Mr. Luquman Shaheen reports

PANORO MINERALS ANNOUNCES RECEIPT OF EARLY DEPOSIT PAYMENT FROM WHEATON PRECIOUS METALS FOR THE COTABAMBAS PROJECT, PERU

Panoro Minerals Ltd. and its wholly owned subsidiary, Panoro Trading (Cayman) Ltd., have received the 17th early deposit payment of $250,000 (U.S.) as part of the precious metals purchase agreement (the Cotabambas early deposit agreement) with Wheaton Precious Metals International Ltd. (WPMI), a wholly owned subsidiary of Wheaton Precious Metals Corp., in respect of the Cotabambas project located in Peru.

The principal terms of the Cotabambas early deposit agreement are as described in the company's news release on March 21, 2016, whereby WPMI will pay Panoro upfront cash payments totalling $140-million (U.S.) for 25 per cent of the payable gold production and 100 per cent of the payable silver production from the company's Cotabambas project in Peru. In addition, WPMI will make production payments to Panoro of the lesser of the market price and $450 (U.S.) per payable ounce of gold and $5.90 (U.S.) per payable ounce of silver delivered to WPMI over the life of the Cotabambas project.

Panoro is entitled to receive $14-million (U.S.) spread over a period of up to nine years as an early deposit with payments to be used to finance corporate expenses related to the Cotabambas project. The balance of the $126-million (U.S.), should WPMI elect to proceed with the Cotabambas early deposit agreement, is payable in instalments during construction of the Cotabambas project.

The total advanced to date is $14.0-million (U.S.) from WPMI, including the accelerated tranche of $2.0-million (U.S.) received in December, 2016, being the full amount of the early deposit.

Luquman Shaheen, president and chief executive officer, states: "We are pleased to announce the receipt of the current payment from Wheaton. The relationship between Wheaton and Panoro demonstrates our confidence in the strengths of the Cotabambas project. Panoro is currently working with independent consultants to complete an update of the mineral resource estimate incorporating the drilling results from the campaign completed in July, 2023, and updated logging of previous drill cores. Results from the recently completed drilling campaign have been announced publicly demonstrating the significant growth potential of the Cotabambas project."

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. Work programs commenced 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 an 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 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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