Panoro Minerals’ $10 Million Financing for Cotabambas Project

Panoro Minerals Ltd. (PML-TSXV, POROF-OTCQB) has launched a LIFE offering to raise up to $10 million. These funds will support essential work at the company’s flagship Cotabambas copper-gold-silver project in southern Peru. Specifically, the raised capital will fund infill drilling, metallurgical testing, and prefeasibility engineering. Additionally, Panoro will use part of the proceeds to update the Preliminary Economic Assessment (PEA) and cover mineral concession payments. This move highlights Panoro’s strategy to advance its major project in the Apurimac region, a region known for its rich copper and gold resources.

Exploring the Cotabambas Copper-Gold-Silver Project

Located 48 kilometers southwest of Cusco, the Cotabambas project is situated in a region rich in copper-gold porphyry and skarn-type deposits. These deposits align into three structural corridors that run southwest to northeast. In January 2024, Panoro updated the mineral resource estimate for the project, revealing an indicated resource of 507.3 million tonnes. This resource has an average grade of 0.34% copper, 0.20 g/t gold, and 2.42 g/t silver. Additionally, the project contains a substantial inferred resource of 496 million tonnes, with a copper equivalent (CuEq) grade of 0.36%. The updated estimates demonstrate the possibility of developing a high-grade starter pit, making the initial phase of the project even more promising.

Moreover, Panoro has already received approval for a semi-detailed Environmental Impact Assessment (EIA), further accelerating the project’s development. The project also has an extended drilling permit, valid until 2030. Panoro now plans to develop a comprehensive exploration and mining plan, which includes 19 identified targets across the property.

Panoro’s Strategic Move and Future Potential

Panoro has entered into an agreement with a syndicate of agents to facilitate a private placement of up to 20 million units, each priced at 50 cents. Each unit consists of one common share and one-half share purchase warrant. These warrants give the holder the right to purchase an additional share for 70 cents within 36 months. Furthermore, Panoro has granted the agents an option to buy up to 15% more units, potentially raising an additional $1.5 million. The offering is set to close on June 23, 2025.

This strategic financing move aligns with Panoro’s ongoing efforts to advance the Cotabambas project. The funding will be vital for taking the project to its next stages. As a result, Panoro is positioning itself for growth and success in the Apurimac region, one of the world’s most promising copper and gold areas.

SuperMetalPrice Commentary:

Panoro Minerals’ $10 million financing marks a key milestone for the company and its Cotabambas copper-gold project. The project’s promising resource estimates, combined with its location in a mineral-rich region, set the stage for long-term growth. As Panoro progresses with drilling, metallurgical testing, and prefeasibility engineering, the updated PEA and further resource expansions could provide valuable insights into the project’s economic potential. These efforts may significantly boost the project’s viability. Panoro’s financing strategy and the growing confidence in the Cotabambas project signal a bright future for the company in Peru’s competitive mining market.