Pan Global Resources Timeline 2023 - Growing Copper Discoveries

About Pan Global Resources

Pan Global Resources Inc. is a Canada-based mining company focused on the exploration and development of base and precious metal projects in southern Spain. The company's flagship asset is the Escacena Project, a large 5,760-hectare land package located in the prolific Iberian Pyrite Belt near operating mines such as Las Cruces and Riotinto.

Led by CEO Tim Moody, the company commits to discovering and developing new copper resources to support the global energy transition. Pan Global began trading on the TSX Venture Exchange in 2018 after acquiring the early-stage Escacena Project. Since then, the company has made significant progress in exploring and advancing the project, most notably with the discovery of the La Romana copper-tin-silver mineralization.

What Happened in 2023?

November

C$6 Million Financing

Pan Global has focused on advancing major assets while controlling costs as the company closed a C$6 million financing to fund programs through 2025. This will methodically expand 2 promising copper discoveries, the La Romana and Cañada Honda copper discoveries of the Escacena project in Spain's prolific Iberian Pyrite Belt while avoiding dilution. A 25-hole drill campaign is underway at La Romana where 20 holes have been finished and 11 initial holes have commenced at the Cañada Honda target returning encouraging early copper grades.

Though positive results could already support maiden resources and studies, Pan Global plans to systematically expand known zones before estimating resources and economics to maximize project value without excessive spending during market uncertainty. With a refreshed balance sheet, Pan Global continues advancing copper projects in Spain's productive region while conserving costs.

Highest Grades Intersected at Western Expansion of La Romana Copper-Tin-Silver Discovery

Additional high-grade copper intercept were reported from the ongoing drilling at the La Romana copper-tin-silver discovery within Pan Global's Escacena Project in southern Spain. The latest drill results included 15.9m at 1.15% copper equivalent from 79m in hole LRD171, representing the highest grades intersected to-date in the current 25-hole program testing La Romana's western extension. Other notable intersections included 12m at 1.04% copper equivalent and 13m at 1.02% copper equivalent.

The new drilling confirms that mineralization at La Romana now extends over 1.35 kilometers of strike and remains open. The copper-tin mineralization starts at surface with grades increasing to the west and at depth while metallurgical test works demonstrated high recoveries for both copper and tin.

October

Increased Private Placement Financing by Three Folds Due To Strong Demand

Pan Global Resources announced that due to strong investor demand, it has increased the size of its previously announced non-brokered private placement financing from $2 million to $6 million. The company issued 30 million units at $0.20 per unit to raise gross proceeds of up to $6 million with each unit consists of one common share and one 3-year share purchase warrant exercisable at $0.30.

The exceptional support from new and existing investors allowed aggressive advancement of La Romana while progressing earlier-stage prospects and testing of additional targets across the large 5,760-hectare Escacena land package.

September

Pan Global Publishes Inaugural ESG Report, Commitment to Sustainable Mining Practices

Pan Global Resources published its inaugural ESG report in partnership with Digbee ESG, outlining the company's commitment to sustainable mining practices. Key highlights includes the company's commitments in areas like rehabilitation planning, water conservation, focus on community benefits through local hiring and procurement, strong governance controls and transparency, risk management and alignment with EU goals for securing sustainable copper supply chains.

Pan Global also recently joined the UN Global Compact initiative on human rights, labor, environment and anti-corruption – the first junior Spanish exploration company to do so. Pan Global is strategically positioning itself in its goal to develop new copper resources needed for Europe's energy transition.

‍Drill Results Expands Escacena Project Discovery

Pan Global Resources announced results from the first six drill holes at the Romana West target, which expanded the La Romana copper-tin-silver discovery by 150m to the west at its Escacena Project in southern Spain.

Highlights included:

• 17m at 0.65% copper equivalent from 50m in hole LRD162
• Mineralization starts near the surface below thin cover sediments, and copper and tin grades increase to the west
• Cañada Honda copper-gold mineralization extended to 600m down-dip at the east end of a 2km long gravity anomaly
• Zarcita drilling intersects intervals of higher-grade copper within wider stockwork and alteration zones

Assays are pending from six additional completed holes as the 25-hole program underway will test another 350m of strike length.  The past-producing Iberian Pyrite Belt is an established mining district where Pan Global controls a large land package providing a pipeline of exploration targets beyond the La Romana discovery.

August

Upgrade to OTCQX

Pan Global Resources has qualified to upgrade its stock trading to the OTCQX Best Market in the United States from the OTCQB level. The OTCQX upgrade recognizes the company’s progress at the Escacena copper-tin-silver project in Spain and provides more efficient access for US investors to participate as exploration continues. As copper demand is expected to surge for electric vehicles and renewable energy, Pan Global enhanced shareholder value through exploration success and increased trading liquidity and exposure in US markets.

Early Mover to Potential New Sources of Copper - Pan Global Resources

As copper demand growth is projected to surge driven by electric vehicles and renewable energy expansion, Pan Global aims to potentially supply this demand through systematic exploration at Escacena. Its La Romana discovery has delivered thick, high-grade copper intercepts starting at the surface with excellent geometry for potential open-pit mining. Ongoing drilling is focused on expanding La Romana and testing earlier-stage zones like Romana West and Cañada Honda which have also shown positive initial results.

The company has no debt and a tight share structure with under 100 million shares outstanding. This provided leverage to exploration success and offered an attractive risk/reward opportunity with exploration success likely to drive substantial shareholder value in the coming 6-12 months.

Expanding Mineralization at the La Romana Copper-Tin Discovery in Spain

Exploration success establishes strong potential for additional copper discoveries at Escacena. Assay results from Pan Global’s ongoing drill program at the Escacena Project continue with the completion of the follow-up drill program at the Cañada Honda copper-gold target 4km north of La Romana with positive results from La Romana and Romana West and pending assay results from Cañada Honda.

Highlights from the step-out drilling include:

• 30m at 0.3% Cu and 1.8g/t Ag from 151m in hole LRD146
• 32.25m at 0.4% Cu, 0.05% Sn and 1.3g/t Ag from 114m in LRD147
• 36.5m at 0.3% Cu and 1.7g/t Ag from 288m in LRD153

The positive results reported continue to demonstrate the significant upside potential remaining through step-out and infill drilling as well as testing additional high-priority targets across the project area.

July

Drill Results at Escacena Project's Cañada Honda Target

Pan Global Resources announced positive drill results from follow-up drilling at the Cañada Honda target within its Escacena Copper Project in Spain's prolific Iberian Pyrite Belt. Hole CHD05 intersected the highest grade copper-gold mineralization drilled at Cañada Honda to date, with 20 meters at 0.5% copper and 0.3 g/t gold, including a higher grade interval of 5.1 meters at 1.3% copper and 0.5 g/t gold. While further drilling was required to determine the full extent of mineralization at Cañada Honda and other targets, the reported result demonstrated Pan Global's potential to make further discoveries across the 14 untested gravity anomalies at its Escacena Project.

June

Drilling  Commences  at Romana West Copper-Tin-Silver Target

Pan Global Resources announced it has commenced diamond drilling at the Romana West target within the Escacena Copper Project in Spain's prolific Iberian Pyrite Belt. The drilling aims to extend the high-grade copper-tin-silver mineralization discovered over 1.2km strike length at the La Romana zone by approximately 800 meters west to the Romana West target area where surveys have outlined a 1km gravity anomaly at Romana West, coincident with historical mine workings and surface copper mineralization.

The Romana West drill program is comprised of an estimated 25-30 holes targeting potential near-surface mineralization. The extensive 5,760-hectare Escacena Project is located in Spain's prime Iberian Pyrite Belt, home to active mines such as Las Cruces and Rio Tinto. The region provides key infrastructure, mining expertise and government support ideal for copper exploration and development.

May

Key Developments in 2022 and Outlook for 2023

Pan Global Resources provided an operational and financial update summarizing key developments in 2022 and the outlook for 2023 at its copper projects in Spain's prolific Iberian Pyrite Belt. During 2022, the company completed over 16,600 meters of drilling across 10 targets at its flagship Escacena Project and nearby Águilas Project. Last 2023, the company had an approved 20,000-meter drill program budgeted at $8.5 million for Escacena. Potential catalysts include ongoing exploration results, additional metallurgical studies, maiden resource estimation for the La Romana deposit in the first half of 2024, and initial engineering work. As exploration continues, Pan Global showed investors progress at Escacena.

Addition to the Board of Directors & Management

Corinne Smit joins Pan Global Resources as a Director of the Company.

With almost two decades of experience in managerial positions with publicly listed mining companies and public accounting practice, Ms. Smit has extensive expertise across all aspects of commercial mining operations including strategy development, logistics and supply chain management, marketing/sales, budgeting and forecasting, risk management, and hedging which will benefit the company greatly as Pan Global advances the Escacena and Águilas Projects.

April

Drilling  Commences  at Cañada Honda Copper-Gold Target

Pan Global Resources announced it has commenced diamond drilling at the Cañada Honda copper-gold target within its Escacena Project in southern Spain. Drilling aims to test chargeability and resistivity anomalies identified by a recently induced polarization (IP) survey highlighted a positive indicator of the potential for more significant copper-gold mineralization associated with the untested Cañada Honda gravity anomaly below the historic tunnel and former mining area.

Pan Global drilling continues at the La Romana zone and Zarcita target as well with assays pending on 15 holes across its large Escacena Project land package.

Exceeding 86% Copper Recovery For The La Romana Copper Mineralization

Positive preliminary metallurgical test results were announced for the La Romana copper-tin-silver discovery at its Escacena Project in Spain. Results demonstrate the potential for high copper recoveries and concentrate grades using conventional flotation methods. Two locked cycle tests achieved 86.4% and 89.5% copper recovery with concentrate grades of 28.5% and 23.8% respectively.

The mineralization showed relatively low energy requirements for crushing and grinding compared to regional deposits which could reduce future operating costs.  Pan Global believes these positive initial metallurgical results reinforce Escacena’s development potential as follow-up work is ongoing and findings to help advance La Romana towards an initial resource estimate and economic studies.

March

Pan Global Expected to Benefit from the Inclusion of Copper in the 2023 EU Critical Minerals And Metals List

Pan Global Resources is pleased with the inclusion of copper on the European Union's 2023 list of Critical Raw Materials and Metals which identifies metals and minerals deemed essential for the EU's economic growth and transition to a digital, low-carbon economy.  This EU critical designation has the potential to expedite Pan Global’s permitting, project funding opportunities and incentives that could accelerate the advancement its Escacena copper discovery. With three drill rigs operating, Pan Global was nearing completion of drilling at the La Romana zone and continues exploration across other targets.

Qualified for trading on the OTCQB Venture Market

Pan Global Resources announced it has qualified for trading on the higher-tier OTCQB Venture Market operated by the OTC Markets Group in the United States. The company's shares now trade on the OTCQB under the symbol "PGZFF" while continuing to trade on the TSX Venture Exchange under "PGZ"

This provides greater visibility on Pan Global Resources as it advances the Escacena copper project in southern Spain, and expands access for US investors for broader awareness and liquidity.

February

20,000m Copper Drill Campaign Begins

As a junior exploration and development company focused on copper assets in Southern Spain, Pan Global commenced a 20,000-meter drill campaign. The drilling aims to expand the existing copper discovery at the La Romana zone within its Escacena Project, located in the prolific Iberian Pyrite Belt

Three drill rigs were deployed across three different zones for the 30-50-hole drill program. The program intends to delineate extensions of the near-surface copper mineralization at La Romana, where positive metallurgical test work and open pit potential have been demonstrated.

Pan Global is in a strong cash position to carry out its planned programs, systematically testing and advancing its targets in Spain's productive mining jurisdiction.

January

Fully Funded 20,000-Meter Escacena Project Drill Program

Pan Global Resources announced its Board of Directors has approved plans and funding for a fully financed 20,000 meter drill program in 2023 focused on the Escacena Copper Project in Spain's prolific Iberian Pyrite Belt mining district. The drill campaign aims to expand the recent copper-tin-silver discovery at the La Romana zone.

With a fully funded 2023 exploration program encompassing over 50 planned drill holes, Pan Global is positioned to systematically advance copper discoveries at Escacena strengthening a fundamental backdrop for the key energy transition metal.

Drill Results from Copper-Stockwork Mineralization at Zarcita and Hornitos Zones

Assay results from 21 drill holes testing five regional targets at its Escacena Copper Project in Spain's Iberian Pyrite Belt were announced from the 2022 drilling which intersected copper/zinc mineralization at the Zarcita, La Jarosa and Hornitos zones. At Zarcita, located 4km north of La Romana, the first four drill holes delineated a 75-meter-thick pyrite-chalcopyrite stockwork zone with copper grades up to 2.8% over narrow intervals. This represents a large mineralized system open in all directions. Copper mineralization was also hit at La Jarosa, 4km northeast of La Romana, including 16.25 meters at 1.1% lead-zinc with near surface zinc-lead mineralization found at the Hornitos target.

Additional drilling is planned to follow up these encouraging initial results as Pan Global systematically explores its 5,760 hectare Escacena property through a 20,000m multi-target 2023 drill program with an estimated budget of CAD $8.5 million.