Company Name: Panoro Minerals Ltd.

Panoro Minerals Ltd. (TSXV: PML) Wheaton Precious Funded Copper-Gold Junior in Peru with Hudbay as the Largest Shareholder – Initiating Coverage

Panoro Minerals Ltd. (“company”, “PML”) is a copper focused junior with nine projects in Southern Peru. Hudbay Minerals (TSX: HBM) owns 12% and is the largest shareholder. PML’s portfolio includes two advanced stage assets – Cotabambas (copper-gold) and Antilla (copper) – with a combined After-Tax Net Present Value (“AT-NPV”) at 7.5% of US$989M, per Preliminary Economic Assessments (“PEA”) completed on the projects. Panoro’s Enterprise Value (“EV”) of $28M is just 2% of the combined AT-NPV.

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