Mr. Joseph van den Elsen reports

PAMPA METALS DELINEATES HIGH GRADE PORPHYRY CU-AU MINERALIZATION IN MAIDEN DRILL PROGRAM AT PIUQUENES, SAN JUAN, ARGENTINA

Pampa Metals Corp. has provided a summary of its highly successful maiden drill program at the Piuquenes porphyry project, San Juan, Argentina. The Piuquenes project was optioned on Nov. 30, 2023, and the company mobilized a three diamond drill hole program for 2,592 metres on Dec. 7, 2023, which was completed to high safety, environmental and community standards.

As reported on March 18, 2024, May 6, 2024, and May 23, 2024, each of the three drill holes intersected significant intervals of copper, gold and silver mineralization as follows.

PIU01-2024DDH:

• 422 metres of 0.48 per cent copper, 0.61 gram per tonne gold and 2.9 grams per tonne silver (198 to 620 metres):
  • Including 132 m of 0.71 per cent Cu, 0.85 g/t Au and 4.3 g/t Ag (220 to 352 m);
  • Including 80 m of 0.6 per cent Cu, 0.77 g/t Au and 3.2 g/t Ag (468 to 548 m).

PIU02-2024DDH:

• 448 m of 0.42 per cent Cu, 0.46 g/t Au and 2.44 g/t Ag (214 to 662 m):
  • Including 188 m of 0.59 per cent Cu, 0.63 g/t Au and 3.49 g/t Ag (450 to 638 m);
  • Including 126 m of 0.66 per cent Cu, 0.74 g/t Au and 3.94 g/t Ag (450 to 576 m).

PIU03-2024DDH:

• 801 m of 0.40 per cent Cu, 0.51 g/t Au and 2.87 g/t Ag (54 to 855 m) (end of hole):
  • Including 518 m of 0.53 per cent Cu, 0.73 g/t Au and 3.45 g/t Ag (192 to 710 m);
  • Including 176 m of 0.71 per cent Cu, 0.74 g/t Au and 4.86 g/t Ag (192 to 368 m);
  • Including 64 m of 0.75 per cent, 1.2 g/t Au and 4.60 g/t Ag (554 to 618 m);
  • Including 32 m of 0.64 per cent Cu, 0.71 g/t Au and 4.54 g/t Ag (642 to 674 m).

Key technical findings:

• Delineation of a continuous body of high-grade porphyry Cu-Au mineralization from surface to depths of greater than 800 m at Piuquenes Central; high-grade Cu-Au mineralization remains open to depth and to the northeast;
• Confirmation of a multiphase porphyry system, with strongly developed A type quartz stockwork veining hosting extensive chalcopyrite and bornite mineralization carrying significant copper and gold grades;
• Abundant bornite mineralization encountered both centrally and within the outer margins of the porphyry system, highlighting significant potential for an underlying bornite-rich core to the deposit;
• Low average arsenic content reported in assays.

Property-wide upside potential

Pampa Metals' mineral tenure extends for over three kilometres to the north of the Piuquenes Central porphyry Cu-Au deposit, with minimal exploration conducted over the area to date. The underlying geology is almost entirely masked at surface by thin transported cover, with no exploration drilling having been completed under this cover.

Isolated outcrops of advanced argillic alteration have been mapped up to 3.5 km northeast of the Piuquenes Central system.

At Piuquenes East, sheeted and locally stockworked fine grey quartz-sulphide veins have been mapped at surface in an area of rare outcrop. These veins are similar in character to veins encountered in some of the gold-rich Miocene porphyries in Chile.

Porphyry districts typically contain multiple mineralized centres, and the company considers it extremely encouraging to have already delineated a highly mineralized system, with a second highly promising target also outlined within a substantially talus-covered property package that has been subject to minimal exploration.

Current activities

Following completion of its maiden drill program at Piuquenes, the company is focused on the integration of recent drilling data with historical information. Concurrent work programs include geological modelling, grade and lithology interpretation aided by multielement geochemical data, and reprocessing and interpretation of historical geophysical data.

Metallurgical testing and mining concept studies for Piuquenes Central are also being considered.

Preparations are under way for the next field season, which will include further drill evaluation of the Piuquenes Central deposit, the initial drill testing of Piuquenes East, field mapping and further geophysics, if required.

Joseph van den Elsen, Pampa Metals president and chief executive officer, commented: "We are very pleased to have reported extraordinary, long intervals of primary copper and gold mineralization from our maiden drill program at Piuquenes Central. Our initial drilling has extended the depth and lateral extensions of mineralization at Piuquenes Central, and confirmed a highly mineralized multiphase porphyry system, which remains open to depth and to the northeast. The Piuquenes project is a company-making asset, and we look forward to more fully delineating the size and grade potential of this first deposit and concurrently testing a second undrilled, outcropping porphyry already identified at Piuquenes East. We see the potential for a cluster of deposits and will continue to advance several other nearby targets with surface exploration and geophysics."

Historical exploration -- Piuquenes Central

The Piuquenes copper-gold porphyry project covers approximately 1,880 hectares in the San Juan province of Argentina, adjacent (to the north) with the Altar copper-gold porphyry project (Aldebaran Resources Inc.) and approximately 190 kilometres west of the city of San Juan. Other large porphyry copper projects in the San Juan Miocene porphyry belt include: El Pachon (Glencore), approximately 30 km to the south, the operating Los Pelambres copper mine (60 per cent Antofagasta PLC) in Chile and Los Azules (McEwen Mining) 50 km to the northeast. Since its discovery, the Piuquenes project has remained privately held.

The first evidence of copper oxides at Piuquenes was reported in 1970 by Compania Minera Aguilar SA, which subsequently completed the first exploration program between 1973 and 1975. Between 1995 and 1997, Inmet Mining Corp. completed a helimagnetic/radiometric survey, surface geology, rock and soil geochemistry, ground magnetics, PD-induced polarization, and eight diamond drill holes (P1A to P8A) for a total of 1,894.2 m. Subsequently, in 2015 and 2016, Anglo American Argentina completed detailed 1 to 2,500 geology and geochemistry, 17.8 km of gDAS24 deep 3-D PD-IP/NSMT and a 920.2-metre diamond drill hole (PIU16-DDH01).

Inmet Mining (subsequently acquired by First Quantum in 2013) intersected significant copper and gold mineralization including:

• P8A: 413.5 m (167 to 580.5 m) of 0.47 per cent Cu and 0.52 g/t Au;
• P4: 67.5 m (207 to 274.5 m) of 0.63 per cent Cu and 0.51 g/t Au;
• P2: 158 m (three to 161 m) of 0.32 per cent Cu and 0.6 g/t Au.

In November, 2023, Pampa Metals relogged and assayed the 920.2-metre Anglo-American Argentina diamond drill hole which had crossed the mineralized zones intersected by IMC. Results were reported in a news release dated Dec. 5, 2023, as follows:

• PIU16-DDH01: 558 m of 0.38 per cent Cu, 0.42 g/t Au and 2.4 g/t Ag (362 to 920 m) (EOH):
  • Including 296 m of 0.5 per cent Cu, 0.5 g/t Au and 2.7 g/t Ag (362 to 658 m);
  • Including 180 m of 0.71 per cent Cu, 0.61 g/t Au and 3.8 g/t Ag (362 to 542 m);
  • Including 130 m of 0.81 per cent Cu, 0.6 g/t Au and four g/t Ag (362 to 492 m).

About Pampa Metals Corp.

Pampa Metals is a copper-gold exploration company listed on the Canadian Securities Exchange, the Frankfurt Stock Exchange and the OTCQB.

In November, 2023, the company announced it had entered into an option and joint venture agreement for the acquisition of an 80-per-cent interest in the Piuquenes copper-gold porphyry project in San Juan province, Argentina.

Sampling procedure and quality assurance/quality control

The PIU01-2024DH, PIU02-2024DH and PIU03-2024DH drill holes were collared with a PQ drill bit and reduced to HQ and sequentially to NQ as the drill hole progressed deeper.

Drill core was extracted from the core tubes by the drill contractor under the supervision of Pampa Metals, marked for consistent orientation and placed in core boxes with appropriate depth markers added. Full core boxes were then sealed before being transported by Pampa Metals to the Piuquenes core-cutting facility in Barreal, San Juan. Core was processed, quick logged, checked for recovery, photographed and marked for assays. Core trays were weighed before being cut using a diamond saw by Pampa Metals. Pampa Metals supervising geologist double-checked the selected two-metre sample intervals, placing the samples in sealed bags and ensuring that the same side of the core was consistently sampled. Reference numbers were assigned to each sample, and each sample was weighed. The core trays with the remaining half-core were weighed, photographed and stored at the Pampa Metals facility in Barreal. From Barreal, samples were sent to the ALS preparation facility in Mendoza, an accredited laboratory which is independent of the company. Prepared samples were then sent to the ALS laboratory in Lima, Peru, where they were routinely analyzed by method gold fire assay 30 grams and AAS (AA-Au23), multielement four acids (ME-MS61), and four-acid copper overlimit (Cu-OG62).

The company analyzed 1,291 drill hole samples in addition to 140 controls (approximately 11 per cent) composed of 47 blanks, 47 duplicates and 46 standards distributed according to the sampling plan and QA/QC protocol prepared by Pampa Metals. The blanks consisted of silica samples collected from the Gladys mine in northern Chile (Calama). Duplicates were field control samples and comprised one-half of the original sample and one-fourth of the drill core, whilst CDN-CGS-29 was used as a certified standard sample.

The QA/QC demonstrated compliance with the established protocol, with most controls within acceptable ranges. Only copper in the blank samples reached a low level of concern, albeit within an acceptable percentage of samples, likely due to the presence of some samples with high copper content. An updated sampling protocol is in the process of being prepared and presented to the laboratory for use in future programs.

Qualified person

Technical information in this news release has been approved by Mario Orrego G. Mr. Orrego G. is a geologist, a registered member of the Chilean Mining Commission and a qualified person as defined by National Instrument 43-101. Mr. Orrego G. is a consultant to the company.

We seek Safe Harbor.