Mr. Fernando Ganoza reports

ATICO MINING REPORTS RESULTS ON BROWNFIELD DRILLING CAMPAIGN TO EXTEND MINE LIFE AT EL ROBLE HIGH GRADE COPPER/GOLD MINE IN COLOMBIA, CONTINUES TO EXPAND TONNAGE WITH INTERCEPTS UP TO 24.7M OF 4.19% CU, 3.11G/T AU, AND 5.0M OF 4.84% CU AND 12.26 G AU

Atico Mining Corp.'s brownfield exploration program being carried out in an area of historical mining to expand tonnage and extend mine life at its El Roble mine has continued to returned positive results. In addition, the company reports the results for five diamond drill core holes targeting the main massive sulphide body Cuerpo principal (ATD-0182, ATD-0190, ATD-0193, ATD-0194 and ATD-0195) and several adjacent lenses called Cuerpos Norte (ADT-0197 through ADT-0200 and ADT-0203 through ADT-0207). Results included 24.7 metres of 4.19 per cent copper and 3.11 grams per tonne gold and 5.0 m of 4.84 per cent Cu and 12.26 g/t Au.

"We are pleased to report that our mine vicinity drill campaign continues to successfully intercept new mineralization and extensions of the main historic massive sulphide bodies at the El Roble deposit. These areas were mined by operators previous to Atico obtaining control of the mine on Nov. 22, 2013," said Fernando E. Ganoza, chief executive officer. "These results from the drill program in this vicinity completed in the second half of this year continue to increase confidence in our view that additional high-grade copper and gold mineralization remains both within the historically defined bodies and beyond the previously outlined mineralized shell. These strong assay results are open at depth and along strike. Final results for four more drill holes will be received before year-end at which time the company plans to update the resource estimate."

Exploration drilling program

The goal of the current surface and underground drilling program at the company's El Roble mine is to define zones of mineralization within the extent of main historic massive sulphide body that were not exploited by previous operators and also to expand the historically identified resource. During the first quarter of 2023, the company began a drill program to test the main mineralized body and the immediately adjacent area. A total of 3,765 metres of drilling are planned for 2023, of which final results for 34 drill holes have been received.

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 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 have 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

Garth Graves, PGeo, consultant geologist for Atico, a qualified person in accordance with National Instrument 43-101, has reviewed and approved the technical information contained in this news release.

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 its 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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