Mr. Luquman Shaheen reports

PANORO MINERALS INTERSECTS 316.9 M @ 1.16% CUEQ, COTABAMBAS PROJECT, PERU

Panoro Minerals Ltd. has provided results of nine additional drill holes that will provide additional information for the new mineral resource estimation at the Cotabambas copper-gold-silver project in southern Peru.

The drill hole intersection highlight are as follows:

• Drill hole CB-224 intersected 371 metres of the porphyry stock hosting 316.9 metres of copper and gold mineralization averaging 0.72 per cent copper, 0.50 gram per tonne gold and 4.01 g/t silver (1.16 per cent copper equivalent (CuEq)). The intersection includes a supergene profile of copper oxides and sulphides enrichment intersected three m from surface and underlain by 168.1 m of primary sulphides grading 1.0 per cent Cu, 0.73 g/t Au, 5.91 g/t Ag (1.64 per cent CuEq), including 94.7 m averaging 1.27 per cent Cu, 1.04 g/t Au, 7.15 g/t Ag (2.17 per cent CuEq).
• Drill hole CB-212a intersected 200 m of the porphyry stock in contact with the diorite host rock, hosting 198.6 m of copper and gold mineralization grading 0.83 per cent Cu, 0.74 g/t Au, 3.80 g/t Ag (1.46 per cent CuEq). The intersection includes a supergene profile with copper oxides and mix zone intersected from surface and underlain by 163.5 m of primary copper sulphide averaging 0.76 per cent Cu, 0.82 g/t Au, 4.06 g/t Ag (1.46 per cent CuEq), including 64.0 m of primary copper sulphide grading 1.10 per cent Cu, 1.32 g/t Au and 4.94 g/t Ag (2.21 per cent CuEq).

Luquman Shaheen, president and chief executive officer, commented: "This group of nine drill holes completes the 2022 to 2023 campaign of infill and stepout drilling in both North and South pits, for a total of approximately 13,000 m of drilling. The results indicate the potential for an increase in the high-grade component of the Cotabambas project's resource and an important increase in the total project resource. The high-grade zone has been better delineated indicating that it is structurally controlled in north-northeast direction, where the high-grade zone remains open both along strike, to the northeast of the North pit, and to the southwest of the South pit. The high-grade zone is also open at depth. The drilling has also indicated better continuity of the high-grade zone where the potential for additional near-surface high-grade resource can increase the mining grade in the early part of the mine life. Our team will now turn its focus to, together with the independent consultants and qualified persons, updating the resource estimate and completing the National Instrument 43-101 technical report which is targeted for completion in September. In addition to the update of the resource estimate, our team has been completing trade-off studies aimed to improve the metallurgical recoveries, reduce operating and capital costs, and reduce the footprint of the project. Results from these studies are identifying important opportunities to further strengthen the Cotabamabas Projects economics."

Discussion of results

Drill holes CB-210, 212a, 217, 218, 219, 220, 221, 222 and 224 were drilled targeting an upgrade of the exiting inferred resource to indicated category and expand the high-grade component of the mineral resource at the North pit. The high-grade continuity remains open at depth and along strike to the northeast. The principal mineralization intersections are listed in the attached table.

Drill hole CB-210 is an exploratory step out drill hole executed to review the southwest continuity of the mineralization in the North pit. This hole intersected a copper anomaly of 38.0 m length grading 0.12 per cent Cu, 0.04 g/t Au and 0.98 g/t Ag (0.16 per cent CuEq) into the diorite host rock. This hole confirms, as indicated from other drill holes in the area, that faulting in the northwest to east-west direction has displaced the mineralization vertically in this area of the North pit as well as farther to the southwest toward the South pit.

Drill hole CB-212 is an infill drill hole indicating the continuity from surface to approximately 350 m depth of the high-grade zone in the north side of the North pit. The hole intersected 198.6 m of copper mineralization averaging 0.83 per cent Cu, 0.74 g/t Au and 3.80 g/t Ag (1.46 per cent CuEq) including a supergene profile with copper oxides and mixed zone, overlaying 163.5 m of primary copper sulphide averaging 0.76 per cent Cu, 0.82 g/t Au, 4.06 g/t Ag (1.46 per cent CuEq), including 64.0 m of primary copper sulphide mineralization averaging 1.10 per cent Cu, 1.32 g/t Au, 4.94 g/t Ag (2.21 per cent CuEq). The mineralization is contained within approximately 200 m of the porphyry stock intruding the diorite intrusive host rock with extended potassic alteration with secondary biotite, orthoclase, magnetite veinlets surrounded by SCC type alteration.

Drill hole CB-217 is an infill drill hole targeting mineralization intersected previously in drill holes CB-55 and CB-213. The drill hole intersected, from near surface, 408.9 m of hypogene mineralization averaging 0.32 per cent Cu, 0.15 g/t Au and 1.60 g/t Ag (0.46 per cent CuEq) intruded by a porphyry dike of 50 m width expanding into the diorite host rock. The intersection includes 34 m of mixed copper mineralization near the surface grading 0.86 per cent Cu, 0.10 g/t Au, 1.19 g/t Ag (0.95 per cent CuEq), and three intervals of hypogene copper mineralization of 111.6 m grading 0.29 per cent Cu, 0.10 g/t Au, 0.82 g/t Ag (0.38 per cent CuEq), 71.3 m averaging 0.38 per cent Cu, 0.36 g/t Au, 2.05 g/t Ag (0.69 per cent CuEq) and 74.6 m grading 0.28 per cent Cu, 0.12 g/t Au, 2.84 g/t Ag (0.40 per cent CuEq). The potassic, SCC and minor phyllic alterations are the typical for hydrothermal alterations.

Drill hole CB-218 is an infill hole targeting the constraint of the high-grade zone generated by drill hole CB-128 previously executed and intersecting high-grade mineralization 100 m below CB-218. The drill hole intersected 343.0 m of hypogene copper mineralization grading 0.18 per cent Cu, 0.07 g/t Au, 0.94 g/t Ag (0.25 per cent CuEq), including 90.0 m averaging 0.34 per cent CuEq. The mineralization is related to a group of five porphyry dikes intruding the diorite host rock. The intersections of CB-218 represent the upper zone of a porphyry stock cupula of almost 600 m width that hosts several intervals of copper and gold high grades with potassic and SCC alterations.

Drill hole CB-219 is an infill hole located in the north extreme of the North pit targeting the copper mineralization supergene profile, intersected previously by drill holes CB-27 and CB-134. This hole intersected 30.1 m averaging 0.16 per cent Cu, 0.05 g/t Au, 4.75 g/t Ag (0.24 per cent CuEq).

Drill hole CB-220 was located near the west side of the North pit, intersecting two intervals of copper oxide mineralization with 33.4 m in length averaging 0.50 per cent Cu, 0.12 g/t Au, 1.52 g/t Ag (0.61 per cent CuEq) and 12.8 m grading 0.22 per cent Cu, 0.24 g/t Au and 5.54 g/t Ag (0.46 per cent CuEq). The bottom of the hole intersected two intervals of hypogene copper sulphides of 26.0 m and 46.0 m lengths averaging grades of 0.30 per cent CuEq and 0.26 per cent CuEq, respectively. This hole limits the margin of the mineralization in this sector of the North pit.

Drill hole CB-221 is a stepout located in the north side of the North pit, intersecting 125.8 m of copper mineralization averaging 0.39 per cent Cu, 0.08 g/t Au, 1.34 g/t Ag (0.47 per cent CuEq). This intersection includes 34.3 m of copper oxide mineralization grading 0.67 per cent Cu, 0.09 g/t Au, 1.73 g/t Ag (0.76 per cent CuEq) underlain by 91.5 m of hypogene copper mineralization averaging 0.29 per cent Cu, 0.07 g/t Au and 1.20 g/t Ag (0.36 per cent CuEq), including 12.10 m averaging 0.89 per cent CuEq. This hole is aligned in the same cross section with the drill holes CB-222 and CB-219, into an area where the porphyry stock is displaced between 200 m to 400 m to the northeast by an almost east-west-striking fault. Nevertheless, this hole intersected copper mineralization across this structural control and near the surface.

Drill hole CB-222 this is a stepout drill hole located 100 m to the northwest of the CB-221. CB-222 intersected 95.7 m of copper oxide mineralization averaging 0.19 per cent Cu, 0.04 g/t Au, 0.82 g/t Ag (0.23 per cent CuEq) underlain by 47.3 m of hypogene copper mineralization averaging 0.15 per cent CuEq.

Drill hole CB-224 is an infill drill hole targeted to upgrade inferred to indicated resources 100 m to the southeast of the previously completed drill hole CB-212. CB-224 intersected 316.9 m of copper and gold mineralization averaging 0.72 per cent Cu, 0.50 g/t Au and 4.01 g/t Ag (1.16 per cent CuEq). This includes a supergene profile of 13.7 m of copper oxides plus 13.1 m of enriched sulphides averaging 1.31 per cent CuEq and 1.56 per cent CuEq, respectively. Underlying the supergene zone is 168.1 m of primary sulphides grading 1.00 per cent Cu, 0.73 g/t Au, 5.91 g/t Ag (1.64 per cent CuEq), including 94.7 m averaging 1.27 per cent Cu, 1.04 g/t Au, 7.15 g/t Ag (2.17 per cent CuEq), and a second interval of 91.8 m grading 0.34 per cent Cu, 0.27 g/t Au, 2.23 g/t Ag (0.58 per cent CuEq) including 25.9 m averaging 0.71 per cent Cu, 0.70 g/t Au, 4.36 g/t Ag (1.31 per cent CuEq). The mineralization intersected in CB-224 is hosted within a 371 m wide porphyry stock where the high-grade zone is structurally controlled to the east and follows a high-grade corridor of approximately 800 m along strike and is open at depth and along strike in northeast direction.

Panoro has commenced an update on the mineral resource estimate, contracting AGP Mining Consultants Inc., an independent engineering firm based on Toronto, Canada. The study is led by the Paul Daigle, PGeo (principal resources geologist), and Gordon Zurowski (mining lead/mine costing) who will complete the National Instrument 43-101 technical report. Work on the study commenced the first week of July, 2023, and results are expected in approximately two months. The report will include the potential generated in the Maria Jose, Petra-David and Chaupec skarn exploration targets identified during the 2017 to 2018 drilling campaign and also the potential in the Guaclle skarn target during the 2022 to 2023 drilling campaign.

About Panoro Minerals Ltd.

Panoro is a uniquely positioned Peru-focused copper development company. The company is advancing its flagship Cotabambas copper-gold-silver project located in the strategically important area of southern Peru.

The company's objective is to complete a prefeasibility study in 2023 with work programs commencing in Q1 2022.

At the Cotabambas project, the company will first focus on delineating resource growth potential and optimizing metallurgical recoveries. These objectives are expected to further enhance the project economics as part of the prefeasibility studies during 2022 and 2023. Exploration and stepout drilling from 2017, 2018 and 2019 has already identified the potential for both oxide and sulphide resource growth.

A preliminary economic assessment has been completed for the Cotabambas project; the key results are summarized in the associated table.

PEAs are considered preliminary in nature and include inferred mineral resources that are considered too speculative to have the economic considerations applied that would enable classification as mineral reserves. There is no certainty that the conclusions within the PEAs will be realized. Mineral resources are not mineral reserves and do not have demonstrated economic viability.

Luis Vela, a qualified person under National Instrument 43-101, has reviewed and approved the scientific and technical information in this press release.

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