Mr. Joseph van den Elsen reports

EXPIRY OF AUSTRAL OPTION AGREEMENT

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

During the term of the option agreement, Austral completed exploration activities to the value of approximately US$1.6 million across both the Morros Blancos and Cerro Blanco properties.

Pampa Metals looks forward to advancing Morros Blancos as part of its broader, 100% owned portfolio.

ABOUT PAMPA METALS

Pampa Metals is listed on the Canadian Stock Exchange (CSE:PM), Frankfurt (FSE:FIRA) and OTC (OTCQB(TM):PMMCF) exchanges and wholly owns a portfolio of projects highly prospective for copper, molybdenum and gold along proven and highly productive mineral belts in Chile, the world's largest copper producer.

Following recent drilling of the Buenavista Target in June 2023, Pampa Metals is seeking to further evaluate the Block 4 project via a joint venture partnership and will shift its focus to the acquisition, exploration and development of a more advanced stage copper project(s) with significant scale potential. Preferred jurisdictions are Chile or Peru (the world's largest copper producers) where the application of the Company's technical and commercial expertise in exploration, resource delineation and feasibility studies can be applied to creating significant value for shareholders. High quality copper projects in other jurisdictions which meet our criteria will be assessed on an opportunistic basis.www.pampametals.com.

We seek Safe Harbor.