Mr. Joseph van den Elsen reports

PAMPA METALS STEP OUT DRILLING INTERSECTS 152M AT 0.40% CU, 0.23 G/T AU AT THE PIUQUENES CENTRAL CU-AU DEPOSIT, ARGENTINA

Pampa Metals Corp.'s drill hole PIU-05 2025DDH (PIU-05), a significant stepout from previous holes, has intersected strong copper-gold mineralization and expanded the Piuquenes Central deposit to the south. The hole intersected moderate to intense porphyry A-type quartz stockwork veining and mineralization from 304 metres to 722 metres downhole and reported a significant mineralized interval as follows:

• 152 metres at 0.40 per cent copper, 0.23 gram per tonne gold and 2.15 grams per tonne silver (from 530 metres):
  • Including 50 metres at 0.50 per cent copper, 0.29 gram per tonne gold and 2.36 grams per tonne silver (from 596 metres).

In addition to hole PIU-05, hole PIU-08 was collared 370 metres to the northwest of PIU-05 and has encountered strong porphyry-style mineralization, expected to further enhance definition of the southern margin of the Piuquenes Central system. Results for PIU-08 are pending.

Joseph van den Elsen, president and chief executive officer of Pampa Metals, commented: "We are very pleased to have extended the Piuquenes Central system to the south, with hole PIU-05 reporting broad intervals of porphyry-style mineralization, including excellent high-grade sections. Additionally, the most recently completed hole (PIU-08), drilled to better define the southern margin of Piuquenes Central, encountered strong porphyry-style mineralization, and results are eagerly awaited.

"The company is also looking forward to receiving the initial results from the first two holes (PIU-06 and PIU-07) drilled into the newly discovered second porphyry system at Piuquenes East."

Piuquenes copper-gold porphyry project, San Juan, Argentina

Piuquenes is a newly discovered, gold-rich copper porphyry deposit located immediately adjacent to the north of Aldebaran Resources' giant Altar porphyry copper system.

Other large porphyry copper projects in the San Juan Miocene porphyry belt include El Pachon (Glencore), approximately 30 kilometres to the south, the operating Los Pelambres copper mine (60 per cent Antofagasta PLC) in Chile and Los Azules (McEwen Mining) 50 kilometres to the northeast.

Corporate and exploration activity along the belt remains high, with major companies including Rio Tinto, South 32, BHP and Teck also active.

Diamond drill hole PIU-05 2025DDH (PIU-05)

As previously reported (refer to Jan. 10, 2025, and Jan. 14, 2025, news releases), PIU-05 was a significant stepout, collared 220 metres east of PIU16-01DDH (558 metres at 0.38 per cent copper and 0.42 gram per tonne gold, including 130 metres at 0.81 per cent copper and 0.6 gram per tonne gold (refer to Dec. 5, 2023, news release ) and 270 metres southwest of PIU02-2024DDH (448 metres at 0.42 per cent copper and 0.46 gram per tonne gold, including 126 metres at 0.66 per cent copper and 0.74 gram per tonne gold (refer May 6, 2024, news release).

Geology and mineralization -- diamond drill hole PIU-05

Drill hole PIU-05 drilled moderate to intense porphyry A-type quartz stockwork veining and mineralization from 304 metres to 722 metres downhole associated with potassic alteration of predominantly diorite porphyry host rock. The entire 418-metre interval assayed 0.27 per cent copper and 0.12 gram per tonne gold with higher-grade intervals of 152 metres at 0.40 per cent copper, 0.23 gram per tonne gold and 2.15 grams per tonne silver from 530 metres, including 50 metres at 0.50 per cent copper, 0.29 gram per tonne gold and 2.36 grams per tonne silver from 596 metres, notable for their elevated bornite content. While chalcopyrite dominates bornite in the overall Piuquenes system, the correlation of bornite with higher-grade sections of the deposit has important implications for project economics. Further technical work is being undertaken to better understand the controls and distribution of bornite in the Piuquenes Central system.

About Pampa Metals Corp.

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

Qualified person

Technical information in this news release has been approved by Mario Orrego G. Mr. Orrego is a geologist and registered member of the Chilean Mining Commission. He is a qualified person as defined by National Instrument 43-101. Mr. Orrego is a consultant to the company.

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