Mr. Jason Latkowcer reports

PAN AMERICAN ENERGY CORP COMMENCES WORK ON INAUGURAL MINERAL RESOURCE ESTIMATE AT THE HORIZON LITHIUM PROJECT

Pan American Energy Corp. has commenced work on its inaugural mineral resource estimate (MRE) at its Horizon lithium project in the Big Smoky Valley, Esmeralda county, Nevada. The company has retained Respec LLC, a leader in lithium claystone resource estimations and engineering design work, to complete the MRE as well as a technical report on the project. Respec will use the results of the company's exploratory drilling program, which consisted of 21 targeted diamond core drill holes on the project's 17,334 acres of lithium-bearing claims and resulted in the discovery of significant lithium mineralization on the project, to develop the MRE.

Respec will provide geological analysis, resource modelling and reporting, and the production of a technical report in accordance with the Canadian Mining Institute of Mining, Metallurgy and Petroleum standards for disclosure in the form of a National Instrument 43-101 technical report for the project.

"The undertaking of work on a mineral resource estimate for Horizon underscores the substantial strides made by Pan American in the development of our lithium asset in Nevada," states Jason Latkowcer, Pan American's chief executive officer. "In less than a year, we were able to complete an extensive exploratory drill program and will soon be announcing a mineral resource estimate. This jurisdiction is world renowned as having some of the largest claystone lithium projects in the United States. Respec is well versed in modelling this type of mineralization, having recently completed an S-K 1300 report for American Battery Technology, our adjacent neighbour to the north, and we are confident in the quality and accuracy of their work. Our team believes that Horizon has the potential to further expand on the total resource base in the Big Smoky Valley and are eagerly looking forward to the release of the mineral resource estimate for Horizon."

Project tasks include database audit and quality assurance/quality control, mineral domain modelling for lithium, grade estimation, resource classification and reporting, open-pit optimizations for resource constraints, and the preparation of a National Instrument 43-101 technical report for the project. The mineral resource estimate and accompanying tables are expected to be delivered no later than the end of October, 2023, with the technical report following within 45 days after the release of the MRE, in accordance with applicable securities law requirements.

The project sits immediately adjacent to American Battery Technology's (ABTC) Tonopah Flats project, one of the largest known lithium claystone projects in the United States at 15.8 million tonnes of inferred lithium. The mineral resource estimate completed by American Battery Technology for its Tonopah Flats project was prepared by Respec in accordance with Securities and Exchange Commission (SEC) regulation S-K 1300.

Qualified person

The technical content of this news release has been reviewed and approved by Tabetha Stirrett, PGeo, who is a consulting geologist of Respec, an independent consultant of the company and a qualified person as defined by National Instrument 43-101.

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 metals in North America.

The company executed an option agreement in Canada with Magabra Resources providing for the right to acquire up to a 90-per-cent interest in the drill-ready Big Mack lithium project, 80 kilometres north of Kenora, Ont. The company has also entered a property option agreement with Horizon Lithium LLC providing for the right to acquire a 100-per-cent interest in the Horizon lithium project, located within Esmeralda county-Tonopah lithium belt, Nevada, United States.

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