EQS-News

Altaley Mining CEO Update

EQS-News: Altaley Mining Corp Altaley Mining CEO Update 09.12.2022 / 12:00 CET/CEST The issuer is solely responsible for the content of this announcement. Altaley Mining Corporation (the “Company” or “Altaley”) is pleased to provide an update on the status of the Company’s operations and projects, and corporate matters.

CEO Update

On 12^th September 2022 the Company announced the appointment of Mr. Mike Struthers as the new CEO for Altaley. Mr. Struthers is a seasoned professional and Chartered Engineer with over 40 years of international mining experience, starting in operations in Africa and Australia; followed by a technical consulting career in Australia and internationally, with extensive experience in feasibility studies and capital projects; seven years with Lundin Mining in capital projects in Europe and Chile; and latterly in C-suite roles in the UK and Canada. A summary bio is appended.

Upon arrival, and with the full support of the board of directors, Mr. Struthers undertook a review of the Company operations, administration, finance and corporate functions, and organization. This was recently concluded.

Mr. Struthers stated: “The CEO Review was an important introduction to the Company, to gain a full understanding of the status of the operations and projects, administrative and financial functions and controls, organizational strengths, and weaknesses, etc. I’m pleased to say that this is now completed.

It is evident to our shareholders and those watching Altaley that the Company’s performance in 2022 has not lived up to expectations. This is a result of many factors, some within the Company’s control, some not. Campo Morado had a difficult 1H22, but performance in 2H22 has been steadily, albeit slowly, improving. Tahuehueto failed to deliver on expectations regarding the conclusion of the construction project.

It became clear during the review that a greater level of discipline was required in certain functions, including budgeting, planning, and forecasting; together with the need to address certain organizational weaknesses; to transform Altaley into a respected, professional and consistently performing mining company. A number of improvements have already been put in place, others will follow in the coming weeks and months.