KEY POINTS
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
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:
History:
Cañada Honda Discovery – Just scratching the surface of a 3km target
Current:
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.
Álvaro Merino P.Geo., Pan Global’s Vice President, Exploration, and a qualified person as defined by National Instrument 43-101, has reviewed the technical information that forms the basis for this webpage.
The Escacena Project area was expanded from 5,760-hectares to more than 10,000 hectares with the award of the Flores, Rosario and Girasoles mineral rights (Escacena South) in September 2025. Pan Global has also submitted four additional Investigation Permit applications covering 3,888 hectares (Inmaculada, Santa Isabel, Santa Micaela I and Santa Micaela II) that will further increase the mineral rights holdings in the eastern Iberian Pyrite Belt northwest of Sevilla to more than 13,900 hectares in total.
KEY POINTS
The Government of Andalucia issued the final resolution on September 29, 2025, confirming the award of three new mineral rights areas to Pan Global’s Spanish subsidiary, Minera Sabina, following a public tender. The three investigation permits cover a total of 4,245 hectares, including
Flores –1,879.8 hectares
Rosario – 636.7 hectares
Girasoles – 1,728.5 hectares
The newly awarded area is mostly overlain by post-mineral cover and received minimal preliminary exploration by Exxon in the early 1980s and Rio Tinto in the 1990s. Reprocessing of the historical wide-spaced gravity survey data highlights numerous prominent anomalies, similar in size and magnitude to the gravity anomaly associated with the Company’s La Romana copper-tin-silver discovery and other major deposits in the region. Historical base-of-cover/top-of-bedrock sampling by Exxon also shows copper mineralization occurrences near some of the gravity targets, further enhancing the potential for new discoveries. Several small historical mine workings are located at an untested gravity target in the northwest of the Flores mineral right.
All of the gravity targets in the new area are untested and will be the focus for initial exploration as soon as possible after obtaining all the necessary permits.
Figure 1 – Mineral Rights Map showing the location of the new Flores, Rosario and Girasoles areas
* Area available exclusively to Pan Global to fit the new standardized mining grid system of mining concessions
Figure 2 – Gravity anomaly map showing targets in the new Pan Global Mineral Rights (historical plus Pan Global survey data)
The Pan Global gravity anomaly model for the new mineral rights area is based on gravity anomaly survey data collected by Exxon in the early 1980s that was acquired through the transfer of ownership of the Escacena Project property and provides the historical information related to the new mineral rights. The Company has conducted extensive surveys of the Escacena Project. The gravity anomaly map for the new mineral rights was created using internally sourced data combined with the historical Exxon data set that was also used for the La Romana target. [Pan Global Resources media release June 14, 2019 “Pan Global Resources Reports Initial Geophysics Results from the Escacena Project in Spain and Prepares for Drilling”]
Álvaro Merino P.Geo., Pan Global’s Vice President, Exploration, and a qualified person as defined by National Instrument 43-101, has reviewed the technical information that forms the basis for this webpage.
