Mr. John Williamson reports

ALTIPLANO RECOMMENCES HUGO DECLINE DEVELOPMENT TO ACCESS ADDITIONAL CU-AU MINERALIZATION AT THE HISTORIC FARELLON MINE, CHILE

Altiplano Metals Inc. has recommenced advancement of the Hugo decline, which currently accesses the 401-metre and 395-metre underground extraction levels at the company's historic Farellon copper-gold (Cu-Au) mine near La Serena, Chile. The advancement of the decline will continue over the next few months and will provide access to deeper parts of the Farellon Cu-Au vein system, which was intersected in five diamond drill holes completed in 2019. This advancement will provide access for further bulk sampling of the Farellon mineralization below the 395-metre level.

Chief executive officer Alastair McIntyre stated: "We are pleased to report the continuation of the Hugo decline, which will facilitate continued evaluation of the Farellon Cu-Au vein system. We are excited to move the project forward as we work on this expansion and the development and building of the on-site processing facility."

Over the next several months, the company plans to advance the Hugo decline up to 53 metres (m) vertically below the 395-metre level. The decline extension will allow access to a potential 200,000 tonnes of Cu-Au mineralized material. Limited drilling completed in 2019 indicates that the vein system persists to depth with similar grades and widths as has been extracted over the last 15 months of bulk sampling. During this period, Altiplano has extracted and processed 57,000 tonnes of mineralized material at an average grade of 1.75 per cent copper. This compares closely with the vein's inferred mineral resource, which was 278,360 tonnes at an average grade of 1.92 per cent copper (and 0.12 grams per tonne (g/t) Au) at a 1-per-cent Cu cut-off grade, as discussed in an independent technical report by APEX Geoscience Ltd. The company plans to continue diamond drilling to provide additional information on the geometry of the vein system, as well as its resource potential, and to guide the Hugo exploratory drift advancement.

Altiplano is utilizing information gained from past production records, continuing diamond drill testing and the current underground bulk sampling program itself, to estimate grades, widths and tonnages of the mineralization ahead of additional bulk sampling. The company has not reported any mineral reserves for the project and no production decision has been made at this time. Should a production decision be made without completing a feasibility study demonstrating economic and technical viability, there would be increased uncertainty, as well as economic and technical risks of failure associated with such a production decision.

John Williamson, professional geologist, chairman of Altiplano, is the qualified person as defined in National Instrument 43-101, who has reviewed and approved the technical contents of this press release.

About Altiplano Metals Inc.

Altiplano is a mineral exploration company focused on evaluating and acquiring projects with significant potential for advancement from discovery through to production, in Canada and abroad. Management has a substantial record of success in capitalizing on opportunity, overcoming challenges and building shareholder value.

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