Mr. Joseph van den Elsen reports

PAMPA METALS UPSIZES FULLY SUBSCRIBED PRIVATE PLACEMENT TO $3.5M

Pampa Metals Corp. has upsized the non-brokered private placement announced on June 19, 2024, to 12,951,852 units at a price of 27 cents per unit for gross proceeds of $3,497,000. Each unit will consist of one fully paid common share and a half purchase warrant. Each whole warrant shall entitle the holder to acquire an additional common share at a price of 50 cents for a period of three years after the closing of the placement.

The placement has been upsized to accommodate supportive long-term shareholders alongside an investment by a natural resources fund.

Proceeds will finance continuing exploration at the Piuquenes copper-gold porphyry project, where the company recently reported results from the third drill hole of its maiden program (refer to May 23, 2024, news release) including:

• 801 metres at 0.40 per cent copper, 0.51 gram per tonne gold, 2.87 g/t silver (from 54 to 855 m (EOH)); 518 m at 0.53 per cent Cu, 0.73 g/t Au, 3.45 g/t Ag (from 192 to 710); 176 m at 0.71 per cent Cu, 0.74 g/t Au, 4.86 g/t Ag (from 192 to 368); 64 m at 0.75 per cent, 1.2 g/t Au, 4.60 g/t Ag (554 to 618 m); and 32 m at 0.64 per cent Cu, 0.71 g/t Au, 4.54 g/t Ag (642 to 674 m).

The first tranche of the placement is scheduled to close on or around Friday, June 28, with a second and final tranche scheduled to close on or around Friday, July 5. The company may pay finder's fees of up to 6 per cent in cash and 6 per cent in finder's warrants from the sale of units to third parties sourced by finders. Finder's warrants will be on the same terms as the warrants issued under the placement.

Any securities issued in connection with the placement will be subject to a four-month hold period, in accordance with securities laws and the policies of the Canadian Securities Exchange, as applicable. The placement is subject to CSE acceptance.

About Pampa Metals Corp.

Pampa Metals is a copper-gold exploration company listed on the Canadian Stock Exchange (CSE:PM), Frankfurt (FSE: FIR) and OTC (OTCQB: PMMCF) exchanges.

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.

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.

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