Mr. Tim Moody reports

PAN GLOBAL DRILLS 1.48% COPPER, 0.65 G/T GOLD, 7.2G/T SILVER OVER 6.8M AND 2.63 G/T GOLD OVER 8.0 METERS AT CANADA HONDA, SPAIN

Pan Global Resources Inc. has released results for the first drill hole in an 11-hole stepout drill program at the Canada Honda copper-gold (Cu-Au) discovery, on the company's 100-per-cent-owned Escacena project in the Iberian pyrite belt, southern Spain. The program is targeting extensions to the Canada Honda copper-gold mineralization discovered in 2023. Results are pending for two additional completed drill holes.

Highlights:

• Drill hole CHD08:
  • Eight metres at 0.12 per cent copper, 2.63 grams per tonne gold, 0.7 g/t silver from 178 m, including:
    • 1.35 m at 0.68 per cent Cu, 12.4 g/t Au, 3.1 g/t Ag, 0.09 per cent cobalt;
  • 14 m at 0.77 per cent Cu, 0.42 g/t Au, four g/t Ag from 199 m, including:
    • 6.8 m at 1.48 per cent Cu, 0.65 g/t Au, 7.2 g/t Ag.
• Includes massive sulphide mineralization with assays up to 4.76 per cent Cu, 2.12 g/t Au, 26.1 g/t Ag and 0.9 per cent zinc over one m from 207.8 m;
• Drilling confirms that copper and gold mineralization is coincident with downhole electromagnetic (DHEM) targets, and remains open;
• Potential to significantly expand the mineralization at Canada Honda with further drill testing of a large (two kilometres by 0.5 kilometre) gravity anomaly and extensions to DHEM targets.

"These are the highest-grade drill intercepts to date at Canada Honda, and a very encouraging start to the follow-up drill program that commenced in November, 2023. There is excellent potential to expand the copper and gold mineralization and identify areas of higher grade at this new discovery," said Tim Moody, president and chief executive officer of Pan Global.

"Successful drilling of geophysics targets at La Romana and Canada Honda underscores the prospect of further discoveries among the numerous other targets in the Escacena project."

Results from additional Canada Honda drill holes will be released as soon as they are received.

Investor call to discuss drill results and expanding La Romana

CEO Mr. Moody will host a conference call and webcast on Friday, Jan. 12, 2024, at 1 p.m. Eastern Time/10 a.m. Pacific Time to discuss the latest results at the Escacena project. A question-and-answer session will follow a short presentation.

Date: Friday, Jan. 12, 2024

Time: 1 p.m. Eastern Time/10 a.m. Pacific Time

Please register in advance on-line.

After registering, you will receive a confirmation e-mail 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 webcast presentation. A link to the webcast recording will be available on the company's website following the live broadcast.

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, Romana North, Bravo, Barbacena, El Pozo, 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 a favourable permitting record, excellent 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, discovery, 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. The company is a member, and operates under the principles, of the United Nations Global Compact.

Quality assurance/quality control procedures

Core size was HQ (63 millimetres) and all samples were one-half core. Nominal sample size was one m core length and ranged from 0.5 to two m. 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 50-gram fire assay with inductively coupled plasma finish (method Au-ICP22) and multielement analysis was undertaken using a four-acid digest with inductively coupled plasma atomic emission spectroscopy finish (method ME-ICP61). Overgrade base metal results were assayed using a four-acid digest ICP AES (method OG-62). Overgrade tin was determined using peroxide fusion with ICP finish (method Sn-ICP81x).

Qualified person

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

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