Altiplano Confirms Santa Beatriz Vein at Depth and Along Strike with Massive Chalcopyrite Intercepts

Edmonton, Alberta–(Newsfile Corp. – April 29, 2025) – Altiplano Metals Inc. (TSXV: APN) (WKN: A2JNFG) (“Altiplano” or the “Company”) is pleased to announce preliminary drill results from the first drill program at the historic Santa Beatriz copper-gold mine, located approximately 45 km south of La Serena, Chile, and 30 km from the El Peñón processing plant.

Highlights:

• A total of 655.6 meters were drilled in four holes (25SB-001 – 25SB-004).
• The drilling confirmed the continuity of the vein for at least 100 meters along the strike and approximately 40 m down dip below the lowest previous production level.
• The average width of the vein was 2.28 m with a maximum width of 3 m.
• Hole 25SB-002 intersected the vein through a fault zone; however, the lateral continuity of the vein has been confirmed with the adjacent holes 25SB-001 and 25SB-003.
• Hole 25SB-004 intersected 2.9 m of vein with intervals up to 60 cm of massive chalcopyrite (assay results pending).
• The confirmation of the vein continuity allows for planning and the potential development of four additional extraction levels for mineralized material.*
• Preliminary observations of the core confirm the mineralized zones, and the alteration minerals of the vein are identical to those of the previously mined Farellon vein.
• Strong potassic alteration with associated magnetite veinlets and trace disseminations of molybdenite and chalcopyrite have been discovered at deeper levels suggesting potential for porphyry-type Cu-Au mineralization at depth.
• Quartz with epidote were observed in several intervals of hole SB25-002 suggests the overprinting of epithermal gold mineralization. This event may explain higher gold in concentrate from the historical sales records from Santa Beatriz.
• All the core is being processed for logging and sampling.

President and Chief Executive Officer Alastair McIntyre comments:
“The preliminary drill results confirming the vein continuity at lower levels along strike at Santa Beatriz is very encouraging. This information provides valuable support for mine development plans to access additional mineralized material at lower levels. Assay results are expected in several weeks, but the visual presence of massive copper sulphides validates that the structure and mineralogy of the Santa Beatriz vein continues below surface and is identical to the Farellon vein. Our experience with mining Farellon showed that the vein widened at lower levels and improved in grade. In addition, the presence of quartz and epidote indicates the potential for secondary gold mineralization that can be potentially recovered in concentrate at the plant.”

*Any decision to develop the Santa Beatriz historical mine 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. Intervals are core length. True width is estimated at 80-90% of the core length.

Figure 1. Plan view showing the completed DDH, underground geology of level 416, and the vein thickness intersected in each hole.

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Drilling Summary

A total of 655.6 meters of core drilling were completed between March 14 and April 20^th in four holes (25SB-001 – 25SB-004; see Figure 1). The four holes intersected the targeted vein at elevations between 365 and 391 metres above sea level, this is down to 51 m below the lowest level 416. The hole 25SB-002 intersected the vein through a fault zone. However, the lateral continuity of the vein has been confirmed with the adjacent holes 25SB-001 and 25SB-003. The average width of the vein is 2.28 m with a maximum of 3 m in hole 25SB-003 and a minimum of 1.25 m in hole 25SB-001.

The vein displays similar characteristics in the four holes consisting of massive magnetite with bands and patches of chalcopyrite and lesser pyrite. The main difference lies in the relative concentration magnetite vs chalcopyrite which reflects Cu/Fe grades (Figure 2). The hole 25SB-004 intersected up to 60 cm of massive chalcopyrite, which is consistent with high Cu grades sampled underground in the level 416 suggesting continuity on the grades along with the vein (Figures 1 and 2). Massive chalcopyrite is mostly present replacing apatite and actinolite phenocrysts. Gangue minerals are dominantly apatite and actinolite altered to chlorite with minor interstitial calcite (Figure 2) with is consistent with the iron oxide copper gold vein systems in the region.

Figure 2. Photos of core from holes 25SB-002 and 25SB-004 showing the relative concentration of magnetite vs chalcopyrite and gangue minerals (apatite and chloritized actinolite) in the vein.

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The vein is hosted by a diorite intrusive that varies in texture from coarse grained to micro-diorite. The rock displays propylitic alteration represented by epidote associated with chlorite and pyrite dominantly in veinlets hosted by micro-diorite at shallow levels (<150 m depth). Introduction of quartz with vuggy texture has been observed associated with epidote in several intervals of hole SB25-002 suggesting overprinting of epithermal gold mineralization. This event may explain higher gold in concentrate from historical concentrate records. Also, potassic alteration represented by a mineral association of k-feldspar, shreddy biotite, and magnetite. The magnetite is present in interstitial spaces between feldspars phenocrysts and as veinlets crosscutting the rock associated with traces of molybdenite and chalcopyrite. Potassic alteration with this mineral association has been observed only in coarse grained diorite at deeper levels (> 250 m depth) intersected by hole 25SB-004 which was extended to 303.45 m (Figure 3). This alteration resembles porphyry-type mineralization, however further deeper exploration is required to understand better the geological context and significance of this alteration.

Figure 3. Photos of core showing potassic alteration in hole 25SB-004 at 300 m depth and propylitic alteration in hole 25SB-002 at 88 m depth.

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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 has generated over C$23.3 million from the recovery and sale (after processing costs) of more than 7.4 million pounds of copper with an average grade of 1.8% Cu (Jan 2018 to Dec 2024). Cash has been re-invested into acquisition, exploration, new equipment, underground drilling, expanding underground development and production, and the completion of the El Peñón copper-gold-iron processing facility located 30 km from La Serena, Chile.

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 exploration properties, a developing copper/gold/iron mine and a state-of-the-art operating copper/gold and iron processing facility. Altiplano is focused on creating long-term stakeholder value through developing safe and sustainable production, reinvesting into exploration and development, and pursuing acquisition opportunities to provide scalable upside opportunities. Management has a substantial record of success in capitalizing on opportunity, overcoming challenges and building shareholder value.

Altiplano is part of the Metals Group of Companies, led by a dynamic group of resource sector professionals with a long record of success in evaluating and advancing mining projects from exploration through to production, attracting capital, and overcoming adversity to deliver exceptional shareholder value.

ON BEHALF OF THE BOARD

/s/ “John Williamson”
Chairman

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 any historical information or estimates as current mineral resources or mineral reserves. The Santa Beatriz mine was previously in production mid 2010’s with little known production records. This material was processed and sold locally to a private processing facility. Altiplano is relying upon limited past production records, underground sampling and related activities to further explore and potentially develop Santa Beatriz. The decision to develop the project and extract material for potential processing 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 future potential 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.sedarplus.ca.

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