Mr. Fernando Ganoza reports

ATICO PRODUCES 3.34 MILLION POUNDS OF CU AND 2,156 OUNCES OF AU IN FIRST QUARTER 2024

Atico Mining Corp. has released its operating results for the three months ended March 31, 2024, from its El Roble mine. Production for the quarter totalled 3.34 million pounds of copper and 2,156 ounces of gold in concentrates, an increase of 44 per cent for copper and a decrease of 16 per cent for gold, respectively, over the same period in 2023.

"The El Roble mine operated in line with set expectations for this quarter as we improved on almost all metrics over the same period last year," said Fernando E. Ganoza, chief executive officer. "For the remainder of the year, the team will be focused on optimizing production to take advantage of the higher metal price environment and to deliver on this year's set guidance. In parallel, we continue to drill new high-grade resources in the mine vicinity target areas. These new areas will be incorporated into our mine plan, as well as the new resource update, which is planned to be published imminently."

First quarter operational highlights:

• Production of 3.34 million pounds of copper contained in concentrates, an increase of 44 per cent over first quarter 2023;
• Production of 2,156 ounces of gold contained in concentrates, a decrease of 16 per cent over Q1 2023;
• Average processed tonnes per day of 811, an increase of 9 per cent over Q1 2023;
• Copper head grade of 2.51 per cent, an increase of 34 per cent over Q1 2023;
• Gold head grade of 1.64 grams per tonne, a decrease of 25 per cent over Q1 2023;
• Copper and gold recovery of 91.8 per cent and 62.1 per cent, an increase of 3 per cent for copper and 7 per cent for gold, respectively, over Q1 2023.

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

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 as 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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