Pan American Energy 2026 Winter Drill Program Update

Executive Summary

• Pan American Energy Corp. announced its winter 2026 diamond drilling program at the Tharsis Project in the Northwest Territories, scheduled for March‑April 2026.
• The program will drill up to seven holes totaling ~1,500 m from three ice pads on Squalus Lake to test high‑priority carbonatite‑related targets linked to a large alkaline intrusive system.
• Results are expected to provide the first subsurface data for the project, informing the exploration model, future drilling plans, and potential expansion of the Tharsis REE/Nb/Y resource.

Key Details

• Program Scope: Approximately 1,500 metres of diamond drilling across up to seven drillholes from up to three drill pads on the ice of Squalus Lake.
• Timing: Planned for March‑April 2026 (winter program).
• Target Objectives:
• Confirm presence and geometry of interpreted intrusive carbonatite bodies beneath Squalus Lake.
• Obtain core for thickness, distribution, and geological characteristics assessment.
• Generate high‑quality core for modern analytical work (core logging, sampling, laboratory analysis).
• Geophysical Basis: Drill targets selected using a magnetic framework featuring a prominent ring‑shaped magnetic high and multiple internal lows interpreted as discrete intrusive centers aligned NE‑SW. The northern intrusive center is prioritized as the initial test.
• Strategic Importance: Yttrium (Y) and Niobium (Nb) are on U.S. Critical Minerals Lists for 2025‑2026, with supply risk concentrated in China; the program supports North American supply diversification.
• Expected Outcomes: Data will refine the exploration model, prioritize additional targets across the Project area, and guide follow‑on drilling and technical studies.
• Qualified Person Review: Technical content reviewed and approved by Jared Suchan, Ph.D., P.Geo., Technical Advisor (NI 43‑101 Qualified Person).

Notable Quotes

“This winter drill program marks a significant step forward for the Tharsis Project,” said Adrian Lamoureux, Chief Executive Officer of Pan American Energy. “We are transitioning from surface‑based exploration into drilling to directly test compelling targets and generate the data needed to assess scale and guide the next phase of growth at Tharsis.”