12:03 PM EST, 01/22/2025 (MT Newswires) -- Altiplano Metals ( ALTPF ) shares were last seen up 30% after the company on Wednesday said it entered into an offtake agreement with a Chilean private company to buy the iron concentrate produced at the El Penon processing facility located in Chile.

"We are very pleased to begin our iron sales generating an additional revenue stream to complement our copper/gold sales. ... Revenue from the added revenue stream can be used to significantly cover corporate G&A and costs," said Chief Executive Alastair McIntyre.

The company said it has generated over $22.5 million from the recovery and sale of more than 6.95 million pounds of copper with an average grade of 1.8% copper.

Cash has been re-invested into exploration, new equipment, underground drilling, expanding underground development and production and the completion of the El Penon copper-gold-iron processing facility.

Shares of the company were last seen up $0.015 at $0.065 on the TSX Venture Exchange.

Price: 0.07, Change: +0.02, Percent Change: +30.00