Mr. John Williamson reports

ALTIPLANO REACHES NEW 336 M OPERATING LEVEL AT FARELLON

Altiplano Metals Inc. has established a new operating section at the 336-metre mining level at the Farellon copper-gold mine located near La Serena, Chile. Access to the 336 m level is part of the ongoing underground development of the Hugo Decline, used to access and extract copper-gold and iron material from Farellon.

Sub drifts on the 336 m level have intersected the Farellon Iron Oxide Copper Gold vein structure with two new production headings established in the NE and SW directions. Mining in this area has begun, along with benching operations continuing between the ceilings and floors of the 344 m and 352 m levels. Further development of the Hugo Decline to the 328 m level is expected to begin in the next four weeks, with a time frame of approximately 12 weeks to reach the new targeted intersection. Additional tonnage will be mined from the SW location of the mine using existing underground infrastructure to increase production to 5,000 tonnes per month to supply the processing facility at El Penon over the following months.

CEO Alastair McIntyre comments: "Intersection of the 336 m level is part of our ongoing development plans to increase production levels and manage grade control. This new area at depth compliments the existing development in the upper levels of the mine. Together, these areas will support increasing our mining output and productivity."

Altiplano has generated over US$12.8 million from the recovery and sale (after processing costs) of more than 5.7 million pounds of copper with an average grade of 1.80% Cu (2018 Q1-2023 Q2). 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 km from the Farellon site.

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 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 trading under the symbol APN and the Frankfurt Exchange under the symbol A2JNFG.

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. 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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