PGZ.V · 2026-02-03 12:00:00

Pan Global Intercepts Near-Surface High-Grade GOLD at the Cármenes Project, Spain

Exploration Programs

PAN GLOBAL INTERCEPTS NEAR-SURFACE HIGH-GRADE GOLD

AT THE CÁRMENES PROJECT, SPAIN

TSXV: PGZ | OTCQB: PGZFF | FRA: 2EU

High-grade intercepts include 3.5 g/t over 8 meters and 1.2 g/t Au over 10 meters in drillhole PVD10

Free native gold identified in hematite breccia: potential for favourable metallurgy

Polymetallic mineralization (Au–Cu–Ni–Co) confirmed beyond the limits of historical mining

More than two dozen untested gold and polymetallic targets identified across the Cármenes Project

Phase 3 drill program to commence in first quarter of 2026

VANCOUVER, BC

Feb. 3, 2026

/CNW/ - Pan Global Resources Inc. ("Pan Global" or the "Company") (TSXV: PGZ) (OTCQB: PGZFF) (FRA:

2EU) is pleased to announce further results from the Phase 2 drill program and preliminary petrographic studies on the gold mineralization at

the Providencia target, at the Company's 100%-owned Cármenes Project ("Cármenes") in northern

Spain

"Drilling continues to confirm near surface high-grade gold mineralization strongly associated with hematite breccia zones at the Providencia

target. The identification of free native gold within the breccia supports the potential for favourable metallurgy," said

Tim Moody

, President and

CEO of Pan Global.

"Importantly, drilling has demonstrated that copper–nickel–cobalt-gold mineralization extends beyond the historical mine workings and that

multiple gold zones occur at shallow depths. The mineralization remains open along strike and at depth, providing compelling targets for the

next phase of drilling to define the extent of the system and evaluate the more than two dozen other drill targets in the Cármenes Project area."

Hydrothermal breccia and alteration mapping over a

500m

-by-200m area, alongside highly anomalous copper and gold soil geochemistry,

indicates the potential for a much larger gold-bearing and polymetallic mineral system at the Providencia target. Geophysical data also

indicates that mineralization remains open at depth beneath historical mine workings.

The Providencia higher-grade gold mineralization is primarily hosted within red hematitic hydrothermal breccia zones developed in carbonate

rocks. Lower gold grades are associated with copper-nickel-cobalt mineralization. Preliminary petrographic analysis confirms the presence

free native gold

within the breccia matrix. This is a strong indicator of potential for favourable metallurgical properties, which will be the

subject of further testing.

The Phase 3 drill program is planned to commence in the first quarter of 2026.

All reported drill intervals are down-hole lengths; insufficient drilling has been completed to determine true widths.

Drill Highlights:

Providencia Target

Assays received for completed drillholes PVD07 to PVD10

Drillhole PVD10

Intersected multiple gold intervals from shallow depths, including:

1.2 g/t Au over

10 m

from

16 m

(

60m

east of historical mine), and

3.5 g/t Au over

8 m

from

77 m

, including

5.8 g/t Au over

4 m

Gold mineralization is associated with steeply dipping red hematitic carbonate breccia zones

Confirms additional gold mineralization adjacent to historical mine workings and within a separate gold-bearing structural zone

approximately 60 meters east

Drillhole PVD07

Intersected a mineralized interval of approximately 5 meters from 115 meters down-hole, indicated by elevated gold and silver assays

immediately above and below a 3.2-meter interval of no core recovery, including

1.37 g/t Au over

1 m

from

115 m

, and

0.23 g/t Au, >100 g/t Ag (above detection limit) over

0.8 m

from

119.2m

Drillhole PVD09

Hole intersected over 9-meters of sulfide-rich breccia, ending in

0.94% Cu, 0.06% Ni, 0.04% Co, 0.38 g/t Au over

1.4 m

before

encountering an historical mine cavity where not expected

Figure 1 – Cross-section with assay results for drillhole PVD10 indicating gold zones adjacent to the historical mine workings and at shallow

depth to the east (CNW Group/Pan Global Resources Inc.)

Figure 2 – Summary map with drillholes, cross section A-A’ (Fig. 1) and surface trench location (Fig.3), and selected results (1) (CNW

Group/Pan Global Resources Inc.)

_____________________________

Drillholes PVD02, PVD03 and PVD06 previously reported – Media releases on May 19, 2025 & September 9, 2025

Figure 3 – Untested gold zone (looking north) averaging 1.74 g/t Au and 11.2 g/t Ag along a 20-meter surface trench (2); planned for drill

testing in 2026 (CNW Group/Pan Global Resources Inc.)

_____________________________

Trench sample results previously reported - Media release on February 11, 2025

Table 1

– Providencia Drill Results Summary

Drillhole

From

Interval

g/t

ppm

PVD07

115.0

116.0

1.0

1.37

<0.5

166

324

426

116.0

119.2

3.2

No drill core recovery – potential mineralization

119.2

120.0

0.8

0.23

>100

899

452

146

PVD08

No significant results

PVD09

97.0

106.4

9.4

0.12

0.9

2503

345

300

Including

97.0

100.0

3.0

0.20

0.8

3710

769

733

Including

104.0

106.4

2.4

0.25

2.7

6628

380

251

Including

105.0

106.4

1.4

0.38

4.5

9390

557

373

PVD10

16.0

26.0

10.0

1.18

<0.5

136

55.0

57.0

2.0

0.56

<0.5

77.0

85.0

8.0

3.50

<0.5

including

78.0

82.0

4.0

5.79

<0.5

All intercepts are reported as downhole drill widths. There is insufficient drilling to determine true width.

Table 2

–Drillhole Collar Information

Hole ID

Easting

Northing

Azimuth (º)

Dip (º)

Length (m)

PVD07

287543

4761318

150

-26

185.9

PVD08

287530

4761317

163

-33

216.6

PVD09

287529

4761319

198

-30

106.4

PVD10

287586

4761204

270

-24

125.7

Coordinate system: UTM30N ERTS89

About the Cármenes Project

The Cármenes Project is located on the Rio Narcea Gold Belt approx. 55km north of León and comprises five Investigation Permits over 5,653

hectares. The Project area is highly prospective for multiple bodies or "clusters" of carbonate-hosted hydrothermal breccia style copper, nickel,

cobalt, and gold mineralization. The area includes the former Profunda and Providencia mines that last operated in the 1930s, producing

concentrates of copper and cobalt with nickel. Numerous other smaller historical mine workings in the area highlight the potential for additional

breccia mineralization. These types of ore deposits can have significant vertical dimensions exceeding 1km. The Company's maiden drill

program in 2025 at the Providencia target yielded a new gold discovery.

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 permitting track record,

excellent infrastructure, mining and professional expertise, and support for copper as a Strategic Raw Material by the European Commission

collectively define a tier-one low-risk jurisdiction for mining investment. Escacena contains the La Romana copper-tin-silver deposit and the

Cañada Honda gold-copper deposits, with maiden resources announced in

December 2025

. 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.

To learn more about Pan Global Resources, please visit the Company's Curation Connect showcase and explore AI-generated

responses to your enquiries at

https://app.curationconnect.com/company/Pan-Global-Resources-44037?utm_source=pg_mediareleases

Qualified Persons

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

approved the scientific and technical information for this media release. Mr. Merino is not independent of the Company.

QA/QC

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

core length and ranged from 0.5 to

. 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

Seville, 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, platinum and palladium analysis was by 50gm fire assay with ICP

finish (method Au-ICP-24) and multi element analysis was undertaken using a 4-acid digest with ICP AES finish (method ME-ICP-61). Over

grade base metal results were assayed using a 4-acid digest ICP AES (method OG-62).

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.

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:

FOR MORE INFORMATION PLEASE CONTACT: Jason Mercier, VP Investor Relations and Communications,

[email protected] / [email protected], Tel: +1-236-886-9518, www.panglobalresources.com

CO: Pan Global Resources Inc.

CNW 07:26e 03-FEB-26

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