Pan Global Resources: Copper and Gold Discoveries in Spain

Copper is a critical metal for the global shift towards electrification and renewable energy. Pan Global’s focus on scalable, near-surface copper deposits at Escacena is directly aligned with surging demand from electric vehicles, energy infrastructure, and the green transition, underpinned by maiden independent Mineral Resource Estimates defining more than 36Mt of mineralised material at grades consistent with potential open-pit operations at La Romana and Cañada Honda. The newly announced 10,000m multi-target 2026 drill programme is designed to expand this resource base and test additional high-priority targets, providing visible growth catalysts. The company’s second project at Cármenes, an earlier-stage exploration asset, has already returned strong copper results and adds additional exposure to battery metals such as cobalt and nickel, alongside emerging gold potential. This blend of critical metals exploration supports the company's long-term positioning in the energy transition.

Pan Global’s Escacena Project sits in the heart of Spain’s Iberian Pyrite Belt, a region known globally for its supergiant volcanogenic massive sulphide (VMS) deposits. This geological belt hosts world-class producers such as First Quantum, Sandfire, and Grupo México.

In June 2025, Pan Global’s strategic location was further reinforced by the government’s approval of the Los Frailes mine permit, immediately adjacent to Escacena, demonstrating fast-track permitting in action.

Proximity to three operating or processing plants and the Huelva smelter, just 75 km away, combined with access to major transport routes and a mining-literate workforce, creates a low-risk operating environment. Spain’s fast-track permitting, especially under the EU Critical Raw Materials Act, adds another layer of appeal for investors seeking exposure to critical minerals in stable jurisdictions. Drilling has now commenced at the El Pozo target, located less than 3 km from La Romana and 2 km from Cañada Honda, further reinforcing the emerging district-scale footprint. The 2026 programme will test more than 15 large untested targets at Escacena, reinforcing the scale of remaining district upside within this proven mining belt.

Led by former Rio Tinto executive Tim Moody, Pan Global’s team combines big-league mining expertise with agile junior execution. The team has been directly involved in major discoveries and project developments globally, from early-stage exploration to commercial production. Notably, Juan Garcia Valledor (GM, Spain) brings more than two decades of experience managing mine restarts and operational turnarounds in Spain.

Álvaro Merino, VP of Exploration, is deeply familiar with Iberian geology and has overseen every drill program since inception. This leadership group brings not only technical credibility but also deep-rooted relationships with regulators, partners, and local communities, an edge few juniors can match.

• • La Romana Resource Growth & PEA Advancement: The 32.4Mt Measured and Indicated plus 4.0Mt Inferred resource provides a defined foundation for development. Ongoing 2026 drilling aims to expand tonnage and upgrade confidence categories, while baseline studies, metallurgy and cost analysis continue to advance toward a Preliminary Economic Assessment milestone. Mineralisation remains open in multiple directions, supporting further growth potential.

• Preliminary Economic Assessment (PEA): Pan Global continues to advance baseline studies, metallurgy, and cost analysis for a future PEA at La Romana. With the defined resource base now established, the focus shifts toward advancing technical workstreams that underpin formal economic evaluation. Ongoing drilling alongside technical studies increases the likelihood of a more robust economic foundation ahead of a future PEA milestone.

• Cármenes Drill Results: At Providencia, Pan Global has reported further near-surface high-grade gold intercepts from Phase 2 drilling, including 3.5 g/t gold over 8 metres and 1.2 g/t over 10 metres, confirming continuity beyond historical mine workings. Drilling continues to test for gold alongside copper, nickel and cobalt, with mineralisation remaining open along strike and at depth. Free native gold identified in hematite breccia supports favourable metallurgy. Phase 3 drilling scheduled for Spring 2026, as part of the 10,000m multi-target programme, is designed to test the geometry and scale potential of the gold–copper–nickel–cobalt system across more than 25 identified targets at Cármenes.

• La Romana Expansion Drilling: Pan Global is actively drilling to expand the La Romana deposit. With 183 holes drilled to date, the current campaign could extend mineralization and support a robust maiden resource, key to validating the project's scale.

• Initial Results from New Targets: Exploration drilling is underway across multiple high-priority Escacena targets, including the newly commenced El Pozo programme, alongside Bravo and the high-grade Cármenes project. At Cármenes, multiple additional gold and polymetallic targets have now been identified, with Phase 3 drilling planned for Q1 2026 to test extensions and newly defined zones. Results are expected to confirm additional mineralised areas and further broaden the discovery footprint across Spain.

• Path to Production (2029 Target): A long-term value driver is the goal of reaching production by 2029. Continued discoveries and project de-risking through technical studies position the company to enter the European copper supply chain at a crucial time.

• Mining License & Project Development: With a mining license application targeted for 2027, Pan Global is laying the groundwork for future permitting and development. Ongoing environmental baseline work at La Romana adds confidence in Spain’s efficient approval process and positions the project well for its next phase.

• Regional Infrastructure Boost from Los Frailes Approval: With Los Frailes moving into development, the surrounding area may benefit from upgrades in infrastructure, power access, workforce attraction, and increased attention from policymakers, all of which can indirectly benefit Pan Global’s project advancement.

As with any early-stage exploration company, Pan Global faces the risk that current and future drill programs may not lead to economically viable resources. While La Romana shows significant potential with 183 holes drilled over 36,000 meters, resource size, continuity, and grade consistency are still being tested. The upcoming NI 43-101 maiden resource estimate will be a key moment for derisking, but until it’s published, there remains uncertainty. In parallel, new targets like Bravo and Cañada Honda, while geologically promising, are still largely untested and may take time to define.

Pan Global’s valuation and long-term project viability are closely tied to copper and tin prices. Although the macro outlook for copper is bullish, short-term volatility, driven by geopolitical instability, interest rate changes, or demand shocks in China, can depress share prices or delay funding. Tin, a valuable co-product in Pan Global’s resource mix, is especially susceptible to supply chain disruptions and demand swings. These external market forces, while out of the company's control, can significantly affect investor sentiment and capital availability.

While Spain is generally regarded as a mining-friendly jurisdiction, especially in Andalucía where Escacena is located, permitting is never guaranteed. Changes in local or national political leadership, or shifts in public opinion toward mining, could complicate timelines or add regulatory hurdles. That said, Pan Global has mitigated some of this risk by assembling a locally based team with deep permitting experience and strong community ties.

Importantly, the June 2025 approval of Grupo México’s Los Frailes mine permit in the same district adds confidence that timely and efficient permitting is achievable for well-prepared projects like Escacena. Still, the process of moving from exploration to production requires multiple approvals and sustained engagement, meaning unforeseen delays remain a real risk.