Mr. Adrian Lamoureux reports

PAN AMERICAN ENERGY ANNOUNCES PLANNED WINTER DRILL PROGRAM AT THE THARSIS PROJECT, NORTHWEST TERRITORIES

Pan American Energy Corp. intends to carry out a winter diamond drilling program at its optioned Tharsis project in the Northwest Territories. The Tharsis project covers the Squalus Lake alkaline complex, a Proterozoic, multiphase alkaline intrusive complex. Exploration to date has focused on evaluating carbonatite-related exploration targets for rare earth elements (REEs) and niobium (Nb).

The Tharsis project has been advanced through geological mapping, high-resolution UAV (unmanned aerial vehicle) magnetic surveying and sampling programs, together with continuing refinement of the project-scale exploration model. The planned winter drill program is intended to provide the first direct subsurface test of a principal intrusive centre interpreted from geophysics, and to evaluate whether magnetic signatures correlate with carbonatite bodies and potential associated REE and Nb mineralization at depth.

The current targeting framework integrates regional and ground magnetic data sets and high-resolution UAV magnetic data, together with interpretation of the complex's organized magnetic architecture, including an outer magnetic-high ring and internal magnetic-low centres interpreted as separate intrusive phases. The company views the planned drill program as the next step toward collecting core-based geological, structural and analytical information to refine the geological model and support follow-up exploration targeting.

"This planned drill program is an important step in advancing Tharsis from surface-based interpretation to direct subsurface information," said Adrian Lamoureux, chief executive officer of Pan American. "Our objective is to test priority targets developed from multiple seasons of work and to generate the geological and analytical data needed to refine the evolving model and guide next steps in a disciplined way."

Qualified person

The scientific and technical content of this news release has been reviewed, verified and approved by Jared Suchan, PhD, PGeo, technical adviser to the company and a qualified person as defined by National Instrument 43-101.

For a discussion of the company's QA/QC (quality assurance/quality control) and data verification procedures and processes, please see its most recently filed technical report under the company's profile on SEDAR+.

About Pan American Energy Corp.

Pan American Energy is an exploration-stage company engaged principally in the acquisition, exploration and development of mineral properties containing battery and critical metals in North America.

The company has executed an option agreement in Canada with Magabra Resources pursuant to which it has acquired a 75-per-cent interest in the Big Mack lithium project, 80 kilometres north of Kenora, Ont., with the right to earn an additional 15 per cent for a total 90-per-cent interest. Pan American has also entered into an option agreement with Northern Critical Minerals Corp. to acquire up to a 100-per-cent interest in the Tharsis REE project, located in the Northwest Territories. The project hosts the Squalus Lake alkaline complex, a Proterozoic-age carbonatite-bearing intrusion prospective for rare earth and high-field-strength elements.

We seek Safe Harbor.