Mr. Joseph van den Elsen reports

PAMPA METALS LAUNCHES NON-BROKERED PRIVATE PLACEMENT

Pampa Metals Corp. intends to launch a non-brokered private placement offering of up to five million units at a price of five cents per unit for gross proceeds of up to $250,000. Each unit consists of one fully paid common share and one purchase warrant entitling the holder to acquire an additional common share at a price of 7.5 cents for a period of three years after the closing of the offering. Proceeds from the offering will be primarily used to assess, and potentially acquire, advanced-stage copper project(s) in the Americas.

Non-brokered private placement

Following the Sept. 11, 2023, news release confirming the issuance of nine million units at a price of five cents per unit for gross proceeds of $450,000, the company intends to launch a non-brokered private placement offering of up to an additional five million units for additional gross proceeds of up to $250,000.

Each unit consists of one fully paid common share and one purchase warrant entitling the holder to acquire an additional common share at a price of 7.5 cents for a period of three years after the closing of the offering.

The closing of the offering may occur in one or more tranches, with the final tranche expected to occur on or before Friday, Oct. 13, 2023, and is subject to the receipt of all necessary regulatory approvals.

Use of proceeds

Proceeds from the offering will be primarily used to assess, and potentially acquire, one or more advanced-stage copper projects in the Americas, where the application of the company's technical and commercial expertise in exploration, resource delineation and feasibility studies can be applied to creating value for shareholders. High-quality copper projects in other jurisdictions which meet its criteria will be assessed on an opportunistic basis.

Specifically, the company is seeking to acquire a project with the following characteristics:

• Historic ore grade interval(s);
• Opportunity to quickly establish a meaningful initial mineral resource estimate;
• Conceptual copper production profile of 30,000 to 50,000 tonnes per year;
• Conceptual capital expenditures of less than $500-million.

A small number of projects with the potential to meet the above criteria are in the early stages of review.

About Pampa Metals Corp.

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

We seek Safe Harbor.