Alta Copper Provides Update on Preliminary Economic Assessment, Drilling and Community Relations - Seite 2

Based on what are considered positive developments with our 3D Geological Modelling, more fully described below, the Company is now targeting to publish the optimized PEA by Q4-2023 which will be jointly prepared by Whittle and Ausenco Engineering Canada Inc.

Updated Geological Modelling
An updated geological model for the Project is nearing completion with the re-interpretation of district-scale and project-specific geology while identifying significant mineralization potential and numerous high priority drill targets which will provide the foundation for a planned 20,000-meter drilling program targeted to commence in early 2024.

Recent geological modelling has identified several high-grade copper zones with previously untested potential depth extension. These zones will be drill tested with the goal of further enhancing the current substantial mineral resource already defined at Cañariaco.

Geological modelling to date has identified approximately fourteen prospective drill targets from eight (8) platforms in Cañariaco Norte. Additionally, six geotechnical holes are planned for feasibility study purposes to further support an improved open pit slope which is expected to capture additional mineral resources and improve economics.

Drill holes have been targeted to cross and fill in the recently identified zones of high-grade copper extending to depth which are not currently included in the current mineral resource estimate due to drill spacing between the holes and limitations of drill data at depth. The remaining thirty-two Platforms will be used to drill the Cañariaco Sur and Quebrada Verde porphyries, targeting extensions of known mineralization laterally and at depth and near surface geochemical anomalies and mineralization exposed in creek beds.

A further update will be provided in Q4 that will further summarize in detail the results of the current 3D Geological Modelling and exploration plans for Alta Copper's 100% owned Cañariaco advanced staged copper project.

Drill Permits
Work has been ongoing and continues to advance for purposes of obtaining drill permits for Cañariaco Sur, Quebrada Verde and Cañariaco Norte which together make up a 4 kilometres ("km") northeast-southwest trend in northern Peru’s prolific mining district.

While the Environmental and Social Impact Assessment ("ESIA") studies completed to date by YAKU Consultores ("YAKU") would allow for an "ESIA semi detailed application" the Company intends to apply for a Declaración de Impacto Ambiental (“DIA“) which is expected to facilitate a shorter timeframe for approvals.