Mr. Alastair McIntyre reports

ALTIPLANO CLOSES FIRST TRANCHE OF PRIVATE PLACEMENT

Altiplano Metals Inc., further to its news release dated Dec. 11, 2025, has closed the first tranche of its non-brokered private placement financing.

The first tranche consisted of 21,194,300 units at a price of five cents per unit, for total gross proceeds of $1,059,715. Each unit will consist 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.

The net proceeds of the offering will be used to finance exploration and development of the company's projects, and for general working capital. No finders' fees were paid in connection with the closing of the first tranche. All securities issued are subject to a hold period until April 20, 2026.

Some insiders of Altiplano have participated in the first tranche of the offering and such subscriptions are a related party transaction for the purposes of Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions. However, the issuer is relying on exemptions from the formal valuation and minority shareholder approval requirements provided under sections 5.5(a) and 5.7(1)(a) of MI 61-101 on the basis that the fair market value of the subscriptions, insofar as it involves the insiders of Altiplano, does not exceed 25 pepr cent of the market capitalization of Altiplano, as determined in accordance with MI 61-101.

Altiplano looks forward to closing a second tranche of the $1.5-million offering on or before Jan. 22, 2026.

About Altiplano Metals Inc.

Altiplano Metals is a growing gold, silver and copper company focused on the Americas. The company has a diversified portfolio of assets that include exploration properties, a developing copper/gold/iron mine, and an industry-leading copper/gold and iron processing facility. Altiplano is focused on creating long-term stakeholder value through 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.

We seek Safe Harbor.