Investor Insight
Pan Global Resources is anchored by its flagship Escacena Project in Spain's Iberian Pyrite Belt, Europe's second-largest copper-producing region.
Overview
Pan Global Resources (TSXV:PGZ; OTCQB:PGZFF; FRA:2EU) is a Vancouver-based junior resource company focused on copper and gold exploration and discovery in Spain. The company's flagship Escacena Project is located in the Iberian Pyrite Belt, Europe's second-largest copper-producing district.
Escacena includes over 15 additional untested gravity targets across a land position that has grown to 16,754 hectares. It is also home to the La Romana copper-tin-silver discovery, where over 170 holes have been drilled since 2019. The 2025 maiden resource estimate at La Romana was recorded at 32.4 million tonnes at 0.37 percent copper in the Measured and Indicated category and 4 million tonnes at 0.40 percent copper in the Inferred category at a conservative cutoff grade of 0.20% that is significantly higher than operating mines in the area. Escacena’s second discovery is the Cañada Honda copper-gold discovery, which the company describes as having comparable scale and geometry with Sandfire MATSA's nearby Sotiel-Migollas underground mine.
The company’s portfolio includes the Cármenes Project in northern Spain, a 5,653-hectare area that is focused on two past-producing polymetallic mines: Profunda and Providencia. In mid-2025, the company made the first significant gold discovery in Spain in more than 30 years at the Providencia target. Soil and channel sampling as well as an active drill program, have significantly expanded on the discovery, which also contains copper, nickel, cobalt, platinum, and palladium.
The Pan Global team is led by experienced management: President and CEO Tim Moody spent 24 years at Rio Tinto, serving as Exploration Director and VP/Director of Business Development, and General Manager for Spain, Juan Garcia Valledor, has a Spanish mining career that spans mine design, development, operations and closure, including a role as Operations Manager for Rio Tinto's talc operations.
Pan Global's 2026 program focuses on multi-target drilling, advancing 20,000 metres of planned drilling across Escacena and Cármenes. In June 2026, the company closed a C$7.2 million private placement with Alpayana, where it issued 45,000,000 common shares for C$0.16 per share. Alpayana, which privately operates six mines in Peru and Mexico, now holds 19.55 percent of the issued and outstanding common shares of the Company, which are subject to a hold period expiring October 13, 2026. Proceeds of the placement will be used to advance a significantly expanded exploration and drill program at the Escacena and Cármenes Projects.
The company aims to expand its existing resource base and test new targets for additional discoveries moving forward, anticipating the global copper supply gap.
Company Highlights
- Premier jurisdiction: The company’s flagship Escacena Project is located in the Iberian Pyrite Belt, which hosts the largest concentration of volcanogenic massive sulfide (VMS) deposits on Earth and is Europe's second-largest copper-producing region.
- Infrastructure upside: Escacena benefits from road, rail, port and smelter access. It is surrounded by operating mines and developers including Atalaya Mining (LSE:ATYM), Sandfire Resources’ (ASX:SFR) Sandfire MATSA, Grupo México (OTC Pink:GMBXF,BMV:GMEXICOB), and private equity firm Resource Capital Funds.
- Maiden mineral resource estimate: Pan Global's 2025 maiden Mineral Resource Estimate for the La Romana deposit within Escacena reported 90 percent of tonnes in the Measured and Indicated category. It is recorded at 32.4 million tonnes at 119.5 kt contained copper, plus 4.0 million tonnes at 15.8 kt copper Inferred, equivalent to 352 million pounds of contained copper-equivalent.
- Experienced management: Pan Global Resources CEO Tim Moody spent 24 years at mining giant Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO) as Exploration Director and VP/Director Business Development, while Chairman Patrick Evans and select members of the board hold extensive experience in a dozen mining M&A transactions, such as Hudbay Minerals’ (TSX:HBM, NYSE:HBM) acquisition of Norsemont Mining.
Key Projects
Escacena Project — Iberian Pyrite Belt, Andalucia, Spain
Pan Global’s 100 percent owned flagship Escacena Project is located in the Iberian Pyrite Belt, the 2nd largest copper-producing area in Europe, near Seville. It spans 16,754 hectares of land within Andalucia, Spain and is neighbored by major operating mines and developments, including Atalaya's Riotinto mine, Grupo México's Aznalcóllar/Los Frailes project, Sandfire's MATSA operations and the Resource Capital Fund's Cobre Las Cruces mine. It benefits from first-class road, rail, power, smelter and port infrastructure alongside fast, supportive permitting.
The project contains two main deposits to date: La Romana and Cañada Honda. La Romana is an open-pit copper-tin-silver deposit discovered in 2019 and drilled with 198 diamond drill holes totaling 41,528 metres. The 2025 maiden Mineral Resource Estimate (MRE) reported 90 percent of tonnes as Measured and Indicated, at a grade of 0.37 percent copper, 0.44 percent copper equivalent.
The deposit remains open for expansion in several directions and the MRE uses a more conservative cutoff grade of 0.20 percent compared to a more typical cutoff grade of 0.15 percentat most Spanish mining operations, which is indicative of significant growth potential.
Metallurgical testwork returned copper recoveries of up to 88 percent and concentrate grades up to 32.5 percent copper, with payable silver content and low deleterious elements. It also revealed a critical metal value booster, with an above 60 percent tin concentrate grade and recovery, which is premium grade compared to global averages. Concentrate grades are key for operating mines as higher grades of copper contained reflect greater value per tonne of concentrate shipped.
Cañada Honda, the second copper-gold discovery at Escacena, is included in the 2025 maiden resource estimate. 16 drill holes totaling 5,495 metres were used for the MRE, with drill intercepts including 17 metres at 1.6 g/t gold and 14 metres at 0.8 percent copper, 0.4 g/t gold and 4 g/t silver. Pan Global said that the target shares similarities in scale and geometry with Sandfire MATSA's nearby Sotiel-Migollas underground mine.
Phase 2 drilling at Cañada Honda commenced in June 2026, focusing on eight drillholes totalling approximately 2,500 meters. The program will test extensions to known copper and gold mineralization and newly identified geophysical and geochemical anomalies.
A fully funded 20,000-metre drilling program is planned for the entire Escacena and Cármenes Projects within the next 12 to 18 months, focusing on over 15 priority targets and testing further targets.
Cármenes Project — León, Northern Spain
Located approximately 55 kilometres north of León in northern Spain, the Cármenes Project is another 100 percent owned property of Pan Global. It spans 5,653 hectares and is home to the past producing Profunda and Providencia mines.
Exploration on the ground began in 2024, resulting in high grades in underground grab samples. 22 samples average 2.53 percent copper, 1.28 percent nickel, 0.68 percent cobalt, 0.6 g/t gold and 3.1g/t silver at Providencia, while 8 samples average 10.30 percent copper, 0.18 percent nickel, 0.19 percent cobalt, 0.1 g/t gold and 15.6 g/t silver at Profunda. Gossan samples assaying up to 10.5 g/t gold point to untested potential to expand the underlying sulfide mineralization near the Providencia mine. Meanwhile, surface soil and rock sampling near the Providencia target in 2025 revealed assays up to 24.3 grams-per-tonne (g/t) gold, and percent levels of copper, nickel and lead.
The 2026 program at Cármenes has already expanded near-surface gold mineralization at Providencia, with results including 2.36 g/t gold over 80 meters. The current Phase 3 campaign has been expanded from the initial eight drillholes to 12 drillholes, with assays from the first five drillholes returning up to 15 meters grading 3.90 g/t gold, 0.04 percent copper, 0.11 percent nickel and 0.12 percent cobalt from surface.
Copper anomalies, highlighted by a new area approximately 400 to 800 meters southwest of Providencia, were identified from the soil samples. The company said that underground channel sampling at deeper mine levels and expanded surface geochemistry at the Providencia, Profunda and Valverdin targets will help guide the next phase of exploration.
Management Team
Tim Moody – President, CEO and Director
Bringing more than 30 years of experience in mineral exploration, resource assessment, business development and government relations, Tim Moody holds a multi-discovery track record in copper and base metals. He previously served as Exploration Director and VP/Director of Business Development at mining giant Rio Tinto, where he worked for 24 years. He is currently a director at Mirasol Resources, Prism Resources and Indico Resources.
Patrick Evans – Chairman
With over 40 years of senior mining leadership and M&A experience, Patrick Evans has led over a dozen mining companies and takeovers, including Norsemont Mining (acquired by Hudbay Minerals), Weda Bay Minerals (acquired by Eramet) and Southern Platinum (acquired by Lonmin).
Justin Byrd – Chief Financial Officer, Corporate Secretary
Justin Byrd previously served as CFO of Mayfair Gold, where he managed finance, accounting and corporate secretarial functions through its transition from a private to a publicly listed (TSXV) company. He holds extensive experience across finance, including cost analysis, forecasting, inventory management, pricing and financial modelling.
Álvaro Merino – Vice President, Exploration
A geologist and mining engineer with more than 20 years of multi-commodity exploration experience across Chile, Bolivia, Mexico and Spain, Alvaro Merino has held senior management roles at early-stage and advanced junior mining companies. He is is a member of the Official College of Geologists of Andalusia (ICOGA), Official Association of Technical Engineers and Graduates in Mines and Energy (COITGME) and European Federation of Geologists (EFG).
Jason Mercier – Vice President, Investor Relations
Jason Mercier has over 25 years of investor relations and communications experience in the mining sector, spanning exploration-stage juniors to producers with market capitalizations up to C$15 billion. He previously led global investor relations and external communications for a base and precious metals producer with mines in Canada, Burkina Faso and Namibia.
Juan Garcia Valledor – General Manager, Spain
A mining engineer with more than 28 years of project development and open-pit operations experience in Spain, Juan Garcia Valledor's roles have included Operations Manager for Rio Tinto's talc operations, the re-opening of the Alquife iron ore mine, and taking the La Parrilla tungsten/tin project from development to production.
Roger Davey – Director for Mining and Finance
Roger Davey has over 40 years of operational and management experience across mining in Europe, Africa and South America. He holds expertise in feasibility, financing, construction, commissioning and operations in both underground and open-pit, gold and base-metal settings. He also served as Non-Executive Chairman of Atalaya Mining from 2010 to 2024.
Bob Parsons – Director for Governance
Bob Parsons is a certified public accountant and global mining practice leader. He has advised over 20 governments on mineral policy and has served on boards of nine listed mining companies. He is a recipient of the PDAC Distinguished Service Award (2005) and the Queen Elizabeth II Diamond Jubilee Medal (2013) for contribution to Canadian mining industry.
Corinne Smit – Director for Metals Marketing, Risk Management
Corinne Smit holds extensive experience in marketing, logistics, hedging and risk management. She is currently the Head, Sales and Marketing, Global (Concentrates and Dore) at Newmont Gold Company and held prior roles at Nevada Copper, Nevsun Resources, and Capstone Mining for commercial marketing and supply chain matters.