Alta Copper Delivers a New Geological Model; Provides Update on the Optimized PEA; Drill Permit and Community Relations - Seite 2

Joanne C, Freeze, President & Chief Executive Officer, commented "We are very pleased with the results from our 3D Geological Modelling inclusive of an extensive and thorough review of our deposits which has identified several high-grade zones which are open to depth and laterally at Cañariaco Norte. We have also gained a better understanding of Cañariaco Sur and Quebrada Verde while identifying several high priority drill targets. All of this has clearly demonstrated further expansion potential in the two known deposits as well as the Quebrada Verde porphyry target. We are equally pleased with the recent gains with the Community which we will continue to advance as we further engage by way of our community offices and field activities in preparation of the upcoming staged 10,000 to 20,000 metre drilling program."

Optimized Preliminary Economic Assessment

Whittle Consulting Pty Ltd ("Whittle") and Ausenco Engineering Canada Inc. ("Ausenco") and AGP Mining Consultants Inc. were engaged in 2023 for purposes of advancing project optimization which involves a rigorous analytical and computational process using Whittle's Strategic Mine Planning software and Integrated Strategic Planning concepts. To date, hundreds of iterations of pit shells have been conducted to establish the most advantageous mine plan. In addition, statistical studies that identified several compelling alteration effects on the deposit, were incorporated into our 3D Geological Modelling and have been linked to zones with higher copper grades all of which will be incorporated in our Optimized PEA.

Based on what are considered very positive developments with our 3D Geological Modelling, more fully described below, positive metallurgical testwork on Cañariaco Sur and Whittle optimization, the Company is now targeting to publish the optimized 2024 PEA on or before May 15, 2024. The Optimized PEA has benefited from previously conducted engineering studies over many years, especially 2010 through 2014 and 2021 to 2022, which will prove to show many aspects developed beyond a typical PEA level.

2024 Geological Modelling

A new geological model for the Project has been completed with the re-interpretation of district-scale and project-specific geology including statistical analyses on alteration effects to various lithologies. This new geological model, has identified significant mineralization potential and numerous high priority drill targets which will provide the foundation for the planned staged 10,000 to 20,000 metre drilling program targeted to commence by Q4-2024.