PAN GLOBAL DEFINES NEW HIGH-PRIORITY VMS TARGET AT RECENTLY AWARDED ESCACENA SOUTH

On November 6, 2025, Pan Global Resources announced it has defined a new, high-priority volcanogenic massive sulphide (VMS) target at its recently awarded Escacena South property in Spain. The target is characterized by surface copper mineralization along a 1-kilometer trend, which is coincident with a large, untested gravity and magnetic anomaly that extends for 3.5 kilometers. The company notes the presence of historical mine workings (Trinidad and Carmen) in the target area, which they view as strong indicators for potential VMS mineralization. CEO Tim Moody highlighted that Escacena South is one of the last largely unexplored areas of the Iberian Pyrite Belt, representing significant potential for new discoveries.

The news is a positive and timely operational update, but it is routine in nature for an exploration company. The identification of this new target comes just over a month after the company was awarded the Escacena South mineral rights on October 3, 2025. This demonstrates efficient execution and follow-through on their stated strategy to explore the newly acquired ground, which was the rationale for their October 2025 financing.

The announcement confirms the prospectivity of the new land package by combining historical data with new surface geochemistry. However, as a critical analyst, it's important to recognize that this is still very early-stage. Geophysical anomalies and selective grab samples are common starting points for exploration; they are not discoveries. The real test and value creation will come from drilling.

This news does not materially change the company's risk profile or add tangible asset value at this stage. It adds to the pipeline of exploration targets and reinforces the exploration thesis. The market reaction should be muted, as this is an expected step in the process. The most significant near-term catalysts remain the maiden mineral resource estimate (MRE) for the La Romana deposit and drill results from the ongoing programs at Cármenes and other Escacena targets. This announcement is a logical precursor to future drilling but is not a material event in itself.

Pan Global Resources Inc. is a junior mineral exploration company focused on discovering and developing economic mineral deposits in Spain. The company's portfolio includes two primary projects: 1. Escacena Project (Flagship): A copper-tin-silver project located in the prolific Iberian Pyrite Belt in southern Spain. This project hosts the La Romana discovery, for which a maiden Mineral Resource Estimate is expected by the end of 2025. The company's strategic goal is to define a cumulative resource of 100 million tonnes in this district. The project was recently expanded by 74% with the acquisition of the contiguous Escacena South mineral rights. 2. Cármenes Project: A gold, copper, nickel, and cobalt project in northern Spain. Early-stage drilling has returned encouraging results, and a Phase 2 drill program is currently underway.

All properties are 100% owned, with the Escacena project subject to a net smelter return (NSR) royalty capped at $5 million.