Pan Global drills five m of 8.93 g/t Au at Carmenes

Mr. Tim Moody reports PAN GLOBAL INTERSECTS 3.01 G/T GOLD OVER 34 METERS NEAR SURFACE, INCLUDING 8.93 G/T GOLD OVER 5 METERS, AT CARMENES PROJECT, SPAIN Pan Global Resources Inc. has released significant near-surface gold assay results from its maiden drill program at the Providencia target in the company's 100-per-cent-owned Carmenes project, northern Spain. The first drill results were reported on May 19, 2025, and June 18, 2025. The new drill results are the first holes targeting an area of anomalous gold mineralization east of the mine workings. Drill highlights: Assays received for two completed drill holes (PVD05 and PVD06); High-grade intercept in hole PVD06 (less than 20 metres vertical below surface); 34.0 metres at 3.01 grams per tonne gold from 131.0 metres (downhole), including: 5.0 m at 8.93 g/t Au from 131.0 m; 2.0 m at 15.18 g/t Au, 1.23 g/t platinum plus palladium from 133.0 m; 4.7 m at 5.65 g/t Au from 143.0 m; 2.0 m at 7.15 g/t Au from 161.0 m; Highest grade assay of 17.6 g/t Au over one m from 134.0 m; Drilling target area alongside and beneath a historical exploration tunnel, where recent channel samples averaged 3.11 g/t gold over 37 metres; Gold mineralization mainly host in red hematitic hydrothermal-altered brecciated carbonate rocks, with disseminated sulphides; PVD06 extends gold zone up to 70 m east of hole PVD02 (46 m at 1.08 g/t Au), open east, west and at depth; PVD05 intersected dolomite breccia in the outer halo to the gold zone, confirming the alteration and breccia zonation model, but without significant results; Assays pending for hole PVD07 drilled 50 m east of hole PVD06, testing beneath a surface trench with 20 m at 1.7 g/t Au. "The new results expand the near-surface breccia-hosted gold mineralization east of the historical mine workings and include the highest-grade gold intercept at Providencia to date. These are the first drill results, testing an area with highly anomalous gold-in-soil samples, trench and channel sampling results east of Providencia. The near-surface gold mineralization intercepted in hole PVD06 extends to surface and is wide open," said Tim Moody, Pan Global's president and chief executive officer. "Providencia represents a compelling discovery opportunity, including the potential to expand the high-grade copper, cobalt, nickel sulphide breccia at the historical mine and expand the newly discovered gold zone. The drill results reinforce our breccia alteration zonation model for targeting higher-grade mineralization and help identify additional mineralization at the more than two dozen identified potential targets in the Carmenes project." Escacena project drilling update Drilling is continuing at the company's flagship Escacena project in the Iberian pyrite belt in southern Spain, with one drill rig currently targeting expansion of La Romana copper-tin-silver deposit. Results are pending for initial drill holes at Hornitos and Plomillos targets and the most recent drill holes at the Bravo target. Drilling will resume shortly at the Bravo target after a detailed revision of the drill core and geophysics following completion of four drill holes (three holes were abandoned due to ground conditions). Sulphide minerals and/or associated alteration have been logged in holes BRD01, BRD02 and BRD04, including traces of disseminated/vein hosted sphalerite and galena in BRD04, consistent with outer parts of volcanogenic massive sulphide systems. The results to date indicate the source of the gravity and a strong induced polarization chargeability anomaly have not yet been intersected, and potential remains for discovery of volcanogenic massive sulphide mineralization. The review was designed to refine the positioning of the remaining two planned drill holes. The maiden mineral resource estimate for La Romana deposit is on track to commence in September for delivery in 2025. About the Carmenes project The Carmenes project is located approximately 55 kilometres north of Leon in northern Spain and comprises five investigation permits over 5,653 hectares. The project area is highly prospective for multiple bodies or clusters of carbonate-hosted pipelike breccia-style copper, nickel, cobalt and gold mineralization. The area includes the former Profunda and Providencia mines that last operated in the 1930s, producing concentrates of copper and cobalt with nickel. Numerous other smaller historical mine workings in the area highlight potential for additional breccia pipes. These types of ore deposits can have significant vertical dimensions exceeding one km. About the Escacena project The Escacena project comprises a large, contiguous, 5,760-hectare land package controlled 100 per cent by Pan Global in the east of the Iberian pyrite belt. 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 in the final permitting stage for mine development. The Escacena project hosts Pan Global's La Romana and La Pantoja copper-tin-silver discoveries and the Canada Honda copper-gold discovery. Escacena hosts a number of other prospective targets, including Bravo, Barbacena, El Pozo, Romana Norte, San Pablo, Zarcita, Hornitos, La Jarosa, Romana Deep and Cortijo. 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 an 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 its 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. Mr. Merino is not independent of the company. Quality assurance/quality control Core size was HQ (63 millimetres), and all samples were one-half core. Nominal sample size was one-metre core length and ranged from 0.5 to two metres. Sample intervals were defined using geological contacts with the start and end of each sample physically marked on the core. Diamond blade core cutting and sampling were supervised at all times by company staff. Duplicate samples of one-fourth core were taken approximately every 30 samples, and certified reference materials were inserted every 25 samples in each batch. Samples were delivered to ALS laboratory in Seville, Spain, and assayed at the ALS laboratory in Ireland. All samples were crushed and split (method CRU-31, SPL22Y), and pulverized using (method PUL-31). Gold, platinum and palladium analysis was by 50-gram fire assay with ICP finish (method Au-ICP-24), and multielement analysis was undertaken using a four-acid digest with an ICP AES finish (method ME-ICP-61). Overgrade base metal results were assayed using a four-acid digest ICP AES (method OG-62). We seek Safe Harbor.