PML.V · 2024-01-15 12:00:00

Panoro Minerals Grows Resource, Adds High Grade, Reduces Waste:Ore Ratio and Increases Precious Metals at the Cotabambas Copper Project, Peru

Resource Estimates

Panoro Minerals Grows Resource, Adds High

Grade, Reduces Waste:Ore Ratio and

Increases Precious Metals at the Cotabambas

Copper Project, Peru

VANCOUVER, BC

Jan. 15

, 2024

/CNW/ -

Panoro Minerals Ltd.

(TSXV: PML) (Lima: PML)

(Frankfurt: PZM) ("Panoro", the "Company") Panoro is pleased to announce that it has received the

mineral resource estimate for its 100% owned Cotabambas porphyry copper-gold-silver Project

located in southern

Peru

from AGP Mining Consultants, based in

Toronto

, Canada. The updated

mineral resources at a 0.15%CuEq cut-off grade include:

An Indicated mineral resource of 507.3 million tonnes at 0.34%Cu, 0.20 g/t Au, 2.42 g/t Ag and

0.0021%Mo, and 0.43%CuEq grade.

An Inferred mineral resource of 496.0 million tonnes at 0.27% Cu, 0.17 g/t Au, 2.53 g/t Ag and

0.0027%Mo, and 0.36%CuEq grade.

A higher grade component within the optimized pit constraint, demonstrating the potential for a

high grade starter pit for the project start up.

Highlights

A Higher Grade Component of Indicated resource delineated:

129.0 million tonnes at 0.70% Cu, 0.44 g/t Au, 4.12 g/t Ag and 0.0014%Mo, and 0.91%

CuEq grade, at a cut-off of 0.5% CuEq;

The higher grade component is present within the optimized pit constraint. Tables 5

and 6 show the Mineral Resources at a 0.5% CuEq cut-off grade.

Indicated mineral resources has increased by 333%

Increased from 117.1 million tonnes to 507.4 million tonnes; and

constitutes 51% of total resources

Inferred mineral resources has reduced by 18%

Decreased from 605.3 million tonnes to 496.0 million tonnes; and

constitutes 49% of total resources

Contained Metals have increased:

6.7 billion pounds Copper, 29% increase;

6.0 million ounces Gold, 43% increase;

79.8 million ounces Silver, 43% increase; and

53.7 million pounds Molybdenum, 85% increase

Waste:Mineral ratio reduced

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

Resource remains open to northeast and southwest and at depth

Multiple new exploration targets identified into the Cotabambas property.

Strong Community relations demonstrated over more than a decade.

Current environmental permit allows an additional 450 drilling platforms.

Luquman Shaheen, President & CEO, states, "The Cotabambas Project resource has achieved

many important milestones. The South Pit now has the potential to be a high grade starter pit for

the project. The high grade component of the resource, at 0.91% Cueq, is included in the South Pit.

Most of the added high grade at the South Pit is located outside the open pit modelled in the 2015

PEA. An updated PEA will incorporate the additional high grade resource into the mine plan. The

updated PEA will also incorporate a number of the already completed trade-off studies and serve as

a snap-shot of the prefeasibility study. The high grade in the South Pit is open to the southwest and

to the northeast in the area between the North and South Pit. The potential to further expand the

high grade along strike and at depth looks very promising. In addition, the South Pit resource has a

higher component of precious metals, both Gold and Silver. The Gold resource of 6.0 million ounces

is already significant. A significant reduction in the waste:ore ratio will also have a meaningful impact

on the project economics. Now with over 500 million tonnes at indicated category, the project is

ready for the prefeasibility study to incorporate the new resource and completed trade-off studies

which will first be incorporated into an update on the Preliminary Economic Assessment. The

Cotabambas Project has more total, indicated and high-grade resource, lower waste:ore ratio and

expanded exploration potential for high grade. The precious metals' grades have the potential to

grow with added resource from the South Pit potential. The current achievements in the project

resources, together with planned improvements to the metallurgical recoveries, infrastructure and

increased commodity prices have the potential to significantly enhance the projects economics. We

look forward to continuing to advance the Cotabambas Project."

Mineral Resource Estimate

AGP Mining Consulting discloses a new resource estimate for the Cotabambas copper and gold

deposit, prepared in accordance with the CIM Best Practices and disclosed in accordance with NI

43-101. The mineral resource estimate utilized all drill and assay results available to

June 23, 2023

including 73,938 meters of drilling by Panoro distributed in 148 drillholes and 9,923 meters of drilling

from legacy campaigns distributed in 27 drillholes. The mineral resource estimate includes hypogene

and supergene sulphides and mixed/oxide copper-gold and oxide gold mineralization contained within

a single conceptual pit shell that has been modelled to include that portion of the mineral resource

block model having a reasonable prospect for economic extraction.

The wireframes for the Cotabambas deposit were developed based on mineralization to constrain

the interpreted mineralized domains. Latite dikes were clipped from the principal mineralized

domains and separated into latite oxide and latite sulfide domains.

The mineral resource estimate in the Indicated and Inferred Categories are summarized in Tables 1

and 2 below. See links to following Figures for illustration:

Plan 1 - North Pit, South Pit and Expansion Targets' Plan

Section 1a - North Pit Lithology

Section

- North Pit Block Model

Section 2a - South Pit Lithology

Section

- South Pit Block Model

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

The principal metals grades were estimated by the ordinary kriging interpolation method on capped

composite copper, gold, silver and molybdenum grades. No recoveries have been applied to the

interpolated in-situ estimated grades.

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

resources, respectively, within the optimized pit constraint.

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).

Grade Sensitivity

The Mineral Resources of the Project are also reported to demonstrate the sensitivity to various

copper equivalent cut-off grades within the optimized pit constraint. The domains have not been

separated and the following is for comparison only.

The mineral resources estimation was constrained by a Break-even pit with a cut-off grade of

0.07%CuEq with a stripping ratio (waste: resources) of 1.02:1; however, the Base Case open pit is

reported at a cut-off grade of 0.15%CuEq with a stripping ratio (waste: resources) of 0.65:1. This

represents a significant improvement compared with the previous resources estimation where the

stripping ratio was 2:1 (waste: resources).

Tables 3 and 4 present the mineral resources within the optimized pit constraint for Indicated and

Inferred Mineral Resources, respectively.

Table 3: Sensitivity of Indicated Mineral Resource to Cut-off Grade

Cut-Off Grade

% Cu

Million

Tonnes

(%)

(g/t)

(%)

CuEq

(%)

(Mlb)

(Moz)

(Mlb)

0.07

648.3

0.28

0.16

2.18

0.0021

0.36

4,023

3.39

45.37

29.42

0.10

579.5

0.30

0.18

2.29

0.0022

0.39

3,882

3.41

42.62

27.47

0.15

507.3

0.34

0.20

2.42

0.0021

0.43

3,753

3.29

39.45

24.02

0.20

417.7

0.38

0.23

2.61

0.0020

0.49

3,468

3.09

35.00

18.13

0.30

254.0

0.49

0.32

3.14

0.0017

0.65

2,745

2.60

25.62

9.50

0.40

166.9

0.61

0.39

3.72

0.0014

0.81

2,250

2.10

19.97

5.15

0.50

129.0

0.70

0.44

4.12

0.0014

0.91

1,985

1.83

17.09

3.96

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.

The previous mineral resources (Tetra Tech, 2014) contained 46.3 Million tonnes averaging

0.70%Cu, 0.38 Au g/t, 3.82 Ag g/t and 0.0002%Mo at 0.50%CuEq cut-off. At similar grades, the

new resource demonstrates a 296% increase in high-grade resource, including higher gold and silver

grades, reflecting the high precious metals content in the South pit.

Table 4: Sensitivity of Inferred Mineral Resource to Cut-off Grade

Cut-Off Grade

% Cu

Million

Tonnes

(%)

(g/t)

(%)

CuEq

(%)

(Mlb)

(Moz)

(Mlb)

0.07

1,101.2

0.16

0.10

1.87

0.0023

0.22

3,841

3.45

66.10

55.87

0.10

760.4

0.21

0.13

2.13

0.0026

0.28

3,492

3.12

52.15

43.54

0.15

496.0

0.27

0.17

2.53

0.0027

0.36

2,961

2.69

40.35

29.65

0.20

362.9

0.32

0.21

2.86

0.0028

0.42

2,569

2.40

33.33

22.47

0.30

202.1

0.42

0.28

3.68

0.0029

0.56

1,869

1.82

23.88

12.86

0.40

118.1

0.54

0.37

4.73

0.0026

0.72

1,403

1.39

17.95

6.83

0.50

93.1

0.59

0.41

5.31

0.0025

0.80

1,217

1.23

15.90

5.23

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.

Higher Grade Component of Mineral Resources

The new Mineral Resource Estimate demonstrates the presence of an increase in the higher grade

component mineralization within the base case conceptual pit shell. Tables 5 and 6 show the Mineral

Resources at a 0.5 %CuEq cut-off grade classified by mineralization type.

Table 5: Indicated Mineral Resources at a 0.5 %CuEq Cut-off Grade by Mineralization Domain

within optimized pit constraint

Zone

Cut-Off

Grade

% CuEq

Million

Tonnes

(%)

(g/t)

(%)

CuEq

(%)

(Mlb)

(Moz)

(Mlb)

Leach

0.5

1.4

0.48

0.33

2.50

0.0014

0.62

0.02

0.11

0.04

Oxide Cu

0.5

6.1

0.62

0.32

3.36

0.0012

0.77

0.06

0.65

0.16

Oxide Cu-Au

0.5

6.4

0.66

0.15

1.80

0.0015

0.74

0.03

0.37

0.21

Mixed

0.5

16.8

0.66

0.30

2.79

0.0014

0.82

245

0.16

1.51

0.50

Supergene

0.5

3.6

1.36

0.34

3.51

0.0015

1.53

109

0.04

0.41

0.12

Hypogene

0.5

94.7

0.69

0.50

4.61

0.0014

0.93

1,440

1.52

14.03

2.92

Total

0.5

129.0

0.70

0.44

4.12

0.0014

0.91

1,985

1.83

17.09

3.96

Note: Summation errors may occur due to rounding. Higher Grade Mineral Resources are included within

the Indicated Mineral Resources listed in Table 2

Table 6: Inferred Mineral Resources at a 0.5 %CuEq Cut-off Grade by Mineralization Domain

within optimized pit constraint

Zone

Cut-Off

Grade

% CuEq

Million

Tonnes

(%)

(g/t)

(%)

CuEq

(%)

(Mlb)

(Moz)

(Mlb)

Leach

0.5

0.06

0.44

0.30

2.58

0.0015

0.58

0.001

0.01

0.002

0.5

1.0

0.53

0.15

2.24

0.0016

0.60

0.005

0.07

0.04

Oxide Cu-Au

0.5

1.8

0.57

0.10

1.53

0.0018

0.61

0.01

0.09

0.07

Mixed

0.5

0.4

0.44

0.25

2.77

0.0011

0.57

0.003

0.04

0.01

Supergene

0.5

1.9

0.82

0.46

3.97

0.0018

1.05

0.03

0.24

0.08

Hypogene

0.5

87.8

0.59

0.42

5.47

0.0026

0.80

1,143

1.19

15.45

5.04

Total

0.5

93.1

0.59

0.41

5.31

0.0025

0.80

1,217

1.23

15.90

5.23

Note: Summation errors may occur due to rounding. Higher Grade Mineral Resources are included

within the Inferred Mineral Resources listed in Table 4.

Reasonable Prospects for Eventual Economic Extraction

In order to satisfy reasonable prospects for eventual economic extraction, the Mineral Resources

are reported within a constraining shell. The block model was imported into Datamine NPV

Scheduler software where AGP generated the optimized pit constraint. Table 7 summarizes the

parameters that were applied to develop the optimized pit constraint.

Table 7: Optimized Pit Parameters for the Cotabambas Deposit

Parameters

Units

Oxide, Leach

Domain

Mix

Domain

Supergene

Domain

Hypogene

Domains

Metal Prices

Copper

$US/lb

4.25

Gold

$US/oz

1850

Silver

$US/oz

Molybdenum

$US/lb

Metal Recoveries

Copper

87.5

Gold

Silver

60.4

Molybdenum

Other Costs

Mining Cost

$US/t

2.00

Processing Cost

$US/t

4.79

G&A Cost

$US/t

0.41

Pit Slope

Overall Slope Angle

degrees

Dilution

Mine Dilution

Ore Loss

Exploration at the Cotabambas Project

The property hosts a number of Copper-Gold porphyry/skarn type deposits aligned into 3 structural

corridors crossing the property in the Southwest-Northeast direction as shown on Plan 2. The most

studied corridor is located to the east part of the property. Along strike from the South pit to the

North pit and including the Maria Jose targets, over 6 km of mineralization have been identified and

drilled with the first two targets hosting the mineral resources.

The drilling results of 2022-2023 have delineated the existence of two individualized Cu-Au

Porphyries into the mineral resources area. The porphyry stock in the North Pit is emplaced from

depth to surface from east to west, developing in the cupula a quartz stockwork with Potassic

alteration hosting >1.0 %CuEq which extends to

800 m

depth along plunge, with

250m

width and

along

700m

strike following the structural control in the Northeast direction. In the South pit, the

porphyry demonstrates a feeder shape hosting a body of 0.80 %CuEq sizing some

600m

at depth

and

150m

width and striking

400m

along the structural corridor, where the stock is hope open to the

east and at depth.

The average copper:gold ratio, in terms of contained metal value, in the South Pit is 1:1

demonstrating a higher gold content than in the North Pit, where the average ratio is 2.7:1. The

silver:gold ratio in the South pit is 6:1 while in the North pit it is 14:1.

Exploration Potential

The Cotabambas Project has a number of areas with significant exploration potential:

Local scale

. The stated Mineral Resources at 0.15% CuEq cut-off are a pit-constrained subset

of the mineralization block model, where substantial mineralization with higher grades targets

extends in different directions.

See Plan

NE pit target

the high grades at the North Pit (>1.0 %CuEq) make up a corridor of

250m

width by

800m

length in the northeast direction, which is displaced by an east-west fault.

To the north of this fault the area is covered by colluvium representing a promising potential

for future drilling and its 2km continuity may connect with the Maria Jose target.

SW pit target

the high grades into the South pit (>1.0 %CuEq) make up a structural

corridor of

150m

width by

350m

length, elongated in southwest direction and open for

additional drilling. The geology at surface is composed of a mix of quartz monzonite and

latite dikes in the same direction, outcropping along 1.5km.

Intermedium Zone target

located in the area between the North and South pits at the

convergence of two main faulting systems in North-South and East-West direction. This

structural complexity displaces the mineralization down to the north side and indicates a

favorable direction to continue drilling the high-grade body.

Ccalla East target

: this is another porphyry located between

150m

450m

next to the

East side of the mineral resources of the North pit, intersected by some drillholes hide

some

150m

below the diorite host rock outcroppings. The hole CB-68 intersected

194m

hypogene sulfides averaging 0.60%Cu, 0.24 Au g/t and 4.10 Ag g/t. The mineral of this

target remains outside of the limits of the new mineral resources pit shell and may

represent a split of the Intermedium zone target.

NW pit target:

located between

400m

to 1.5km to the Northwest of the North Pit, grouping

the areas of Petra/David drilled in 2017-2018 and the Guaclle Skarn drilled in 2023,

accumulating

2,760m

of drilling in this target. In Petra-David there are a swarm of quartz-

monzonite porphyry dikes with drill intersections up to

79m

of copper oxides averaging

0.32%Cu, 0.08 Au g/t, and in Guaclle Skarn two holes intersecting hypogene sulfides of

28m

length grading 1.50%Cu, 5,79 Ag g/t and

70m

length averaging 0.47%Cu, 2.46 Ag g/t.

Deep Continuity

: under the conceptual pit shell constraining the new mineral resources the

high grade blocks continue open at depth, following the contact between the porphyry stock

and the diorite host rock, but mainly inside the porphyry domain; representing attractive

potential to grow the current resources with additional drilling.

istrict scale

. All the targets described in the "Local Scale" make up a cluster of 3km width by

6 km length, where two other targets are incorporated to the north, Buenavista and the Maria

Jose Targets

(

see Plan 1

)

. The mineralization in both targets were identified at surface with

mapping and sampling. At Maria Jose geophysics and

5,119m

of drilling in 2017-2018 identified

intersections in hypogene sulfides of

195m

averaging 0.34%Cu, 0.06 Au g/t, 1.60 Ag g/t and

128m

grading 0.41%Cu, 0.06 Au g/t, 2.0 Ag g/t, both related with porphyry feeders. Also

identified were a swarm of porphyry dikes generating 5 mineral bodies varying from 11 to

19m

width and grading between 0.41%Cu to 1.03%Cu. The Maria Jose target is located 1.5km to

the North-Northeast side of the mineral resources pit shell and is conform by two mineralized

porphyry feeders and a swarm of mineralized dikes intruding the andesite host rock.

Property scale

. Elsewhere on the property, stream sediment geochemistry and surface

mapping have identified six new exploration targets with anomalous levels of copper, gold,

molybdenum, lead and/or zinc. The most important were identified over the ridges in the

southern areas of the property, such as the porphyry/skarn-style mineralization of

Jean Louis

Chaupec and Tamburo targets

(

See Plan

)

. Jean Louis Skarn prospect was mapped in 2014

over an area of 2.8km by 1.6km, based on surface mapping, 433 rock samples and 46 Km of

IP/Mag/SP. The Chaupec Skarn was mapped in 2016-2018 over an area of 1km by 3km, based

on mapping, 1,997 rock samples, 64km IP, 88km Mag, and 46 km SP. Tamburo target is a new

high-grade Skarn body of 60mx30m size exposed in underground workings and remains open in

different directions, requires detailed exploration.

Social Relationship

The exploration programs in the area of the mineral resources and at the other targets identified on

the property, are supported always by constant collaboration with the local communities under a

spirit of respect and mutual respect. Over more than one decade, five drilling campaigns have been

completed which continue to demonstrate a strengthening relationship with the local communities and

the Company.

Plan and Next steps

The Company's plan is complete a Prefeasibility Study for the Cotabambas Project. The updated

resource estimate will be used to update the mine plan, prioritizing the mining of the high-grade

component of the resource within a starter pit. The updated mine plan will illustrate if any additional

infill drilling is required to upgrade additional high-grade resource to indicated category. The

completed trade-off studies related to process, infrastructure and waste storage will be

incorporated into an updated PEA which will serve as a snapshot of the Prefeasibility study targets

and identify priority areas to optimize the prefeasibiity study

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/January2024/15/c8493.html

%SEDAR: 00019503E

For further information:

Panoro Minerals Ltd.: Luquman Shaheen, President & CEO, Email:

[email protected], Web: www.panoro.com; Renmark Financial Communications Inc.: James

McFarland, Account Manager, Email:

[email protected], Web:

www.renmarkfinancial.com

CO: Panoro Minerals Ltd.

CNW 09:20e 15-JAN-24

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