Spanish Copper-Tin Explorer Nears Maiden Resource at La Romana

• Pan Global Resources is actively exploring copper, tin, and gold projects in southern and northern Spain, led by a mine-building team.
• Flagship project La Romana continues to deliver promising drill results, now extending 1.7 km in strike with copper and tin mineralization, and a maiden resource expected in 2025.
• New exploration at La Pantoja west of La Romana revealed high-grade copper (1.5%) and tin, indicating further potential for scale.
• Northern projects Cármenes and Profunda show high-grade copper, cobalt, and gold mineralization (e.g., >3g/t Au over 37m), with assays pending.
• The company plans to complete 7,000m of drilling in 2025, generate a PEA for La Romana in 2026, and potentially consolidate several deposits into a standalone mining operation.

Pan Global Resources (TSXV: PGZ), a junior exploration company focused on copper, tin, and gold in Spain, is methodically advancing its portfolio of projects across the Iberian Peninsula. With a blend of geological potential and experienced mine-building leadership, the company is positioning itself for long-term value creation. General Manager Juan Garcia, offers a grounded yet optimistic view of Pan Global’s activities, supported by robust technical data and a clear roadmap.

In an interview, Garcia outlined the company’s exploration updates, strategic priorities, and project development goals. With favorable geology, supportive local administration, and strengthening copper market fundamentals, Pan Global is working toward a resource-driven re-rating.

A Diversified Asset Base Across Spain

Pan Global’s exploration activities are spread across two regions: the Escacena Project in the south, which includes the flagship La Romana deposit and satellite targets such as Bravo and La Pantoja; and the Cármenes and Profunda prospects in the north, situated in the province of León. This geographic spread provides risk diversification and exposure to multiple mineral systems.

At Cármenes, exploration began in late 2024 and continued into 2025 despite weather-related delays. Garcia emphasized the significance of early assays: 

“We have tested up to more than 20 grams per ton in soil samples, which is crazy.” 

At one historical gallery, a 37-meter channel sample averaged over 3g/t gold, peaking at over 6g/t, with meaningful copper and cobalt grades also present.

Profunda, located just 1–2 kilometers away, returned copper values over 5% in some surface samples. “There is ore, there is mineral,” Garcia noted, underscoring the area's historic mining activity. Both targets are part of a larger regional play, supported by airborne geophysics and geochemistry, with additional targets identified.

Escacena Project: Advancing Toward Resource Definition

The southern Escacena project hosts La Romana, the company’s most advanced asset. With nearly 190 drill holes completed, Pan Global is nearing the threshold of a maiden resource. 

“La Romana for us is clearly on it's way to be a mine. It's clear - smaller or bigger, but it will be a mine.” 

The polymetallic deposit contains copper sulfides and tin oxides, a rare combination in the Iberian Pyrite Belt. Metallurgical testing confirmed both metals can be recovered efficiently, with tin potentially contributing up to 20% of the project’s value depending on pricing and recovery assumptions.

La Pantoja: A Significant Extension to La Romana

In May 2025, Pan Global announced new drill results from La Pantoja, 500 meters west of La Romana. Early drilling intersected 1.5% copper and 0.1% tin over six meters. 

“We still don’t know where it’s finishing. Every drill we do, it continues.” 

The company is evaluating whether this represents an extension of La Romana or a new parallel zone.

This discovery reinforces the geological continuity of the region and may contribute to the overall La Romana resource. It also validates Pan Global’s approach of systematically testing anomalies adjacent to known mineralization.

Interview with General Manager of Spain, Juan Garcia Valledor

Bravo & Cañada Honda: Adding Optionality

East of La Romana lies Bravo, a large gravity and IP anomaly with associated lead and zinc in soils. Pan Global has drilled eight holes and is awaiting results. 

“Everything is showing that there’s something attractive.”

Further afield, Cañada Honda is a copper-gold prospect facing past land access delays that are now resolved. Drilling is expected to resume in 2025, adding another potential contributor to the company’s future production profile.

Garcia emphasized that these deposits, if proven, could be aggregated into a centralized operation: 

“Altogether they can make a good story to supply an operation.”

Strategy: From Exploration to Mine Development

Pan Global is not a typical grassroots explorer. The management team, including multiple mining engineers, is building toward development. Garcia brings experience from operational, development, and closure phases at major mines. The team is already planning for plant design, tailings placement, and permitting processes.

“La Romana, for example, is quite advanced. We have done a lot of environmental work. We are doing a lot of social work. We want to be seen as responsible and transparent.”

The company is targeting a maiden resource in 2025 and a Preliminary Economic Assessment (PEA) in 2026. Discussions include standalone production or toll milling at nearby plants like Las Cruces (16 km away) or Los Frailes (5 km away).

Supportive Political & Regulatory Environment

One of Pan Global’s key advantages is its location in Andalusia, one of the most mining-friendly jurisdictions in Europe. 

“The administration is very pro-mining. They are developing new regulations to make the process shorter and more simple.”

Local communities are also supportive. “The mayor is a noble miner,” he added, noting that towns near Escacena are welcoming the return of mining activity. Youth in these communities recognize mining as a path to stable employment.

On a national level, the Spanish government is preparing a new mining exploration framework, with Pan Global contributing feedback. “We are proud they have counted on us to give our opinion,” said Garcia, reflecting a broader alignment between government and industry.

The Investment Thesis for Pan Global Resources

• Strong Drill Results Across Multiple Targets: Copper grades up to 1.5%, gold over 3g/t, and surface samples showing >20g/t gold and 5% copper.
• Advanced Flagship Asset: La Romana nearing resource definition, with favorable metallurgy and potential tin by-product (~20% of value).
• Scalable Regional Footprint: Multiple targets (Bravo, Cañada Honda, La Pantoja) within trucking distance of each other or nearby mills.
• Mine-Ready Team: Unusually experienced leadership for a junior explorer, with multiple mining engineers and permitting specialists on board.
• Favorable Jurisdiction: Located in Andalusia, Spain—a mining-friendly region with streamlined permitting and supportive local communities.
• Near-Term Catalysts: Maiden resource in 2025, PEA in 2026, and continued assay results from high-potential new discoveries.

Macro Thematic Analysis

Pan Global’s strategic positioning in Spain aligns well with broader macroeconomic and geopolitical trends. Europe is urgently seeking secure, regional sources of critical minerals to support electrification, defense, and decarbonization. Copper, essential for grid infrastructure and EVs, remains structurally undersupplied despite recent price volatility. Tin, less common but vital in electronics and soldering, is increasingly sought after by technology and manufacturing sectors.

Garcia summarized the strategic advantage: 

“In terms of the difficulty or easiness of putting an operation there, we are probably in the best part of Spain to build a mine.” 

Spain’s commitment to revitalizing domestic mining - backed by a forthcoming national exploration plan - positions Pan Global to benefit from first-mover advantage within this EU-aligned supply chain.

With copper and tin classified as critical minerals in both the EU and US, Pan Global's multi-metal portfolio and jurisdictional positioning offer a compelling hedge against global supply chain disruptions.