Mr. Joseph van den Elsen reports

PAMPA METALS UPSIZES LIFE OFFERING TO $6M

Pampa Metals Corp. has upsized its previously announced non-brokered private placement offering to 37.5 million shares at a price of 16 cents per share for gross proceeds of $6-million.

The offering has been upsized to partially fill demand from specialist resource funds and is being made pursuant to the listed issuer financing exemption under Part 5A of National Instrument 45-106 (Prospectus Exemptions) in each of the provinces of Canada except Quebec. The shares offered will not be subject to a Canadian hold period.

An amended and restated offering document related to the LIFE offering will be made available under the company's profile on SEDAR+. The amended offering document will also be made available on the issuer's website. Prospective investors of the shares should read the amended offering document before making an investment decision.

Subject to completion of the previously announced acquisition of Rugby Resources Ltd. (refer to news release dated April 22, 2025), the company intends to use the net proceeds of the offering to finance exploration drilling at the Cobrasco copper porphyry discovery in Colombia, preparatory work for the coming field season at the Piuquenes copper-gold discovery in Argentina, and working capital and general corporate purposes, as more specifically described in the amended offering document.

Completion of the acquisition of Rugby is expected to occur shortly after the special meeting of Rugby shareholders to be held on July 16, 2025, to approve the plan of arrangement for its acquisition by Pampa Metals.

Financial adviser to the LIFE offering

Canaccord Genuity Corp. has been appointed as financial adviser to the company in connection with the LIFE offering and will receive an advisory fee equal to 1 per cent of the total gross proceeds raised pursuant to the LIFE offering.

In connection with the LIFE offering, the company may pay finders' fees of up to 5 per cent in cash and 5 per cent in finder warrants.

Finder warrants will have an exercise price of 30 cents and a two-year term.

The offering is not subject to closing of the acquisition of Rugby and remains subject to certain conditions customary for transactions of this nature, including, but not limited to, compliance with Canadian Securities Exchange policies. It is anticipated that the upsized offering will close on or before July 22, 2025.

About Pampa Metals Corp.

Pampa Metals is a copper-gold exploration company listed on the Canadian Securities Exchange, the Frankfurt Stock Exchange and the OTC exchange. 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. In April of 2025, the company announced an agreement to acquire 100 per cent of Rugby and, on closing, will hold an 80-per-cent interest in the Cobrasco project, located in Colombia.

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