Mr. Tim Warman reports

ATACAMA COPPER INTERCEPTS 27.8 G/T AUEQ OVER 1.2 M AND 6.3 G/T AUEQ OVER 2.2 M AT ITS CRISTINA PROJECT IN CHIHUAHUA MEXICO

Atacama Copper Corp. has released results from five holes of a 10,000-metre diamond drilling program at its wholly owned Cristina precious metal project in southwestern Chihuahua state, Mexico. Atacama has now reported 15 holes totalling 4,467.5 metres of drilling as part 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 only one of the vein zones -- the Guadalupe vein.

Drilling highlights

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

• 27.8 grams per tonne gold equivalent (AuEq) over 1.2 m estimated true width (22.3 g/t gold, 184.0 g/t silver, 0.87 per cent zinc, 0.82 per cent lead and 1.42 per cent copper) in hole ACD24-235:
  • This 1.2-metre-wide intercept occurs within a broader zone of mineralization measuring 2.43 g/t AuEq over 20.5 m estimated true width (1.56 g/t Au, 24.5 g/t Ag, 0.31 per cent Zn, 0.27 per cent Pb and 0.17 per cent Cu);
• 6.29 g/t AuEq over 2.2 m estimate true width (0.84 g/t Au, 69.4 g/t Ag, 6.20 per cent Zn, 2.10 per cent Pb and 0.26 per cent Cu) in hole ACD24-232:
  • This 2.2-metre-wide intercept occurs within a broader mineralized zone measuring 2.79 g/t AuEq over 9.0 m estimated true width (0.70 g/t Au, 33.1 g/t Ag, 2.12 per cent Zn, 0.71 per cent Pb and 0.15 per cent Cu);
• 6.52 g/t AuEq over 0.7 m estimated true width (0.65 g/t Au, 65.1 g/t Ag, 7.22 per cent Zn, 2.41 per cent Pb and 0.14 per cent Cu) in hole ACD24-233:
  • This 0.7 m wide intercept occurs within a broader mineralized zone measuring 1.21 g/t AuEq over 20.0 m estimated true width (0.43 g/t Au, 19.6 g/t Ag, 0.56 per cent Zn, 0.24 per cent Pb and 0.06 per cent Cu);
• 5.10 g/t AuEq over 2.9 m estimated true width (2.78 g/t Au, 75.0 g/t Ag, 0.98 per cent Zn, 0.66 per cent Pb and 0.33 per cent Cu) also in hole ACD24-234:
  • This 2.9-metre-wide intercept occurs within a broader mineralized zone measuring 2.24 g/t AuEq over 14.0 m estimated true width (0.96 g/t Au, 39.2 g/t Ag, 0.71 per cent Zn, 0.41 per cent Pb and 0.13 per cent Cu).

Tim Warman, Atacama's chief executive officer, commented: "Cristina continues to deliver high-grade drill results over significant widths from the Guadalupe vein as we work to delineate and define a robust underground resource estimate. We've seen some of the highest gold grades encountered at the project in hole ACD24-235 at shallow depths, and mineralization remains open at depth across this most recently targeted western high-grade horizon."

Geology and context of results

All five holes reported here were drilled toward the western end of the Guadalupe vein system:

• ACD24-231 encountered relatively low grades defining the upper limits of the higher-grade horizon marked by strong continuous grade in previous holes drilled deeper on this section. The mineralization remains open at depth.
• ACD24-232 fills in a gap and demonstrates continuity of high-grade mineralization over approximately 200 vertical metres in this part of the vein, with mineralization open at depth.
• ACD24-233 and ACD24-234 both intercepted higher-grade mineralization to approximately 150 metres below the base of the resource pit filling a gap and adding continuity to the higher-grade horizon, with mineralization open at depth.
• ACD24-235 was intended to fill in a near-surface gap in drilling and encountered some of the highest gold grades yet at Cristina, with a 27.8 g/t AuEq intercept over 1.2 m estimated true width, including a gold component of 22.8 g/t Au (see attached table). This hole expands the near-surface, higher-grade horizon farther to the east and demonstrates a vertical extent of approximately 250 metres from surface, remaining open at depth.

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.

Cristina is similar in style and grade to Fresnillo's nearby and very profitable San Julian underground mine, which hosts mineralization in two different types of orebodies: (i) narrow low-sulphidation epithermal veins; and (ii) broader zones of lower-grade disseminated sulphides in subvolcanic and volcanic felsic rocks. San Julian is the third-largest silver mine in Mexico, having produced 13.3 million ounces of silver and 44,500 ounces of gold in 2023. Fresnillo reported 2P underground minable reserves at San Julian as shown in an attached table.

Drill results will continue to be received over the next few months as the program takes a short break during the peak of the rainy season in Mexico. Drilling will resume in September and continue through the winter months.

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 (MRE) 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 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 overlimits 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 millimetres, 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-gram 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 who has approved the technical information disclosed in this release.

Jacob W. Richey, PE, of Independent Mining Consultants Inc. (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, 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.

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.

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