Mr. Joseph van den Elsen reports

PAMPA METALS COMMENCES BUENAVISTA PORPHYRY COPPER TARGET DRILL TESTING

Pampa Metals Corp. commenced diamond drill testing of the Buenavista target on March 31, 2023. As previously advised, an approximately 2,100-metre diamond drill program of three deep holes designed to test coincident geological, geochemical and geophysical anomalies at the Buenavista target and the Block 4 project more broadly is expected to be completed within two months, with assay results available during June.

The first drill hole is centred on the dacite porphyry and phreatomagmatic breccia complex with quartz-veinlet stockworking at Buenavista, and is initially targeted to a depth of about 750 m. The drill hole diameter will be HQ, with the option of reducing to NQ at depth, depending on drilling conditions.

Block 4 project and Buenavista target -- summary description of the new porphyry copper-molybdenum-gold target

• Block 4 is the company's priority project, with the Buenavista target displaying characteristics indicative of a large, fertile, Tertiary-aged, porphyry copper-molybdenum-gold system, located along the world's pre-eminent porphyry copper belt in northern Chile.
• Intense subcropping, quartz-veinlet stockwork occurs at Buenavista within a dacite porphyry and phreatomagmatic breccia complex, flanked by a quartz-sulphide breccia to the west and skarn-type mineralization to the east, and is coincident with key geochemical and geophysical anomalies.
• Anomalous soil and trench geochemical values of copper, molybdenum and gold (and other pathfinders), in a heavily supergene-leached desert environment, coincide with mapped geology, hydrothermal alteration, magnetic and induced polarization (IP) geophysical anomalies, and other complementary data, including 3-D modelling and age dating.
• The Buenavista target footprint comprising geological, geochemical and geophysical anomalies is approximately 1.5 kilometres east by 1 km north-south along a significant geological structure.
• The presence of several other geophysical anomalies under postmineral covered portions of the Block 4 property is suggestive of a potential cluster of porphyry copper-molybdenum-gold systems, a characteristic typical of some major porphyry copper districts in Chile and worldwide.

About Pampa Metals Corp.

Pampa Metals is a Canadian company listed on the Canadian Securities Exchange, and Frankfurt and OTC exchanges which wholly owns a 47,400-hectare portfolio of seven projects highly prospective for copper, molybdenum and gold located along proven and highly productive mineral belts in Chile, one of the world's top mining jurisdictions. The company is actively advancing its projects through systematic exploration and drill testing of the highest-priority targets, with a current focus on the Buenavista target and the Block 4 project more broadly.

The company's vision is to create significant value for shareholders and stakeholders through the application of its technical and commercial expertise toward exploring for a major copper discovery along the prime mineral belts of Chile.

Qualified person

Technical information in this news release has been approved by Mario Orrego G., geologist and a registered member of the Chilean Mining Commission, and a qualified person as defined by National Instrument 43-101. Mr. Orrego is a consultant to the company.

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