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

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