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

This brings the 2023 Phase One and 2024 Phase Two drilling program total to 8322 meters. The project was completed both on time and on budget. 2355 samples obtained through the Phase Two program have been submitted to ALS Global for geochemical analysis.

This second phase of drilling mainly focused on areas of the Property with no historic drilling data. Targets were generally identified using 2023 geochemical surface sampling results and UAV detailed magnetic survey results at the Project, with prospective areas extending along strike and down dip of previously identified mineralization also being a target of the Phase Two program. Assay results are expected to be received in the coming weeks.

Phase Two Drill Program Details: Two drill holes totaling 369 meters tested the down dip extension of the Big Mack Pegmatite. Fourteen drill holes totaling 1934 meters tested the 6059/Sprinkler Zone and surrounding area, including identified magnetic low extensions of these pegmatites, as well as targets proximal to surface samples with elevated LCT pegmatite indicator elements. The data collected from this program will serve as a solid foundation for the next step in the development of the Property.

The Company eagerly await the final assay results and look forward to providing further updates. Following the completion of drilling, the Company will use the results of the Phase 1 and Phase 2 drill program to develop a Mineral Resource Estimate ("MRE") which is expected to be announced second quarter-2024. The Company recently announced a partnership with the University of Nevada, Reno where it will provide samples from the Phase 1 and Phase 2 drilling program for metallurgical testing and research.