arizona into northwestern Mexico and consists of multiple tourmaline breccia bodies carrying copper-silver-molybdenum mineralization, and high-grade copper-silver veins. 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 25.3 million tonnes (Mt) at 0.30 per cent copper, 28.5 grams per tonne silver and 749 parts per million molybdenum (0.79 per cent copper equivalent grade), for a contained 444 million pounds (Mlb) of Cu equivalent.
• Inferred resources of 11.2 Mt at 0.30 per cent copper, 24.2 g/t silver and 831 ppm molybdenum (0.78 per cent CuEq grade), for a contained 193 Mlb of Cu equivalent.
• The resource estimate is based on 34 diamond drill holes and eight reverse circulation drill holes completed between 2014 and 2022 for 14,006 metres of drilling in total.
• Preliminary metallurgical test work projected a copper concentrate grade of 20 to 25 per cent with a recovery of approximately 90 per cent and containing 75 to 85 per cent of the silver. The molybdenum concentrate grade was projected to be 50 to 55 per cent with a recovery of 80 to 90 per cent. Future testing will determine the feasibility of recovering lead and zinc to a separate concentrate, and thus zinc and lead were not included in the current resource estimate.

The Yecora deposit is immediately adjacent to the active Minera Alamos Santana gold mine, and several other copper and gold deposits occur in the area.

Tim Warman, Atacama's chief executive officer, commented: "We're extremely pleased with the maiden resource estimate for the Yecora deposit, and see excellent potential to grow the deposit through further drilling. The current resource includes just one of three known mineralized breccia bodies on the property, with the other two almost completely untested by drilling. Additionally, the first breccia body remains open laterally and at depth. We're confident that this maiden resource represents only the tip of the iceberg at Yecora."

Mineral resource estimate

The mineral resource estimate for the Yecora deposit was prepared for TCP1 by Sepor Services LLC, with an effective date of Aug. 4, 2023. The qualified person for the statement of mineral resources is Jaime Andres Beluzan of Sepor.

The mineral resources were estimated in a single block model, including the main area of mineralized breccias to the west and the veins area to the east. The block model contains 20-metre-by-20-metre-by-20-metre panels subcelled up to five-metre-by-five-metre-by-five-metre minimum block size. The elements silver, copper, molybdenum, lead and zinc were estimated in the different estimation units defined, although Pb and Zn were not reported in the resource estimate as metallurgical data were lacking.

Based on the operating cost assumptions, a resource cut-off of 15.45 (U.S.)/t was defined to generate the conceptual constraining pit shell using a 47-degree overall slope angle. The program was allowed to lay back pit slopes outside of the property boundary, but any blocks outside of the property boundary were considered waste. Reasonable mining assumptions were applied to evaluate the portions of the block model (indicated, and inferred blocks) that could be reasonably expected to be mined from an open pit. The resulting pit shells extend onto lands where no mineral title is held, and which have not been released for staking by the Mexican government. Approximately 40 per cent of the estimated resource is dependent on the government opening the lands for staking, and on the land being acquired by TCP1 to allow the pit limits to extend into these lands. There can be no assurance that the government will reopen the lands for staking, or that the lands will either be acquired by TCP1, or an agreement negotiated with the eventual concession holder.

A variable dilution was applied on ore blocks contacting waste blocks by volume inclusion of the neighbouring blocks at their estimated grades. The value applied varies depending on the surface of the ore block in contact with waste. The maximum dilution percentage is 10 per cent in case an ore block is surrounded by waste. No mining recovery factors were applied.

Qualified persons

The qualified person for the statement of mineral resources is Mr. Beluzan, mining engineer (Comision Minera de Chile), of Sepor. Charlie Ronkos is the chief operating officer of TCP1 and is the qualified person for the remaining technical information disclosed in this release. The QPs have reviewed and approved the technical information disclosed herein. Details of the MRE will be presented in a technical report prepared in accordance with National Instrument 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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