Piuquenes

• Pampa Metals has the right to earn an 80% interest in the Project, through a combination of option payments, project expenditure and asset payments. Pampa Metals initial drill program (H1 2024) at Piuquenes Central intersected:: • 801.5m @ 0.40% Cu, 0.51 g/t Au & 2.87 g/t Ag (from 54m) • including 518m @ 0.53% Cu, 0.73 g/t Au & 3.45 g/t Ag • including 176 m @ 0.71% Cu, 0.74 g/t Au & 4.86 g/t Ag • Potential for multiple deposit discoveries – apparent NE trend to Piuquenes Central deposit, undrilled and outcropping off-trend porphyry at Piuquenes East to be drilled 2024/25 drill season

Maiden Drill Program • 3 diamond drill holes completed in Q2 2024 confirmed: • Highly significant Cu grades well above global average for new Cu projects • Multi-phase system with intense porphyry A type quartz stockwork hosting chalcopyrite and bornite copper mineralization • Presence of abundant bornite indicates significant potential for underlying bornite rich core to deposit • Defined dimensions to date at Piuquenes Central ~350 x 250 x 800m (SW-NE-Depth) • High-grade Cu and Au open to depth in multiple directions, indicative of significant upside potential • News Flow from Follow-Up Drill Program to Continue - Assays are expected throughout 1H 2025 and into 2H 2025. • Maiden Drill Testing of Piuquenes East– Drill testing will shortly commence at Piuquenes East, a second highly compelling, undrilled porphyry target.

Significant Upside Potential • All available historical technical data has been compiled into an integrated database and initial 3D geology and mineralization models produced • Drill hole data was combined with surface geology, geochemistry and geophysics and re-interpreted

Key findings: • Data suggests a northeast trend to the Piuquenes system with the potential for a cluster of deposits • The Piuquenes Central deposit is defined in geophysics by a distinct resistivity high. 1km to the south-east at Piuquenes East, a similar magnitude resistivity anomaly is considered a standout target • Outside of the Piuquenes Central and Piuquenes East targets, the tenement package has not been subject to any systematic exploration.