Mr. Joseph van den Elsen reports

PAMPA METALS ANNOUNCES EFFECTIVE DATE FOR SHARE CONSOLIDATION

Further to Pampa Metals Corp.'s news release of Aug. 10, 2023, effective at the opening of trading on Sept. 8, 2023, the common shares of the company will commence trading on the Canadian Securities Exchange on a consolidated basis, with one postconsolidated share outstanding for every 2.5 preconsolidation shares.

As a result of the consolidation, on the effective date, a total of approximately 29,117,310 shares will be issued and outstanding, subject to adjustments for rounding, with approximately 13,221,894 shares reserved for issuance. No fractional shares will be issued. The number of postconsolidated shares to be received will be rounded up to the nearest whole number for fractions of 0.5 or greater or rounded down to the nearest whole number for fractions of less than 0.5.

The exercise or conversion price and the number of shares issuable under any of the company's outstanding convertible instruments will be proportionately adjusted upon the effectiveness of the consolidation.

Shareholders of record as of the effective date who hold shares represented by a physical certificate or DRS statement will receive a letter of transmittal from the transfer agent for the company, Odyssey Trust Company, with instructions on how to exchange their existing certificates or DRS statements for certificates or DRS statements representing shares on a postconsolidation basis.

About Pampa Metals Corp.

Pampa Metals is listed on the Canadian Stock Exchange (CSE: PM), Frankfurt (FSE: FIRA) and OTC (OTCQB: 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.

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