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

Vancouver, British Columbia--(Newsfile Corp. - October 27, 2026) - Panoro Minerals Ltd. (TSXV: PML) (BVL: PML) (FSE: PZM) (OTCQB: POROF) ("Panoro" or the "Company") is pleased to report the results from the geophysical surveys at Target #7 where multiple high-grade skarn mineralization outcrops (S1, S2 and S3) have been mapped at surface over a 4 km² area. Target #7 is located approximately 3.5 km to the west of the proposed North and South pits which contain the mineral resources included in the current Cotabambas mineral resources estimate. The geophysical signatures indicate the potential of the S2 surface outcropping skarn to extend vertically to depths exceeding 500 m along the contact with the Ferrobamba limestone unit (see Figures 1 and 2 below). The results also indicate that the width of the skarn mineralization increases from 50 m at surface to over 200 m at depth. S2 is located within an identified 1 km-long skarn corridor with the potential to extend further north (see Figure 3 below). Results from surface sampling from S2 are shown in the table below. Table 1: S2 Higher-grade Samples Sample Code Sample Size (mxm) Sample Weight (kg) %Cu Au ppm Ag ppm %Mo Description 14390 1 x 1 4.64 11.90 0.28 18.2 2 Pyroxene skarn (diopside) > Andradite Garnet. 14383 1 x 0.40 3.81 7.91 1.02 6.7 2 Andradite Garnet with Chalcopyrite, Magnetite. 14393 2 x 2 4.01 2.01 0.006 2.2 <1 Andradite Garnet, diopside, , massive quartz, chalcopyrite, iron and Cu Oxides.   Skarn outcrops S1 and S3 are located to the east of S2 as shown in Figure 2. They are mapped at surface with widths of approximately 10 m and situated along a skarn corridor of over 2 km in length. The geophysics survey signatures indicate the potential vertical continuity of S1 and S3 to over 250 m and 300 m, respectively, as shown in Figure 2. S1 and S3 skarns demonstrate near surface potential with reduced vertical continuity potential as compared to S2. Results from surface sampling at S1 and S3 are shown in the table below. Table 2:S1 and S3 Higher-grade Samples Sample Code Sample Size (mxm) Sample Weight (kg) %Cu Au ppm Ag ppm %Mo Description SKARN 1 14345 2.5 x 1 3.22 11.02 0.217 >100 18 Andradite garnet > pyroxene skarn in contact with QMP3. 14348 2 x 1 3.04 5.54 0.182 81 7 Andradite and grossularite garnet skarn > pyroxene skarn, marble contact. 14394 0.2 x 0.6 2.80 4.13 0.234 10.8 <1 Structure with andradite garnet, intensive Fe and Cu Oxide. 14344 3.5 x 1 3.13 4.01 0.076 11.3 1 Pyroxene > Garnets skarns 14346 1.5 x 1 2.71 2.00 0.003 0.7 1 Pyroxene > Green Garnets in contact with microdiorite. 14343 2 x 1 3.24 1.83 0.114 5.9 1 Pyroxene skarn, in faulting contact with garnet skarn. 14627 0.8 x 0.50 3.66 1.26 0.194 90.1 25 Quartz structure, filled by Fe and Cu oxides, pyroxene skarn as host rock. 14349 2 x 1 2.51 1.22 0.044 8.8 4 Pyroxene > garnet skarn with sulfides leached (gossan) SKARN 3 14428 1 x 2 4.94 14.87 0.272 >100 4 Semi-massive chalcopyrite and magnetite, with andradite garnet. 14424 1 x 2 3.87 11.57 0.356 >100 10 Semi- massive chalcopyrite and magnetite, with andradite garnet. 14426 0.2 x 0.5 3.59 9.48 0.035 8.30 4 Veins with quartz, Cu oxides, chalcopyrite, pyrite, specularite, mushketovite (magnetite). 14427 0.5 x 1 2.97 1.46 0.065 10.50 2 Massive andradite, minor diopside, and Fe and Cu Oxides filling fractures.   Panoro is currently completing trenching and additional sampling of S1, S2 and S3 to delineate the extensions of the skarns along the skarn corridors. A total of 23 trenches between 100 m and 200 m in length are underway cutting across S1, S2 and S3. Following the completion of the trenching and sampling a drilling program to test the extensions along strike and depth will be completed. The drilling program currently envisions up to 17 drillholes of 300 m to 400 m in length across all three skarn corridors. Drilling will commence prior to the end of year and is funded from existing capital. "The results at Target #7 are revealing a significant new potential for the Cotabambas Project. The lithology, structural mapping and geophysics are revealing a geologic environment very comparable to large tonnage skarn mineralization mined at the nearby Las Bambas mine. With surface grades at up to 12% Cu this could add materially to the mineral inventory at Cotabambas. The proximity to surface would also result in important positive impacts to the mine plan and grade profile of the project," says Luquman Shaheen, President and CEO. Figure 1 To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/11715/321253_7d04b1b794c1b95b_002full.jpg Figure 2 To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/11715/321253_7d04b1b794c1b95b_003full.jpg Figure 3 To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/11715/321253_7d04b1b794c1b95b_004full.jpg 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 Company is advancing its High-Grade Strategy to design an open-pit mine focused on the high-grade component of the mineral resource, allowing for a capital efficient and economically strong project development plan. 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. Inferred Mineral Resources of an estimated 93.1 million tonnes grading 0.59% Cu, 0.41 g/t Au, 5.31 g/t Ag. The Company is targeting expansion of its higher-grade resources with its current drill program. 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. ON BEHALF OF PANORO MINERALS LTD. Luquman Shaheen President & CEO For Further Information, Please Contact: Luquman Shaheen, President & CEO Email: [email protected] Tel: 604 684-4246 Website: www.panoro.com 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. 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: the intended use of proceeds; regulatory approval; mineral resource estimates and assumptions; completing its technical objectives; and the Company's plans and expectations for the Cotabambas Project. 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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. To view the source version of this press release, please visit https://www.newsfilecorp.com/release/321253