Mr. Joseph van den Elsen reports

PAMPA METALS CLOSES UPSIZED $6M LIFE OFFERING

Pampa Metals Corp. has issued a total of 38.25 million shares at a price of 16 cents per share under the upsized LIFE (listed issuer financing exemption) offering, detailed in a July 14, 2025, news release, for gross proceeds of $6.12-million.

Subject to completion of the previously announced acquisition of Rugby Resources Ltd. (refer to news release dated April 22, 2025), the company intends to use the net proceeds of the offering to finance exploration drilling at the Cobrasco copper porphyry discovery in Colombia, preparatory work for the coming field season at the Piuquenes copper-gold discovery in Argentina, and working capital and general corporate purposes, as more specifically described in the amended offering document.

Completion of the acquisition of Rugby is expected to occur shortly after the special meeting of Rugby shareholders to be held on July 16, 2025, to approve the plan of arrangement for its acquisition by Pampa Metals.

In connection with the private placement, the company paid aggregate finders' fees of $179,950 and issued 1,388,756 finder warrants and 264,063 finder shares. Canaccord Genuity Corp. was the financial adviser to the company in connection with the LIFE offering and will receive an advisory fee of $61,200, equal to 1 per cent of the total gross proceeds raised pursuant to the LIFE offering.

About Pampa Metals Corp.

Pampa Metals is a copper-gold exploration company listed on the Canadian Stock Exchange (symbol: PM), Frankfurt Stock Exchange (symbol: FIR) and the OTCQB exchange (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. In April, 2025, the company announced an agreement to acquire 100 per cent of Rugby Resources Ltd. and, on closing, will hold an 80-per-cent interest in the Cobrasco project, located in Colombia.

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