Mr. Luquman Shaheen reports

PANORO MINERALS LTD. ANNOUNCES BROKERED LIFE OFFERING FOR GROSS PROCEEDS OF UP TO C$5 MILLION

Panoro Minerals Ltd. has entered into an agreement with Red Cloud Securities Inc., which has agreed to act as lead agent and sole bookrunner on behalf of a syndicate of agents, in connection with a best-efforts private placement for the sale of up to 12.5 million units of the company at a price of 40 cents per unit for aggregate gross proceeds of up to $5-million. Wheaton Precious Metals Corp., whose wholly owned subsidiary has previously entered into a precious metals purchase agreement with the company in respect of the Cotabambas project, had indicated to the company, prior to settling the terms of the marketed offering, its intention to participate in the company's coming equity offering.

Each unit will consist of one common share of the company and one common share purchase warrant. Each warrant will entitle the holder thereof to purchase one common share at a price of 60 cents at any time on or before that date which is 36 months following the closing date (as herein defined).

The company also grants the agents an option, exercisable in full or in part up to 48 hours prior to the closing of the marketed offering, to sell up to an additional 2.5 million units at the offering price for additional gross proceeds of up to $1-million. The marketed offering and the securities issuable upon exercise of the agent option shall be collectively referred to as the offering and the units being offered and distributed as part of the offering shall include those units offered or distributed pursuant to the agent option.

The company intends to use the net proceeds of the offering for infill drilling, metallurgical testing, prefeasibility engineering and completion of an updated preliminary economic assessment (PEA) for the Cotabambas copper-gold-silver project, as well as working capital and general corporate purposes.

Subject to compliance with applicable regulatory requirements and in accordance with National Instrument 45-106, Prospectus Exemptions, the units will be offered for sale to purchasers resident in all of the provinces of Canada, except Quebec, pursuant to the listed issuer financing exemption under Part 5A of NI 45-106, as amended by Coordinated Blanket Order 45-935, Exemptions from Certain Conditions of the Listed Issuer Financing Exemption. The common shares and warrants underlying the units, and the warrant shares underlying the warrants, if exercised, are expected to be immediately freely tradable in accordance with applicable Canadian securities legislation if sold to purchasers resident in Canada. The units may also be sold in offshore jurisdictions and in the United States on a private placement basis pursuant to one or more exemptions from the registration requirements of the U.S. Securities Act of 1933, as amended.

There is an offering document related to the offering that can be accessed under the company's profile on SEDAR+ and on the company's website. Prospective investors should read this offering document before making an investment decision.

The offering is scheduled to close on Nov. 18, 2025, or such other date as the company and the agents may agree. Completion of the offering is subject to certain conditions, including, but not limited to, the receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange.

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.

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

We seek Safe Harbor.