Panoro Minerals Ltd. informed that it has reached an access agreement with the Cochapata Agrarian Community, the Convenio, to allow for continued surficial exploration and drilling at the Cotabambas Project in Peru. The agreement covers the period of 16 months from September 2022 to December 2023 and allows the company to expand the drilling program into the proposed North Pit Area where both infill and step-out drilling is planned. This is the third Convenio completed with the Cochapata Community in the 10 years since the Company began exploration at the Cotabambas Project and the seventh Convenio overall, in addition to agreements with more than 30 private landowners.

The completion of the Convenio demonstrates the commitment of the Cochapata Community with the development of the Cotabambas project, where the proposed North Pit is located principally within the surface rights boundary of the community. In addition, other prospective satellite targets such as Maria Jose and Petra y David are also located within the surface rights boundary of the community. Panoro Minerals is currently drilling within the proposed area of the South Pit.

To date a single drill has completed 7 drillholes for an estimated total of 3,170 m of drilling at the area of the South Pit. An additional 4 drill holes are planned for this area, with potential to be increased. Drilling at the North Pit areas includes a planned 34 drillholes for an estimated 9,570 metres.

Of this drilling approximately 78% is allotted for infill objectives and 22% for step-out objectives. The step-out drilling is focused primarily to the north side of the proposed North Pit along the previously identified corridor of high-grade mineralization. The company is planning to mobilize an additional 2 drill rigs in September for the drilling in the North Pit area.