Panoro Minerals Receives $C898,000 in Payments

VANCOUVER, Aug. 8, 2023 - Panoro Minerals Ltd. (TSXV: PML), (Lima: PML), (Frankfurt: PZM), (OTCQB: POROF) ("Panoro" or the "Company") announces that it has received a total of $C898,000 in payments from the sale of the Antilla and Cochasayhuas Projects in Peru.

The Company announced the closing of the sale of the Antilla Project in December 2021. The Company has finalized amendments to the share purchase agreement ("SPA") and shareholders' agreement ("SHA") (the "Amended Agreements") with Calisto Cobre Resources Corp. (formerly Heeney Capital Acquisition Corp.) ("Calisto") in which the Company sold 90% of the shares of Antilla Copper S.A., a former wholly owned subsidiary of Panoro, to Calisto. As outlined in the Company's October 12, 2021 and December 6, 2021 press releases and as per the SPA and SHA, the Company received a first payment of $US 7.3M ($CA 10.0M) on closing, the timeline for receipt of the next payment, $US 2.1M ($CA 2.8M) (the "Second Payment"), has been extended to March 2024. Pursuant to the Amended Agreements, the Company received an immediate payment of $CA 300,000 ($US 226,380) made towards the Second Payment. The balance of the Second Payment of approximately $CA 2.50M ($US 1.85M) will be due upon the completion of the public listing of Calisto or March 31, 2024 at the latest.

Panoro also announces that it has completed the sale of the of Cochasayhuas project for $CA 598,000 ($US 460,000) to a private Peruvian mining company. The transaction, transfer and registration of mineral concession ownership has been completed.

In addition, the Company anticipates receiving $CA 325,000 ($US 250,000) in September 2023 as part of the Company's Precious Metals Agreement with Wheaton Precious Metals International Ltd. ("WPMI"), a wholly owned subsidiary of Wheaton Precious Metals Corp., in respect of the Cotabambas Project as described the Company's April 3, 2023 press release.

Luquman Shaheen, CEO of Panoro Minerals states, "We remain committed to our plan of focusing the Company's resources on the advancement of the Cotabambas project towards feasibility while minimizing any share capital dilution. We estimate that the completed transactions, including the payments announced herein, will provide $CA 10.7 million during the next 24 months. The drilling program at Cotabambas was completed in July, the Company is currently working with the independent consultants to complete the NI 43-101 mineral resources estimate which is scheduled for completion next month. The company has also completed extensive trade-off studies for the mining, processing, waste/tailings and infrastructure proposed for the project. The trade-off studies have identified important opportunities to enhance the project's economics while reducing the environmental footprint. The Company is planning to integrate the updated minerals resources estimate and the trade-off studies recommendations into an updated Preliminary Economic Assessment later this year to provide guidance on the scope and focus of the Prefeasibility study."

About Panoro

Panoro is a uniquely positioned Peru-focused copper development company. The Company is advancing its flagship Cotabambas Copper-Gold-Silver Project located in the strategically important area of southern Peru.

The Company's objective is to complete a Prefeasibility study in 2023 with work programs commencing in Q1 2022.

At the Cotabambas Project, the Company will first focus on delineating resource growth potential and optimizing metallurgical recoveries. These objectives are expected to further enhance the project economics as part of the Prefeasibility studies during 2022 and 2023. Exploration and step-out drilling from 2017, 2018 and 2019 have already identified the potential for both oxide and sulphide resource growth.

Summary of Cotabambas Project Resources

A PEA has been completed for the Cotabambas Project; the key results are summarized below:

Summary of Cotabambas Project PEA Results

PEAs are considered preliminary in nature and include Inferred Mineral Resources that are considered too speculative to have the economic considerations applied that would enable classification as Mineral Reserves. There is no certainty that the conclusions within the PEAs will be realized. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.

Luis Vela, a Qualified Person under National Instrument 43-101, has reviewed and approved the scientific and technical information in this press release.

On behalf of the Board of Panoro Minerals Ltd.

Luquman Shaheen. M.B.A., P. Eng, P.E.
President & CEO

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:

• Panoro delineating growth potential at the Cotabambas Project, while optimizing project economics.
• mineral resource estimates and assumptions; and
• the PEAs, including, but not limited to, base case parameters and assumptions, forecasts of net present value, internal rate of return and payback.

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: 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:

• risks relating to metal price fluctuations;
• 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.

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.

SOURCE Panoro Minerals Ltd.