Mr. Joseph van den Elsen reports

PAMPA METALS PROVIDES MOBILIZATION UPDATE ON FOLLOW-UP DIAMOND DRILL TESTING OF THE PIUQUENES PORPHYRY COPPER-GOLD PROJECT

Preparatory works for Pampa Metals Corp.'s follow-up diamond drill program designed to test the depth and lateral extension of known mineralization at Piuquenes are advancing, with camp set-up and platform preparation nearing completion.

Drilling is scheduled to commence in mid-January, 2024, with assay results to follow shortly thereafter.

Piuquenes porphyry copper-gold project

In November, 2023, Pampa Metals assayed and relogged Anglo American's 2016 diamond borehole of 920.2 metres length which had crossed the mineral zones previously drilled by Inmet Mining Corp. (IMC). These results were reported in a Dec. 5, 2023, news release and included:

• 558.2 m (362 to 920.2 m EOH) at 0.38 per cent copper and 0.42 gram per tonne gold and 2.4 g/t silver (0.73 per cent copper equivalent), including:
  • 130 m (362 to 492 m) at 0.81 per cent Cu and 0.6 g/t Au and four g/t Ag (1.31 per cent CuEq);
  • 180 m (362 to 542 m) at 0.71 per cent Cu and 0.61 g/t Au and 3.8 g/t Ag (1.22 per cent CuEq);
  • 296 m (362 to 658 m) at 0.5 per cent Cu and 0.5 g/t Au and 2.7 g/t Ag (0.91 per cent CuEq).

Historically, IMC (subsequently acquired by First Quantum in 2013) intersected significant copper and gold mineralization at Piuquenes (refer to Nov. 30, 2023, news release) including:

• 413.5 m (167 to 580.5 m) at 0.47 per cent Cu and 0.52 g/t Au (0.87 per cent CuEq);
• 67.5 m (207 to 274.5 m) at 0.63 per cent Cu and 0.51 g/t Au (1.02 per cent CuEq);
• 158 m (three to 161 m) at 0.32 per cent Cu and 0.6 g/t Au (0.78 per cent CuEq).

About Pampa Metals Corp.

Pampa Metals is listed on the Canadian Stock Exchange, and the 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.

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.

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