Mr. Joseph van den Elsen reports

VARIATION TO AUSTRAL OPTION AGREEMENT

The option Pampa Metals Corp. granted to Austral Gold Ltd., whereby Austral could acquire up to an 80-per-cent interest in the Cerro Blanco and Morros Blancos properties held by Pampa, as detailed in a July 28, 2021, news release, has been varied to now exclude the Cerro Blanco property.

Pampa Metals looks forward to advancing Cerro Blanco as part of its broader, 100-per-cent-owned portfolio.

About Pampa Metals Corp.

Pampa Metals is a Canadian company listed on the Canadian Stock Exchange (CSE), and the Frankfurt (FSE) 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.

We seek Safe Harbor.