• High Grade Extends from Surface to over 850 m depth with recent results;
  • • 317.6 m at 1.04% CuEq¹, including
    • 162.0 m at 1.54% CuEq¹
    • 66.1 m at 1.92% CuEq¹

Panoro Minerals Ltd. (TSX-V: PML) (BVL: PML) (FSE: PZM) (OTCQB: POROF) is pleased to announce assay results from drillhole CB-228, the first hole from its Phase 1 expansion drilling program at the South Pit of the Company’s Cotabambas Project in the Apurimac Region of Peru. The principal intersections are shown in Table 1 below and the cross section in Figure 1, the drillhole location is shown in Figure 2.

Highlights from drillhole CB-228-at South Pit include:

• Delineating continuous mineralization from surface to 850 m depth
  • Intersected 317.6 m at 1.04% CuEq¹ (0.46% Cu, 0.45 g/t Au and 3.19 g/t Ag); including
    • 162.0 m at 1.54% CuEq¹ (0.65% Cu, 0.70 g/t Au and 4.24 g/t Ag)
    • 85.9 m at 1.36% CuEq¹ (0.56% Cu, 0.63 g/t Au and 3.51 g/t Ag)
    • 66.1 m at 1.92% CuEq¹ (0.83% Cu, 0.85 g/t Au and 5.58 g/t Ag)
  • within a broader interval of 487.4 m at 0.80% CuEq¹ (0.36% Cu, 0.34 g/t Au and 2.56 g/t Ag)

• Mineralization intersected 50 m shallower than expected, extended over 350 m down dip and growing wider with depth
  • Shallower intersection indicates potential to convert waste areas to mineralization, thereby increasing the resource and further reducing the low strip ratio
  • Mineralization is open along strike to the southwest pit target and at depth
  • Overall mineral intersected by Drillhole CB-228 will be incorporated as new inferred resources in the next MR estimation

• Intersected potassic alteration near the bottom of the hole
  • Potentially indicates nearness of the source porphyry at depth
  • Mineralization intersected in both the quartz monzonite porphyry and adjacent host diorite
  • Appearance of hydrothermal breccias and igneous breccias with copper and gold mineralization indicate significant widening of the system and expanded resource potential requiring further exploration

• Expanding drill program to 45,000 m
  • Targeting additional drilling along strike, including at the:
    • NE Pit Target;
    • Area between North and South Pits;
    • SW Pit Target;
    • Other clustered high-grade targets on the 165 square km property.
  • The second drill hole at the South Pit is underway
  • A second drill will arrive at site in June with a further 2 drills to arrive this summer
  • An aggressive deep and shallow geophysics program will be initiated to support the drilling exploration of the high-grade continuity at depth and to the southwest
  • Fully funded following closing of C$21 million equity financing

Comment

“We are excited by the results from our first expansion hole drilled on the South Pit at Cotabambas,” commented Luquman Shaheen, President and CEO. “The results validate our thesis that the high-grade mineralization continues at depth, which should allow us to potentially expand resources at Cotabambas meaningfully. The 15,000-meter drill program is being expanded to 45,000 meters, targeting the significant potential along the 3 km of strike containing the North and South Pit. The expanded drill program will also include infill drilling at the North and South Pits. Importantly, the recently closed financing will allow the company to test the multiple, clustered high-grade targets on our property. The geophysics programs at the clustered targets will begin shortly and will be aided by a deep geophysical survey to investigate the potential large-scale connection between the 19 targets at the under-explored Cotabambas Project.”

Table 1: Principal Intersections for Drillhole CB-228

Discussion

Results in this press release are from the first hole of the 2026 drill program, CB-228, which was drilled a total of 921.90 m at the South Pit on the Cotabambas Property. This drill hole was designed to test the down dip extension of mineralization at the South Pit.

Drilling intersected over 850 m of continuous mineralization, starting at/near surface. Higher grade mineralization was encountered from approximately 414 m down hole, which was approximately 50 m shallower than anticipated, potentially indicating a widening of mineralization at depth. The broad zone of mineralization was 487.40 m of 0.36% Cu, 0.34 g/t Au and 2.56 g/t Ag (0.80 CuEq) starting at 349.65 m down hole. The higher-grade intercept, within the broader zone of mineralization, was 317.65 m of 0.46% Cu, 0.45 g/t Au and 3.19 g/t Ag (1.04% CuEq) from 404.10 m down hole, which includes 162m of 0.65% Cu, 0.70 g/t Au and 4.24 g/t Ag (1.54% CuEq) from 434.30 m down hole.

Within the high-grade zone were several higher-grade intervals, including 85.90 m of 0.56% Cu, 0.63 g/t Au and 3.51 g/t Ag (1.36% CuEq) from 434.30 m down hole and 66.10 m of 0.83% Cu, 0.85 g/t Au and 5.58 g/t Ag (1.92% CuEq) from 530.20 m down hole.

Mineralization at the South Pit was extended by over 350 m down dip increasing the known mineralized envelope at the South Pit by approximately 300m below surface.

Near the bottom of the hole, potassic alteration was encountered, potentially signaling drilling is approaching the porphyritic source of the South Pit deposit.

Mineralization continues to be open to the southwest along strike and at depth at the South Pit.

Following the successful closing of a C$21 million equity financing, the Company plans to expand the drill program to 45,000 m from the originally planned 15,000 m. Panoro is currently drilling with one drill rig, a second drill rig is expected to arrive on site by the end of June. The Company expects to have five (5) drill rigs running on the property by the end of the third quarter.

Drill Hole Description

Drill hole CO-228-28 is located on the southern edge of the South Pit, collared in the same platform of the CB-204 previously drilled, but intersecting the mineralization 200m below.

The drillhole intersected 4 porphyry dikes of 6 m, 34 m, 52 m and 142 m length of quartz monzonite composition intruding the diorite host rock. Copper, gold and silver mineralization occur in the porphyry and in the diorite near the contacts. The main high-grade mineralization occurs associated with a pervasive quartz stockwork showing breccia texture with chalcopyrite and pyrite in an intercalation of potassic and SCC alterations. The main minerals associated with this alteration are magnetite, orthoclase and secondary biotite in veinlets and disseminated. The high content of gold is related with the presence of green sericite (phengite) as part of the potassic alteration and mineralized hydrothermal and igneous breccias.

Drill hole CB-228 confirms 850m of vertical continuity of the Cu-Au high grade mineralization associated with the porphyry dikes swarm. A deep geophysics survey using TITAN MT/IP will be initiated to explore the contact of these dikes with the Ferrobamba limestone at depth, where the potential for a main porphyry source stock and associated skarn mineralization potential is identified. This exploration model will be tested with the advance of the drilling program.

Drill hole CB-229 has commenced to explore the southern continuity of the high grade, 200 m south of the drillhole CB-228 intersection.

About Panoro

Panoro is a Canadian mineral exploration and development company focused on advancing its 100% 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% copper, 0.20 g/t gold, 2.42 g/t silver, and 0.0021% molybdenum, and
• Inferred Mineral Resources of 496.0 million tonnes grading 0.27% copper, 0.17 g/t gold, 2.53 g/t silver, and 0.0027% molybdenum.

Within this resource is a higher-grade component comprising:

• Indicated Mineral Resource totals of 129.0 million tonnes grading 0.70% Cu, 0.44 g/t Au, 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 and
• Inferred resources of an estimated at 93.1 million tonnes grading 0.59% Cu, 0.41 g/t Au, 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.

Notes:

1. CuEq estimates of current drill results stated above are based on commodity prices of Cu=US$5.00/lb, Au=US$4,000/oz and Ag=US$60/oz and do not include metallurgical recoveries
2. CB-228 assay results of composites from 56.8 m to 271.40 m and 837.1 m to 921.9 m are pending

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.