An anonymous director of FMS Lithium reports

EARLY WARNING REPORT IN RESPECT OF FMS LITHIUM'S HOLDINGS IN PAN AMERICAN ENERGY

FMS Lithium Corp. has provided an update to its beneficial ownership of Pan American Energy Corp., pursuant to National Instrument 62-103 -- The Early Warning System and Related Take-Over Bid and Insider Reporting Issues (NI 62-103). As previously announced by Pan American on Sept. 28, 2022, Pan American and FMS entered into a property option agreement, pursuant to which Pan American was granted the right to acquire a 100-per-cent interest in the Horizon lithium property located in the Big Smoky and Monte Cristo basins of Esmeralda county, Nevada. In connection with the milestone payments payable under the option agreement, FMS, through its indirectly held, wholly owned subsidiary, Horizon Lithium LLC, acquired 8,486,715 common shares of Pan American on Dec. 14, 2023, at a deemed price per common share of 48 cents for an aggregate value of $4,068,300.

Prior to the issuance, FMS held or exercised control of, through Horizon, 3,012,174 common shares representing 4.5 per cent of Pan American's issued and outstanding common shares on an undiluted basis. Following the issuance, FMS held or exercised control of, through Horizon, 11,498,889 common shares, representing 15.1 per cent of Pan American's issued and outstanding common shares on an undiluted basis.

All securities of Pan American held by FMS (through Horizon) are held for investment purposes. In the future, FMS (directly or indirectly) may acquire and/or dispose of securities of Pan American through the market, privately or otherwise, as circumstances or market conditions may warrant. The common shares are listed for trading on the Canadian Securities Exchange under the symbol PNRG. Pan American is located at No. 610, 505 3 St. SW, Calgary, Alta., T2P 3E6.

This news release is issued pursuant to NI 62-103, which also requires an early warning report to be filed with the applicable securities regulators containing additional information with respect to the foregoing matters. A copy of the early warning report of FMS will be available under Pan American's profile on SEDAR+.