Mr. Joseph van den Elsen reports

PAMPA METALS INTERSECTS 304M AT 1.07% CUEQ* INCL. 132M AT 1.45% CUEQ* FROM FIRST DRILLHOLE AT THE PIUQUENES PORPHYRY PROJECT, ARGENTINA

Pampa Metals Corp. has released assay results for the upper 502 metres of diamond drill hole PIU-01 which was recently completed to a depth of 867 m at the company's Piuquenes Central porphyry target located in San Juan province, Argentina. Assay results for the upper 502 m section of hole PIU-01 include:

• 304 m at 0.48 per cent copper, 0.68 gram per tonne gold, 3.1 g/t silver (1.07 per cent copper equivalent)* (from 198 m);
  • Including 132 m at 0.71 per cent Cu, 0.85 g/t Au, 4.3 g/t Ag (1.45 per cent CuEq)* (from 220 m);
  • Including 34 m at 0.60 per cent Cu, 0.93 g/t Au, 3.6 g/t Ag (1.38 per cent CuEq)* (from 468 m).

Assays results from 502 m to 867 m (end of hole) are expected shortly.

As previously reported, hole PIU-01 was designed to extend Cu-Au mineralization to depth on the southwestern margin of the Piuquenes Central porphyry. Drilling intersected the mineralized intrusion at a downhole depth of 198 m as predicted. Supergene copper enrichment was observed from 220 m to 380 m down hole, coincident and overlapping with primary mineralization from 350 metres. Strong primary mineralization associated with intense porphyry A-type quartz stockwork veining is evident from 350 m to approximately 650 m. From 650 m to the end of hole at 867 m quartz veining and mineralization continues, becoming progressively less intense with depth. From 830 m disseminated hematite/specularite-pyrite-chalcopyrite mineralization is hosted in volcanic host rocks outside the porphyry intrusive and remains open at depth.

Joseph van den Elsen, Pampa Metals president and chief executive officer, commented: "We are very pleased to report exceptional intervals of both supergene-enriched and primary copper mineralization in the first hole of our maiden drill campaign at the Piuquenes project. Excellent progress is being on the second hole which has been designed to further test the depth and lateral extensions of the previously reported mineralization at Piuquenes Central. Subsequent drill programs will also test the undrilled Piuquenes East porphyry target and other nearby targets identified on the property."

Geology and mineralization -- diamond drill hole PIU-01

From surface to 198 m, PIU-01 intersected a fine-grained quartz diorite porphyry with evidence of intermediate argillic alteration and secondary biotite. Sporadic quartz stockwork veining with disseminated oxidized sulphides are observed from 80 m, becoming more frequent from 150 m deep, coincident with intermineral potassic alteration and anomalous gold values.

Moderate porphyry A-type quartz stockwork veining is present from approximately 150 m down hole, increasing in intensity from 220 m depth. Supergene copper enrichment is evident from 220 m to 380 m depth, partially coincident (from 288 m depth) with increasing intensity of porphyry A-type quartz vein stockworks and evidence of intermineral potassic alteration. A narrow zone of copper oxides is observed from 220 to 229 m down hole.

Dense porphyry A-type quartz vein stockwork with chalcopyrite and traces of disseminated bornite mineralization hosted in potassic altered diorite porphyry was intersected from 350 m to approximately 650 m down hole. From 650 m to approximately 740 m a zone of moderate intensity quartz veining was intersected, prior to a zone of sporadic quartz veining which remains open at 867 m (EOH). From 730 m intermediate argillic alteration is present, as is molybdenite, sphalerite and hematite/specularite associated with grey sericite-chlorite veining and fine-grained disseminated chalcopyrite-bornite. From 830 m the host rock is volcanic, superimposed by sericite-chlorite alteration and disseminated hematite/specularite-pyrite-chalcopyrite mineralization, veining and breccias.

About Pampa Metals Corp.

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

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

• 413.5 m at 0.47 per cent Cu, 0.52 g/t Au (0.87 per cent CuEq)* (167 to 580.5 m);
• 558.2 m at 0.38 per cent Cu, 0.42 g/t Au, 2.4 g/t Ag (0.73 per cent CuEq)* (362 to 920.2 m EOH);
  • Including 130 m at 0.81 per cent Cu, 0.6 g/t Au, four g/t Ag (1.31 per cent CuEq)* (362 to 492 m).

Qualified person

Technical information in this news release has been approved by Mario Orrego G. Mr. Orrego is a geologist, 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.

We seek Safe Harbor.