Mr. Luquman Shaheen reports

PANORO MINERALS LTD. ANNOUNCES RECEIPT OF US$5.2 MILLION

Panoro Minerals Ltd., further to its news release dated Jan. 20, 2026, has received the third payment of $5.2-million (U.S.) ($7.0-million (Canadian)) in accordance with the share purchase agreement (SPA) dated as of Oct. 21, 2021, as subsequently amended.

"The $7.0-million (Canadian) cash received will provide additional capital to the recently completed $21.0-million (Canadian) LIFE offering to fund the expanded drilling, exploration, permitting and engineering programs at the Cotabambas project. The expanded drilling program of 45,000 metres includes stepout, infill and new targets over the company's 165 square kilometres of property at Cotabambas, in line with our focus on growing, upgrading and advancing to development of the higher-grade zones of the existing mineral resource. The company is also advancing multiple geophysics, permitting and engineering programs directed towards the growth and advancement to development of the higher-grade zones," states Luquman Shaheen, president and chief executive officer.

Pursuant to the terms of the SPA, the company is entitled to further contingent payments of $7.6-million (U.S.) ($10.0-million (Canadian)) if a prefeasibility or feasibility study estimates the net present value at a discount rate of 8 per cent (NPV8) to be above $310-million (U.S.); or up to $37.8-million (U.S.) ($50.0-million (Canadian)) if the study estimates the NPV8 to be above $360-million (U.S.). The contingent payment is to be paid in cash on a semi-annual basis after the commencement of commercial production from available cash.

Additionally, further to the company's news release dated Jan. 20, 2026, pursuant to the option agreement dated March 4, 2024, as amended, the company and TABB Partners LLC are proceeding with the registration of TABB's option exercise of 50 per cent of the company's outstanding 2-per-cent net smelter return (NSR) royalty interest on mineral production with the Peruvian public registry. Once the registration of TABB's option exercise is complete, TABB will pay $2.0-million (U.S.) ($2.8-million (Canadian)) to the company. The registration is expected to be completed by the end of July. TABB retains the sole and exclusive right to acquire the remaining interest in the 2-per-cent NSR (that is, the remaining 1 per cent of the 2-per-cent NSR) on or before Jan. 19, 2027.

About Panoro Minerals Ltd.

Panoro is a Canadian mineral exploration and development company focused on advancing its 100-per-cent-owned Cotabambas copper, gold and silver project, located in the Apurimac region in southern Peru. The Cotabambas project hosts:

• Indicated mineral resources of 507.3 million tonnes grading 0.33 per cent copper, 0.20 gram per tonne (g/t) gold, 2.42 g/t silver and 0.0021 per cent molybdenum;
• Inferred mineral resources of 496.0 million tonnes grading 0.27 per cent copper, 0.17 g/t gold, 2.53 g/t silver and 0.0027 per cent molybdenum.

Within this resource is a higher-grade component comprising:

• Indicated mineral resource totals of 129.0 million tonnes grading 0.70 per cent Cu, 0.44 g/t Au and 4.12 g/t Ag, containing approximately 2.0 billion pounds of copper, 1.8 million ounces of gold and 17.1 million ounces of silver;
• Inferred resources of an estimated 93.1 million tonnes grading 0.59 per cent Cu, 0.41 g/t Au and 5.31 g/t Ag, containing approximately 1.2 billion pounds of copper, 1.2 million ounces of gold and 15.9 million ounces of silver.

The company is targeting expansion of its higher-grade resources with its current drill program.

Additional information regarding the Cotabambas project can be found in the technical report dated Feb. 26, 2024 (effective date Nov. 20, 2023), titled "Technical Report on the Cotabambas Copper Gold Project, Panoro Minerals Limited, Apurimac, Peru," and prepared by Paul Daigle, PGeo, Oscar Retto, MinEng, and Neil Lincoln, PEng, of AGP Mining Consultants Inc., which is available on SEDAR+.

Qualified person

The scientific and technical information in this news release has been reviewed and approved by Luis Vela, PGeo, vice-president, exploration, a qualified person under National Instrument 43-101.

We seek Safe Harbor.