Mr. Luquman Shaheen reports

PANORO MINERALS RECEIVES $C898,000 IN PAYMENTS

Panoro Minerals Ltd. has received a total of $898,000 in payments from the sale of the Antilla and Cochasayhuas projects in Peru.

The company announced the closing of the sale of the Antilla project in December, 2021. The company has finalized amendments to the share purchase agreement (SPA) and shareholders agreement (SHA) with Calisto Cobre Resources Corp. (formerly Heeney Capital Acquisition Corp.), in which the company sold 90 per cent of the shares of Antilla Copper S.A., a former wholly owned subsidiary of Panoro, to Calisto. As outlined in the company's Oct. 12, 2021, and Dec. 6, 2021, news releases and as per the SPA and SHA, the company received a first payment of $7.3-million (U.S.) ($10.0-million (Canadian)) on closing, the timeline for receipt of the next payment of $2.1-million (U.S.) ($2.8-million (Canadian)) has been extended to March, 2024. Pursuant to the amended agreements, the company received an immediate payment of $300,000 (Canadian) ($226,380 (U.S.)) made toward the second payment. The balance of the second payment of approximately $2.50-million (Canadian) ($1.85-million (U.S.)) will be due upon the completion of the public listing of Calisto or March 31, 2024, at the latest.

Panoro also announces that it has completed the sale of the of Cochasayhuas project for $598,000 (Canadian) ($460,000 (U.S.)) to a private Peruvian mining company. The transaction, transfer and registration of mineral concession ownership has been completed.

In addition, the company anticipates receiving $325,000 (Canadian) ($250,000 (U.S.)) in September, 2023, as part of the company's precious metals agreement with Wheaton Precious Metals International Ltd. (WPMI), a wholly owned subsidiary of Wheaton Precious Metals Corp., in respect of the Cotabambas project as described the company's April 3, 2023, news release.

Luquman Shaheen, chief executive officer of Panoro Minerals, states: "We remain committed to our plan of focusing the company's resources on the advancement of the Cotabambas project towards feasibility while minimizing any share capital dilution. We estimate that the completed transactions, including the payments announced herein, will provide $10.7-million (Canadian) during the next 24 months. The drilling program at Cotabambas was completed in July; the company is currently working with the independent consultants to complete the NI 43-101 mineral resources estimate, which is scheduled for completion next month. The company has also completed extensive trade-off studies for the mining, processing, waste/tailings and infrastructure proposed for the project. The trade-off studies have identified important opportunities to enhance the project's economics while reducing the environmental footprint. The company is planning to integrate the updated minerals resources estimate and the trade-off studies recommendations into an updated preliminary economic assessment later this year to provide guidance on the scope and focus of the prefeasibility study."

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 have already identified the potential for both oxide and sulphide resource growth.

A preliminary economic assessment (PEA) has been completed for the Cotabambas project; the key results are summarized in the attached 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 news release.

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