Mr. Joseph van den Elsen reports

PAMPA METALS CANCELS AND GRANTS INCENTIVE STOCK OPTIONS

Pampa Metals Corp. has cancelled 1.56 million stock options held by directors and consultants and granted a total of 300,000 incentive stock options to two directors. The granted options have an exercise price of 30 cents and a three-year term.

About Pampa Metals Corp.

Pampa Metals is a postdiscovery copper-gold-molybdenum porphyry exploration company listed on the Canadian Securities Exchange (PM), the Frankfurt Stock Exchange (FIRA) and the OTC (OTCQB: PMMCD).

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.

Historical intervals of significant copper and gold mineralization at Piuquenes Central (refer to Dec. 5, 2023, news release) include:

• 413.5 metres (167 to 580.5 m) of 0.47 per cent copper and 0.52 gram per tonne gold (0.87 per cent copper equivalent);
• 558.2 m (362 to 920.2 m end of hole) of 0.38 per cent Cu, 0.42 g/t Au and 2.4 g/t silver (0.73 per cent CuEq):
  • Including 130 m (362 to 492 m) of 0.81 per cent Cu, 0.6 g/t Au and four g/t Ag (1.31 per cent CuEq).

Qualified person

Technical information in this news release has been approved by Mario Orrego G. Mr. Orrego G. is a geologist, a registered member of the Chilean Mining Commission and a qualified person as defined by National Instrument 43-101. Mr. Orrego G. is a consultant to the company.