Pampa Metals Options Copper-Gold Project Along San Juan Porphyry Belt. Historical Unaudited Intervals Include 413.5m from 167 @ 0.47% Cu and 0.52 g/t Au *

Pampa Metals Corp. ("PMC" or the "Company") (CSE:PM)(FSE:FIRA)(OTCQX:PMMCF) is pleased to announce that on November 30, 2023 it entered into an option and joint venture agreement with Compañia Minera Piuquenes S.A (a Panamanian entity) to acquire an 80% interest in the Piuquenes porphyry copper-gold project located in the San Juan province, Argentina. Proximal to the globally significant El Pachón (Glencore) and Altar (Aldebaran Resources) Projects, the Piuquenes porphyry copper-gold project has been privately held since its discovery

Piuquenes Porphyry Copper-Gold Project

The Piuquenes porphyry copper-gold project was first drilled in the 1990's when Inmet Mining Corporation (IMC, subsequently acquired by First Quantum in 2013) completed 8 diamond drill holes for a total of 1,894.2m. Significant intersections of copper and gold, included:
• 413.5 m (167-580.5 m) @ 0.47% Cu and 0.52 g/t Au (0.87% CuEq)*;
• 67.5 m (207-274.5 m) @ 0.63% Cu and 0.51 g/t Au (1.02% CuEq)*; and
• 158 m (3-161 m) @ 0.32% Cu and 0.6 g/t Au (0.78% CuEq)*.

In 2016, Anglo American Argentina (AAA) drilled a single diamond borehole of 920.2 m total length, crossing the mineral intersections discovered by IMC. Climatic events prevented the assaying of the recovered drill core, with only visual observations of a 508 m (362-870 m) interval of copper mineralization described prior to AAA's withdrawal from the project.

Following completion of its Due Diligence, Pampa Metals considers the project to be highly prospective and drill-ready, owing to a solid technical foundation, including well-preserved historic drill cores and 3D modelling, and anticipates commencing follow-up drilling in January 2024.

As part of its Due Diligence, Pampa Metals has re-logged and assayed the AAA Diamond Drill Hole with results expected from ALS Mendoza in early December. The Company has also reviewed the IMC diamond drill core and observed visual mineralization, without yet completing QA/QC. The Company awaits the imminent assay and QA/QC results of the AAA PIU-16 920m diamond drill hole, prior to finalizing its drill program planning.

Commenting on the transaction, Joseph van den Elsen, President and CEO, stated:

"Pampa Metals is pleased to announce this company making transaction and the acquisition of a flagship project, privately held since its discovery. Pampa considers the historical drill intercepts to be highly encouraging and indicative of the Piuquenes Project's potential to host a significant near-surface, high-grade porphyry copper-gold deposit in a world class location. Our Executive Team remains in Argentina working with stakeholders and finalizing plans to initiate a follow-up diamond drilling program in January 2024."

Project Location and Exploration History: Piuquenes porphyry copper-gold deposit

The Piuquenes Project consists of nine mining titles that cover an area of ~1,880 ha in the San Juan Province of Argentina, adjacent (to the north) with the Altar copper-gold porphyry project (Aldebaran Resources Inc.) and approximately 190 km west of the city of San Juan. Other large porphyry copper projects in the San Juan Miocene porphyry belt include, El Pachón (Glencore), approximately 30 km to the south, the operating Los Pelambres copper mine (60% Antofagasta plc) in Chile, and Los Azules (McEwen Mining) 50 km to the northeast.

The first evidence of copper oxides at Piuquenes was reported in 1970 by Compañia MInera Aguilar S A, who subsequently completed the first exploration program between 1973-1975. Between 1995 and 1997, Inmet Mining Corporation (IMC) completed a heli-magnetic/radiometric survey, surface geology, rock and soil geochemistry, ground magnetics, PD-IP and eight diamond drillholes (DDH-P1A to DDH-P8A) for a total of 1,894.2m. Subsequently, in 2015-2016, Anglo American Argentina (AAA) completed detailed 1:2,500 geology and geochemistry, 17.8 km of gDAS24 deep 3D PD-IP/NSMT and a 920.2 m diamond drill hole (PUI16-DDH01).

Since its discovery, the Piuquenes Copper-Gold porphyry has remained privately held.

Follow-Up drilling

Pampa Metals has designed a diamond drill program to be completed across two drilling seasons which will be reviewed and finalised upon the imminent receipt of the assay and QA/QC results of the AAA PIU16-DDH01 920m diamond drill hole.

Phase 1 consists of a ~2,500 diamond drill program designed to test the depth and lateral extension of known mineralisation, to be completed between January - April 2024 (indicative) with assays results expected progressively between March and May 2024 (indicative).

Phase 2 consists of a six-month drill program designed to significantly expand the mineralised envelope and scheduled to commence in October 2024 (indicative).

Commercial Terms - Option & Joint Venture Agreement

On 30 November 2023 the Company entered into an Option & Joint Venture Agreement with Compañia Minera Piuquenes S.A (a Panamanian entity) comprised of option payments, work commitments and an option exercise price for the acquisition of an 80% direct interest in the Piuquenes project. The specific commercial terms are:

Option Payments ($1.25m USD total)	$50,000 USD upon signing (paid); $200,000 USD upon commencement of drilling; $250,000 USD 6 months following commencement of drilling; $250,000 USD on the 1st anniversary of signing; $250,000 USD on the 2nd anniversary of signing; and $250,000 USD on the 3rd anniversary of signing
Work Commitments	6,000 meters of drilling (minimum); and $6m USD additional exploration expenditure
Option Exercise Price	14.75M USD and a 1.25% NSR Pampa may elect to scrip settle up to $2.5m USD

The latest Company Presentation can be accessed at https://pampametals.com/investor/.

ON BEHALF OF THE BOARD

Joseph van den Elsen | President & CEO

INVESTORS CONTACT
Joseph van den Elsen | President & CEO
Joseph@pampametals.com
+1 604 347 8777

ABOUT Pampa Metals

Pampa Metals is listed on the Canadian Stock Exchange (CSE:PM), Frankfurt (FSE:FIRA), and OTC (OTCQB:PMMCD) exchanges, and wholly owns a portfolio of projects highly prospective for copper, molybdenum, and gold along proven and highly productive mineral belts in Chile, the world's largest copper producer.

In November 2023, the Company announced it had entered into an Option & JV Agreement for the acquisition of an 80% interest in the Piuquenes Copper-Gold Porphyry Project in San Juan Province, Argentina.

Qualified Person

Technical information in this news release has been approved by Mario Orrego G, Geologist and a Registered Member of the Chilean Mining Commission and a Qualified Person as defined by National Instrument 43-101. Mr. Orrego is a consultant to the Company.

* %CuEq values are calculated based on copper and gold metal prices: Cu = US$3.20/lb and Au = US$1,700/oz. The formula utilized to calculate %CuEq is: Cu Eq Grade (%) = Cu Head Grade (%) +

Pampa Metals PM:CC CSE:PM Base Metals Investing

PM:CC

Pampa Metals Intersects 304m at 1.07% CuEq* incl. 132m at 1.45% CuEq* from First Drillhole at the Piuquenes Porphyry Project, Argentina

Pampa Metals Corp. ("Pampa Metals" or the "Company") (CSE:PM)(FSE:FIR)(OTCQB:PMMCF) is pleased to report assay results for the upper 502 meters of diamond drillhole PIU-01 (refer figure 1) which was recently completed to a depth of 867m at the Company's Piuquenes Central porphyry target located in San Juan Province, Argentina. Assay results for the upper 502m section of hole PIU-01 include

304m @ 0.48% Cu, 0.68 g/t Au, 3.1 g/t Ag (1.07% CuEq)* (from 198 m);
- including 132 m @ 0.71% Cu, 0.85 g/ Au, 4.3 g/t Ag (1.45% CuEq)* (from 220m); and
- including 34 m @ 0.60% Cu, 0.93 g/t Au, 3.6 g/t Ag (1.38% CuEq)* (from 468m).

Assays results from 502m to 867m (End Of Hole) are expected shortly.

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Pampa Metals Intersects Wide Interval of Copper Mineralization at Piuquenes, Argentina

Pampa Metals Corp. ("Pampa Metals" or the "Company") (CSE:PM)(FSE:FIR)(OTCQB:PMMCF) is pleased to report that diamond drillhole PIU-01 (refer figure 1) was completed at a downhole depth of 867m. First assay results are expected shortly. Drillhole PIU 02, the second hole of the current program, has commenced

Hole PIU-01, designed to extend Cu-Au mineralization to depth on the southwestern margin of the Piuquenes Central porphyry, intersected a 160m zone of supergene copper enrichment between 220m and 380m downhole, coincident, and overlapping with primary mineralization from 350 meters. Strong primary mineralization associated with intense porphyry A type quartz stockwork veining is evident from 350m to approximately 650m. From 650m to the end of hole at 867m quartz veining and mineralization continues, becoming progressively less intense with depth. From 830m disseminated hematite/specularite-pyrite-chalcopyrite mineralization is hosted in volcanic host rocks outside the porphyry intrusive and remains open at depth.

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Pampa Metals Intersects Thick Supergene Copper Enrichment Blanket and Extends Primary Cu-Au Mineralization to Depth at Piuquenes, San Juan Province, Argentina

Pampa Metals" or the "Company") (CSE:PM)(FSE:FIR)(OTCQB:PMMCF) is pleased to report that drilling to test for lateral and depth extensions below previous high grade porphyry copper-gold intersections at the Piuquenes Cu-Au porphyry project has successfully intersected wide intervals of both secondary and primary mineralization. Excellent progress is being made and drilling is continuing

Diamond drillhole PIU-01 (refer figure 1), designed to extend Cu-Au mineralization to depth on the southwestern margin of the Piuquenes Central porphyry, intersected a 160m thick zone of supergene copper enrichment between 220m to 380m downhole, coincident and overlapping with primary mineralization from 350 meters. PIU-01 has been plotted to approximately 900 meters downhole depth, with primary mineralization continuing from 350m to the current hole depth of approximately 600m.

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The exercise price of 1,708,588 2022 Warrants and 5,857,734 2023 Warrants (7,566,322 total) was reduced to $0.095 and $0.105 in September and October of 2023 respectively (see news releases dated September 22, 2023 and October 23, 2023) and, in accordance with the policies of the Canadian Stock Exchange ("CSE"), the expiry date accelerated upon the Company's common shares closing at or above $0.125 in the case of the 2022 Warrants and $0.13 in the case of the 2023 Warrants, for a period of at least 10 consecutive trading days. This condition was met on December 14, 2023, and as a result, the expiry date of the 2022 Warrants and the 2023 Warrants outstanding was accelerated to January 23, 2024.

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Pampa Metals Commences Diamond Drill Program at the Piuquenes Copper-Gold Porphyry Project

Pampa Metals Corp. ("Pampa Metals" or the "Company") (CSE:PM)(FSE:FIRA)(OTCQX:PMMCF) is pleased to advise that follow-up diamond drill testing at the Piuquenes Copper-Gold Porphyry project has commenced. The primary objectives of the program are to test the depth and lateral extension of the high-grade intervals of open mineralization at Piuquenes Central, and its potential to host an orebody of 1,000 m depth and 300 - 500 m diameter

Follow-Up Diamond Drill Program

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	Building upon a royalty and streaming portfolio which broadly mirrors the commodity exposure of the global mining sector (excluding fossil fuels) with a bias towards production or near-production assets, differentiating Trident from the majority of peers which are exclusively, or heavily weighted, to precious metals;
	Acquiring royalties and streams in resource-friendly jurisdictions worldwide, while most competitors have portfolios focused on North and South America;
	Targeting attractive small-to-mid size transactions which are often ignored in a sector dominated by large players;
	Active deal-sourcing which, in addition to writing new royalties and streams, will focus on the acquisition of assets held by natural sellers such as: closed-end funds, prospect generators, junior and mid-tier miners holding royalties as non-core assets, and counterparties seeking to monetise packages of royalties and streams which are otherwise undervalued by the market;
	Maintaining a low-overhead model which is capable of supporting a larger scale business without a commensurate increase in operating costs; and
	Leveraging the experience of management, the board of directors, and Trident's adviser team, all of whom have deep industry connections and strong transactional experience across multiple commodities and jurisdictions.

Pampa Metals Options Copper-Gold Project Along San Juan Porphyry Belt. Historical Unaudited Intervals Include 413.5m from 167 @ 0.47% Cu and 0.52 g/t Au *

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