Pan American Energy wraps up early Tharsis fieldwork

MR. Adrian Lamoureux reports PAN AMERICAN ENERGY COMPLETES FIELD PROGRAM AT THARSIS PROJECT Pan American Energy Corp. has successfully completed its 2025 preliminary field program at the Tharsis project, located near Squalus Lake in the Northwest Territories. The program, field-conducted in late September, marks a step forward in developing a comprehensive geological and structural model of the Squalus Lake alkaline complex, a Proterozoic intrusion prospective for rare earth element (REE) and niobium mineralization. The nine-day field campaign involved the mobilization of a six-person team that was deployed to map and characterize outcrops around the northern end of Squalus Lake, focusing on areas proximal to known REE-Nb showings and the magmatic core of the complex. The teams described lithologies, recorded magnetic susceptibility values, and collected representative rock samples and photographs. Lithological characterization revealed a clear contrast between magnetic and non-magnetic rock units. Carbonatite and felsic phases consistently displayed low magnetic signatures, while more mafic units recorded higher readings. Two key outcrops were visited and analyzed in detail. Outcrop A, located near the magnetic low core, contained coarse biotite, feldspar and mafic minerals but returned a low magnetic susceptibility average of 0.46 by 10-6 SI. Outcrop B, positioned along the magnetic high ring encircling the core, consisted of coarse magnetite syenite with hornblende and biotite, averaging 55 by 10-6 SI. The results support the interpretation that the central magnetic low likely corresponds to a carbonatite phase with high rare earth potential, while the surrounding magnetic ring may represent less prospective, mafic syenitic material. The field team completed a detailed bathymetric survey of Squalus Lake, collecting approximately 17,500 data points along 100-metre-spaced east-west transects covering all accessible areas of the lake. The eastern bay near the lake's mid-point was excluded due to low water levels and boulder-filled terrain. The resulting bathymetric dataset is intended to support the construction of a three-dimensional model of the lake bottom which, when combined with the magnetic data and geological mapping, will aid in the identification and refinement of drill targets beneath the lake. An archaeological field survey, supported by a local indigenous community member, was also conducted by a team mobilized from Saskatoon. Using aerial reconnaissance and ground-based observations, the team assessed the northern portion of the property to ensure the exploration work aligns with territorial heritage and cultural preservation standards. All datasets from the 2025 program, including geological, magnetic and bathymetric data, will be consolidated into a 3-D geospatial workspace to assist with drill planning. The next phase of work will include the preparation of a preliminary geological map, thin section and QemScan analyses of representative samples, and the creation of an integrated model that merges subsurface topography with surface geology. These efforts will guide the placement of the first drill holes at Tharsis. "Our team has completed an exceptional amount of work in a short field window," stated Adrian Lamoureux, chief executive officer of Pan American Energy. "The integration of detailed lithological, magnetic and bathymetric datasets will provide the technical foundation for our first drill campaign at Tharsis. The results continue to support the interpretation that the Squalus Lake complex is a well-preserved carbonatite system with excellent rare earth potential." Qualified person The scientific and technical content of this news release has been reviewed, verified and approved by Jared Suchan, PhD, PGeo, technical adviser to the company, and a "qualified person" as defined by National Instrument 43-101. About Pan American Energy Corp. Pan American Energy is an exploration stage company engaged principally in the acquisition, exploration and development of mineral properties containing battery and critical metals in North America. We seek Safe Harbor.