Pan Global Resources: Copper and Gold Discoveries in Spain

Copper is a critical metal for the global shift towards electrification and renewable energy. Pan Global’s focus on scalable, near-surface copper deposits at Escacena is directly aligned with surging demand from electric vehicles, energy infrastructure, and the green transition. The company’s second project at Cármenes, while earlier-stage, is already returning strong copper results and adds additional exposure to battery metals such as cobalt and nickel, alongside emerging gold potential. This blend of critical metals exploration supports the company’s long-term positioning in the energy transition.

Pan Global’s Escacena Project sits in the heart of Spain’s Iberian Pyrite Belt, a region known globally for its supergiant volcanogenic massive sulphide (VMS) deposits. This geological belt hosts world-class producers such as First Quantum, Sandfire, and Grupo México.

In June 2025, Pan Global’s strategic location was further reinforced by the government’s approval of the Los Frailes mine permit—immediately adjacent to Escacena—demonstrating fast-track permitting in action.

Proximity to three operating ore processing plants and the Huelva smelter—just 75 km away—dramatically reduces capital requirements for future development. This logistical advantage, combined with access to major transport routes and a mining-literate workforce, creates a low-risk operating environment. Spain’s fast-track permitting, especially under the EU Critical Raw Materials Act, adds another layer of appeal for investors seeking exposure to critical minerals in stable jurisdictions.

Led by former Rio Tinto executive Tim Moody, Pan Global’s team combines big-league mining expertise with agile junior execution. The team has been directly involved in major discoveries and project developments globally—from early-stage exploration to commercial production. Notably, Juan Garcia Valledor (GM, Spain) brings more than two decades of experience managing mine restarts and operational turnarounds in Spain.

Álvaro Merino, VP of Exploration, is deeply familiar with Iberian geology and has overseen every drill program since inception. This leadership group brings not only technical credibility but also deep-rooted relationships with regulators, partners, and local communities—an edge few juniors can match.

La Romana Maiden Mineral Resource Estimate

• A milestone event expected in Q3/Q4 2025, the maiden NI 43-101 resource estimate for La Romana will formalize the deposit's scale and support technical and economic evaluations, crucial for institutional interest.

Preliminary Economic Assessment (PEA)

• Pan Global is progressing environmental baseline studies, metallurgy, and cost assessments toward a PEA for La Romana. This will offer the first economic snapshot of the project, critical for derisking and strategic planning.

Cármenes Drill Results:

• Three of six maiden drillholes at the Providencia target have returned significant gold and copper intervals, confirming near-surface mineralization. Step-out drilling and new targets identified by airborne geophysics offer further near-term discovery potential.

Mining License & Project Development

• With a mining license targeted for 2027, Pan Global is laying the groundwork for future permitting and development. Advancement toward permitting will be a major de-risking event for investors and strategic partners.

Path to Production (2029 Target)

• A long-term value driver is the goal of reaching production by 2029. Continued discoveries and project de-risking through technical studies position the company to enter the European copper supply chain at a crucial time.

La Romana Expansion Drilling

• Pan Global is actively drilling to expand the La Romana deposit. With 183 holes drilled to date, the current campaign could extend mineralization and support a robust maiden resource, key to validating the project's scale.

Initial Results from New Targets

• Exploration drilling is underway at new Escacena targets like Bravo and at the high-grade Cármenes project. Early results, expected in Q2 25, could confirm new discoveries and reinforce the district-scale potential.

Regional Infrastructure Boost from Los Frailes Approval

• With Los Frailes moving into development, the surrounding area may benefit from upgrades in infrastructure, power access, workforce attraction, and increased attention from policymakers—all of which can indirectly benefit Pan Global’s project advancement.

As with any early-stage exploration company, Pan Global faces the risk that current and future drill programs may not lead to economically viable resources. While La Romana shows significant potential with 183 holes drilled over 36,000 meters, resource size, continuity, and grade consistency are still being tested. The upcoming NI 43-101 maiden resource estimate will be a key moment for derisking—but until it’s published, there remains uncertainty. In parallel, new targets like Bravo and Cañada Honda, while geologically promising, are still largely untested and may take time to define.

Pan Global’s valuation and long-term project viability are closely tied to copper and tin prices. Although the macro outlook for copper is bullish, short-term volatility—driven by geopolitical instability, interest rate changes, or demand shocks in China—can depress share prices or delay funding. Tin, a valuable co-product in Pan Global’s resource mix, is especially susceptible to supply chain disruptions and demand swings. These external market forces, while out of the company's control, can significantly affect investor sentiment and capital availability.

While Spain is generally regarded as a mining-friendly jurisdiction—especially in Andalucía where Escacena is located—permitting is never guaranteed. Changes in local or national political leadership, or shifts in public opinion toward mining, could complicate timelines or add regulatory hurdles. That said, Pan Global has mitigated some of this risk by assembling a locally based team with deep permitting experience and strong community ties.

Importantly, the June 2025 approval of Grupo México’s Los Frailes mine permit in the same district adds confidence that timely and efficient permitting is achievable for well-prepared projects like Escacena. Still, the process of moving from exploration to production requires multiple approvals and sustained engagement, meaning unforeseen delays remain a real risk.