- Tim Moody, President and CEO. (March 2026)
Q14: What is the Cármenes Project and where is it located?
The Cármenes Project is located approximately 55 km north of León in northern Spain, on the Rio Narcea Gold Belt. It comprises five Investigation Permits covering 5,653 hectares. The Cármenes Project is highly prospective for multiple bodies ("clusters") of carbonate-hosted hydrothermal breccia-style copper, nickel, cobalt, and gold mineralization. The area includes the former Providencia and Profunda mines that last operated in the 1930s and produced concentrates of copper and cobalt with nickel.
Q15: What metals are targeted at the Cármenes Project?
The primary targets at the Cármenes Project are copper (Cu), gold (Au), nickel (Ni), and cobalt (Co) though there has also been traces of Platinum (Pt) and Palladium (Pd) discovered in initial exploration results. The Project was originally acquired by Pan Global Resources for its high-grade copper-nickel-cobalt potential at the Providencia and Profunda past-producing mines. The 2025 discovery of previously unknown gold mineralization at the Providencia target adds gold as a primary commodity target and provides additional optionality for investors beyond the base metal potential.
Q16: What was the significance of the 2025 gold discovery at Cármenes?
Pan Global's maiden drill campaign at Cármenes in 2025 resulted in confirmation of a new gold discovery at the Providencia copper-nickel-cobalt target. This gold mineralization was previously unknown. Soil samples reported in January 2025 returned up to 24.3 g/t Au and 16.2% Cu; this was followed by a February 2025 announcement of a channel sample of 37 meters averaging 3.1 g/t Au in an exploration adit east of the old mine workings. The discovery led to the expansion of the 2025 drill test program and an airborne geophysics survey resulted in the identification of more than 20 follow-up targets in the Cármenes Project.
Q17: What is next for Pan Global at the Cármenes Project and across the broader portfolio?
Immediate near-term news flow from the Cármenes Project in 2026 will come from two parallel programs: Assay results from the seven-hole, 1,000-meter follow-up drill program at the Providencia target and channel sampling results from the newly exposed underground tunnel 30 meters below the lowest mine level where sampling has previously occurred.
Beyond the Providencia target, more than 20 additional geochemical and geophysical targets have been identified across the 5,653-hectare Cármenes Project. These will be advanced through systematic sampling and mapping, with the strongest candidates progressing to drill testing. The Profunda Mine target, the other historical mine at the Project, has not yet been drilled by Pan Global due to the discovery of gold at Providencia.
Q18: What are the best results from drilling and sampling at the Providencia target to date?
Pan Global has returned high-grade gold from four independent data types at the Providencia target: Surface soil sampling, surface trench and channel sampling, underground gallery channel sampling, and drillholes. The highest grade reported as of March 2026 was a surface channel sample.
The peak surface assay of 43.8 g/t gold is nearly nine times the commonly accepted high-grade threshold of 5 g/t Au. PVD06's best sub-interval of 5.0 meters at 8.93 g/t Au, intercepted at 131 meters from surface, confirms the grade is not a shallow supergene effect. The results also confirm platinum (1.06 g/t) and palladium (0.82 g/t) over the best one-meter interval, consistent with the broader Copper-Nickel-Cobalt-Gold polymetallic character of the Cármenes Project district.
NI 43-101: Channel and trench samples areselective in nature and may not be representative of overall mineralization.True widths of reported intervals are unknown.
Q19: Pan Global is finding gold in soil, trenches, underground and surface channel cuts, and drillholes across the Providencia target. How big is this system, and how large could it become?
Every method applied at the Providencia target has returned gold mineralization, and the results are broadly co-located within the same target footprint. Surface soil sampling, trenching, underground gallery sampling, and diamond drilling confirm mineralization of gold as well as other elements like copper, platinum, palladium, cobalt and nickel. The 2025 drilling confirmed gold from 24 meters depth (PVD02) to 131 meters (PVD06) from surface and surface channel cuts reported in March 2026 returned the highest grades yet.
Theknown surface footprint is approximately 250 by 150 meters based on sampling todate. The seven-hole drill program is specifically designed to evaluate strikeextent and depth continuity.
Depositstyle is an important context for scale. Carbonate-hosted hydrothermal brecciapipes, which is how Providencia is interpreted geologically, can have verticaldimensions exceeding 1 km. The system has been tested to 131 meters fromsurface and remains open at depth and along strike.
Providencia is the first target Pan Global has drilled at the Cármenes Project. More than20 new geochemical and geophysical targets have been identified across the broader 5,653-hectare Project. Breccia pipe deposits typically occur in clusters, so the district potential of the Cármenes Project extends well beyond what the Providencia target alone represents.
Q20: What is the newly exposed undergroundtunnel at Providencia, and why is the team excited about it?
The former Providencia Mine last operated in the 1930s. A lower-level working was exposed in early 2026 that was not accessible for prior sampling. It sits approximately 30 meters below the level of all previous underground sampling at Providencia. Breccia-hosted sulphide mineralization has already been identified in the tunnel, and channel sampling undertaken.
The significance is structural. One of the key open questions at Providencia is whether the gold system is continuous from surface to depth or consists of isolated lenses. This tunnel provides anindependent cross-section at an intermediate depth, between the near-surface channel samples and the bottom of the 2025 drillholes. It is a low-cost way to test vertical continuity before additional drilling. If the assay results confirm mineralization consistent with what has been seen above and below, the case for a coherent, vertically extensive breccia system becomes substantially stronger.
Q21: What is the overall state of progress at the Providencia target, and how has the project advanced since work began?
The Cármenes Project was originally acquired by Pan Global for its copper-nickel-cobalt potential. While there had been mining at the site for copper, cobalt, and nickel, no gold was reported at the Project. Gold was discovered through Pan Global's systematic exploration that started in 2024 and is underway today. The progression from first fieldwork to drill-confirmed high-grade gold discovery has been rapid.
PanGlobal has made three mineral discoveries in Spain using the same coreexploration team: La Romana (copper-tin-silver, Escacena), Cañada Honda(copper-gold, Escacena), and Providencia(gold-copper-nickel-cobalt-platinum-palladium, Cármenes). Each has followed thesame systematic method: target identification, soil geochemistry, geophysics,and drilling. The Cármenes Project’s Providencia gold discovery was the mostrecent and the least expected at time of acquisition, which speaks to thequality of results from the acquisition and exploration team.
