Mr. Joseph van den Elsen reports

PIUQUENES COPPER-GOLD PORPHYRY PROJECT UPDATE

Pampa Metals Corp. has provided a project update for the Piuquenes copper-gold (Cu-Au) porphyry project, San Juan, Argentina.

Current activities

Since completing a maiden drill program at Piuquenes, the company has prioritized the integration of recent drilling data with historical information which includes:

• Surface geology and geochemistry (1:2500);
• Geophysics -- gDAS24 3-D (three-dimensional) pole-dipole IP (induced polarization)/resistivity and natural source magnetotellurics (17.8 line kilometres (km));
• Airborne magnetic/radiometric survey;
• 2,800 metres (m) of well-preserved historical drill core.

Aided by four-acid multielement geochemical data and reprocessed and interpreted historical geophysical data, the company is also finalizing 3-D geological modelling and grade and lithology interpretation at the Piuquenes Central porphyry copper-gold (Cu-Au) deposit

Concurrently, the company continues to review the property wide upside potential, with Pampa Metals' mineral tenure extending for over three km to the north of Piuquenes Central, 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 completed under this cover.

The solid progress of these work programs has allowed initial targeting and planning for the 2024/2025 field season to begin. Company management is currently in San Juan finalizing preparations for the next field season, which will include further drill evaluation at Piuquenes Central, the initial drill testing of Piuquenes East, field mapping to advance several other nearby targets and further geophysics if required.

Next steps

The company will provide further updates on the key findings from the 3-D model development and the geophysical data integration once finalized, as well as the timing and scope of the 2024/2025 field season work programs, preparation for which has already begun.

Joseph van den Elsen, Pampa Metals president and chief executive officer, commented: "We are very pleased with the rapid progress we are making at Piuquenes and are excited by the upcoming field season. The Piuquenes project is a company-making asset and we look forward to more fully delineating the size and grade potential of the first deposit during the 2024/2025 field season and concurrently testing a second undrilled, outcropping porphyry at Piuquenes East. Desktop work to date confirms the potential for a cluster of deposits and we will advance several other targets this field season through surface exploration and possibly geophysics."

About Pampa Metals Corp.

Pampa Metals is a copper-gold exploration company.

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