Altiplano Reports On Q1 2022 Results at Farellon with Record Revenue

Edmonton, April 21, 2022 - Altiplano Metals Inc. (TSXV: APN) (WKN: A2JNFG) ("Altiplano" or the "Company") is pleased to report on the Q1 2022 results from the Farellon Copper-Gold-Iron (Cu-Au-Fe) mine located near La Serena, Chile.

During Q1, 2022, the Company extracted a total 10,075 tonnes of mineralized Cu-Au material at Farellon and processed 6,676 tonnes at an average copper grade of approximately 1.99%. Sales of 281,949 pounds of copper generated approximately US$857,238 in revenue (after processing costs) which represents the highest revenue total to date from Q1 2018.

At the end of March 2022, the Company had 400 tonnes in stockpiles at the Farellon site to be shipped for processing and 1,330 tonnes of low-grade stockpiled material. The revenue from the stockpile at site will be realized in the coming months. The low-grade stock will be processed at the APN El Peñón mill site at a later date to recover the value of the contained copper and iron. To date, 800 tonnes of low-grade Copper-Iron material has been shipped to the El Peñón mill.

Total tonnes extracted and processed in Q1 decreased by 10% and 8% respectively from the previous quarter; however overall grade, at 1.99%, represents a 15% increase from the fourth quarter. The increase in grade is attributed to accessing higher grade material in the NE sections of the mine in the 376 m, 368 m and 360 m levels with overall grade control and waste management also being a contributor. In addition, the waste removal in Q1 was 1,870 tonnes, a decrease of 43% from the Q4 total of 3,320 tonnes, as focus remains on extraction during Q1.

President and CEO Alastair McIntyre comments: "We are very pleased to report on continuing positive results at Farellon. Grade improvements over the past several quarters are generating significant positive results with Q1 2022 generating the highest reported revenue on record. Our focus on development and grade control will provide the foundation for enhanced returns as the mill comes on-line. The El Peñón facility is expected to provide a 45% decrease in trucking and processing costs over selling to third-party processors."

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

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

To view an enhanced version of Figure 2, please visit:
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Figure 3. Processed Material, Income vs. Mining Costs by Quarter

To view an enhanced version of Figure 3, please visit:
https://orders.newsfilecorp.com/files/4303/121151_altipl4.jpg

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

To view an enhanced version of Figure 4, please visit:
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During Q1 2022, extraction of copper-gold material continued to focus on the 376 m, 368 m and the 360 m levels. Mining activities were principally in the NE section of the mine. Bench mining continues along the 382 m and 376 m levels, removing material from the roofs and floors between levels. The mining of the 389 m level has been completed and will be sealed off as part of the ventilation plan. As the advance continues, the older levels will be sealed according to the ventilation design, forcing the air flow to the deeper working levels. The ventilation improvement removes the gases generated from blasting and machines faster and efficiently, providing opportunity to increase productivity. Improvements are currently underway to upgrade the electric system to enhance the water extraction system, using electric pumps instead of compressed air pumps.

The decline development to reach the level 352 m level has advanced a total of 38 m. The target production date for this level is now set for early May as activities in Q1 focused on production.

Altiplano has generated over US$8.36 million from the recovery and sale of 4.15 million pounds of copper with an average grade of 1.76% Cu (2018 Q1-2022 Q1). 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 commencement of the permitted 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.

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.

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

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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