Altamira Gold Identifies Third Centre of Hydrothermally Altered and Veined Porphyry Rocks at the New Espirro Target, Within the Cajueiro Gold District

Vancouver, October 30, 2024 - Altamira Gold Corp. (TSXV: ALTA) (FSE: T6UP) (OTC Pink: EQTRF) ("Altamira" or the "Company"), is pleased to announce further progress in the ongoing evaluation of porphyry-related gold mineralization within the Cajueiro project area.

Highlights:

• Fieldwork at the Espirro target, south of the Mombaque intrusive, located 3.2km south-east of the Maria Bonita porphyry gold discovery, has identified veined and altered porphyry intrusive rocks within an area of historic placer workings ("garimpo")

• Large blocks of float up to 50cm in size indicate a relatively short transport distance from source

• A magnetic low anomaly, identified from an airborne drone survey correlates well with the area of historic placer workings and has a similar appearance to the magnetic low covering the Maria Bonita porphyry

• The rock samples differ from those found to date within the Mombaque gold-in-soil anomaly and suggest that further porphyry subcrops may be concealed beneath the garimpo itself

CEO Mike Bennett commented: "Our mapping programmes are systematically evaluating the potential for sub-cropping elements of porphyry mineralization within the Cajueiro district, based on the known porphyry discovery at Maria Bonita. We recently identified a second intrusive porphyry system at the Mombaque target 1.6km east of Maria Bonita, and we believe that additional mineralized porphyry intrusives are present in a prospective corridor extending east-west. The samples recently found on surface at the Espirro target provide evidence for the presence of another sub-cropping intrusive porphyry system upstream of or beneath the Espirro placer gold workings. The historic placer workings extend over an area of 35 hectares indicating a significant primary source. Espirro is the third intrusive porphyry target so far identified within the Cajueiro project area. The presence of multiple intrusive porphyry systems at Cajueiro was predicted in June of this year by Dr. Richard Sillitoe, an industry leading consultant on porphyry systems, and our recent field work has validated that hypothesis."

CAJUEIRO PROJECT

The Cajueiro project is located approximately 75km NW of the town of Alta Floresta in the state of Mato Grosso (Figure 1) in central western Brazil and is easily accessible by road and has grid power and a local water supply. Cajueiro is the most advanced of three key projects that Altamira controls in the region, the other two being Apiacas and Santa Helena (Figure1).

Figure 1: Location of the Cajueiro, Apiacas and Santa Helena projects.

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The Cajueiro project has current NI 43-101 resources of 5.66Mt @ 1.02 g/t gold for a total of 185,000 oz in the Indicated Resource category and 12.66Mt @ 1.26 g/t gold for a total of 515,000 oz in the Inferred Resource category (estimated using a gold price of US$1,500/oz)*.

Maria Bonita Target

Maria Bonita is a new discovery of a primary porphyry gold deposit, located 7km west of the existing Cajueiro gold deposit. It is easily accessible by road and the surface rights have been acquired by the Company. Significant results, previously reported from two phases of diamond drilling are shown in Table 1 and include:

*NI 43-101 Technical Report, Cajueiro Project, Mineral Resource Estimate: Global Resource Engineering, Denver Colorado USA, October 10, 2019; Authors K. Gunesch, PE; H. Samari, QP-MMSA; T. Harvey, QP-MMSA

Table 1: Significant intercepts from diamond drilling to date at Maria Bonita. See press releases dated 07/09/22, 16/11/22, 18/01/23, 17/04/24, 22/04/24.

Espirro Target

The Espirro target is located 3.2km south-east of the Maria Bonita gold porphyry and 1.5km due south of the Mombaque target (Figure 2). The area forms a flat valley bottom that has been extensively worked for alluvial placer gold. The area of historic placer gold workings measures approximately 1,200m by 300m wide and trends north-east along the valley. There are several other areas of placer gold workings with a similar north-east trend in the Cajueiro area (see Figure 2).

Figure 2: Cajueiro project area showing the location of the existing Cajueiro mineral resource, the Maria Bonita discovery, the Mombaque and Espirro targets plus postulated primary source areas for the historic placer gold workings.

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A drone magnetic survey (Figure 3) shows a pronounced magnetic low that is coincident with the area of historic placer workings at Espirro and float blocks of highly altered porphyritic intrusive rocks with intense quartz veining were located as shown in Figure 3. A similar magnetic feature characterises the Maria Bonita mineralized porphyry system and is thought to relate to a broad zone of hydrothermal alteration associated with the porphyry intrusion.

Float samples of veined felsic porphyry from the Espirro target are shown in Figures 3 and 4. They include networks of 'A' type veins similar to those observed within the mineralized sections of the Maria Bonita porphyry.

Figure 3: Veined and hydrothermally altered rock samples from the Mombaque and Espirro targets. Drone magnetics show a pronounced low with an internal NE structure, corresponding with the Espirro garimpo and extending to the north-west.

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Figure 4: Espirro float samples.

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Samples have been submitted for chemical analysis and results will be reported upon receipt.

The ongoing field mapping, coupled with the use of drone magnetics and airborne radiometrics is successfully generating new targets that were not readily identified by earlier soil geochemical surveys. These targets are premised on a porphyry-style setting potentially being partially covered by thin older volcanic rocks (Mombaque) or by shallow historic placer workings (Espirro).

Qualified Person

Guillermo Hughes, FAIG and M AusIMM., a consultant to the Company as well as a Qualified Person as defined by National Instrument 43-101, supervised the preparation of the technical information in this news release.

About Altamira Gold Corp.

The Company is focused on the exploration and development of gold and copper projects within western central Brazil. The Company holds 6 projects comprising approximately 115,000 hectares, within the prolific Juruena gold belt. The Company's advanced Cajueiro project has NI 43-101 resources of 5.66Mt @ 1.02 g/t gold for a total of 185,000 oz in the Indicated Resource category and 12.66Mt @ 1.26 g/t gold for a total of 515,000oz in the Inferred Resource category.*

*NI 43-101 Technical Report, Cajueiro Project, Mineral Resource Estimate: Global Resource Engineering, Denver Colorado USA, October 10, 2019; Authors K. Gunesch, PE; H. Samari, QP-MMSA; T. Harvey, QP-MMSA

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

The securities described herein have not been registered under the U.S. Securities Act or any state securities laws,and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements under the U.S. Securities Act and any applicable state securities laws.

Forward-looking Statements

Certain information contained herein constitutes "forward-looking information" under Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the extension of the Warrants. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "will", "intends" or variations of such words and phrases or statements that certain actions, events or results "will" occur. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results to be materially different from those expressed or implied by such forward-looking statements or forward-looking information, including the receipt of all necessary regulatory approvals. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. The Company will not update any forward-looking statements or forward-looking information that is incorporated by reference herein, except as required by applicable securities laws.

Notes

Gold analysis has been conducted by SGS method FAA505 (fire assay of 50g charge), with higher grade samples checked by FAA525. Analytical quality is monitored by certified references and blanks. Until dispatch, samples are stored under the supervision the Company's exploration office. The samples are couriered to the assay laboratory using a commercial contractor. Pulps are returned to the Company and archived. Drill holes results are quoted as down-hole length weighted intersections.

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