Pan American Energy Announces Further Drill Results at the Big Mack Lithium Project, Including Intersecting 16.00 m at 1.55% Li2O

CALGARY, Feb. 12, 2024 - Pan American Energy Corp. (CSE: PNRG | OTC: PAANF | FRA: SS60) ("Pan American" or the "Company") is pleased to announce additional assay results on nine holes from the ongoing 2023/2024 diamond drill program on the Big Mack Lithium Project ("Property"), located approximately 80 kilometers north of the town of Kenora, ON. The drilling campaign is being carried out by Full Force Diamond Drilling Ltd. ("Full Force") under the geological guidance of Axiom Exploration Group Ltd. ("Axiom").

HIGHLIGHTS

• Drilling encountered high grade lithium-bearing intercepts within the Big Mack pegmatites:
  • 1.96% Li₂O over 8.50 meters within the west to central flank of the Big Mack pegmatite of 1.55% Li₂O over 16.00 meters (BM23-025)
  • 1.66% Li₂O over 3.00 meters within the central body at depth of the Big Mack pegmatite of 1.16% Li₂O over 8.90 meters (BM23-026)
  • 1.34% Li₂O over 3.50 meters at depth near center of the Big Mack pegmatite of 0.99% Li₂O over 7.90 meters (BM23-024)
• Holes 23 and 24 show an interesting occurrence where lithium values start decreasing with depth, but appear to increase again in hole 24 (Figure 5), the deepest hole through the west of center flank of the Big Mack pegmatite.
• The on-going drilling program is currently testing along strike to the east of the Big Mack

Drill holes BM23-023 to BM23-027 were drilled to test along the Big Mack pegmatite at depth, while BM23-028 to BM23-031 were drilled as exploration holes to test magnetic anomalies to the north and southwest of the Big Mack pegmatite. Big Mack targets BM23-024, BM23-025 and BM23-026 returned encouraging values of 0.99% Li₂O over 7.90 m, 1.55% Li₂O over 16.0 m and 1.16% Li₂O over 8.9 m respectively. These results indicate that mineralization is likely to continue at depth through the central zone of the Big Mack pegmatite and could potentially increase with depth as observed in hole BM23-024. These results provide valuable insight into mapping the internal structure of the Big Mack pegmatite. Table 1 highlights the assay result details on holes BM23-023 to BM23-031, and Table 2 describes the attributes associated with these drill holes.

Phase One of the 2023/2024 drilling program was completed in late-2023, when the Company drilled 35 holes (including one abandoned hole), for a total meterage of 4,582 meters. Targeting is based upon historical drilling analyses, the UAV magnetic survey conducted on the Property, and the Company's 2023 field prospecting program. In this second Phase of the program, the Company plans to drill approximately 5,000 meters to delineate the Big Mack and Eleven Zone pegmatites, test their down-dip extensions, explore the Sprinkler Zone, and test other exploration targets. To-date, there has been over 7,800 meters drilled across 56 collar locations as part of the 2023/2024 drill program, with 3,317 samples having been submitted for analysis at the time of this news release.

Jason Latkowcer, Chief Executive Officer, commented, "We are pleased to report on the latest assays received on the Big Mack Lithium Project. We continue to refine our understanding of the geology on the project and will soon be wrapping up the Phase 2 portion of the drilling program and will be evaluating the data once final results are received in the coming months. Thank you to our team and contractors for continuing to execute."

Table 1: 2023 Big Mack Drill Hole Assay Highlights Table

* (not true widths)

Table 2: Attributes for Drill Hole BM23-023 to BM23-031

Figure 1: Core photo of hole BM23-025 (53.03m to 70.13m) highlighting Li₂O% values in high grade intercepts from 58.50 m to 67.0 m (Red).

Figure 2: Core photo of hole BM23-026 (87.65 to 104.91m) highlighting Li₂O% values in high grade intercepts from 93.10 m to 102.0 m (Red).

Figure 3: Completed and 2023-2024 drillholes (Assays reported on holes in red, assays pending in black).

Figure 4: Close up view of Big Mack (Reported drill holes in Red)

Figure 5: Cross section of BM23-023, -024, -025.

Figure 6: Cross section of BM23-002, -003, -026, -027.

General Statements

Holes BM23-023 to BM23-027 described in this news release targeting the Big Mack pegmatite were drilled broadly perpendicular and inclined to the pegmatite orientations so that the true thickness of reported intercepts is estimated to range somewhere between 50-80% of the drilled widths. Holes BM23-028 to BM23-031 were exploration holes targeting magnetic anomalies identified from the UAV-borne magnetics survey completed in 2023 by EarthEx Geophysical Solutions Inc. A collar header table is provided below. Visual core logging indicates that the predominant host mineral for the Big Mack pegmatites is petalite.

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, dependent 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 meters 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, ¼ 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 a 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. Historic drilling campaigns (1998, 1999, 2001) intersected mineralization extending along a strike length of ~150 meters and to a depth of 75 meters. The mineralization at the Property remains open at depth and along strike.

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.

To register for investor updates, please visit https://panam-energy.com.

On Behalf of the Board of Directors

Jason Latkowcer
CEO & Director

Contact
Phone: (587) 885-5970
Email: info@panam-energy.com

Cautionary Note Regarding Forward-Looking Statements

Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company's current beliefs or assumptions as to the outcome and timing of such future events. In particular, this press release contains forward-looking information relating to, among other things, the Company's exploration plans at the Property, including the nature and type of the Company's planned exploration activities, the timing of such exploration activities and the aim and objectives of the Company's exploration efforts, including that the results of the drilling undertaken on the Property will allow the Company to further refine its approach to the exploration of the Property and enhance its understanding of the exploration area; and the timing of the Company's receipt of further drilling results.

Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information, including, in respect of the forward-looking information included in this press release, assumptions regarding the Company's ability to execute on its exploration plans at the Property, including that it will be successful in carrying out such exploration activities on the anticipated timeline and that such exploration activities will yield the expected information and the desired outcomes, including that the results of the drilling undertaken on the Property will allow the Company to further refine its approach to the exploration of the Property and enhance its understanding of the exploration area; and that the Company will receive further results from its drilling activities on the timeline expected.

Although forward-looking information is based on the reasonable assumptions of the Company's management, there can be no assurance that any forward-looking information will prove to be accurate. Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include, among other things, the risk that exploration at the Property does not proceed in the manner and on the timeline currently contemplated, or at all; risks inherent in the exploration and development of mineral deposits, including risks relating to receiving requisite permits and approvals, changes in project parameters or delays as plans continue to be redefined, that mineral exploration is inherently uncertain and that the results of mineral exploration may not be indicative of the actual geology or mineralization of a project; that mineral exploration may be unsuccessful or fail to achieve the results anticipated by the Company; and that mineral exploration activities are often unsuccessful. The forward-looking information contained in this release is made as of the date hereof, and the Company not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.

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