Mr. Adrian Lamoureux reports

PAN AMERICAN COMPLETES LOGGING AND SAMPLING FROM INITIAL DRILL PROGRAM AT THARSIS PROJECT

Detailed geological logging and core sampling from Pan American Energy Corp.'s 2026 diamond drilling program at the Tharsis project in the Northwest Territories have now been completed, and samples have been submitted to ALS for geochemical analysis. The 2026 drill campaign marked the first drill testing of the Squalus Lake Alkaline complex (SLAC), with 464.5 metres of diamond drilling completed across five boreholes, including TH26-001 (107 metres), TH26-002 (98 m), TH26-003 (153.5 m), TH26-004 (44 m) and TH26-004A (62 m). The program focused on the northern intrusive centre, a priority target area within the complex identified through geophysical interpretation and geomorphological observations.

The drilling program was designed to evaluate the northern intrusive centre, a priority carbonatite-related target within the SLAC interpreted from magnetic, geochemical and bathymetry data. The target area was prioritized in part because the deepest part of Squalus Lake coincides with a magnetic low associated with the interpreted northern intrusive structure, a relationship considered to strengthen the geological rationale for first-pass drill testing of this part of the complex. Drill hole TH26-001 was designed as an initial proof-of-concept test of the northern part of the structure and to provide the first direct geological constraint on the targeting model. TH26-002 targeted a more complex segment along the eastern side of the intrusive centre, where multiple geophysical products highlighted stronger magnetic contrast, sharper gradients and structural complexity. TH26-003 was designed to test internal continuity and evaluate whether prospective phases extend beyond the main boundary zone into the interior of the target. TH26-004 and TH26-004A tested the broadest part of the structure.

Adrian Lamoureux, chief executive officer of Pan American, commented, "With logging and sampling now complete and the drill core submitted for geochemical analysis, the company is continuing to advance its understanding of one of the most compelling targets identified at Tharsis."

The company will provide further updates as analytical results are received and interpreted.

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 at 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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