Mr. Joseph van den Elsen reports

PAMPA METALS RECOMMENCES DRILLING AT PIUQUENES, SAN JUAN

Pampa Metals Corp.'s 2024/2025 field season at the Piuquenes copper-gold (Cu-Au) porphyry project in San Juan, Argentina, has commenced.

2024/2025 Piuquenes Cu-Au porphyry project field season

During the 2024/2025 field season, the company will more fully delineate the size and grade potential of the first deposit at Piuquenes Central, where the company recently reported 801 metres (m) at 0.40 per cent Cu, 0.51 gram per tonne (g/t) Au and 2.87 g/t silver (Ag), including 518 m at 0.53 per cent Cu, 0.73 g/t Au and 3.45 g/t Ag.

Piuquenes East is considered a standout, outcropping target within the Piuquenes-Altar porphyry cluster and will be drill tested for the first time this field season.

Several other recently defined targets across the recently expanded land package are also being advanced through surface exploration and possibly geophysics.

Piuquenes Central

The primary objectives of follow-up drill testing at Piuquenes Central are:

• To extend high-grade mineralization to depth;
• To investigate the potential for a bornite dominant zone at depth;
• To test the continuity of mineralization in the vicinity of, and below, historical drill hole DDH006, where the company recently reported alteration and strongly elevated Cu consistent with the peripheries of the Piuquenes Central complex from 43 m to 236 m (end of hole);
• To obtain additional data around a possible NE geological trend;
• To better define the northern and southern limits of the system and its grade.

Piuquenes East -- undrilled, outcropping target

Piuquenes East is considered a standout target within the Piuquenes-Altar porphyry cluster characterized by:

• Outcropping sinuous and banded porphyry style quartz veinlet stockwork zone;
• 400-metre-by-300-metre Cu-Au soil anomaly, intermediate chargeability intermediate-high resistivity.

Piuquenes East will be drilled for the first time this field season, testing the continuity at depth of the banded quartz veinlets observed on the surface

Piuquenes -- property-wide upside potential

The incorporation of historical data into the company's geological models has validated a possible northeast trend to the Piuquenes system, with the potential for a cluster of deposits.

Outside of the Piuquenes Central and Piuquenes East targets, the recently expanded tenement package has not been subject to any systematic exploration. Property-wide field mapping at Piuquenes has commenced, seeking to identify and prepare new targets for drill testing.

Property-wide upside potential

SEDI insider filing -- on-market share purchase by president and chief executive officer

The company's president and CEO recently acquired 237,718 shares on-market, at a cost of $52,000.

Joseph van den Elsen, Pampa Metals president and CEO, commented: "With funding in place from our recent capital raising, we are now fully focused on driving significant shareholder value through discovery. We are surrounded by world-class deposits, in a hot bed of corporate and exploration activity, and this field season we will continue to aggressively advance the Piuquenes project through a comprehensive exploration program. This is a very exciting time for the company, having already validated the exceptionally high copper and gold grades at Piuquenes Central and recently expanding our tenure package."

We seek Safe Harbor.