Mr. Luquman Shaheen reports

PANORO MINERALS LTD. ANNOUNCES CLOSING OF FIRST TRANCHE OF BROKERED LIFE OFFERING FOR GROSS PROCEEDS OF C$2.9 MILLION

Panoro Minerals Ltd. has closed the first tranche of its previously announced best efforts private placement for gross proceeds of $2,918,200 from the sale of 7,295,500 units of the company at a price of 40 cents per unit. Red Cloud Securities Inc. is acting as lead agent and sole bookrunner with Cormark Securities Inc. acting as co-agent in connection with the offering.

Each unit consists of one common share of the company and one common share purchase warrant. Each warrant entitles the holder thereof to purchase one common share at a price of 60 cents at any time on or before Nov. 21, 2028.

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.

In accordance with National Instrument 45-106 -- Prospectus Exemptions, the units were issued to Canadian purchasers 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 immediately freely tradeable in accordance with applicable Canadian securities legislation.

As consideration for their services in the first tranche, the agents received a cash commission equal to 6.0 per cent of the gross proceeds from the sale of the units under the first tranche and non-transferable common share purchase warrants to purchase that number of common shares as is equal to 6.0 per cent of the number of units sold under the first tranche. Each broker warrant is exercisable into one common share at the offering price at any time on or before Nov. 21, 2028.

There is an amended and restated offering document dated Nov. 12, 2025, related to the offering that can be accessed under the company's profile at SEDAR+ and on the company's website.

The closing of the final tranche of the offering is expected to occur on or about Nov. 28, 2025. The closing of the offering remains subject to the final 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.