Mr. Joseph van den Elsen reports

ELECTRICAL GEOPHYSICAL INTEGRATION REVEALS UPSIDE AT PIUQUENES CU-AU PORPHYRY PROJECT, SAN JUAN

Pampa Metals Corp. has provided an update on the integration and interpretation of historic data and the propertywide upside potential at the Piuquenes copper-gold project in San Juan, Argentina.

Key findings from electrical geophysical data integration:

• Key data sets used to date include a 2016 offset pole-dipole induced polarization/resistivity survey (IP) and a natural-source magnetotelluric (gDAS24) survey (MT).
• Inversion models of these data have been evaluated in 3-D, in conjunction with the preliminary 3-D geological model currently being finalized.
• Chargeability data suggest a northeast trend to the Piuquenes system.
• Piuquenes Central is marked by a prominent annular chargeability anomaly, with the highest chargeability zones peripheral to the currently defined mineralization, consistent with a peripheral pyritic zone associated with not-yet-well-defined phyllic alteration.
• The mineralized zone at Piuquenes Central is also defined by a moderate chargeability zone interpreted to be associated with the low-pyrite, high-chalcopyrite mineralized core of the system.
• A similar, although buried, chargeability feature is evident in the 3-D inversion models along the northeast Piuquenes Central trend. This is considered a highly promising target for a separate mineralized centre.
• The Piuquenes Central area is also defined by a central resistivity high, with the Piuquenes East target displaying a similar scale anomaly.
• The Piuquenes Central porphyry is well defined by the deep-looking magnetotelluric data as a pipe-like zone of high resistivity extending upward from a large, high-resistivity feature:
  • It is tentatively interpreted that the deep-resistivity feature could represent an underlying large-scale intrusion and the pipe-like high-resistivity feature the mineralized porphyry complex extending upward from that deep intrusion.
  • The currently defined mineralized zone at Piuquenes Central occurs on the margin of the pipe-like resistivity feature; the other margin of the high features and several other similar responses in the 3-D inversion model remain untested.
• This clear definition of the Piuquenes Central and Piuquenes East systems by IP, resistivity and MT data implies that electrical geophysics will be an extremely useful first-pass targeting tool for additional porphyry centres within the broader Piuquenes tenement package. Outside the Piuquenes Central/Piuquenes East area, most of the tenement package has not been subject to electrical geophysics.

Current activities

The company is finalizing a preliminary 3-D geological model and grade and lithology interpretation of the Piuquenes Central porphyry copper-gold deposit.

The company also continues to integrate historical geophysical data sets, including the recently recovered ground magnetic data currently being modelled.

Targeting and planning for the 2024/2025 field season is nearing completion and will include further drill evaluation at Piuquenes Central, where the company recently reported 801 metres at 0.40 per cent copper, 0.51 gram per tonne gold and 2.87 grams per tonne silver, including 518 metres at 0.53 per cent copper, 0.73 gram per tonne gold and 3.45 grams per tonne silver (refer to June 17, 2024, news release). The initial drill testing of Piuquenes East, field mapping to advance several other nearby targets and further geophysics (if required) will also form part of the 2024/2025 field season program.

Key in-country technical hires are anticipated in the short term.

Joseph van den Elsen, president and chief executive officer of Pampa Metals, commented: "The integration and interpretation of historic electrical geophysical data has further validated the Piuquenes project as a company-making asset. High-grade copper and gold remain open at Piuquenes Central, with an apparent northeast trend evident, and Piuquenes East represents a stand-alone, undrilled, outcropping porphyry target. We are now focused on the integration of the recently recovered magnetic survey and finalization of our 3-D model, in order to more fully define approaches and targets for the upcoming 2024/2025 field season. During this field season, we will delineate the size and grade potential of the first deposit, concurrently drill test Piuquenes East, and further explore the potential for a cluster of deposits through surface exploration and possibly geophysics."

About Pampa Metals Corp.

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

Qualified person

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

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