Mr. Joseph van den Elsen reports

PAMPA METALS INTERSECTS WIDE INTERVAL OF INTENSE PORPHYRY QUARTZ VEINING AND COPPER MINERALIZATION IN THIRD DRILLHOLE AT PIUQUENES, SAN JUAN PROVINCE, ARGENTINA

Pampa Metals Corp. has completed drill hole PIU-03 to a downhole depth of 855 metres.

Hole PIU-03 was collared approximately 300 metres to the west of hole PIU-02 and drilled at an orientation of 75 degrees toward 085 (azimuth) to extend copper-gold mineralization to depth on the northeast and southeast sides of the Piuquenes Central porphyry and to better delineate a newly identified core of strong chalcopyrite-bornite copper mineralization associated with intense porphyry quartz stockwork veining in hole PIU-02 (refer to March 26, 2024, news release).

Geology and mineralization -- diamond drill hole PIU-03

Moderate-intensity porphyry A-type quartz veinlets were intersected from 70 m downhole, with copper oxides evident from 60 m and strongest between 190 m and 230 m, followed by a zone of moderate supergene copper enrichment from 230 m to 430 m. Copper sulphide (chalcopyrite and bornite) mineralization is evident in quartz veining from 300 m.

Quartz veining remains strong to 760 m downhole, with the exception of two zones of sparse veining (370 m to 410 m and 500 m to 510 m). The veinlets can be very thick, associated with several geological events, including late banded, sinuous grey veinlets. Finely disseminated chalcopyrite, chalcopyrite-bornite and bornite are evident, with some sections containing coarse and abundant chalcopyrite mineralization. From 760 m downhole, the frequency of quartz veinlets decreases, although copper sulphide mineralization remains present, and the system remains open at depth.

Assays have been prepared and dispatched to ALS's laboratory in Mendoza, with results expected shortly.

Joseph van den Elsen, president and chief executive officer of Pampa Metals, commented: "Following on from the exceptional porphyry copper-gold intersections reported in the first hole of our maiden drill campaign at the Piuquenes project, we are very pleased to observe long intervals of strong primary copper mineralization in the second and third holes drilled. Our maiden drill campaign continues to extend the depth and lateral extensions of mineralization at Piuquenes Central. A highly mineralized multiphase porphyry system has been confirmed and remains open to depth and to the northeast. We expect to report assay results from hole PIU-02 imminently and are excited by what's in front of us as we continue advancing the outstanding opportunity we have delineated at Piuquenes Central and drill test a second, undrilled, outcropping porphyry target at Piuquenes East and other nearby targets."

About Pampa Metals Corp.

Pampa Metals is a copper-gold exploration company listed on the Canadian Securities Exchange (CSE:PM), the Frankfurt Stock Exchange (FSE: FIR) and the OTC (over-the-counter) market (OTCQB: 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 of 0.47 per cent copper and 0.52 gram per tonne gold (167 m to 580.5 m);
• 422 m of 0.48 per cent Cu, 0.61 g/t Au and 2.9 g/t silver (198 m to 620 m):
  • Including 132 m of 0.71 per cent Cu, 0.85 g/t Au and 4.3 g/t Ag (220 m to 352 m);
  • Including 80 m of 0.6 per cent Cu, 0.77 g/t Au and 3.2 g/t Ag (468 m to 548 m);
• 558.2 m of 0.38 per cent Cu, 0.42 g/t Au and 2.4 g/t Ag (362 m to 920.2 m end of hole):
  • Including 130 m of 0.81 per cent Cu, 0.6 g/t Au and four g/t Ag (362 m to 492 m).

Qualified person

Technical information in this news release has been approved by Mario Orrego. 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.

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