Mr. Joseph van den Elsen reports

PAMPA METALS REPORTS ASSAY RESULTS FROM BUENAVISTA TARGET DRILLING, CHILE

Pampa Metals Corp. has released assay results from a three-hole diamond drilling program recently completed on its 100-per-cent-owned Buenavista target located in northern Chile.

Buenavista assay results:

• As previously reported (see news release on June 5, 2023), hydrothermal alteration and mineralization indicative of the upper parts of a porphyry copper system was intersected in all three holes. Multiple gold-silver-copper and molybdenum intercepts confirm a high-sulphidation epithermal style of mineralization in transition to a porphyry system.
• Individual samples reported maximum assay grades of 1.86 grams per tonne Au (hole BV02-2023), 30 g/t Ag (hole BV02-2023), 0.45 per cent Cu (hole BV02-2023) and 1,715 parts per million Mo (hole BV03-2023).
• Hole BV02-2023 cut multiple narrow zones of Au-Ag-Cu mineralization related to quartz-sulphide veins and breccias including eight metres at 0.12 per cent Cu, 0.32 g/t Au and 5.9 g/t Ag from 174.18 m down hole. Significant molybdenum (286 ppm Mo) was reported from a tourmaline breccia toward the bottom of the hole (515.2 m) suggesting possible proximity to an intermineral porphyry source.
• Hole BV03-2023, like BV02-2023, was collared in the quartz-sulphide breccia zone with copper oxides mapped at surface and cut several narrow zones of Au-Ag-Cu mineralization related to quartz-sulphide veins and breccias, including four m at 0.14 per cent Cu, 0.44 g/t Au and 2.1 g/t Ag. High-grade molybdenum (four m at 574 ppm Mo) was also reported from veins at 656 m down hole.
• Cu-Au-Ag values in a series of narrow granodiorite dikes cut in BV02-2023 and BV03-2023 confirm the presence of early intermineral intrusions.
• Hole BV01-2023, drilled on the central Buenavista quartz-veinlet stockwork zone and associated Tertiary-dated (60 million years) dacite porphyry, reflected surface geochemistry and was highly anomalous in molybdenum along most of the hole length, with individual assay highs of 222 ppm Mo.

Commenting on the results, Joseph van den Elsen, president and chief executive officer, stated:

"We are pleased to report the results from this first scout drilling program at Buenavista. Results clearly show that drilling has penetrated the peripheral portions of at least one (BV02-2023 and BV03-2023) and possibly two (BV01-2023) porphyry systems, with the source intermineral porphyry or porphyries lying beneath or to the side of current drilling. Assay results confirm the fertility of the system (or systems) and other geophysical anomalies on the property are still to be drill tested, giving encouragement to pursue further work. Pampa considers the Buenavista target and the Buenavista project more broadly to be highly prospective for the discovery of a porphyry copper-gold-molybdenum deposit and is evaluating alternatives to continue advancing a full assessment of the property. Concurrently the company continues to assess other high-potential opportunities for the discovery of large-scale copper deposits in the Americas."

About the Buenavista target

Pampa Metals completed a program of three diamond drill holes totalling 1,957 metres during April and May, 2023, at the Buenavista project, located along the Domeyko porphyry copper belt of northern Chile, halfway between the Escondida and El Salvador porphyry copper mining districts. Drilling was designed to test coincident geological, geochemical and geophysical anomalies, which together demonstrated an environment favourable for the presence of one or more Tertiary-aged porphyry Cu-Au-Mo systems.

• Hole BV01-2023 (553 m total length) was vertical and drilled over a stockwork of banded quartz veinlets with a surface molybdenum anomaly (soils and trenches) in the central part of the Buenavista target. The veinlets are cutting a dacitic porphyry dated at 60 million years (uranium-lead, zircon) by Pampa Metals. The dacite porphyry and quartz-veinlet stockwork coincides with a subcircular magnetic high and moderate induced polarization chargeability anomaly.
• Holes BV02-2023 (670.5 m total length) and BV03-2023 (733.8 m total length) were drilled about 440 m to the west of BV01-2023, with an azimuth of 120 degrees and inclinations 60 degrees (BV02-2023) and 80 degrees (BV03-2023), respectively, in an area with surface copper oxides in quartz-sulphide breccias. The collar locations coincide with a magnetic low, moderate IP chargeability and a copper-gold-silver-arsenic-bismuth geochemical anomaly (soils and trenches).

Quality assurance/quality control

A total of 1,015 samples from diamond drill cut half core together with 109 control samples (10 per cent -- value standards, blank standards, duplicates) were analyzed by ALS Patagonia by fire assay with atomic absorption finish (AA23) for gold, and inductively coupled plasma mass spectrometry after a four-acid digestion (ME-MS61) for multielement analyses. All samples were previously prepared using the PREP-31B protocol at ALS Patagonia Chile.

Pampa Metals carried out all core cutting and sampling activities at its camp in Agua Verde, northern Chile, following a previously prepared in-house protocol to international standards. Control samples with standards from a known manufacturer, quartz blanks and duplicates of cut core samples were inserted into sample batches according to the protocol. Quality assurance and quality control are routinely carried out by ALS Patagonia using its own internal standards and protocols. Such QA/QC results from the Pampa Metals batches were satisfactory. Additionally, a QA/QC assessment was performed in-house using the blind control samples inserted by Pampa Metals and reviewed by company management. The QA/QC results successfully passed the QA/QC protocols including the certified values of the value-standard manufacturers.

About Pampa Metals Corp.

Pampa Metals is a Canadian company listed on the Canadian Stock Exchange, and the Frankfurt and OTC exchanges that 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 project.

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.

Note: The reader is cautioned that Pampa Metals' projects are early-stage exploration projects, and reference to existing mines and deposits, or mineralization hosted on adjacent or nearby properties, is not necessarily indicative of any mineralization on Pampa Metals' properties.

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