Mr. Joseph van den Elsen reports

PAMPA METALS FURTHER EXTENDS PORPHYRY COPPER - GOLD MINERALIZATION TO THE SOUTHEAST AT PIUQUENES CENTRAL

Pampa Metals Corp.'s drill hole PIU-08 at Piuquenes Central has been completed to 769.5-metre downhole depth. PIU-08 was collared on the western flank of the Piuquenes Central porphyry copper-gold mineralization system and was designed to test both the western (near surface) and eastern (at depth) flanks of the system. The drill hole encountered the mineralized porphyry vein system over substantial length downhole, with assays pending.

Piuquenes copper-gold porphyry project -- San Juan, Argentina

Piuquenes Central Is a recently discovered, gold-rich copper porphyry deposit located immediately adjacent to the north of Aldebaran Resources' giant Altar porphyry copper system. Piuquenes East is a separate porphyry occurrence and stand-alone target within the Piuquenes-Altar porphyry cluster, drill tested by Pampa Metals for the first time in February and March, 2025 (drill core assays pending).

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 km 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-08 2025DDH

Drill hole PIU-08 was a significant stepout, collared 240 metres southwest of PIU01-2024 (304 metres of 0.48 per cent copper, 0.68 gram per tonne gold and 3.1 g/t silver, including 132 m of 0.71 per cent Cu, 0.85 g/t Au and 4.3 g/t Ag; refer to March 11, 2024, news release) and 80 m north of PIU03-2024 (801 m of 0.40 per cent Cu, 0.51 g/t Au and 2.87 g/t Ag, including 518 m of 0.53 per cent Cu, 0.73 g/t Au and 3.45 g/t Ag; refer to May 23, 2024, news release).

PIU-08 was collared on the western flank of the Piuquenes Central system at an azimuth of 100 degrees, and was designed to test both the western (near surface) and eastern (at depth) flanks of the Cu-Au porphyry system. The drill hole intersected wide intercepts of classic A and B type veining over significant downhole lengths.

The drill hole encountered porphyry veins from near surface becoming more intense from approximately 150 m to 530 m downhole. Below the base of sulphide leaching and oxide copper at approximately 250 m downhole, the veins are observed to be chalcopyrite bearing in line with other holes in the Piuquenes Central target and more local zones of bornite-bearing veins are also observed.

The hole traversed premineral diorite porphyry in its upper sections, and, from 450 m downhole, the premineral diorite is cut by quartz diorite porphyry, which is interpreted to be one of the multiple causative porphyries at Piuquenes Central.

Alteration in the premineral diorite porphyry is dominated by biotite-bearing potassic alteration, which is overprinted by a more K-feldspar-rich potassic alteration most closely associated with veining and mineralization. Analytical results for PIU-08 are pending.

Joseph van den Elsen, Pampa Metals president and chief executive officer, commented: "This season, we continue to define and expand the high-grade Piuquenes Central system in areas of previously sparse drilling. With multiple results now pending, including assays from maiden drill testing at Piuquenes East, we look forward to further updating the market on our highly successful 2024-2025 drill program.

"This is an exciting time to be a Pampa Metals shareholder, as we continue to add significant value through discovery and evaluation drilling at Piuquenes. Concurrently, we are advancing the acquisition of Rugby Resources and its Cobrasco and Mantau projects. Rugby has already demonstrated Cobrasco to be an exceptional exploration opportunity based on the potential size and grade of the porphyry system outlined to date, and we look forward to adding further value through swift and systematic exploration."

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 exchange.

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 reviewed and approved by Dr. Stuart Smith, PhD, a member of the Australian Insititute of Geoscientists, a qualified person as defined by National Instrument 43-101. Dr. Smith is a consultant to the company.

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