Mr. Fernando Ganoza reports

ATICO REPORTS CONSOLIDATED FINANCIAL RESULTS FOR THIRD QUARTER OF 2023

Atico Mining Corp. has released its financial results for the three months ended Sept. 30, 2023, posting a net loss of $1.1-million. Production for the period at Atico's El Roble mine totalled 3.8 million pounds (lb) of copper and 2,724 ounces (oz) of gold in concentrate at a cash cost (1) of $1.97 per payable pound of copper (2).

(All amounts are expressed in U.S. dollars, unless otherwise stated.)

Fernando E. Ganoza, chief executive officer and director, commented: "During the quarter, we saw a significant improvement in ore production and grades at El Roble when compared to previous quarters in the year. However, these operational gains were almost completely offset by strong appreciation of the Colombian peso, along with weaker metal prices and macroeconomic inflation, which have put pressure on our production costs and margins," said Fernando E. Ganoza, chief executive officer. "For the remainder of the year, we will continue looking for further gains in operational efficiency while at the same time capture revenue from produced concentrates carrier forward into the subsequent quarter."

Third quarter financial highlights:

• Net loss for the quarter amounted to $1.1-million, compared with a net income of $300,000 for the comparative quarter.
• Sales for the quarter decreased 34 per cent to $15.3-million, when compared with $23.1-million in Q3 2022. Copper (Cu) and gold (Au) accounted for 80 per cent and 20 per cent of the 8,325 (Q3 2022 -- 14,219) dry metric tonnes (DMT) of concentrate sold during Q3 2023.
• The average realized price per metal was $3.87 per pound of copper and $1,936 per ounce of gold.
• Ending working capital was $12.2-million and the company had $15.9-million in long-term loans payable.
• Cash costs (1) were $131.82 per tonne of processed ore (Q3 2022 -- $134.52) and $1.97 per pound of payable copper produced (Q3 2022 -- $1.35). The increase in cash cost per pound of payable copper produced, compared with the comparative period, is due to lower copper grade and lower gold (byproduct) credits due to lower grade.
• Cash margin was $1.90 (Q3 2022 -- $2.05) per pound of payable copper produced, which was a decrease of 11 per cent over Q3 2022, due to higher cash cost per pound more than offsetting higher realized copper price.
• All-in sustaining cash cost per payable pound of copper produced (1) (2) was $2.64 (Q3 2022 -- $2.12).

Third quarter operational review

In Q3 2023, the company produced 3.8 million lb of copper, 2,724 oz of gold and 10,193 oz of silver. When compared with the same period in 2022, production increased by 1 per cent for copper and stayed at the same level for gold. Average copper head grades decreased by 21 per cent and gold head grades decreased by 20 per cent relative to the same period in 2022, offsetting the 25-per-cent increase in tonnes of processed ore.

The financial statements and MD&A (management's discussion and analysis) are available on SEDAR+ and have also been posted on the company's website.

El Roble mine

The 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 1.0 million tonnes grading 3.02 per cent copper and 1.76 grams per tonne (g/t) 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 VMS (volcanic 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.

La Plata overview

Atico's wholly owned La Plata project is a gold-rich volcanogenic massive sulphide deposit that was the subject of small-scale mining from 1975 to 1981 by Outokumpu Finland. The project benefits from a modern drill and exploration database, which was completed by Cambior Inc. from 1996 to 1999, Cornerstone Capital from 2006 to 2009 and Toachi from 2016 to 2019.

Toachi Mining completed a PEA (preliminary economic assessment) estimating an inferred resource of 1.85 million tonnes grading 4.10 g/t gold, 50.0 g/t silver, 3.30 per cent copper, 4.60 per cent zinc and 0.60 per cent lead per tonne.

The La Plata project consists two concessions covering a total area of 2,235 hectares along its four-kilometre length, which contains known mineralization in two VMS lenses and nine priority exploration targets.

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 the 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.

(1) Alternative performance measures -- non-GAAP (generally accepted accounting principles).

(2) Net of byproduct credits.

(3) Subject to adjustments on final settlement.

We seek Safe Harbor.