Mr. Tim Moody reports

PAN GLOBAL INTERSECTS 11 METERS AT 2.36G/T GOLD AND 22 METERS AT 0.41% COPPER, EXPANDING CANADA HONDA COPPER-GOLD DISCOVERY, SPAIN

Pan Global Resources Inc. has released results for three additional stepout drill holes from the 11-hole drill program at the Canada Honda copper-gold (Cu-Au) discovery, at the company's 100-per-cent-owned Escacena project in the Iberian pyrite belt, southern Spain. Drilling is continuing to test for extensions to the Canada Honda copper and gold mineralization. Canada Honda is located approximately 3.5 kilometres north of Pan Global's La Romana copper-tin-silver (Cu-Sn-Ag) discovery, where further stepout drilling is also planned to continue.

"These latest drill results include the best gold intercept to date at the Canada Honda target and expands the copper-gold mineralization 80 metres to the northwest. Results also confirm additional near-surface mineralization in the east of the target area. The increasing width of the mineralization to the west and strong correlation with the geophysics are highly encouraging, indicating excellent potential for the mineralization to continue and improve along the two-kilometre east-west gravity target. Wide-spaced stepout drilling is progressing at Canada Honda, with 13 drill holes now completed spanning a surface area of 450 by 300 metres," said Tim Moody, Pan Global's president and chief executive officer.

Investor webcast

The company will host an investor webcast with Tim Moody, chief executive officer on Thursday, April 18, 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 (Q&A) session will follow a short presentation. Please register on-line in advance.

Highlights:

• Drill hole CHD11:
  • 4.3 metres at 1.70 grams per tonne (g/t) Au and 17.7 g/t Ag from 38 m, including:
    • One m at 4.16 g/t Au and 34.6 g/t Ag.
  • Nine m at 0.60 g/t Au and 0.7g/t Ag from 66 m, including:
    • Two m at 1.33 g/t Au;
    • One m at 1.44 g/t Au and 3.8g/t Ag.
• Drill hole CHD12:
  • 17 m at 1.58 g/t Au and 0.5 g/t Ag from 285 m, including:
    • 11 m at 2.36 g/t Au and 0.7 g/t Ag.
  • 22 m at 0.41 per cent Cu, 0.20 g/t Au and 1.6 g/t Ag from 342 m, including:
    • Three m at 0.68 per cent Cu, 0.61 g/t Au and 2.6 g/t Ag.
• Drill hole CHD13:
  • 10 m at 0.38 g/t Au and 0.5 g/t Ag from 132 m;
  • 10 m at 0.35 per cent Cu, 0.15 g/t Au and 1.1 g/t Ag from 242 m.
• Hole CHD11 in the east of the target area extends the gold and silver mineralization 90 m up dip from hole CHD06 to within 40 m from surface. The results confirm the mineralization is open to the east and copper grades are increasing down dip.
• CHD12 drill results confirmed broad copper and gold intercepts coincident with the modelled gravity and induced polarization (IP) resistivity low targets. This includes the best gold grade-thickness intercept and widest copper intercept to date at the Canada Honda target. The results expand the mineralization a further 80 m west of hole CHD05, and provide further confirmation of the potential for the mineralization to increase to the west, following a two-kilometre-long east-west gravity target.
• New downhole electromagnetics (DHEM) in holes CHD12 and CHD13 highlights potential continuation of the copper-gold mineralization for future testing.

"The results are further validation of the exploration models and methodologies that we are using. As most deposits in the Iberian pyrite belt occur in clusters, these latest results enhance the potential for additional discoveries at the many compelling geophysics targets yet to be drill tested within Pan Global's Escacena project area," said Mr. Moody.

Two styles of mineralization are recognized at Canada Honda:

• Copper-gold volcanogenic massive sulphide (VMS)-style 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; and
• 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. The encouraging higher-grade gold drill intercepts at Canada Honda are uncommon in these host rocks in the Iberian pyrite belt.

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, and, most recently, Cortijo.

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 (QA/QC) 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).

Qualified persons

Alvaro Merino, vice-president of 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. Merino is not independent of the company.

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