Mr. Adrian Lamoureux reports

PAN AMERICAN ENERGY ANNOUNCES FILING OF AMENDED OFFERING DOCUMENT

Pan American Energy Corp. has filed, through its SEDAR+ profile and made available on its corporate website, an amended offering document in connection with its previously announced (see news release dated Feb. 4, 2025) non-brokered private placement financing. Pursuant to the amended offering document, completion of the common share private placement will be contingent upon the company issuing a minimum of 2,416,667 common shares at a price of 18 cents per common share for minimum aggregate gross proceeds of $435,000. Under the terms of the amended offering document, the company may issue up to a maximum of 4.35 million common shares for maximum aggregate gross proceeds of $783,000.

As previously announced (see news release dated Feb. 4, 2025), concurrent with the common share private placement, the company intends to complete a non-brokered private placement financing of up to 4.85 million common share purchase warrants at a price of five cents per warrant for aggregate proceeds of up to $242,500. Each warrant issued pursuant to the warrant private placement will entitle the holder thereof to purchase a common share in the capital of the company at an exercise price of 18 cents for a period of 24 months from the date of issuance.

Closing of the private placements is anticipated to occur on or about Feb. 28, 2025. Closing is subject to the satisfaction of certain conditions, including, but not limited to, the receipt of all necessary regulatory and other approvals for the private placements. The net proceeds of the private placements are intended to be used for exploration activities at the company's Big Mack property, for general administrative expenditures and for general working capital purposes.

Subject to compliance with applicable regulatory requirements and in accordance with National Instrument 45-106, Prospectus Exemptions, the common shares issuable under the common share 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 common share private placement is to be completed pursuant to the LIFE exemption, the common shares issued to subscribers in the common share private placement will not be subject to resale restrictions in accordance with applicable Canadian securities laws. The warrants issued pursuant to the warrant private placement (and, to the extent that any warrants are exercised within four months and one day of the date of issuance, any common shares issued upon the exercise of such warrants) will be subject to a hold period of four months and one day from the date of issuance pursuant to applicable Canadian securities laws.

There is an amended offering document dated Feb. 24, 2025, related to the common share private placement that can be accessed under the company's profile on SEDAR+ and on the company's website. This offering document contains additional detail regarding the common share private placement, including additional detail regarding the expected use of proceeds from the private placements. Prospective investors in the common share private placement should read this offering document before making an investment decision.

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.

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