Mr. Luquman Shaheen reports

PANORO MINERALS FILES NI 43-101 TECHNICAL REPORT FOR THE UPDATED MINERAL RESOURCE ESTIMATE, COTABAMBAS PROJECT, PERU

Panoro Minerals Ltd. has filed a National Instrument 43-101 technical report for the updated mineral resource statement for the 100-per-cent-owned Cotabambas project in Peru. The results of the mineral resource estimate were announced on the Jan. 15, 2024, press release. The technical report was authored by AGP Mining Consultants Inc. The report is available at the company's website and on SEDAR.

The updated mineral resources at 0.15-per-cent copper equivalent (CuEq) cut-off grade include:

• An indicated mineral resource of 507.3 million tonnes at 0.34 per cent copper (Cu), 0.20 gram per tonne (g/t) gold (Au), 2.42 g/t silver (Ag) and 021 per cent molybdenum (Mo) and 0.43 per cent CuEq grade;
• An inferred mineral resource of 496.0 million tonnes at 0.27 per cent Cu, 0.17 g/t Au, 2.53 g/t Ag and 027 per cent Mo, and 0.36 per cent CuEq grade;
• A higher-grade component within the optimized pit constraint, demonstrating the potential for a high grade starter pit for the project start-up.

Highlights:

• A higher-grade component of indicated resource delineated:
  • 129.0 million tonnes at 0.70 per cent Cu, 0.44 g/t Au, 4.12 g/t Ag and 014 per cent Mo, and 0.91 per cent CuEq grade, at a cut-off of 0.5 per cent CuEq:
    • The higher-grade component is present within the optimized pit constraint. Attached tables show the mineral resources at a 0.5-per-cent CuEq cut-off grade.
• Indicated mineral resources has increased by 333 per cent:
  • Increased from 117.1 million tonnes to 507.4 million tonnes;
  • Constitutes 51 per cent of total resources;
• Inferred mineral resources has reduced by 18 per cent:
  • Decreased from 605.3 million tonnes to 496.0 million tonnes;
  • Constitutes 49 per cent of total resources;
• Contained metals have increased:
  • 6.7 billion pounds copper, 29-per-cent increase;
  • Six million ounces gold, 43-per-cent increase;
  • 79.8 million ounces silver, 43-per-cent increase;
  • 53.7 million pounds molybdenum, 85-per-cent increase.
• Waste-mineral ratio reduced:
  • from 2:1 to 0.65:1 for the base case;
• Resource remains open to northeast and southwest and at depth;
• Multiple new exploration targets identified into the Cotabambas property;
• Strong community relations demonstrated over more than a decade;
• Current environmental permit allows an additional 450 drilling platforms.

Mineral resource statement

The mineral resources for the Cotabambas deposit are reported by copper equivalent cut-off grade of 0.15 per cent CuEq within an optimized pit constraint. The effective date of the mineral resources is Nov. 20, 2023.

The principal metals grades were estimated by the ordinary kriging interpolation method on capped composite copper, gold, silver and molybdenum grades. No recoveries have been applied to the interpolated in situ estimated grades.

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

We seek Safe Harbor.