Altiplano Reports Q2 2021 Results at Farellon

Edmonton, August 3, 2021 - Altiplano Metals Inc. (TSXV: APN) (WKN: A2JNFG) ("Altiplano" or the "Company") is pleased to report on the Q2 2021 results from the Farellon Copper-Gold (Cu-Au) mine located near La Serena, Chile.

During Q2, 2021, the Company extracted a total 10,090 tonnes of mineralized Cu/Au material at Farellon and processed 7,047 tonnes at an average copper grade of approximately 1.49%. Sales of 220,660 pounds of copper generated approximately US$600,000 in revenue (after processing costs). At the end of June, the Company had 820 tonnes in stockpiles at the Farellon site and an additional 2,252 tonnes in process. In addition, the Company has 1,400 tonnes of low grade material that will be processed at the mill site at a later date to recover the value of the contained copper and iron. Total revenue since Q1 2018 generated at the Farellon operation now represents more than US$6,600,000 from the sale of approximately 3,375,000 pounds of copper.

Total extracted tonnes in Q2 improved by 3.3% from the previous quarter. Processed material was lower in Q2 representing a 14.3 % decrease and overall grade declined by 2.3% from the first quarter. The marginal decrease in grade continues to be attributed to further development work in non-productive areas (where 6,235 tonnes of waste was removed) and increased dilution from the initiation of the benching mining process of removing ceilings between drift levels. The grade is expected to improve as new working headings are developed and improvements are made with the benching process. In addition, the ventilation improvements expected for completion in August 2021 (see news release July 15, 2021) will provide the opportunity to mine additional working headings leading to further grade control and output improvements.

CEO Alastair McIntyre comments, "Our Q2 results at Farellon continue to reflect our focus on development and advancement of the Hugo Decline and the establishment of new working headings. Improvements to the underground operations and the initiation of new bench mining techniques will provide us the opportunity to increase output and improve grade in advance of the mill start up expected in Q4 2021."

Figure 1. Mined, Processed, Waste Removed and Cu Grade by Quarter

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Figure 2. Processed Material, Income vs. Mining Costs by Quarter

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https://orders.newsfilecorp.com/files/4303/91911_9532d5e164346aab_002full.jpg

Figure 3. Quarterly Review of US$ Revenue and Copper Pounds Sold

Figure 4. Farellon Mine Section

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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.

The mining activity at Farellon in Q2 involved advancing the Hugo Decline to the new 368 m level where extraction of Cu-Au mineralized material has begun on the NE and SW levels (Figure 4). Bench mining was conducted in tandem on roofs in the 389 m SW and 382 m SW levels and on the floor on the 376 m NE level. New ventilation work was initiated by establishing two chimneys to open additional air flow channels by connecting the 382 m SW with 376 m SW levels and also connecting the 376 m SW with 368 m NE levels. This work was done in advance of the ventilation improvements and the new fan installation initiated in July (see News Release July 15, 2021). In addition, a new safety station was installed in the 376 m level. Finally, the extension of the Hugo Decline to the 360 m level began in June. This approximately 90 m extension is expected to be completed in August.

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. 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.

ON BEHALF OF THE BOARD

/s/ "John Williamson"
Chairman

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

Jeremy Yaseniuk, Director
jeremyy@apnmetals.com
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 www.sedar.com.

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