#Spain #GOLD DISCOVERY #Cármenes #Cármenes Project #PAN Global Resources

Pan Global Commences Phase Two Drilling at Cármenes Gold Discovery

Vancouver, British Columbia – October 20, 2025 – Pan Global Resources Inc. (TSX-V PGZ; OTCQB PGZFF; FRA 2EU) has announced the initiation of Phase Two drilling at its wholly-owned Cármenes gold project located in Northern Spain. This new phase aims to further explore the promising gold discovery identified during the initial drilling program earlier this year.

The previous drilling efforts focused on the Providencia target, which yielded impressive results—34 meters of gold mineralization at an average grade of 3.01 g/t Au and other notable intersections. Given these findings, the second phase will feature four follow-up drill holes designed to assess the extent of the high-grade gold and potential copper-nickel-cobalt mineralization.

Pan Global's President and CEO, Tim Moody, commented, “We have commenced Phase Two drilling at the Providencia target where significant gold mineralization was intercepted during the initial program. This new drilling program will provide better insights into the geometry and depth of the mineralization.” The first phase also reported other strong results, such as 46 meters at 1.08 g/t Au from drill hole PVD02.

Geological Insights

The encouraging results are underscored by a strong Induced Polarization (IP) anomaly that coincides with mineralization observed in both drill results and historical underground mining activities. This suggests that the mineralization may continue at greater depths than previously explored. The new mapping and surface geochemical sampling efforts aim to identify additional targets within the broader project area.

The generative mapping efforts have revealed a complex system of hydrothermal breccia zones predominantly found within carbonate host rocks, which signifies the potential for more extensive copper, cobalt, nickel, and gold mineralization across a vast area exceeding 300 by 150 meters. Additionally, there are indications that these mineral deposits might have significant vertical dimensions, potentially reaching over one kilometer.

Surrounding Project Overview

The Cármenes project itself is located approximately 55 kilometers north of León and spans five exploration licenses over 5,653 hectares. Historically, this area has been marked by the presence of previous mining operations, such as the former Profunda and Providencia mines, which produced copper and cobalt concentrates until the 1930s. The historical context enhances the project's attractiveness, revealing multiple bodies of mineralization that align with the geological characteristics discovered so far.

Alongside the drilling efforts, an extensive geochemical surface sampling and geological mapping initiative is underway, identifying around 30 additional geophysical targets. These are based on a recent helicopter-borne electromagnetic, magnetic, and radiometric study that promises to yield further insights into this exciting mineral-rich area.

About Pan Global Resources

Pan Global Resources is focused on exploring and advancing mineral properties rich in copper, gold, and other strategic metals. The company's flagship Escacena project is situated in Spain's prolific Iberian Pyrite Belt, known for favorable permitting and mining infrastructure. The Cármenes project similarly benefits from remarkable historical mining operations and excellent logistical support.

The team behind Pan Global comprises seasoned professionals recognized for their expertise in mining exploration, development, and sustainable practices. They are dedicated to maintaining high standards of safety and environmental stewardship while benefiting local communities. The company is also a member of the United Nations Global Compact, emphasizing its commitment to responsible business operations.

For further information about Pan Global Resources and detailed project insights, visit the company’s website or reach out to Jason Mercier, VP of Investor Relations and Communications.