Altamira Gold Intersects Gold Mineralization Within a New Porphyry Body at Tavares Norte Target, Cajueiro District, Brazil

On October 29, 2025, Altamira Gold announced initial reconnaissance drill results from the Tavares Norte target, located within its Cajueiro district in Brazil. The company completed four diamond drill holes totaling 724 meters.

The most notable intercepts were from hole TVN002, which returned: - 18.6 meters at 0.4 g/t gold - 20.0 meters at 0.3 g/t gold

According to the company, these results, combined with geological observations, confirm the presence of a second gold-mineralized porphyry body within the Cajueiro district, which is geologically similar to the main Maria Bonita deposit. CEO Michael Bennett stated the results are "highly encouraging" and validate the company's exploration model for the district. Further drilling is planned at Tavares Norte.

This news is a routine exploration update that confirms the company's geological thesis but is unlikely to have a material positive impact on the stock price. While identifying a second porphyry body is positive for the long-term, district-scale potential, the reported gold grades are very low (0.3-0.4 g/t) and are consistent with other recent results that the market has viewed unfavorably.

To put this in context: - On September 2, 2025, the company announced the completion of a deep drill hole (MBA032) at the main Maria Bonita deposit, which intersected over 500m of altered porphyry. This built significant market anticipation, driving the stock from C$0.16 to a high of C$0.38. - On October 15, 2025, the company released the results for that hole: 395.5m @ 0.4 g/t gold. Although a very long mineralized interval, the grade was considerably lower than in previously highlighted holes (e.g., MBA029 with 146m @ 1.0 g/t gold). The market reacted negatively, and the stock began a sharp correction from the C$0.30s down to the low C$0.20s.

The latest results from Tavares Norte reinforce the emerging theme of the Cajueiro district hosting large, low-grade porphyry systems. The grades are not sufficient to overcome the market's recent disappointment and concern about the project's potential economics. Therefore, the news is a positive step in exploration but does not de-risk the project from a grade perspective, which is currently the primary concern for investors. It meets the lowest bar for exploration success (confirming the model) but does not excite.

Altamira Gold Corp. is a junior exploration company focused on gold and copper projects in Brazil. Its flagship asset is the Cajueiro Gold District in Mato Grosso state. The project consists of two key resource areas: - Cajueiro Central: A higher-grade resource (Indicated: 185,000 oz @ 1.02 g/t Au; Inferred: 515,000 oz @ 1.26 g/t Au). The company has received an environmental license for trial mining on a portion of this deposit. - Maria Bonita: A recent, large-tonnage porphyry gold discovery (Indicated: 357,800 oz @ 0.46 g/t Au; Inferred: 362,400 oz @ 0.44 g/t Au). This discovery has doubled the project's resource base and is the primary focus of the current exploration program. The company's strategy is to define a district-scale mineralized system with multiple porphyry centers.