Mr. Joseph van den Elsen reports

PAMPA METALS UPSIZES FULLY SUBSCRIBED PRIVATE PLACEMENT TO $2M

Pampa Metals Corp. has upsized the non-brokered private placement announced on March 28, 2024, to 8,333,334 units at a price of 24 cents per unit for gross proceeds of $2-million. Each unit will consist of one fully paid common share and one-half of one purchase warrant. Each whole warrant shall entitle the holder to acquire an additional common share at a price of 40 cents for a period of three years after the closing of the placement.

The placement has been upsized to accommodate a specialist resources fund, alongside insiders and supportive long-term shareholders.

Proceeds will finance continuing exploration at the Piuquenes copper-gold porphyry project, where the company recently reported results from the first drill hole (refer March 18, 2024, news release), including:

• 422 metres at 0.48 per cent copper (Cu), 0.61 gram per tonne (g/t) gold (Au) and 2.9 g/t silver (Ag) (1 per cent copper equivalent (CuEq)) from 198 m, including:
  • 132 m at 0.71 per cent Cu, 0.85 g/ Au and 4.3 g/t Ag (1.45 per cent CuEq) from 220 m;
  • 80 m at 0.6 per cent Cu, 0.77 g/t Au and 3.2 g/t Ag (1.30 per cent CuEq) from 468 m.

The anticipated closing date of the placement is Monday, April 15, 2024.

In connection with the placement, the company may pay finder's fees of up to 7 per cent in cash and 7 per cent in finder's warrants from the sale of units to third parties sourced by finders. Finder's warrants will be on the same terms as those issued under the placement and entitle the holder to purchase one common share of the company at a price of 40 cents per share for a period of three years from the closing date.

Any securities issued in connection with the placement will be subject to a four-month hold period, in accordance with securities laws and the policies of the Canadian Securities Exchange, as applicable. The placement is subject to Canadian Securities Exchange acceptance.

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.

Note: per cent CuEq values are calculated based on copper and gold metal prices: Cu equals $3.20 (U.S.)/pound, Au equals $1,700 (U.S.)/ounce and Ag equals $20 (U.S.)/oz. The formula utilized to calculate per cent CuEq is: CuEq grade (per cent) equals Cu head grade per cent) plus ((Au head grade (g/t) divided by 31.104) times (Au price (U.S.) per ounce) divided by Cu price (U.S.) per lb) divided by 22.04) plus ((Ag head grade (g/t) divided by 31.104) times (Ag price (U.S.) per oz) divided by Cu price (U.S.) per pound lb) divided by 22.04.

We seek Safe Harbor.