Base Metals

/THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES ./

PanGlobal Resources Inc. (TSXV: PGZ) (OTC: PGNRF) (the "Company") is pleased to announce that the Company has entered into an engagement letter with a syndicate of underwriters co-lead by Canaccord Genuity Corp. & Sprott Inc., and Echelon Wealth Partners Inc. (collectively, the "Underwriters"), pursuant to which the Underwriters have agreed to purchase, on a "bought deal" private placement basis 16,667,000 common shares (the "Common Shares") of the Company for gross proceeds of approximately C$10 million (the "Offering").

The Common Shares will be offered by way of a private placement pursuant to exemptions from the prospectus requirements to residents of all provinces of Canada at a price of C$0.60 per Common Share (the "Offering Price").

The Company has granted the Underwriters an option to cover over-allotments (the "Underwriters' Option"), which will allow the Underwriters to offer up to an additional 2,500,050 Common Shares for additional gross proceeds of C$1.5 million . The Underwriters Option is exercisable by the Underwriters in whole or in part at any ‎time until 48 hours prior to the Closing Date.

The aggregate gross proceeds raised from the Common Shares will be used to accelerate the current drill program, complete early stage metallurgical work, commence drilling on the Al Andalus extension once the formal permits are granted and for general corporate purposes.

The Offering is expected to close on or about June 4, 2021 (the "Closing Date") and is subject to certain closing conditions including, but not limited to, the receipt of all necessary approvals including the conditional listing approval of the TSX Venture Exchange (the "Exchange"). The Shares issued under the Offering will be subject to a hold period in Canada expiring four months and one day from the closing date of the Offering. The Offering is subject to final acceptance of the Exchange.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States . The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

About Pan Global Resources

PanGlobal Resources Inc. is actively engaged in base and precious metal exploration in southern Spain and is pursuing opportunities from exploration through to mine development. The Company is committed to operating safely and with respect to the communities and environment where we operate. On behalf of the Board of Directors
www.panglobalresources.com .

Statements which are not purely historical are forward-looking statements, including any statements regarding beliefs, plans, expectations or intentions regarding the future. It is important to note that actual outcomes and the Company's actual results could differ materially from those in such forward-looking statements. The Company believes that the expectations reflected in the forward-looking information included in this news release are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking information should not be unduly relied upon. Risks and uncertainties include, but are not limited to, economic, competitive, governmental, environmental and technological factors that may affect the Company's operations, markets, products and prices. Readers should refer to the risk disclosures outlined in the Company's Management Discussion and Analysis of its audited financial statements filed with the British Columbia Securities Commission. The forward-looking information contained in this news release is based on information available to the Company as of the date of this news release. Except as required under applicable securities legislation, the Company does not intend, and does not assume any obligation, to update this forward-looking information.

NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITYFOR THE ADEQUACYOR ACCURACYOF THIS RELEASE. To view the source version of this press release, please visit https://www.newsfilecorp.com/release/84457

SOURCE PanGlobal Resources Inc.

Cision View original content: http://www.newswire.ca/en/releases/archive/May2021/20/c9069.html

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TSXV:PGZ

Pan Global Resources

Overview

Pan Global Resources (TSXV:PGZ,OTC:PGNRF) is a junior resource company in pursuit of base and precious metals projects in Spain. The company’s flagship Escacena project is located in southern Spain’s Iberian Pyrite Belt, a world-class volcanogenic massive sulfide (VMS) district that hosts at least nine giant VMS ore deposits (>100 million tonnes) and several operating mines.

Pan Global’s land package in the Iberian Pyrite Belt totals approximately 5,760 hectares and lies directly adjacent to the Aznalcollar (>70 million tonnes) and Los Frailes (>90 million tonnes) deposits. The Escacena project is also located only 12 kilometers from the active Cobre Las Cruces mine (42 million tonnes at 2.95% copper) which has been mining grades of more than 5% copper in the open pit. Pan Global is currently focusing on two targets at Escacena, the La Romana massive sulfide copper deposit and the Cañada Honda gravity anomaly. Recent drill results at the La Romana target have returned high multi-metal (copper, tin, silver, zinc) grades from near surface with every hole hitting mineralization indicating the potential for a large size deposit. Escacena’s exceptional land position, great infrastructure and multiple large untested targets make it an exciting prospect for the company.

Pan Global Resources Project Location and Infrastructure Map – Southern Spain

Pan Global has been exploring the Aguilas project since 2017 which comprises more than 16,000 hectares in northern Andalucia, Spain. The Aguilas project contains several major faults and breccia structures with indications of hematite-dominant iron oxide copper-gold (IOCG) and polymetalic lead-zinc-silver mineralization.

Company Highlights

  • Pan Global’s exploration activities are focused in the mining friendly jurisdiction of Andalucia, Spain
  • Flagship Escacena project is located in Spain’s Iberian Pyrite Belt, a world-class VMS district host to at least 9 ore deposits and several operating mines
  • Iberian Pyrite Belt hosts several exploration and mining companies, such as Lundin, Grupo Mexico, First Quantum, Trafigura, Mubadala, Atalaya and juniors including Avrupra Minerals, Ascendant Resources and Emerita Resources
  • Escacena project includes the recent La Romana copper-tin-silver discovery and several other large untested targets
  • Escacena project is located adjacent to the Aznalcollar-Los Frailes mines and only 12 kilometers from the active Cobre Las Cruces mine, one of the highest grade open pit copper mines in the world
    Aguilas project has returned high-grade drill intervals up to 16.85 % lead, 1.9 % zinc and 85 g/t silver
  • Pan Global’s strong management team has a track record of discoveries in Spain and brings decades of resource industry experience and expertise to the company

Key Projects

Pan Global Resources’ Escacena Project

In June 2017, Pan Global Resources acquired the Escacena project. The project hosts two large gravity anomalies, La Romana and Cañada Honda. Historical wide-spaced drilling at the La Romana gravity anomaly confirmed massive sulfide and stockwork mineralization including a best drill interval of 4.68 meters at 2.94 percent copper.

Exploration

Pan Global Resources began its initial exploration of the Escacena project in early 2019, including gravity, induced polarity (IP) and geochemical surveys. The results of this initial exploration work confirmed the La Romana and Cañada Honda gravity targets, allowing the company to move forward with drilling.

Pan Global Resources commenced drilling in July 2019, testing shallow IP targets previously identified at the La Romana and Cañada Honda targets. This included two drill holes at La Romana and one drill hole at Cañada Honda, totaling 547 meters. Channel sampling of the Cañada Honda mine tunnel at the Escacena project returned 26 meters at 0.43 g/t gold and up to 2.91 g/t gold and 0.39 percent copper.

In October 2019, Pan Global announced the results of its first two drill holes at Escacena testing the La Romana target, including discovery drill hole LRD-02 at La Romana with 20.55m at 1.5% copper equivalent. Both drill holes LRD-01 and LRD-02 intersected shallow volcanic-associated copper stockwork, semi-massive and massive sulphides.

Pan Global Resources Escacena Project Area Map (~5760 ha)

Pan Global continued its exploration of Escacena in 2020 including geochemistry and geophysics designed to identify new targets on the property. The second phase of drilling commenced in February and included the first step out drill holes at the La Romana copper target. The new drill holes intersected copper mineralization over wide intervals and showed the mineralization extends from near surface over several hundred meters of strike and shows copper in several layers open in most directions. Pan Global’s own geophysics results and historical geophysics by Exxon indicate a potential for the copper mineralization to continue more than 2 kilometres along strike.

Selected drilling highlights include:

LRD-02: 20.55m at 1.5 percent copper equivalent (1.02 percent copper, 0.11 percent tin, 4.7 g/t silver) from 37.45m, including 7m at 3.43 percent copper equivalent (2.50 percent copper, 0.23 percent tin, 10.1 g/t silver, 0.014 g/t gold, 0.11 percent zinc, 133 ppm cobalt) from 48m.

LRD-03: 21.3m at 1.03 percent copper equivalent (0.73 percent copper, 0.055 percent tin, 4.1 g/t silver) from 47.3m, including 6.6m at 2.05 percent copper equivalent (>1 percent copper) combined thickness.

LRD-05: 21m at 1.55 percent copper equivalent (1.19 percent copper, 0.069 percent tin, 5.8g/t silver) from 16m, including 11m at 2.60 percent copper equivalent (>1 percent copper or 0.5 percent tin) combined thickness.

Drill core at Escacena Project

In August 2020, Pan Global Resources commenced phase three follow-up drill program at La Romana. The 25-hole drill program is designed to test the multi-layer copper potential and significantly expand the mineralization in the area. The program is also expected to test two large down-hole EM conductor plate anomalies and help define vectors to areas of stronger mineralization.

Pan Global Resources extended its holdings at the Escacena project through the acquisition of the rights to the “Al Andalus” property investigation permit and completed the acquisition of the property in early 2020. Al Andalus is located adjacent to the company’s initial holdings at Escacena and includes potential eastern extensions to the company’s La Romana prospect and several large untested gravity anomalies. The property comes to within 600 meters of the edge of the Aznalcollar open pit and also includes both the historical mining areas of the El Pozo and La Zarcita, and the La Jarosa target where a historical drill hole by Exxon in the mid-1980’s returned 9.5 meters at 1.42 percent. Exploration will commence on the Al Andalus property as soon as permitted.

Pan Global Resources’ Aguilas Project

The Aguilas project comprises nine investigation permits covering a total of 16,300 hectares in northern Andalucia, Spain. The main targets on the property are major cross-cutting fault zones in the Pedroches Batholith, including the Torrubia and Zumanjo trends. The project hosts IOCG-style copper mineralization along the Torrubia copper trend, which was drilled by the company in 2019 and confirmed wide zones of breccia over several kilometers of strike length. Drill holes on the Zumajo trend targeted high grade polymetallic (lead, zinc, silver and lesser copper and gold) vein or breccia mineralization. Several shallow historical mine shafts and ancient workings occur along both trends.

Pan Global first began drilling on the Aguilas project in April 2019, and so-far completed 27 wide-spaced drill holes totaling 3,908 meters. This includes thirteen of the holes along 4.1 kilometers of the more than 20 kilometer long Zumajo lead-zinc-silver trend and 14 drill holes along three sections of the more than 10 kilometer long Torrubia trend.

On the Zumajo trend, high-grade polymetallic mineralization was intersected with an 8 to 20- meter-wide, steeply-dipping zone of multi-stage breccia and veins. High-grade intervals included hole VAC-02 with 14.85% lead, 0.11% zinc, 67.1g/t silver (16.91% lead equivalent or 634g/t silver equivalent) over 1.3 meters and hole VAC-06 with up to 16.85 % lead, 1.9 % zinc and 85 g/t silver (22.15 % lead equivalent or 815 g/t silver equivalent) over 0.6 meters. The drill results show potential for a significant zone of high-grade lead, zinc and silver mineralization near the San Luis and San Cayetano mine workings over several kilometers of strike and open at depth. Several other targets along the Zumajo trend require testing.

Drilling conducted at the Torrubia trend included 40 to 90-meter-wide intervals of intense multi-stage breccia and hematite-quartz-carbonate alteration over several kilometers of strike. The best grades at Torrubia included 2.65% copper, 125ppm cobalt and 3 g/t silver (2.76% copper equivalent) over 0.8m and 1.65% copper, 240ppm cobalt and 2.1 g/t silver (2.05% copper equivalent) over 0.7m in drill hole TOR-001; and 3m at 1.16g/t gold from 74m, including 0.8m at 3.48g/t gold and 1.5g/t silver in drill hole TN-06. The breccia includes fragments or casts with high contents of chalcopyrite and hematite indicating an early copper mineralizing stage and further potential both along-strike and at depth.

Management Team

Patrick Evans—Chairman and Director

For over 30 years, Mr. Evans has enjoyed an exemplary career as a mining executive holding multiple senior management positions in the industry. Of note are CEO of Dominion Diamond Mines and Norsemont Mining and Vice President of Placer Dome Inc. He has extensive M&A experience and has helped a number of public mining companies discover and develop base metals, precious metals, and diamond mining projects on four continents. Mr. Evans is a graduate of the University of Cape Town and served as Consul-General of South Africa to Canada.

Tim Moody—Director

Mr. Moody has over 30 years of experience in the mining industry including mineral exploration, resource assessment, business development and strategy. He spent 24 of those years with Rio Tinto, where he held the posts of Exploration Director, Vice President and Director of Business Development. Mr. Moody has a Bachelor of Science in Geology and Geophysics (Honours) from the University of New England. He is a graduate of the Senior Leadership Program from the London Business School, a graduate of the Business Leadership Development Program from the Australian Graduate School of Management and a Fellow of the Society of Economic Geologists.

Directorships: Pan Global Resources, Prism Resources, Indico Resources and Xiana Mining.

Brian Kerzner—Director

Mr. Kerzner has over 25 years of experience as a successful entrepreneur in the retail and real estate industries. He is the founder and President of Rocky Mountain Chocolate Factory Canada Inc. and he established several private companies that have completed extensive residential and commercial developments throughout North America. Mr. Kerzner has been broadly involved in providing seed capital for many successful public and private companies in the resource, environmental, and technology sectors. Mr. Kerzner is a graduate of the University of Toronto Bachelor of Commerce (Honours) program. He is a member of the British Columbia’s Children’s Hospital Circle of Care and is actively involved in many other charitable organizations.

Directorships: Pan Global Resources, Prism Resources Inc and Indico Resources.

Patrick Downey—Director

Mr. Downey brings over 25 years of international experience in the resource industry and he is currently President and CEO of Orezone. His past senior positions include President and CEO of Aura Minerals Inc. and Viceroy Exploration Ltd. before its acquisition by Yamana Gold Inc. in 2006 for $600 million. He also negotiated the successful merger of Consolidated Trillion Resources Ltd and Oliver Gold Corporation that became Canico Resource Corp, which was purchased by CVRD in 2006 for over $800 million. Mr. Downey holds a BSc (Honours) degree in Engineering from Queens University in Belfast, Ireland.

Directorships: Orezone and Pan Global Resources

Bob Parsons—Director

As a Chartered Professional Accountant and partner at PricewaterhouseCoopers, Mr. Parsons spent 34 years heading up the firm’s global mining practice. He has advised governments around the world on mineral policy matters and has served on the boards of the PDAC, Indonesian Mining Association, Canada Indonesia Chamber of Commerce, World Mines Ministries Forum, Canadian Minerals Industry Federation, Advisory Council of the Centre for Resource Studies at Queens University, and the Professional Advisory Board of the Government of Canada’s Petroleum Monitoring Agency. In 2005, the PDAC presented Mr. Parsons with their Distinguished Services Award, and in 2013 the Government of Canada awarded him the Queen Elizabeth II Diamond Jubilee Medal for his contribution to Canada’s mining industry. Mr. Parsons is a graduate of McGill University (B.Com).

Directorships: Pan Global Resources, Kennady Diamonds Inc, Indico Resources Ltd, Prism Resources Inc.

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