Mr. Tim Moody reports

PAN GLOBAL INCREASES PRIVATE PLACEMENT FINANCING FROM $2 MILLION TO $6 MILLION DUE TO STRONG DEMAND

Due to strong demand, Pan Global Resources Inc. has increased the previously announced non-brokered private placement financing from $2-million to $6-million.

"The exceptional support from key existing and new investors places us in a strong position to advance exploration and resource delineation at our flagship Escacena project in southern Spain. The proceeds from this financing are expected to fund the 2024 exploration program at the multitarget Escacena project and the La Romana maiden resource," said Tim Moody, president and chief executive officer of Pan Global. "Drilling continues at La Romana to test the western extension of the near-surface copper-tin mineralization, with additional drill results anticipated in the coming weeks."

The company announced on Oct. 4, 2023, that it had arranged a non-brokered private placement financing of up to 10 million units of securities at a price of 20 cents per unit for aggregate gross proceeds of up to $2-million. Following the upsizing, the company will now be issuing up to 30 million units for aggregate gross proceeds of up to $6-million. Each unit will comprise one common share and one non-transferable common share purchase warrant, with each whole warrant entitling the holder to purchase one additional common share at a price of 30 cents for a period of three years from closing of the offering, subject to acceleration of the expiry date of the term. The offering is expected to close on or about Oct. 31, 2023, and in all other respects, the terms of the offering are as announced on Oct. 4, 2023.

Completion of the placement is subject to the approval of the TSX Venture Exchange. The securities issued pursuant to this private placement will be subject to a four-month hold period in Canada and will be subject to U.S. resale restrictions under U.S. securities laws.

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 2024. The Escacena project hosts the La Romana copper-tin-silver discovery and a number of other prospective targets, including Canada Honda, Bravo, Barbacena, El Pozo, Romana Norte, San Pablo, Zarcita, Hornitos, La Jarosa and Romana Deep.

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.

We seek Safe Harbor.