Panoro Minerals Ltd. (TSX-V: PML) (BVL: PML) (FSE: PZM) (OTCQB: POROF) announces that further to its news release dated January 20, 2026, the Company has received the third payment of US$5.2 million (C$7.0 million) in accordance with the share purchase agreement dated as of October 21, 2021, as subsequently amended.

“The C$7.0 million cash received will provide additional capital to the recently completed C$21.0 LIFE offering to fund the expanded drilling, exploration, permitting and engineering programs at the Cotabambas Project. The expanded drilling program of 45,000 m includes step-out, infill and new targets over the Company’s 165 km² of property at Cotabambas, in line with our focus on growing, upgrading and advancing to development of the higher-grade zones of the existing mineral resource. The Company is also advancing multiple geophysics, permitting and engineering programs directed towards the growth and advancement to development of the higher-grade zones,” states Luquman Shaheen, President & CEO.

Pursuant to the terms of the SPA, the Company is entitled to further contingent payments of US$7.6 million (C$10.0 million) if a pre-feasibility or feasibility study estimates the net present value at an 8% discount rate to be above US$310 million; or up to US$37.8 million (C$50.0 million) if the Study estimates the NPV8 to be above US$360 million. The contingent payment is to be paid in cash on a semi-annual basis after the commencement of commercial production from available cash.

Additionally, further to the Company’s news release dated January 20, 2026, pursuant to the option agreement dated March 4, 2024, as amended, the Company and TABB Partners LLC are proceeding with the registration of TABB’s option exercise of 50% of the Company’s outstanding 2% net smelter returns royalty interest on mineral production with the Peruvian Public Registry. Once the registration of TABB’s option exercise is complete, TABB will pay US$2.0 million (C$2.8 million) to the Company. The registration is expected to be completed by the end of July. TABB retains the sole and exclusive right to acquire the remaining interest in the 2% NSR (that is, the remaining 1% of the 2% NSR) on or before January 19, 2027.

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 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.

Additional information regarding the Cotabambas Project can be found in the technical report dated February 26, 2024 (effective date November 20, 2023) titled “Technical Report on the Cotabambas Copper Gold Project, Panoro Minerals Limited, Apurimac, Peru” and prepared by Paul Daigle, P.Geo., Oscar Retto, MinEng and Neil Lincoln, P.Eng. of AGP Mining Consultants Inc., which is available on SEDAR+ at www.sedarplus.ca.

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.