Pan Global Announces Non-Brokered Private Placement

PAN GLOBAL ANNOUNCES NON-BROKERED

PRIVATE PLACEMENT

/NOT FOR DISSEMINATION, RELEASE OR PUBLICATION IN OR INTO

THE UNITED STATES

OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES/

TSXV: PGZ | OTCQX: PGZFF

VANCOUVER, BC

,

Oct. 4, 2023

/CNW/ - Pan Global Resources Inc. ("Pan Global" or the

"Company") (TSXV: PGZ) (OTCQX: PGZFF) announces today it is arranging a non-brokered private

placement financing of up to 10,000,000 units (the "

Units

") of securities at a price of

$0.20

per Unit

for aggregate gross proceeds of up to

$2 million

(the "

Offering

").

Each Unit will be comprised of one (1) common share and one (1) non-transferable common share

purchase warrant, with each whole warrant entitling the holder to purchase one additional common

share at a price of

$0.30

for a period of three (3) years from closing of the Offering.

"The proceeds from this placement will enable us to further define the extension of the copper-tin-

silver mineralization at La Romana, continue testing other high priority targets such as the copper-

gold Cañada Honda discovery, and follow-up new gravity targets including Barbacena and

Romana

Norte

," said

Tim Moody

, Pan Global President and CEO.

The expiry date of the warrants may be accelerated by the Company if the common shares of the

Company achieve a volume weighted average trading price greater than

$0.40

for twenty (20)

consecutive trading days, after four months and one day following closing of the Offering.

The net proceeds of the Offering will be used to advance the Company's successful exploration

program at the flagship Escacena Project in southern

Spain

and for general working capital. Finders'

fees may be payable on a portion of the Offering.

The Offering is scheduled to close on or about

October 31, 2023

and is subject to the approval of

the TSX Venture Exchange. The common shares issued pursuant to this private placement will be

subject to a four-month hold period in

Canada

and will be subject to U.S. resale restrictions under

U.S. securities laws.

The securities to be sold in the private placement have not been registered under the U.S. Securities

Act of 1933, as amended ("U.S. Securities Act"), or any state or other applicable jurisdiction's

securities laws, and may not be offered or sold in

the United States

absent registration or an

applicable exemption from the registration requirements of the U.S. Securities Act and applicable

state or other jurisdictions' securities laws. This news release shall not constitute an offer to sell or

the solicitation of an offer to buy these securities, nor shall there be any offer, solicitation, or sale of

these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About the Escacena Project

The Escacena Project comprises a large, contiguous, 5,760-hectare land package controlled 100%

by Pan Global in the east of the Iberian Pyrite Belt. Escacena is located near operating mines at Las

Cruces and Riotinto and is immediately adjacent to the former Aznalcóllar and Los Frailes mines

where Minera Los Frailes/Grupo Mexico is in the final permitting stage with construction anticipated

to start in 2024. The Escacena Project hosts the La Romana copper-tin-silver discovery and a

number of other prospective targets, including Cañada Honda, Bravo, Barbacena, El Pozo,

Romana

Norte

, San Pablo, Zarcita, Hornitos, La Jarosa, and

Romana Deep

.

About Pan Global Resources

Pan Global Resources Inc. is actively targeting copper-rich mineral deposits, given copper's

compelling supply-demand fundamentals and outlook for strong long-term prices as a critical metal

for global electrification and energy transition. The Company's flagship Escacena Project is located

in the prolific Iberian Pyrite Belt in southern

Spain

, where infrastructure, mining and professional

expertise, and support for copper as a Strategic Raw Material by the European Commission

collectively define a tier-one jurisdiction for mining investment. The Pan Global team comprises

proven talent in exploration, development, and mine operations - all of which are committed to

operating safely and with utmost respect for the environment and our partnered communities.

On behalf of the Board of Directors

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 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. Important factors that could cause actual results to differ materially

from the Company's expectations include the ability to complete the private placement, receipt of

regulatory approvals and other risks and uncertainties disclosed in the Company's Management

Discussion and Analysis of its audited financial statements filed with the British Columbia Securities

Commission. Copies of the Company's Management Discussion and Analysis of its audited financial

statements may be obtained at no charge by visiting our Investors website at

www.panglobalresources.com

or at

www.sedar.com

.

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

RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

SOURCE

Pan Global Resources Inc.

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For further information:

Jason Mercier, VP Investor Relations and Communications,

[email protected], +1 778 372-7101; Andy Marshall, Chief Financial Officer,

[email protected], +1 778 309-4784, www.panglobalresources.com

CO: Pan Global Resources Inc.

CNW 07:00e 04-OCT-23