Mr. Luquman Shaheen reports

PANORO MINERALS LTD. ANNOUNCES ENGAGEMENT OF RED CLOUD SECURITIES

Panoro Minerals Ltd. has retained Red Cloud Securities to provide liquidity services to the company in compliance with the policies and guidelines of the TSX Venture Exchange and other applicable legislation. Red Cloud is a Toronto-based financial services company that helps mineral exploration and mining companies with accessing capital markets and enhancing their corporate profile. Red Cloud will trade shares of Panoro on the TSX-V for the purposes of maintaining a reasonable market and improving the liquidity of Panoro's common shares.

Under the agreement, the Company will pay Red Cloud $5,000 per month during the term, payable quarterly in advance. The term of engagement is ongoing and may be terminated by either party on 30 days' prior written notice. The Company and Red Cloud have an arm's length relationship, but Red Cloud and/or its clients may have an interest, directly or indirectly, in the securities of Panoro. The agreement is principally for the purposes of maintaining market stability and liquidity for the Company's common shares and is not a formal market making agreement. There are no performance factors contained in the agreement between Red Cloud and the Company and Red Cloud will not receive any shares or options from the Company as compensation for services it will render.

About Red Cloud Securities

Red Cloud Securities Inc. is a member of the Canadian Investment Regulatory Organization (CIRO).

About Panoro

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.

Panoro Minerals is currently incorporating the results of the 2022/2023 drilling program at the Cotabambas Project into an updated resource estimate.

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 step-out drilling from 2017, 2018 and 2019 have already identified the potential for both oxide and sulphide resource growth.

A PEA has been completed for the Cotabambas Project; the key results are summarized below:

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.

We seek Safe Harbor.