Pan American Advances Big Mack Lithium Project with Additional Drilling

Pan American Energy Corp. (Pan American or the Company) announced the successful conclusion of Phase Two Drilling on its Big Mack Lithium Project (Property), situated about 80 km north of Kenora, ON.

Under the geological guidance of Axiom Exploration Group Ltd. (Axiom), Fullforce Diamond Drilling Ltd. (Full Force) conducted the drilling program. Starting on January 6^th, 2024, the program covered a total of 3720 m over 25 drill holes.

This raises the total drilling program for 2023 Phase One and 2024 Phase Two to 8322 m. The project was finished within budget and on schedule. ALS Global has received 2355 samples from the Phase Two program for geochemical analysis.

The second drilling phase primarily targeted areas of the Property that lacked historical drilling data. The Project's 2023 geochemical surface sampling results and the UAV detailed magnetic survey results were primarily used to identify targets.

The Phase Two program also included prospective areas that extended along strike and down dip of previously identified mineralization. It is anticipated that assay results will be received in the upcoming weeks.

Phase Two Drill Program Details:

• The Big Mack Pegmatite's down dip extension was tested through two drill holes totaling 369 m.
• A total of 14 drill holes measuring 1897 m were used to test the 6059/Sprinkler Zone and its surroundings. These drill holes included targets close to surface samples that had elevated LCT pegmatite indicator elements, as well as identified magnetic low extensions of these pegmatites.
• Along the strike east and west of the Big Mack and Eleven Zone pegmatites, eight exploratory drill holes totaling 1328.5 m were tested. Concurrent magnetic lows and elevated surface geochemical signatures were found in these locations.
• A 126 m drill hole assessed the downward extension of the Eleven Zone surface expression and prior drilling intercepts. 

We are extremely pleased to have completed the Second Phase of the Big Mack Drilling Program. We would like to thank our contractors and technical team for the safe and efficient execution of this campaign. The data collected from this program will serve as a solid foundation for the next step in the development of the Property. We eagerly await the final assay results and look forward to providing further updates.

Jason Latkowcer, Chief Executive Officer, Pan American Energy Corp.

After the completion of the drilling, the Company will utilize the data from the Phases 1 and 2 drill programs to create a Mineral Resource Estimate (MRE), which should be released in Q2 of 2024. The Company recently announced a collaboration with the University of Nevada, Reno, under which the Company will supply samples for metallurgical testing and research from the Phase 1 and Phase 2 drilling programs.

Pan American is in contract negotiations with localized experts in Canada for a preliminary metallurgical testing program to produce battery-grade lithium hydroxide from the petalite concentrate produced by the Big Mack Lithium Project, as well as to produce petalite concentrates.