Mr. Tim Warman reports

ATACAMA COPPER INTERCEPTS 10.65 G/T AUEQ OVER 7.8 M AND 9.40 G/T AUEQ OVER 2.2 M AT ITS CRISTINA PROJECT IN CHIHUAHUA MEXICO

Atacama Copper Corp. has released results from the first five holes of a 10,000-metre diamond drilling program at its wholly owned Cristina precious metal project in southwestern Chihuahua state, Mexico. The first five holes represent 1,347 metres of drilling of a 40-to-50-hole drill program. The Cristina project consists of multiple outcropping quartz veins that are frequently greater than 10 metres in width and extend for at least a five-kilometre strike length. Four parallel mineralized vein zones have been mapped and sampled to date, with most of the existing mineral resource estimate at Cristina contained within the Guadalupe vein.

Drilling highlights

Highlights of the five holes reported herein, all from the central portion of the main Guadalupe vein system, include:

• 10.65 grams per tonne gold equivalent over 7.8 metres estimated true width (1.55 g/t gold, 528 g/t silver, 2.38 per cent zinc, 0.54 per cent lead and 0.19 per cent copper) in hole ACD24-221, including:
  • 19.88 g/t AuEq over 4.8 m estimated true width (2.45 g/t Au, 1,041 g/t Ag, 3.95 per cent Zn, 0.93 per cent Pb and 0.34 per cent Cu);
• 9.40 g/t AuEq over 2.2 m estimated true width (1.86 g/t Au, 523 g/t Ag, 0.15 per cent Zn, 0.32 per cent Pb and 0.05 per cent Cu) in hole ACD24-222:
  • The 2.2 m wide intercept occurs within a broader mineralized zone measuring 2.02 g/t AuEq over 29.0 m estimated true width (0.57 g/t Au, 90 g/t Ag, 0.22 per cent Zn, 0.12 per cent Pb and 0.02 per cent Cu);
• 10.48 g/t AuEq over 1.6 m estimated true width (6.18 g/t Au, 54 g/t Ag, 1.26 per cent Zn, 0.09 per cent Pb and 0.07 per cent Cu) in hole ACD24-224:
  • The 1.6 m wide intercept occurs within a broader mineralized zone measuring 1.87 g/t AuEq over 21.5 m estimated true width (1.12 g/t Au, 22.1 g/t Ag, 0.65 per cent Zn, 0.09 per cent Pb and 0.04 per cent Cu).

Tim Warman, Atacama's chief executive officer, commented: "These first five holes provide excellent support for our goal of delineating and expanding the known higher-grade zones within the Guadalupe vein system to define a robust underground resource at Cristina. Previous drilling has encountered thick higher-grade zones in every vein system tested to date, and this current round of drilling is aimed at better defining and expanding those zones, beginning with the Guadalupe and Los Ingleses vein systems."

Geology and context of results

All five holes reported herein were drilled in the central portion of the Guadalupe vein system:

• ACD24-221 fills in a gap in the previous drilling and demonstrates vertical continuity of similar high-grade mineralization over a vertical distance of over 250 metres starting at surface. This intercept is also expected to convert a zone of inferred resource to indicated as well as increasing the resource grade and ounces around the drill hole.
• ACD24-222 is a shallow hole with positive results, which should increase the surrounding resource block grades and contained ounces while potentially upgrading the resource classification in this area from inferred to indicated.
• ACD24-223 demonstrates that mineralization in the Guadalupe vein continues for nearly 200 metres below previous drilling and the base of the resource block model, with a total vertical extent in this area of over 450 metres from surface.
• ACD24-224 confirms and fills in an area of high-grade mineralization and is expected to convert the surrounding resource blocks to indicated while increasing the resource grade and ounces around the drill hole.
• ACD24-225 was another shallow hole on the margins of a high-grade shoot, which better defines the location of a fault that drops down the higher-grade portion of the vein to the west of the fault.

The Cristina deposit is an epithermal-to-mesothermal vein system where the mineralization is predominantly gold and silver, with lesser base metal values. At least four known parallel vein zones trend east-west to northeast-southwest and are hosted in an andesitic volcanic sequence, which forms part of the Lower Volcanic sequence of the Sierra Madre Occidental range. The andesites are intercalated locally with dacitic intrusions and related lava flows and breccias, and the sequence is in turn cut by andesitic and hornblende-plagioclase porphyry following fault trends. In some areas, the veins are covered by postmineral rhyolite of the Upper Volcanic sequence.

An interesting aspect of the Cristina deposit is the apparent vertical extent of the mineralization within the system. Mineralization in outcrop occurs at surface at elevations up to 2,000 metres above sea level, while the deepest zone of mineralization intercepted by drilling is at an elevation of 900 m above sea level, a vertical range of approximately 1,100 m.

Cristina is similar to other active mines in the region, including Fresnillo's San Julian and La Cienega mines as well as First Majestic's Tayoltita/San Dimas mine.

The drill program is expected to continue over the next several months, with results released periodically as they are received and analyzed.

The goal of targeting the higher-grade zones within the main Guadalupe vein as well as other high-grade veins in the area is to both increase the size and the grade of the resource and demonstrate the underground resource potential at Cristina. The current, primarily open-pit mineral resource estimate comprises:

• Indicated resources of 17.5 million tonnes at 0.51 g/t gold, 33.8 g/t silver, 0.47 per cent zinc, 0.19 per cent lead and 0.04 per cent copper (1.33 g/t AuEq grade) for a contained 752,000 gold equivalent ounces;
• Inferred resources of 19.0 million tonnes at 0.51 g/t gold, 27.5 g/t silver, 0.50 per cent zinc, 0.19 per cent lead and 0.05 per cent copper (1.27 g/t AuEq grade) for a contained 777,000 gold equivalent ounces.

Mineral resources are not mineral reserves and do not have demonstrated economic viability.

Quality assurance and quality control procedures

Drill core at the Cristina project is predominately HQ size with a diameter of 63.5 millimetres. Drill core samples are generally 1.50 m long along the core axis, with allowance for shorter or longer intervals if required to suit geological constraints. After logging intervals are identified to be sampled, the core is cut and one-half is submitted for assay. Sample QA/QC measures include unmarked certified reference materials, blanks and field duplicates, which are inserted into the sample sequence and make up approximately 5 per cent of the samples submitted to the laboratory for each drill hole. Samples are transported to lab facilities in Durango or Hermosillo, Mexico, for sample preparation. Sample analysis is carried out by ALS, with fire assay, including overlimit fire assay reanalysis, and multielement analysis completed in North Vancouver, Canada. Drill core sample preparation includes fine crushing of the sample to at least 70 per cent passing less than two mm, sample splitting using a riffle splitter and pulverizing a 250-gram split to at least 85 per cent passing 75 microns. Gold in diamond drill core is analyzed by fire assay and atomic absorption spectroscopy of a 30-gram sample (Au-AA25). Multielement chemistry is analyzed by four-acid digestion of a 0.25-gram sample split (ME-ICP61) with detection by inductively coupled plasma emission spectrometer for a full suite of elements. Gold assay technique Au-AA25 has an upper detection limit of 100 parts per million. Any sample that produces an overlimit gold value through the initial assay technique is sent for gravimetric finish by method Au-GRA21. Silver analyses by ME-ICP61 have an upper limit of 100 ppm. Samples with overlimit silver values are first reanalyzed by ICP with a larger 0.4 g sample split, which has an upper limit of 1,500 ppm. Silver assays above 1,500 ppm are reanalyzed by fire assay with gravimetric finish Ag-GRA21. ALS is an ISO/IEC accredited assay laboratory.

Qualified person

Charlie Ronkos, MMSA, is Atacama's executive vice-president, exploration, and the qualified person for the technical information disclosed in this release.

Jacob W. Richey, PE, of IMC is the qualified person responsible for the MRE. Details of the Cristina MRE can be found in the company's press release of Oct. 30, 2023, and in the National Instrument 43-101 compliant report titled "Technical Report on the Mineral Resource for the Cristina Project," prepared for TCP1 and Atacama Copper by Independent Mining Consultants Inc., with an effective date of Jan. 1, 2023, and issue date of Dec. 1, 2023. This report is available under the company's SEDAR+ profile and on the company's website.

Consulting agreements

Atacama has entered into a consulting agreement with Scandinavian Alliance (SA), a marketing consulting firm based in Sweden, whereby SA will provide assistance with the company's communications and brand awareness strategy, focusing on Scandinavia and northern Europe. Subject to the approval of the TSX Venture Exchange, the terms of the SA consulting agreement provide that the company will pay SA a fee of $115,000.

The company has also entered into a consulting agreement with IR Pub, a U.S.-based digital marketing firm, whereby IR Pub will assist the company with its investor outreach and market awareness programs. Subject to the approval of the TSX-V, the terms of the IR Pub consulting agreement provide that the company will pay IR Pub a fee of $150,000 (U.S.) (plus applicable taxes).

The company and both SA and IR Pub act at arm's length and the consultants have no present interest, directly or indirectly, in the company or its securities. The fees paid by the company to the consultants are for their services only. The engagement of the consultants remains subject to the approval of the TSX-V.

About Atacama Copper Corp.

Atacama Copper is a well-financed resource company adding value through the acquisition, exploration and development of copper and precious metal projects in the Americas. The company is carrying out a drilling campaign at its Cristina precious metal project in Chihuahua, Mexico, with the goal of significantly expanding the existing mineral resource estimate. Drilling is also planned for the Yecora copper project in Sonora, Mexico. In Chile, the Placeton/Caballo Muerto project hosts several untested porphyry copper targets situated between the large-scale Relincho and El Morro/La Fortuna copper-gold deposits of the Nueva Union joint venture between Teck and Newmont Mining.

We seek Safe Harbor.