PGZ.V · 2024-07-18 12:00:00

Pan Global Intersects 6.5M of 1.22 G/T GOLD and 14M of 0.46% Copper, Expanding Mineralization at Cañada Honda Discovery, Escacena Project, Southern Spain

Drill Results

PAN GLOBAL INTERSECTS 6.5M OF 1.22 G/T GOLD AND 14M OF 0.46%

COPPER, EXPANDING MINERALIZATION AT CAÑADA HONDA

DISCOVERY, ESCACENA PROJECT, SOUTHERN SPAIN

TSXV: PGZ | OTCQX: PGZFF | FSE: 2EU

VMS-style copper and stacked-vein-hosted gold mineralization associated with a 3km-long, coincident gravity and heliborne-electromagnetic

target

Latest drilling confirms copper-gold mineralization continues down-dip to the north, with higher grades coincident with the gravity anomaly

Multiple stacked-vein-hosted gold intersections, with new intercept grades up to 6.5g/t gold

VANCOUVER, BC

July 18, 2024

/CNW/ - Pan Global Resources Inc. ("Pan Global" or the "Company") (TSXV: PGZ) (OTCQX: PGZFF) (FSE: 2EU) is pleased to

announce results for three additional holes from the ongoing drill program at the Cañada Honda copper-gold (Cu-Au) discovery, in the Company's 100% owned

Escacena Project in the Iberian Pyrite Belt, southern

Spain

. The drillholes are part of an 11-hole step-out drill program at Cañada Honda that started in November,

with eight completed and three additional drillholes planned. Cañada Honda is located 3.5km north of Pan Global's La Romana copper-tin-silver deposit, where

delineation drilling continues.

"These latest drill results testing the northern edge of the gravity target at Cañada Honda have successfully confirmed the down-dip continuation of the copper and

gold mineralization and expanded the surface extent to more than

450m

. All the drilling to-date is at the eastern end of a very large, mostly untested, 3km

east-west, coincident gravity and heliborne electro-magnetic ("HEM") target. The scale of the geophysics targets, combined with drillhole confirmation that

mineralization is associated with the anomaly, suggests Cañada Honda mineralization may be extensive. Next planned drillholes are aiming to test for higher

grades and expand the mineralization to the west," said

Tim Moody

, Pan Global's President & CEO.

Drill highlights:

Drillhole CHD14

at 0.17% Cu,

6.52g/t Au

, 5.8g/t Ag from

290m

, and

6.5m

at 1.22g/t Au

, 1.4g/t Ag

from

315.5m

, and

14m

at 0.46% Cu, 0.16g/t Au, 5.2g/t Ag

from

355m

Drillhole CHD16

13m

at 0.62g/t Au from

239m

including

at 0.65% Cu, 1.92g/t Au, 2.7g/t Ag

5.53g/t Au, 1.1g/t Ag

from

322m

15m

at 0.23% Cu, 0.51g/t Au, 1.1g/t Ag

from

340m

, including

at 0.14% Cu, 3.55g/t Au, 5.4g/t Ag

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

The three new holes were drilled along the northern margin of the gravity target, confirming continuation of the mineralization down-dip to the north, including

multiple gold intersections. Copper grades appear to be decreasing down-dip and away from the gravity anomaly. Downhole electromagnetic ("DHEM") surveys

completed in all three drillholes indicates potential stronger sulphide mineralization up-dip and coincident with the modelled gravity target, consistent with higher

copper-gold grades in the previous drilling. The next three planned drillholes will test for higher-grade extensions of the mineralization to the west following vectors

from the drill results and geophysics.

Additional drill results will be reported as soon as available from the ongoing drilling, including the La Romana deposit where 183 holes have been drilled to date.

In the coming weeks, the Company also anticipates commencing exploration at the large Bravo gravity target east of La Romana.

Figure 1 – Cañada Honda gravity anomaly map showing locations for new drillholes CHD14, CHD15, and CHD16, and cross-section locations A-A’ (Figure 2) and

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

Figure 2 – Cross section A-A’ (south-north), showing select assay results and simplified geology for drillhole CHD16. The results show copper-gold VMS-style

mineralization beneath a thrust fault zone, and gold above in the hanging wall. (CNW Group/Pan Global Resources Inc.)

Figure 3 – Cross section B-B’ (southeast-northwest), showing select assay results and simplified geology for new drillhole CHD14. The results show copper-gold

intercepts below a thrust fault zone, and gold in the hanging wall above. (CNW Group/Pan Global Resources Inc.)

Table 1

– Cañada Honda Selected Drill Results

Hole ID

From

Interval

g/t

ppm

CHD14

100

103

0.07

0.37

7.2

1673

2889

and

134

135

0.05

1.29

11.2

2870

5450

and

271

272

0.33

0.63

23.0

4930

3160

and

290

291

0.17

6.52

5.8

154

253

201

and

315.5

322

6.5

0.07

1.22

1.4

122

Incl.

317.5

318.5

0.24

1.94

4.7

275

133

and

356

370

0.46

0.16

5.2

112

Incl.

360

364

0.87

0.17

10.5

109

144

140

Incl.

362

363

1.24

0.22

21.0

239

193

CHD15

No significant results

CHD16

115

116

<0.01

1.37

0.8

118

and

239

252

0.06

0.62

0.4

Incl.

251

252

0.65

1.92

2.7

118

and

265.5

266.5

0.11

1.17

3.4

216

197

1200

and

322

323

0.03

5.53

1.1

204

and

340

355

0.23

0.51

1.1

134

145

Incl.

354

355

0.14

3.55

5.4

178

632

Approximate true thickness

Table 2

– Cañada Honda Drillhole Collar Information

Hole ID

Easting

Northing

Azimuth (º)

Dip (º)

Length (m)

CHD14

737080

4156488

175

-72

390.9

CHD15

737335

4156454

180

-70

293.4

CHD16

737201

4156478

175

-75

366.75

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 the operating mine at Riotinto and is immediately adjacent to the former Aznalcóllar and Los Frailes mines where Minera Los Frailes/Grupo México

is in the final permitting stage with construction anticipated to start in 2024. The Escacena Project hosts Pan Global's La Romana copper-tin-silver and Cañada

Honda copper-gold discoveries and a number of other prospective targets, including, Bravo, Barbacena, El Pozo,

Romana Norte

, San Pablo, Zarcita, Hornitos, La

Jarosa,

Romana Deep

, and Cortijo.

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 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 jurisdiction for mining investment. 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.

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).

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.

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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For further information:

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

[email protected] / [email protected], Tel: +1-778-372-7101 / +1-236-886-9518, www.panglobalresources.com

CO: Pan Global Resources Inc.

CNW 07:29e 18-JUL-24

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