Mr. Tim Moody reports

PAN GLOBAL ONGOING DRILLING EXTENDS STRIKE OF LA ROMANA NEAR-SURFACE COPPER-TIN-SILVER MINERALIZATION TO 1.35 KILOMETERS

Pan Global Resources Inc. has released assay results for the first six holes drilled at the Romana West target, testing extensions to the La Romana copper-tin-silver discovery at the company's 100-per-cent-owned Escacena project in the Iberian pyrite belt in southern Spain.

Key highlights:

Copper and tin mineralization with good continuity starts immediately below a thin cover of sediments

Moderately north-dipping tabular geometry ideally suited for potential open-pit mining

High value tin grades increasing to the west

LRD162 intercepted 17m at 0.65% CuEq1 (0.4% Cu 0.13% Sn, 1.1 g/t Ag) from 50.0m , including 6m at 1.24% CuEq1 (0.5% Cu, 0.29% Sn, 1.5g/t Ag)

LRD166 intercepted 14.5m at 0.75 % CuEq1 (0.36% Cu, 0.15% Sn, 1.2 g/t Ag from 7.5m , including 5m at 1.06% CuEq1 (0.48% Cu, 0.21% Sn, 2.0 g/t Ag)

LRD164 intercepted 16m at 0.70% CuEq1 (0.52 % Cu, 0.06 % Sn, 1.6 g/t Ag) from 37.0m, including 3m at 1.38% CuEq1 (1.06% Cu, 0.11% Sn, 3.9 g/t Ag)

Mineralization remains wide open at depth and to the west

Drilling ongoing with results pending from six additional completed drill holes with visual copper and tin mineralization

Drill hole locations are shown in Figure 1 below. Drill hole assay results are summarized in Table 1 and collar details are presented in Table 2 below.

"Drilling at Romana West commenced within weeks of being granted surface access. Twelve of our planned 25 drill holes have been completed and assay results for the first six are very encouraging. Our drill program has been highly successful, confirming continuity of the copper-tin-silver mineralization 150 meters to the west of the La Romana discovery. The overall strike length of La Romana is now 1.35 kilometers and is still open, with step-out drilling continuing farther to the west. Results to date show the potential for grades to increase to the west," said Tim Moody, President and CEO of Pan Global.

The Romana West mineralization occurs in two main layers, Zone B and Zone C, commencing directly below a thin cover of post mineral sediments. Sulphide mineralization was intersected in all holes at depths predicted from modelling of previous drilling and geology data. At shallow depths the primary sulphides, including chalcopyrite and pyrite, have been overprinted by supergene chalcocite and copper enrichment.

The assay results also include some of the highest tin grades reported in the Escacena project area, with assays up to 0.62% Sn. Coarse cassiterite was observed in both Zone B and Zone C. Importantly, cassiterite is the only tin mineral observed and is preferred for metallurgical extraction to produce a valuable tin concentrate. Processed tin is a key ingredient in electronics and solar panels and regularly trades at three-to-four times the value of processed copper.

The ongoing drill program aims to test the near-surface La Romana mineralization a further 350m along strike to the west.

     
     
    
   
  
  
   Table 1 - Romana West drill results summary
  
   Hole ID   From    To   Interval CuEq(1)  Cu    Sn    Ag    Au   Pb  Zn  True  Thickness
            m      m       m        %      %     %   g/t    g/t  ppm ppm       (m)      
 LRD161   117.00 130.00  13.00    0.27   0.25  0.01  0.8   0.01  11  72       11.79     
Including 126.00 130.00   4.00    0.49   0.46  0.01  1.6   0.01  19  85       3.63      
   and    150.00 162.00  12.00    0.36   0.28  0.03  1.1   0.01   7  70       10.9      
Including 150.00 156.00   6.00    0.60   0.47  0.05  1.9   0.01  12  79       5.44      
Including 152.00 153.00   1.00    1.61   1.23  0.14  4.0   0.01  21  87       0.91      
 LRD162   50.00  67.00   17.00    0.65   0.30  0.13  1.1   0.01  49  81       17.00     
Including 52.00  58.00    6.00    1.24   0.47  0.29  1.5   0.01  19  75       6.00      
   and    95.00  109.15  14.15    0.27   0.18  0.03  0.6   0.02  10  64       14.15     
Including 107.00 109.15   2.15    0.63   0.46  0.06  2.1   0.088 36  76       2.15      
   and    132.50 135.00   2.50    0.89   0.10  0.30  <0.5  0.01  42  58       2.50      
Including 134.00 135.00   1.00    1.64   <0.01 0.62  <0.5  0.01   6  47       1.00      
 LRD163   30.35  32.00    1.65    0.86   0.76  0.03  3.7   <0.01 137 103      1.27      
   and    60.00  72.00   12.00    0.31   0.25  0.02  2.2   0.01  80  142      9.20      
   and    122.00 126.00   4.00    0.29   0.23  0.02  0.5   <0.01  3  50       3.07      
 LRD164   37.00  53.00   16.00    0.70   0.52  0.06  1.6   0.01   7  85       16.00     
Including 43.00  47.00    4.00    0.93   0.68  0.09  1.8   0.01   2  91       4.00      
Including 49.00  52.00    3.00    1.38   1.06  0.11  3.9   0.02  16  78       3.00      
   and    87.00  91.00    4.00    0.66   0.52  0.05  0.8   0.02   3  51       4.00      
Including 88.00  89.00    1.00    1.59   1.42  0.06  2.0   0.05   8  50       1.00      
 LRD165   86.25  87.70    1.45    0.64   0.36  0.10  1.2   0.01   5  87       1.24      
   and    114.00 122.85   8.85    0.59   0.55  0.01  1.4   0.008  6  74       7.58      
Including 119.00 122.85   3.85    1.08   1.04  0.013 2.7   0.013 10  80        3.3      
Including 122.25 122.85   0.60    5.24   5.06  0.04  13.0  0.034 29  180      0.51      
 LRD166    7.50  22.00   14.50    0.75   0.36  0.15  1.2   0.012 25  129      13.30     
including 17.00  22.00    5.00    1.06   0.48  0.21  1.5   0.018 27  131       4.6      
   and    72.00  73.20    1.20    1.19   1.04  0.06  1.7   0.024 11  48       1.10      


  
  

1 Copper Equivalent = CuEq. CuEq is calculated using Cu, Sn, and Ag grades. Metallurgical recoveries of 86% for Cu, 68% for Sn and 56% for Ag are based on preliminary studies performed by Wardell Armstrong International and MinePro. The CuEq calculation assumes commodity prices of US$ 8,693/tonne Cu, US$ 29,069/tonne Sn and US$ 23.72/oz Ag, corresponding to the three-year monthly price averages to July 2023. The effective formula is [CuEq %] = [Cu %] + 2.6440 * [Sn %] + 0.0057 * [Ag ppm]

Investor Call to Discuss Drill Results and Expanding La Romana

CEO Tim Moody will host a conference call and webcast on Wednesday, September 20, 2023, at 11:00 a.m. Eastern Time / 8:00 a.m. Pacific Time to discuss the latest results at the Escacena Project. An open Q&A session will follow a short presentation.

Date: Wednesday, September 20, 2023

Time: 11:00 a.m. Eastern Time | 8:00 a.m. Pacific Time

Please register in advance: https://us06web.zoom.us/meeting/register/tZEtcumhrzsqE9XnLSo4hLpyYL7Nrdq-utim.

After registering, you will receive a confirmation email containing information about joining the meeting. Investors are encouraged to send questions or topics of interest in advance to investors@panglobalresources.com to be addressed following the presentation. A link to the webcast will be available on the Company's website at https://panglobalresources.com following the live broadcast.

About the Escacena Project

The Escacena Project comprises a large, contiguous, 5,760-hectare land package controlled 100% 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

Pan Global Resources Inc. 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-one 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 our partnered communities.

QA/QC Procedures

Core size was HQ (63mm) and all samples were one-half core. Nominal sample size was 1m core length and ranged from 0.5 to 2m. Sample intervals were defined using geological contacts with the start and end of each sample physically marked on the core. Diamond blade core cutting and sampling was supervised at all times by Company staff. Duplicate samples of one-fourth core were taken approximately every 30 samples and Certified Reference materials inserted every 25 samples in each batch.

Samples were delivered to ALS laboratory in Seville, Spain and assayed at the ALS laboratory in Ireland. All samples were crushed and split (method CRU-31, SPL22Y), and pulverized using (method PUL-31). Gold analysis was by 50gm Fire assay with ICP finish (method Au-ICP22) and multi element analysis was undertaken using a 4-acid digest with ICP AES finish (method ME-ICP61). Over grade base metal results were assayed using a 4-acid digest ICP AES (method OG-62). Over grade tin was determined using peroxide fusion with ICP finish (method Sn-ICP81x).

Qualified Persons

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.

We seek Safe Harbor.