Pan American Energy Starts Drilling at Tharsis Project in Northwest Territories — Pan American Energy Corp.

Event summary

Pan American Energy Corp. has commenced diamond drilling at its Tharsis Project in the Northwest Territories, Canada, marking the first drill program at the site.
The project targets rare earth elements (REE), niobium (Nb), and yttrium (Y), critical for advanced technologies and North American supply chains.
The winter 2026 program includes approximately 1,500 meters of diamond drilling, subject to field conditions.
Pan American holds an option agreement to earn up to a 100% interest in the Tharsis Project through Northern Critical Minerals Corp.

The big picture

Pan American Energy’s drilling commencement at the Tharsis Project aligns with the growing global focus on securing critical mineral supply chains, particularly for rare earth elements essential for advanced technologies. The project’s strategic location in the Northwest Territories positions it as a key player in North America’s push for domestic mineral production, amid increasing geopolitical tensions and supply chain vulnerabilities.

What we're watching

Drilling Results: How the initial drill results will validate the mineralization potential of the Squalus Lake Alkaline Complex and guide future exploration.
Project Scale: Whether Pan American can sustain the pace of exploration and maintain its option to earn a 100% interest in the Tharsis Project.
Market Dynamics: The impact of rising demand for critical minerals on the strategic value of the Tharsis Project and Pan American’s position in the sector.