Mr. John Williamson reports

ALTIPLANO BEGINS STARTUP PHASE AT EL PENON AND STRENGTHENS BOARD

Altiplano Metals Inc. has completed the commissioning stage at the El Penon processing plant located near the town of La Serena, Chile, and has entered the start-up phase with first concentrate production expected in early August. The state-of-the-art facility is located approximately 15 km from the Company's copper-gold and iron mine, Farellon.

Highlights

• All testing of the crushing, milling, copper/gold flotation, copper thickener tanks and tailings management has been completed. Processing of the copper-gold-iron materials has begun with the stockpile at the mill and mine site, full transition to inhouse processing will be completed at the end of August.
• To optimize output, ongoing system updates and adjustments are expected over the next few months, including iron separation testing and production, expected to be completed in 6 weeks.
• Five-thousand tonnes of copper-gold-iron material will be processed per month and is expected to produce 300 tonnes of copper/gold concentrate and 1,800 tonnes of iron concentrate. Final tails will be "dry stacked" in a tailings compound where the Company is reviewing opportunities to sell this product to the agricultural/construction industries based on contained phosphorus. Final tails are expected to contain approximately 25% apatite.
• First copper concentrate sales are expected in late-August, supported by the concentrate purchase and sale offtake agreement.

Altiplano Strengthens Board

Altiplano is pleased to announce the addition of Luis Albano Tondo to the Board of Directors. Luis is a Mining Engineer with 35+ years of experience in the mining industry. Mr. Tondo has served as President, Executive Director, Independent Director, Chief Executive Officer, Chief Operating Officer, VP Operations and Project Director and Advisor for numerous listed companies with mining ventures in South America, including senior roles with Kinross and Rio Tinto. He has been directly involved with the construction and operation of several multi-million-dollar mining projects in Brazil, Chile, and Uruguay. Mr. Tondo is a Fellow of the Australasian Institute of Mining and Metallurgy. Jamie Hutton has resigned from the Board, and we would like to thank Jamie for his nearly five-year tenure and commitment as an APN director.

President and CEO Alastair McIntyre comments: "We are very pleased to reach this next milestone of our business. The production of copper-gold and iron concentrates at the El Penon processing facility will allow us to leverage revenue and profit opportunities, providing sustainability for the Company to pursue and develop new growth opportunities. We are proud to design this state-of-the-art facility with ESG in mind as a first of its kind in Chile. Additionally, we are very pleased to be adding Luis Tondo to Altiplano's Board as a commitment to strengthen the board and management as the Company grows. Luis has extensive experience in the mining industry in South America and brings excellent technical capabilities and knowledge of local projects and participants. Luis will be a great complement to the APN Team to support our growth and technical oversight of our operations in Chile."

El Penon

The El Penon processing facility is a state-of-the-art Environmental Social Governance (ESG) focused operation designed to reduce transportation and processing costs. The plant utilizes nonchemical flotation and magnetic separation to generate copper/gold and magnetic iron concentrates as income streams. A dry stack tailings process generates dry tailings without the requirement of a conventional tailings dam and reduces water consumption through recycling by 75%. Tails are reduced by 40% through magnetic separation, and final tails have opportunity to be used in the agricultural and construction industries. The El Penon plant is a first-of-its-kind facility in the Chilean small-scale processing industry.

About Altiplano

Altiplano Metals is a growing gold, silver, and copper company focused on the Americas. The Company has a diversified portfolio of assets that include operating and developing copper/gold/iron mines and a state-of-the-art operating copper/gold and iron processing facility in production. 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 business. Management has a substantial record of success in capitalizing on opportunity, overcoming challenges and building shareholder value. Altiplano trades on the Toronto Venture Exchange trading under the symbol APN and the Frankfurt Exchange under the symbol A2JNFG.

Altiplano has generated over US$12.1 million from the recovery and sale (after processing costs) of more than 5.2 million pounds of copper with an average grade of 1.80% Cu (2018 Q1-2023 Q1). 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 building of the El Penon fit-for-purpose mill and flotation plant located 15 km from the Farellon site.

John Williamson, B.Sc., P.Geol., a Qualified Person as defined by NI 43-101, has reviewed and approved the technical contents of this document.

Altiplano is part of the Metals Group of Companies, led by a dynamic group of resource sector professionals with a long record of success in evaluating and advancing mining projects from exploration through to production, attracting capital, and overcoming adversity to deliver exceptional shareholder value. www.metalsgroup.com

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