Mr. Joseph van den Elsen reports

PAMPA METALS MOBILIZES FOLLOW-UP DIAMOND DRILL TESTING OF THE PIUQUENES PORPHYRY COPPER-GOLD PROJECT

Pampa Metals Corp. has formally contracted Eco Minera SA, an Argentine drilling company with over 20 years experience operating in the San Juan province, to complete an approximately 2,500-metre diamond drill program designed to test the depth and lateral extension of known mineralization at Piuquenes.

Drilling is scheduled to commence in January, 2024, with preparatory works already under way, and to be completed in three months. Assay results are expected progressively from March.

Piuquenes Porphyry Copper-Gold Project

Historically, Inmet Mining Corporation (IMC, subsequently acquired by First Quantum in 2013) intersected significant copper and gold mineralization at Piuquenes (refer 30 November 2023 News Release) including:

• 413.5 m (167-580.5 m) @ 0.47% Cu and 0.52 g/t Au (0.87% CuEq)*;
• 67.5 m (207-274.5 m) @ 0.63% Cu and 0.51 g/t Au (1.02% CuEq)*; and
• 158 m (3-161 m) @ 0.32% Cu and 0.6 g/t Au (0.78% CuEq)*.

In November 2023, Pampa Metals assayed and re-logged Anglo-American's 2016 diamond borehole of 920.2 m length which had crossed the mineral zones drilled by IMC. These results were reported in a 5 December 2023 News Release and included:

• 558.2 m (362-920.2 m EOH) @ 0.38% Cu & 0.42 g/ Au & 2.4 g/t Ag (0.73% CuEq)* Including:
  • 296 m (362-658 m) @ 0.5 % Cu & 0.5 g/t Au & 2.7 g/t Ag (0.91% CuEq)*
  • 180 m (362-542 m) @ 0.71% Cu & 0.61 g/t Au & 3.8 g/t Ag (1.22% CuEq)* and
  • 130 m (362-492 m) @ 0.81% Cu & 0.6 g/t Au & 4 g/t Ag (1.31 % CuEq)*

Joseph van den Elsen, the Company's President and CEO, stated: "We are delighted to have not only secured the Piuquenes Project but to have been able to swiftly mobilize follow-up testing of the depth and lateral extension of the relatively shallow and significant, high-grade intervals of mineralization. We now look forward to updating our shareholders and the market on the results and the development of an aggressive, multi-campaign exploration program."

The latest Company Presentation can be accessed on the company's website.

ABOUT PAMPA METALS

Pampa Metals is listed on the Canadian Stock Exchange (CSE:PM), Frankfurt (FSE: FIR), 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.

In November 2023, the Company announced it had entered into an Option & JV Agreement for the acquisition of an 80% interest in the Piuquenes Copper-Gold Porphyry Project in San Juan Province, Argentina.

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.

* %CuEq values are calculated based on copper and gold metal prices: Cu = US$3.20/lb, Au = US$1,700/oz and Ag = US$ 20/oz. The formula utilized to calculate %CuEq is: Cu Eq Grade (%) = Cu Head Grade (%) + [(Au Head Grade (g/t) / 31.104) * (Au Price (US$/oz) / Cu Price (US$/lb) / 22.04) + [(Ag Head Grade (g/t) / 31.104) * (Ag Price (US$/oz) / Cu Price (US$/lb) / 22.0.

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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