PML.V · 2024-10-29 12:00:00

Panoro Minerals Extends and Expands Exploration Permit, Cotabambas Project, Peru

Permits & Approvals

Panoro Minerals Extends and Expands

Exploration Permit, Cotabambas Project, Peru

VANCOUVER, BC

Oct. 29, 2024

/CNW/ -

Panoro Minerals Ltd.

(TSXV: PML) (Lima: PML)

(Frankfurt: PZM) ("Panoro", the "Company") is pleased to announce the approval of the semi-

detailed Environmental Impact Assessment (EIAsd) for the Cotabambas Copper/Gold/Silver Project

in southern

Peru

. The approval of the EIAsd includes:

increased number of permitted drilling platforms to 299,

increased area under permit to 6,588 hectares, and

extension of drilling permit to the year 2030.

The number of permitted platforms has increased by 50%, the area under permit has increased by

114% and the lifespan of the permit has been extended by 6 years. The current extension and

expansion of the EIAsd represents the second time Panoro has successfully expanded the EIAsd

since the original EIAsd was approved in 2012.

The expansion and extension of the EIAsd will permit Panoro to carry out both infill and step-out

drilling at the North and South Pits as part of the company's plans to advance the project towards

feasibility level engineering and permitting. Furthermore, with the significant increase in the area

under permit, the Company can plan to drill the multiple exploration targets identified within its

mineral concessions.

A total of nineteen (19) targets have been identified at the Cotabambas Project. Two (2) of the

targets contain the 507.3 million tonne indicated resource plus the 496.0 million tonne inferred

resource, as described in the Company's

February 29, 2024

press release. Three (3) other targets

have had limited drilling completed, identifying the potential to expand the oxide and sulphide

resource as well as to add a high-grade skarn component. The remainder of the targets have been

identified through mapping, geochemical analyses and geophysics surveys. The Cotabambas Project

Mineral Resource Statement is summarized below.

"The successful approval of the EIAsd marks another important step in the advancement of the

Cotabambas Project. The 2024 resource expansion together with the project optimization studies

currently underway and the expanded permit demonstrate the Company's commitment to advancing

the Cotabambas Project. The approval of the EIAsd is a credit to Panoro's management team

based in

Lima, Peru

and at the project site, as they continue to demonstrate their ability to achieve

important permitting successes.", says Luquman Shaheen, President & CEO.

The approval of the EIAsd marks the final step of a process commenced in

November 2022

, during

which the Company successfully completed;

environmental baseline studies during the 2023 rainy season and dry season,

social economic baseline studies in mid 2023,

community workshops in late 2023 with the local communities, as well as in the area of social

influence of the project,

presentations to the Peru Ministry of Energy and Mines (MINEM) in early 2024, and

responses to MINEM observations to MINEM's satisfaction in

September 2024

Cotabambas Project Mineral Resource Statement

The Mineral Resources for the Cotabambas deposit are reported by copper equivalent cut-off grade

of 0.15 %CuEq within an optimized pit constraint. The effective date of the Mineral Resources is

November 2023

Contained Metals:

6.7 billion pounds Copper;

6.0 million ounces Gold;

79.8 million ounces Silver; and

53.7 million pounds Molybdenum.

Waste:Mineral ratio reduced

from 2:1 to 0.65:1 for the Base Case

Tables 1 and 2 present the mineral resources by domain for Indicated and Inferred mineral

resources, respectively.

Table 1: Mineral Resource in Indicated Category Classified by Mineralization Type

Zone

Cut-Off

Grade

% CuEq

Million

Tonnes

(%)

(g/t)

(%)

CuEq

(%)

(Mlb)

(Moz)

(Mlb)

Leach

0.15

17.0

0.19

0.22

1.80

0.0017

0.28

0.12

0.98

0.64

Oxide Cu*

0.15

24.7

0.31

0.22

2.26

0.0014

0.41

169

0.17

1.79

0.76

Oxide Cu-Au*

0.15

17.3

0.43

0.15

1.79

0.0015

0.50

164

0.08

1.00

0.57

Mixed

0.15

32.3

0.46

0.22

2.29

0.0014

0.58

330

0.23

2.38

1.00

Supergene

0.15

3.6

1.36

0.34

3.51

0.0015

1.53

109

0.04

0.41

0.12

Hypogene

0.15

412.5

0.32

0.20

2.48

0.0023

0.42

2,910

2.65

32.89

20.92

Total

0.15

507.3

0.33

0.20

2.42

0.0021

0.43

3,753

3.29

39.45

24.02

Note: Base case in bold. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. Summation errors may occur due to rounding. Open pit

mineral resources are reported within optimized constraining shell. Reported open pit cut-off grade is 0.15%CuEq. Breakeven open pit cut-off grade is 0.07% CuEq. Mineral

Resources have an effective date of November 20, 2023. The Qualified Person responsible for this resource statement is Paul Daigle, P.Geo. (APGO, 1592). . Copper

equivalent (

CuEq

) is calculated using the equations: Oxide: CuEq = Cu + 0.4126*Au + 0.0038*Ag + 0.000*Mo; Mixed: CuEq = Cu + 0.5819*Au + 0.0063*Ag + 0.0003*Mo;

Supergene: CuEq = Cu + 0.4498*Au + 0.0054*Ag + 0.0002*Mo; and Hypogene: CuEq = Cu + 0.4373*Au+0.0053*Ag+0.0002*Mo, based on the differentials of long range metal

prices net of selling costs and metallurgical recoveries for gold and copper and silver. Metal prices for the CuEq formulas are: US$ 4.25/lb Cu, US$ 1,850 /Oz Au; US$ 23.00 /Oz

Ag; and US$ 20.00 /lb Mo. Metal recoveries for the CuEq formulas are for Oxide: 0.0% Cu, 65% Au, 48% Ag, and 0.0% Mo; for Mixed: 60% Cu, 55% Au, 48% Ag, 40% Mo; for

Supergene: 87.5% Cu, 62% Au, 60.4% Ag, 40% Mo; and for Hypogene: 90% Cu, 62% Au, 60.4% Ag and 40% Mo. Capping of grades varied between 0.50 %Cu and 3.7%Cu, 0.33

g/t Au and 2.3 g/t Au, and between 0.029%Mo and 0.060%Mo; on 6m composites by domain. The density varies between 2.20 g/cm3 and 2.66 g/cm3. Mineralization would be

mined from open pit and treated using conventional flotation. Rounding in accordance with reporting guidelines may result in summation differences.

*Oxide Cu - amenable to

leaching; Oxide Cu-Au amenable to blending with sulphides (Au >0.25 g/t).

Table 2: Mineral Resource in Inferred Category Classified by Mineralization Type

Zone

Cut-Off Grade

% Cu

Million

Tonnes

(%)

(g/t)

(%)

CuEq

(%)

(Mlb)

(Moz)

(Mlb)

Leach

0.15

5.1

0.15

0.10

1.72

0.0016

0.19

0.02

0.28

0.18

Oxide Cu*

0.15

12.6

0.24

0.12

1.82

0.0015

0.30

0.05

0.74

0.42

Oxide Cu-Au*

0.15

8.7

0.37

0.10

1.59

0.0018

0.42

0.03

0.44

0.34

Mixed

0.15

7.1

0.18

0.15

4.57

0.0013

0.29

0.04

1.04

0.20

Supergene

0.15

1.90

0.82

0.46

3.95

0.0018

1.05

0.03

0.24

0.08

Hypogene

0.15

460.6

0.27

0.17

2.54

0.0028

0.36

2,742

2.52

37.61

28.43

Total

0.15

496.0

0.27

0.17

2.53

0.0027

0.36

2,961

2.69

40.86

29.49

Note: Base case in bold. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. Summation errors may occur due to rounding. Open pit

mineral resources are reported within optimized constraining shell. Reported open pit cut-off grade is 0.15%CuEq. Breakeven Open pit cut-off grade is 0.07% CuEq. Mineral

Resources have an effective date of November 20, 2023. The Qualified Person responsible for this resource statement is Paul Daigle, P.Geo. (APGO, 1592). Copper equivalent

(

CuEq

) is calculated using the equations: Oxide: CuEq = Cu + 0.4126*Au + 0.0038*Ag + 0.000*Mo; Mixed: CuEq = Cu + 0.5819*Au + 0.0063*Ag + 0.0003*Mo; Supergene: CuEq =

Cu + 0.4498*Au + 0.0054*Ag + 0.0002*Mo; and Hypogene: CuEq = Cu + 0.4373*Au+0.0053*Ag+0.0002*Mo, based on the differentials of long range metal prices net of selling

costs and metallurgical recoveries for gold and copper and silver. Metal prices for the CuEq formulas are: US$ 4.25/lb Cu, US$ 1,850 /Oz Au; US$ 23.00 /Oz Ag; and US$ 20.00

/lb Mo. Metal recoveries for the CuEq formulas are for Oxide: 0.0% Cu, 65% Au, 48% Ag, and 0.0% Mo; for Mixed: 60% Cu, 55% Au, 48% Ag, 40% Mo; for Supergene: 87.5% Cu,

62% Au, 60.4% Ag, 40% Mo; and for Hypogene: 90% Cu, 62% Au, 60.4% Ag and 40% Mo. Capping of grades varied between 0.50 %Cu and 3.7%Cu, 0.33 g/t Au and 2.3 g/t Au,

and between 0.029%Mo and 0.060%Mo; on 6m composites by domain. The density varies between 2.20 g/cm3 and 2.66 g/cm3. Mineralization would be mined from open pit and

treated using conventional flotation. Rounding in accordance with reporting guidelines may result in summation differences. *Oxide Cu - amenable to leaching; Oxide Cu-Au

amenable to blending with sulphides (Au >0.25 g/t).

About Panoro

Panoro remains focussed on completing its technical objectives including project optimization studies

which will feed into an updated PEA and help define the scope for the prefeasibility study.

From the sale of the Antilla Project in 2021, Panoro is planning to receive payment #3 in 2025. In

addition, the Company will receive a contingent payment based on the estimated NPV of the Antilla

Project at a later date. The proceeds from these payments will be invested into the advancement of

the Cotabambas Project to feasibility level and permitting.

Corporately, in parallel with the advancement of the technical objectives, Panoro is engaged in early-

stage discussions of potential strategic alternatives with several parties to advance the Cotabambas

Project into construction and operation.

CAUTION 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:

Panoro delineating growth potential at the Cotabambas Project, while optimizing project

economics.

mineral resource estimates and assumptions; and

the PEAs, including, but not limited to, base case parameters and assumptions, forecasts of net

present value, internal rate of return and payback.

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 metal price fluctuations

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.

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.

SOURCE

Panoro Minerals Ltd.

View original content to download multimedia:

http://www.newswire.ca/en/releases/archive/October2024/29/c5792.html

%SEDAR: 00019503E

For further information:

FOR FURTHER INFORMATION, CONTACT: Panoro Minerals Ltd.,

Luquman Shaheen, President & CEO, Email: [email protected], Web: www.panoro.com

CO: Panoro Minerals Ltd.

CNW 19:00e 29-OCT-24

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