Mr. John Williamson reports

ALTIPLANO CONFIRMS SANTA BEATRIZ MINE EXHIBITS IOCG MINERALIZATION COMPARABLE TO THE FARELLON COPPER-GOLD MINE

Altiplano Metals Inc. has initiated technical due diligence on the Santa Beatriz copper-gold mine and confirms similarities to the Farellon mine in mineralization, lithology and structural trends. The Santa Beatriz mine is located only two kilometres (km) by road from the existing operation at the Farellon copper-gold mine near La Serena, Chile. Farellon and Santa Beatriz are situated in the north-northeast-trending 1,000-kilometre Atacama fault zone within Chile's copper-rich iron oxide, copper and gold (IOCG) belt; this area is associated with several significant deposits. Farellon and Santa Beatriz have the potential to be part of a larger IOCG system.

Highlights

• Mineralized material at Santa Beatriz offers ideal potential for processing at the company's El Penon facility located approximately 18 kilometres to the north.
• IOCG-type veins at Farellon and Santa Beatriz share similar mineral characteristics and exhibit a consistent northeast orientation, indicating the possibility that both projects could be part of a larger system.
• Copper and gold mineralization within the vein structures at both Farellon and Santa Beatriz hosts excellent potential to develop a high-grade copper and iron resource with associated gold. The Santa Beatriz mine is permitted for approximately 2,000 tons per month of production by the Chilean mining authority Sernageomin (Servico Nacional de Geologia y Mineria), with the potential to expand to 5,000 tonnes per month.
• Seven additional mapped IOCG veins on the Santa Beatriz property remain untested. The previously mined veins at Santa Beatriz remain open with the potential to intersect at depth.

President and chief executive officer Alastair McIntyre's comments: "Altiplano is very encouraged by the initial work at Santa Beatriz, confirming that the geological setting is similar to Farellon. We are currently designing a program to further delineate and expand the mineralization to assist with mine planning. As the Cu-Au-Fe mineralization is similar to the Farellon mine, it is ideally suited for processing at our El Penon facility. Santa Beatriz aligns with APN's focus on maintaining low transport, processing and production costs while optimizing the recovery of the contained metals."

Geology

The Farellon and Santa Beatriz properties are similar in lithology, structural setting and mineralization styles. The Santa Beatriz property contains multiple steeply dipping, northeast-trending IOCG-type veins hosted in microdiorite and andesite. The two primary, historically mined veins, located in the southeast section of the property, are up to 1.5 metres wide and remain open along strike and at depth. Similar structures in the region widen at depth, indicating the potential for expanded downdip continuity of mineralization.

Seven smaller untested veins mapped at the Santa Beatriz project are up to 50 centimetres wide. Mineralization in veins includes chalcopyrite, bornite and magnetite with abundant copper oxides (malachite and chrysocolla).

Exploration plan

After reviewing and evaluating the existing data sets for Santa Beatriz, an initial exploration program has been formulated encompassing activities such as mapping, sampling and drilling. The exploration program is scheduled to commence in July, 2023. Channel sampling and mapping of the veins underground and on the surface will aid in determining grade potential and extent. A 1,300-metre drill program is planned to validate the width and consistency of the veins at depth to determine mineralization and mining potential. A subsequent exploration program will include a detailed ground magnetic survey to examine the potential depth and extent of the additional IOCG veins on the Santa Beatriz project; drilling of the veins would be required to validate the geophysics. The additional untested veins on the project have the potential to be included in the production of the Santa Beatriz project.

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 and in development copper/gold/iron mines 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 TSX 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 copper (Cu) (Q1 2018 to Q1 2023). Cash flow has been reinvested into equipment, underground drilling, 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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