Alturas Minerals Corp. announce that is has moved forward with the execution of the Option and Lease agreement with Sociedad Contractual Minera Resguardo, to lease and acquire 100% of its Resguardo Copper-Gold Project, located about 95 km northeast of Copiapo, in Region III of northern Chile, referred to as "Región de Atacama". With the execution of the Agreement, the Optionor grant Alturas a mining option to acquire a 100% undivided interest in the Concessions.

On closing, the Option will be valid as from May 31, 2023 and will expire four years after the signing of the Agreement. The term of the Option shall be mandatory for the Optionor and voluntary for Alturas. The aggregate purchase price for the Concessions is structured as cash payments totaling USD 2.75 Million (all taxes inclusive), to be paid in five installments, with USD 50,000 within fifteen days of the closing date (of which USD 25,000 has been paid as deposit with the balance held in escrow), and four installments payable as follows: On or prior to the first anniversary of the Effective Date, the amount of USD 100,000; On or prior to the second anniversary of the Effective Date, the amount of USD 150,000; On or prior to the third anniversary of the Effective Date, the amount of USD 300,000; and, On or prior to the fourth anniversary of the Effective Date, the amount of USD 2,150,000.

If, as a result of the mining activities performed by Alturas on the Concessions, a porphyry is confirmed, the purchase price for acquiring title over the Concessions payable by Alturas to the Optionor will be increased by 10% of the selling price obtained by Alturas for the transfer of the Concessions to a third party, or USD 30 Million, whichever is greater. Once the Company exercises the Option, a 1.5% Net Smelter Return ("NSR") Royalty will be applicable (the "NSR Royalty") as an additional consideration for the transfer of the Concession to be effective as from commencement of Commercial Production on the Concessions. Until up two years after the commencement of Commercial Production, the Company may buy 0.5% of the NSR Royalty at a price between USD 2 Million and USD 6 Million depending on the size, grade, and type of mineralization as determined in accordance with National Instrument 43-101.

The Optionor also grants a right of first refusal for the acquisition of the remaining NSR Royalty. During the term of the Option, the Optionor shall also lease the Concessions to the Company, as result of which Alturas will be conferred all the rights and obligations of the Optionor related to the Concessions, including the right to exploit the Concessions. The Mining Lease shall be for a period of five years and begins on the Effective Date or, whichever arrives first, when Alturas notifies the Optionor of its decision to exercise the Option.

Once the Mining Lease is in force, Alturas shall have the right to operate the Concessions at its own sole cost and risk, subject to compliance with applicable laws, shall have the right to initiate commercial production of the existing high-grade copper mineralization. As compensation required for the Mining Lease, Alturas will pay the Optionor a NSR Royalty over all the minerals extracted and marketed from the Concessions. If the mineral extracted has an average ore grade that is lower than 2.5%, the Lease NSR Royalty will be equivalent to 7.0% of the price at which said mineral is marketed; and, if the mineral extracted has an average ore grade that is equal to or higher than 2.5%, the Lease NSR Royalty will be equivalent to 9.0% of such price.