Altamira Gold: Message from the CEO

Hi Everyone We published the first drill results of the phase 2 drill campaign at Maria Bonita yesterday. These are the first 6 holes of an extensive drill program to investigate the lateral and vertical extensions of the mineralisation seen in the first 7 holes of the phase 1 campaign carried out in 2023. Here are Mike´s thoughts: The results from holes 10, 13 and 15 are extremely encouraging, showing extensive drill lengths of gold mineralisation within the same intrusive rock seen in the phase 1 drill program. These holes also bottom in mineralisation. These holes have extended the mineralised, gold-bearing, intrusive host rock to the west, north, south and to depth relative to the first round drill results (holes 1-7). The table of results in the press release shows long intervals of grades that, although not as high as the initial round of results, confirm that the mineralising system is robust and three dimensional with potential to extend through further drilling. MBA0010 160m@ 0.4 g/t Au from 36m MBA0013 139.4m @ 0.5 g/t Au from surface MBA0015 120.3m @ 0.5 g/t Au from 69.2m These are very significant intercepts to add to the existing holes 1-7.   We have also seen visible gold in a section of one hole (010) and since the conventional 50g fire assays reported in this press release use only a  very small sample, we have decided to re-assay the samples using 1kg “screen fire assay” samples to utilise 20 times the sample weight and therefore reduce the sampling risk, leading to more repeatable and representative results. Drilling is ongoing with another 15 holes pending assay results that will continue to define the limits of the mineralised intrusive system in all directions and to depth. The metallurgical tests carried out last year on both the saprolite (near surface oxidised) material and the hard rock have shown that gold can be easily and cheaply extracted from the host rock by cyanide heap leach in the case of the saprolite and cyanide vat leach in the case of the hard rock, which will help to make this a low cost mining operation and give the company the optionality to begin mining with a very low capex from the easily extractable near-surface material. In terms of the Cajueiro project as a whole, it is important to remember that we already have an independent 43-101 resource of 700,000 oz gold some 7 km to the east of Maria Bonita in our Central area. The mineral resource was estimated using a gold price of US$1500/oz (current price above US$2300/oz). The two deposits are connected by the main public road that passes through the area and both targets sit alongside a hydroelectric power transmission line from the power station located 15km from the project. If you have any comments or questions please do not hesitate to contact Mike directly. Best regards, Altamira Gold Team