Panoro Minerals Announces Closing of Sale of Antilla Copper Project

VANCOUVER, Dec. 6, 2021 - Panoro Minerals Ltd. (TSXV: PML) (Lima: PML) (Frankfurt: PZM) (OTCQB: POROF) ("Panoro" or the "Company") is pleased to announce the closing of the sale of the Antilla Project, previously announced on October 8, 2021. At the closing of the transaction, Panoro has received the first scheduled advance payment of CA$10 million. The details of future payments, net smelter return royalties and Panoro's equity position in the Antilla Project are outlined in the October 8, 2021, press release.

Luquman Shaheen, President & CEO of Panoro Minerals states, "We are pleased to have closed the Antilla transaction under the terms of the previously announced agreement. The Company looks forward to supporting the advancement of the work programs at Antilla. Panoro is currently completing the scope, budget, and schedules for the Cotabambas Project Pre-Feasibility Study, including drilling and metallurgical testing programs. Panoro plans to commence this work early in the first quarter of 2022 and is targeting a 2023 completion of the Pre-Feasibility Study. The Pre-Feasibility study work will incorporate resource expansion drilling at the Maria Jose, Petra-David and Chaupec satellite targets with the objective of delineating additional higher grade, sulfide porphyry and skarn as well as oxide mineralization. The oxide target areas, together with oxide resources already defined in the project resource, will be investigated for the addition of a copper heap leach SX/EW component to the Cotabambas Project. We are optimistic that the significant project growth opportunities identified in the preliminary economic assessment and through subsequent exploration drilling can be incorporated into the proposed Pre-Feasibility Study."

About Panoro

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

Panoro has previously completed a precious metals purchase agreement for the Cotabambas Project with Wheaton Precious Metals as well as other agreements with Hudbay Minerals which together provide additional funding for corporate costs and for the Cotabambas Project.

At the Cotabambas Project, the Company is focused on delineating growth potential while optimizing project economics. Exploration and step-out drilling from 2017, 2018 and 2019 have 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:

• future payments
• net smelter return royalties and equity position in the Antilla Project
• advancing work programs at the Antilla Project
• 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.