Panoro Announces Closing of Non-Brokered Private Placement

On February 9, 2026, Panoro Minerals closed a non-brokered private placement raising C$4.0 million through the issuance of 10 million units at C$0.40. Each unit includes a common share and a whole warrant exercisable at C$0.60 for 36 months. High-profile institutional investors Konwave AG and Delbrook Capital Advisors participated. The proceeds are earmarked for infill drilling, metallurgical testing, and advancing the Pre-Feasibility Study (PFS) for the Cotabambas project in Peru. This follows a period of several smaller "hand-to-mouth" financings in late 2025 after a larger C$10 million raise was canceled in August 2025 due to market conditions.

The impact is Routine - Positive but technically vital for the company's survival. As of the September 30, 2025, financial statements, Panoro was in a dire liquidity position with only C$101,229 in cash and a working capital deficit of C$14.68 million. - Liquidity Bridge: The C$4 million provides a temporary bridge to continue technical work, but it does not resolve the massive C$12 million current liability owed under the Wheaton Precious Metals agreement. - Validation: The entry of Delbrook and Konwave provides institutional validation, suggesting that professional money sees value in the Cotabambas resource despite the balance sheet distress. - Dilution: This is the third financing in four months (totaling approximately C$7.4 million). While necessary, the constant issuance of shares and warrants at C$0.40–C$0.60 creates a significant "ceiling" on the stock price as participants may look to de-risk.

Panoro Minerals is a Peru-focused copper-gold explorer. Its flagship is the Cotabambas Project, a massive porphyry deposit with an Indicated Resource of 507.3 million tonnes (6.7 billion lbs Copper, 6.0 million oz Gold). The project is at the resource expansion/PFS stage. The company also holds a 10% interest and a 2% NSR in the Antilla project, which is being sold in tranches to fund Cotabambas.