Mr. Jason Latkowcer reports

PAN AMERICAN ENERGY ENGAGES EARTHEX GEOPHYSICAL TO CONDUCT 2D SEISMIC SURVEY AT THE HORIZON LITHIUM PROJECT

Pan American Energy Corp. has engaged EarthEx Geophysical to conduct a 2-D seismic survey at its flagship project, the Horizon lithium project, in Big Smoky Valley, Esmeralda county, Nevada. The seismic survey will be conducted with the support of the company's previously announced contractor partner, Respec Consulting Inc., in support of the next stages of exploration and the planned phase 3 drill program at the project, which is being designed to expand the known mineral resources at the project through stepout drilling to extend the deposit to the northwest, south, east and west and at greater depths.

The company has contracted EarthEx to undertake a horizontal to vertical spectral ratio (HVSR) survey using a Tromino passive seismic device at the Horizon lithium project. The survey is expected to comprise 86 line-kilometres with a line spacing of 1,000 metres and station spacing of 250 metres. Local and regional faulting may have displaced and/or offset blocks of the targeted Siebert formation in relation to each other, which would affect the thickness of overlaying alluvial gravels otherwise known as overburden. The HVSR survey is expected to help map overburden thickness and identify fault lines on the project, allowing for the design of a more targeted and efficient phase 3 drill program.

Jason Latkowcer, chief executive officer, commented: "After a thorough evaluation of technologies and service providers that could support phase 3 drill planning, EarthEx Geophysical Solutions was selected to utilize their HVSR 2-D seismic survey. Working in collaboration with Respec, we expect this survey to play an instrumental role in our drill targeting. We do not intend to waste any time in advancing our flagship project in the United States."

Once the geophysical survey is captured and interpreted, Respec will support the company with results analysis, mapping and drill planning. Respec will also support permitting the high-priority drill targets identified through the survey 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.

Tromino passive seismic surveying

There are ambient vibrations moving in the Earth's crust at all times and these vibrations translate into all layers, including the unconsolidated overburden. The behaviour of these vibrations, at certain frequencies, is a function of the thickness of the layer in which they are moving. The Tromino passive seismic device makes use of the HVSR method (horizontal over vertical spectral ratio) to analyze these vibrations and estimate the depth to bedrock in a study area. The relationship between the depth of the bedrock and the frequencies at which peaks form in this ratio is dependent upon the velocities of the unconsolidated cover. In areas where cover material is fairly consistent and some good areas with known bedrock depth can be used for calibrating the frequency-depth relationship, this method is expected to produce depth estimates which are accurate within about 20 per cent. The method is quick and efficient and does not suffer from penetration issues that may be present in ground-penetrating radar (GPR) surveys.

Qualified person

The technical content of this news release has been reviewed and approved by Dr. Jared Suchan, PhD, PGeo, who is an independent consultant of the company, and a qualified person as defined by National Instrument 43-101.

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, United States.

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