Mr. Joseph van den Elsen reports

PAMPA METALS ANNOUNCES FULLY SUBSCRIBED $1.2M PRIVATE PLACEMENT

Pampa Metals Corp. has arranged a non-brokered private placement of 7.5 million units at a price of 16 cents per unit for gross proceeds of $1.2-million. Each unit will consist of one fully paid common share and a one-half purchase warrant. Each whole warrant shall entitle the holder to acquire an additional common share at a price of 30 cents for a period of three years after the closing of the placement.

Proceeds will finance the previously announced phase 1 approximately 2,500-metre follow-up diamond drill program at the newly acquired Piuquenes project. Scheduled to commence in January, 2024, with preparatory works already under way, the program is expected to be completed in three months, with assay results expected progressively from March and to be followed by a phase 2 program beginning in November.

The anticipated closing date of the placement is Monday, Dec. 18, 2023.

In connection with the placement, the company may pay finders' fees of up to 7 per cent in cash and 7 per cent in finders' warrants from the sale of units to third parties sourced by finders. Finders' warrants will be on the same terms as those issued under the placement and entitle the holder to purchase one common share of the company at a price of 30 cents per share for a period of three years from the closing date.

Any securities issued in connection with the placement will be subject to a four-month hold period, in accordance with securities laws and the policies of the Canadian Securities Exchange, as applicable. The placement is subject to Canadian Securities Exchange acceptance.

About Pampa Metals Corp.

Pampa Metals is listed on the Canadian Securities Exchange, Frankfurt and OTC 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 and joint venture agreement for the acquisition of an 80-per-cent interest in the Piuquenes copper-gold porphyry project in San Juan province, Argentina.

We seek Safe Harbor.