Altiplano Begins Development at Santa Beatriz Cu-Au-Fe Mine Partnering with Andes Core Mining.

Rhea-AI Summary

Altiplano Metals (TSXV: APN) has announced a significant development partnership with Andes Core Mining (ACM) for the Santa Beatriz copper-gold-iron mine in Chile. The two-year agreement focuses on underground mine development, located 13 kilometers from Altiplano's El Peñón processing plant.

The development plan includes a 75m ramp with 15% decline to access the Santa Beatriz vein structure, with operations starting in July and first processing expected in early September. Production targets are set at 3,000 tons/month initially, scaling to 5,000 tons in the following six months. The company has historically generated C$23.8 million from processing over 8.2 million pounds of copper with an average grade of 1.8% Cu.

Positive

• None.

Negative

• Development decision not based on feasibility study, increasing economic and technical risks
• Project requires additional permitting for planned production expansion to 5,000 tonnes
• Significant upfront development costs with 75m ramp construction required

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Edmonton, Alberta--(Newsfile Corp. - July 22, 2025) - Altiplano Metals Inc. (TSXV: APN) (WKN: A2JNFG) ("Altiplano" or the "Company") is pleased to provide an update on the development of the underground mine at Santa Beatriz, a historic underground copper-gold mine located approximately 45 kilometers south of La Serena, Chile, and 13 kilometers south of the Company's El Peñón processing plant.

Highlights:

• Altiplano Metals has engaged Andes Core Mining (ACM) to provide technical support for the underground development at Santa Beatriz.
• The two-year agreement includes mine engineering and development, based on a pricing structure of cost per tonne in areas of mineralized zones and cost per meter of waste material from the development of ramps and ventilation structures.
• The mined copper/gold/iron mineralized material will be used to support the production of copper/gold and iron concentrate at El Peñón.
• The development will include the installation of a 75m ramp located at the 414m entrance.
• The ramp will begin with a 15% decline to intercept the 400 m level, accessing the Santa Beatriz vein structure through the footwall (Figure 1).
• Operations are expected to begin in late July, with a target set for August 28 to intersect the vein structure. First shipment to the processing plant is anticipated in early September.
• The next mining intersection will be 8 m below at level 392 m.
• 3,000 tons/month are expected in the first 4 months of development, increasing to 5,000 tons in the following 6 months.
• The Company has made the required permit application for the initial extraction amount and will continue with the expansion to 5,000 tonnes.
• ACM will also provide technical and maintenance support for the El Peñón processing facility.

Andes Core Capital (www.andescm.com) is a team of geology, engineering, construction, operations and maintenance professionals with experience in the development and management of mining and processing projects.

President and CEO Alastair McIntyre comments:
We are very excited to partner with Andes Core Mining who bring considerable mining and processing expertise to our business. Our development work, including bulk sampling and drilling, indicate that the IOCG vein system is identical in characteristics and mineralogy that we observed in 7 years mining at Farellon. Mining Santa Beatriz provides an excellent opportunity for APN to maximize supply and returns for the El Peñón processing facility and the Company.

Figure 1: Section of Santa Beatriz Mine Development

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4303/259583_77dc3039d4d37bff_001full.jpg

The decision to develop the historical Santa Beatriz mine is not based on a feasibility study of mineral reserves demonstrating economic and technical viability and there is increased uncertainty of economic and technical risks of failure associated with any potential production decision.

Altiplano has generated over C$23.8 million from the recovery and sale (after processing costs) of more than 8.2 million pounds of copper with an average grade of 1.8% Cu (Jan 2018 to Mar 2025). 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 diversified 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 (www.apnmetals.com).

Metals Group
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 (www.metalsgroup.com).

Qualified Person
The technical content of this news release has been reviewed and approved by John Williamson, P.Geol., a Qualified Person as defined by National Instrument 43-101. Mr. Williamson is a Chairman and Director of Altiplano Metals Inc. and is not independent of the Company.

ON BEHALF OF THE BOARD
/s/ "John Williamson"
Chairman

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

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 .

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/259583

FAQ

What is the partnership between Altiplano Metals (TSXV: APN) and Andes Core Mining for Santa Beatriz mine?

Andes Core Mining will provide technical support for underground development at Santa Beatriz mine under a two-year agreement, including mine engineering and development based on cost per tonne in mineralized zones and cost per meter for waste material.

What are the production targets for Altiplano's Santa Beatriz mine in 2025?

The mine targets 3,000 tons/month for the first 4 months, increasing to 5,000 tons/month in the following 6 months, with first shipment to processing expected in early September 2025.

Where is the Santa Beatriz mine located relative to Altiplano's processing facility?

Santa Beatriz mine is located 13 kilometers south of Altiplano's El Peñón processing plant and 45 kilometers south of La Serena, Chile.

What is Altiplano Metals' historical performance in copper production?

From January 2018 to March 2025, Altiplano generated C$23.8 million from processing over 8.2 million pounds of copper with an average grade of 1.8% Cu.

What are the key development plans for Santa Beatriz mine?

The development includes a 75m ramp with 15% decline from the 414m entrance to intercept the 400m level, with operations beginning in July and targeting vein structure intersection by August 28, 2025.