Pan American Energy Collaborates With The Saskatchewan Research Council For Preliminary Metallurgical Testing To Produce Petalite Concentrates

CALGARY, March 18, 2024 - Pan American Energy Corp. (CSE: PNRG | OTCQB: PAANF | FRA: SS60) ("Pan American" or the "Company") is pleased to announce it has contracted with the Saskatchewan Research Council ("SRC") for comprehensive metallurgical testing and conceptual process development for bulk sample production in respect of the Big Mack Lithium Project ("Big Mack"), located approximately 80 km north of the town of Kenora, Ontario.

The Company will provide lithium bearing core samples from the Phase One and Phase Two drilling programs recently completed at Big Mack to the SRC for the purposes of the proposed metallurgical testing. The preliminary testing program is expected to include gravity separation, magnetic separation and flotation tests. Following the completion of the first testwork, the Company expects to commission SRC to complete additional follow-up work, including evaluating the production of battery grade lithium hydroxide monohydrate from the samples provided from the Big Mack.

In 1999, the former operator of Big Mack removed a representative 5000 tonne bulk sample from the Big Mack Pegmatite exposure. This sample was processed by International Metallurgical and Environmental Inc. to create petalite concentrate. The petalite concentrate was then sent to Corning Laboratory Services of Corning, New York for petalite analysis and trial glass metals, where three glass melts were made using the supplied petalite. The petalite yielded glass of acceptable visual quality, validating the opportunity for commercial offtake partners of the petalite concentrate material. For additional details regarding this bulk sample and the subsequent testing, please see the Company's technical report for Big Mack entitled "NI 43-101 Technical Report on the Big Mack Property" with an effective date of December 12, 2022, filed on the Company's SEDAR+ profile at www.sedarplus.ca.

Jason Latkowcer, Chief Executive Officer, commented, "We specifically sought out the SRC for this work as a result of their experience working with petalite bearing pegmatites similar to that of the Big Mack. Over 25 years ago, a petalite concentrate from the Big Mack was commercially validated by a major glass and acrylics manufacturer. We believe the SRC will be able to utilize modern day technology to develop processes to optimize recovery which we believe will assist in our efforts to requalify the material extracted from Big Mack for use in commercial applications. We expect to follow this initial work with work evaluating the production of battery grade lithium hydroxide monohydrate from the material extracted from Big Mack. We are looking forward to working with the team at SRC."

The proposed scope of work is divided into 5 distinct phases:

Scope of Work

• Phase 1 - Sample Preparation and Characterization - The composite pegmatite sample will be created and crushed at 2.0 mm prior to homogenization and splitting for sampling. A representative 40 kg composite sample will be prepared.
• Phase 2 - Heavy Liquid Separation - Heavy liquids separation ("HLS") is proposed to provide detail information of gravity separation including potential dense medium separator processing. The composite sample will be classified into 6 size fractions and each fraction will be subjected to HLS at 5 specific gravities. The sink and floats will be analyzed to determine the lithium (petalite) grade-recovery curves. The grade recovery curves can be used to determine the primary crushing size of the pegmatite and gravity separation process.
• Phase 3 - Flotation Tests - Flotation tests will be done on the composite sample and HLS concentrate (sink) sample. Approximately 8 preliminary flotation tests will be done on the composite pegmatite sample and the HLS concentrate. Each flotation test typically includes a rougher, scavenger, and cleaners. Each stage of flotation will be done at the optimized flotation conditions determined from previous petalite flotation test work. Further optimization is not considered at this stage of preliminary testing.
• Phase 4 - Magnetic Separation - Magnetic separation is mainly used to remove the iron components. Wet high intensity magnetic separation will be performed on both feed and concentrate to determine iron removal efficiency.
• Phase 5 - Conceptual Process Development and Bulk Sample Production - A conceptual process will be developed.
  

The study is being led by Jack Zhang, Associate VP, Strategic Technologies, Saskatchewan Research Council.

The project period under the agreement is intended to commence immediately and continue until approximately July 31, 2024.

Qualified Person

The technical content of this news release has been reviewed and approved by Jared Suchan, Ph.D., P.Geo., who is an independent consultant of the Company, and a "Qualified Person" as defined by NI 43-101.

About SRC

SRC is Canada's second largest research and technology organization with 1,600 clients in 22 countries around the world. With nearly 350 employees, $232 million in annual revenue and over 75 years of RD&D experience, the SRC helps clients solve technology problems, make improvements, seize opportunities, maintain competitiveness, increase productivity, and develop new markets.

For more information regarding the SRC, please visit: https://www.src.sk.ca.

About Pan American Energy Corp.

Pan American Energy Corp. (CSE: PNRG) (OTCQB: PAANF) (FSE: SS60) is an exploration stage company engaged principally in the acquisition, exploration and development of mineral properties containing battery metals in North America.

The Company executed an option agreement in Canada with Magabra Resources, providing for the right to acquire up to a 90% interest in the drill-ready Big Mack Lithium Project, 80 km north of Kenora, Ontario. The Company has also entered a property option agreement with Horizon Lithium LLC providing for the right to acquire a 100% interest in the Horizon Lithium Project, located within Esmeralda County - Tonopah Lithium Belt, Nevada, USA.

To register for investor updates, please visit https://panam-energy.com.

On Behalf of the Board of Directors

Jason Latkowcer
CEO & Director

Contact
Phone : (587) 885-5970
Email: info@panam-energy.com

Cautionary Note Regarding Forward-Looking Statements

Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company's current beliefs or assumptions as to the outcome and timing of such future events. In particular, this press release contains forward-looking information relating to, among other things, the Company's expectation that the findings generated from the metallurgical testing completed by SRC will lead to the development of processes to optimize recovery and assist the Company in re-qualifying the material from Big Mack for use in commercial applications; the planned metallurgical testing procedure proposed by the SRC; the expected timing of the planned metallurgical testing; and the Company's expectation that, following the completion of the preliminary metallurgical testing, the Company will commission SRC to do additional follow-on work, including evaluating the production of battery grade lithium hydroxide monohydrate from the samples provided from the Big Mack.

Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information, including, in respect of the forward-looking information included in this press release, the assumption that the proposed testing will proceed as anticipated on the anticipated timing; the desired outcomes of the testing will be achieved, including that the testing will be successful in generating processes to optimize recovery which will assist the Company in re-qualifying the material from Big Mack for use in commercial applications; and that the Company will commission SRC to complete the follow-on work, and that such work will include evaluating the production of battery grade lithium hydroxide monohydrate from the samples provided from the Big Mack.

Although forward-looking information is based on the reasonable assumptions of the Company's management, there can be no assurance that any forward-looking information will prove to be accurate. Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include, among other things, the risk that the metallurgical testing does not proceed in the manner and on the timeline currently contemplated, or at all; risks inherent in testing and research, including risks relating to changes in project parameters or delays as plans continue to be redefined, that testing and research is inherently uncertain and that the results of testing and research may not be reproducible at scale; that the metallurgical testing may be unsuccessful or fail to achieve the results anticipated by the Company; that the testing may not be successful in generating processes to optimize recovery or assist in the Company re-qualifying the material from Big Mack for use in commercial applications; and that the Company may not commission SRC to complete additional follow-on work as currently anticipated, or at all. The forward-looking information contained in this release is made as of the date hereof, and the Company not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.

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