Target #7 Geophysical Results Demonstrate Potential Scale of High-grade Skarn Mineralization at the Cotabambas Copper/Gold/Silver Project, Peru

Panoro Minerals Ltd. (PML) has released the initial geophysical survey results for Target #7, a 4 km² area located approximately 3.5 km west of the proposed North and South pits that host the current Cotabambas mineral resource. The survey identified three skarn outcrops at surface: S2, the largest of the three, along with S1 and S3 to its east.

Geophysical data for S2 indicates vertical continuity below 500 m along the contact with the Ferrobamba limestone, with an interpreted true width of approximately 50 m at the surface widening to more than 200 m at depth. This target sits within a 1 km-long skarn corridor with potential to extend north. S1 and S3 are mapped along a skarn corridor exceeding 2 km, with surface widths of only approximately 10 m. The company interprets vertical continuity of more than 250 m for S1 and more than 300 m for S3, while noting that these targets have reduced vertical continuity potential compared to S2.

Surface rock samples reported high grades, though the company noted the small sample size, ranging from 0.2 × 0.5 m to 3.5 × 1 m and weighing between 2.5 and 4.9 kg per sample. Results included:

• S3: 14.87% Cu, 0.272 g/t Au, >100 g/t Ag and 11.57% Cu, 0.356 g/t Au, >100 g/t Ag (semi-massive chalcopyrite + magnetite in andradite garnet).
• S2: 11.90% Cu, 0.28 g/t Au, 18.2 g/t Ag, 2% Mo; 7.91% Cu, 1.02 g/t Au.
• S1: 11.02% Cu, 0.217 g/t Au, >100 g/t Ag, 18 ppm Mo; 5.54% Cu, 81 g/t Ag.

Several samples were explicitly described as Cu/Fe oxides, "sulfides leached (gossan)," or "oxides filling fractures," indicating weathering-affected material rather than fresh sulphide.

Work is currently in progress, including 23 trenches of 100–200 m length cutting across the three corridors, alongside additional sampling. The forward plan includes up to 17 drillholes of 300–400 m each, implying a total of approximately 5,100–6,800 m, across all three corridors. Drilling is scheduled to commence before year-end and will be funded from existing capital.

The release does not include drill assays, tonnage estimates, grade-thickness estimates, budget figures, or metallurgical characterisation. There is also no discussion regarding how a satellite orebody 3.5 km from the planned pits would be integrated into the mine plan or permitting footprint. The announcement contains a boilerplate forward-looking statement regarding the Company receiving final approval in respect of the Offering from the TSXV, which is a residual text from prior financing releases and not applicable to this announcement.

Panoro Minerals Ltd. (PML) has released interpretive results from ground geophysical surveys, including induced polarization (IP), magnetic, and gravity (GRA) data, at Target #7. The survey, which covers a 4 km² area, indicates that skarn bodies are wider at depth than previously estimated, with the geometric description upgraded from 30–60 m wide to greater than 200 m wide. The interpretation also identifies depth continuity exceeding 500 m at the S2 location, tied to a limestone host unit similar to that found in Las Bambas-type skarn deposits.

The company has announced a specific, funded drill programme to test these targets. However, the timeline for drilling has shifted; while 5,000 m of exploration drilling at Targets 7 and 13 was originally scheduled within 2026, Target #7 drilling is now set to commence before year-end, with assay results expected in Q1 2027. Target #13 is not addressed in the current release.

Surface sampling results from the programme show grades lower than the 19% Cu previously flagged in June. The high-grade numbers reported are selective chip or channel samples ranging from 2.5–4.9 kg, rather than continuous channels over true width. The release does not include QA/QC disclosure, such as certified reference materials, blanks, or duplicates, for this sampling round.

Target #7 lies outside the North and South pit shells and is therefore excluded from the early-2027 resource update, the mid-2027 preliminary economic assessment (PEA), and the end-2027 pre-feasibility study (PFS). The stock rose from $1.30 to $1.37, a 5.4% increase, following the news. This follows a broader decline from $1.97 on 26 Aug to $1.20 on 22 Oct, representing a 39% drawdown.

Panoro Minerals Ltd. (PML) is a Canadian explorer and developer centered on its 100%-owned Cotabambas copper-gold-silver project in the Apurímac region of southern Peru. The asset spans approximately 165 km² within the southern Peru copper cluster, situated near the Las Bambas, Antapaccay, and Constancia operations.

The company is currently in a pre-resource-definition and pre-economics phase, with no reserves, preliminary economic assessment (PEA), pre-feasibility study (PFS), mine, or revenue. Panoro guides the PEA to mid-2027 and the PFS to end-2027.

The project’s resource base, effective 2024, comprises an Indicated resource of 507.3 Mt @ 0.33% Cu, 0.20 g/t Au, 2.42 g/t Ag, 0.0021% Mo (0.61% CuEq) and an Inferred resource of 496.0 Mt @ 0.27% Cu, 0.17 g/t Au, 2.53 g/t Ag, 0.0027% Mo (0.51% CuEq). The total resource base is approximately 1.0 Bt containing ~12.5 Blb CuEq.

A key component of the project is its high-grade material, which includes an Indicated resource of 129.0 Mt @ 0.70% Cu, 0.44 g/t Au, 4.12 g/t Ag (1.29% CuEq) and an Inferred resource of 93.1 Mt @ 0.59% Cu, 0.41 g/t Au, 5.31 g/t Ag (1.17% CuEq). This equates to approximately 222 Mt at ~1.2% CuEq.

Panoro’s strategy focuses on a high-grade approach, targeting a smaller open pit conceptually sized at 20–30 ktpd. The initial capital expenditure is guided at under US$700M, with a strip ratio of 0.65:1, surface ore extraction, and production of a single clean concentrate. This approach aims to reduce capital intensity and permitting burdens.

The current resource is contained in Targets #1 and #2, representing the North and South pits. Of 19 identified targets, 17 remain undrilled by the company. Panoro is advancing Target #7 (also referred to as Tamburo) and Target #13 (Chaupec).

Regarding permitting, the semi-detailed environmental impact assessment (EIA) was renewed and expanded in September 2024 from 3,100 ha to 6,500 ha and is valid until 2030. The company guides to a further 2,000 ha expansion.

Panoro has secured ten community agreements over a period of more than 15 years. Recent agreements include a five-year surface access deal for the north pit area in Cochapata, signed on 5 Oct 2026, and access for Target #7 in Guaclle, signed on 16 Jun 2026.

Historically, Panoro was an Antilla-focused company. Antilla was effectively sold, with 90% of Antilla Copper transferred to Calisto Cobre in December 2021, leaving Cotabambas as the sole flagship asset and Antilla as a receivable.