Altamira Gold Intersects 395.5m @ 0.4 g/t gold in First Deep Drill Hole at Maria Bonita, Expanding Mineralized System, Cajueiro District, Brazil

The most recent news release (October 15, 2025) from Altamira Gold Corp. announces drill assay results from the first deep drill hole (MBA032) at the Maria Bonita porphyry gold project within the Cajueiro district, Brazil. The hole intersected 395.5 meters grading 0.4 g/t gold from a depth of 44.5 meters. The gold values are described as remarkably continuous within quartz porphyry intrusive rocks. This hole, located 50 meters south of a previously reported high-grade hole (MBA029: 213m @ 0.8 g/t gold including 146m @ 1.0 g/t gold), significantly extends the size of the mineralized porphyry system, especially at depth. The CEO, Mike Bennett, noted that MBA032 shows more brecciation, potentially indicating it was drilled closer to the edge of the higher-grade section of the mineralized intrusive body compared to MBA029. Additional drilling, including hole MBA033 and other deep holes, is currently in progress, targeting the interpreted higher-grade core which is believed to plunge to the south-east. The news reiterates the current mineral resources for both Cajueiro Central and Maria Bonita deposits.

Altamira Gold has been systematically developing its Cajueiro project, with a strong focus on the Maria Bonita porphyry gold discovery and regional targets. This latest drill result (MBA032) provides continuity to this strategy.

Chronological Progression and Context: * Early Development (2023-2024): The company initiated metallurgical tests for Maria Bonita, showing high gold recoveries (90-92% agitated leach for saprolite and fresh rock, 88.2% column leach for saprolite, implying heap leach potential). This was a crucial de-risking step for potential future production. Exploration efforts also expanded to Santa Helena, identifying multiple porphyry-style copper targets. * Maria Bonita Discovery & Characterization: Initial drilling at Maria Bonita in late 2023 yielded promising intercepts (e.g., 69m @ 1.0g/t Au, 50m @ 1.1g/t Au). Subsequent auger drilling extended the saprolite mineralization footprint, guiding further diamond drilling. The standout result came in May 2024 with MBA029 intersecting 146m @ 1.0g/t gold within a wider 213m @ 0.8g/t interval, significantly confirming depth continuity and pervasive mineralization. This was followed by independent expert confirmation (Dr. R. Sillitoe) in June 2024 that Maria Bonita is a porphyry gold deposit, a significant first for Brazil, opening up a new district-scale exploration model for clustered deposits. * District Expansion & Resource Growth (2024-2025): Building on the porphyry model, Altamira expanded its exploration, identifying new porphyry outcrops (Mombaque in August 2024), gold-in-soil anomalies (Mombaque in October 2024), and new intrusive centers (Espirro in October 2024, Guillermo in December 2024). These discoveries significantly broadened the perceived scale of the Cajueiro district. A major milestone was the maiden resource estimate for Maria Bonita in May 2025, adding 357,800 Indicated and 362,400 Inferred ounces of gold (plus saprolite resources), effectively doubling the company's total resource base to ~1.42 million ounces (including Cajueiro Central). * Capital & Operational Milestones (2023-2025): The company secured critical funding through private placements, notably an upsized $5.94 million CAD financing in November 2023 (unit price $0.125) with participation from strategic investors like Crescat Capital and Aura Minerals. Aura Minerals further increased its stake in July 2025 (at $0.10) to become a significant insider (11.3% non-diluted, 19.5% fully diluted), which was a material vote of confidence. A second upsized $5.28 million USD private placement closed in July 2025 (unit price $0.10), bolstering the treasury for continued drilling. The company also gained market visibility by listing on OTCQB in August 2025. Crucially, an environmental license for trial mining at Cajueiro Central (Baldo, Matrincha) was received in September 2025, providing a clear pathway for potential near-term cash flow generation by processing up to 100,000 tonnes annually. This was a major de-risking event for the project. * Latest Drill Results (October 15, 2025): The result from MBA032 (395.5m @ 0.4g/t gold) extends the Maria Bonita system to significant depth. While the grade is lower than the exceptional MBA029, the CEO's explanation that this hole may be on the "edge of the higher-grade section" is important. It suggests the larger mineralized system is extensive, and the company is now vectoring towards the "higher-grade core" which is interpreted to plunge to the south-east. This confirms the vastness of the system, aligning with the district-scale porphyry model. The market's interpretation will hinge on whether it views the lower grade as concerning or accepts the "edge" explanation and anticipates better results from the ongoing drilling in the interpreted core. Given the previous higher-grade intercepts and the "edge" narrative, this result is largely confirmatory of scale rather than a grade breakthrough. It's a routine positive as it continues to prove out the system's size, but not a significant upgrade in grade for this specific intercept.

Overall Impact: The company has successfully advanced Maria Bonita from a discovery to a maiden resource, confirmed its porphyry nature, expanded the district-scale potential with multiple new targets, secured significant financing from strategic investors, and obtained an environmental permit for trial mining at Cajueiro Central. The latest drill result on MBA032, while not spectacular in grade compared to previous highs, affirms the significant depth and lateral extent of the Maria Bonita system. The critical element now is the success of ongoing drilling targeting the higher-grade core to the south-east.

This news is Routine - Positive. It demonstrates continued operational progress and confirms the larger scale of the Maria Bonita system, but the grade isn't a significant improvement over the best previously reported intercepts. The focus is now clearly on finding the interpreted higher-grade core.

Altamira Gold Corp. is a gold exploration and development company focused on projects within western central Brazil, primarily in the Mato Grosso and Para states. The company holds approximately 190,000 hectares of exploration concessions.

Its flagship project is the Cajueiro Gold Project, located about 75 km northwest of Alta Floresta, Mato Grosso. Cajueiro is Altamira's most advanced project and consists of two independently estimated gold mineral resources: 1. Cajueiro Central: * Indicated: 5.66 Mt @ 1.02 g/t gold for 185,000 oz * Inferred: 12.66 Mt @ 1.26 g/t gold for 515,000 oz * (Cut-off grade: 0.25g/t gold, Gold price used: US$1,500/oz) 2. Maria Bonita Porphyry Gold Project (within Cajueiro district): * Indicated: 24.19 Mt @ 0.46 g/t gold for 357,800 oz (includes near-surface saprolite Indicated of 2.02 Mt @ 0.59 g/t for 38,000 oz) * Inferred: 25.64 Mt @ 0.44 g/t gold for 362,400 oz (includes near-surface saprolite Inferred of 0.68 Mt @ 0.40 g/t for 8,700 oz) * (Cut-off grade: 0.2 g/t gold, Gold price used: US$2,780/oz) * Maria Bonita has been confirmed by independent experts as a porphyry gold deposit, a first of its kind in Brazil, indicating a larger district-scale potential with multiple porphyry centers.

The company also has other projects in the region, including Apiacas and Santa Helena, where it is exploring for both gold and copper porphyry-style mineralization.