Le Lézard
Classified in: Mining industry, Business
Subject: SHAREHOLDER RIGHTS PLANS

Early Warning Report In Respect of Mustang Lithium LLC's Holdings in Pan American Energy


CALGARY, Alberta, May 29, 2024 (GLOBE NEWSWIRE) -- Mustang Lithium LLC ("Mustang") would like to announce an update to its beneficial ownership of Pan American Energy Corp. ("PAN") pursuant to National Instrument 62-103 ? The Early Warning System and Related Take-Over Bid and Insider Reporting Issues ("NI 62-103"). Mustang has indirectly acquired beneficial ownership of 20,563,387 common shares (the "Common Shares") of PAN pursuant to a spin-out transaction whereby FMS Lithium Corporation spun out its interest in Mustang and ceased to have beneficial ownership or exercise direction and control over the Common Shares.

Prior to the acquisition, Mustang did not hold any Common Shares of PAN. After the acquisition, Mustang holds or exercises direction or control of, through Horizon Lithium LLC ("Horizon"), 20,563,387 Common Shares representing 21.6% of PAN's issued and outstanding Common Shares on an undiluted basis.

All securities of PAN held by Mustang (through Horizon) are held for investment purposes. In the future, Mustang (directly or indirectly), may acquire and/or dispose of securities of PAN through the market, privately or otherwise, as circumstances or market conditions may warrant. The Common Shares are listed for trading on the Canadian Securities Exchange under the symbol "PNRG". PAN is located at #610, 505 3 Street SW Calgary, AB T2P 3E6.

This news release is issued pursuant to NI 62-103, which also requires an early warning report to be filed with the applicable securities regulators containing additional information with respect to the foregoing matters. A copy of the early warning report of FMS will be available under PAN's profile on SEDAR+ (www.sedarplus.ca).

For further information or to receive a copy of the early warning report, please contact:

Mustang Lithium LLC
40 East Montgomery Avenue, LTW 220
Ardmore, PA 19003
Attn: Shanthar Pathmanathan
T: +61 418232825

No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.



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