Mr. Fernando Ganoza reports

ATICO PRODUCES 3.80 MILLION POUNDS OF CU AND 2,537 OUNCES OF AU IN Q3 2023

Atico Mining Corp. has released its operating results for the three months ended Sept. 30, 2023, from its El Roble mine. Production for the quarter totalled 3.80 million pounds of copper and 2,537 ounces of gold in concentrates.

"Production results for the period have significantly improved when compared to the first two quarters of the year as the overall operational steady state-run rate was again achieved. We anticipate stronger results to continue throughout the remainder of the year as we get back on track to deliver our 2023 production guidance," said Fernando E. Ganoza, chief executive officer. "For the fourth quarter, we continue looking for opportunities to improve metal production and, at the same time, aggressively drill testing target areas in proximity to our mine. Throughout the year, we have seen encouraging results in these areas and anticipate further success in the months to come."

Third quarter operational highlights:

• Production of 3.80 million pounds of copper contained in concentrates; no significant change over Q3 2022;
• Production of 2,537 ounces of gold contained in concentrates, a decrease of 7 per cent over Q3 2022;
• Average processed tonnes per day of 888, an increase of 13 per cent over Q3 2022;
• Copper head grade of 2.48 per cent, a decrease of 21 per cent Q3 2022;
• Gold head grade of 1.75 grams per tonne, a decrease of 23 per cent over Q3 2022;
• Copper and gold recovery of 93.0 per cent and 60.5 per cent, an increase of 2 per cent for copper and a decrease of 3 per cent for gold, respectively, over Q3 2022.

Concentrate inventory

The number of shipments the company can export in any given quarter depends on several variables, some of which the company does not control; hence, there may be an inherent variability in tonnes shipped quarter to quarter.

                             Q3 2023
Amounts in dry metric tonnes 
        
Opening inventory              6,854
Production                     9,341
Sales                         -8,325
Number of shipments                1
Adjustments                       73
Closing inventory              7,943

Note: Concentrate figures are 
subject to adjustments based 
on final surveys and final 
settlement of sales.

El Roble mine

Its El Roble mine is a high-grade, underground copper and gold mine with nominal processing plant capacity of 1,000 tonnes per day, located in the department of Choco in Colombia. Its commercial product is a copper-gold concentrate.

Since obtaining control of the mine on Nov. 22, 2013, Atico has upgraded the operation from a historical nominal capacity of 400 tonnes per day.

El Roble has proven and probable reserves of 1.00 million tonnes grading 3.02 per cent copper and 1.76 grams per tonne gold at a cut-off grade of 1.3 per cent copper equivalent with an effective date of Sept. 30, 2020. Mineralization is open at depth and along strike, and the company plans to further test the limits of the deposit. On the larger land package, the company has identified a prospective stratigraphic contact between volcanic rocks and black and grey pelagic sediments and cherts that has been traced by Atico geologists for 10 kilometres. This contact has been determined to be an important control on volcanogenic massive sulphide mineralization, on which Atico has identified numerous target areas prospective for VMS type mineralization occurrence, which is the focus of the current surface drill program at El Roble.

Qualified person

Thomas Kelly (SME registered member 1696580), adviser to the company and a qualified person under National Instrument 43-101 standards, is responsible for ensuring that the technical information contained in this news release is an accurate summary of the original reports and data provided to or developed by Atico.

About Atico Mining Corp.

Atico is a growth-oriented company, focused on exploring, developing and mining copper and gold projects in Latin America. The company generates significant cash flow through the operation of El Roble mine and is developing its high-grade La Plata VMS project in Ecuador. The company is also pursuing additional acquisition of advanced-stage opportunities.

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