# PAN GLOBAL FILES NI 43-101 TECHNICAL REPORT FOR INITIAL MINERAL RESOURCE ESTIMATES AT THE ESCACENA PROJECT, SOUTHERN SPAIN Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/pan-global-files-ni-43-101-technical-report-for-initial-mineral-resource-estimat--926e5046-023a-4cb3-80bc-27aed0a2a34b Original source: https://money.tmx.com/en/quote/PGZ/news/6818567599301205/pan-global-files-ni-43-101-technical-report-for-initial-mineral-resource-estimat Publisher: tmx Original announcement: 2026-02-12T23:12:00.000Z Analysis by Minestarters Atlas Atlas analysis published: Unknown date Atlas analysis updated: Unknown date - 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 Narrative sentiment: 0.60 · Bullish ## Minestarters Atlas 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 factor: High-confidence resource primarily in Measured and Indicated categories - Positive factor: Resource remains open along strike and at depth - Positive factor: Potential for higher-grade starter pit within conceptual open-pit shell - Negative factor: Metal equivalent grades reported without disclosing payability or refining charges Facts used in scoring: 9 ## Classification and evidence **NI 43-101 Compliant** Polarity: positive Definition: 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 Resource** Polarity: negative Definition: 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 Resource** Polarity: neutral Definition: 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) ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/pan-global-files-ni-43-101-technical-report-for-initial-mineral-resource-estimat--926e5046-023a-4cb3-80bc-27aed0a2a34b#fact-resource-facts-0) Escacena Project · copper #### 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 factor: 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 Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/pan-global-files-ni-43-101-technical-report-for-initial-mineral-resource-estimat--926e5046-023a-4cb3-80bc-27aed0a2a34b#fact-resource-facts-1) Escacena Project · tin #### 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 Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/pan-global-files-ni-43-101-technical-report-for-initial-mineral-resource-estimat--926e5046-023a-4cb3-80bc-27aed0a2a34b#fact-resource-facts-2) Escacena Project · silver #### 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 Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/pan-global-files-ni-43-101-technical-report-for-initial-mineral-resource-estimat--926e5046-023a-4cb3-80bc-27aed0a2a34b#fact-resource-facts-3) Escacena Project · copper #### 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 factor: 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 Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/pan-global-files-ni-43-101-technical-report-for-initial-mineral-resource-estimat--926e5046-023a-4cb3-80bc-27aed0a2a34b#fact-resource-facts-4) Escacena Project · tin #### 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 Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/pan-global-files-ni-43-101-technical-report-for-initial-mineral-resource-estimat--926e5046-023a-4cb3-80bc-27aed0a2a34b#fact-resource-facts-5) Escacena Project · silver #### 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 Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/pan-global-files-ni-43-101-technical-report-for-initial-mineral-resource-estimat--926e5046-023a-4cb3-80bc-27aed0a2a34b#fact-resource-facts-6) Escacena Project · gold #### 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 factor: 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 Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/pan-global-files-ni-43-101-technical-report-for-initial-mineral-resource-estimat--926e5046-023a-4cb3-80bc-27aed0a2a34b#fact-resource-facts-7) Escacena Project · copper #### 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 Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/pan-global-files-ni-43-101-technical-report-for-initial-mineral-resource-estimat--926e5046-023a-4cb3-80bc-27aed0a2a34b#fact-resource-facts-8) Escacena Project · silver #### 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 Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: 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.