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Pan American Energy Signs Option Agreement to Acquire 100% Interest in the Tharsis Project, Northwest Territories

CALGARY, Alberta, June 16, 2025 (GLOBE NEWSWIRE) -- Pan American Energy Corp. (CSE:PNRG, OTC:PAANF, FRA: SS60)) ("Pan American" or the "Company") is pleased to announce that it has entered into a definitive option agreement (the "Agreement") with Northern Critical Minerals Corp. ("NCM"), under which Pan American has the right to acquire an up to 100% interest in the Tharsis project (the "Project"), located in the Northwest Territories, Canada.

The Project consists of seven mineral claims totaling 8,750 hectares and encompasses the prospective Squalus Lake Alkaline Complex (SLAC). The Project is located approximately 180 kilometers north-northeast of Yellowknife and 55 kilometers southeast of Wekweètì. Exploration to date has confirmed the presence of carbonatite-bearing rocks and potential for associated rare earth elements (REE) and high field strength element (HFSE) mineralization.

Under the terms of the Agreement, Pan American may earn up to a 100% interest in the Tharsis Project over four stages by making aggregate cash payments of $400,000, issuing 800,000 common shares, and funding a total of $5 million in exploration expenditures over four years, as follows:

Stage

Cash

Shares

Exploration

Date

Ownership Interest To be Earned

1

$

100,000

200,000

$

500,000

December 31, 2025

25%