Mr. Alastair McIntyre reports

ALTIPLANO ANNOUNCES AGREEMENT TO SELL EL PENON MILL

Altiplano Metals Inc. has entered into a definitive framework asset purchase agreement with Tersus Tierras SpA (the purchaser), pursuant to which the company has agreed to sell to the purchaser the El Penon mill and related land and permits located in Chile for a purchase price of $1.54-million (U.S.). The purchaser and the company are at arm's length. No finders' fees will be paid in connection with the transaction.

Transaction details

Closing of the transaction is subject to customary closing conditions as well as the following conditions:

• Approval of the TSX Venture Exchange: the transaction constitutes a reviewable disposition under TSX-V Policy 5.3 as the purchased assets constitute greater than 50 per cent of the company's assets, business or undertaking;
• In accordance with TSX-V Policy 5.3, approval of the company' shareholders by either of the following means: (i) a majority of the votes cast at a meeting of the company's shareholders called for the purpose of approving the transaction; or (ii) receipt of the written consent to the transaction from at least 50 per cent of the company's shareholders;
• Execution of settlement agreements with the purchaser and certain creditors of the company's subsidiary, Altiplano Minerals Chile SpA, in connection with the settlement of certain of the previously announced legal proceeding in Chile.

A portion of the purchase price will be used to satisfy obligations under the settlement agreements and other trade payables in Chile.

The board of directors of the company has approved the purchase agreement and unanimously recommends that the company's shareholders vote in favour of the transaction.

The company expects to call and announce a date for the meeting in the coming days. The meeting is anticipated to be held in November, 2026. In parallel, the company will seek shareholder approval of the transaction by written consent as permitted by TSX-V policy. If shareholder approval of the transaction is received by written consent, the meeting will not proceed.

We seek Safe Harbor.