Pan Global identifies VMS target at Escacena South

Mr. Tim Moody reports PAN GLOBAL DEFINES NEW HIGH-PRIORITY VMS TARGET AT RECENTLY AWARDED ESCACENA SOUTH Pan Global Resources Inc. has identified a new high-priority volcanogenic massive sulphide target in the recently awarded Escacena South area, southern Spain. The new target is supported by historical exploration data and preliminary field inspection of the former Trinidad and Carmen mine workings, and the interpretation incorporates information compiled from the Geological Survey of Spain public database and unpublished 1980s Exxon survey maps. Field observations confirm surface copper mineralization along a one-kilometre trend, coincident with a large, untested gravity and magnetic anomaly, indicating strong potential for VMS-style mineralization. "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. Escacena South: high-potential target: Surface evidence of mineralization: Preliminary ground inspection confirms semi-massive sulphides on dumps from historical mining, gossans and visible copper mineralization at the mine workings along a one-kilometre east-west trend at the Trinidad and Carmen mine workings, last mined in the 1940s for copper. Large untested anomaly: Review of historical geophysical data sets highlights a coincident gravity and magnetic anomaly extending 3.5 km along strike, south of the historical Trinidad and Carmen mine workings and west of La Romana. The strongest portion of the gravity anomaly in the south covers an area exceeding 1.5 km by one km beneath shallow postmineral cover. Historical high grades: Assay results from historical rock grab samples include up to 6.3 per cent copper, 2.45 per cent tin and 48.6 grams per tonne silver from gossans, and up to 2.59 per cent Cu, 2.8 per cent Sn and 25 g/t Ag from mine dumps*. Expanded exploration potential: Escacena South nearly doubles the surface area of the Escacena project and includes multiple untested gravity anomalies similar in size and magnitude to the anomaly associated with the company's La Romana copper-tin-silver deposit. These provide important targets for future exploration. Next steps: The Trinidad and Carmen area is a priority for advancing to drilling stage as soon as possible after obtaining all the necessary permits. Review of other targets in the Escacena South area is continuing. * Grab samples are selective by nature and may not be representative of overall mineralization. Please refer to the company's Oct. 2, 2025, media release for additional information regarding the history of the project and the technical information acquired by the company. Drilling in progress at Escacena and Carmenes projects Drilling is continuing at the Bravo target in the Escacena project, and phase 2 drilling is under way at the Providencia gold and copper-nickel-cobalt target in the Carmenes project (northern Spain), with results expected in the coming weeks. About the Escacena and Escacena South project areas The Escacena and Escacena South project comprises a large, contiguous mineral rights land package controlled 100 per cent by Pan Global in the east of the Iberian pyrite belt. The area has been expanded from 5,760 hectares to more than 10,000 hectares with the award of the Flores, Rosario and Girasoles mineral rights (Escacena South) in September, 2025. Pan Global has also submitted four additional investigation permit applications covering 3,888 hectares (Inmaculada, Santa Isabel, Santa Micaela I and Santa Micaela II) that will further increase the mineral rights holdings in the Iberian pyrite belt to more than 13,900 hectares. Escacena is located near the operating mine at Riotinto and is immediately adjacent to the former Aznalcollar and Los Frailes mines, where Minera Los Frailes (Grupo Mexico) is commencing a new underground mine development beneath the former Los Frailes open-pit mine. The Escacena project hosts Pan Global's La Romana copper-tin-silver deposit, the Canada Honda copper-gold discovery and a number of other prospective targets. About Pan Global Resources Inc. Pan Global is actively exploring for copper-rich mineral deposits along with gold and other metals. Copper has compelling supply-demand fundamentals and outlook for strong long-term prices as a critical metal for global electrification and energy transition. Gold is also attracting record prices. The company's flagship Escacena project is located in the prolific Iberian pyrite belt in southern Spain, where a favourable permitting record, excellent infrastructure, mining and professional expertise, and support for copper as a strategic raw material by the European Commission collectively define a Tier 1 low-risk jurisdiction for mining investment. The company's second project, at Carmenes in northern Spain, is also an area with a long mining history and excellent infrastructure. The Pan Global team comprises proven talent in exploration, discovery, development and mine operations, all of which are committed to operating safely and with utmost respect for the environment and partnered communities. The company is a member, and operates under the principles, of the United Nations Global Compact. Qualified person Alvaro Merino, vice-president, exploration, for Pan Global Resources, a qualified person as defined by National Instrument 43-101, has approved the scientific and technical information for this media release. Assays reported for the Trinidad and Carmen prospect are historical in nature, and were collected in the 1980s by previous operators Exxon and compiled and derived from unpublished maps. Mr. Merino is not independent of the company. We seek Safe Harbor.