Pan Global Resources

Overview

Spain’s diverse geological resources and deposits position it as the world’s third-largest producer of copper ore, the leading producer of spar-fluorine and one of only four states that produce nickel ore. The provinces of Huelva and Seville in Spain are hosts to the Iberian Pyrite Belt - one of the world’s greatest regions hosting metallic mineral deposits where over 2,000 million tonnes of ore have been extracted.

Pan Global Resources (TSXV:PGZ, OTCQB:PGZFF) 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 (more than 70 million tonnes) and Los Frailes (more than 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 percent copper) which has mining grades of more than 5 percent 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.

New High-priority Exploration Targets at the Escacena Project

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 polymetallic lead-zinc-silver mineralization. With two major fault trends indicating numerous historic lead, silver and copper mine works, Pan Global Resources has outlined a 10-hole program for 2023.

Company Highlights

• Pan Global’s exploration activities are focused on 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 nine ore deposits and several operating mines.
• The Iberian Pyrite Belt hosts several exploration and mining companies, such as Lundin, Grupo Mexico, First Quantum, Trafigura, Mubadala, Atalaya and juniors including Avrupa Minerals, Ascendant Resources and Emerita Resources
• The Escacena project includes the recent La Romana copper-tin-silver discovery and several other large untested targets. It 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.
  The Aguilas project has returned high-grade drill intervals up to 16.85 percent lead, 1.9 percent zinc and 85 grams per ton (g/t) silver
• Fully funded 2023 exploration program covering 20,000 meters with an estimated budget of C$8.5 million
• 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

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 the 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. In 2022, Pan Global implemented a 20,000 meters multi-target drill program testing shallow strike extensions at La Romana and identifying new targets including the Zarcita, Canada Honda, La Jarosa, and Hornitos. The drilling has successfully defined the southern margin of the La Romana mineralization showing supergene copper mineralization.

The company has announced assay results for 21 drill holes targeting volcanogenic massive sulphide (VMS) copper and polymetallic mineralization at the Escacena Project:

• Zarcita: First four drill holes intersect a 75-meter thick copper-stockwork zone, including massive sulphide intervals with grades up to 2.8 percent copper; a further 16 holes planned
• La Jarosa: 16.5 meters at 1.1 percent lead+zinc, 0.5 meters at 2.5 percent copper and 0.75 meters at 2.1 percent copper; untested conductor identified
• Hornitos: 15.5 meters at 1.0 percent lead+zinc, including 5 meters at 2.3 percent lead+ zinc

The drill holes were all completed in 2022 and Pan Global recently reported a fully funded 2023 exploration program covering 20,000 meters with an estimated budget of C$8.5 million.

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 has so far completed 27 wide-spaced drill holes totaling 3,908 meters. This includes thirteen 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.

Management Team

Patrick Evans - Chairman and Director

For over 30 years, Patrick 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. Evans is a graduate of the University of Cape Town and served as consul-general of South Africa to Canada.

Tim Moody - President, CEO and Director

Tim 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. Moody has a bachelor of science in geology and geophysics (honors) 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.

Jim Royall - Vice-president Exploration

Jim Royall has worked in the mining industry for over 20 years on early-stage and advanced exploration projects for a diverse range of commodities in Europe, Asia, Africa and South America. This includes 10 years with Rio Tinto and senior management positions for various junior mining companies. Royall has lived in Spain for many years and has extensive experience throughout the Iberian Peninsula where he has managed a number of important exploration and development projects. Royall has a bachelor of science degree in geology from Oxford Brookes University, is a member of the Australian Institute of Geoscientists (AIG) and served as a qualified person for several mineral exploration companies.

Andrew Marshall - Chief Financial Officer

Andrew Marshall is a chartered accountant and chartered financial Analyst with more than 11 years of finance and CFO experience in the mining sector. He has an extensive background in financial and risk management; corporate reporting, ESG management; M&A transactions and working with international jurisdictions. Most recently, he served as chief financial officer at First Mining Gold Corp. and assisted in building the company's gold project portfolio during its initial period of growth in 2015 when it acquired eight companies in just over one year. Prior to this, Marshall held finance roles at two Vancouver-based TSX/NYSE MKT-listed silver mining companies with operations in Mexico and Canada. Marshall started his career with PricewaterhouseCoopers LLP in London and moved to Vancouver in 2008.

Jason Mercier - Vice-president Investor Relations and Communications

Jason Mercier is an investor and media relations professional with more than 20 years of experience acquired in a range of mining companies, from exploration-stage juniors to a $15 billion market cap producer. Most recently, he was the global investor relations, and external communications lead for a base and precious metals producer with mines in Canada, Burkina Faso, and Namibia. Mercier’s past communications successes are grounded in a journalism degree, and he has significant experience building investor support at the institutional, family office, and retail levels.

Brian Kerzner - Director

Brian 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. Kerzner has been broadly involved in providing seed capital for many successful public and private companies in the resource, environmental, and technology sectors. Kerzner is a graduate of the University of Toronto bachelor of commerce (honors) program. He is a member of 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

Patrick 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. Downey holds a BSc (honors) degree in Engineering from Queen's University in Belfast, Ireland.

Directorships: Orezone and Pan Global Resources

Bob Parsons - Director

As a chartered professional accountant and partner at PricewaterhouseCoopers, Bob 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 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. Parsons is a graduate of McGill University (B.Com).

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

Max Pinsky - Corporate Secretary

Max Pinsky is a lawyer with over 20 years of practice experience, mainly in the corporate and securities areas. He has a B.Sc. (Special) degree and an LL.B. degree from the University of

Alberta. He is a member of the Law Society of British Columbia and has considerable experience in assisting companies in all stages of planning and corporate development.

Daniel Roca - Spanish Legal Counsel (External)

Daniel Roca is a practicing lawyer in Spain, with extensive professional experience in the areas of business law and mining law. He has worked in the mining industry for the last 35 years, with companies such as Rio Tinto, Lundin Mining, Sibelco and Imerys, in all stages of mine development from exploration to production.

Juan Garcia Valledor - General Manager Spain

Juan Garcia Valledor brings over 27 years of project development, open pit mining and operational experience from mine design to mine closure in Spain. This includes previous roles as operations manager at Rio Tinto's talc mining operations, re-opening of the Alquife iron ore open pit mine in Granada and, most recently, as operations manager at W Resources La Parrilla tungsten and tin mine going from development to production. Garcia Valledor was awarded a degree in Mining Engineering (MEng) in 1991, Master's Degree (MBA) in Occupational Risk Prevention in 2005 and Diploma in Business Administration in 2007.

Michael Westcott - Advisor

Michael Westcott is a capital markets professional with wide-ranging experience in senior management, team leadership, institutional sales and mining equity research. Westcott retired from Raymond James Ltd. in 2021 as head of equities following a 25-year career with the firm. Westcott was awarded a bachelor of science, geology degree in 1988 and a master's degree, Mineral Exploration (Minex) in 1991.