Pan Global Resources Sets Stage for Pivotal 2025 on Major Strides in Spanish Copper Projects

• Pan Global expanded the La Romana and Cañada Honda copper-tin-gold discoveries at its flagship Escacena Project in southern Spain in 2024.
• The company gained surface access to and completed exploration at the highly prospective Bravo target, with drilling planned to commence in January 2025.
• Excellent metallurgical results were achieved for La Romana, indicating a simple processing flowsheet and potential for high copper grades and recoveries.
• Exploration commenced at the Cármenes copper-nickel-cobalt-gold project in northern Spain, with several prospective targets identified.
• A C$7.2 million financing was completed with strong existing and new strategic investor support, funding the company's 2025 plans.

Pan Global Resources Inc. is a Vancouver-based exploration company focused on copper-rich mineral deposits. The company recognizes copper's compelling supply-demand outlook and the metal's criticality for the global energy transition and electrification. Pan Global's flagship asset is the 5,760-hectare Escacena Project in the Iberian Pyrite Belt of southern Spain, which hosts the La Romana and Cañada Honda discoveries. The company also owns a 100% interest in the 5,653-hectare Cármenes copper-nickel-cobalt-gold project in northern Spain.

Pan Global is led by a proven management and technical team with expertise across the mining lifecycle from exploration to operations. The company operates under the principles of the United Nations Global Compact and is committed to the highest environmental, social and governance standards.

2024 Exploration Highlights

Pan Global's 2024 drill programs significantly advanced the Escacena Project. The La Romana discovery was expanded by over 300 meters, extending the near-surface strike length to 1.5km with further growth potential. Advanced metallurgical testing of La Romana returned excellent results, with copper recoveries up to 88% at a concentrate grade up to 32.5% along with tin and silver credits. This suggests a simple, conventional processing circuit can be utilized.

Drilling also expanded the Cañada Honda discovery, where 16 holes now define mineralization over a portion of a larger 3km geophysical anomaly. Over 15 untested geophysical and geochemical targets have been delineated across the greater Escacena property, highlighting the potential for multiple deposits.

Surface exploration was completed at the Bravo target, located 1km from La Romana, where coincident soil geochemistry and geophysical anomalies were identified. Drilling is set to commence at Bravo in January 2025.

At the Cármenes Project, several prospective targets were identified for potential high-grade copper-nickel-cobalt-gold mineralization associated with breccia pipes. The geological model is based on two past-producing mines within the project. Drilling is also planned for early 2025.

2025 Outlook

Building off a successful 2024 exploration campaign, Pan Global is poised for a transformative 2025 as it accelerates drilling across its Spanish copper projects. Investors should focus on the following key events and potential catalysts in the coming year.

Resource Growth & New Discoveries

• Expanded drill program at the La Romana discovery to further increase the scale of near-surface mineralization
• Step-out drilling along the 3km anomaly hosting the Cañada Honda discovery to demonstrate the potential for a significant copper-gold system
• Initial drill testing of the Bravo and other untested geophysical/geochemical targets to deliver new discoveries

Pan Global has set an ambitious long-term target of delineating 100 million tonnes of copper resources in the Escacena Project area. Achieving this goal will require ongoing exploration success to steadily grow the company's resource inventory. The 2025 drill campaign will be the largest in Pan Global's history, providing multiple opportunities to expand existing zones and make new discoveries.

Investors should track the company's news flow for drill results, which are expected to be released steadily throughout the year. The confirmation of new zones of near-surface, high-grade mineralization would further validate the exploration methodology and increase confidence in the district-scale potential at Escacena.

Development Studies

• Completion of updated metallurgical testwork to confirm processing parameters
• Evaluation of additional exploration data to determine if sufficient information is available to establish maiden mineral resource estimates
• Commencement of environmental baseline studies and stakeholder engagement to support future permitting

With the La Romana discovery continuing to deliver impressive drill results, Pan Global will evaluate the merits of completing a maiden mineral resource estimate. This would represent a major milestone for the company and is often a key catalyst for explorer-developer valuation re-rating.

In parallel, the company will continue to derisk the metallurgy and assess development options. While still early-stage, initiating environmental and social baseline studies in 2025 could help expedite the permitting timeline if Pan Global makes a development decision.

Strategic Partnership Opportunities

• Ongoing dialogue with potential strategic partners to enhance the company's financial capacity and technical depth
• Evaluation of joint venture or earn-in proposals to accelerate exploration and development while minimizing shareholder dilution

The scale of Pan Global's opportunity in Spain is attracting attention from industry participants. In 2025, the company will look to capitalize on this interest by evaluating potential transactions to bring in a strategic partner. Prospective partners could include mid-tier or major mining companies looking to secure copper resources in a stable jurisdiction. A partnership transaction could provide Pan Global with the financial and technical resources to realize the full value of its Spanish portfolio.

Cármenes Project Progress

• Complete follow-up fieldwork and target generation to prioritize drill-ready targets
• Conduct initial drill testing for high-grade, near-surface mineralization
• Assess potential to apply modern geophysical methods to directly target buried sulfide bodies

While earlier stage than Escacena, the Cármenes Project offers Pan Global exposure to rising battery metal prices through its prospective copper-nickel-cobalt-gold targets. Situated near past-producing mines and already demonstrating high-grades at surface, Cármenes could deliver exploration upside for investors in 2025.

The key for unlocking value will be to apply systematic exploration to identify the most prospective areas for follow-up drilling. Pan Global will also consider the use of deep-penetrating geophysical surveys to detect potential massive sulfide mineralization.

Corporate Initiatives

In November, Pan Global closed an oversubscribed C$7.2 million private placement. Existing shareholders demonstrated their continued support, while a Spanish strategic investor and European institutional fund Konwave AG became significant new shareholders. The financing provides the company with ample funds to execute on its 2025 exploration plans.

• Expand market outreach campaigns to increase investor awareness and trading liquidity
• Broaden research coverage to provide investors with third-party analysis and valuation benchmarking
• Attract additional institutional investors to diversify shareholder base and build strategic relationships

Complementing its technical progress, Pan Global will implement corporate initiatives to grow its capital markets profile. The company remains undervalued relative to the scale and quality of its projects, providing considerable potential for share price appreciation as it delivers ongoing exploration success.

2025 is shaping up to be a pivotal year for Pan Global as it takes meaningful steps towards its vision of becoming a leading responsible copper developer. With multiple discovery opportunities across its portfolio and a disciplined capital allocation strategy, the company is well positioned to create value for shareholders. As one of the most active copper explorers in a world-class district, Pan Global has the potential to attract significant market attention with its upcoming catalysts.

Conclusion

2024 was a successful year for Pan Global as it delivered steady progress advancing the Escacena and Cármenes Projects. The company expanded two discoveries, identified numerous new high-potential targets, and achieved excellent metallurgical results. These accomplishments have set the stage for accelerated drilling across multiple targets in 2025 as Pan Global aims to delineate a cluster of deposits at Escacena to reach a long-term target of 100 million tonnes of copper resources.

With a proven technical team, tier-one jurisdiction, growing pipeline of targets, and strategic financial backing, Pan Global is well positioned to create shareholder value in 2025 and beyond. Near-term catalysts for the company include drill results from Escacena and Cármenes, as well as potential maiden resource estimates. As the company continues to derisk these projects and transition to more advanced studies, investors can look forward to steady news flow on exploration and development progress.