EDMONTON, August 22nd, 2024 – Altiplano Metals Inc. (TSXV: APN) (WKN: A2JNFG) (“Altiplano” or the “Company”) is pleased to report on the inaugural sales of copper-gold concentrate from the El Peñón processing facility located approximately 35 kms south of La Serena, Chile and to provide several operational and strategic updates.

Operational Highlights:

• Inaugural Sales of Copper-Gold Concentrate: Altiplano Metals is pleased to report the successful initial sales of 27.3 tonnes of copper-gold concentrate from the El Peñón processing facility. The concentrate, with an average grade of 24.4% copper and 1.8 grams of gold, was primarily produced from test low-grade stockpiles. In addition, the company has stockpiled-on site 53.8 tonnes of 21.6% copper and 1.8 grams of gold concentrate and 750 tonnes of >65% magnetic iron concentrate. This sales and production milestone marks a significant step in testing and optimizing our facility's output, demonstrating our commitment to continuous improvement and growth.

• Strategic Focus on Cost-Effective Mining: After thorough evaluation, the Company is negotiating termination of the Farellon mining lease in favour of continuing a more commercial processing arrangement. Farellon, with a 10% royalty and low productivity mining rate averaging only 3,500 tonnes/month on a 5,000-tonne/month permit, did not provide sufficient returns. This decision allows us to concentrate on processing and on more cost-effective and higher-grade mining opportunities, such as the Santa Beatriz property. This progress has enabled Altiplano to establish a significant foothold in the Chilean mining community with its own drilling, mining and milling capacity.

• Santa Beatriz Opportunity: The Santa Beatriz property stands out as a strategically advantageous project due to its proximity, greater geologic prospectivity, lower cost structure, higher grade gold content and potentially better operational mining efficiencies. Santa Beatriz offers a compelling opportunity with an immediate estimated production of 2,000 tonnes per month, and the potential to scale up to 5,000 tonnes under Chile's small-scale mining provisions. This shift not only has the potential to reduce our operational costs, but also enhances our production efficiency and profitability while retaining operational control, unlike Farellon. This enables us to generate better returns and maintain a more sustainable production model. Additionally, the availability of approximately 10,000 tonnes of stockpiled material will support our operations during the initial ramp-up phase, ensuring a smooth transition and continuous concentrate production from the mill.

• Restructuring for Enhanced Flexibility: To maximize working capital and provide greater flexibility in concentrate sales, the Company has terminated the existing loan and concentrate purchase and sales agreement. The Company will continue to sell copper/gold concentrates on a spot basis while exploring alternative long-term offtake and working capital opportunities better suited to our needs. This strategic move is aimed at optimizing our financial resources and ensuring we are well-positioned to capitalize on market opportunities.

• Management and Operations: The Company has recently strengthened management with the addition of a new CFO in Edmonton. Mark Minckler brings over 30 years’ experience in finance and accounting. In addition, the Company has replaced the General Manager in Chile and has brought in a private company to provide oversight of its processing division to improve operational efficiency in Chile.

CEO Commentary:

Alastair McIntyre, President and CEO, comments, “We are very pleased to announce the first value-added sales from the El Peñón mill. Our focus on optimizing plant output has yielded positive results, and with several restructuring initiatives, we are committed to enhancing our operational efficiency. The decision to exit the Farellon lease was made after careful consideration to ensure we can generate better returns from lower-cost projects. Our Santa Beatriz project represents a significant opportunity for us to achieve this goal, with its immediate production capabilities and potential lower cost base. We believe this strategic shift combined with streamlined operations and personnel will position Altiplano for long-term success and sustainable growth. We are in a great position to manage our Chilean in-country experience and work with selective industry partners on multiple mining opportunities”

Altiplano has generated over US$14.9 million from the recovery and sale (after processing costs) of more than 6.55 million pounds of copper with an average grade of 1.8% Cu (2018 Q1-2024 Q1). Cash flow has been re-invested into equipment, underground drilling, expanding underground development, and the start-up of the El Peñón fit-for-purpose mill and flotation plant. This progress has enabled Altiplano to establish a significant foothold in the Chilean mining community.

About Altiplano

Altiplano Metals is a growing gold, silver, and copper company focused on the Americas. The Company has a diversified portfolio of assets that include a copper/gold/iron mine and a state-of-the-art operating copper/gold and iron processing facility. Altiplano is focused on creating long-term stakeholder value through developing safe and sustainable production, reinvesting into exploration, and pursuing acquisition opportunities to complement its existing portfolio. Management has a substantial record of success in capitalizing on opportunity, overcoming challenges and building shareholder value. Altiplano trades on the Toronto Venture Exchange trading under the symbol APN and the Frankfurt Exchange under the symbol A2JNFG.

John Williamson, B.Sc., P.Geol., a Qualified Person as defined by NI 43-101, has reviewed, and approved the technical contents of this document.

ON BEHALF OF THE BOARD
/s/ "John Williamson"
Chairman
For further information, please contact:
Alastair McIntyre, CEO
Tel: (416) 434 3799
moc.slatemnpa@mriatsala

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the (TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address exploration drilling, exploitation activities and events or developments that the Company expects are forward-looking statements. A qualified person has not done sufficient work to classify any historical estimates as current mineral resources or mineral reserves and the issuer is not treating the historical estimates as current mineral resources or mineral reserves. The Farellon mine was previously in production dating back to the 1970’s with a reported historical production (to a depth of 70 m) yielding approximately 300,000 tonnes at an average grade of 2.5% copper and 0.5g/t gold. This material was processed locally and sold to ENAMI. Altiplano is relying upon past production records, underground sampling and related activities and current diamond drilling to estimate grade and widths of the mineralization to reactivate production. The decision to commence production on the Farellon deposit is not based on a feasibility study of mineral reserves demonstrating economic and technical viability and there is increased uncertainty and economic and technical risks of failure associated with any production decision. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continuity of mineralization, uncertainties related to the ability to obtain necessary permits, licenses and title and delays due to third party opposition, changes in government policies regarding mining and natural resource exploration and exploitation, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. For more information on the Company, investors should review the Company's continuous disclosure filings that are available at www.sedarplus.com.