Mr. Alastair McIntyre reports

ALTIPLANO REPORTS APRIL 2023 RESULTS AT FARELLON WITH 1.72 % CU GRADE

Altiplano Metals Inc. has released April, 2023, operating results from the Farellon copper-gold (Cu-Au) mine, located near La Serena, Chile.

During the month of April, approximately 3,022 tonnes of mineralized copper-gold material was produced at Farellon with approximately 2,973 tonnes shipped and processed. The April production represents an increase of 5 per cent over the March output of 2,875 tonnes. Processing in April decreased by 11 per cent over the March figure of 3,315 tonnes processed. The copper grade at Farellon observed in April was 1.72 per cent, representing a small decrease from the 1.77 per cent observed in March.

Revenue generated in April was approximately $279,925 (U.S.) after processing costs, representing a 17-per-cent decrease over the March revenue of $329,055 (U.S.). At April-month end, an additional 200 tonnes were stockpiled at the site with 1,790 tonnes in process at Empresa Nacional de Mineria (Enami). The revenue from this material will be credited in the following months after processing has been completed. An additional 6,000 tonnes of lower-grade stocks are on site at Farellon and available to be shipped and processed at El Penon. This material will be blended with higher-grade material to optimize the milling process. A total of 2,800 tonnes have been shipped to the El Penon processing facility in advance of full operation. This material will be used as part of the start-up phase expected in the last week of June. Newly mined material will begin to be shipped to the El Penon facility in mid-July.

Chief executive officer Alastair McIntyre commented: "The April operating results at Farellon are in line with our strategy of focusing on operational improvements in our mining processes in preparation for full operational capacity as our mill comes on line in July. We are building lower-grade stocks at the mine site and higher grade at the processing facility to support efficient milling operations. We are pleased to note continuing strong copper grades and elevated vein widths at the lower mining levels in our mining operations."

Mining during the month of April focused on the extraction on the 352 northeast and 344 northeast and southwest levels. The advance of the Hugo decline to the level 336 metres is under way with an expected target date of mid-July to begin operations on this level in the northeast and southwest directions. Bench mining will continue in levels above as part of the continuing mining plan.

About Altiplano Metals Inc.

Altiplano is a growing gold, silver and copper company focused on the Americas. The company has a diversified portfolio of assets that include an operating copper/gold/iron mine and a state-of-the-art operating copper/gold and iron processing facility in the final stages of completion. Altiplano is focused on creating long-term stakeholder value through developing safe and sustainable production, reinvesting into exploration, and pursuing acquisition opportunities to complement its existing portfolio. Management has a substantial record of success in capitalizing on opportunity, overcoming challenges and building shareholder value. Altiplano trades on the Toronto Venture Exchange under the symbol APN and the Frankfurt Exchange under the symbol A2JNFG.

Altiplano has generated over $12.1-million (U.S.) from the recovery and sale (after processing costs) of more than 5.2 million pounds of copper with an average grade of 1.80 per cent Cu (2018 Q1 to 2023 Q1). Cash flow has been reinvested into equipment, underground drilling and expanding underground development at Farellon, enhancing ventilation to increase productivity and capacity, new underground development and exploration, and the commissioning of the El Penon fit-for-purpose mill and flotation plant located 15 kilometres from the Farellon site.

John Williamson, BSc, PGeol, a qualified person as defined by National Instrument 43-101, has reviewed and approved the technical contents of this document.

Altiplano is part of the Metals Group of companies. Metals Group is an award-winning team of professionals who stand for technical excellence, painstaking project selection and uncompromising corporate governance, with a proven ability to capitalize on investment opportunities and deliver shareholder returns.

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