Up 248% in Six Months: What's Driving Panoro Minerals' (TSX-V:PML) Rapid Rise?

Highlights

• Panoro Minerals has recorded a share price gain of more than 248% over the past six months.
• Cotabambas hosts over 1.0 billion tonnes of combined indicated and inferred mineral resources containing copper, gold, silver and molybdenum.
• Recent drilling at the South Pit intersected 317.6 metres grading 1.04% copper equivalent.
• The company has expanded its drilling program to 45,000 metres, targeting multiple targets within the Cotabambas Project.
• The company completed a C$21 million equity financing to support exploration and development activities.

Panoro Minerals Ltd. (TSX-V:PML) has emerged as one of the notable performers among junior resource companies, with its share price climbing more than 248% over the past six months, as on 11 June 2026. The rally aligns with a series of developments at the company's wholly owned Cotabambas Copper-Gold-Silver Project in Peru, where ongoing drilling, resource expansion efforts and fresh funding are supporting the next phase of growth.

As Panoro advances a strategy focused on expanding and upgrading its higher-grade resource inventory, recent drilling results have highlighted the potential for additional resource growth at Cotabambas, while ongoing exploration continues to unlock new insights into the scale and continuity of mineralization across the project.

A Large-Scale Copper-Gold-Silver Asset

Located in the Apurimac region of southern Peru, the Cotabambas Project is Panoro's flagship asset and hosts a substantial copper, gold, silver and molybdenum resource base.

The project contains indicated mineral resources of 507.3 million tonnes grading 0.34% copper, 0.20 g/t gold, 2.42 g/t silver and 0.0021% molybdenum. In addition, inferred mineral resources total 496.0 million tonnes grading 0.27% copper, 0.17 g/t gold, 2.53 g/t silver and 0.0027% molybdenum.

South Pit Drilling Delivers Broad Mineralised Intervals

Panoro recently reported assay results from drillhole CB-228, the first hole completed as part of its Phase 1 expansion drilling program at the South Pit.

The drillhole intersected continuous mineralization from surface to approximately 850 metres depth. Among the key intervals reported were 317.6 metres grading 1.04% copper equivalent, including higher-grade sections of 162.0 metres grading 1.54% copper equivalent, 85.9 metres grading 1.36% copper equivalent and 66.1 metres grading 1.92% copper equivalent.

These intervals were contained within a broader mineralized zone measuring 487.4 metres grading 0.80% copper equivalent.

According to the company, mineralization was encountered approximately 50 metres shallower than anticipated and extended more than 350 metres down dip while appearing to widen with depth. Panoro noted that the shallower intersection could contribute to future resource additions and may support the project's low strip ratio profile.

The company also stated that mineralization remains open along strike toward the southwest pit target and at depth. Results from drillhole CB-228 are expected to be incorporated into future mineral resource estimates as new inferred resources.

Drillhole CB-228 also intersected potassic alteration near the bottom of the hole, along with hydrothermal and igneous breccias containing copper and gold mineralisation. These geological features will form part of ongoing exploration assessments across the project area.

Expanded Exploration Targets Multiple Growth Areas

Following the initial drilling results, Panoro has expanded its exploration program to 45,000 metres.

The program will target several areas across the 165-square-kilometre Cotabambas property, including the Northeast Pit Target, the area between the North and South Pits, the Southwest Pit Target and other clustered high-grade targets.

The second drillhole at the South Pit is currently underway, while additional drill rigs are scheduled to arrive on site. The company also plans to conduct deep and shallow geophysical surveys to assist in evaluating the continuity of high-grade mineralisation at depth and toward the southwest.

Fresh Capital Supports Next Phase of Development

To support exploration and development activities, Panoro completed a private placement financing in May 2026, raising approximately C$21 million through the issuance of 22.1 million common shares at C$0.95 per share.

The company stated that the proceeds will be directed toward exploration and development activities at the Cotabambas Copper-Gold-Silver Project, as well as general corporate and working capital requirements.

With an expanded drilling campaign underway, a large existing resource base and recently secured funding, Panoro continues to advance exploration activities aimed at further defining the scale and continuity of mineralisation across the Cotabambas Project.