Mr. Jason Latkowcer reports

PAN AMERICAN CLOSES FINAL TRANCHE OF NON-FLOW-THROUGH PRIVATE PLACEMENT

Pan American Energy Corp. has closed the final tranche of its previously announced non-brokered private placement for additional gross proceeds to the company of $470,000. Together with the first tranche of the non-flow-through offering, pursuant to which the company raised gross proceeds of $2,595,000 (please see the company's news release dated Nov. 10, 2023, for further details), the company raised total gross proceeds from the non-flow-through offering of $3,065,000.

Pursuant to the final tranche, the company issued 1,175,000 units of the company at a price of 40 cents per unit for aggregate gross proceeds of $470,000, with each unit comprising one common share of the company and one share purchase warrant of the company, entitling the holder to acquire one share at a price of 55 cents per warrant share until Dec. 8, 2025. In total pursuant to the non-flow-through offering, the company issued 7,662,500 units for total gross proceeds of $3,065,000.

The company intends to use the net proceeds raised from the non-flow-through offering for general and administrative expenditures, investor awareness and promotional expenditures, and general working capital purposes. All securities issued in connection with the closing of the final tranche are subject to a statutory hold period, in accordance with applicable securities laws, expiring on April 9, 2024.

In connection with the non-flow-through offering, the company paid cash finders' fees totalling $25,550 and issued 63,875 finders' warrants, each entitling the holder thereof to acquire one share at an exercise price of 55 cents until Dec. 8, 2025.

As disclosed in the company's news release on Nov. 29, 2023, the company is concurrently undertaking a non-brokered private placement of flow-through units at a price of 50 cents per unit for aggregate gross proceeds of up to $2-million. As announced in the company's Nov. 29, 2023, news release, the company anticipates closing the offering of flow-through units on or about Dec. 15, 2023. For further details regarding the company's offering of flow-through units, please see the company's news release dated Nov. 29, 2023.

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, U.S.

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