Mr. Tim Moody reports

PAN GLOBAL COMMENCES DRILLING AT ROMANA WEST COPPER-TIN-SILVER TARGET IN THE ESCACENA PROJECT, SPAIN

Pan Global Resources Inc. has commenced diamond drilling at the Romana West target at the company's 100-per-cent-owned Escacena project in the Iberian pyrite belt in southern Spain. New detailed geophysics, geochemistry and geological surveys, along with the location of historical mine workings, highlight the potential to extend the La Romana copper-tin-silver mineralization for more than 800 metres to the west at the Romana West target. Drilling also continues at the high-priority Canada Honda target.

"We are excited to have the first drill turning on the high-priority Romana West copper target as exploration in the Escacena project continues to accelerate. Mineralization at La Romana has already been defined over a strike of over one kilometre and has the potential to expand to more than two kilometres at the contiguous Romana West target. The first 13 drill sites have been positioned as part of an initial 25-to-30-drill-hole campaign with the goal of extending the La Romana near-surface copper-tin-silver mineralization. A second drill rig is expected to arrive in approximately three weeks," said Tim Moody, Pan Global's president and chief executive officer.

The Romana West target includes the westward projection of a large gravity anomaly coincident with the La Romana mineralization and potential extension to the near-surface La Romana copper-tin-silver mineralization. Drilling to date at La Romana shows the mineralization extends over approximately 1.2 kilometres of strike and remains wide open to the west in the direction of the historical La Romana mine workings at the Romana West target. The mineralization also remains open down dip in several areas.

The planned drill program at Romana West includes 25 to 30 drill holes (approximately 6,000 metres) on north-south lines approximately 100 metres apart to delineate the western extent of the near-surface La Romana mineralization. Continuing geophysics and geochemistry surveys will be used to prioritize and refine drill hole locations.

After recently securing surface access to the Romana West target, detailed gravity, induced polarization (IP), soil geochemistry and geological surveys commenced and is continuing in the surrounding area. More than 750 gravity data points, 500 soil samples analyzed by portable X-ray fluorescence (pXRF) and three 200-metre-to-250-metre-spaced IP lines have been completed covering the Romana West target. Geological mapping and lidar surveys are in progress over the historical mine workings.

The new survey results highlight a prominent, 0.6-milligal gravity anomaly at Romana West extending for up to 1,000 metres west of the La Romana drilling. The peak of the Romana West gravity anomaly coincides with the location of the historical mine workings. A pXRF soil copper-tin anomaly and IP chargeability high indicate strong potential to extend the La Romana near-surface copper-tin-silver mineralization in this area.

Additional gravity anomalies have been identified by the new survey to the west and north of Romana West, which require further investigation.

Investigation of the historical mine workings at Romana West has identified several shallow surface pits and tunnels, with secondary copper mineralization evident at surface. The historical mine workings align with the projected strike continuation of the La Romana mineralization.

Drilling is also continuing at the Canada Honda target with the second of three follow-up drill holes in progress.

Assay results are pending for approximately 20 drill holes from Zarcita and La Romana.

About the Escacena project

The Escacena project comprises a large, contiguous, 5,760-hectare land package controlled 100 per cent by Pan Global in the east of the Iberian pyrite belt. Escacena is located near operating mines at Las Cruces and Riotinto and is immediately adjacent to the former Aznalcollar and Los Frailes mines, where Minera Los Frailes/Grupo Mexico is in the final permitting stage, with construction anticipated to start in 2023. The Escacena project hosts the La Romana copper-tin-silver discovery and a number of other prospective targets, including Zarcita, Hornitos, La Jarosa, Romana Deep, Romana North, Romana West, Canada Honda, Bravo, Barbacena, El Pozo and San Pablo.

About Pan Global Resources Inc.

Pan Global Resources is actively targeting copper-rich mineral deposits, given copper's compelling supply/demand fundamentals and outlook for strong long-term prices as a critical metal for global electrification and energy transition. The company's flagship Escacena project is located in the prolific Iberian pyrite belt in southern Spain, where infrastructure, mining and professional expertise, and support for copper as a strategic raw material by the European Commission collectively define a Tier 1 jurisdiction for mining investment. The Pan Global team comprises proven talent in exploration, development and mine operations -- all of which are committed to operating safely and with utmost respect for the environment and the company's partnered communities.

Qualified person

James Royall, vice-president, exploration, for Pan Global Resources and a qualified person as defined by National Instrument 43-101, has reviewed the scientific and technical information for this news release. Mr. Royall is not independent of the company.

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