Mr. Joseph van den Elsen reports

PAMPA METALS - STRATEGIC EXPANSION OF THE PIUQUENES PROJECT

Pampa Metals Corp. has expanded the Piuquenes copper-gold (Cu-Au) porphyry project in San Juan, Argentina.

Strategic expansion of the Piuquenes Cu-Au porphyry project

In November, 2023, the company acquired an interest in the privately held Piuquenes Cu-Au porphyry project, adjacent (to the north) with the Altar project (Aldebaran Resources Inc.) and approximately 190 kilometres (km) west of the city of San Juan. Other large porphyry copper projects in the San Juan Miocene porphyry belt include El Pach on (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.

Following completion of a diamond drill program at Piuquenes Central for 2,592 metres (m) (refer June 17, 2024, news release), the company has integrated and interpreted the extensive database of historic work and assessed the property-wide potential of the approximately 1,880-hectare land package (refer Sept. 11, 2024, news release). The company has also completed WorldView-3 satellite geological remote sensing over the project area to explore scene variability, enhance surface cover types, map the spectral geology and alteration, and provide potential vectors to mineralization.

Following this assessment, the company has strategically expanded the mineral tenure package underpinning the Piuquenes project by approximately 34 per cent to 2,523 hectares. The additional approximate 643 hectares have been incorporated into the option agreement detailed in a Nov. 30, 2023, news release at no additional cost to Pampa Metals.

Joseph van den Elsen, Pampa Metals president and chief executive officer, commented: "The Piuquenes project is a company making asset with the potential to host a cluster of deposits and we are very pleased to have been able to significantly increase the project area at no cost. We look forward to more fully delineating the size and grade potential of the first deposit at Piuquenes Central during the upcoming 2024/2025 field season and concurrently testing a second undrilled, outcropping porphyry at Piuquenes East. We will also advance several other targets this field season across the now expanded property through surface exploration and possibly geophysics."

About Pampa Metals Corp.

Pampa Metals is a copper-gold exploration company.

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.

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