Pan American Energy Corp. announced that it has commenced geophysical and Phase 3 drill planning at its project, the Horizon Lithium Project in Big Smoky Valley, Esmeralda County, Nevada. The Company has retained its contractor partner, RESPEC Consulting Inc. to support the next stages of exploration at the Project.

Following the filing of the inaugural technical report pursuant to National Instrument 43-101 - Standards of Disclosure for Mineral Projects (" 43-101") entitled "NI 43-101 Technical Report for the Horizon Lithium Project" with an effective date of December 21, 2023 (the "Technical Report") that details one of the largest identified lithium deposits in the U.S. with an estimated Indicated Mineral Resource of 1,325 Lithium Carbonate Equivalent ("LCE") Kilo tonnes ("KTonnes") and inferred Mineral Resource of 8,879 LCE KTonnes, with an average grade of 678 ppm lithium ("Li"), the Company intends to utilize geophysical surveying technology to aid in future Phase 3 drill hole planning and targeting. There is significant resource expansion potential through step-out drilling to extend the deposit to the Northwest, South, East, and West and at greater depths. Local and regional faulting may have displaced and/or offset blocks of the Siebert Formation in relation to each other, directly impacting the thickness of overlaying alluvial gravels otherwise known as overburden.

Shallow geophysics are expected to help delineate the Alluvium/Siebert Formation contact, allowing for the design of a more targeted and efficient Phase 3 drill program. RESPEC will support the Company with survey planning and contracting, data acquisition and support, results analysis, mapping, and drill planning. RESPEC will also support permitting the high-priority drill targets with the Bureau of Land Management (?BLM?), Tonopah Field Office, with the goal of advancing a logistically sound and fully permitted Phase 3 drilling plan in 2024.