Mr. Joseph van den Elsen reports

PAMPA METALS INTERSECTS WIDE INTERVAL OF COPPER MINERALIZATION WITH BORNITE RICH CORE IN SECOND DRILLHOLE AT PIUQUENES, SAN JUAN PROVINCE, ARGENTINA

Pampa Metals Corp.'s diamond drill hole PIU-02 has been completed to a downhole depth of 870 metres. The hole was orientated along an east-west section, proximate to historical drill holes P4 and P2 and designed to test the lateral extension of the mineralized body, primarily along the western edge of the Piuquenes Central porphyry.

Geology and mineralization -- diamond drill hole PIU-02

Moderate intensity porphyry A-type quartz veinlets were intersected from 120 metres downhole, with copper oxides evident between 218 metres to 232 metres, partially coincident with a zone of moderate supergene copper enrichment from 226 metres to 380 metres. Copper sulphide (chalcopyrite) mineralization is evident in quartz veining from 270 metres.

A significant increase in quartz veining is observed from 364 metres downhole, coincident with an increase in intermineral potassic alteration (potassium feldspar/quartz), higher magnetite content, lower presence of early biotite, and the appearance of bornite and chalcopyrite mineralization. Bornite mineralization remains evident down to 610 metres, often more abundant than chalcopyrite, and coincident with an increased intensity of porphyry A-type quartz veining and pulses of intermineral granodiorite porphyry. Bornite is disseminated in quartz veinlets, frequently intergrown with chalcopyrite. The bornite-mineralized core remains open to depth.

From 610 metres downhole, the frequency of quartz veinlets, intermineral potassic alteration, magnetite content and the presence of bornite decrease. Chalcopyrite-bornite mineralization remains present in the quartz veinlets, which frequently show thin potassium feldspar halos. The outer periphery of the Piuquenes porphyry system can be observed from 690 metres, with a predominance of early biotite over mafics, along with disseminated magnetite, sporadic and thin quartz veinlets with a halo of potassium feldspar and disseminated chalcopyrite and bornite overprinting diorite porphyry. From 690 metres, a late intermediate argillic event with chlorite is evident, along with veinlets and dissemination of pyrite/chalcopyrite-pyrite and specular magnetic hematite, grading to phyllic with selective chlorite-sericite and pervasive sericite veinlets, with fine dissemination of pyrite from 850 metres to 870 metres (end of hole).

Assays have been prepared and dispatched to the ALS laboratory in Mendoza; results are expected shortly.

Joseph van den Elsen, president and chief executive officer of Pampa Metals, commented: "Following on from the exceptional copper-gold intersections reported in the first hole of our maiden drill campaign at the Piuquenes project, we are very pleased to report the presence of wide intervals of both supergene-enriched and strong primary copper mineralization in the second hole of our current drill program. Our maiden drill campaign continues to extend the depth and lateral extensions of mineralization at Piuquenes Central with a bornite-rich core now evident and open to depth. Bornite-mineralized cores are commonly associated with high-grade porphyry deposits globally, and we look forward to further delineating this exciting opportunity. Subsequent drill campaigns will also test the undrilled Piuquenes East porphyry target and other nearby targets identified on the property."

About Pampa Metals Corp.

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

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. Reported intervals of significant copper and gold mineralization at Piuquenes Central include:

• 413.5 metres of 0.47 per cent copper and 0.52 gram per tonne gold (0.87 per cent copper equivalent) (167 metres to 580.5 metres);
• 422 metres of 0.48 per cent copper, 0.61 gram per tonne gold and 2.9 grams per tonne silver (1.00 per cent copper equivalent) (198 metres to 620 metres):
  • Including 132 metres of 0.71 per cent copper, 0.85 gram per tonne gold and 4.3 grams per tonne silver (1.45 per cent copper equivalent) (220 metres to 352 metres);
  • Including 80 metres of 0.6 per cent copper, 0.77 gram per tonne gold and 3.2 grams per tonne silver (1.30 per cent copper equivalent) (468 metres to 548 metres);
• 558.2 metres of 0.38 per cent copper, 0.42 gram per tonne gold and 2.4 grams per tonne silver (0.73 per cent copper equivalent) (362 metres to 920.2 metres end of hole):
  • Including 130 metres of 0.81 per cent copper, 0.6 gram per tonne gold and four grams per tonne silver (1.31 per cent copper equivalent) (362 metres to 492 metres).

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.

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