Mr. Joseph van den Elsen reports

PAMPA METALS INTERSECTS 422M AT 1.00% CUEQ INCL. 132M AT 1.45% CUEQ FROM FIRST DRILLHOLE AT THE PIUQUENES PORPHYRY PROJECT, ARGENTINA

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

• 422 m @ 0.48 per cent copper, 0.61 g/t Au and 2.9 g/t Ag (1.00 per cent copper equivalent)* (from 198 m);
• including 132 m @ 0.71 per cent copper, 0.85 g/ Au, 4.3 g/t Ag (1.45 per cent copper equivalent)* (from 220m);
• Including 80 m @ 0.6 per cent copper, 0.77 g/t Au and 3.2 g/t Ag (1.30 per cent copper equivalent)* (from 468m).

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 198m as predicted. Supergene copper enrichment was observed from 220m to 380m downhole, coincident, and overlapping with primary mineralization from 350 meters. Strong primary mineralization associated with intense porphyry A type quartz stockwork veining is evident from 350m to approximately 650m. From 650m to the end of hole at 867m quartz veining and mineralization continues, becoming progressively less intense with depth. From 830m 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 CEO 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. The campaign is achieving its objective of testing the depth and lateral extensions of the previously reported mineralization at Piuquenes Central. Subsequent drill campaigns will also test the undrilled Piuquenes East porphyry target and other nearby targets identified on the property."

Geology and Mineralization - Diamond Drillhole 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 sulfides 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 150m downhole, increasing in intensity from 220m depth. Supergene copper enrichment is evident from 220m to 380m 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 - 229m downhole.

Dense porphyry A-type quartz vein stockwork with chalcopyrite and traces of disseminated bornite mineralization hosted in potassic altered diorite porphyry was intersected from 350m to approximately 650 m downhole. From 650m to approximately 740m a zone of moderate intensity quartz veining with lower grade copper-gold mineralization was intersected. Sporadic quartz veining thereafter remains open from 740m to 867m (EOH). From 730m 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 830m the host-rock is volcanic, superimposed by sericite-chlorite alteration and disseminated hematite/specularite-pyrite-chalcopyrite mineralization, veining and breccias. Images 1 and 2: Porphyry qtz stockwork veining with oxide copper mineralization (Top) and supergene enrichment (Bottom) Image 3. Intense Porphyry A type quartz stockwork veining w/primary chalcopyrite mineralization (393-401m)

ABOUT PAMPA METALS

Pampa Metals is a copper-gold exploration company listed on the Canadian Stock Exchange (CSE:PM), Frankfurt (FSE: FIR), and OTC (OTCQB: PMMCF) exchanges.

In November 2023, the Company announced it had entered into an Option and Joint Venture Agreement for the acquisition of an 80% 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 5 December 2023 News Release) include:

413.5 m@ 0.47 per cent copper, 0.52 g/t Au (0.87 per cent copper equivalent)* (167-580.5 m); and

558.2 m @ 0.38 per cent copper, 0.42 g/t Au, 2.4 g/t Ag (0.73 per cent copper equivalent)* (362-920.2 m EOH)

including 130 m @ 0.81 per cent copper, 0.6 g/t Au, 4 g/t Ag (1.31 per cent copper equivalent)* (362-492 m)

QAQC

PIU-01 drill hole was collared with a PQ drill bit, reduced to HQ and, sequentially, to NQ as the drill hole progressed deeper. Drill core was extracted from the core tubes by the drill contractor under the supervision of Pampa Metals, marked for consistent orientation and placed in core boxes with appropriate depth markers added. Full core boxes were then sealed before being transported by Pampa Metals to the Piuquenes core-cutting facility in Barreal, San Juan. Core was processed, quick logged, checked for recovery, photographed, and marked for assays. Core trays were weighed before being cut using a diamond saw by Pampa Metals. Pampa Metals supervising geologist double-checked the selected two-metre sample intervals, placing the samples in seal bags and ensuring that the same side of the core was consistently sampled. Reference numbers were assigned to each sample and each sample was weighed. The core trays with the remaining half-core were weighed and photographed and stored at the Pampa Metals facility in Barreal. From Barreal samples were sent to the ALS preparation facility in Mendoza, an accredited laboratory which is independent of the Company. Prepared samples were then sent to the ALS laboratory in Lima, Peru for gold (Au-AA23), copper (Cu-OG62), and multi-element ICP (ME-MS61) analysis. No data quality problems were indicated by the QA/QC program.

Qualified PersonTechnical 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.

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