Cotabambas Project - Growth in Exploration Activities

Panoro Minerals Ltd. (PML) is accelerating exploration activities at its 100% owned Cotabambas Project in Peru. A second drill rig is now operational at the South Pit, with two additional rigs scheduled to arrive over the summer, bringing the total fleet to five rigs by the end of Q3 2026.

Geophysical work has commenced at Target #7 to evaluate skarn bodies, utilizing induced polarization (IP), magnetic, and gravity (GRA) surveys. A deep TITAN MT/IP survey is planned for October to target mineralization at depths of 2–4 km. Additionally, a machine learning study is processing over a decade of historical data, comprising approximately 230 drillholes and 49,000 samples, to generate new drill targets.

The company has initiated a two-stage metallurgical testing program aimed at optimizing recoveries for the high-grade component. These results will feed into a future Preliminary Economic Assessment (PEA) and Prefeasibility Study (PFS). Financially, Panoro Minerals secured $C 31 million in funding for the year and completed community access agreements, including those with the Community of Guaclle.

Panoro Minerals Ltd. (PML) issued an update on July 27, serving as a direct execution follow-up to its June 2026 announcements regarding the expansion of the drilling program to 45,000 metres and the addition of multiple rigs. The news confirms management is on track with previously communicated milestones. The ramp-up to five rigs, initiation of deep geophysics, and commencement of metallurgical testing are all expected steps in the project's development roadmap. There are no new surprises, material changes to the project economics, or unexpected delays. The operational pace validates the company's "High-Grade Strategy" but does not alter the fundamental investment thesis. The release is routine and positive, reflecting steady progress toward resource growth and technical studies.

Panoro Minerals Ltd. (PML) is an exploration-stage mining company focused on the Cotabambas Copper-Gold-Silver Project in southern Peru. The project is situated within the "Southern Peru Copper Cluster," surrounded by major producers including Glencore and Freeport-McMoRan.

The company is pursuing a "High-Grade Strategy," targeting a 1.0 billion tonne resource with a distinct high-grade component. This includes 129.0 Mt Indicated @ 1.29% CuEq and 93.1 Mt Inferred @ 1.17% CuEq. The project benefits from a low waste-to-resource stripping ratio of 0.65:1, simple metallurgy, and existing regional infrastructure.

Current work is focused on delineating high-grade zones, conducting metallurgical testing, and advancing engineering studies to support a future PEA and PFS.