Mr. Fernando Ganoza reports

ATICO REPORTS 2023 FOURTH QUARTER AND FULL YEAR PRODUCTION RESULTS

Atico Mining Corp. has released operating results for the three- and 12-month periods ended Dec. 31, 2023, from its El Roble mine. Production totalled 4.37 million pounds of copper with 2,578 ounces of gold for the fourth quarter (Q4 2023) and 13.24 million pounds of copper with 10,149 ounces of gold in concentrates for the full-year 2023.

"Operationally the company had a challenging first half of the year. The team turned things around in the third quarter and continued to improve all metrics to finish the year delivering just under our production guidance. At the same time, we saw very prospective drill results from our El Roble mine vicinity drill program which could point towards an extension of the current life of mine," said Fernando E. Ganoza, chief executive officer. "In the upcoming year, we continue to have significant milestones ahead of us yet to achieve. In the first half of the new year, our main focus will be on the El Roble mine resource update, completion of the La Plata feasibility study and delivering on all requirements to receive the environmental permit for the La Plata project."

Fourth quarter and full-year operational highlights

Fourth quarter:

• Production of 4.37 million pounds of copper contained in concentrates, an increase of 48 per cent over Q4 2022;
• Production of 2,578 ounces of gold contained in concentrates, a decrease of 15 per cent over Q4 2022;
• Average processed tonnes per day of 853, an increase of 4 per cent over Q4 2022;
• Copper and gold head grades of 2.89 per cent and 1.75 grams per tonne, an increase of 28 per cent for copper and a decrease of 24 per cent for gold over Q4 2022;
• Copper and gold recovery of 94 per cent and 62.7 per cent, an increase of 4 per cent for copper and 9 per cent for gold over Q4 2022.

2023 year-end:

• Production of 13.24 million pounds of copper contained in concentrates, a decrease of 12 per cent over 2022;
• Production of 10,149 ounces of gold contained in concentrates, a decrease of 9 per cent over 2022;
• Average processed tonnes per day of 822, a decrease of 1 per cent over 2022;
• Copper and gold head grades of 2.34 per cent and 1.89 grams per tonne, a decrease of 22 per cent for copper and 18 per cent for gold over 2022;
• Copper and gold recovery of 92.1 per cent and 60.6 per cent, no significant change for copper and gold over 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.

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 one 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 VMS (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 operates the El Roble mine and is pursuing additional acquisition opportunities.

We seek Safe Harbor.