Mr. Joseph van den Elsen reports

PAMPA METALS CLOSES $3.4M PRIVATE PLACEMENT

Pampa Metals Corp. has issued 12,581,291 units at a price of 27 cents per unit for gross proceeds of $3,396,950 under the fully subscribed private placement detailed in a June 26, 2024, news release. Each unit consists 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 private placement.

A Form 62-103F3 required disclosure by an eligible institutional investor has been filed on SEDAR in connection with the private placement.

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

In connection with the private placement, the company paid aggregate finder's fees of $176,580 and issued 654,000 finder's warrants.

The company anticipates closing a final tranche of the private placement for $150,000 on July 15, 2024.

Any securities issued in connection with the private placement are subject to a four-month hold period, in accordance with securities laws and the policies of the Canadian Securities Exchange.

About Pampa Metals Corp.

In November, 2023, Pampa Metals Corp. 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.

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