Mr. Joseph van den Elsen reports

PAMPA METALS ADVANCES BUENAVISTA PORPHYRY COPPER TARGET DRILL TESTING

Pampa Metals Corp. has completed approximately 550 metres of the planned approximately 2,100-metre diamond drill program designed to test coincident geological, geochemical and geophysical anomalies at its Buenavista target and its Block 4 project more broadly. The presence of several 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.

As previously advised, the program commenced on March 31, 2023, and completion by the end of May remains on schedule, with assay results expected in June.

The company also continues to actively advance its broader portfolio of seven 100-per-cent-owned projects, all located in Chile and prospective for porphyry copper systems, with a view to developing a pipeline of drill-ready prospects. Concurrently, the company continues due diligence on possible acquisitions of large porphyry copper-molybdenum targets capable of complementing its existing portfolio.

About Pampa Metals Corp.

Pampa Metals is a Canadian company listed on the Canadian Stock Exchange, and the 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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