Mr. Jason Latkowcer reports

PAN AMERICAN ENERGY SELECTS DRILL CONTRACTOR FOR ADVANCED EXPLORATION PROGRAM AT THE BIG MACK LITHIUM PROJECT

Pan American Energy Corp. has selected Full Force Diamond Drilling Ltd. as the drilling contractor for the fully permitted advanced exploration drilling program at the Big Mack lithium project, the company's hard-rock pegmatite lithium prospective property, located approximately 80 kilometres north of the town of Kenora, Ont. Full Force was selected after a rigorous and competitive analysis and qualification process supported by the Company's project partner, Magabra Resources Corp. ("Magabra"), and primary consultant partner, Axiom Exploration Group Ltd. ("Axiom").

Full Force is a diamond drilling, mineral exploration company that was established in 2004. The company has since expanded operations across Canada and the United States with a fleet of helicopter portable, skid mounted and track drills with two fully equipped shops in Peachland, British Columbia and Smithers, British Columbia. Full Force runs Krux Analytics to ensure that all field reporting can be done in real time ensuring that client have the most comprehensive data to monitor costs and meterage. Full Force is COR certified and committed to maintaining healthy and safe worksites while minimizing environmental impact.

Full Force will mobilize one skid mounted A5 hydraulic machine drill and an operating crew to the Property with the aim of drilling approximately 5,000 meters, with drilling expected to begin in the first week of November, 2023. The drill program was designed by Axiom's team of geological and geophysical experts who will maintain oversight and management of the program in the field. The objective of the drilling is to quantify the presence and extent of critical mineral mineralization on the Property, with the goal of declaring a mineral resource estimate in compliance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects on the Property.

Jason Latkowcer, Chief Executive Officer, commented, "As we embark on this critical phase of exploration at the Property, the selection of the right drilling contractor is paramount. Our pursuit of an accurate mineral resource estimate hinges on the expertise and precision of our partners. Full Force and Axiom's commitment to excellence aligns seamlessly with our vision to explore and develop a made-in-Ontario critical mineral project. We are looking forward to mobilizing in the coming days and commencing the advanced exploration drill program shortly after mobilization."

About the Property

The Property is located 2 km east of all-weather Snook Lake Road about 80 km north of Kenora, ON. The property is proximal (~1.3 km) to Avalon's Separation Rapids, Big Whopper deposit which hosts a measured and indicated resource. The Property is within an Ontario registered mining lease, with over 30 years of exploration history. The Property lies within the traditional land use area of the Wabaseemoong Independent Nations of Whitedog, Ontario: an Aboriginal community located approximately 35 km southwest of the property.

The Property hosts four known Li-bearing pegmatites including the Big Mack pegmatite, Eleven Zone, Sprinkler Zone, and 6095 pegmatite which are thought to be related to the Separation Rapids Pluton. They are interpreted as zoned Complex Type, Petalite Subtype LCT Pegmatites. The Big Mack pegmatite represents the largest petalite-bearing mass on the Property and is exposed over an 80 by 225 m area. Historic drilling campaigns (1998, 1999, 2001) intersected mineralization extending along a strike length of ~150 meters and to a depth of 75 meters. The mineralization at the Property remains open at depth and along strike.

About Pan American Energy Corp.

Pan American Energy Corp. (CSE: PNRG) (OTC PINK: PAANF) (FSE: SS60) 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% interest in the drill-ready Big Mack Lithium Project, 80 km north of Kenora, Ontario. The Company has also entered a property option agreement with Horizon Lithium LLC providing for the right to acquire a 100% interest in the Horizon Lithium Project, located within Esmeralda County - Tonopah Lithium Belt, Nevada, USA.

We seek Safe Harbor.