Pan Global Expands Near-Surface High-Grade Gold Discovery at Carmenes Project, Spain: Drillholes Return 7.29g/t Au Over 9 Meters and 1.53g/t Au Over 38 Meters

Pan Global Resources Inc. (PGZ) has released the latest batch of Phase 3 assay results from the Providencia gold target at its 100%-owned Cármenes Project in northern Spain. The data covers three holes—PVD17, PVD18, and PVD19—drawn from a 12-hole program.

PVD18 returned 7.29 g/t Au over 9.0 m from 1.0 m downhole, including 15.90 g/t over 4.0 m and 28.10 g/t over 2.0 m. This 9.0 m interval also contained 0.72 g/t Pt, 0.24 g/t Pd, 0.20% Cu, 0.17% Ni, and 0.06% Co.

PVD17 intersected 1.53 g/t Au over 38.0 m from 17.0 m, including 2.25 g/t over 25.0 m, 3.18 g/t over 10.0 m, and 3.70 g/t over 2.0 m. The hole also included a separate 1.0 m interval at 1.20 g/t Au and 1.02% Cu from surface.

PVD19 returned multiple intervals: 2.57 g/t over 2.0 m from surface, 2.46 g/t over 6.0 m from 14.0 m, and 1.60 g/t over 2.0 m from 27.0 m. Additionally, the hole included a separate uncut interval of 0.81 g/t Au over 30.0 m from surface.

Highlighted intervals were cut at a 0.5 g/t Au lower cut-off with a maximum of 3 m of internal dilution. Other intervals were cut at 0.1 g/t, with no top-cut applied. All reported intervals represent downhole lengths, and true thickness has not been determined. The mineralization is stated to be open from surface to greater than 70 m depth, with historical drilling extending to approximately 100 m.

Phase 3 drilling continues, with three assays pending, including PVD22 which is currently in progress. A maiden drill program at the Profunda target, located 1 km south, is set to begin shortly.

Pan Global Resources Inc. (PGZ) is a pre-revenue explorer with a market capitalization of approximately C$70 million, $10.4 million in cash, and no debt. The company’s going-concern status relies on equity, a detail drawn from FY/Q2-2026 filings rather than the current release. While a discovery hole at an explorer typically carries more weight than infill at a producer, this result represents hole ~18 of an already-announced discovery, serving to confirm and extend the find rather than mark a first-light event.

The primary anchor for comparison is PVD16, drilled on September 17, 2026, which returned 83 m @ 1.74 g/t Au for 144 g.m, marking the widest high-grade intercept to date. Following this announcement, the stock moved from approximately $0.16 on September 16 to ~$0.21 between September 18 and 22, a ~+30% increase, before round-tripping to $0.17 by October 13. The price is now roughly back to pre-PVD16 levels, sitting mid-range within the $0.11-$0.25 band, indicating the market is not currently paying for aggressive repetition.

Today’s best hole, PVD18, returned 65.6 g.m, which is well under half the gram-metres of the anchor but features a significantly higher grade of 7.29 g/t over a much shorter interval. PVD17 returned 58.1 g.m at a comparable grade over a shorter length. This represents a grade-up/length-down trade. The result confirms and modestly enriches an existing discovery, adding a high-grade near-surface pod rather than opening a new dimension. It does not materially exceed the substance demonstrated by PVD15 (15 m @ 3.9 g/t) and PVD16 (83 m @ 1.74 g/t), which remain the standout widths.

Pan Global Resources Inc. (TSXV: PGZ; OTCQB: PGZFF) is a Vancouver-based explorer operating entirely in Spain. The company’s flagship Escacena Project, located in the Iberian Pyrite Belt of southern Spain, covers approximately 16,745 hectares. It hosts the La Romana Cu-Sn-Ag resource, defined as 32.4 million tonnes of Measured and Indicated material grading 0.37% copper, 270 parts per million tin, 1.7 grams per tonne silver, and 0.44% copper equivalent, as well as the Cañada Honda Au-Cu-Ag resource, comprising 5.0 million tonnes of Inferred material grading 0.65 grams per tonne gold, 0.14% copper, 1.2 grams per tonne silver, and 0.74 grams per tonne gold equivalent. These maiden mineral resource estimates are dated December 31, 2025.

The Cármenes Project, situated in the Rio Narcea Gold Belt, spans approximately 5,653 hectares and features carbonate-hosted breccia Cu-Ni-Co-Au mineralization. The Providencia gold discovery is the subject of this release, with more than two dozen targets identified across the property. Additionally, the Salamón Project, covering approximately 532 hectares in León, has seen its tender bid accepted, though it remains subject to an outstanding bidder appeal.

The company’s capital structure consists of 409.6 million shares outstanding, 28.35 million warrants exercisable at $0.30 with an October 31, 2026 expiry, and approximately 28.67 million options and restricted stock units, resulting in a fully diluted share count of approximately 466.7 million. As of July 31, 2026, Pan Global Resources held $10.4 million in cash with no debt. The company is pre-revenue and carries a going-concern flag based on prior-period context.