Mr. Luquman Shaheen reports

PANORO SIGNS LONG-TERM ACCESS AGREEMENT FOR COTABAMBAS PROJECT

Panoro Minerals Ltd. has signed a five-year agreement (convenio) with the community of Cochapata at the company's Cotabambas copper/gold/silver project in Peru.

"The signing of this agreement with the community of Cochapata is another important milestone for the Cotabambas project. It allows the next phase of infill and stepout drilling to commence at the north pit, and it also demonstrates the high degree of alignment between the community and Panoro towards the development of the Cotabambas project into Peru's next important mine. This agreement is the third agreement signed with the community during Panoro's exploration and one of various agreements completed in 2026 with local communities, the municipality and private landowners," states Luquman Shaheen, president and chief executive officer.

The convenio grants Panoro surface access rights across the full extent of the community's lands for the next five years. The proposed north pit is located primarily within the boundaries of the Cochapata community. The company will complete stepout and infill drilling to expand and upgrade the high-grade component of the mineral resource, where 150 million tonnes of the current 222 million tonnes are constrained by the north pit shell. The company has previously completed the agreements for the continuing drilling program at the south pit.

Panoro is planning approximately 10,000 metres (m) of drilling at the north pit to expand and further define the high-grade portion of the mineral resource, including upgrading of the resource to the indicated category, in preparation for prefeasibility and feasibility studies. Following the drilling program an update of the mineral resource estimate will be completed in early 2027. The company plans to complete a preliminary economic assessment by mid-2027 and a prefeasibility study by the end of 2027.

The convenio includes investment commitments by Panoro into education, local employment, infrastructure and support for seniors. In addition, the convenio provides for the acquisition of land near the city of Cusco, approximately 120 kilometres (km) from Cochapata and in proximity to the parcel of land acquired for the community in 2018.

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 company is advancing its high-grade strategy to design an open-pit mine focused on the high-grade component of the mineral resource, allowing for a capital-efficient and economically strong project development plan. The Cotabambas project hosts:

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

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;
• Inferred mineral 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.

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

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.

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