PGZ.V · 2023-07-04 12:00:00

Pan Global Drills 1.3% Copper and 0.5 G/T GOLD over 5.1M Within 20M at 0.5% Copper and 0.3 G/T GOLD at Cañada Honda IN the Escacena Project, Southern Spain

Drill Results

PAN GLOBAL DRILLS 1.3% COPPER AND 0.5 G/T GOLD OVER 5.1M

WITHIN 20M AT 0.5% COPPER AND 0.3 G/T GOLD AT CAÑADA HONDA IN

THE ESCACENA PROJECT, SOUTHERN SPAIN

TSXV: PGZ OTCQB: PGZFF

Highest-grade copper-gold mineralization in all holes at Cañada Honda drilled to date

Mineralization open in all directions

Gravity anomaly more than 2km long

Cañada Honda one of more than 14 Escacena gravity anomalies

VANCOUVER, BC

July 4, 2023

/CNW/ - Pan Global Resources Inc. ("Pan Global" or the "Company") (TSXV: PGZ) (OTCQB: PGZFF) is pleased to announce

positive results for the first of three follow-up drill holes at the Cañada Honda target at the Company's 100%-owned Escacena Project in the Iberian Pyrite Belt,

southern

Spain

"Higher-grade copper mineralization continues to be delineated at the Cañada Honda target. Hole CHD05 reported today was a large step-out along a two-

kilometer-long gravity anomaly and intercepted a wide zone of copper-gold mineralization

150m

down-dip. It is particularly encouraging to see an increase in

thickness of the copper-gold mineralization down-dip coincident with a gravity target. This indicates good potential for additional mineralization associated with the

gravity anomaly," said

Tim Moody

, Pan Global's President and CEO.

"Follow-up drill hole CHD06, more than

100m

to the east of hole CHD05, has intersected visible copper mineralization coincident with a downhole EM (DHEM)

conductor anomaly, confirming that mineralization at Cañada Honda is open in all directions."

Cañada Honda, one of more than 14 gravity anomalies in the Escacena Project, is a high-priority target following drill results reported on

June 1, 2023

that show

gold and copper mineralization increasing down-dip on the edge of a 2km long east-west gravity and DHEM anomaly. Drill hole CHD05, the first of a three-hole

follow-up drill program, targeted the gravity anomaly

150m

down-dip from previous drill hole CHD04, and approximately

330m

down-dip from a historic mine

tunnel. Results are pending for hole CHD06 located

100m

east of CHD05, targeting a large DHEM anomaly. Hole CHD07 is in-progress targeting a resistivity-low

anomaly

100m

down-dip from CHD05. The Cañada Honda target is approximately 3.5km north of Pan Global's La Romana copper-tin-silver discovery at the

Escacena Project.

Drill results for Cañada Honda hole CHD05 are summarized in Table 1 and drill collar details are presented in Table 2 below. Drill hole locations are shown in

Figure 1. The gravity anomaly cross-section is shown in Figure 2.

Highlights

Hole CHD05 confirms that copper-gold mineralization continues with increasing thickness

150m

down-dip from hole CHD04, and remains wide open.

Results for CHD05 include:

20m

at 0.5% Cu, 0.3g/t Au, and 1.9g/t Ag from

287m

down-hole, including

5.1m

at 1.3% Cu, 0.5g/t Au, and 3.9g/t Ag

0.5m

at 10.3% Cu, 1.4g/t Au and 29g/t Ag

Assays are pending for the upper part of the drill hole

Hole CHD06 shows visible copper mineralization coincident with the DHEM target approximately

100m

east of hole CHD05.

Figure 1 – Cañada Honda gravity anomaly map (gravity inversion models on Bouger gravity grid) with drill hole locations, including new holes CHD05, CHD06 and

CHD07, DHEM conductor and cross section location A-A’ in Figure 2. (CNW Group/Pan Global Resources Inc.)

Figure 2 –Cañada Honda gravity anomaly model cross section and drill hole locations, including hole CHD05 coincident with the gravity target and approximately

330m down-dip from the historic mine tunnel. (CNW Group/Pan Global Resources Inc.)

Table 1

– Cañada Honda drill hole CHD05 results summary (all intersections are >90% to 100% of true thickness)

Hole

From

Int

g/t

ppm

CHD05

287.0

307.0

20.0

0.5

0.3

1.9

124

102

296.0

307.0

11.0

0.8

0.4

2.4

147

117

296.0

301.0

5.1

1.3

0.5

3.9

154

182

296.0

296.5

0.5

10.3

1.4

29.2

114

371

592

Table 2

– Cañada Honda drillhole CHD05 collar information

Hole_ID

Easting

Northing

Azimuth (º)

Dip (º)

Depth (m)

CHD05

737208

4156446

180

-70

443.4

Coordinates are in ERTS89 datum UTM29N

QA/QC Procedures

Core size was HQ (63mm) and all samples were ½ core. Nominal sample size was

core length and ranged from

0.4m

. Sample intervals were defined

using geological contacts with the start and end of each sample physically marked on the core. Diamond blade core cutting and sampling was supervised at all

times by Company staff. Duplicate samples of ¼ core were taken approximately every 30 samples and Certified Reference materials inserted every 25 samples

in each batch.

Samples were delivered to ALS laboratory in

Sevilla, Spain

and assayed at the ALS laboratory in

Ireland

. All samples were crushed and split (method CRU-31,

SPL22Y), and pulverized using (method PUL-31). Gold analysis was by 50gm Fire assay with ICP finish (method Au-ICP22) and multi element analysis was

undertaken using a 4-acid digest with ICP AES finish (method ME-ICP61). Over grade base metal results were assayed using a 4-acid digest ICP AES (method

OG-62).

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 2023. The Escacena Project hosts the La Romana copper-tin-silver

discovery and a number of other prospective targets, including Zarcita, Hornitos, La Jarosa,

Romana Deep

Romana North

Romana West

, Cañada Honda,

Bravo, Barbacena, El Pozo, and San Pablo.

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.

Qualified Persons

James Royall

, Vice President Exploration for Pan Global Resources and a qualified person as defined by National Instrument 43-101, has reviewed the scientific

and technical information for this news release. Mr. Royall is not independent of the Company.

On behalf of the Board of Directors

www.panglobalresources.com

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.

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 RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

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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,

www.panglobalresources.com

CO: Pan Global Resources Inc.

CNW 07:30e 04-JUL-23

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