Mr. Jason Latkowcer reports

PAN AMERICAN ENERGY ANNOUNCES PRIVATE PLACEMENT

Pan American Energy Corp. intends to complete a non-brokered private placement financing of up to 4,210,527 units of the company at a price of 47.5 cents per unit for aggregate gross proceeds of up to $2-million.

Each unit shall consist of one common share in the capital of the company and one share purchase warrant, with each warrant entitling the holder thereof to purchase a share at an exercise price of 55 cents for a period of 24 months from the date of issuance. Closing of the private placement is anticipated to occur on or about Feb. 28, 2024.

Closing is subject to the satisfaction of certain conditions, including, but not limited to, the receipt of all necessary regulatory and other approvals. The net proceeds of the private placement are intended to be used for general and administrative expenditures and to finance expenditures with respect to the company's Horizon lithium property.

Subject to compliance with applicable regulatory requirements and in accordance with National Instrument 45-106 (Prospectus Exemptions), the units issuable under the private placement will be offered for sale to purchasers resident in all of the provinces of Canada (except Quebec) pursuant to the listed issuer financing exemption under Part 5A.2 of NI 45-106. Because the private placement is to be completed pursuant to the life exemption, the securities issued to subscribers in the private placement will not be subject to resale restrictions in accordance with applicable Canadian securities laws.

There is an offering document dated Feb. 13, 2024, related to the private placement, that can be viewed under the company's profile at SEDAR+ and on the company's website. This offering document contains additional detail regarding the private placement, including additional detail regarding the expected use of proceeds from the private placement. Prospective investors should read this offering document before making an investment decision.

About Pan American Energy Corp.

Pan American Energy (Canadian Securities Exchange: PNRG) (OTCQB: PAANF) (Frankfurt Stock Exchange: 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 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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