Altamira Gold Raises $1.4 Million Through Exercise of Warrants

Vancouver, British Columbia--(Newsfile Corp. - May 5, 2021) - Altamira Gold Corp. (TSXV: ALTA) (FSE: T6UP) (OTC Pink: EQTRF) ("Altamira" or the "Company") announces that the Company has raised $1,432,087 since the February 5th, 2021 closing of the most recent placement. These funds were received as a result of the exercise of 12,334,466 share purchase warrants that were issued in connection with several previous non-brokered private placements. Altamira currently has 59,126,224 warrants outstanding, with a weighted average exercise price of $0.20 and a weighted remaining contractual life of 1.32 years.

Officers and directors of the Company exercised a total of 1,072,800 warrants for proceeds of $160,920. Of this total, the CEO of the Company exercised a total of 672,800 warrants representing proceeds of $100,920, and the Company's Chairman exercised a total of 400,000 warrants representing proceeds of $60,000. In connection with the exercise of the warrants, the CEO and the Chairman sold 284,000 and 170,000 common shares respectively for proceeds of $102,458 and $61,320.

Michael Bennett, President & CEO commented "We would like to thank our long-term shareholders, for supporting the Company through the process of exercising these warrants. The exercise of these warrants provides sufficient funds to ensure the completion of a well-financed exploration drill program well into 2022."

Qualified Person

Guillermo Hughes, P. Geo., 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.

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

About Altamira Gold Corp.

The Company is focused on the exploration and development of gold projects within western central Brazil. The Company holds 8 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.

"Michael Bennett"

Michael Bennett
President & CEO

Tel: 604.676.5660
Toll-Free: 1-833-606-6271
info@altamiragold.com
www.altamiragold.com

Forward-Looking Statements

Statements in this document which are not purely historical are forward-looking statements, including any statements regarding beliefs, plans, expectations or intentions regarding the future exploration drill program. It is important to note that actual outcomes and the Company's actual results could differ materially from those in such forward-looking statements. Except as required by law, we do not undertake to update these forward-looking statements.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/82924