Altiplano Reports on Construction Progress at El Penon Processing Facility

Edmonton, February 8, 2022 - Altiplano Metals Inc. (TSXV: APN) (WKN: A2JNFG) ("Altiplano" or the "Company") is pleased to report on the ongoing construction activity at the El Peñón processing facility being built to support copper-gold-iron production from the Farellon mine located near La Serena, Chile.

Highlights

• Altiplano obtained permit approval to construct and install the copper-gold flotation, iron magnetic separation and a dewatering process in September 2021 (see news release dated December 16, 2021).
• The work conducted and completed since September 2021 includes:
  • Installation of crushing, milling, and flotation equipment.
  • Installation of hoppers and conveyor system.
  • Shipment of dewatering and magnetic separation equipment to site.
  • Construction of 4 concrete platforms for the Cu-Au concentrate dewatering filter press system, magnetic separation and tailings dewatering processes.
  • Electrical connection from principal power lines to main power room including connection to hydraulic systems for crushing, milling and flotation processes.
  • Electrical connection to the diesel electricity generator to support back up power.
• Next steps include:
  • Testing of the crushing, milling and copper-gold flotation concentrate circuit (February)
  • Complete building construction (February)
  • Installation of the iron oxide magnetic separation and dewatering equipment (March)
  • Begin shipment and stockpiling of production from Farellon to the plant site ( March)
  • Finalize dry stack tailings storage area (March)
  • Construct Cu and Fe concentrate product storage pads (March)
  • Installation of analytical laboratory (March)
  • First copper - gold concentrate produced (March)

CEO Alastair McIntyre comments, "We are very pleased with the construction progress at the mill site where 90% of the work has been completed. Our team in Chile has done an excellent job working with the government and local contractors to move the project towards completion. The next steps of integrating the various processing components are the final steps to bring the plant circuit online."

Figure 1. Views of the Processing Plant

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/4303/113082_c0b10f8704158a26_001full.jpg

Altiplano has generated over US$7.98 million from the recovery and sale of 3.86 million pounds of copper with an average grade of 1.74% Cu (2018 Q1-2021 Q4). 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 at Maria Luisa, and the commencement of the permitted El Peñón fit-for-purpose mill and flotation plant located 15 km from the Farellon site.

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 an operating copper/gold/iron mine, development near term producing gold/copper projects, and exploration land packages with district-scale potential. Altiplano is focused on creating long-term stakeholder value through developing safe and sustainable production, reinvesting into exploration, and pursuing acquisition opportunities to complement its existing portfolio. Management has a substantial record of success in capitalizing on opportunity, overcoming challenges and building shareholder value. Altiplano trades on the Toronto Venture Exchange trading under the symbol APN and the Frankfurt Exchange under the symbol A2JNFG.

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 is part of the Metals Group of companies, managed by an award-winning team of professionals who stand for technical excellence, painstaking project selection and uncompromising corporate governance, with a proven ability to capitalize on investment opportunities and deliver shareholder returns.

www.metalsgroup.com

ON BEHALF OF THE BOARD

/s/ "John Williamson"
Chairman

For further information, please contact:
Alastair McIntyre, President and CEO
alastairm@apnmetals.com
Tel: (416) 434-3799

For further information, please contact:
Jeremy Yaseniuk, Director
jeremyy@apnmetals.com
Tel: (604) 773-1467

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 the historical estimates as current mineral resources or mineral reserves. The Farellon mine was previously in production dating back to the 1970's with a reported historical production (to a depth of 70 m) yielding approximately 300,000 tonnes at an average grade of 2.5% copper and 0.5g/t gold. This material was processed locally and sold to ENAMI. Altiplano is relying upon past production records, underground sampling and related activities and current diamond drilling to estimate grade and widths of the mineralization to reactivate production. The decision to commence production on the Farellon deposit 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 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.sedar.com.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/113082