Panoro Minerals Secures C$21M Boost for Peruvian Copper-Gold Project

VANCOUVER, BC – May 04, 2026 – Panoro Minerals Ltd. announced today it has increased its private placement financing to C$21 million, a move prompted by what the company described as "strong demand" from investors. The deal, upsized from its original C$20 million target, underscores growing market confidence in the company's flagship Cotabambas copper-gold-silver project in Peru.

The financing, led by Clarus Securities Inc., will see the issuance of over 22 million common shares at a price of C$0.95 each. The capital injection is set to accelerate development at a time when global demand for copper, a critical metal for the green energy transition, is surging.

A Resounding Vote of Confidence from the Market

The decision to upsize the offering is more than just a financial footnote; it's a significant market endorsement. For a junior exploration company, attracting and then exceeding a major financing goal is a clear signal of robust investor belief in its assets and management strategy. This sentiment is mirrored in Panoro's recent stock performance on the TSX Venture Exchange.

In the wake of the announcement, Panoro's shares (TSXV:PML) climbed nearly 5% to C$1.06. This builds on a period of remarkable growth for the company, which has seen its stock value soar by approximately 56% in the last month and an impressive 144% over the past year. This upward trajectory suggests that investors are increasingly recognizing the potential of the Cotabambas project, even before this new capital infusion.

The C$21 million raise is the latest in a series of successful financings. It follows a fully subscribed C$4 million private placement in January 2026, indicating sustained momentum and a consistent ability to attract capital. The syndicate of agents for the current offering—which includes Red Cloud Securities Inc., Agentis Capital Markets, and Raymond James Ltd. alongside lead agent Clarus Securities—brings together specialized mining financiers and larger, full-service investment dealers, adding another layer of credibility to the transaction.

Accelerating Peru's Next Major Copper Source

The net proceeds from the offering are earmarked for a clear purpose: to aggressively advance the 100% owned Cotabambas project in the Apurimac region of southern Peru. This vast deposit is emerging as a potentially significant future source of copper, gold, and silver.

While the company states the funds will be used for "exploration and development," recent corporate activities provide a more detailed roadmap. The capital is expected to fuel a multi-faceted program designed to de-risk the project and move it closer to a production decision. Key activities will likely include:

• An expanded drill program: The company mobilized for a 2026 drill program in April. This new funding will allow for more extensive infill drilling, aimed at converting Inferred mineral resources into the higher-confidence Indicated category, and potentially expanding the known high-grade zones.
• Advanced technical studies: Funds will support crucial engineering and metallurgical test work. This is essential for optimizing the future mine's processing flowsheet and refining recovery rates for copper, gold, and silver.
• Updated economic assessments: The data gathered will feed into an updated Preliminary Economic Assessment (PEA) and lay the groundwork for a more detailed Pre-Feasibility Study (PFS). These studies are critical milestones that provide a clearer picture of the project's economic viability and technical parameters.

The scale of the Cotabambas deposit is substantial. According to a 2024 technical report, the project holds Indicated Mineral Resources of 507.3 million tonnes and Inferred Mineral Resources of 496.0 million tonnes. Critically, the company has identified a "High-Grade Strategy," focusing on an initial higher-grade component within the resource that contains an estimated 2.0 billion pounds of copper, 1.8 million ounces of gold, and 17.1 million ounces of silver. This strategy could potentially improve project economics in the initial years of mining.

Riding the Green Energy Wave

Panoro's financing success is occurring against a powerful macroeconomic backdrop. The global push for decarbonization and the transition to green energy has created unprecedented demand for copper. The metal is an indispensable component in electric vehicles, wind turbines, solar panels, and the expanded electrical grids needed to support them. Market analysts widely forecast a structural deficit in the copper market for years to come, supporting a "higher for longer" price outlook.

The Cotabambas project is not just a copper play. With significant gold and silver credits, it is positioned to benefit from a diversified metals stream. Gold continues to be a sought-after safe-haven asset amid global economic uncertainty, while silver's dual role as both a precious metal and a critical industrial component—particularly in solar panel manufacturing—provides a strong demand floor.

By advancing a large-scale copper-gold-silver project, Panoro is positioning itself to be a key supplier of the very materials essential for the 21st-century economy. This strategic alignment is a core reason why investors have shown such strong interest in funding the project's next phase of development.

Navigating the Peruvian Landscape

Investing in Peru's rich mineral belts offers immense opportunity, but it is not without its challenges. The country is a global mining powerhouse, second only to Chile in copper production, but it also has a history of political instability and social conflict surrounding resource projects. Securing and maintaining a "social license to operate" from local communities, particularly in rural and indigenous regions like Apurimac, is paramount for success.

Investors in the Panoro financing are betting that the company can successfully navigate this complex environment. The company itself acknowledges these risks in its public filings, citing potential political and regulatory instability as factors to be managed. A proactive and transparent approach to community engagement, environmental stewardship, and benefit-sharing is critical for any mining company operating in the region.

The successful C$21 million capital raise demonstrates that the financial community believes the potential rewards of the Cotabambas project outweigh the inherent risks. The focus for Panoro Minerals will now be on diligent execution. With a fortified treasury, the company is well-positioned to deliver on its 2026 work programs, achieve key de-risking milestones, and continue advancing one of the more significant undeveloped copper-gold projects in the Americas. The market and local stakeholders will be watching closely as the drills turn and the engineering studies take shape.