PML.V · 2026-03-16 12:00:00

Panoro Minerals Defines High-Grade Strategy for Cotabambas Project 15,000 m of drilling planned to expand and upgrade high-grade resources Follow-up on past drilling which intersected 117.70 m of 2.5% CuEq and 107.1 m of 2.0% CuEq

Drill Results

Panoro Minerals Defines High-Grade Strategy

for Cotabambas Project

15,000 m of drilling planned to expand and upgrade high-grade resources

Follow-up on past drilling which intersected 117.70 m of 2.5% CuEq and 107.1 m of 2.0% CuEq

Current high-grade resources stand at 129 Mt grading 1.29% CuEq indicated and 93 Mt grading

1.17% CuEq

inferred

Vancouver, British Columbia--(Newsfile Corp. - March 16, 2026) - Panoro Minerals Ltd.

(TSXV: PML)

(BVL: PML) (FSE: PZM) (OTCQB: POROF)

("Panoro" or the "Company") is pleased to announce its

High-Grade Strategy for the development of its Cotabambas Copper, Gold, Silver Project in Peru.

The

High-Grade Strategy will define an open pit mine and processing plan targeting a capital efficient, short

payback project minimizing the project footprint to streamline project permitting while preserving project

growth optionality for the future.

The 2026 exploration program, which includes 15,000 m of drilling, is designed to:

GROW the high-grade component of the project resource;

UPGRADE the high-grade to Indicated category; and

TEST two of the clustered skarn and porphyry targets, demonstrating high-grade potential.

The Company's President & CEO, Luquman Shaheen, states, "

The high-grade component of the

Cotabambas Project presents a unique opportunity for Panoro Minerals to design a capital efficient

project which is developable by the Company. The 1.2% CuEq

high-grade component, 0.65:1 strip

ratio, and simple metallurgy together with ample, and growing, regional infrastructure in the mining

friendly nation of Peru position the Cotabambas Project to become the next milestone project in the

southern Peru copper cluster."

The current high-grade component of the project resource includes:

129.0 million tonnes @ 0.70% Cu, 0.44 g/t Au, 4.12 g/t Ag (1.29% CuEq

) Indicated category.

93.1 million tonnes @ 0.59% Cu, 0.41 g/t Au, 5.31 g/t Ag (1.17% CuEq

) Inferred category.

The proposed 15,000 m drill program will be allocated as follows:

1. Infill Drilling

5,000 m of infill drilling at the North Pit to upgrade additional high-grade resources to the Indicated

category where the following intersections were identified in previous drilling and the drillhole locations

shown on

the high-grade intercepts map on the Company's website

Drillhole

From

(m)

Intersection

(m)

(%)

(g/t)

CuEq

(%)

CB-205

43.7

122.9

79.2

0.65

0.44

5.19

1.3%

CB-206

3.8

345.4

341.7

0.56

0.40

2.75

1.1%

CB-207

117.4

207.1

89.7

0.56

0.51

4.06

1.3%

CB-212

74.0

0.78

0.33

2.80

1.3%

CB-213

8.2

163.6

155.4

0.62

0.34

4.43

1.2%

202.3

309.4

107.1

0.87

0.77

4.24

2.0%

CB-214

91.4

209.1

117.7

1.21

0.82

11.36

2.5%

231.6

245.6

14.0

0.48

0.96

20.20

2.2%

CB-216

49.5

125.4

75.9

0.80

0.13

2.48

1.0%

CB-212a

198.6

0.83

0.74

3.80

1.9%

CB-217

21.6

55.6

34.0

0.86

0.10

1.19

1.0%

CB-224

3.0

319.9

316.9

0.72

0.50

4.01

1.5%

2. Step-Out Drilling

5,000 m of step-out drilling at the South Pit, targeting the growth of the high-grade resource to the south

where the following intersections were identified in previous drilling and the drillhole locations shown on

the high-grade intercepts map on the Company's website

Drillhole

From

(m)

Intersection

(m)

(%)

(g/t)

CuEq

(%)

CB-195

35.0

230.8

195.8

0.55

0.52

2.88

1.3%

CB-196

194.2

214.7

20.5

0.65

0.73

3.91

1.7%

257.7

280.8

23.2

0.60

0.49

3.41

1.3%

CB-198

123.0

382.9

260.0

0.43

0.61

2.72

1.3%

CB-202

287.6

340.4

52.8

0.48

0.44

3.50

1.1%

CB-204

332.8

427.8

95.0

0.44

0.45

3.13

1.1%

CB-208

350.0

416.5

66.5

0.44

0.54

3.68

1.2%

CB-215

397.5

511.5

114.0

0.44

0.60

2.62

1.3%

3. Exploration Drilling

5,000 m of exploration drilling at the Tamburo and Chaupec targets, where high-grade porphyry and

skarn mineralization has been delineated with surface geochemistry, geophysical surveys, and limited

previous drilling.

About Panoro

Panoro is a Canadian mineral exploration company focused on exploring large-potential copper/gold

projects in Peru, which presents excellent geological potential and favorable political and economic

conditions. The Company holds a large portfolio of properties that includes 10 properties in the

Andahuaylas-Yauri province in Southern Peru, including its flagship Cotabambas Project.

The

current 1.0 billion tonne mineral resource estimate at Cotabambas comprises both Indicated and

Inferred categories and contains 12.5 billion pounds Copper Equivalent (CuEq

) or 15.1 million ounces

Gold Equivalent (AuEq

), comprising

507.3 million tonnes at 0.34% Cu, 0.20 g/t Au, 2.42 g/t Ag,

Indicated

and 496.0 million tonnes @ 0.27% Cu, 0.17 g/t Au, 2.53 g/t Ag,

Inferred

Within this resource is a

high-grade component

comprising

Indicated

Mineral Resource totals of

129.0 million tonnes grading 1.29% CuEq

, or 1.07 g/t AuEq

, containing approximately 2.0 billion

pounds of copper, 1.8 million ounces of gold, and 17.1 million ounces of silver. Copper represents

approximately 54% of the contained metal value, followed by gold at 41% and silver at 5%.

In addition, the

high-grade component

of the

Inferred

Mineral Resource is estimated at 93.1 million

tonnes grading 1.17% CuEq

, or 0.97 g/t AuEq

, containing approximately 1.2 billion pounds of copper,

1.2 million ounces of gold, and 15.9 million ounces of silver. Within the Inferred category, copper

accounts for approximately 51% of the contained metal value, gold 42%, and silver 7%.

Qualified Person

The scientific and technical information in this news release has been reviewed and approved by Luis

Vela, P.Geo., Vice President, Exploration, a "Qualified Person" under NI 43-101.

ON BEHALF OF PANORO MINERALS LTD.

Luquman Shaheen

President & CEO

For Further Information, Please Contact:

Luquman Shaheen, President & CEO

Email:

[email protected]

Tel: 604-684-4246

Web:

www.panoro.com

Note:

CuEq grades are estimated at spot copper, gold and silver prices on September 26, 2025.

Note:

CuEq grades in the tables and second bullet below the headline, only, are estimated at spot prices as of March 11, 2026: Cu = US$5.76/lb,

Au = US$5156/oz, Ag = US$85.19/oz.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the

policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this

release.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

Information and statements contained in this news release that are not historical facts are "forward-

looking information" within the meaning of applicable Canadian securities legislation and involve

risks and uncertainties.

Examples of forward-looking information and statements contained in this

news release include information and statements with respect to: the intended use of proceeds of the

Transactions, regulatory approval of the Transactions, mineral resource estimates and assumptions,

completing its technical objectives, including a preliminary economic assessment technical report

and the Company's plans and expectations for the Cotabambas Project.

Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or

projections set out in forward-looking information. In some instances, material assumptions and

factors are presented or discussed in this news release in connection with the statements or disclosure

containing the forward-looking information and statements. You are cautioned that the following list of

material factors and assumptions is not exhaustive. The factors and assumptions include, but are not

limited to, assumptions concerning: metal prices and by-product credits; cut-off grades; short and long

term power prices; processing recovery rates; mine plans and production scheduling; process and

infrastructure design and implementation; accuracy of the estimation of operating and capital costs;

applicable tax and royalty rates; open-pit design; accuracy of mineral reserve and resource estimates

and reserve and resource modeling; reliability of sampling and assay data; representativeness of

mineralization; accuracy of metallurgical test work; and amenability of upgrading and blending

mineralization.

Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and

other factors which could cause actual events or results to differ materially from those expressed or

implied by the forward-looking statements, including, without limitation: risks relating to the Company

raising less than the anticipated amount of gross proceeds of the Transactions; risks that the

Company does not use the proceeds from the Transactions as currently expected; risks relating to not

receiving regulatory approval of the Transactions; risks relating to metal price fluctuation; risks

relating to estimates of mineral resources, production, capital and operating costs, decommissioning,

or reclamation expenses, proving to be inaccurate; the inherent operational risks associated with

mining and mineral exploration, development, mine construction and operating activities, many of

which are beyond Panoro's control; risks relating to Panoro's or its partners' ability to enforce legal

rights under permits or licenses or risk that Panoro or its partners will become subject to litigation or

arbitration that has an adverse outcome; risks relating to Panoro's or its partners' projects being in

Peru, including political, economic, and regulatory instability; risks relating to the uncertainty of

applications to obtain, extend or renew licenses and permits; risks relating to potential challenges to

Panoro's or its partners' right to explore or develop projects; risks relating to mineral resource

estimates being based on interpretations and assumptions which may result in less mineral

production under actual circumstances; risks relating to Panoro's or its partners' operations being

subject to environmental and remediation requirements, which may increase the cost of doing

business and restrict operations; risks relating to being adversely affected by environmental, safety

and regulatory risks, including increased regulatory burdens or delays and changes of law; risks

relating to inadequate insurance or inability to obtain insurance; risks relating to the fact that Panoro's

and its partners' properties are not yet in commercial production; risks relating to fluctuations in

foreign currency exchange rates, interest rates and tax rates; risks relating to Panoro's ability to raise

funding to continue its exploration, development, and mining activities; and counterparty risk under

Panoro's agreements.

This list is not exhaustive of the factors that may affect the forward-looking information and statements

contained in this news release. Should one or more of these risks and uncertainties materialize, or

should underlying assumptions prove incorrect, actual results may vary materially from those

described in the forward-looking information. The forward-looking information contained in this news

release is based on beliefs, expectations, and opinions as of the date of this news release. For the

reasons set forth above, readers are cautioned not to place undue reliance on forward-looking

information. Panoro does not undertake to update any forward-looking information and statements

included herein, except in accordance with applicable securities laws. Please refer to the Company's

most recent filings under its profile at

www.sedarplus.ca

for further information respecting the risks

affecting the Company and its business.

To view the source version of this press release, please visit

https://www.newsfilecorp.com/release/288572

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