Mr. Joseph van den Elsen reports

PAMPA METALS ANNOUNCES WARRANT EXERCISE

A total of 7,105,586 share purchase warrants issued by Pampa Metals Corp. on Nov. 10, 2022, and March 2, 2023, have been exercised, realizing gross proceeds of $729,741.

2022 and 2023 warrants

The exercise price of 1,708,588 2022 warrants and 5,857,734 2023 warrants (7,566,322 total) was reduced to 9.5 cents and 10.5 cents in September and October of 2023, respectively (see news releases dated Sept. 22, 2023, and Oct. 23, 2023), and, in accordance with the policies of the Canadian Stock Exchange (CSE), the expiry date accelerated upon the company's common shares closing at or above 12.5 cents in the case of the 2022 warrants and 13 cents in the case of the 2023 warrants, for a period of at least 10 consecutive trading days. This condition was met on Dec. 14, 2023, and as a result, the expiry date of the 2022 warrants and the 2023 warrants outstanding was accelerated to Jan. 23, 2024.

The company advises that a total of 7,105,586 warrants were exercised, realizing gross proceeds of $729,741. A total of 460,736 outstanding warrants have expired. Proceeds will finance follow-up diamond drilling at the newly acquired Piuquenes copper-gold porphyry project, where the company recently reported 130 metres from 362 m at 1.31 per cent copper equivalent, within a broader interval of 558 m from 362 m at 0.73 per cent CuEq, which remains open at depth (refer to Dec. 5, 2023, news release). Drilling commenced in mid-January, with first assay results to follow shortly (refer to Jan. 19, 2024, news release).

Cancellation of incentive stock options

The company also advises that it has cancelled 600,000 stock options held by two directors.

About Pampa Metals Corp.

Pampa Metals is a postdiscovery copper-gold-molybdenum porphyry exploration company listed on the Canadian Stock Exchange and Frankfurt and OTC exchanges.

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.