Delay in Filing Audited Financial Statements

Vancouver, August 9, 2022 - Altima Resources Ltd. (TSXV: ARH) ("Altima" or the "Company") is providing an update with respect to the previously announced management cease trade order (the "MCTO") issued by the British Columbia Securities Commission on June 29, 2022. The MCTO was issued in connection with the delay by the Company in filing its annual financial statements, management's discussion and analysis and related officer certifications for the financial year ended February 28, 2022 (collectively, the "Required Filings") before the prescribed deadline of June 28, 2022.

The Company requested and received an extension relating to the Required Filings due to delays incurred during the audit of the Company in connection to the operational delays experienced in its subsidiary and the necessity to reallocate its human resources to support operations for the interim period.

The Company is providing this status update in accordance with National Policy 12-203 Management Cease Trade Orders ("NP 12-203"). The Company intends to follow the provisions of the Alternative Information Guidelines set out in NP 12-203, including the issuance of bi-weekly default status reports in the form of news releases, for as long as the Company remains in default. The Company confirms as of the date of this news release that there has been no material change in the information contained in the default announcement issued on June 29, 2022, and there is no other material information concerning the affairs of the Company that has not been generally disclosed.

On behalf of the Board of Directors,
Altima Resources Ltd.

"Richard Barnett"
Director & Chief Financial Officer

Cautionary Note Regarding Forward-Looking Information

Certain information set out in this news release constitutes forward-looking information. Forward looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "intend", "could", "might", "should", "believe" and similar expressions. In particular, this news release contains forward-looking statements in respect of among other things, the filing of the Issuer Statements and the timing thereof. Forward-looking statements are based upon the opinions and expectations of management of the Company as at the effective date of such statements and, in certain cases, information provided or disseminated by third parties. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, and that information obtained from third party sources is reliable, they can give no assurance that those expectations will prove to have been correct. Readers are cautioned not to place undue reliance on forward-looking statements included in this document, as there can be no assurance that the plans, intentions or expectations upon which the forward-looking statements are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause actual results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things, risk factors set forth in the Company's most recent management's discussion and analysis under the heading "Risk and Uncertainties", a copy of which is filed on SEDAR at www.SEDAR.com, and readers are cautioned that the risk factors disclosed therein should not be construed as exhaustive. These statements are made as at the date hereof and unless otherwise required by law, the Company does not intend, or assume any obligation, to update these forward-looking statements.

Suite 303, 595 Howe Street, Vancouver, B.C. V6C 2T5
Telephone: (604) 336-8610 Fax: (604) 718-2808
www.altimaresources.ca

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/133300