Alta Copper Announces Non-brokered Financing

Press Release by Alta Copper

Vancouver, British Columbia, December 18, 2023. Alta Copper Corp. (TSX: ATCU; OTCQX: ATCUF; BVL: ATCU) (“Alta Copper” or the “Company”) is pleased to announce, subject to the approval of the Toronto Stock Exchange, that it has arranged a non-brokered private placement (the “Private Placement”) with Nascent Exploration Pty. Ltd., a wholly owned subsidiary of Fortescue Metals Group Ltd. (“Fortescue Metals”).

The Private Placement will consist of the sale of 6,255,942 common shares (the “Common Shares”) at a price of Cdn$0.50 to raise gross proceeds of approximately Cdn$3,127,971. The Common Shares will be subject to a mandatory hold period ending four months and one day after issuance, in accordance with applicable securities law.  There will be no warrants included in this Private Placement. As a result of the private placement Fortescue Metals will hold a 30.96% shareholder interest in Alta Copper.

The Company intends to use the proceeds of the Private Placement to continue to advance its 100% owned its advanced staged Cañariaco copper project.

Giulio T. Bonifacio, Executive Chair, commented: “We are extremely pleased to have the ongoing support of our largest shareholder as we continue to advance our Cañariaco copper project. The financing price represents a 50% premium to our current share price. Clearly any comparable financing would be priced at a discount to our current market inclusive of warrants and fees against the further backdrop of what have been very challenging capital markets in 2023. The current funding will now provide the required capital to continue to advance our community engagement and social license as well as our upcoming optimized Preliminary Economic Assessment ("PEA"). We fully expect the results of our optimized PEA to be a major catalyst as we advance Alta Copper to the next stage."

About Alta Copper

Alta Copper is focused on the development of its 100% owned Cañariaco advanced staged copper project. Cañariaco comprises 97 square km of highly prospective land located 150 km northeast of the City of Chiclayo, Peru, which include the Cañariaco Norte deposit, Cañariaco Sur deposit and Quebrada Verde prospect, all within a 4 km NE-SW trend in northern Peru’s prolific mining district. Cañariaco is one of the largest copper deposits in the Americas not held by a major.