Pan American Energy Corp. announced that it has commenced the Phase 2 drilling program at its Big Mack Lithium Project, located approximately 80 kilometers north of the town of Kenora, ON. The exploration program is being carried out by Full force Diamond Drilling Ltd. (Full Force) under the geological oversight of Axiom Exploration Group Ltd. (Axiom).

The company is fully funded for the Phase 2 drilling program and plans to drill approximately 5,000 meters. Following a successful Phase 1 drilling program (highlighted below), the Phase 2 drilling program will continue to focus on infill and exploratory targets that were identified through historical drilling analysis, UAV magnetic survey, and the Summer 2023 field prospecting program. The Company intends to drill the Sprinkler/6059 Zone, The Eleven Zone, and infill drilling on the Big Mack pegmatite.

The Company also plans to explore the possible petalite mineralization between the Big Mack and Sprinkler. The objective of the drill program is to quantify the presence and extent of mineralization on the Property to further advance the project. Phase One 2023 Drilling Program Highlights: Big Mack Deposit: Extended known pegmatite at depth, included enough drilling to update the resource; Eleven Zone: Increased the size of the known pegmatite both at depth and along strike to the west.

Extended the known Eleven Zone pegmatite 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 are planned to be cut and submitted in 2024.