PGZ.V · 2023-11-07 12:00:00

Pan Global Intersects 1.04% Copper over 15.9 Meters at Western Expansion of LA Romana Copper-TIN-Silver Discovery

Drill Results

PAN GLOBAL INTERSECTS 1.04% COPPER OVER 15.9 METERS AT

WESTERN EXPANSION OF LA ROMANA COPPER-TIN-SILVER

DISCOVERY

TSXV: PGZ | OTCQX: PGZFF

Highest grades intersected to-date in the current 25-hole drill program

New drilling confirms continuation of high-grade near-surface copper-tin-silver (Cu-Sn-Ag) mineralization

Mineralization remains wide open, with grades increasing to the west and down-dip to the north

VANCOUVER, BC

Nov. 7, 2023

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

the intersection of additional high-grade near-surface copper mineralization at the Company's 100% owned Escacena Project in the Iberian Pyrite Belt in southern

Spain

Assay results for five new drill holes from the western extension of the La Romana copper-tin-silver discovery confirm the mineralization extends over more than

1.35 kilometers of strike and remains open. These drill results include the highest grades intersected to-date in the current 25-hole drill program aimed at testing

the western extension of the La Romana mineralization.

Highlights:

LRD171

15.9m

at 1.15% CuEq

(1.04% Cu, 0.03% Sn, 2.4 g/t Ag) from

79m

, including

9.9m

at 1.70% CuEq

(1.57% Cu, 0.04% Sn, 3.6 g/t Ag);

LRD170

12m

at 1.04 % CuEq

(0.80% Cu, 0.09% Sn, 2.1 g/t Ag) from

61m

, including

at 1.47% CuEq

(1.16% Cu, 0.11% Sn, 2.9 g/t Ag);

LRD168

13m

1.02% CuEq

(0.67 % Cu, 0.13% Sn, 1.6 g/t Ag) from

52m

, including

at 1.43% CuEq

(0.96% Cu, 0.17% Sn, 2.2 g/t Ag)

A down-hole electromagnetic (DHEM) conductor anomaly from

LRD171

provides a

strong indication the higher-grade mineralization continues

down-dip

and will be targeted for future drilling

Drill hole locations are shown in Figure 1 below. Drill hole assay results are summarized in Table 1 and collar details are presented in Table 2 below.

"It is very encouraging that our ongoing drill program at La Romana confirms extensions to the high-grade copper-tin mineralization. The potential to expand the

high-grade mineralization further along-strike to the west and down-dip is exciting. The east-west strike length of La Romana is now more than 1.35 kilometers

and remains open, with step-out drilling ongoing," said

Tim Moody

, President and CEO of Pan Global.

"The combination of continuous near-surface copper-tin mineralization, simple and predictable geometry, and favourable metallurgy are significant advantages for

potential open-pit development at La Romana," said Mr. Moody. "The

C$6 million

non-brokered private placement financing that closed earlier this week puts us in

a strong position to fund a multi-target exploration program and maiden Resource for La Romana."

Figure 1 – Gravity anomaly map for the La Romana target showing drill hole locations with selected results, and cross-section locations A-A’ (Figure 2) and B-B’

(Figure 3). (CNW Group/Pan Global Resources Inc.)

The main La Romana copper mineralization occurs in two highly continuous layers, Zone B and Zone C, commencing from surface or directly below a thin cover of

post-mineral sediments. The new results show the copper mineralization in Zone B is increasing in grade and thickness in the west. A deeper high-grade copper

layer, Zone D, is also present in several recent drill holes, and represents an additional prospective target horizon.

Copper mineralization intersected in drill holes includes primary chalcopyrite, overprinted at shallow depths by secondary/supergene copper sulphide (chalcocite)

and an overlying oxide zone with local native copper and copper oxides. Chalcocite is a high copper content mineral, indicating upgrading of the copper

mineralization at the base of the oxide zone. This represents an additional target for higher grade copper. The tin mineralization is cassiterite, the preferred

mineral for commercial extraction.

Additional results are pending for eight completed drill holes at La Romana and preparations are underway for follow-up drilling at the recent Cañada Honda

copper-gold discovery approximately 4km to the north.

Figure 2 – Cross section 736865m East, A-A’, showing assay results and copper grade shells for drill holes LRD170 and LRD171, with mineralization from

surface and grade increasing and open down-dip. A DHEM conductor anomaly (approx. dimensions 290m x 90m) indicates potential continuation of the high-grade

mineralization. (CNW Group/Pan Global Resources Inc.)

Figure 3 – Cross section 735965m East, B-B’, showing selected assay results and copper grade shells for new drill holes LRD167 and LRD168, with near-surface

mineralization and grade increasing and open down-dip. (CNW Group/Pan Global Resources Inc.)

Table 1 – La Romana new drill results summary

Hole ID

From

Interval

CuEq

True

Thickness

g/t

ppm

(m)

LRD167

20.00

33.05

15.05

0.49

0.32

0.06

1.2

0.01

12.43

and

73.00

80.00

7.00

0.64

0.50

0.05

1.4

0.02

5.78

and

117.95

118.50

0.55

1.70

1.57

0.05

0.5

0.02

0.45

LRD168

43.00

57.55

14.55

0.93

0.61

0.12

1.4

0.02

109

14.27

including

43.00

56.00

13.00

1.02

0.67

0.13

1.6

0.02

108

12.75

including

47.00

56.00

7.00

1.43

0.96

0.17

2.2

0.03

138

6.87

LRD169

52.00

59.00

7.00

1.05

0.97

0.03

2.0

0.01

5.34

including

56.00

59.00

3.00

2.26

2.11

0.05

4.3

0.02

105

2.29

and

101.00

111.00

10.00

0.53

0.33

0.07

0.7

0.03

7.63

and

140.00

141.00

1.00

1.68

1.64

0.01

4.7

0.02

176

0.76

LRD170

61.00

73.00

12.00

1.04

0.80

0.09

2.1

0.01

11.82

including

66.00

73.00

7.00

1.47

1.16

0.11

2.9

0.02

6.90

including

69.00

71.40

2.40

3.20

2.64

0.20

6.2

0.04

137

2.36

and

93.00

100.00

7.00

0.44

0.36

0.03

0.7

0.02

6.90

and

148.00

150.00

2.00

1.21

1.18

0.01

2.0

0.01

1.97

LRD171

79.00

97.00

18.00

1.03

0.94

0.03

2.2

0.01

14.74

including

79.00

94.90

15.90

1.15

1.04

0.03

2.4

0.01

13.02

including

85.00

94.90

9.90

1.70

1.57

0.04

3.6

0.02

104

8.11

including

92.00

94.90

2.90

4.28

4.08

0.06

8.9

0.05

209

2.38

and

123.00

130.00

7.00

0.56

0.40

0.06

0.9

0.01

5.73

and

183.25

184.15

0.90

3.64

3.59

0.01

2.7

0.02

103

0.74

Copper Equivalent = CuEq. CuEq is calculated using Cu, Sn, and Ag grades. Metallurgical recoveries include 86% for Cu, 68% for Sn and 56% for Ag, based on preliminary studies performed by Wardell Armstrong International and MinePro. The CuEq calculation uses US$ 8,693/tonne

Cu, US$ 29,069/tonne Sn and US$ 23.72/oz Ag, corresponding to the three-year monthly price averages to July 2023. The effective formula is [CuEq %] = [Cu %] + 2.6440 * [Sn %] + 0.0057 * [Ag ppm]

Table 2

– La Romana drill hole collar information (5 holes, total

792.10m

)

Hole ID

Easting

Northing

Azimuth (

)

Dip (

)

Depth (m)

LRD167

735976

4152716

156

-50

122.15

LRD168

735954

4152761

180

-50

125.55

LRD169

735865

4152803

240

-60

191.65

LRD170

735866

4152806

180

-55

155.65

LRD171

735866

4152807

-90

197.1

Coordinate system: UTM29N ERTS89

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, Romana North, Bravo, Barbacena, El Pozo, 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.

QA/QC Procedures

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 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). Over grade tin was determined using peroxide fusion with ICP finish (method Sn-ICP81x).

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 media 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 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:

Jason Mercier, VP Investor Relations and Communications, [email protected], +1 778 372-7101

CO: Pan Global Resources Inc.

CNW 07:30e 07-NOV-23

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