The following summarizes Pan Global Resources Inc.’s exploration program for 2026 at its two fully owned Spanish projects: Escacena and Cármenes. Building on results from 2026 and a recently issued media release dated February 12, 2026, the company has planned a combined 10,000-meter multi-target drill program to test high-priority, previously untested anomalies and to expand recently discovered mineralized zones. The program targets a mix of near-surface and deeper systems with potential for copper, tin, gold, nickel and cobalt mineralization.
These drilling activities are underpinned by existing maiden resources at Escacena and a 2026 discovery of near-surface gold at Cármenes. With strategic financing support, Pan Global aims to progress both projects toward district-scale potential while providing regular operational updates to stakeholders.
Overview of the 2026 drill program
The company has allocated a combined 10,000 metres of drilling across the two projects. At Escacena, the emphasis is on expanding the copper resource base and testing more than 15 large untested drill targets. At Cármenes, drilling is designed to follow up on the high-grade, near-surface gold discovery at the Providencia target while evaluating other base-metal targets across more than 25 exploration targets. The program mixes reconnaissance and resource-extension holes to balance discovery potential with resource definition.
Drill logistics and surveys
Preparatory work includes drill site construction and geochemical mapping at Escacena North, and roadbuilding at Cármenes to access drill platforms. Pan Global will complete airborne electromagnetic and magnetic surveys over Escacena South to refine target ranking and accelerate drill decisions. Priority targets slated for drilling at Escacena include El Pozo, Cortijo, Trinidad and Carmen, while at Cármenes the immediate focus is on Providencia and the historical Profunda workings.
Project-scale potential and recent results
Escacena lies within the eastern extent of the Iberian Pyrite Belt and now includes the newly added Escacena South area, bringing the package to over 13,000 hectares. The project hosts multiple mineralized occurrences such as the La Romana and Cañada Honda zones. Pan Global announced maiden resource estimates for these deposits in and is targeting a long-term objective to define a >100 million tonne resource base through step-out and discovery drilling.
Key reported resources at Escacena include the La Romana deposit with Measured and Indicated resources of 32.4 Mt at 0.37% Cu, and inferred tonnes in addition. The Cañada Honda target hosts an inferred resource of 5.0 Mt at 0.65 g/t Au and associated base metals. These figures form the technical foundation for further exploration and represent important milestones in the project’s advancement.
Cármenes: historical context and new discovery
The Cármenes property is sited in the Rio Narcea Gold Belt and includes five investigation permits covering 5,653 hectares. Historically, the Providencia and Profunda mines produced copper and cobalt (with nickel) in the early 20th century. Pan Global’s 2026 drilling returned a previously unrecognized near-surface gold occurrence at Providencia, adding optionality beyond the project’s copper-nickel-cobalt potential. The company has identified more than 25 targets from airborne geophysics that warrant systematic evaluation in 2026.
Operational context and objectives
Pan Global emphasizes a staged approach: complete preparatory surveys and access works, execute priority reconnaissance holes, and then focus resource expansion drilling where promising mineralization is confirmed. The company highlights its strengthened treasury position from a new strategic investor and notes experienced technical leadership driving the program. Regular progress reports are planned as drilling progresses.
Operational highlights from 2026 that inform the 2026 strategy include approximately 8,800 metres of drilling across both projects, expansion of near-surface copper-tin mineralization at La Romana, discovery-scale intercepts at La Pantoja, and successful testing at several other targets that intersected copper, lead and zinc mineralization. At Cármenes, the maiden program led to the Providencia gold finding and generated a large number of follow-up targets from geophysical surveys.
Technical governance and forward-looking considerations
All technical information has been reviewed by the company’s qualified personnel in accordance with applicable reporting standards. Pan Global notes that forward-looking statements are subject to risks such as geological uncertainty, permitting, market conditions and operational factors. Readers are directed to the company’s filings and the February 12, 2026 media release for detailed technical disclosures and risk factors.
The strategy pairs geophysical and geochemical targeting with rapid drill testing to unlock district-scale potential while maintaining a disciplined, staged exploration plan.