Mr. Joseph van den Elsen reports

PAMPA METALS FINALIZES FOLLOW-UP DIAMOND DRILL PROGRAM AT THE PIUQUENES COPPER-GOLD PORPHYRY PROJECT

Pampa Metals Corp. has finalized the follow-up diamond drill program designed to demonstrate Piuquenes Central's potential to host an orebody of 1,000 metres (m) depth and 300 to 500 m diametre.

Follow-up diamond drill program

Following the optioning of the Piuquenes porphyry copper-gold project, on-site preparatory works for a approximately 2,500-metre follow-up diamond drill program to test the depth and lateral extension of known mineralization at Piuquenes Central began on Dec. 20, 2023.

This follow-up program of up to four drill holes, including two priority drill holes of approximately 850 to 900 metres (m) depth, will commence in mid-January, 2024, and is summarized as follows:

• Hole 1 (REC-01) is orientated along a northeast-southwest geological section, proximate to the historical P8A (Inmet) and PIU16-DDH01 (Anglo) drill holes and designed to extend the depth of known mineralization at the southwestern edge of Piuquenes Central porphyry.
• Hole 2 (REC-02) is orientated along an east-west section, proximate to the historical P4 and P2 drill holes (Inmet) and designed to test the lateral extension of the mineralized body, primarily along the western edge of the Piuquenes Central porphyry.
• A third and possibly a fourth hole will focus on extending known depth to the northeast and southeast edges of the Piuquenes Central mineral body and seek to validate a potential mineral column of 1,000 m depth and 300 to 500 m diametre.

Joseph van den Elsen, the company's president and chief executive officer, stated: "We are very pleased to have been able to swiftly identify and secure the Piuquenes copper-gold porphyry project and immediately mobilize on the first of an aggressive, multicampaign exploration program testing its exceptional potential. We look forward to driving significant shareholder value over the short, medium and long term as we first test the depth and lateral extension of the reported high-grade intervals of open mineralization (558.2 m at 0.38 per cent copper [Cu], 0.42 g/t gold [Au] and 2.4 g/t silver [Ag] (0.73 per cent copper equivalent) including 130 m at 0.81 per cent Cu, 0.6 g/t Au and four g/t Ag (1.31 per cent CuEq) -- refer Dec. 5, 2023, news release) at Piuquenes Central, and thereafter Piuquenes East and other targets from our growing pipeline."

About Pampa Metals Corp.

Pampa Metals is a postdiscovery copper-gold-molybdenum porphyry exploration company.

We seek Safe Harbor.