Pan American Energy Starts First Drill Program at Tharsis Critical Metals Project

The latest update is out from Pan American Energy ( (TSE:PNRG) ).

Pan American Energy has begun its first diamond drilling program at the Tharsis Project in Canada’s Northwest Territories, marking a key shift from surface exploration to testing critical mineral potential at depth. The work targets the Squalus Lake Alkaline Complex, a Proterozoic-age carbonatite-bearing intrusion considered prospective for rare earth elements, niobium, and yttrium, metals increasingly important for advanced technologies and North American supply security.

The initial winter 2026 campaign will comprise about 1,500 metres of drilling, starting from an ice-based setup on Squalus Lake to assess whether defined geophysical and geological targets correspond to mineralized carbonatite bodies. Results from each hole are expected to guide ongoing target refinement and future exploration across the Tharsis area, potentially strengthening Pan American’s position in the critical metals supply chain if significant mineralization is confirmed.

The most recent analyst rating on (TSE:PNRG) stock is a Sell with a C$0.59 price target. To see the full list of analyst forecasts on Pan American Energy stock, see the TSE:PNRG Stock Forecast page.

Spark’s Take on PNRG Stock

According to Spark, TipRanks’ AI Analyst, PNRG is a Neutral.

The score is driven primarily by weak financial performance (no revenue, widening losses, and ongoing cash burn) alongside a bearish technical setup (price below key moving averages with negative MACD). Valuation provides limited support because the company is loss-making (negative P/E) and no dividend yield is available.

To see Spark’s full report on PNRG stock, click here.

More about Pan American Energy

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. It holds a 75% interest, with the option to increase to 90%, in the Big Mack Lithium Project in Ontario and can earn up to 100% of the Tharsis rare earth elements project in the Northwest Territories.

YTD Price Performance: -25.64%

Average Trading Volume: 151,135

Technical Sentiment Signal: Sell

Current Market Cap: C$16.6M

For detailed information about PNRG stock, go to TipRanks’ Stock Analysis page.