Altiplano Finalizes New Maria Luisa Agreement for 100% Ownership

Edmonton, May 13, 2021 - Altiplano Metals Inc. (TSXV: APN) (WKN: A2JNFG) ("Altiplano" or the "Company") is pleased to announce that it has entered into a new arm's-length option agreement (the "Agreement") on the Maria Luisa project (the "Property"), whereby the Company may acquire a 100% undivided interest in the Property for a total acquisition cost of US$2,000,000 over three years. This Agreement replaces the current revenue sharing agreement on the Property, previously announced on August 27, 2020, which can be viewed here.

Under the terms of the Agreement, Altiplano may acquire a 100% interest in the Property by paying a total of US$2,000,000 over three years, as follows:

• US$200,000, paid in 12 equal monthly payments in the first year;
• US$800,000, paid on the first-year anniversary of closing the Agreement;
• US$500,000, paid on the second-year anniversary of closing the Agreement;
• US$500,000, paid on the third-year anniversary of closing the Agreement.

CEO Alastair McIntyre commented, "We are pleased to have concluded a new agreement for Maria Luísa. These new terms provide the opportunity for Altiplano to acquire 100% of the project and retain 100% of the anticipated profits. Maria Luísa offers a great opportunity to build on our revenue generation model from the development of a high-grade gold/copper historical producer. Our next step is to finalize our design review for the underground development and submit our application for permitting."

Figure 1 - Location map.

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About Maria Luisa

The Maria Luisa gold-copper project is located approximately 100 km north of La Serena at Incahuasi, within the Atacama Region of Chile. Gold-copper vein type deposits are part of a well outlined continuum of mineralization related to extensional fault bounded environments. This setting is ideal for the discovery of high-grade gold-copper veins, with many examples occurring throughout northern Chile.

Figure 2 - Access to Historical Underground Workings.

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About Altiplano

Altiplano Metals Inc. (TSXV: APN) is a Canadian mining company focused on the acquisition and development of near-term cash flowing assets and exploration projects of significant scale. Altiplano's goal is to grow into a mid-tier producer of copper, gold and silver with immediate plans of generating profits from three cash flowing projects in 2021. Management has a substantial record of success in capitalizing on opportunity, overcoming challenges and building shareholder value.

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

Altiplano is part of the Metals Group of companies, managed by 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.

www.metalsgroup.com

ON BEHALF OF THE BOARD

/s/ "John Williamson"
Chairman

For further information, please contact:
Alastair McIntyre, CEO
alastairm@apnmetals.com
Tel: (416) 434-3799

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. Any decision to commence production 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.sedar.com.

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