Pan Global Announces Maiden Mineral Resource Estimates FOR the Escacena Project IN the Iberian Pyrite Belt, Spain
PAN GLOBAL ANNOUNCES MAIDEN MINERAL RESOURCE ESTIMATES
FOR THE ESCACENA PROJECT IN THE IBERIAN PYRITE BELT, SPAIN
TSXV: PGZ | OTCQB: PGZFF | FRA: 2EU
VANCOUVER, BC
,
Dec. 31, 2025
/CNW/ -
Pan Global Resources Inc.
("Pan Global" or the "Company") (TSXV: PGZ) (OTCQB: PGZFF) (FRA: 2EU) is pleased
to announce maiden Mineral Resource Estimates ("MRE") for the La Romana (Cu-Sn-Ag) and Cañada Honda (Au-Cu-Ag) deposits, at its 100%-owned Escacena
Project in the Iberian Pyrite Belt, southern
Spain
. The initial estimates represent a significant milestone for the Company and establishes a foundation for future
technical and economic studies.
Highlights
La Romana (Cu-Sn-Ag) Mineral Resources:
Measured and Indicated
: 32.4 Mt containing 119.5 kt Cu, 8.8 kt Sn, 1.7
Moz Ag
(average grades of 0.37% Cu, 270 ppm Sn, 1.7 g/t Ag; 0.44% CuEq),
and
Inferred
: 4.0 Mt containing 15.8 kt Cu, 0.3 kt Sn, 0.2
Moz Ag
(average grades of 0.40% Cu, 71 ppm Sn, 1.4 g/t Ag; 0.42% CuEq)
Includes a substantial portion of the Mineral Resources constrained within a conceptual open-pit shell
Cañada Honda (Au-Cu-Ag) Mineral Resources:
Inferred
: 5.0 Mt containing 104 koz Au, 6.8 kt Cu, 0.2
Moz Ag
(average grades of 0.65 g/t Au, 0.14% Cu, 1.2 g/t Ag; 0.74 g/t AuEq)
Additional unclassified mineralization identified, indicating potential for further resource delineation
Resources at both La Romana and Cañada Honda remain open along strike and at depth
Ongoing exploration focused on expanding the resource base and supporting future technical evaluation
Note: Mineral resources that are not mineral reserves do not have demonstrated economic viability. Inferred resources have a higher uncertainty as to their
existence and economic/legal feasibility.
Pan Global intends to announce details of an
investor webinar and live Q&A session
in due course to discuss the Mineral Resource Estimates. No additional
material information will be disclosed.
"Several years of disciplined exploration at Escacena resulted in multiple discoveries, including the La Romana and Cañada Honda deposits. The high proportion
of Measured Resource and the in-pit component at La Romana confirms the strong continuity of the mineral system. The initial resource at Cañada Honda,
located approx. 4 km north of La Romana, adds a second distinct gold-dominant mineralized system with meaningful copper and silver content," said
Tim Moody
,
President and CEO.
Mr Moody added: "Advanced metallurgical tests at La Romana, confirming the metallurgical characteristics of the mineralization, indicate the potential to produce
concentrates with higher copper grades and very low levels of penalty elements. With both deposits open for expansion and a pipeline of exploration targets,
located in an established mining district, Escacena has a solid technical foundation to build upon through the next stages of advancement of exploration and
technical evaluation."
La Romana Mineral Resource Estimate (Cu–Sn–Ag)
Effective Date:
December 31, 2025
Table 1
– La Romana Initial Mineral Resource Estimate; Cut-off Grade 0.20% Cu
Classification
Tonnes
(Mt)
Cu
(%)
Sn
(ppm)
Ag
(g/t)
CuEq
(%)
Contained metal
Cu (kt)
Sn (kt)
Ag (Moz)
Measured
26.1
0.37
300
1.78
0.45
96.0
7.8
1.49
Indicated
6.3
0.37
148
1.25
0.42
23.6
0.9
0.25
Total (M+I)
32.4
0.37
270
1.68
0.44
119.5
8.8
1.75
Inferred
4.0
0.40
71
1.37
0.42
15.8
0.3
0.18
La Romana In-Pit Mineral Resources
The In-Pit Resource (Table 2 below) is constrained within a conceptual open-pit shell designed for reasonable prospects for eventual economic extraction
("RPEEE"). The majority (over 90%) of the In-Pit Resource is classified as Measured, with higher-grade material relative to the broader La Romana Mineral
Resource captured in the conceptual open-pit shell.
Table 2 –
La Romana In-Pit Mineral Resources; Cut-off Grade 0.20% Cu
Classification
Tonnes
(Mt)
Cu
(%)
Sn
(ppm)
Ag
(g/t)
CuEq
{%)
Contained metal
Cu (kt)
Sn (kt)
Ag (Moz)
Measured
13.6
0.39
403
2.05
0.50
53.3
5.5
0.90
Indicated
0.4
0.37
69
1.30
0.40
1.4
0.0
0.02
Total (M+I)
14.0
0.39
393
2.03
0.50
54.8
5.5
0.91
Inferred
0.1
0.45
56
2.23
0.48
0.4
0.0
0.01
La Romana Cut-off Grade Sensitivity (Illustrative Only):
0.15% Cu: 48.9 Mt @ 0.38% CuEq
0.20% Cu: 36.4 Mt @ 0.44% CuEq
0.25% Cu: 27.1 Mt @ 0.50% CuEq
0.30% Cu: 19.9 Mt @ 0.56% CuEq
Cut-off grade comparisons are presented for illustrative purposes only, are approximate, and do not constitute Mineral Resources or Mineral Reserves. The
reported Mineral Resource Estimate is based solely on the stated base-case cut-off grade and assumptions.
Cañada Honda Mineral Resource Estimate (Au–Cu–Ag)
Effective Date:
December 31, 2025
Table 3
– Cañada Honda Mineral Resources; Cut-off Grade 0.25 g/t Au
Classification
Tonnes
(Mt)
Au
(g/t)
Ag
(g/t)
Cu
(%)
AuEq
(g/t)
Contained metal
Au (koz)
Ag (Moz)
Cu (kt)
Inferred
5.0
0.65
1.17
0.14
0.74
104.3
0.19
6.8
Cañada Honda In-Pit Mineral Resources
The In-Pit Mineral Resource (Table 4 below) is constrained within a conceptual open-pit shell developed to demonstrate RPEEE. The pit shell captures a portion
Inferred Mineral Resource with higher grades on average than the broader Cañada Honda Mineral Resource.
Table 4
– Cañada Honda In-Pit Inferred Mineral Resource; Cut-off grade: 0.25 g/t Au
Classification
Tonnes
(Mt)
Au
(g/t)
Ag
(g/t)
Cu
(%)
AuEq
(g/t)
Contained metal
Au (Koz)
Ag (Moz)
Cu (kt)
Inferred
2.3
0.76
1.08
0.11
0.84
57.3
0.08
2.6
Metal Equivalent Grade Calculations
Copper Equivalent – La Romana
CuEq (%) = Cu (%) + [Sn (%) × 2.2241] + [Ag (g/t) × 0.0088]
Assumptions:
Cu
US$4.80
/lb, recovery 86.4%
Sn
US$35,000
/t, recovery 58.1%
Ag
US$45.0
/oz, recovery 55.7%
Gold Equivalent – Cañada Honda
AuEq (g/t) = Au (g/t) + [Cu (%) × 0.5414] + [Ag (g/t) ×0.0133]
Assumptions:
Au
US$3,200
/oz, recovery 95.0%
Cu
US$4.80
/lb, recovery 50.0%
Ag
US$45.0
/oz, recovery 90.0%
Equivalent grades are provided for illustrative purposes only and are not used for cut-off grade determination. Equivalent grades were calculated using metal
prices and recoveries only and do not include payability or refining charges.
Key Technical Notes
Mineral Resources are reported in accordance with NI 43-101 and CIM Definition Standards for Mineral Resources and Mineral Reserves (2014).
Mineral Resources are exclusive of Mineral Reserves and have no demonstrated economic viability.
The same bulk density values were applied to both total and in-pit Mineral Resources: La Romana 2.88 t/m³, Cañada Honda 2.70 t/m³.
In-Pit resources are constrained using metal price, recoveries, cost, and pit-slope assumptions appropriate for resource estimation purposes.
Estimation Methodology
The MREs for La Romana and Cañada Honda were prepared by Orelogy Consulting Pty Ltd (Orelogy) under the supervision of a Qualified Person ("QP") in
accordance with NI 43-101 and the 2014 CIM Definition Standards. The La Romana MRE is based on 198 diamond drill holes (
41,528 m
) and the Cañada Honda
MRE on 16 drill holes (
5,495 m
). Mineralization was modelled using 3D geological wireframes. Grades for Cu, Sn, Ag, and Au were estimated into a block model
using
Ordinary Kriging
, with search parameters and block sizes (e.g.
10m
x
5m
x
4m
) optimized to reflect the local geometry and continuity of mineralization.
High-grade outliers were restricted through top-cutting to ensure statistical representativeness. Models were validated using visual inspection, global statistical
comparisons, and swath plot analysis.
Reasonable Prospects for Eventual Economic Extraction (RPEEE)
To demonstrate RPEEE, Mineral Resources are reported within conceptual open-pit shells generated using a Whittle optimization. Assumptions include:
Metal Prices
: Cu
US$4.80
/lb, Sn
US$35,000
/t, Ag
US$45.0
/oz, Au
US$3,200
/oz.
Operating Costs:
Mining: Base cost of
US$2.00
/t mined, plus a
US$0.05
/t/bench depth incremental rate (
8m
bench height).
Processing: US$13.24/t milled (inclusive of ore-related mining costs).
General & Administrative (G&A): US$2.50/t milled (site and project level G&A cost).
Recoveries:
La Romana: 86.4% Cu, 58.1% Sn, 55.7% Ag.
Cañada Honda: 95.0% Au, 50.0% Cu, 90.0% Ag.
Geotechnical Parameters
: Conceptual pit slopes of 45° in fresh rock and 40° in weathered material.
The cut-off grades of 0.20% Cu (La Romana) and 0.25 g/t Au (Cañada Honda) were selected solely for demonstrating RPEEE and do not imply economic
viability.
Qualified Persons
Mineral Resource Estimates
: Steve Hyland, AusIMM Fellow, and
Steve Craig
, AusIMM Fellow (Orelogy), independent Qualified Persons.
Metallurgy
: David Castro López, MIMMM, QMR #685454 (Minepro Solutions), independent Qualified Person.
Exploration & Technical Data
:
Alvaro Merino
, VP Exploration, Pan Global Resources, Qualified Person (not independent).
The Qualified Persons have reviewed and approved the scientific and technical information contained in this news release.
Technical Report Filing
Pan Global will file an independent
NI 43-101 Technical Report
supporting the Mineral Resource Estimates on
SEDAR+ within 45 days
of the effective date.
About the Escacena Project
The Escacena Project, including Escacena South, comprises a contiguous 100%-owned mineral rights land package in the Iberian Pyrite Belt, totalling over
13,900 hectares. The Project is located near operating mines at Riotinto and adjacent to former Aznalcóllar and Los Frailes mines where Minera Los Frailes has
announced plans to advance redevelopment. Escacena hosts
La Romana
,
Cañada Honda
, and multiple exploration targets.
About Pan Global Resources
Pan Global Resources Inc. is actively exploring for copper-rich mineral deposits along with gold and other metals. Copper has compelling supply-demand
fundamentals and outlook for strong long-term prices as a critical metal for global electrification and energy transition. Gold is also attracting record prices.
The Company's flagship Escacena Project is in the prolific Iberian Pyrite Belt in southern
Spain
, where a favourable track record for mine permitting, excellent
infrastructure, mining and professional expertise, and support for copper as a Strategic Raw Material by the European Commission collectively define a well-
established mining jurisdiction with a long history of mineral production. The Company's second project, at Cármenes in northern
Spain
, is also an area with a long
mining history and excellent infrastructure. 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 our partnered communities. The Company is a member, and operates under
the principles, of the United Nations Global Compact.
For additional information, please visit
Curation Connect
.
Forward-looking statements
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 media 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 media release is based on information available to the Company as of the date of this media 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.
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FOR MORE INFORMATION PLEASE CONTACT: Patrick Evans, Chair, [email protected],
[email protected], Tel: +1-416-670-5114, www.panglobalresources.com
CO: Pan Global Resources Inc.
CNW 07:00e 31-DEC-25