Altima Announces Management Cease Trade Order Due to Delays in Filing Audited Annual Financial Statements

Vancouver, British Columbia--(Newsfile Corp. - June 29, 2022) - Altima Resources Ltd. (TSXV: ARH) ("Altima" or the "Company") announced today that is unable to file its audited annual financial statements, management's discussion & analysis, and related certifications in addition to its NI 51-101 Disclosure for Oil & Gas Activities for the fiscal year ended February 28, 2022 on or before June 28, 2022, due to operational delays experienced in its subsidiary, which caused its human resources to be reallocated to support operations for an interim period. The referenced operational delays have been strategically managed; however, this has impacted the timing of work on the annual audited financial statements for the fiscal year ended February 28, 2022.

Accordingly, the Company applied for and received a management cease trade order under the provisions of National Policy 12-203 Cease Trade Orders for Continuous Disclosure Defaults ("NP 12-203") so as to permit the continued trading in the Company's common shares by persons other than insiders and employees of the Company. The Company's staff are working diligently with its auditors and the Company expects to have the audit of the financial statements and the above filings completed no later than August 29, 2022.

The Company confirms that it intends to satisfy the provisions of NP 12-203 and issue bi-weekly default status reports for so long as the Company remains in default of the financial statement filing requirement, containing any material changes to the information in this release, all actions taken by the Company to remedy the default; particulars of any failure by the Company to fulfill these provisions, any subsequent defaults of the Company requiring a default announcement and any other material information concerning the affairs of the Company not previously disclosed. The Company is not subject to any insolvency proceedings nor is there in 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, 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.

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