KEY POINTS
Pan Global's Escacena Project comprises a significant land package covering more than 13,000 hectares, immediately neighbors the Aznalcóllar and Los Frailes projects being developed by Grupo México, and is 12km to the west of Resource Capital Fund’s Cobre Las Cruces Mine. Atalaya’s operating Riotinto Mine is 23km to the northwest. At Escacena, the 2026 drill program aims to grow the copper resource base with new discoveries at the target-rich Project. The Escacena Project includes Mineral Resource Estimates at the La Romana copper-tin-silver and Cañada Honda copper-gold deposits, and hosts 15 other prospective targets for follow-up.
The 2026 drill program aims to grow Pan Global’s copper resource base through targeted, high-confidence exploration drilling to discover new mineralization. Up to 15 untested targets have been identified for follow-up, with drilling also planned at the Cortijo target at Escacena North and the Trinidad and Carmen targets on the newly awarded Escacena South property. Drilling will also test for extensions to the La Romana (copper-tin-silver) and Cañada Honda (copper-gold) deposits.
Escacena Project Maiden Mineral Resource Estimates
La Romana
• Measured and Indicated: 32.4 Mt at 0.37% Cu, 270 ppm Sn, 1.7 g/t Ag, 0.44% CuEq (119.5 kt Cu, 8.8 kt Sn, 1.7 Moz Ag) – at 0.2 % copper cutoff grade, and
• Inferred: 4.0 Mt at 0.40% Cu, 71 ppm Sn, 1.4 g/t Ag; 0.42% CuEq (15.8 kt Cu, 0.3 kt Sn, 0.2 Moz Ag) – at 0.2% copper cutoff grade.
Cañada Honda
• Inferred: 5.0 Mt at 0.65 g/t Au, 0.14% Cu, 1.2 g/t Ag; 0.74 g/t AuEq (104 koz Au, 6.8 kt Cu, 0.2 Moz Ag) – at 0.25 g/t gold cutoff grade.
For details and additional technical disclosure, please see the Technical Reports section of the Escacena Project page as well as all filings made to the Company profile on SEDAR+.
In March 2024, Pan Global released the second phase of copper metallurgy results for La Romana, indicating excellent recoveries of 88% copper and concentrate grades of up to 32.5% copper, with payable silver content and low deleterious elements. The positive results advanced La Romana to the preliminary design phase of the metallurgical process. In April 2024, the Company reported positive tin metallurgy results for La Romana, concluding that the deposit mineralization is amenable to producing high-quality tin concentrate using conventional gravity separation. Tin concentrate grades of 63.2% tin and 58.1% recovery were achieved. The outstanding copper and tin metallurgy test results are an important de-risking milestone for the La Romana deposit.
BEST IN IBERIAN PYRITE BELT METALLURGICAL RESULTS
REFERENCES:
Atalaya Mining plc
RARE HIGHLY PROSPECTIVE GREENFIELD PROJECT IN A WELL-DEVELOPED DISTRICT
In June 2023, the discovery holes at the Cañada Honda copper-gold deposit were announced and subsequent drillholes have expanded on the results, indicating an upper gold zone and deeper zone of copper-gold mineralization at the edge of a large untested DHEM conductor anomaly. The Downhole Electromagnetic (DHEM) conductor and adjacent 3km-long gravity anomaly expands the size potential at Cañada Honda significantly. Cañada Honda has consistently produced drillhole assay results with the highest gold grades detected in the Escacena Project area to date, a potentially significant addition to the copper equivalent grade.
The Los Frailes Mine adjacent to the Escacena Project received notice of its Unified Environmental Authorization in July 2024; On May 30, 2025 the Mine received its exploitation permit approving the start of construction and pre-development work including construction of a water treatment facility. Construction and mine development is expected to take up to three years. The €450 million project includes a new processing facility and is expected to create about 2,000 direct and indirect jobs with an initial resource of 45 million tons of copper, zinc, and lead with an initial mine life of 17 years.
La Romana Discovery – rare copper-tin-silver deposit in the Iberian Pyrite Belt
Current:
History:
Cañada Honda Discovery – a gold-copper discovery where we've just scratched the surface of a 3km target
Current:
In June 2023, the discovery holes at the Cañada Honda copper-gold deposit were announced and subsequent drillholes have expanded on the results, indicating an upper gold zone and deeper zone of copper-gold mineralization at the edge of a large untested DHEM conductor anomaly. The Downhole Electromagnetic (DHEM) conductor and adjacent 3km-long gravity anomaly expands the size potential at Cañada Honda significantly. Cañada Honda has consistently produced drillhole assay results with the highest gold grades detected in the Escacena Project area to date, a potentially significant addition to the copper equivalent grade.
Álvaro Merino P.Geo., Pan Global’s Vice President, Exploration, and a qualified person as defined by National Instrument 43-101, has reviewed the technical information that forms the basis for this webpage.
The Escacena Project area was expanded from 5,760-hectares to more than 10,000 hectares with the award of the Flores, Rosario and Girasoles mineral rights (Escacena South) in September 2025. Pan Global has also submitted four additional Investigation Permit applications covering 3,888 hectares (Inmaculada, Santa Isabel, Santa Micaela I and Santa Micaela II) that will further increase the mineral rights holdings in the eastern Iberian Pyrite Belt northwest of Sevilla to more than 13,900 hectares in total.
KEY POINTS
The Government of Andalucia issued the final resolution on September 29, 2025, confirming the award of three new mineral rights areas to Pan Global’s Spanish subsidiary, Minera Sabina, following a public tender. The three investigation permits cover a total of 4,245 hectares, including
Flores –1,879.8 hectares
Rosario – 636.7 hectares
Girasoles – 1,728.5 hectares
The newly awarded area is mostly overlain by post-mineral cover and received minimal preliminary exploration by Exxon in the early 1980s and Rio Tinto in the 1990s. Reprocessing of the historical wide-spaced gravity survey data highlights numerous prominent anomalies, similar in size and magnitude to the gravity anomaly associated with the Company’s La Romana copper-tin-silver discovery and other major deposits in the region. Historical base-of-cover/top-of-bedrock sampling by Exxon also shows copper mineralization occurrences near some of the gravity targets, further enhancing the potential for new discoveries. Several small historical mine workings are located at an untested gravity target in the northwest of the Flores mineral right.
All of the gravity targets in the new area are untested and will be the focus for initial exploration as soon as possible after obtaining all the necessary permits.
Figure 1 – Mineral Rights Map showing the location of the new Flores, Rosario and Girasoles areas
* Area available exclusively to Pan Global to fit the new standardized mining grid system of mining concessions
Figure 2 – Gravity anomaly map showing targets in the new Pan Global Mineral Rights (historical plus Pan Global survey data)
The Pan Global gravity anomaly model for the new mineral rights area is based on gravity anomaly survey data collected by Exxon in the early 1980s that was acquired through the transfer of ownership of the Escacena Project property and provides the historical information related to the new mineral rights. The Company has conducted extensive surveys of the Escacena Project. The gravity anomaly map for the new mineral rights was created using internally sourced data combined with the historical Exxon data set that was also used for the La Romana target. [Pan Global Resources media release June 14, 2019 “Pan Global Resources Reports Initial Geophysics Results from the Escacena Project in Spain and Prepares for Drilling”]
Álvaro Merino P.Geo., Pan Global’s Vice President, Exploration, and a qualified person as defined by National Instrument 43-101, has reviewed the technical information that forms the basis for this webpage.
La Romana Mineral Resource Estimate (Cu–Sn–Ag)
Effective Date: December 31, 2025
Table 1– La Romana Initial Mineral Resource Estimate; Cut-off Grade 0.20% Cu
Table 2 – La Romana In-Pit Mineral Resources; Cut-off Grade 0.20% Cu
Effective Date: December 31, 2025
Table 3 – Cañada Honda Mineral Resources; Cut-off Grade 0.25 g/t Au
The In-Pit Mineral Resource (Table 4 below) is constrained within a conceptual open-pit shell developed to demonstrate RPEEE. The pit shell captures a portion Inferred Mineral Resource with higher grades on average than the broader Cañada Honda Mineral Resource.
Table 4 – Cañada Honda In-Pit Inferred Mineral Resource; Cut-off grade: 0.25 g/t Au
Qualified Persons
The scientific and technical information contained in this Mineral Resource Estimate pertaining to La Romana and Cañada Honda has been reviewed and approved by the following qualified persons under NI 43-101:
The Qualified Persons have reviewed and approved the scientific and technical information contained in this disclosure.
For additional Mineral Resource Estimate details and the full Technical Report, titled “Escacena Project - NI-43-101 Report”, see here or SEDAR+ website under the Company's profile. For a summary of the maiden Mineral Resource Estimates for La Romana and Cañada Honda, please see the Company’s December 31, 2025 media release, which is also available on the SEDAR+ website.
Notes to Mineral Resource Tables:
Metal Equivalent Grade Calculations
Copper Equivalent (CuEq) – La Romana
Gold Equivalent (AuEq) – Cañada Honda
Equivalent grades are provided for illustrative purposes only and are not used for cut-off grade determination. Equivalent grades were calculated using metal prices and recoveries only and do not include payability or refining charges.
La Romana Cut-off Grade Sensitivity (Illustrative Only):
Cut-off grade comparisons are presented for illustrative purposes only, are approximate, and do not constitute Mineral Resources or Mineral Reserves. The reported Mineral Resource Estimate is based solely on the stated base-case cut-off grade and assumptions.
To demonstrate RPEEE, Mineral Resources are reported within conceptual open-pit shells generated using a Whittle optimization. Assumptions include:
The cut-off grades of 0.20% Cu (La Romana) and 0.25 g/t Au (Cañada Honda) were selected solely for demonstrating RPEEE and do not imply economic viability.
