Mr. Luquman Shaheen reports

PANORO ANNOUNCES CANCELLATION OF LIFE OFFERING

Due to unfavourable market conditions, Panoro Minerals Ltd. has decided to cancel the previously announced $10-million brokered private placement offering pursuant to the listed issuer financing exemption under Part 5A of National Instrument 45-106 and to terminate the agency agreement with Cantor Fitzgerald Canada Corp. The net proceeds of the LIFE offering were to be used for infill drilling, metallurgical testing, prefeasibility engineering and completion of an updated preliminary economic assessment on the company's Cotabambas copper-gold-silver project, working capital, including mineral concession payments, and general corporate purposes.

Luquman Shaheen, president and chief executive officer, stated: "Panoro has decided to advance with alternative, financing options instead of the previously announced LIFE offering. Alternatives, including the receipt of the third payment from the previous sale of the company's Antilla project and the sale of a non-core, early-stage exploration project, are in advanced discussions. With contained gold content of 3.3 million ounces at indicated category plus 2.7 million ounces at inferred category, together with contained copper content of 3.8 billion pounds at indicated category plus 3.0 billion pounds at inferred category, we are confident in our ability to move forward with adequate funding. In addition, the inclusion of a more current gold price of over $3,400 (U.S.) per ounce and a more current copper price of over $4.40 (U.S.) per pound in the updated PEA will significantly increase the value of the Cotabambas project. With other alternatives being advanced, we felt it prudent to cancel the LIFE offering."

About Panoro Minerals Ltd.

Panoro remains focused on completing its technical objectives, including project optimization studies, which will feed into a PEA and help define the scope for the prefeasibility study for its Cotabambas project.

From the sale of the Antilla project in 2021, Panoro expects to receive the third payment in 2025. In addition, the company will receive a contingent payment based on the estimated net present value of the Antilla project at a later date. The proceeds from these payments are expected to be invested into the advancement of the Cotabambas project to feasibility level and permitting.

Corporately, in parallel with the advancement of technical objectives, Panoro is engaged in evaluating potential strategic alternatives with several parties to advance the Cotabambas project into construction and operation.

We seek Safe Harbor.