Altamira Gold Receives $1.66 Million Through Exercise of Warrants

Vancouver, British Columbia--(Newsfile Corp. - March 2, 2022) - Altamira Gold Corp. (TSXV: ALTA) (FSE: T6UP) (OTC Pink: EQTRF) ("Altamira" or the "Company") is pleased to announce that the Company has raised $1,663,905 since January 1^st, 2022. These funds were received as a result of the exercise of 16,639,047 share purchase warrants, with an exercise price of $0.10, that were issued in connection with the February 28^th, 2020 non-brokered private placement and expired on February 28^th, 2022.

Altamira currently has 31,423,577 warrants outstanding, with a weighted average exercise price of $0.27 and a weighted remaining contractual life of 1.04 years. The Company's current treasury stands at approximately $5.4 million.

Officers and directors of the Company exercised a total of 4,979,598 warrants for proceeds of $497,960. Of this total, the CEO of the Company exercised a total of 3,312,931 warrants representing proceeds of $331,293, and the Company's Chairman exercised a total of 1,666,667 warrants representing proceeds of $166,667. In connection with the exercise of the warrants, the CEO and the Chairman sold 1,850,421 and 890,500 common shares respectively for proceeds of $339,881 and $167,086.

Michael Bennett, President & CEO commented "We are pleased to have the continued support of our shareholders as we advance the drilling on both our Santa Helena and Apiacas projects in Brazil. We look forward to what we believe will be an exciting year ahead for Altamira in 2022."

Technical Update

Diamond drilling continues at both the Santa Helena Project and the Mutum target within the Apiacas Project area. At the Mutum target, a total of 10 drill holes have now been completed and samples are presently being assayed with results expected during March.

At the Santa Helena Project area, a total of 11 drill holes have been completed targeting both the porphyry-style alteration and mineralization, and the vein-style copper and gold mineralization. Drill core from Santa Helena are being logged, structurally orientated and sampled ahead of dispatch to the assay laboratory in March.

During March a detailed drone magnetometer survey will begin over the entire central area of the Santa Helena Project using equipment recently acquired from Terraplus Inc/ GEM systems in Canada and imported into Brazil by Altamira Gold. This survey along with the results from the Phase 1 drilling will be used to help design the second phase of drilling at Santa Helena expected to start in mid-2022.

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.

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. 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/115359