Mr. Tim Moody reports

PAN GLOBAL DRILLS MULTIPLE GOLD AND COPPER INTERCEPTS, INCLUDING 20 METERS OF 1.1G/T GOLD AND 5.6 METERS OF 1.15% COPPER AT CANADA HONDA TARGET, SPAIN

Pan Global Resources Inc. has released results for two further drill holes from 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. Drilling has resumed, with additional holes planned targeting extensions of Canada Honda copper and gold mineralization.

"These excellent results provide further indication of size potential and continuity of the copper-gold mineralization at the Canada Honda target. We are also excited about the results showing significant gold in the structural hangingwall at Canada Honda," said Tim Moody, president and chief executive officer of Pan Global.

"The next steps at Canada Honda include further drilling to test for shallow extensions in the east, where copper-gold soil geochemistry indicates the mineralization comes to surface, and further test a large gravity target that extends for two kilometres to the west."

Highlights:

• Drill hole CHD09:
  • One metre at 0.45 per cent Cu, 10.5 grams per tonne Au, 9.5 g/t silver, 0.12 per cent cobalt from 120 m;
  • One m at 1.12 g/t Au, 7.9 g/t Ag, 0.26 per cent zinc from 133 m;
  • 20 m at 1.09 g/t Au, 0.6 g/t Ag from 154 m, including:
    • Two m at 5.83 g/t Au, 2.7 g/t Ag;
  • Two m at 0.12 per cent Cu, 2.09 g/t Au, 0.6 g/t Ag from 227 m;
  • 13 m at 0.51 per cent Cu, 0.36 g/t Au, 2.7 g/t Ag from 254 m, including:
    • 8.1 m at 0.61 per cent Cu, 0.52 g/t Au, 3.3 g/t Ag, including:
    • 3.1 m at 1.01 per cent Cu, 0.45 g/t Au, 4.8 g/t Ag.
• Drill hole CHD10:
  • 13 m at 0.59 per cent Cu, 0.34g/t Au, two g/t Ag from 150 m, including:
    • 5.6 m at 1.15 per cent Cu, 0.67 g/t Au, 3.8 g/t Ag;
  • Two m at 0.21 per cent Cu, 5.25 g/t Au, 1.1 g/t Ag from 174 m;
  • Hole ends in 1.1 m at 0.27 per cent Cu, 0.42 g/t Au, 1.6 g/t Ag from 198 m.
• Hole CHD09 extends the copper-gold mineralization 80 m down dip from previous drill hole CHD08 and expands the gold mineralization.
• CHD10 successfully tested a down-hole electromagnetic target, confirming copper-gold mineralization 140 m down dip beneath a historical mine tunnel.

Two styles of mineralization are recognized at Canada Honda:

• Copper-gold VMS-style (volcanogenic massive sulphide) mineralization (pyrite, chalcopyrite), including stockwork, semi-massive and massive-sulphides hosted within shales, similar to the host rocks at the former Aznalcollar and Los Frailes mines, four kilometres to the east;
• Gold mineralization associated with quartz-sulphide (pyrite, and lesser chalcopyrite, sphalerite and arsenopyrite) veins and stockwork within folded and fractured shale and quartzites, in the structural hangingwall above the copper-gold mineralization.

Further drill results will be released as soon as they are received.

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 the operating mine at 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 Pan Global's La Romana copper-tin-silver and Canada Honda copper-gold discoveries and a number of other prospective targets, including 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 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 were 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 the 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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