Mr. Joseph van den Elsen reports

PAMPA METALS CLOSES OVERSUBSCRIBED $2M PRIVATE PLACEMENT

Pampa Metals Corp. has issued 8,427,500 units at a price of 24 cents per unit, under the non-brokered private placement offering detailed in an April 8, 2024, news release, for gross proceeds of $2,022,600. Each unit consists of one fully paid common share and one-half share purchase warrant entitling 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 offering.

Units were allocated to a specialist resources fund and supportive long-term shareholders.

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

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

The company paid aggregate finders' fees of $75,852 and issued 316,050 finders' warrants to Canaccord Genuity Inc., Haywood Securities Inc., Raymond James Ltd. and PI Financial Corp. All securities issued under the offering are subject to a four-month hold period, in accordance with securities laws and the policies of the Canadian Securities Exchange, as applicable.

Grant of incentive stock options and RSUs (restricted share units)

The company has granted a total of 800,000 stock options and 650,000 restricted share units to its president and chief executive officer, directors, chief financial officer, and three consultants. The stock options are exercisable at 40 cents until April 17, 2026, and the RSUs will vest upon the 10-day volume weighted average trading price of the common shares being equal to 40 cents.

About Pampa Metals Corp.

Pampa Metals is a copper-gold exploration company listed on the Canadian Securities Exchange (symbol PM), the Frankfurt Stock Exchange (symbol FIR) and the OTC (over-the-counter) market (symbol PMMCF).

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 m at 0.47 per cent Cu and 0.52 g/t Au (167 to 580.5 m);
• 422 m at 0.48 per cent Cu, 0.61 g/t Au and 2.9 g/t Ag (198 to 620 m);
• Including 132 m at 0.71 per cent Cu, 0.85 g/t Au and 4.3 g/t Ag (220 to 352 m);
• Including 80 m at 0.6 per cent Cu, 0.77 g/t Au and 3.2 g/t Ag (468 to 548 m);
• 558.2 m at 0.38 per cent Cu, 0.42 g/t Au and 2.4 g/t Ag (362 to 920.2 m EOH);
• Including 130 m at 0.81 per cent Cu, 0.6 g/t Au and four g/t Ag (362 to 492 m).

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.

We seek Safe Harbor.