Altiplano Metals Inc. report on assays results of samples taken from the copper-gold and iron concentrates produced at the El Peñón processing facility and to provide an update on the progress at the plant. The El Peñón processing facility is located approximately 15 kms from the Farellon copper-gold mine, 45 kms south of La Serena, Chile. Samples were collected from the copper-gold concentrate and iron concentrate produced at the El Peñón facility and generated results meeting design expectations for the material processed.

Of note, gold and iron demonstrated improved results. To enhance productivity and optimize concentrate production, adjustments are being made in the crushing, milling, and flotation circuits. Designs have been finalized and the work has begun to focus on improving performance of these systems and to adapt to the specific mineralogy of the copper-gold-iron material produced at Farellon.

These adjustments will better integrate the copper-gold concentrate production circuit with the iron separation and filter press systems that are designed to reduce water consumption and tailings output. This work includes gearing adjustments for the two ball mills, replacing reducers for the flotation cells and upgrading hydro-cyclones to improve the classification of material from the ball mill discharge to the flotation cells. Testing of the filter press systems for the tailings and the production of copper-gold concentrate and iron concentrate, through the magnetic drums and filter systems, have all performed to specifications.

The company has organized a storage facility in San Antonio for the anticipated copper-gold concentrate sales as part of the offtake agreement. Shipments will begin as the stockpile of concentrate on site increases. In addition, the Company is negotiating the sale of the iron concentrate to local buyers for use in the steel and construction industry where high grade iron concentrate is in high demand.

The company will maintain sales to ENAMI while the updates at the processing facility are completed. Altiplano has generated over USD 12.8 million from the recovery and sale (after processing costs) of more than 5.7 million pounds of copper with an average grade of 1.80% Cu (2018 Q1-2023 Q2). 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, and the start-up of the El Peñón fit-for-purpose mill and flotation plant located 15 km from the Farellon site.