Mr. Jason Latkowcer reports

PAN AMERICAN CLOSES FIRST TRANCHE OF PRIVATE PLACEMENT FOR TOTAL PROCEEDS OF C$900,000

Pan American Energy Corp. has closed the first tranche of its previously announced non-brokered private placement financing for gross proceeds to the company of $898,749.88.

Pursuant to the first tranche, the company issued 1,892,105 units of the company at a price of 47.5 cents per unit, with each unit composed of 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 until March 7, 2026.

The company intends to use the net proceeds of the private placement for general and administrative expenditures and to finance expenditures with respect to the company's Horizon lithium property.

In accordance with National Instrument 45-106 (Prospectus Exemptions), the units that were issued pursuant to the first tranche have been, and the units which may subsequently be issued under the private placement are, 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 being completed pursuant to the LIFE exemption, the securities issued to subscribers in the private placement are not subject to mandatory 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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