Mr. John Williamson reports

ALTIPLANO REPORTS Q4 2023 OPERATIONAL RESULTS AT FARELLON WITH IMPROVED CU GRADE AND OUTPUT

Altiplano Metals Inc. has released Q4 2023 operation results from the Farellon copper-gold-iron mine located near La Serena, Chile.

The company extracted a total of 9,114 tonnes of mineralized copper-gold material and processed 8,125 tonnes during Q4 2023 at Farellon. This represents 12-per-cent and 13.6-per-cent increases respectively from the Q3 production and processing figures. Mine production in Q4 represented the highest quarterly production over the 2023-year period. Copper grade improved in Q4 to 1.87 per cent representing an 8.7-per-cent increase from the 1.72 per cent copper recovered in Q3. Sales of 325,328 pounds of copper in Q4 2023 generated approximately $798,919 (U.S.) in revenue (after processing costs), an increase of 25 per cent over the $639,458 revenue figure received in Q3 -- an increase related mainly to processing higher-copper-grade material.

Waste removal decreased 52 per cent to 1,221 tonnes in Q4 2023 as the new 336-metre operating level was reached. Work on the advance to the next level at 328 metres began in late November and is expected to be intersected in April. Level 328 will bring an additional production level, with mining planned on drifts to the northeast and southwest directions.

President and chief executive officer Alastair McIntyre commented: "In the last two years, Farellon has produced and sold on average approximately 300,000 pounds of copper per quarter and we are pleased to see that we closed out in Q4 [2023] well above that average. Copper grades in Q4 also came in above our overall 1.8 per cent average at 1.87 per cent, which is an excellent achievement considering global grades of copper average 0.5 per cent copper. Production increases and recovery of high-grade copper, combined with the benefits of the reduction in processing and transportation costs at the El Penon processing plan, will drive the operation success at APN in 2024."

At the end of December, 2023, the company had 540 tonnes in stockpiles at the Farellon site and a total of 1,555 tonnes of stockpiles at the El Penon mill site. An additional 8,381 tonnes of lower-grade material are stockpiled at Farellon site and ready to be shipped for processing at the El Penon facility over the next several months. This stockpile will be blended with newly mined material to optimize processing efficiencies. In addition, the company currently has 1,314 tonnes of material in process with third party processors. This material will be processed for copper sales and the revenue will be realized in the coming months.

Altiplano has generated over $14.2-million (U.S.) from the recovery and sale (after processing costs) of more than 6.25 million pounds of copper with an average grade of 1.8 per cent copper (Q1 2018 to Q4 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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