Altan Rio Announces Reactivation Application, Private Placement and Debt Settlement

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VANCOUVER, BC (July 27, 2020) – Altan Rio Minerals Ltd. (NEX:AMO.H) (“Altan Rio” or the “Company“)
announced today that it is submitting an application to the TSX Venture Exchange (the “Exchange“) to
reactivate onto to the main board of the Exchange from NEX (the “Reactivation“).

The Company is pursuing the Reactivation to provide for the ability to raise the necessary funds to advance
its interest in the Southern Cross North Property pursuant to the previously announced joint venture
agreement with Surveyor Resources Pty Ltd

In connection with the Reactivation, the Company also announced it intends to undertake a non-brokered
private placement of up to 13,333,333 units of the Company (the “Units“) at a price of C$0.075 per Unit for
gross proceeds to the Company of up to C$1,000,000 (the “Offering“). Each Unit will be comprised of one
common share of the Company (each a “Common Share“) and one-half of one Common Share purchase
warrant (each whole warrant, a “Warrant“), each Warrant entitling the holder thereof to acquire one Common
Share at a price of C$0.15 per share for a period of 36 months from the closing date of the Offering.

Under the Offering, the Company intends to pay a finder’s fee in respect of those purchasers under the
Offering introduced to the Company by certain parties (each a “Finder“). Each Finder will receive a cash
payment equal to 6% of the gross proceeds received by the Company from purchasers under the Offering
who were introduced to the Company by such Finder.

The Company intends to use the proceeds from the Offering to advance its interest in the Southern Cross
North Property through, among other things, continued exploration of the property and associated drill
programs, fulfillment of an upcoming milestone payments and commission of a pre-feasibility study, to pay
certain creditors and for general working capital and administrative expenses.

The Company has also applied to the Exchange to undertake a shares for debt transaction (the “Debt
Settlement“) consisting of the issuance of 4,503,195 Common Shares (the “SFD Shares”) at a deemed
price of $0.075 per SFD Share and 882,693 Common Share purchase warrants (the “SFD Warrants“), each
SFD Warrant entitling the holder thereof to acquire one additional Common Share on the same terms as the
Warrants, to extinguish $337,739.88 of indebtedness with certain creditors of the Company.

The Reactivation, the Offering and the Debt Settlement each remain subject to the approval of the Exchange.

On behalf of Altan Rio Minerals Limited

For more information contact:
Paul Stephen
Chief Executive Officer
Email: [email protected]
+61 9322 1788

Cautionary Statement on Forward-Looking Information

This release may contain forward-looking statements. Forward-looking statements involve known and
unknown risks, uncertainties, and other factors which may cause the actual results, performance, or
achievements of Altan Rio to be materially different from any future results, performance, or achievements
expressed or implied by the forward-looking statements. These forward-looking statements are based on
management’s current expectations and beliefs but given the uncertainties, assumptions and risks, readers
are cautioned not to place undue reliance on such forward-looking statements or information. Actual results
may differ materially from those currently anticipated in such statements, and Altan Rio undertakes no
obligation to update such statements, except as required by law.
Neither the 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.