PAN GLOBAL FILES NI 43-101 TECHNICAL REPORT FOR INITIAL MINERAL RESOURCE ESTIMATES AT THE ESCACENA PROJECT, SOUTHERN SPAIN
Original announcement by tmx on
- Company
- Pan Global Resources Inc.
- Ticker
- PGZ
- Exchange
- TSX
- Region
- Southern Spain
- Primary commodity
- Copper
- Secondary commodities
- Tin, Silver, Gold
- Document categories
- Resource update
- Extracted
- 2026-09-12 18:51:11 UTC
Analysis by Minestarters Atlas
Minestarters Atlas analysis
Summary
Pan Global Resources has filed a NI 43-101 technical report detailing initial mineral resource estimates for the Escacena Project in southern Spain. The report covers the La Romana (Cu-Sn-Ag) and Cañada Honda (Au-Cu-Ag) deposits, with significant portions classified as Measured and Indicated.
Reasoning: The filing of a NI 43-101 technical report establishing initial mineral resources for two deposits (La Romana and Cañada Honda) provides significant geological de-risking and a foundation for future studies.
Positive factors
- High-confidence resource primarily in Measured and Indicated categories
- Resource remains open along strike and at depth
- Potential for higher-grade starter pit within conceptual open-pit shell
Negative factors
- Metal equivalent grades reported without disclosing payability or refining charges
Facts used in scoring: 9
Classification and evidence
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: The technical report was prepared in accordance with NI 43-101 standards.
Evidence · text
“prepared in accordance with National Instrument 43-101”
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: Significant portions of the reported resources for both deposits are in the Inferred category.
Evidence · text
“Inferred : 4.0 Mt containing 15.8 kt Cu”
Maiden Resourceneutral
First formal MRE for the project — establishes baseline but typically exploration-stage with high Inferred component. No prior estimate exists, so every change band is not applicable.
Why it applies: The document mentions maiden resources were announced in December 2025.
Evidence · text
“with maiden resources announced in December 2025”
Extracted facts
Stored fact records: 9. Some facts used in scoring do not have a stored record.
Resource Estimates (9)
indicatedEscacena Project · copperTonnes: 32400000Grade: 0.37Grade Unit: %Contained Metal: 119500Contained Unit: ktView all detailsHide details
Identity
- Project
- Escacena Project
- Commodity
- copper
- Region
- spain
- Reported Region
- Southern Spain
- Ticker
- PGZ
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- Resource group id
- resource:8006a01259460a5c36b7
- Deposit or zone
- La Romana
- Mining method
- combined
- Resource basis
- gross
Resource Data
- Category
- indicated
- Tonnes
- 32400000
- Grade
- 0.37
- Grade Unit
- %
- Contained Metal
- 119500
- Contained Unit
- kt
- Cutoff Grade
- 0.2
- Cutoff Unit
- % Cu
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Metal Eq. Grade
- 0.44
- Metal Eq. Unit
- % CuEq
- Assumptions Disclosed
- No
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-02-12T00:00:00.000Z
Reasoning: Standard indicated resource component of the La Romana deposit.
Positive factors
- Indicated category provides reasonable geological confidence
Evidence · text
“La Romana (Cu-Sn-Ag) Mineral Resources at a cut-off grade of 0.2% Cu : Measured and Indicated : 32.4 Mt containing 119.5 kt Cu”
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
indicatedEscacena Project · tinTonnes: 32400000Grade: 270Grade Unit: ppmContained Metal: 8800Contained Unit: ktView all detailsHide details
Identity
- Project
- Escacena Project
- Commodity
- tin
- Region
- spain
- Reported Region
- Southern Spain
- Ticker
- PGZ
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- Resource group id
- resource:8006a01259460a5c36b7
- Deposit or zone
- La Romana
- Mining method
- combined
- Resource basis
- gross
Resource Data
- Category
- indicated
- Tonnes
- 32400000
- Grade
- 270
- Grade Unit
- ppm
- Contained Metal
- 8800
- Contained Unit
- kt
- Cutoff Grade
- 0.2
- Cutoff Unit
- % Cu
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-02-12T00:00:00.000Z
Reasoning: Byproduct tin grade reported within the La Romana resource.
Evidence · text
“32.4 Mt containing ... 8.8 kt Sn ... (average grades of ... 270 ppm Sn)”
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
indicatedEscacena Project · silverTonnes: 32400000Grade: 1.7Grade Unit: g/tContained Metal: 1.7Contained Unit: mozView all detailsHide details
Identity
- Project
- Escacena Project
- Commodity
- silver
- Region
- spain
- Reported Region
- Southern Spain
- Ticker
- PGZ
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- Resource group id
- resource:8006a01259460a5c36b7
- Deposit or zone
- La Romana
- Mining method
- combined
- Resource basis
- gross
Resource Data
- Category
- indicated
- Tonnes
- 32400000
- Grade
- 1.7
- Grade Unit
- g/t
- Contained Metal
- 1.7
- Contained Unit
- moz
- Cutoff Grade
- 0.2
- Cutoff Unit
- % Cu
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-02-12T00:00:00.000Z
Reasoning: Byproduct silver grade reported within the La Romana resource.
Evidence · text
“32.4 Mt containing ... 1.7 Moz Ag (average grades of ... 1.7 g/t Ag)”
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
inferredEscacena Project · copperTonnes: 4000000Grade: 0.4Grade Unit: %Contained Metal: 15800Contained Unit: ktView all detailsHide details
Identity
- Project
- Escacena Project
- Commodity
- copper
- Region
- spain
- Reported Region
- Southern Spain
- Ticker
- PGZ
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- Resource group id
- resource:1b19879ceb9fe15e8f00
- Deposit or zone
- La Romana
- Mining method
- combined
- Resource basis
- gross
Resource Data
- Category
- inferred
- Tonnes
- 4000000
- Grade
- 0.4
- Grade Unit
- %
- Contained Metal
- 15800
- Contained Unit
- kt
- Cutoff Grade
- 0.2
- Cutoff Unit
- % Cu
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Metal Eq. Grade
- 0.42
- Metal Eq. Unit
- % CuEq
- Assumptions Disclosed
- No
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-02-12T00:00:00.000Z
Reasoning: Inferred resource component of the La Romana deposit.
Negative factors
- Inferred category implies limited geological confidence
Evidence · text
“Inferred : 4.0 Mt containing 15.8 kt Cu ... (average grades of 0.40% Cu ... 0.42% CuEq)”
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
inferredEscacena Project · tinTonnes: 4000000Grade: 71Grade Unit: ppmContained Metal: 300Contained Unit: ktView all detailsHide details
Identity
- Project
- Escacena Project
- Commodity
- tin
- Region
- spain
- Reported Region
- Southern Spain
- Ticker
- PGZ
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- Resource group id
- resource:1b19879ceb9fe15e8f00
- Deposit or zone
- La Romana
- Mining method
- combined
- Resource basis
- gross
Resource Data
- Category
- inferred
- Tonnes
- 4000000
- Grade
- 71
- Grade Unit
- ppm
- Contained Metal
- 300
- Contained Unit
- kt
- Cutoff Grade
- 0.2
- Cutoff Unit
- % Cu
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-02-12T00:00:00.000Z
Reasoning: Byproduct tin grade reported within the La Romana inferred resource.
Evidence · text
“4.0 Mt containing ... 0.3 kt Sn ... (average grades of ... 71 ppm Sn)”
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
inferredEscacena Project · silverTonnes: 4000000Grade: 1.4Grade Unit: g/tContained Metal: 0.2Contained Unit: mozView all detailsHide details
Identity
- Project
- Escacena Project
- Commodity
- silver
- Region
- spain
- Reported Region
- Southern Spain
- Ticker
- PGZ
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- Resource group id
- resource:1b19879ceb9fe15e8f00
- Deposit or zone
- La Romana
- Mining method
- combined
- Resource basis
- gross
Resource Data
- Category
- inferred
- Tonnes
- 4000000
- Grade
- 1.4
- Grade Unit
- g/t
- Contained Metal
- 0.2
- Contained Unit
- moz
- Cutoff Grade
- 0.2
- Cutoff Unit
- % Cu
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-02-12T00:00:00.000Z
Reasoning: Byproduct silver grade reported within the La Romana inferred resource.
Evidence · text
“4.0 Mt containing ... 0.2 Moz Ag (average grades of ... 1.4 g/t Ag)”
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
inferredEscacena Project · goldTonnes: 5000000Grade: 0.65Grade Unit: g/tContained Metal: 104Contained Unit: kozView all detailsHide details
Identity
- Project
- Escacena Project
- Commodity
- gold
- Region
- spain
- Reported Region
- Southern Spain
- Ticker
- PGZ
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- Resource group id
- resource:6eaa2ccd05031ea8a3af
- Deposit or zone
- Cañada Honda
- Mining method
- combined
- Resource basis
- gross
Resource Data
- Category
- inferred
- Tonnes
- 5000000
- Grade
- 0.65
- Grade Unit
- g/t
- Contained Metal
- 104
- Contained Unit
- koz
- Cutoff Grade
- 0.25
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Metal Eq. Grade
- 0.74
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- No
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-02-12T00:00:00.000Z
Reasoning: Inferred resource component of the Cañada Honda deposit.
Negative factors
- Inferred category implies limited geological confidence
Evidence · text
“Cañada Honda (Au-Cu-Ag) Mineral Resources at a cut-off grade of 0.25 g/t Au : Inferred : 5.0 Mt containing 104 koz Au ... (average grades of 0.65 g/t Au ... 0.74 g/t AuEq)”
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
inferredEscacena Project · copperTonnes: 5000000Grade: 0.14Grade Unit: %Contained Metal: 6800Contained Unit: ktView all detailsHide details
Identity
- Project
- Escacena Project
- Commodity
- copper
- Region
- spain
- Reported Region
- Southern Spain
- Ticker
- PGZ
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- Resource group id
- resource:6eaa2ccd05031ea8a3af
- Deposit or zone
- Cañada Honda
- Mining method
- combined
- Resource basis
- gross
Resource Data
- Category
- inferred
- Tonnes
- 5000000
- Grade
- 0.14
- Grade Unit
- %
- Contained Metal
- 6800
- Contained Unit
- kt
- Cutoff Grade
- 0.25
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-02-12T00:00:00.000Z
Reasoning: Byproduct copper grade reported within the Cañada Honda inferred resource.
Evidence · text
“5.0 Mt containing ... 6.8 kt Cu ... (average grades of ... 0.14% Cu)”
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
inferredEscacena Project · silverTonnes: 5000000Grade: 1.2Grade Unit: g/tContained Metal: 0.2Contained Unit: mozView all detailsHide details
Identity
- Project
- Escacena Project
- Commodity
- silver
- Region
- spain
- Reported Region
- Southern Spain
- Ticker
- PGZ
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- Resource group id
- resource:6eaa2ccd05031ea8a3af
- Deposit or zone
- Cañada Honda
- Mining method
- combined
- Resource basis
- gross
Resource Data
- Category
- inferred
- Tonnes
- 5000000
- Grade
- 1.2
- Grade Unit
- g/t
- Contained Metal
- 0.2
- Contained Unit
- moz
- Cutoff Grade
- 0.25
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-02-12T00:00:00.000Z
Reasoning: Byproduct silver grade reported within the Cañada Honda inferred resource.
Evidence · text
“5.0 Mt containing ... 0.2 Moz Ag (average grades of ... 1.2 g/t Ag)”
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
How Atlas produces this analysis
Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.