(All amounts expressed in US dollars, unless otherwise stated) VANCOUVER, British Columbia, April 16, 2024 (GLOBE NEWSWIRE) -- Atico Mining Corporation (the "Company" or "Atico") ((TSX.V: ATY, OTC:ATCMF) today announced its financial results for the year ended December 31, 2023, posting income from mining operations of $7.4 million and a net loss of $5.8 million. Production for the year at Atico's El Roble mine totaled 13.2 million pounds ("lbs") of copper and 10,149 ounces ("oz") of gold in concentrate at a cash cost(1) of $2.04 per payable pound of copper(2). Fernando E. Ganoza, CEO and Director, commented, "we had a challenging year overall, with the first half of the year facing lower than expected head grades and lower throughput due to mechanical and operational issues, coupled with a significant appreciation in the Colombian Peso throughout the year which materially increased our costs. Despite these challenges the team did a great job getting El Roble mine back on track in the second half of the year to deliver just slightly below our annual guidance. This turnaround in operations and strong metal prices resulted in generation of good cash flows at the mine which were offset by a non-cash impairment charge recorded for the year." Mr. Ganoza continued, "In 2024, we will continue looking at opportunities to optimize operating costs while investing in expanding the resource and reserves estimate at El Roble and extending its mine life. In parallel, the La Plata project continues to advance with the permitting process and the Feasibility Study which is nearing completion." 2023 Consolidated Financial Highlights Net loss for 2023 amounted to $5.8 million, compared with $3.4 million for the comparative year. The loss was primarily due to an impairment charge to mineral properties, in respect to certain regional exploration targets in Colombia of the El Roble's exploration & evaluation segment, and lower income from mining operations because of lower sales and higher production costs. Sales for the year decreased 12% to $57.5 million when compared with $65.2 million in 2022. Copper ("Cu") and gold ("Au") accounted for 83% and 17% of the 31,763 (2022 – 36,655) dry metric tonnes ("DMT") sold during 2023. Sales during the year were impacted by lower quantities sold compared to 2022. The average realized price per metal was $3.94 (2022 - $3.80) per pound of copper and $2,009 (2022 - $1,797) per ounce of gold. Working capital was negative $2.1 million (2022 – positive $18.2 million), while the Company had $6.0 million (2022 - $15.6 million) in long-term loans payable. The decrease in working capital is largely due to the $10M loan payable to Trafigura PTE Ltd. becoming due within 12 months from December 31, 2023. Cash costs(1) were $129.99 per tonne of processed ore and $2.04 per pound of payable copper produced, which were a decrease of 1% and an increase of 39% relative to 2022, respectively. Loss from operations was $4.4 million (2022 – income of $9.2 million) which included a $5.7 million impairment charge discussed above, while cash flows from operations, before changes in working capital, was $9.7 million (2022 - $15.8 million). Cash used by investing activities amounted to $15.9 million (2022 - $14.1 million) with expenditures for $5.5 million at El Roble and $5.5 million at La Plata. The Company also paid $3.6 million to the National Mining Agency in Colombia (2022 - $3.4 million) and $1.0 million towards the deferred purchase price amount for the La Plata non-controlling interest acquisition completed in 2022. The final amount remaining of $1.0 million is due in August 2024. All-in sustaining cash cost(1) per payable pound of copper produced was $2.87 (2022 - $2.43). 2023 Consolidated Operating Highlights and Review Ore processed increased 16% year-on-year; Copper head-grade decreased 22% year-on-year; Gold head-grade decreased 18% year-on-year; Concentrate production decreased 8% year-on-year; Copper metal production decreased 12% year-on-year; and Gold metal production decreased 9% year-on-year. Operationally the Company had a challenging first half of the year resulting in low ore and concentrate production and low copper head grade. This was turned around in Q3-2023 with an improvement in these metrics to finish the year delivering just under the bottom end of our copper and gold production guidance ranges for 2023. In 2023, the Company produced 13.2 million lbs of copper, 10,149 oz of gold, and 36,949 oz of silver. The decrease in copper and gold production compared to the prior year is mainly explained by a decrease in head grade, which was partially offset by an increase in ore processed which met the guidance for the year. During 2023, the mill operated for 339 days, an increase of 3% compared to the target set for the year and an increase of 12% compared to 302 days of operation in 2022. Average copper head-grade decreased by 22% relative to 2022, meeting the bottom end of the 2023 guidance range, while average gold head-grade decreased by 18% relative to 2022, slightly below the bottom end of the 2023 guidance range. Recoveries remained steady at 91.8% (2022 – 91.4%) for copper and 60.1% (2022 – 60.6%) for gold. Cash costs(1) were $129.99 per tonne of processed ore and $2.04 per pound of payable copper produced, which were a decrease of 1% and an increase of 39% relative to 2022, respectively(1). The increase in cash costs per pound of payable copper produced compared to 2022 is due to lower copper grade and lower gold (by-product) credits due to lower gold grade. 2023 Consolidated Operational Details   Q1   Q2   Q3   Q4   Total   Production (Contained in Concentrates)(3)                     Copper (000s pounds) 2,310   2,803   3,762   4,367   13,242   Gold (ounces) 2,553   2,313   2,705   2,578   10,149   Silver (ounces) 8,335   7,826   9,979   10,810   36,949   Mine                     Tonnes of ore mined 60,568