EDMONTON, - Altiplano Metals Inc. (TSXV: APN) (WKN: A2JNFG) (“Altiplano” or the “Company”) is pleased to report on Q1 2024 operation results from the Farellon Copper-Gold-Iron (Cu-Au-Fe) mine located near La Serena, Chile.

For the Q1 2024 period, the copper grade produced at Farellon was recorded at 1.74%, a reduction from 1.87% observed in Q4 2023. However, very good grades were recovered from the 326 m NE mining level in March 2024 where copper was produced with an average grade of 2.29%.

Production in Q1 2024 totalled 8,600 tonnes of mineralized Cu-Au material and processed material totalled 7,822 tonnes. These figures represent a decrease of 5.6% and 3.7% respectively from the Q4 2023 results. Sales of 292,862 pounds of copper in 2024 Q1 generated approximately US$716,200 in revenue (after processing costs), a decrease of 10% over the $798,919 revenue figure received in 2023 Q4. The revenue decrease is related mainly to processing lower Cu grade material during the quarter. Waste removal increased 65% to 2,016 tonnes in Q1 2024 as development focuses on advancing the tunnel to the new 326 m operating level, expected to be reached in mid-May 2024.

El Peñón Processing Plant
The Company also provides an update on the progress at the El Peñón processing plant located 15 kms from the Farellon mine with final power installation completed at the plant. This work was finalized recently after a several month delay by the power supplier. The plant now receives the designed 1,000 kVA to support the full operational power requirements. The diesel generators used for the start up phase have been returned.

President and CEO Alastair McIntyre comments: “Q1 2024 was a busy quarter finalizing the processing plant for startup and optimizing the development and production at Farellon. Excellent copper grades averaging 2.29% were observed on the NE extension of the 336m production level in March while we began the ramp development to the 326 m level. This will give us access to multiple production headings as we begin processing material at the plant. This comes at an ideal time as copper prices have improved over the later part of the first quarter providing us the opportunity to combine higher prices with lower processing and transportation costs. In addition, we are pleased to have finalized the electrical power connections which now removes our reliance on diesel generators and reducing our carbon footprint.“

Stockpiles

At the end of March 2024, the Company had 218 tonnes in stockpiles at the Farellon site and a total of 1,200 tonnes of stockpiles at the El Peñón mill site. An additional 8,500 tonnes of lower-grade material are stockpiled at Farellon site and ready to be shipped for processing at the El Peñón facility over the next several months. These stockpiles will be blended with newly mined material to optimize processing efficiencies. In addition, the Company currently has 710 tonnes of material in process with third party processors. This material will be processed for copper sales and the revenue will be realized in the coming months.

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

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