Mr. Jason Latkowcer reports

PAN AMERICAN ENERGY MOBILIZES CREWS FOR THE ADVANCED EXPLORATION PROGRAM AT THE BIG MACK LITHIUM PROJECT

Full Force Diamond Drilling Ltd. and Axiom Exploration Group Ltd. crews have arrived in Kenora, Ont., as part of Pan American Energy Corp.'s mobilization to commence the advanced exploration drilling program at the Big Mack lithium project beginning November, 2023. The company is fully permitted to conduct an advanced exploration drilling program at the property, Pan American's hard-rock pegmatite lithium prospective property located approximately 80 kilometres north of the town of Kenora, Ont.

Full Force has mobilized one skid-mounted A5 hydraulic machine drill and an operating crew with the aim of drilling approximately 5,000 metres at the property. 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.

As part of mobilization efforts, the company and its project partner, Magabra Resources Corp., conducted a site visit by vehicle to verify safe and efficient passage to the project location. There were no immediately identified impediments with full drive-up accessibility by paved road, gravel road and drill trail. The company notes Avalon Advanced Materials Inc. is also actively drilling immediately adjacent to the property on its Separation Rapids lithium project.

Jason Latkowcer, chief executive officer, commented: "Today, we proudly declare the mobilization of our drilling and geological crews for an exciting exploratory drill program focused on unlocking the potential of the Big Mack lithium project. To operate a successful program, it requires extensive geological and logistical planning. All of this is made possible by the human capital that makes up the various teams, including Pan American staff, our partners and our contractors. We are looking forward to getting started!"

About the property

The property is located two km east of all-weather Snook Lake Road about 80 km north of Kenora, Ont. The property is proximal (approximately 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, Ont., an aboriginal community located approximately 35 km southwest of the property.

The property hosts four known lithium-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 (lithium-cesium-tantalum) pegmatites. The Big Mack pegmatite represents the largest petalite-bearing mass on the property and is exposed over an 80-metre-by-225-metre area. Historic drilling campaigns (1998, 1999, 2001) intersected mineralization extending along a strike length of approximately 150 metres and to a depth of 75 metre. The mineralization at the property remains open at depth and along strike.

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 km 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.

We seek Safe Harbor.