Target #7 Geophysical Results Demonstrate Potential Scale of High-grade Skarn Mineralization at the Cotabambas Copper/Gold/Silver Project, Peru

Panoro reports high-grade copper-gold skarn samples and imminent drilling at Cotabambas, Peru.

What the company is saying

Panoro Minerals Ltd. is highlighting new geophysical and surface sampling results at Target #7, part of its 100%-owned Cotabambas Project in Peru. The company emphasizes the mapping of multiple high-grade skarn outcrops (S1, S2, S3) over a 4 km² area, with S2 showing surface grades up to 12% copper and gold up to 14.87 ppm. Management frames these results as revealing 'significant new potential' for expanding the project's high-grade mineral inventory and positively impacting future mine plans. The release details that trenching and sampling are underway, with a 17-hole, 300–400 m per hole drill program to begin before year-end, fully funded from existing capital. President and CEO Luquman Shaheen is directly quoted, drawing comparisons to the large-scale Las Bambas mine and stressing the potential for material additions to resources. The tone is confident and forward-looking, focusing on the possibility of resource expansion and near-surface, high-grade mineralization.

What the data suggests

Surface sampling at S2 and SKARN 3 returned copper grades ranging from 2.51% to 4.94%, with the highest individual sample at 4.94% Cu and 14.87 ppm Au. The highest reported surface grade is 12% Cu. Molybdenum values in these samples range from 0.003% to 1.02%. The Cotabambas Project's current Indicated Mineral Resources stand at 507.3 million tonnes grading 0.33% Cu, 0.20 g/t Au, 2.42 g/t Ag, and 0.0021% Mo, while Inferred Resources are 496.0 million tonnes at 0.27% Cu, 0.17 g/t Au, 2.53 g/t Ag, and 0.0027% Mo. The higher-grade subset includes 129.0 million tonnes at 0.70% Cu, 0.44 g/t Au, 4.12 g/t Ag (Indicated), and 93.1 million tonnes at 0.59% Cu, 0.41 g/t Au, 5.31 g/t Ag (Inferred). The geophysical data suggest the S2 skarn may extend vertically beyond 500 m and laterally within a 1 km corridor, but these extensions are not yet confirmed by drilling. The company is currently trenching 23 lines of 100–200 m each and plans up to 17 drillholes, with drilling to start before year-end. All technical information has been reviewed and approved by Luis Vela, P.Geo., Vice President, Exploration.

Analysis

The announcement provides detailed and credible technical data on surface sampling, trenching, and resource estimates at the Cotabambas Project, with specific grades and tonnages disclosed. The tone is positive, emphasizing the potential for significant resource expansion and high grades, but most forward-looking claims (such as vertical and lateral skarn extensions, and the impact on mine plan) are not yet substantiated by drilling or resource updates. The planned drilling program is funded from existing capital and is set to commence before year-end, indicating near-term execution for the next exploration phase. There is no evidence of exaggerated capital outlay or claims of imminent production or earnings. However, some language inflates the significance of early-stage results (e.g., 'could materially add to the mineral inventory', 'important positive impacts to the mine plan'), which are not yet realised. The gap between narrative and evidence is moderate: technical progress is real, but the ultimate resource and economic impact remain to be proven by drilling and future studies.

Risk flags

• ●The main operational risk is that high surface grades and geophysical signatures may not translate into continuous or economically mineable mineralization at depth; this is a common risk in early-stage exploration and will only be resolved with drilling.
• ●There is execution risk around the trenching and drilling program, including potential delays, technical challenges, or inconclusive results, which could defer or diminish the anticipated resource expansion.
• ●The company's claims about positive impacts to the mine plan and grade profile are contingent on successful drilling and future resource updates, which introduces uncertainty until those results are delivered.

Bottom line

Panoro Minerals is advancing its Cotabambas Project in Peru with high-grade copper and gold surface samples and imminent drilling at Target #7, aiming to expand its already substantial resource base. The technical data are credible and specific, with surface grades up to 12% Cu and a clear plan for near-term drilling funded from existing capital. While management draws parallels to major regional mines and suggests material resource upside, these claims remain unproven until drill results confirm the vertical and lateral extensions of mineralization. Investors should focus on the upcoming drill program as the next key catalyst, as the ultimate impact on resources and project economics will depend on those results. The most important takeaway is that Cotabambas remains a large, high-potential copper-gold project, but the scale and quality of new discoveries at Target #7 will only be established after the next phase of exploration.

Announcement summary

(TSXV:PML) (BVL:PML) (FSE:PZM) (OTCQB:POROF) Panoro Minerals Ltd. reports results from geophysical surveys at Target #7, where multiple high-grade skarn mineralization outcrops (S1, S2, and S3) have been mapped at surface over a 4 km² area. Target #7 is located approximately 3.5 km west of the proposed North and South pits that contain the mineral resources included in the current Cotabambas mineral resources estimate. Geophysical signatures indicate the potential for the S2 surface outcropping skarn to extend vertically to depths exceeding 500 m along the contact with the Ferrobamba limestone unit. The width of the skarn mineralization increases from 50 m at surface to over 200 m at depth. S2 is within a 1 km-long skarn corridor with potential to extend further north. Surface sampling results from S2 include sample 14390 with 4.64% Cu, 11.90 ppm Au, 0.28% Mo; sample 14383 with 3.81% Cu, 7.91 ppm Au, 1.02% Mo; sample 14393 with 4.01% Cu, 2.01 ppm Au, 0.006% Mo; sample 14348 with 3.04% Cu, 5.54 ppm Au, 0.182% Mo; sample 14394 with 2.80% Cu, 4.13 ppm Au, 0.234% Mo; sample 14346 with 2.71% Cu, 2.00 ppm Au, 0.003% Mo; sample 14343 with 3.24% Cu, 1.83 ppm Au, 0.114% Mo; sample 14627 with 3.66% Cu, 1.26 ppm Au, 0.194% Mo; sample 14349 with 2.51% Cu, 1.22 ppm Au, 0.044% Mo; sample 14428 with 4.94% Cu, 14.87 ppm Au, 0.272% Mo; sample 14424 with 3.87% Cu, 11.57 ppm Au, 0.356% Mo; sample 14426 with 3.59% Cu, 9.48 ppm Au, 0.035% Mo; and sample 14427 with 2.97% Cu, 1.46 ppm Au, 0.065% Mo. Panoro is completing trenching and additional sampling of S1, S2, and S3 to delineate skarn extensions, with 23 trenches between 100 m and 200 m in length underway. After trenching and sampling, a drilling program of up to 17 drillholes of 300 m to 400 m in length across all three skarn corridors will be completed, with drilling to commence prior to year-end and funded from existing capital. Luquman Shaheen, President and CEO, states that results at Target #7 reveal significant new potential for the Cotabambas Project, with surface grades up to 12% Cu that could materially add to the mineral inventory. 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. The higher-grade component includes Indicated Mineral Resources of 129.0 million tonnes grading 0.70% Cu, 0.44 g/t Au, 4.12 g/t Ag, and Inferred Mineral Resources of 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 the current drill program. The scientific and technical information in this release has been reviewed and approved by Luis Vela, P.Geo., Vice President, Exploration.

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