Pan Global Resources (TSXV: PGZ) defines maiden copper–tin–gold resource at Escacena as Iberian Pyrite Belt focus deepens

Pan Global Resources Inc. has published maiden mineral resource estimates for the La Romana and Cañada Honda deposits at its 100%-owned Escacena Project in southern Spain’s Iberian Pyrite Belt, marking a shift from early-stage exploration into formal resource delineation. The announcement establishes an initial copper–tin–silver resource at La Romana and a gold–copper–silver estimate at Cañada Honda, providing a platform for technical and economic evaluation in a historically prolific mining jurisdiction.

How do the La Romana and Cañada Honda resource estimates reshape Pan Global’s project trajectory?

The La Romana deposit accounts for the majority of the defined resource, with 32.4 million tonnes of measured and indicated material containing 119,500 tonnes of copper, 8,800 tonnes of tin, and 1.75 million ounces of silver at an average copper-equivalent grade of 0.44%. The estimate also includes 4 million tonnes of inferred resources with a slightly lower copper-equivalent grade of 0.42%. Importantly, over 90% of the in-pit tonnage at La Romana is classified as measured, underscoring the deposit’s geological continuity and derisking the transition to scoping-level evaluations.

Cañada Honda, roughly 4 kilometers north of La Romana, introduces a separate system with 5 million tonnes of inferred resources grading 0.74 grams per tonne gold equivalent. Although smaller and earlier-stage, it injects gold-dominant upside potential into what has primarily been a copper-led story. The addition of a second mineral system gives Pan Global optionality in future sequencing of development and enhances the project’s narrative in a region with existing smelting, transport, and labor infrastructure.

What execution and metallurgical factors could shape economic viability in future scoping studies?

Preliminary metallurgical testwork at La Romana has yielded favorable results. According to the company, the tests confirm the potential to generate copper concentrates with elevated copper grades and minimal deleterious elements—an important consideration in a tightening smelter capacity environment where clean concentrates command premiums.

The metallurgical profiles also align with projected recoveries used to calculate copper-equivalent grades. The copper equivalent formula at La Romana assumes a copper price of $4.80 per pound with 86.4% recovery, tin at $35,000 per tonne with 58.1% recovery, and silver at $45 per ounce with 55.7% recovery. While these prices reflect bullish assumptions, they are within consensus long-term pricing scenarios used in similar base metals projects in Tier 1 jurisdictions.

At Cañada Honda, recoveries are more modest—particularly for copper at 50%—but gold and silver recoveries are modeled at 95% and 90%, respectively. The relatively low copper content also lessens dependency on its recovery rate. Future studies will need to reconcile recovery trade-offs with capital intensity, especially given the lack of existing processing facilities tied directly to the project.

What makes the Iberian Pyrite Belt a credible jurisdictional tailwind for Pan Global?

The Iberian Pyrite Belt is one of the most mineralized volcanic-hosted massive sulfide (VHMS) terrains globally, with legacy producers such as Rio Tinto, Lundin Mining, and First Quantum Minerals active in the region. Spain’s mining code, infrastructure maturity, and proximity to end markets make it attractive for polymetallic developers compared to emerging-market peers. Importantly, community engagement risks and permitting timelines tend to be more predictable than in Latin American copper jurisdictions.

Pan Global’s Escacena Project benefits from its location in an area with historical mining activity and access to grid infrastructure, paved roads, and a skilled labor pool. The company’s emphasis on “conceptual pit shells” to constrain resources within reasonable prospects for eventual economic extraction (RPEEE) further aligns its estimates with global reporting standards and enhances project credibility in the eyes of potential strategic partners or acquirers.

Could Pan Global position Escacena as a regional consolidation target?

While Pan Global Resources Inc. remains in early resource definition stages, the clean metallurgy, in-pit resource configuration, and proximity to other active operations may make it a strategic fit for larger operators in the Iberian Pyrite Belt. Companies such as Sandfire Resources and Atalaya Mining have sought to bolster their European copper exposure, and La Romana could offer bolt-on development potential within trucking distance of existing infrastructure.

Moreover, the presence of both copper and tin—with the latter being designated as a critical mineral by multiple jurisdictions—adds a dimension of supply chain relevance. As European policymakers advance domestic raw material strategies, projects with a critical mineral component in secure jurisdictions may find additional tailwinds in permitting and financing.

What are the market signals and investor sentiment around Pan Global’s exploration maturity?

Pan Global’s listing on TSX Venture Exchange, OTCQB, and Frankfurt Exchange reflects an intent to tap both North American and European capital. While not yet a development-stage company, the transition from grassroots exploration to resource delineation often triggers increased institutional interest. The high proportion of measured resources at La Romana will be particularly relevant to technical investors seeking derisked exposure to copper-tin-silver systems.

Investor sentiment will now hinge on how Pan Global advances into the scoping or preliminary economic assessment phase. Execution risk around future infill drilling, metallurgical optimization, and capital cost estimation could compress valuation multiples if not proactively addressed. However, the Escacena Project’s resource momentum—paired with the jurisdictional halo effect of the Iberian Pyrite Belt—gives Pan Global more visibility than most exploration-stage peers.

Key takeaways on what the Escacena maiden resource means for Pan Global and copper–tin peers

• Pan Global Resources Inc. has defined a maiden copper–tin–silver resource at La Romana and a gold–copper–silver resource at Cañada Honda within the Escacena Project.
• The majority of La Romana’s 32.4 million tonnes of measured and indicated material is contained within a conceptual open-pit shell, signaling near-term development potential.
• Cañada Honda introduces a second gold-dominant system with growth potential, expanding the project’s optionality and exploration runway.
• Metallurgical testwork suggests favorable copper concentrate quality with low penalty elements, supporting economic viability in a premium-seeking smelter market.
• Pan Global’s use of metal-equivalent grades and RPEEE-compliant resource boundaries aligns with best practices for investor transparency and future valuation.
• The project’s location in Spain’s Iberian Pyrite Belt provides permitting, infrastructure, and strategic advantages over many copper–tin peers.
• Escacena may become a consolidation target for regional mid-tiers or majors seeking clean copper growth with critical mineral upside.
• Future valuation will depend on technical studies, execution credibility, and how Pan Global positions itself within the European raw materials ecosystem.