Pan Global Resources: Copper Potential in Spain’s Iberian Pyrite Belt

• Pan Global Resources trades at C$0.155 with a C$47M market cap, offering exceptional value exposure to Spain's premier Iberian Pyrite Belt
• The Escacena project sits just 30 minutes from Seville with world-class infrastructure, ultra-low power costs (€0.06/kWh), and proximity to three major mining operations
• La Romana deposit shows exceptional metallurgy with 88% copper recovery and potential 20-25Mt resource estimate due in H2 2025
• The 2km x 1.5km Bravo anomaly represents a transformational discovery opportunity with drilling results expected July-August 2025
• Aggressive 2025 exploration program targeting five additional anomalies could deliver the 100Mt resource needed for standalone operations

Pan Global Resources presents a compelling copper investment opportunity in Spain's world-renowned Iberian Pyrite Belt, where exceptional infrastructure and proven geology combine to create a low-risk, high-reward proposition. The company's Escacena project benefits from its strategic location just 30 minutes from Seville, surrounded by established mining operations and serviced by European-grade infrastructure that dramatically reduces development costs and risks. With a maiden resource estimate expected for La Romana in the second half of 2025 and high-impact drilling at the Bravo anomaly commencing imminently, Pan Global offers multiple near-term catalysts that could transform its modest C$47 million market capitalization.

The investment case centers on three key pillars: a foundation asset at La Romana with exceptional metallurgy and shallow open-pit geometry, transformational discovery potential at Bravo that could justify standalone operations, and an aggressive regional exploration strategy targeting five additional high-priority anomalies. The company's simple metallurgy, with up to 88% copper recovery at coarse grind sizes, combined with proximity to multiple processing facilities, creates multiple development pathways ranging from immediate trucking arrangements to eventual standalone operations. This optionality, backed by world-class infrastructure and a mining-friendly jurisdiction, positions Pan Global as one of the most de-risked exploration stories in the copper space.

World-Class Location & Infrastructure

The Escacena project's location in Andalusia represents a significant competitive advantage that distinguishes it from copper projects in more remote or challenging jurisdictions. Situated just 30 kilometers from Seville and accessible via modern motorways and paved local roads, the project benefits from European-standard infrastructure that includes reliable grid power at exceptionally low costs of €0.06 per kilowatt-hour. This power cost advantage alone can make the difference between economic and sub-economic operations, particularly for lower-grade deposits that require higher processing volumes.

The project's proximity to established mining operations provides both validation of the geological potential and practical advantages for future development. First Quantum's Las Cruces copper mine operates just 20 kilometers away, while Grupo Mexico's Aznalcollar-Los Frailes project, which recently received approvals to restart operations, sits less than 10 kilometers from Escacena. Atalaya's Rio Tinto operation, processing 15 million tonnes annually at grades as low as 0.4% copper, demonstrates the region's ability to support profitable low-grade mining operations. These nearby facilities not only prove the viability of the geology but also provide potential toll processing options that could accelerate Pan Global's path to production.

The Iberian Pyrite Belt itself has been a mining region for centuries, creating a mature ecosystem where regulatory processes are well-established, environmental standards are clearly defined, and local communities understand and generally support mining activities. This regulatory predictability, combined with Spain's position as a stable European Union member, provides the kind of jurisdictional security that institutional investors increasingly demand when evaluating mining investments.

Click here to see our coverage of our Pan Global Resources site visit, last year.

The La Romana Deposit: A Foundation for Value

La Romana serves as Pan Global's anchor asset, with extensive drilling over 188 holes totaling 37,000 meters establishing a solid foundation for the upcoming maiden resource estimate. The deposit's geology and geometry are ideally suited for low-cost open-pit mining, with mineralization occurring in shallow, flat-lying structures that minimize stripping ratios and optimize mining efficiency. Current expectations point toward a resource of 20-25 million tonnes grading approximately 0.5% copper equivalent, though recent drilling to the west has encountered higher-grade zones that could potentially enhance the overall resource grade.

The metallurgical characteristics of La Romana set it apart from many other deposits in polymetallic belts. Testwork has demonstrated exceptional copper recovery rates of up to 88% to concentrates grading up to 32% copper, achieved using a relatively coarse grind of 106 microns. This coarse grind requirement significantly reduces energy costs compared to deposits requiring fine grinding, while the clean copper sulfide mineralogy avoids the complex separation challenges associated with polymetallic ores. The simplicity extends to the flotation circuit, where standard rougher flotation followed by regrinding achieves excellent results without exotic reagents or complex flowsheets.

An additional value component comes from tin mineralization that reports to the flotation tails, where it can be recovered using gravity concentration to produce a 63% tin concentrate at 64% recovery rates. Given tin's current pricing and supply constraints, this byproduct credit could provide meaningful economic benefits while utilizing proven, low-cost gravity separation technology. The combination of excellent copper metallurgy and tin byproduct potential creates multiple revenue streams from a single, straightforward processing circuit.

The strategic value of La Romana extends beyond its inherent economics to its role as a foundation asset that provides multiple development pathways. While the deposit alone may not justify standalone processing facilities, its proximity to multiple existing mills creates immediate trucking options that could generate early cash flow. Grupo Mexico's Aznalcollar facility offers the closest option at just 5 kilometers away, while First Quantum's Las Cruces and Atalaya's Rio Tinto provide additional alternatives within 30 kilometers. This optionality allows Pan Global to pursue development without the capital intensity and permitting complexity of building new processing infrastructure.

Bravo & the Exploration Upside

The Bravo anomaly represents Pan Global's most significant near-term catalyst and potential game-changer, with the scale and strength of geophysical signatures suggesting the possibility of a discovery that could transform the entire project. Measuring 2.0 kilometers by 1.5 kilometers, Bravo exhibits coincident gravity, induced polarization, and soil geochemistry anomalies that create a compelling drilling target. The convergence of multiple geophysical techniques all indicating the same target area provides high confidence that significant mineralization exists at depth, though the grade and tonnage remain to be determined through drilling.

The drilling strategy at Bravo reflects the target's potential significance, with the initial three holes providing geological context and structural understanding before the critical next three holes test the core of the anomaly. These core holes, expected to commence by the end of June following the completion of local wheat harvests, represent the highest-impact drilling in Pan Global's portfolio. The one-week drilling timeline for each hole, combined with the 3-6 week assay turnaround, means results should be available in late July or early August 2025, providing a clear near-term catalyst for the stock.

The potential impact of success at Bravo cannot be overstated. A significant discovery here could establish Pan Global as a multi-deposit system capable of supporting standalone processing facilities, fundamentally changing the project's scale and economics. The anomaly's size suggests the potential for a substantial tonnage, while its position within the same favorable geological environment as La Romana increases confidence in likely mineralization styles and metallurgical characteristics. Success at Bravo could quickly elevate Pan Global from a single-deposit trucking scenario to a major regional player with multiple high-grade deposits.

Aggressive Regional Growth Strategy

Pan Global has adopted its most aggressive exploration strategy to date for 2025, planning to test five additional undrilled anomalies across the Escacena property in pursuit of the 100-million-tonne resource threshold that would justify standalone processing facilities. This systematic approach recognizes that the property likely hosts multiple deposits, as evidenced by the numerous geophysical anomalies identified across the concession area. The strategy represents a significant escalation from previous years' more focused drilling programs and reflects both increased confidence in the geological model and improved operational capabilities.

The company's ability to execute this ambitious program has been greatly enhanced by years of relationship building with local landowners and communities. These established relationships now allow Pan Global to gain drilling access much more quickly than in previous years, when negotiations could delay programs for months. The improved access, combined with better understanding of local agricultural cycles and seasonal constraints, enables the kind of rapid target testing that maximizes the probability of discovery while efficiently deploying capital across multiple opportunities.

The geological rationale for this aggressive approach is compelling, given the limited surface outcrop in the area and the proven effectiveness of the company's geophysical survey techniques in identifying drill targets. The Iberian Pyrite Belt's geology suggests that mineralization often occurs in clusters or along trend, making it logical to test multiple targets once the basic geological framework is established. Each successful discovery not only adds resources but also enhances understanding of the regional controls on mineralization, potentially leading to additional target generation and a compounding effect on exploration success.

Parallel Growth at Carmenes in Northern Spain

Pan Global's Carmenes project in Leon, Northern Spain, provides additional growth potential through the exploration of historic copper-nickel-cobalt mines where the company has identified previously unmined gold mineralization. This project demonstrates Pan Global's ability to apply modern exploration techniques to historic mining areas, often uncovering value that previous operators overlooked due to different commodity priorities or technological limitations. The recent intersection of 46 meters grading 1.08 grams per tonne gold validates this approach and suggests significant potential for expanding the known mineralization.

The Carmenes project benefits from existing mining infrastructure and established mineral rights in an area with a long history of successful mining operations. The historic Providencia and Profounda mines provide geological context and demonstrate the presence of economic mineralization, while modern exploration techniques allow Pan Global to test for additional metals and expand the known mineralized zones. The discovery of gold mineralization that was not previously mined or systematically explored adds a new dimension to the project's potential value.

The strategic value of Carmenes extends beyond its immediate exploration potential to provide geographic diversification within Spain and exposure to a different suite of commodities. While copper remains the primary focus, the presence of nickel, cobalt, and now gold creates multiple value drivers that could benefit from different market cycles and demand patterns. The project also demonstrates management's ability to identify and acquire quality assets in favorable jurisdictions, suggesting potential for additional acquisitions or partnerships as the Spanish portfolio develops.

Why This Matters for Investors

Pan Global Resources operates in a low-cost, infrastructure-rich mining district that provides significant advantages over many copper exploration companies operating in more remote or challenging jurisdictions. The combination of European-standard infrastructure, mining-friendly regulations, and proximity to established operations creates a development environment where projects can advance from discovery to production more quickly and with greater certainty than in many other regions. These jurisdictional advantages are particularly valuable in the current environment where investors increasingly focus on environmental, social, and governance factors in their investment decisions.

The company benefits from seasoned leadership under CEO Tim Moody, who brings extensive regional expertise and established relationships that have proven crucial to the company's ability to advance multiple projects simultaneously. This management experience is particularly valuable in navigating the complex relationships between mining companies, local communities, and regulatory authorities that can make or break exploration programs. The team's track record of delivering results while building sustainable relationships with stakeholders provides confidence in their ability to execute the ambitious 2025 exploration program.

The tight market capitalization of just C$47 million means that exploration success could quickly re-rate the stock, as even modest discoveries would represent significant percentage increases in contained resources or net present value. This leverage to exploration success, combined with the multiple shots on goal across different projects and targets, creates an asymmetric risk-reward profile where the potential upside significantly exceeds the downside risk for investors willing to accept exploration uncertainty.

Near-Term Catalysts to Watch

The catalyst schedule for Pan Global through 2025 provides multiple value inflection points, with results expected at regular intervals throughout the year. The La Romana maiden resource estimate represents the most substantial near-term milestone, while exploration results from Bravo and new anomalies could significantly expand the company's valuation and narrative.

• La Romana Maiden Resource Estimate (H2 2025): Expected in the second half of 2025, this will establish a baseline valuation for Pan Global’s flagship deposit and allow direct comparisons with peer companies. Expectations of 20-25Mt at 0.5% CuEq would imply significant value, particularly when factoring in Escacena’s exceptional infrastructure and clean metallurgy.
• Bravo Drilling Results (Late July-Early August 2025): Results from core holes at the large-scale Bravo anomaly are anticipated in late July or early August. As the highest-impact near-term catalyst, success at Bravo could transform the investment thesis entirely, positioning Pan Global as a discovery-driven growth story. The timing of these results also aligns with seasonal investor interest in the sector.
• Exploration of Five New Anomalies at Escacena (Ongoing 2025): The company’s broader exploration program targets multiple undrilled geophysical anomalies. Drilling throughout the year will generate regular newsflow, with each positive result supporting the case for a district-scale copper system and validating the regional geological model.
• Carmenes Project Assays in Northern Spain (Ongoing 2025): Drilling continues at the Carmenes project, where recent intercepts (e.g., 46m @ 1.08g/t Au) suggest unrecognized gold potential. Success here could diversify Pan Global’s commodity exposure and unlock new valuation levers beyond base metals.
• Diversified and Staggered Newsflow: The spread of catalysts across multiple targets and commodities reduces single-asset binary risk while maintaining strong leverage to exploration success - an attractive setup for both retail and institutional investors.

Investment Outlook

Pan Global Resources offers undervalued exposure to copper and tin resources in one of the world's premier mining jurisdictions, with exceptional infrastructure and multiple development pathways that significantly reduce execution risk. The company's strategic position in the Iberian Pyrite Belt, surrounded by successful mining operations and supported by European-standard infrastructure, provides a foundation of value that exists regardless of exploration outcomes. This downside protection, combined with multiple high-impact exploration catalysts, creates an investment profile that appeals to both value-oriented and growth-focused investors.

The realistic pathway to development, whether through standalone operations or toll processing arrangements, provides tangible value creation opportunities that don't require perfect execution across all exploration targets. The La Romana deposit alone appears capable of supporting trucking operations to nearby mills, providing a baseline development scenario while the company pursues the larger standalone opportunity through regional exploration success. This optionality allows investors to benefit from near-term development potential while maintaining exposure to significant upside from exploration success.

Discovery momentum in the proven Iberian Pyrite Belt, combined with an aggressive exploration strategy and experienced management team, positions Pan Global to benefit from the increasing global focus on copper supply constraints and the infrastructure demands of energy transition. The company's location in a mining-friendly European jurisdiction addresses many of the environmental, social, and governance concerns that affect mining investments in other regions, while the established infrastructure and regulatory framework provide the certainty that institutional investors require for significant position building.