2025 drill program in-progress testing more than six new targets at Escacena Project
Plan includes up to two drill rigs at Escacena, 22+ drillholes, ~6,200 meters
La Romana deposit expansion/delineation
Maiden La Romana NI 43-101 Mineral Resource Estimate for La Romana
Exploration advancing and continual prioritizing new drill targets
Pan Global's Escacena Project comprises a significant land package covering more than 5,700 hectares, immediately neighbors the Aznalcóllar and Los Frailes projects being developed by Grupo México, and is 12km to the west of First Quantum Mining’s Cobre Las Cruces Mine. Atalaya’s operating Riotinto Mine is 23km to the northwest.
The Company has been actively exploring Escacena and the La Romana target since 2019 when a copper-tin-silver discovery was made. Since then, 188 holes have been drilled at La Romana in the Volcanic Massive Sulphide (VMS) style deposit, with 99% hitting mineralization. The 2023 drill program expanded the mineralization surface strike length at La Romana to 1.3km, a more than 25% increase, and drilling in the 2024 and 2025 drill programs increased strike length to 1.7km. There are currently more than 15 untested targets at the Escacena Project and as additional geophysics is conducted, the geology team continues to find additional targets.
In March 2024, Pan Global released the second phase of copper metallurgy results for La Romana, indicating excellent recoveries of 88% copper and concentrate grades of up to 32.5% copper, with payable silver content and low deleterious elements. The positive results advanced La Romana to the preliminary design phase of the metallurgical process. In April 2024, the Company reported positive tin metallurgy results for La Romana, concluding that the deposit mineralization is amenable to producing high-quality tin concentrate using conventional gravity separation. Tin concentrate grades of 63.2% tin and 58.1% recovery were achieved. The outstanding copper and tin metallurgy test results are an important de-risking milestone for the La Romana deposit.
BEST IN IBERIAN PYRITE BELT METALLURGICAL RESULTS
REFERENCES:
Atalaya Mining plc
2022-09-16 – “Technical Report on the Riotinto Copper Project” Submitted date: 2022-10-05 Source: SEDAR
2023-02-23 – “NI 43-101 Technical Report on the Neves-Corvo Mine, Portugal” Source: SEDAR+
Emerita Resources Corporation
2025-04-30– “NI 43-101 Technical Report on the Iberian Belt West Project, Spain” Dated April 30, 2025. Source: SEDAR+
Denarius Metals Corp.
2023-11-02 – “NI 43-101 Technical Report Mineral Resource Estimate for Lomero Poyatos, Andalucía, Spain” Effective date: July 19, 2022 Filing date: November 2, 2022 Source: SEDAR+
2024-05-23 – “Technical Report and Preliminary Feasibility Study for the Aguablanca Nickel-Copper Mineral Deposit” Effective date: March 24, 2024Filing date: May 23, 2024Source:SEDAR+
Cerrado Gold
2023-08-01 – “NI 43-101 Technical Report and DFS for the Lagoa Salgada Project, Setúbal District, Portugal” Effective date: July 24, 2023 Filing date: August 1, 2023Source:SEDAR+
RARE HIGHLY PROSPECTIVE GREENFIELD PROJECT IN A WELL-DEVELOPED DISTRICT
In June 2023, the discovery holes at the Cañada Honda copper-gold deposit were announced and subsequent drillholes have expanded on the results, indicating an upper gold zone and deeper zone of copper-gold mineralization at the edge of a large untested DHEM conductor anomaly. The Downhole Electromagnetic (DHEM) conductor and adjacent 3km-long gravity anomaly expands the size potential at Cañada Honda significantly. Cañada Honda has consistently produced drillhole assay results with the highest gold grades detected in the Escacena Project area to date, a potentially significant addition to the copper equivalent grade.
The Los Frailes Mine adjacent to the Escacena Project received notice of its Unified Environmental Authorization in July 2024; On May 30, 2025 the Mine received its exploitation permit approving the start of construction and pre-development work including construction of a water treatment facility. Construction and mine development is expected to take up to three years. The €450 million project includes a new processing facility and is expected to create about 2,000 direct and indirect jobs with an initial resource of 45 million tons of copper, zinc, and lead with an initial mine life of 17 years.
La Romana Discovery – Maiden MRE in process
Current:
188 drillholes drilled and reported to date, 99% hit rate for mineralization
1.7km surface strike extent of copper-tin-silver deposit
Maiden NI 43-101 Mineral Resource Estimate for La Romana deposit to be published by year-end 2025
Surrounded by four mines held by major mining companies, including Grupo México’s Los Frailes Mine that received its exploitation permit on May 30, 2025 to begin development and construction
In March 2024, Pan Global released the second phase of copper metallurgy results for La Romana, indicating excellent recoveries of 88% copper and concentrate grades of up to 32.5% copper – the highest in the Iberian Pyrite Belt and with low levels of deleterious elements
In December 2024, the Company released Phase Two tin metallurgy with high concentrate grades of 63.2% at recovery rates of 64% calculated from conventional gravity processing and with low levels of deleterious elements
History:
Project acquired by current management via long-term relationships in Spain and history of success acquiring, exploring, and discovering economic deposits in the Iberian Pyrite Belt
Drilling and geophysics as well as Induced Polarization (IP) are coincident in La Romana target and at the Escacena Project generally
Initial geophysics reported in June 2019. Drilling at La Romana and Cañada Honda targets commenced in late July 2019
Initial indications of mineralization found using downhole electromagnetics reported in early October 2019 and the discovery hole at La Romana (LRD-02) reporting 20.5 meters of 1.5% cueq of near-surface mineralization later in October 2019.
In November 2021, Pan Global was granted a permit by the regional government of Andalucia for exploration of the Al Andaluz property. Al Andaluz is located immediately adjacent to the Company’s initial holdings and represents a 115% increase to the exploration area, adding approximately 2,365 hectares to the Escacena Project area
An additional 1,030 hectares remain under application
Al Andaluz comes to within 600 meters of the edge of the Aznalcóllar mine and approximately 12 km west of the Las Cruces copper mine
Cañada Honda Discovery – Just scratching the surface of a 3km target
Current:
16 holes drilled in total at target, with drilling in 2023-2024 confirming the down-dip continuation of copper and gold mineralization and expanding the surface extent to more than 450m x 450m
All drilling to-date is at the eastern end of a very large, mostly untested, 3km east-west, coincident gravity and heliborne electro-magnetic (“HEM”) target
In June 2023, the discovery holes at the Cañada Honda copper-gold deposit were announced and subsequent drillholes have expanded on the results, indicating an upper gold zone and deeper zone of copper-gold mineralization at the edge of a large untested DHEM conductor anomaly. The Downhole Electromagnetic (DHEM) conductor and adjacent 3km-long gravity anomaly expands the size potential at Cañada Honda significantly. Cañada Honda has consistently produced drillhole assay results with the highest gold grades detected in the Escacena Project area to date, a potentially significant addition to the copper equivalent grade.
