Drill Results Routine +

Panoro Minerals Intersects 317.6 m of 1.04% CuEq at Cotabambas Project, Peru

Panoro’s Cotabambas drill results validate a high-grade corridor, fueling a planned 45,000m expansion program.

By The Northwire Desk — AI Analysis Jun 08, 2026 · 16:07 PML · 1.2 Panoro Minerals Ltd.

Executive Summary

Panoro Minerals announced high-grade drill results from hole CB-228 at the South Pit of its Cotabambas Project, intersecting 317.6 m at 1.04% CuEq, including 162.0 m at 1.54% CuEq.
Mineralization extends continuously from surface to over 850 m depth, extending 350 m down dip and widening with depth, indicating significant resource expansion potential and a potential near-surface porphyry source.
The company is expanding its 2026 drill program from 15,000 m to 45,000 m, backed by a recently closed C$21 million equity financing, with additional drill rigs and a deep geophysics program to follow.
High-grade intervals include 85.9 m at 1.36% CuEq and 66.1 m at 1.92% CuEq.
Geophysics program (TITAN MT/IP) will target dike contacts with Ferrobamba limestone and potential porphyry/skarn mineralization.
Current Indicated resources total 507.3 Mt @ 0.33% Cu, 0.20 g/t Au, 2.42 g/t Ag, 0.0021% Mo. Inferred resources total 496.0 Mt @ 0.27% Cu, 0.17 g/t Au, 2.53 g/t Ag, 0.0027% Mo.
CuEq calculated using Cu=$5.00/lb, Au=$4,000/oz, Ag=$60/oz.

Material Impact

The results validate management's thesis that high-grade mineralization continues at depth and widens, supporting the potential for a near-surface porphyry source.
This is an expected, incremental update following the March 2026 announcement of the 15,000 m drill program and the May 2026 financing.
While the intercept is geologically significant and de-risks the high-grade corridor, it does not yet alter the project's development timeline, economics, or resource classification materially.
The expansion of the drill program to 45,000 m is fully funded and aligns with previously communicated strategic objectives.
The news is positive and confirms exploration progress but lacks the unexpected, market-moving catalyst required for a Material - Positive rating.

PML · Price

Company Overview

Cotabambas Project is a fully permitted, advanced copper-gold-silver project in southern Peru, part of the Southern Peru Copper Cluster.
Total mineral resource: 1.0 billion tonnes containing 12.5 billion pounds CuEq and 15.1 million ounces AuEq.
High-grade component: 222 Mt @ 1.2% CuEq, characterized by a low strip ratio (~0.65:1 to 1.3:1) and simple metallurgy.
Environmental permits extended until October 2030, authorizing 299 new platforms.
Strategy focuses on a capital-efficient, high-grade starter pit (20-30 ktpd) with a targeted capital cost of $500-$700 million.
100% control of the property with strong regional infrastructure access.

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