Mr. Jason Latkowcer reports

PAN AMERICAN ENERGY ANNOUNCES FINAL DRILL RESULTS FROM 2023/2024 PROGRAM AT THE BIG MACK LITHIUM PROJECT, INCLUDING 1.71% LI2O OVER 19.65 M AT THE ELEVEN ZONE PEGMATITE

Pan American Energy Corp. has released the final assay results on 13 holes from the 2023/2024 diamond drill program on the Big Mack lithium project, located approximately 80 kilometres north of the town of Kenora, Ont. The drilling campaign was carried out by Full Force Diamond Drilling Ltd. ("Full Force") under the geological guidance of Axiom Exploration Group Ltd. ("Axiom").

The last phase of 2023/2024 drilling program focused on areas of the Property outside of the known mineralized zones and was designed to test prospective areas extending along strike and down dip of previously identified mineralization. These targets showed indications for mineralization but had not been tested by historic drilling. Drill targets were identified using the 2023 geochemical surface sampling results as well as the UAV detailed magnetic survey data previously collected by the company. Certain infill holes within the Eleven zone and Big Mack Pegmatite were also included in the last phase of drilling. The results of the final phase of drilling indicate that lithium mineralization extends southeast of the Sprinkler Zone and bolster the confidence in previous lithium mineralization showings at the Eleven zone.

HIGHLIGHTS

1.71 per cent Li2O over 19.65 metres (BM24-059) and 1.46 per cent Li2O over 4.5 metres through the center of the Eleven Zone pegmatite.

• 2.75 per cent Li2O over 1.0 metres within a 5.83-metre interval of 1.64 per cent Li2O (BM24-047) intersected approximately 70 m east of the main 6059/Sprinkler zone.
• Sprinkler Zone mineralization remains open at depth and along strike to the southeast.

Jason Latkowcer, Chief Executive Officer, commented, "We are pleased to report on the latest and final assays received on the Property from our most recent drill program. Our team has further expanded on the newly identified mineralized zones in areas where high grade lithium had not previously been identified. This proves to us that additional discoveries can be made at the Property, and as we refine our understanding of the geology, we will look to follow-up these intercepts as they remain open at depth and along strike."

As stated above, the last phase of drilling was designed to test and extend mineralization in instances where noticeable surficial anomalies had been observed in areas that hadn't been historically drill tested, as well as to complete some infill holes within the Eleven zone and Big Mack Pegmatite. BM24-047 was drilled to the southwest of the Sprinkler Zone and successfully tested the extension of mineralization that was identified in holes BM24-045 and BM24-046 to the west (Figure 6) with 5.83m of 1.64 per cent Li2O. Infill drill hole BM24-059 was drilled to the south of the Eleven Zone pegmatite. The hole successfully had multiple mineralized intercepts, including an interval of 19.65m at 1.71 per cent Li2O.

In summary, during the last phase of the program the company drilled 3720.24 m, for a total amount of drilling over the entire program of 8319.24 m over 59 drill holes. The hole specifications for the final phase of the drilling program are detailed in Table 2.

General Statements

Holes BM24-047, BM24-048 and BM24-051 to BM24-058 were exploration holes targeting magnetic anomalies identified from the UAV-borne magnetics survey completed in 2023 by EarthEx Geophysical Solutions Inc. in conjunction with surface samples collected in the 2023 summer prospecting program. Holes BM24-049 and BM24-050 were infill holes targeting the Big Mack Deposit, and BM24-059 was an infill hole on targeting the Eleven zone pegmatite. Visual core logging indicates that the predominant host mineral for the Big Mack pegmatites is petalite. The true width of holes BM24-051 to BM24-058 reported in this release have not yet been determined. Holes BM24-047 to BM24-050 and BM24-059 described in this news release targeting the Big Mack, Sprinkler/6059 and Eleven zone pegmatites were drilled broadly perpendicular and inclined to the pegmatite orientations so that the true thickness of reported intercepts is estimated to range somewhere between 30-80% of the drilled widths.

Sample Quality Assurance / Quality Control

A thorough chain-of-custody and QA/QC program is being carried out on the ongoing drill program. Samples are taken across all pegmatite intervals with shoulder samples into the host rock on either side of the dykes. Sample lengths are ranging from 0.3 m - 1.5 m, dependant on internal zoning of the dykes, mineralization, and lithology contacts. Core to be sampled is cut in half onsite, with half being sent for analysis and the other half remaining in the box for future reference and re-sampling, if needed.

A malfunction of downhole location survey equipment could cause inaccurate dip and azimuth tracking due to drillhole deviation, which would affect the planned drillhole spacing and required density for the resource estimation. To ensure accuracy, downhole surveys are performed every 30 metres of drilling, with survey tests repeated in the event of results that are outside planned drillhole drift. Additional downhole survey tools are kept on-site in the event of malfunction during drilling.

The company's implemented QA/QC procedures include the insertion of certified standard control samples, one-fourth cut duplicates, and blanks. This is being used to test for natural variability / sampling bias / testing the lab for homogeneity during sample preparation processes within the lab, as well as testing the precision and any possible contamination from the lab and ensure proper calibration of lab equipment.

Sample analyses are being conducted by ALS Canada Ltd. (ALS), an independent lab. Samples are shipped to the Winnipeg, Manitoba prep lab, and then shipped by ALS to the geochemistry analysis lab in North Vancouver, British Columbia. Drill core samples are subject to sodium peroxide fusion analyses using ICP-MS for Trace element values on total digestion and ICP-AES on samples with values greater than 25,000 ppm Li. ALS follows the quality management and operational guidelines set out in the international standards ISO/IEC 17025 - "General Requirement for the Competence of Testing and Calibration Laboratories" and ISO 9001 - "Quality Management Systems".

Qualified Person

The technical content of this news release has been reviewed and approved by Jared Suchan, Ph.D., P.Geo., who is an independent consultant of the company and a "Qualified Person" as defined by NI 43-101. Dr. Suchan verified the data disclosed (or underlying the information disclosed) in this news release by reviewing imported and sorted assay data; checking the performance of blank samples and certified reference materials; reviewing the variance in field duplicate results; and reviewing grade calculation formulas.

About the Property

The Property is located 2 km east of the all-weather Snook Lake Road, about 80 km north of Kenora, ON. The Property is proximal (~1.3 km) to Avalon's Separation Rapids, Big Whopper deposit which hosts a measured and indicated resource. The Property is within an Ontario registered mining lease, with over 30 years of exploration history. The Property lies within the traditional land use area of the Wabaseemoong Independent Nations of Whitedog, Ontario: an Aboriginal community located approximately 35 km southwest of the property.

The Property hosts four known Li-bearing pegmatites including the Big Mack pegmatite, Eleven Zone, Sprinkler Zone, and 6095 pegmatite which are thought to be related to the Separation Rapids Pluton. They are interpreted as zoned Complex Type, Petalite Subtype LCT Pegmatites. The Big Mack pegmatite represents the largest petalite-bearing mass on the Property and is exposed over an 80 by 225 m area.

About Pan American Energy Corp.

Pan American Energy Corp. (CSE: PNRG) (OTC PINK: 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.

We seek Safe Harbor.