Altaley Mining Reports 2021 Financial and Operating Results, Net Income of $36.2 Million and Earnings Per Share of $0.15

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Vancouver, British Columbia –News Direct– Altaley Mining Corp

Altaley Mining Company (TSXV: ATLY) (OTCQX: ATLYF) (ESF: TSGA) (“Altaley” or the “Company”) is pleased to announce the filing on SEDAR of its audited consolidated financial statements and MD&A for the fiscal year ended December 31, 2021.

2021 Financial Highlights

  • 121% increase in gross revenue to $98.4M

  • Mine operating profit increased to $34.2 million from a loss of $138,000 in 2020

  • Basic earnings per share of $0.15

  • Positive net income of $36.2 million, up from a loss of $11.6 million the previous year

Ralph Shearing, CEO, said: “I am extremely proud of our entire Altaley team who have worked tirelessly throughout 2021 to deliver a record year of rapid growth and excellent profitability for the company and our shareholders. We will build on these strong 2021 results as we continue our improvements at Campo Morado and very soon enter production at our Tahuehueto gold mine, where we expect robust economic conditions to significantly increase our revenues and profitability. . Please see the recent press release dated April 26, 2022, disclosing Tahuehueto prefeasibility results.

Campo Morado Mine Highlights

  • 2021 average AISC of $0.83/lb Zn. and C1 cash cost per book of $0.60

  • Production of 45,778 tonnes of zinc concentrate grading an average of 46% zinc, 2.12 g/t gold, 658 g/t silver and sale of approximately 45,680 tonnes of zinc concentrate generating revenues of US$52.14 million in 2021

  • Production of 9,936 tonnes of lead concentrate grading an average of 22% lead, 1.65% copper, 6.08 g/t gold, 776 g/t silver and sale of 9,657 tonnes generating revenue of US$8.96 million in 2021.

  • Extraction of 689,963 tonnes of ore grading 4.27% zinc, 1.09% lead, 124 g/t silver and 1.06 g/t gold.

  • Approximately 689,963 tonnes of mineralized material was processed during the year ended December 31, 2021,

The following table provides a summary of the Company’s operating performance for the three months and fiscal years ended December 31, 2021 and 2020. (Dollar amounts expressed in thousands of Canadian dollars, unless otherwise indicated).

Campo Morado Mine’s fourth quarter operating profit for the three months and years ended December 31, 2021 and 2020 includes:

Private placement

The TSXV has granted the Company a thirty-day extension to close on 2n/a and final tranche of the private placement first announced on March 17, 2022.

About Altaley Mining Corporation

Altaley Mining Corporation is a Canada-based mining company with two 100% owned Mexican gold, silver and base metals mining projects.

Altaley’s Tahuehueto mining project is in northwestern Durango State, Mexico, where construction of its 1,000 tonnes per day processing facility and associated mining infrastructure is nearing completion to launch the production of gold, silver, lead and zinc in concentrates at Tahuehueto. The company is targeting initial pre-production in May 2022 and ramping up to full production capacity in the second and third quarters of 2022.

Campo Morado is an operating polymetallic base metal mine with mining and milling equipment currently producing an average of 2,200 tonnes per day and is currently estimated to be Mexico’s 6th largest zinc producer.

Visit: www.altaleymining.com

On behalf of the Board of Directors

(signed) “Ralph Shearing”Ralph Shearing, P. Geol,

CEO, President and Director

Caution Regarding Production Decisions and Forward-Looking Statements

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.

It should be noted that Altaley declared commercial production at Campo Morado and elected to initiate construction to enter production at Tahuehueto before completing full feasibility studies demonstrating economic and technical viability. Accordingly, readers should be cautioned that Altaley’s production decisions were made without full feasibility studies of established reserves at Campo Morado and pre-feasibility level reserves at Tahuehueto, so there is risk and increased uncertainty about the future economic results of the Campo Morado Mine and Tahuehueto Mine where reserves are established at the pre-feasibility confidence level and therefore a higher technical risk of failure than would be the case if full feasibility studies were made and used to make production decisions. Altaley has completed a preliminary economic assessment (“PEA”) mining study at the Campo Morado mine and a pre-feasibility study (“PFS”) at the Tahuehueto mine which provides a conceptual mine plan life and preliminary economic analysis based on previously identified ore resources (see press releases dated November 8, 2017, April 4, 2018 and April 25, 2022).

Statements contained in this press release that are not historical facts are “forward-looking information” or “forward-looking statements” (collectively, “forward-looking information”) within the meaning of applicable Canadian securities laws. Forward-looking information includes, but is not limited to, financial conditions or performance that are based on assumptions about future economic conditions and plans of action; the timing and costs of future activities at the Company’s properties, such as production rates and increases; the success of exploration, development and bulk sample processing activities, and the processing schedule at its own ore processing facility at the Tahuehueto project site. In some cases, forward-looking information can be identified by words and phrases such as “plans”, “expects”, “expects”, “estimates”, “expects”, “intends”. de”, “anticipates” or variations of these words and phrases. In preparing the forward-looking information contained in this press release, the Company applied several important assumptions, including, but not limited to, that current exploration, development, environmental and other objectives regarding the Campo Mine Morado and the Tahuehueto project can be reached. : the continuity of the price of gold and other metals, economic and political conditions, and operations. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. There can be no assurance that forward-looking information 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 information. Except as required by law, the Company undertakes no obligation to publicly release any revisions to the forward-looking information contained in this press release to reflect events or circumstances after the date hereof or to reflect the occurrence of unforeseen events. .

Contact details

Glen Sandwell

+1 604-684-8071

ir@altaleymining.com

Company Website

https://www.altaleymining.com/

See the source version on newsdirect.com: https://newsdirect.com/news/altaley-mining-discloses-2021-financial-and-operating-results-reporting-net-income-of-36-2-million-and-0-15-earnings-per- share-213685773

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