Altiplano talks work for Santa Beatriz, El Penon

Executive Summary

• Altiplano Metals entered a short‑term agreement with Andes Core Mining to rent its Santa Beatriz mine and El Penón processing plant, generating $31,625 in rental income from 3,953 t mined between November and January.
• The contractor‑driven mining program was suspended; both the mine and plant are now on short‑term care‑and‑maintenance while a strategic review of the rental model is undertaken.
• Altiplano closed its previously announced private placement of 21,194,300 units at $0.05 per unit, raising $1,059,715 in gross proceeds; each unit includes one common share and half a non‑transferable warrant exercisable at $0.075 until 19 Dec 2027.

Key Details

• Short‑Term Mining & Processing Agreement
• Contractor: Andes Core Mining (ACM).
• Rental fee to Altiplano: US$8 per tonne of material mined at Santa Beatriz.
• Plant rental income: US$30,000 per month.
• ACM responsible for all operating costs, royalties, personnel, development, sustainability and maintenance.
• Production & Income (Nov–Jan)
• Total material mined: 3,953 t.
• Rental income earned: US$31,625.
• Development Focus
• Levels targeted: 425 m, 400 m, 392 m; ceiling work at 400 m and 391 m.
• Advancement to 382 m level achieved 30 m of the planned 80 m.
• Strategic Pause
• Both Santa Beatriz mine and El Penón plant placed on short‑term care and maintenance.
• Company reviewing outcomes and alternative strategies to enhance shareholder returns, including possible continuation of the rental concept.
• Private Placement Closure
• Units sold: 21,194,300 at US$0.05 per unit.
• Gross proceeds: US$1,059,715.
• Unit composition: 1 common share + ½ non‑transferable warrant (exercisable at US$0.075 per share).
• Warrant expiry: 19 Dec 2027.

Notable Quotes

• Alastair McIntyre, President & CEO: “The decision to use a contractor to develop the mine infrastructure to deeper levels focused on a cost‑effective approach… Operations have been paused while this strategic review is under way.”