With the very limited knowledge I have of welding (something I only just started duing), welding a itty bitty nut onto an alloy
You mentioned that the pan is alloy so welding anything on might be out of the question anyway. I think some of the OPs that are suggesting welding are assuming a stamped steel pan. If you don't know what the alloy is it would be difficult to be sure of a good solid attachment.
If it is alloy then I would think it would be thick enough, at least where the drain hole is, to tap out the next size larger and install a new bolt. Get a bolt with a flanged head and a proper size seal washer, probably copper or brass for the washer.