Panoro Announces Fully Subscribed Non-Brokered Private Placement to Raise up to C$4,000,000

The company announced on January 26, 2026, a fully subscribed, non-brokered private placement to raise gross proceeds of up to C$4,000,000. The offering consists of 10,000,000 units at C$0.40 per unit. Each unit comprises one common share and one common share purchase warrant, with each warrant exercisable at C$0.60 for 36 months from the closing date. The securities are subject to a hold period of four months and one day. Proceeds are earmarked for exploration and development at the Cotabambas Project, including infill drilling, metallurgical testing, updating the preliminary economic assessment (PEA), pre-feasibility engineering, and general working capital.

The financing is material and positive for the following reasons: - Essential Funding: As of September 30, 2025, the company reported a critically low cash balance of C$101,229 and negative working capital. This C$4 million injection is necessary to fund immediate project work and corporate operations. - Fully Subscribed: The placement being fully subscribed reduces execution risk and indicates investor support at the C$0.40 price level, albeit at a discount to the recent trading price. - Project Advancement: The use of proceeds is directed toward key technical studies (infill drilling, metallurgical work, PEA update) for the flagship Cotabambas project, which are necessary steps to de-risk the asset and progress toward a feasibility study. - Dilution and Terms: The issuance of 10 million shares represents approximately 3.7% dilution to the estimated pre-financing share count. The warrant exercise price of C$0.60 provides potential future equity capital if the share price appreciates. The financing price of C$0.40 represents a 27% discount to the closing price of C$0.55 on January 23, 2026, which is a standard but meaningful discount for a small-cap exploration financing.

In the context of the company's recent history of cancelled or downsized financings (e.g., the C$10 million offering cancelled in August 2025) and a series of smaller tranches, securing this capital is a positive operational step. However, it does not eliminate the longer-term need for substantial funding.

Panoro Minerals Ltd. is a Canadian junior mining company focused on the exploration and development of copper-gold-silver projects in Peru. - Flagship Project: Cotabambas A copper-gold-silver project in Peru. Historical resource estimates (from 2025 news) indicate significant contained metal: 3.8 billion pounds of copper and 3.3 million ounces of gold in the indicated category, plus inferred resources. The project is at the resource definition and PEA update stage. The company's stated strategy is to advance Cotabambas to feasibility-level studies and permitting. - Other Assets: The company sold a majority interest in the Antilla copper project in 2021 but retains an approximate 13% equity interest in Antilla Copper S.A. and a 2% net smelter return (NSR) royalty, with options for the holder to acquire additional royalty interests.