Mr. John Williamson reports

ALTIPLANO REPORTS Q2 2023 OPERATIONAL RESULTS AT FARELLON

Altiplano Metals Inc. has provided an update on quarterly results for Q2 2023 from the Farellon copper-gold-iron mine located near La Serena, Chile.

During Q2, 2023, the company extracted a total 8,315 tonnes of mineralized copper-gold material at Farellon. This represents an increase of 8 per cent from the 7,675 tonnes of material mined in Q1. Tonnes processed in Q2 represented 7,883 tonnes, an increase of 4 per cent from the previous quarter of 7,584 tonnes. The copper grade recovered was 1.75 per cent, down 13 per cent from the previous Q1 2023 result of 1.90 per cent. Waste removal increased by 400 per cent to 3,262 tonnes in Q2 2023 as development progressed to the 336-metre operational level. Sales of 294,162 pounds of copper in Q2 2023 generated approximately $422,815 (U.S.) in revenue (after processing costs), a decrease of 22 per cent over the Q1 2023 $539,300 (U.S.) sales figure.

At the end of June, 2023, the company had 180 tonnes in stockpiles at the Farellon site and a total of 2,000 tonnes of stockpiles at the El Penon mill site. An additional 8,000 tonnes of lower-grade material are stockpiled at the Farellon site and ready to be shipped for processing at the El Penon facility. The company currently has 1,200 tonnes of material in process with Enami. This material will be processed for sale and the revenue will be realized in the coming months.

President and chief executive officer Alastair McIntyre commented: "We are pleased to see consistent production, copper grade and sales of copper over the past several quarters in advance of transitioning the processing to El Penon. Our mining methods, planning and grade control establishes the baseline for expanding production to 5,000 tonnes per month to supply APN's processing facility, where we can leverage increased output to reduce costs per tonne and recover both copper and iron."

The decision to commence production on the Farellon deposit is not based on a feasibility study of mineral reserves demonstrating economic and technical viability, and there are increased uncertainty and economic and technical risks of failure associated with the production decision.

Second quarter activity at Farellon was focused on the continuation of mining at level the 352-metre level in the northeast and southwest directions. Bench mining was initiated on the 360-metre level between the 368-metre and 360-metre levels. Mining on the 344-metre level continued in the southwest and northeast levels, where most of the mineralized material (4,939 tonnes) was extracted during the quarter. The advance of the main decline continued toward level 336, where a total development of 25 metres was completed by the end of June. The 336-metre operational level is expected to be reached in mid-August, providing additional working faces to the northeast and southwest and access to levels above for bench mining.

Altiplano has generated over $12.8-million (U.S.) from the recovery and sale (after processing costs) of more than 5.7 million pounds of copper with an average grade of 1.80 per cent copper (Q1 2018 to Q2 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 start-up of the El Penon fit-for-purpose mill and flotation plant located 15 kilometres from the Farellon site.

About Altiplano Metals Inc.

Altiplano Metals 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 TSX Venture Exchange under the symbol APN and the Frankfurt Stock Exchange under the symbol A2JNFG.

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, 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.

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