Altiplano Reports Q3 Operational Results with Record Tonnes Mined at Farellon

October 31, 2022

EDMONTON, October 31, 2022, Altiplano Metals Inc. (TSXV: APN) (WKN: A2JNFG) (“Altiplano” or the “Company”) is pleased to report on quarterly results for Q3 2022 from the Farellon Copper-Gold-Iron (Cu-Au-Fe) mine located near La Serena, Chile.

During Q3, 2022, the Company extracted a total 13,440 tonnes of mineralized Cu-Au material at Farellon. This represents an increase of 25% from Q2 results of 10,742 tonnes with Q3 representing the highest quarterly production since operations began in 2018. Tonnes processed in Q3 represented 7,570 tonnes, up 1% from the previous quarter of 7,488 tonnes. The copper grade recovered was 1.87%, down 4.8% from the previous Q2 result of 1.96%. Waste removal in Q3 decreased by 56% to 1,199 tonnes in Q2 as focus returned to advancing production headings.

Sales of 297,400 pounds of copper generated approximately US$691,000 in revenue (after processing costs). While Q3 copper sales were generally in line with the previous quarter (down 4% from 310,0000), revenues were reduced by 35% based on the effect of copper prices falling to $3.51/pound compared to the previous Q2 average of $4.21/pound.

At the end of September 2022, the Company had 750 tonnes in stockpiles at the Farellon site and a total of 3,160 tonnes of stockpiles at the El Peñón mill site. In addition, the company currently has 1,738 tonnes of material in process with ENAMI. This material will be processed for sale and the revenue will be realized in the next coming months.

President and CEO Alastair McIntyre comments: “We are pleased to see operational improvements continue at Farellon, with Q3 production being its highest on record. This puts us on track to achieve full operational capacity at Farellon as El Peñón completes the commissioning process with full-scale processing transitioning to the plant. We are also pleased to reach another significant milestone: achieving US$10.5 mm in revenues from our total sales since operations began at Farellon.”

Figure 1.  Quarterly Review of US$ Revenue and Copper Pounds Sold

Period Mined USD Revenue Cu Pounds Sold
Q1 2018 2,520 $148,200 94,909
Q2 2018 10,269 $210,492 118,287
Q3 2018 6,298 $274,499 109,283
Q4 2108 11,365 $695,386 272,381
Q12019 8,075 $589,098 233,425
Q22019 6,935 $578,282 229,986
Q3 2019 5,643 $460,273 318,832
Q4 2019 5,968 $381,427 238,371
Q1 2020 5,557 $320,960 188,671
Q2 2020 9,075 $431,906 310,256
Q3 2020 9,660 $831,241 460,384
Q4 2020 11,685 $576,386 322,130
Q1 2021 9,770 $540,713 257,522
Q2 2021 10,090 $599,711 220,660
Q3 2021 11,624 $561,345 221,518
Q4 2021 11,189 $779,054 267,927
Q1 2022 9,843 $908,419 295,199
Q2 2022 10,742 $967,685 310,062
Q3 2022 13,440 $691,323 297,403
TOTAL 169,748 $10,546,400 4,767,208

Figure 2. Mined, Processed, Waste Removed and Cu Grade by Quarter

Figure 3. Processed Material, Income vs. Mining Costs by Quarter

Figure 4. Farellon Mine Section

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 the production decision

Mining activity during Q3, 2022, focused on the 360 m and 352 m levels where grade of this material has averaged approximately 1.95% copper to date in 2022. Widening of the first 150 m of the Hugo Decline has begun to improve the operational efficiency of the Farellon mine. This work will provide transit trucks to operate with greater efficiency thus reducing mining costs. The Hugo Decline continues the advance to the next production area at the 344 m level. To date 50 m of this work has been completed with the end of November targeted for completion.

Figure 4. Trucks Loading for Shipment to Processing Facilities

Figure 5. Jumbo at the Face of the 344 m Hugo Decline Advance

Altiplano has generated over US$10.5 million from the recovery and sale (after processing costs) of 4.77 million pounds of copper with an average grade of 1.78% Cu (2018 Q1-2022 Q3). Cash flow has been re-invested into equipment, underground drilling, expanding underground development at Farellon, enhancing ventilation to increase productivity and capacity, new underground development and exploration at Maria Luisa, and the commissioning of the El Peñón fit-for-purpose mill and flotation plant located 15 km from the Farellon site.

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 an operating copper/gold/iron mine, development near term producing gold/copper projects, and exploration land packages with district-scale potential. 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

Metals Group

Altiplano is part of the Metals Group of companies.  Metals Group is an award-winning team of professionals who stand for technical excellence, painstaking project selection and uncompromising corporate governance, with a proven ability to capitalize on investment opportunities and deliver shareholder returns.

/s/ "John Williamson"

For further information, please contact:
Alastair McIntyre, CEO

Tel: (416) 434-3799

Jeremy Yaseniuk, Director

Tel: (604) 773-1467

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


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