Mr. Jason Latkowcer reports

PAN AMERICAN ENERGY COMMENCES GEOPHYSICAL AND PHASE 3 DRILL PLANNING AT ITS FLAGSHIP PROJECT IN THE UNITED STATES

Pan American Energy Corp. has commenced geophysical and phase 3 drill planning at its flagship project, the Horizon lithium project, in Big Smoky Valley, Esmeralda county, Nevada. The Company has retained its contractor partner, RESPEC Consulting Inc. ("RESPEC") to support the next stages of exploration at the Project.

Following the filing of the inaugural technical report pursuant to National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("43-101") entitled "NI 43-101 Technical Report for the Horizon Lithium Project" with an effective date of December 21, 2023 (the "Technical Report") that details one of the largest identified lithium deposits in the U.S. with an estimated Indicated Mineral Resource of 1,325 Lithium Carbonate Equivalent ("LCE") Kilo tonnes ("KTonnes") and inferred Mineral Resource of 8,879 LCE KTonnes, with an average grade of 678 ppm lithium ("Li"), the Company intends to utilize geophysical surveying technology to aid in future Phase 3 drill hole planning and targeting.

There is significant resource expansion potential through step-out drilling to extend the deposit to the Northwest, South, East, and West and at greater depths. Local and regional faulting may have displaced and/or offset blocks of the Siebert Formation in relation to each other, directly impacting the thickness of overlaying alluvial gravels otherwise known as overburden. Shallow geophysics are expected to help delineate the Alluvium/Siebert Formation contact, allowing for the design of a more targeted and efficient Phase 3 drill program.

RESPEC will support the Company with survey planning and contracting, data acquisition and support, results analysis, mapping, and drill planning. RESPEC will also support permitting the high-priority drill targets with the Bureau of Land Management ("BLM"), Tonopah Field Office, with the goal of advancing a logistically sound and fully permitted Phase 3 drilling plan in 2024.

Jason Latkowcer, Chief Executive Officer, commented, "The Horizon Lithium Project in west-central Nevada is an expansive project at over 70 square kilometers. Our recently announced mineral resource estimate, amongst the largest identified lithium deposits in the United States, encompassed only 31.5% of that land mass. By utilizing state-of-the-art geophysics, we believe we can identify the highest priority targets across the Project to further focus and refine our Phase 3 drill targeting and optimization drilling meterage. RESPEC continues to stand out as industry leaders in claystone exploration and resource modelling - we believe retaining their expertise gives the Company the best chance of success in this next Phase."

Qualified Person

The technical content of this news release has been reviewed and approved by Jared Suchan, PhD P.Geo, who is an independent consultant of the Company, and a "Qualified Person" as defined by NI 43-101.

About Pan American Energy Corp.

Pan American Energy Corp. (CSE: PNRG) (OTCQB: 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.

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