Pan Global Expands Near-Surface High-Grade Gold Discovery at Cármenes Project, Spain: Drillholes Return 7.29g/t Au Over 9 Meters and 1.53g/t Au Over 38 Meters

VANCOUVER, British Columbia, Oct. 14, 2026 (GLOBE NEWSWIRE) -- Pan Global Resources Inc. ("Pan Global" or the "Company") (TSXV: PGZ; OTCQB: PGZFF; FRA: 2EU) is pleased to announce additional assay results from the Phase 3 drilling program at the Providencia target ("Providencia") at the Company's 100%-owned Cármenes Project ("Cármenes") in northern Spain.

Highlights:

• Near surface high-grade gold:
  • PVD18: 7.29g/t Au over 9.0 meters from 1.0 meter downhole, including 28.10g/t Au over 2.0 meters
  • The 9.0-meter interval also returned significant polymetallic credits of 0.72g/t Pt, 0.24g/t Pd, 0.20% Cu, 0.17% Ni and 0.06% Co
• Broad near-surface mineralization:
  • PVD17: 1.53g/t Au over 38.0 meters from 17.0 meters downhole, including 2.25g/t Au over 25.0 meters (which includes higher-grade zones of 3.18g/t Au over 10.0 meters at and 3.70g/t Au over 2.0 meters)
  • PVD19: Returned multiple gold intervals, including 2.57g/t Au over 2.0 meters, 2.46g/t Au over 6.0 meters and 1.60g/t Au over 2.0 meters
  • A separate uncut interval of 0.81g/t Au over 30 meters from surface in PVD19 demonstrates a broad, continuous envelope of near-surface gold mineralization that extends well beyond the cut-off based higher-grade zones

• Depth and Scale Potential:
  • PVD17 was drilled beneath previous hole PVD03 and returned substantially higher grades than the overlying intercept, indicating potential for stronger gold mineralization at depth
  • The mineralization remains wide open in several directions, providing immediate opportunities to expand the scale of this new discovery
  • Exploration is rapidly advancing across nearby targets, with final preparations underway for a maiden drill campaign at the Profunda target, located just 1 kilometer south of Providencia 
    

“We are highly encouraged by the exceptional combination of near-surface high-grade gold, broad mineralized intervals, and compelling evidence that grades are strengthening at depth. With mineralization completely open in multiple directions, Providencia is rapidly shaping up as a significant discovery,” said Tim Moody, President and CEO of Pan Global. “

“Our drilling is successfully defining the geometry and structural controls on the system, confirming continuous gold mineralization from surface to a depth of more than 70 meters where it remains open. Historical mine workings further indicate that this system continues to at least 100 meters below surface. The next phase of follow-up drilling will focus on systematically testing these lateral and depth extensions to determine the true scale of the discovery. These latest results strongly validate our geological model at Providencia, which sits alongside more than two dozen highly prospective targets across the broader Cármenes Project area.”

Next Steps:

Cármenes exploration is advancing rapidly through:

• Data Integration: Drill results are being integrated with other recent exploration data to refine the geological model and prioritize follow-up expansion drilling.
• Providencia Drilling: The Phase 3 (12-hole) drill program continues at Providencia testing the extent of the gold mineralization.
• Pending Assays: Assay results are currently pending for three Providencia drillholes, including hole PVD22 in-progress.
• Profunda Target: Maiden Profunda exploration drill program is scheduled to begin shortly.

• Regional Exploration: Surface sampling and geological mapping are actively underway to expand regional targets within the broader Cármenes Project area.
  
  

The latest drill results are summarized in Tables 1 and 2 below.

Figure 1 – Providencia target map, drillhole and cross-section locations A-A' (Fig. 1) and B-B’ (Fig. 2)

Figure 2 – Providencia cross-section showing PVD17 (Historical mine projected on to the section)

Figure 3 – Providencia cross-section showing PVD18 (Historical mine projected on to the section)

Reporting Notes:

1. All reported drill intervals are downhole lengths. Additional drilling is required to determine the geometry and true thickness of the mineralized zones.
2. For exploration reporting purposes, highlighted gold intervals have been calculated using a 0.5 g/t Au lower cut-off and allow up to three meters of consecutive internal dilution, while all other intervals use a 0.1 g/t Au cut-off. No top-cut has been applied.
3. The broader uncut interval of 0.81g/t Au over 30.0 meters in PVD19 is reported to demonstrate the broad, continuous anomalous nature of the gold mineralization and to facilitate comparison with previously reported drill results. Uncut intervals are not directly comparable to cut-off-based composite intervals and should not be considered an equivalent composite.
4. No economic significance should be inferred from the reporting cut-offs used for these exploration results.

Table 3 – Drillhole Collar Information

¹ Coordinate system: UTM30N ETRS89; ² Drillhole PVD16 final depth (Length) updated

About the Cármenes Project

The Cármenes Project is located on the southeastern extension of the Rio Narcea Gold Belt approx. 55 km north of León and comprises five Investigation Permits over 5,653 hectares held 100% by Pan Global. The project is approx. 70 km east of Orvana Mineral’s operating El Valle-Boinás/Carlés copper-gold-silver mines and 30 km west of the Salamón Gold Project where the Company was recently notified it was successful in its public tender bid pending an appeal.

Cármenes is prospective for multiple bodies or “clusters” of carbonate-hosted hydrothermal breccia style copper, nickel, cobalt, and gold mineralization. The area includes the former Profunda and Providencia copper-cobalt-nickel mines that last operated in the 1930s. There was no historical gold production at Cármenes. The Company’s maiden 2025 drill program at Providencia yielded a new gold discovery.

About Pan Global Resources

Pan Global Resources Inc. is actively exploring for copper and gold deposits along with other metals.

The Company’s flagship Escacena Project, hosting La Romana and Cañada Honda copper-tin-gold mineral resources, is located in the Iberian Pyrite Belt in southern Spain.

The Company’s second project, at Cármenes in northern Spain, has a long mining history and excellent infrastructure. Pan Global is committed to operating safely and with utmost respect for the environment and our partnered communities. The Company operates under the principles, of the United Nations Global Compact.

To learn more about Pan Global Resources, please visit the Company’s Curation Connect showcase and explore AI-generated responses to your enquiries.

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.

Sampling, QA/QC and Analytical Procedures

Core size was HQ (63 mm) and all samples were ½ core. Nominal sample size was 1 meter core length and ranged from 0.5 to 2 meters. 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 placed in sealed bags and delivered to the ALS sample preparation facility in Seville in Spain and assayed at the ALS facility in Ireland. All samples were crushed and split (method CRU-31, SPL22Y) and pulverized using (method PUL-31). Gold, platinum and palladium analysis was by 50-gram fire assay with ICP finish (method Au-ICP-24) and multi element analysis was undertaken using a 4-acid digest with ICP AES finish (method ME-ICP-61). Over grade base metal results were assayed using a 4-acid digest ICP AES (method OG-62).

FOR MORE INFORMATION PLEASE CONTACT:

Jason Mercier, VP Investor Relations and Communications
jason@panglobalresources.com / investors@panglobalresources.com
Tel: +1-236-886-9518
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.

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