Pan Global's La Romana Tin Metallurgy Exceeds Expectations, Drilling Continues to Expand Copper-Tin Zones in Spain

• Pan Global Resources reported positive tin metallurgy results from its La Romana project in the Iberian pyrite belt
• Tin recoveries of 58.1% and concentrate grades of 63.2% tin are at the upper end of typical ranges for this type of deposit
• Tin could comprise 15-20% of the in-situ value of mineralization at La Romana, in addition to the copper
• Drilling is ongoing at La Romana and the nearby Cañada Honda project to expand the mineralized zones
• Pan Global has around C$5 million in cash, sufficient to fund exploration into 2024

Tin Metallurgy Exceeds Expectations

Pan Global Resources provided encouraging updates on its copper and tin projects in the prolific Iberian pyrite belt of Spain. The company reported excellent tin metallurgical test results from its La Romana project, highlighting the potential for tin to provide significant by-product value in addition to the primary copper resource. With ongoing drilling at both La Romana and the nearby Cañada Honda target, and a healthy cash position, Pan Global is well-positioned to create value through exploration success in this world-class mining district.

The key highlight from Pan Global's update was the positive tin metallurgical results from La Romana. Tin recoveries of 58.1% and concentrate grades of 63.2% tin place La Romana at the upper end of typical ranges for similar style tin deposits globally. According to CEO Tim Moody, the results "were above expectations."

He explained the significance:

"Typical tin recoveries range from about 30 to 60%. So that puts us right in the upper end of the range for fairly modest 0.25% tin head grades. And it's our second product, not the main product, with copper being the main product."

The high concentrate grade is also important. "Most new tin projects these days are producing concentrates grading 50 to 55%," noted Moody. "So getting 60% plus, which is what leading producer Alphamin achieves, puts you in that premium range."

Interview with President & CEO Tim Moody

Tin Could Boost Economics

Based on the metallurgical results, tin could have a meaningful positive impact on the economics of a future mining operation at La Romana. Moody estimated that tin could represent 15-20% of the in-situ value of the mineralization, alongside the copper. The company will factor tin more heavily into its exploration efforts going forward.

As Moody stated, "This tells us tin is not only an in-situ value, but something that could materially impact the economics of the deposit. It's important as a commodity in its own right."

Simple Processing

Importantly, Pan Global achieved the strong tin metallurgical results with a simple processing flowsheet. After using standard flotation to recover the copper into a saleable concentrate, tin is extracted from the tailings via gravity separation, taking advantage of the high specific gravity of the tin-bearing mineral cassiterite.

This avoids a costly, complicated flowsheet.

"Fortunately we were able to achieve those results with a very simple, standard flowsheet," said Moody. "That's where it can become costly, if you have to do lots of steps and work really hard to get the concentrate grades or recoveries you need."

Exploration Upside

Pan Global sees excellent potential to expand the mineralized zones at both La Romana and Cañada Honda. Drilling is currently focused on the western extension of La Romana, which remains open. Tin grades are increasing to the west.

Moody commented, "We've got potential for La Romana West to grow at least another 300-400 meters, and then we have another target further west and to the north. We have satellite targets beyond that. So we've still got a way to go before we think we've found the end of it."

At Cañada Honda, Pan Global is drill testing geophysical targets that resemble the "signatures" seen at other major deposits in the belt. The Bravo target is a particular priority once drilling permits are received.

Conclusion

With around C$5 million in working capital, Pan Global is sufficiently funded to advance La Romana and Cañada Honda through 2024 under its current exploration plans. Drilling remains the key near-term catalyst for the stock.

The latest update from Pan Global Resources should put the company firmly on the radar of investors seeking exposure to high-quality copper and tin exploration projects. The Iberian pyrite belt is elephant country for VMS deposits, and Pan Global is applying a proven exploration model with success. The strong tin metallurgical results from La Romana add an attractive by-product opportunity to the story. With drilling ongoing to build on the positive results to date, Pan Global offers a compelling speculative opportunity for risk-tolerant investors.

The Investment Thesis for Pan Global Resources

• Exposure to both copper and tin, two critical "future-facing" metals with favorable supply/demand fundamentals
• Potential for a large-scale discovery in the world-class Iberian pyrite belt, in the shadows of major operating mines
• Proven exploration model targeting VMS deposits, with encouraging drill results to date
• Strong tin metallurgy provides additional by-product opportunity to enhance project economics
• Tight share structure and healthy cash position (~C$5M) allows for steady news flow as drilling advances the projects
• Attractive entry point after recent weakness in junior resource sector

Macro Thematic Analysis

The positive fundamentals for copper and tin, two critical "future-facing" metals, provide a supportive macro backdrop for Pan Global Resources. Copper is essential for the energy transition, with electric vehicles, renewable energy infrastructure, and the electrification of everything requiring far more copper than legacy technologies and energy sources. Meanwhile, tin is experiencing a renaissance due to its use in advanced electronics, electric vehicles, and energy storage. Industry experts forecast looming deficits for both copper and tin later this decade as demand outpaces supply.

These macro tailwinds increase the strategic value of new copper and tin discoveries, particularly in stable jurisdictions like Spain. As CEO Tim Moody explains:

"Investors have been perhaps more interested in the bigger names, the existing producers with good copper assets, but that shift is starting to get to the juniors now. Particularly those with advanced projects in good locations near mines."

This dynamic should be supportive for Pan Global, especially as it advances La Romana and Cañada Honda towards potential development decisions. The Iberian pyrite belt is a world-class mining district with a rich history of major discoveries, active operations, and significant untapped potential. Moody is optimistic on the outlook, "I think Pan Global fits very well. Hopefully in the coming months we'll start to see a turnaround from what's been a pretty difficult 18 months."