Core Insights - Pan American Energy Corp. has entered into a definitive option agreement with Northern Critical Minerals Corp. to acquire up to a 100% interest in the Tharsis Project, located in the Northwest Territories, Canada [1][8] Project Overview - The Tharsis Project consists of seven mineral claims totaling 8,750 hectares and includes the Squalus Lake Alkaline Complex, which is approximately 180 kilometers north-northeast of Yellowknife [2][4] - Exploration has confirmed the presence of carbonatite-bearing rocks and the potential for rare earth elements (REE) and high field strength element (HFSE) mineralization [2][4] Agreement Terms - Under the agreement, Pan American can earn a 100% interest in the Tharsis Project over four stages by making total cash payments of $400,000, issuing 800,000 common shares, and funding $5 million in exploration expenditures over four years [3] - The breakdown of the stages includes cash payments of $100,000 and exploration expenditures of $500,000 in the first stage, increasing to $1.5 million in subsequent stages [3] Exploration Activities - NCM will act as the operator during the option period, managing exploration activities in coordination with Pan American [3] - Previous exploration work has included detailed geochemical sampling and a high-resolution UAV magnetic survey, revealing strong magnetic anomalies and elevated concentrations of REEs and HFSEs [4] Company Background - Pan American Energy Corp. is an exploration stage company focused on acquiring, exploring, and developing mineral properties containing battery and critical metals in North America [7]