Pan Global identifies VMS target at Escacena South

Executive Summary

• Pan Global Resources has identified a new high-priority volcanogenic massive sulphide (VMS) target at the recently awarded Escacena South area in southern Spain, based on historical data and preliminary field inspections.
• The company is currently advancing drilling at the Bravo target within the Escacena project and has commenced phase 2 drilling at the Providencia target in the Carmenes project (northern Spain), with results expected in the coming weeks.
• The Escacena South award nearly doubles the surface area of the Escacena project, expanding the land package to over 10,000 hectares, with additional permit applications submitted to increase total holdings to over 13,900 hectares.

Key Details

• New Target Identification: A high-priority VMS target was defined at the Trinidad and Carmen mine workings in Escacena South, supported by historical exploration data, Geological Survey of Spain databases, and unpublished 1980s Exxon survey maps.
• Geophysical Anomalies: Field observations confirm surface copper mineralization along a one-kilometre trend, coincident with a large, untested gravity and magnetic anomaly extending 3.5 km along strike. The strongest portion of the gravity anomaly covers an area exceeding 1.5 km by 1 km beneath shallow post-mineral cover.
• Historical Assay Results:
  • Gossans: Up to 6.3% copper, 2.45% tin, and 48.6 g/t silver.
  • Mine Dumps: Up to 2.59% copper, 2.8% tin, and 25 g/t silver.
• Land Package Expansion:
  • Escacena South was awarded in September 2025, adding the Flores, Rosario, and Girasoles mineral rights.
  • Total Escacena project area expanded from 5,760 hectares to more than 10,000 hectares.
  • Four additional investigation permit applications (Inmaculada, Santa Isabel, Santa Micaela I, and Santa Micaela II) covering 3,888 hectares have been submitted, potentially increasing total holdings to more than 13,900 hectares.
• Drilling Status:
  • Escacena Project: Drilling is continuing at the Bravo target.
  • Carmenes Project: Phase 2 drilling is underway at the Providencia gold and copper-nickel-cobalt target in northern Spain; results are expected in the coming weeks.
• Jurisdictional Context: The projects are located in the Iberian pyrite belt, near the operating Riotinto mine and adjacent to Minera Los Frailes (Grupo Mexico) developments. The area is described as a Tier 1 low-risk jurisdiction with favorable permitting and infrastructure.

Notable Quotes

• "Historical mine workings, positive surface geochemistry, and coincident large gravity and magnetic anomalies are all strong indicators of potential for volcanogenic massive sulphide mineralization. The historical Trinidad and Carmen mine workings are in the first target area to be inspected and one of many new targets to be assessed and followed up with further exploration at Escacena South," said Tim Moody, Pan Global's president and chief executive officer.
• "Escacena South is one of the last remaining, largely unexplored areas of the Iberian pyrite belt and represents a significant expansion of the potential for new VMS discoveries for the company, with numerous large gravity anomalies all untested by drilling, in an active mining district," said Mr. Moody.