Mr. Adrian Lamoureux reports

PAN AMERICAN ENERGY REPORTS FINAL BATHYMETRIC RESULTS FROM THARSIS PROJECT, NORTHWEST TERRITORIES

Pan American Energy Corp. has completed final bathymetric processing from the 2025 field program at the Tharsis project in the Northwest Territories. The work provides a supportive data set in advance of planned future drilling activities.

The bathymetric survey was conducted across Squalus Lake during September, 2025, and resulted in the collection of approximately 17,500 depth measurements across the boat-accessible portions of the lake. Data were acquired along east-west traverse lines spaced at roughly 100 metres, with additional incidental measurements collected during routine watercraft travel, increasing overall data density.

Survey coverage was continuous across most of the lake basin, with limited gaps in shallow, boulder-dominated areas where low water conditions restricted access. Following acquisition, the bathymetric point cloud was cleaned and interpolated into a continuous digital surface model. The final clipped digital elevation model (DEM) captured lake-floor depth and has been integrated with existing airborne magnetic data. The resulting data set successfully defines the basin geometry, identifying shallow shoals and deeper troughs.

Adrian Lamoureux, chief executive officer of Pan American Energy, commented, "This bathymetric data set improves our readiness for winter exploration at Tharsis, helping to reduce uncertainty around lake depths and potential ice-based access for drill rigs."

The completed bathymetric model establishes depth constraints for safe winter operations and will be used alongside geological and geophysical data sets as Pan American continues to refine drill targeting and evaluate near-term exploration scenarios at the Tharsis project.

Qualified person

The scientific and technical content of this news release has been reviewed, verified and approved by Dr. Jared Suchan, PhD, PGeo, technical adviser to the company and a qualified person as defined by National Instrument 43-101.

For a discussion of the company's quality assurance/quality control and data verification procedures and processes, please see its most recently filed technical report under the company's profile on SEDAR+.

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 and critical metals in North America.

The company has executed an option agreement in Canada with Magabra Resources, pursuant to which it has acquired a 75-per-cent interest in the Big Mack lithium project, 80 kilometres north of Kenora, Ont., with the right to earn an additional 15 per cent for a total 90-per-cent interest. Pan American has also entered into an option agreement with Northern Critical Minerals Corp. to acquire up to a 100-per-cent interest in the Tharsis REE (rare earth element) project, located in the Northwest Territories. The project hosts the Squalus Lake alkaline complex, a Proterozoic-age carbonatite-bearing intrusion prospective for rare earth and high-field-strength elements.

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