Edmonton, Alberta--(Newsfile Corp. - April 18, 2023) - Altiplano Metals Inc. (TSXV: APN) (WKN: A2JNFG) ("Altiplano" or the "Company") is pleased to report on quarterly results for Q1 2023 from the Farellon Copper-Gold-Iron (Cu-Au-Fe) mine located near La Serena, Chile.

During Q1, 2023, the Company extracted a total 7,675 tonnes of mineralized Cu-Au material at Farellon. This represents a decrease of 32% from the 11,340 tonnes of material mined in Q4. Mined tonnes were lower in Q1 2023 as the Company transitioned from scoop trams to haulage trucks to transport material to surface. This new transportation system will begin to show improvements over the coming months. Tonnes processed in Q1 represented 7,584 tonnes, up 11.5% from the previous quarter of 6,804 tonnes. The copper grade recovered was 1.90%, down 7.3% from the previous 2022 Q4 result of 2.05%. Waste removal decreased by 125% to 628 tonnes in 2023 Q1. Sales of 307,104 pounds of copper in 2023 Q1 generated approximately US$822,765 in revenue (after processing costs), an improvement of 19% over the 2022 Q4 $691,000 sales figure.

At the end of March 2023, the Company had 325 tonnes in stockpiles at the Farellon site and a total of 2,850 tonnes of stockpiles at the El Peñón mill site. An additional 1,400 tonnes of lower grade material are stockpiled at the Farellon site and ready for processing at the El Peñón facility. The Company currently has 1,665 tonnes of material in process with ENAMI. This material will be processed for sale and the revenue will be realized in the coming months.

President and CEO Alastair McIntyre comments: "We are pleased with the improved revenues during 2023 Q1 from our mining operations at Farellon. Good copper grades at 1.9% and firm copper prices have contributed to a good quarter. With new improved underground haulage operations, we expect to increase our output and begin increased extraction to support higher processing capacity as our mill comes on line."

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