Pan American Energy Corp. announced the completion of the Phase One drilling program at the Big Mack Lithium Project (?Project?), located approximately 80 kilometers north of the town of Kenora, ON. The exploration program was carried out by Fullforce Diamond Drilling Ltd. (?Full Force?) under the geological support of Axiom Exploration Group Ltd. (?Axiom?).

Due to operational efficiency, the Phase One program was completed both on-time and below budget. The Company and its contractors are currently planning a Phase Two drilling program at the Project which is expected to continue the Phase One program?s focus on targets that were identified through historical drilling analysis, the UAV magnetic survey conducted on the Project and the Company?s 2023 field prospecting program. The objective of the Company?s Phase One and planned Phase Two drilling programs is to quantify the presence and extent of critical mineral mineralization on the Project to further advance the Project.

The Company expects that, as a result of the extent of drilling conducted during the Phase One drilling program, the Company will be in a position at the conclusion of the planned Phase Two drilling program to declare a mineral resource estimate in compliance with National Instrument 43-101 ? Standards of Disclosure for Mineral Projects on the Project. Phase One 2023 Drilling Program Highlights: Big Mack Pegmatite: Drilled 19 holes (including BM 23-001) totaling 1,984 meters resulting in the extension of the known pegmatite at depth.

Eleven Zone: Drilled 7 holes totaling 879 meters resulting in the extension of the known pegmatite both at depth and along strike to the west. Drill Hole BM23-001 Result: Testing the interior section of the Big Mack Pegmatite, returned assay values of 1.13% Li2O over 27.98 m. Phase One 2023 Drilling Program Details: Commencement Date: Mobilization and drill start dates respectively: October 31st and November 3rd, 2023 Shutdown Date: Drilling stop date and crew?s last day on site: December 14th and December 19th, 2023 Total Number of Drillholes: 34 completed holes (BM23-001 to BM23-0034) and one abandoned hole (BM23-001A) Total Meters Drilled: 4,582 meters drilled in 2023 Geochemical Assay Samples: A total of 2,337 samples have been taken across the 34 completed holes. Of these, 1,817 samples have been delivered to ALS Global for geochemical assays.

The remaining 520 samples will be cut and submitted in early January, 2024.