Pan American Energy begins diamond drilling at Tharsis

Executive Summary

• Pan American Energy Corp. has commenced its first diamond drilling program at the Tharsis project in the Northwest Territories, Canada, marking a transition from surface exploration to subsurface testing.
• The drilling aims to evaluate the Squalus Lake alkaline complex (SLAC) for critical minerals, specifically rare earth elements (REE), niobium (Nb), and yttrium (Y).
• The winter 2026 program is planned to include approximately 1,500 metres of diamond drilling, with results intended to guide future exploration and target refinement.

Key Details

• Project Location: Tharsis project, Northwest Territories, Canada; specifically the Squalus Lake alkaline complex (SLAC).
• Drilling Status: Diamond drilling has commenced; the first drill hole is underway from an ice-based set-up on Squalus Lake.
• Program Scope: The winter 2026 program is expected to include approximately 1,500 metres of diamond drilling, subject to field conditions.
• Geological Target: The program is designed to evaluate whether targets identified by previous exploration correspond with carbonatite bodies that may host REE, Nb, and Y mineralization at depth.
• Strategic Context: The project is prospective for rare earth elements, niobium, and yttrium, which are critical for advanced technologies and North American supply chains.
• Company Interest: Pan American holds an option agreement with Northern Critical Minerals Corp. to acquire up to a 100-per-cent interest in the Tharsis REE project.
• Qualified Person: Jared Suchan, PhD, PGeo, technical adviser to the company, has reviewed and approved the scientific and technical content.

Notable Quotes

• "Starting the first drill hole at Tharsis is an exciting milestone for the company. Over the past several months, our team has worked methodically to advance the project and define strong drill targets. With drilling now under way, we are beginning the next phase of exploration as we work to unlock the discovery potential of the Tharsis project." — Adrian Lamoureux, Chief Executive Officer