Altiplano talks work for Santa Beatriz, El Penon

Mr. John Williamson reports ALTIPLANO PROVIDES UPDATE ON MINING AND PROCESSING OPERATIONS Altiplano Metals Inc. has provided operational updates at the Santa Beatriz copper-gold-iron mine and the El Penon processing plant, located approximately 30 kilometres south of La Serena, Chile. Highlights: Altiplano entered a short-term agreement with mining contractor Andes Core Mining (ACM) to conduct mining and processing operations for the Santa Beatriz and El Penon processing plant. The purpose of the agreement was to rent the operations, providing Altiplano Metals the opportunity to receive rental income while benefiting from further mine development and plant optimization: ACM was to further develop the Santa Beatriz mine to lower levels intended to intersect higher-grade sections of the mine. This area, supported by the previous drill program, was expected to provide new operating faces of the iron oxide copper-gold vein. ACM was to also operate the plant to process the material mined at Santa Beatriz for the benefit of obtaining a rental fee while maintaining and sustaining the processing facilities. Commercial terms involved ACM paying Altiplano Metals $8 (U.S.) per tonne of material mined at Santa Beatriz. In addition, Altiplano Metals was to receive $30,000 (U.S.) per month for the rental of the plant. ACM was to be responsible for all costs at each operation, mine rental fees and royalties, including personnel, mine development, sustainability and plant maintenance. ACM was provided the opportunity to sell the concentrate produced from the operations. For the months November to January, a total of 3,953 tonnes were mined from Santa Beatriz, generating an income of $31,625 (U.S.). Development was focused on the 425-metre, 400-metre and 392-metre levels. Development was also conducted in the ceilings of the 400-metre and 391-metre levels: Advancing to the 382-metre level, ACM reached a total of 30 of an expected 80 metres. This short-term arrangement has been suspended to review outcomes and consider strategic opportunities to generate improved shareholder returns. Both operations have been placed on short-term care and maintenance while an optimization plan is currently under review. President and chief executive officer Alastair McIntyre commented: "The decision to use a contractor to develop the mine infrastructure to deeper levels focused on a cost-effective approach. It provided an opportunity to advance both assets while reducing operating costs and risk, with the potential of generating sustained income. The company is now giving greater consideration to the rental concept and alternatives to improve returns. Operations have been paused while this strategic review is under way." 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 Private placement The company further announces the private placement announced on Oct. 14, 2025, has been closed. The placement totalled 21,194,300 units at a price of five cents per unit for total gross proceeds of $1,059,715. Each unit consists of one common share and one-half non-transferable share purchase warrant of the company. Each warrant will be exercisable to acquire one additional common share at a price of 7.5 cents per share until Dec. 19, 2027. About Altiplano Metals Inc. Altiplano Metals is a Canadian exploration and mining company focused on gold, silver and copper projects in the Americas. The company has a diversified portfolio of assets that include exploration properties, a developing copper/gold/iron mine, and an operating copper/gold and iron processing facility. Altiplano is focused on 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. Qualified person The technical content of this news release has been reviewed and approved by John Williamson, PGeol, a qualified person as defined by National Instrument 43-101. Mr. Williamson is chairman and a director of Altiplano Metals and is not independent of the company. We seek Safe Harbor.