Panoro closes $2.91-million first tranche of placement

Executive Summary

• Panoro Minerals Ltd. has closed the first tranche of its brokered life offering, raising gross proceeds of C$2.9 million.
• The company intends to use the net proceeds for infill drilling, metallurgical testing, prefeasibility engineering, and completion of an updated preliminary economic assessment (PEA) for the Cotabambas copper-gold-silver project.
• The closing of the final tranche is expected on or about November 28, 2025, subject to TSX Venture Exchange approval.

Key Details

• Gross Proceeds: C$2,918,200 raised from the first tranche.
• Units Sold: 7,295,500 units.
• Price Per Unit: C$0.40.
• Unit Composition: Each unit consists of one common share and one common share purchase warrant.
• Warrant Terms: Each warrant entitles the holder to purchase one common share at an exercise price of C$0.60.
• Warrant Expiry: November 21, 2028.
• Use of Proceeds: Infill drilling, metallurgical testing, prefeasibility engineering, completion of updated PEA for the Cotabambas project, working capital, and general corporate purposes.
• Agents: Red Cloud Securities Inc. (lead agent/sole bookrunner) and Cormark Securities Inc. (co-agent).
• Agent Compensation: Cash commission of 6.0% of gross proceeds plus non-transferable warrants equal to 6.0% of units sold (exercisable at C$0.40, expiring Nov 21, 2028).
• Regulatory Exemption: Issued under the listed issuer financing exemption under National Instrument 45-106 (Part 5A). Shares and warrants are immediately freely tradeable.
• Future Closing: Final tranche closing expected on or about November 28, 2025.
• Regulatory Approval: Subject to final approval of the TSX Venture Exchange.
• Offering Document: Amended and restated offering document dated November 12, 2025.

Notable Quotes

• None provided in the text.