Mr. Jason Latkowcer reports

PAN AMERICAN ANNOUNCES $2 MILLION FLOW THROUGH UNIT OFFERING

Further to the news releases dated Oct. 27, 2023, and Nov. 10, 2023, Pan American Energy Corp. intends to complete a non-brokered private placement of flow-through units of the company at a price of 50 cents per FT unit for aggregate gross proceeds of up to $2-million. Each FT unit will consist of one common share of the company and one-half of one common share purchase warrant of the company, with each warrant entitling the holder thereof to purchase one common share at a price of 65 cents for a period of 24 months.

The FT offering is in addition to the previously announced $3-million private placement financing of units at a price of 40 cents per non-flow-through unit. Each non-flow-through unit is composed of one (non-flow-through) common share and one common share purchase warrant, with each such warrant exercisable for one common share at a price of 55 cents for a period of 24 months. The first tranche of the non-flow-through offering was completed on Nov. 10, 2023, with the company raising gross aggregate proceeds of $2,595,000 through the sale of 6,487,500 non-flow-through units.

The gross proceeds of the FT offering will be used by the company to incur eligible Canadian exploration expenses that are intended to qualify as flow-through critical mineral mining expenditures, as such terms are defined in the Income Tax Act (Canada) related to the company's Big Mack lithium project. Subject to compliance with the policies of the Canadian Securities Exchange and applicable securities legislation, the company may pay finders' fees in connection with the FT offering and non-flow-through offering.

The company anticipates closing of the FT offering to occur on or about Dec. 15, 2023. The securities issued pursuant to the FT offering will be subject to a four-month hold period from the closing date.

About Pan American Energy Corp.

Pan American Energy (Canadian Securities Exchange: PNRG) (OTC Pink: PAANF) (Frankfurt Stock Exchange: SS6) 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 an up-to-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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