Mr. Adrian Lamoureux reports

PAN AMERICAN ENERGY COMMENCES DRILLING AT THE THARSIS PROJECT

Diamond drilling has commenced at Pan American Energy Corp.'s Tharsis project in the Northwest Territories, Canada.

The start of drilling represents a major milestone for Pan American as the company begins the first drill program at Tharsis. This program marks the transition from surface exploration work to drilling, where the company will begin testing the critical mineral potential of the project at depth. Since acquiring the right to earn up to a 100-per-cent interest in the project, Pan American has completed several phases of exploration at Tharsis, including surface sampling, geophysical interpretation and project scale modelling, to identify priority drill targets. These efforts have outlined a large prospective intrusive system at the Squalus Lake alkaline complex (SLAC), which is considered prospective for rare earth elements (REE), niobium (Nb) and yttrium (Y), metals that are increasingly important for advanced technologies and secure North American supply chains.

The first drill hole is now under way from an ice-based set-up on Squalus Lake. The program is designed to evaluate whether the targets identified by previous exploration work correspond with carbonatite bodies that may host REE, Nb and Y mineralization at depth. As drilling progresses, results from each hole will help guide the next stages of exploration and target refinement across the broader project area.

Adrian Lamoureux, chief executive officer of Pan American Energy, stated: "Starting the first drill hole at Tharsis is an exciting milestone for the company. Over the past several months, our team has worked methodically to advance the project and define strong drill targets. With drilling now under way, we are beginning the next phase of exploration as we work to unlock the discovery potential of the Tharsis project."

The winter 2026 program is expected to include approximately 1,500 metres of diamond drilling, subject to field conditions. The company intends to provide additional updates as drilling progresses and results become available.

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 the company's 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.

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