Pan American Energy completes drill program at Tharsis

• Pan American Energy Corp. announced on April 23, 2026, that it has successfully completed its 2026 drilling program at the Tharsis REE project in the Northwest Territories.
• Field operations and demobilization from the Squalus Lake camp are finalized.
• All drill core has been transported to Yellowknife for geological logging, sampling, and assay analysis.
• The company is transitioning to post-fieldwork activities with no immediate release of assay results provided in this update.
• CEO Adrian Lamoureux expressed satisfaction with the safe demobilization and looks forward to updates as post-field activities advance.

• Immediate Impact: Neutral. The news confirms execution of a previously announced plan (drilling completion) but does not provide new valuation drivers such as assay results or resource estimates.
• Market Context: The stock price has declined significantly from its January 2026 peak ($1.28) to the current level ($0.58), suggesting the market had already priced in the drilling progress and is awaiting data.
• Expectations vs. Reality: This news was expected following the February commencement of drilling. It validates operational discipline but fails to reduce exploration risk without assay data.
• Catalyst Status: The next material catalyst will be the release of drill assay results, which are not included in this update.

• Pan American Energy Corp. is a junior exploration company focused on critical minerals in Canada.
• Tharsis Project: Located in the Northwest Territories, targeting Rare Earth Elements (REE), Niobium (Nb), and Yttrium (Y) within the Squalus Lake Alkaline Complex. Drilling program completed April 2026.
• Big Mack Project: Located in Ontario, prospective for lithium-cesium-tantalum pegmatite mineralization. Mineral Resource Estimate work initiated January 2026.
• Management: Adrian Lamoureux (CEO), Jared Suchan (Technical Advisor/Qualified Person).