Panoro signs long-term access agreement for Cotabambas

Vancouver, British Columbia--(Newsfile Corp. - October 5, 2026) - Panoro Minerals Ltd. (TSXV: PML) (BVL: PML) (FSE: PZM) (OTCQB: POROF) (" Panoro " or the " Company ") is pleased to announce the signing of a five-year agreement ("Convenio") with the community of Cochapata (the "Community") at the Company's Cotabambas Copper/Gold/Silver Project in Peru.

" The signing of this agreement with the community of Cochapata is another important milestone for the Cotabambas Project. It allows the next phase of infill and step-out drilling to commence at the North Pit, and it also demonstrates the high degree of alignment between the Community and Panoro towards the development of the Cotabambas Project into Peru's next important mine . This agreement is the third agreement signed with the Community during Panoro's exploration and one of various agreements completed in 2026 with local communities, the Municipality and private landowners ," states Luquman Shaheen, President & CEO.

The Convenio grants Panoro surface access rights across the full extent of the Community's lands for the next five years. The proposed North Pit is located primarily within the boundaries of the Cochapata Community. The Company will complete step-out and infill drilling to expand and upgrade the high-grade component of the mineral resource, where 150 million tonnes of the current 222 million tonnes are constrained by the North Pit shell. The Company has previously completed the agreements for the ongoing drilling program at the South Pit.

Panoro is planning approximately 10,000 m of drilling at the North Pit to expand and further define the high-grade portion of the mineral resource, including upgrading of the resource to the Indicated category, in preparation for pre-feasibility and feasibility studies. Following the drilling program an update of the mineral resource estimate will be completed in early 2027. The Company plans to complete a Preliminary Economic Assessment by mid-2027 and a Pre-Feasibility Study by the end of 2027.

The Convenio includes investment commitments by Panoro into education, local employment, infrastructure and support for seniors. In addition, the Convenio provides for the acquisition of land near the City of Cusco, approximately 120 km from Cochapata and in proximity to the parcel of land acquired for the Community in 2018.

About Panoro

Panoro is a Canadian mineral exploration and development company focused on advancing its 100% owned Cotabambas Copper, Gold and Silver Project, located in the Apurimac region in southern Peru. The Company is advancing its High-Grade Strategy to design an open-pit mine focused on the high-grade component of the mineral resource, allowing for a capital efficient and economically strong project development plan. The Cotabambas Project hosts:

Indicated Mineral Resources of 507.3 million tonnes grading 0.33% copper, 0.20 g/t gold, 2.42 g/t silver, and 0.0021% molybdenum, and

Inferred Mineral Resources of 496.0 million tonnes grading 0.27% copper, 0.17 g/t gold, 2.53 g/t silver, and 0.0027% molybdenum.

Within this resource is a higher-grade component comprising:

Indicated Mineral Resource totals of 129.0 million tonnes grading 0.70% Cu, 0.44 g/t Au, 4.12 g/t Ag.

Inferred Mineral Resources of an estimated 93.1 million tonnes grading 0.59% Cu, 0.41 g/t Au, 5.31 g/t Ag.

The Company is targeting expansion of its higher-grade resources with its current drill program.

Qualified Person

The scientific and technical information in this news release has been reviewed and approved by Luis Vela, P.Geo., Vice President, Exploration, a "Qualified Person" under NI 43-101.

ON BEHALF OF PANORO MINERALS LTD. Luquman Shaheen President & CEO

For Further Information, Please Contact: Luquman Shaheen, President & CEO Email: info@panoro.com Tel: 604 684-4246 Website: www.panoro.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

CAUTION REGARDING FORWARD-LOOKING STATEMENTS :

Information and statements contained in this news release that are not historical facts are "forward-looking information" within the meaning of applicable Canadian securities legislation and involve risks and uncertainties.

Examples of forward-looking information and statements contained in this news release include information and statements with respect to:

the intended use of proceeds;

regulatory approval;

mineral resource estimates and assumptions;

completing its technical objectives; and

the Company's plans and expectations for the Cotabambas Project.

Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. In some instances, material assumptions and factors are presented or discussed in this news release in connection with the statements or disclosure containing the forward-looking information and statements. You are cautioned that the following list of material factors and assumptions is not exhaustive. The factors and assumptions include, but are not limited to, assumptions concerning: the Company receiving final approval in respect of the Offering from the TSXV; the Company using the net proceeds of the Offering as anticipated; metal prices and by-product credits; cut-off grades; short and long term power prices; processing recovery rates; mine plans and production scheduling; process and infrastructure design and implementation; accuracy of the estimation of operating and capital costs; applicable tax and royalty rates; open-pit design; accuracy of mineral reserve and resource estimates and reserve and resource modeling; reliability of sampling and assay data; representativeness of mineralization; accuracy of metallurgical test work; and amenability of upgrading and blending mineralization.

Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors which could cause actual events or results to differ materially from those expressed or implied by the forward-looking statements, including, without limitation:

the risk that the Company does not use the proceeds as currently expected;

risks related to not receiving regulatory approval;

risks relating to metal price fluctuation;

risks relating to estimates of mineral resources, production, capital and operating costs, decommissioning, or reclamation expenses, proving to be inaccurate;

the inherent operational risks associated with mining and mineral exploration, development, mine construction and operating activities, many of which are beyond Panoro's control;

risks relating to Panoro's or its partners' ability to enforce legal rights under permits or licenses or risk that Panoro or its partners will become subject to litigation or arbitration that has an adverse outcome;

risks relating to Panoro's or its partners' projects being in Peru, including political, economic, and regulatory instability;

risks relating to the uncertainty of applications to obtain, extend or renew licenses and permits;

risks relating to potential challenges to Panoro's or its partners' right to explore or develop projects;

risks relating to mineral resource estimates being based on interpretations and assumptions which may result in less mineral production under actual circumstances;

risks relating to Panoro's or its partners' operations being subject to environmental and remediation requirements, which may increase the cost of doing business and restrict operations;

risks relating to being adversely affected by environmental, safety and regulatory risks, including increased regulatory burdens or delays and changes of law;

risks relating to inadequate insurance or inability to obtain insurance;

risks relating to the fact that Panoro's and its partners' properties are not yet in commercial production;

risks relating to fluctuations in foreign currency exchange rates, interest rates and tax rates;

risks relating to Panoro's ability to raise funding to continue its exploration, development, and mining activities; and

counterparty risk under Panoro's agreements.

This list is not exhaustive of the factors that may affect the forward-looking information and statements contained in this news release. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in the forward-looking information. The forward-looking information contained in this news release is based on beliefs, expectations, and opinions as of the date of this news release. For the reasons set forth above, readers are cautioned not to place undue reliance on forward-looking information. Panoro does not undertake to update any forward-looking information and statements included herein, except in accordance with applicable securities laws.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/317454

TMX Newsfile

October 5, 2026 - 1:01 PM PDT

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