Pampa Metals Corporation announce that on November 30, 2023 it entered into an option and joint venture agreement with Compañia Minera Piuquenes S. A (a Panamanian entity) to acquire an 80% interest in the Piuquenes porphyry copper-gold project located in the San Juan province, Argentina. Proximal to the globally significant El Pachón (Glencore) and Altar (Aldebaran Resources) Projects, the Piuquenes porphyry copper-gold project has been privately held since its discovery. The Piuquenes porphyry copper-gold project was first drilled in the 1990's when Inmet Mining Corporation (IMC, subsequently acquired by First Quantum in 2013) completed 8 diamond drill holes for a total of 1,894.2m.

Significant intersections of copper and gold, included: 413.5 m (167-580.5 m) @ 0.47% Cu and 0.52 g/t Au (0.87% CuEq); 67.5 m (207-274.5 m) @ 0.63% Cu and 0.51 g/t Au (1.02% CuEq); and 158 m (3-161 m) @ 0.32% Cu and 0.6 g/t Au (0.78% CuEq). In 2016, Anglo American Argentina (AAA) drilled a single diamond borehole of 920.2 m total length, crossing the mineral intersections discovered by IMC. Climatic events prevented the assaying of the recovered drill core, with only visual observations of a 508 m (362-870 m) interval of copper mineralization described prior to AAA's withdrawal from the project.

As part of its Due Diligence, Pampa Metals has re-logged and assayed the AAA Diamond Drill Hole with results expected from ALS Mendoza in early December. The Company has also reviewed the IMC diamond drill core and observed visual mineralization, without yet completing QA/QC. The Company awaits the imminent assay and QA/QC results of the AAA PIU-16 920m diamond drill hole, prior to finalizing its drill program planning.