Altamira Gold Discovers New Porphyry Outcrops 1.6km East of the Maria Bonita Discovery within the Cajueiro Project

Vancouver, British Columbia--(Newsfile Corp. - August 21, 2024) - Altamira Gold Corp. (TSXV: ALTA) (FSE: T6UP) (OTC Pink: EQTRF), ("Altamira" or the "Company") is pleased to announce the discovery of newly discovered outcrops of porphyritic rocks within the Cajueiro project area.

Highlights:

• Following the confirmation of a porphyry-style origin for the Maria Bonita gold mineralization by two respected consultants, and subsequent to the structural and geophysical studies of the entire Cajueiro claim block, the Company has identified several loci of potential porphyry mineralization within a 'prospective corridor' trending east-west through the Cajueiro district.

• Initial follow-up of these target areas has identified new outcrops of highly altered and brecciated porphyritic intrusive rock 1.6 kilometres to the east of the Maria Bonita target where recent drilling intersected 146m @ 1g/t gold. The area displays extensive sericitic alteration and shows the characteristic quartz veining seen in the mineralized porphyritic host rock at Maria Bonita.

• This work suggests that the mineralizing system at Maria Bonita may be much larger than previously envisaged and suggests new targets for future drilling.

CEO Mike Bennett commented; "Given that porphyry deposits commonly occur in clusters or alignments along structural trends, we recognised the need to revisit our regional data sets in the light of recent independent confirmation that the gold mineralization at Maria Bonita is of porphyry origin. The new structural and geophysical re-interpretations have identified several new targets within the Cajueiro - Maria Bonita area, including a magnetic body 2km to the south-east of Maria Bonita which may be related to a causative porphyritic intrusive. Geological mapping in this area, called Mombaque, has recently identified new outcrops of similar host-rock intrusives and breccias to those found at Maria Bonita, suggesting that the Maria Bonita porphyry system may be significantly larger than previously envisaged."

CAJUEIRO PROJECT

The Cajueiro project is located approximately 75km NW of the town of Alta Floresta in the state of Mato Grosso (Figure 1) in central western Brazil and is easily accessible by road and has grid power and local water supply. Cajueiro is the most advanced of three key projects that Altamira controls in the region, the other two being Apiacas and Santa Helena (Figure1).

Figure 1: Location of the Cajueiro, Apiacas and Santa Helena projects.

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The Cajueiro project has current NI 43-101 resources of 5.66Mt @ 1.02 g/t gold for a total of 185,000 oz in the Indicated Resource category and 12.66Mt @ 1.26 g/t gold for a total of 515,000 oz in the Inferred Resource category (estimated using a gold price of US$1,500/oz). Included in these totals are near-surface oxide portions of the Cajueiro resource, containing an estimated 75,000oz of gold.

Maria Bonita Target

Maria Bonita is located 7km west of the Cajueiro mineral resource and is easily accessible by road. The initial round of discovery drillholes included 69m @ 1g/t gold (MBA005), 50m @ 1.1 g/t gold (MBA004), 55m @ 1.0 g/t gold (MBA002), 50m @ 1.0 g/t gold (MBA001) and 45m @ 1.4 g/t gold (MBA003) (see press releases dated September 7, November 16, 2022, and January 18, 2023).

Significant results, previously reported, as part of the follow-up drill program include; MBA029: 146m @ 1.0g/t gold (MBA029), 90m @ 0.6g/t gold from 14m and 65m @ 0.4g/t gold from 118m (MBA016), 105m @ 0.5g/t gold from 23m and 24m @ 0.4g/t gold from 144m (MBA018), 72m @ 0.4 g/t gold from 59m (MBA020) and 53m @ 0.7 g/t gold from surface (MBA022) (see press release dated 22nd May 2024).

These results confirm the presence of a multi-phase felsic quartz porphyry-hosted system of veins and breccias carrying gold. Gold is relatively uniformly distributed with a highest grade of 7.7g/t gold reported from the intervals listed above.

The drilling at Maria Bonita has demonstrated that good mineralization exists, in places, below shallow barren cover. Consequently, targets that have positive structural attributes but weak to no gold response in soil may also have high potential at shallow depth. For this reason, a structural remote sensing study was let to ACA Howe International of the UK. This study involved the use of satellite multi-spectral imagery and radar data to interpret the local to regional structures controlling the current topography and sub-surface geology in the Maria Bonita district.

In parallel, a re-interpretation of proprietary detailed aeromagnetics and radiometrics, acquired by a predecessor company (2011), was carried out by GeophysicsOne of Ontario Canada. The results of these two new studies were combined to produce an interpretative district map to guide further exploration (Figure 2).

Figure 2: Prospective corridor and specific targets identified from aeromagnetic and structural interpretation studies. Background is magnetic TMI image showing subsurface magnetic bodies.

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The new interpretation shows a magnetic body, inferred to be a buried intrusive, centred approximately two kilometres to the south-east of the Maria Bonita porphyry at Mombaque (Figure 2). The Mombaque area is a source for eluvial and alluvial gold in an artisanal mining "garimpo" draining to the south-west. Outcrop is poor and follow up sampling is underway to trace this gold to source. A similar spatial relationship is apparent for the Novo Sonho gold-in-soil anomaly (approximately 3km to the west of Maria Bonita) and a sub-surface magnetic source.

Figure 3: Surface rock samples of quartz porphyry breccia at the recently identified Mombaque target located 1.6 kilometres to the south-east of the Maria Bonita target. See figure 2 for location of samples.

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Ongoing mapping and sampling have identified outcrops of part of the porphyry suite of intrusives that host the Maria Bonita mineralization, both several hundred metres to the south-west of the drilled area and approximately 1.6 kilometres to the east (Figures 2 & 3), thus significantly expanding the extent of the prospective intrusive porphyritic host rocks within the Maria Bonita - Cajueiro project area.

Sample results are pending ahead of defining potential scout drill targets.

Qualified Person

Guillermo Hughes, FAIG and M AusIMM., a consultant to the Company as well as a Qualified Person as defined by National Instrument 43-101, supervised the preparation of the technical information in this news release.

About Altamira Gold Corp.

The Company is focused on the exploration and development of gold and copper projects within western central Brazil. The Company holds 6 projects comprising approximately 190,000 hectares, within the prolific Juruena gold belt which historically produced an estimated 7 to 10Moz of placer gold. The Company's advanced Cajueiro project has NI 43-101 resources of 5.66Mt @ 1.02 g/t gold for a total of 185,000 oz in the Indicated Resource category and 12.66Mt @ 1.26 g/t gold for a total of 515,000oz in the Inferred Resource category.

On Behalf of the Board of Directors,

ALTAMIRA GOLD CORP.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

The securities described herein have not been registered under the U.S. Securities Act or any state securities laws, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements under the U.S. Securities Act and any applicable state securities laws.

Forward-looking Statements

Certain information contained herein constitutes "forward-looking information" under Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the extension of the Warrants. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "will", "intends" or variations of such words and phrases or statements that certain actions, events or results "will" occur. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results to be materially different from those expressed or implied by such forward-looking statements or forward-looking information, including the receipt of all necessary regulatory approvals. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. The Company will not update any forward-looking statements or forward-looking information that is incorporated by reference herein, except as required by applicable securities laws.

Notes

Gold analysis has been conducted by SGS method FAA505 (fire assay of 50g charge), with higher grade samples checked by FAA525. Analytical quality is monitored by certified references and blanks. Until dispatch, samples are stored under the supervision the Company's exploration office. The samples are couriered to the assay laboratory using a commercial contractor. Pulps are returned to the Company and archived. Drill holes results are quoted as down-hole length weighted intersections.

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