VANCOUVER, B.C., September 12, 2022 – Panoro Minerals Ltd. (TSXV: PML, Lima: PML, Frankfurt: PZM, OTCQB: POROF) (“Panoro” or the “Company”) is pleased to inform 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.

Luquman Shaheen, President & CEO, states, “This is an important social agreement for both partners; Panoro Minerals and the Cochapata Community, demonstrating once again the continued joint vision for the future development of the project. The Convenio with the Community of Cochapata includes local employment and an expansion of the land package near the city of Cusco, previously purchased and transferred to the Community.  We are working together to reach our next project milestones; completing the drilling program, updating the project resource estimate and completing a 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

FOR FURTHER INFORMATION, CONTACT:

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 forwardlooking information.  The forwardlooking 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.

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