# PAN GLOBAL FILES NI 43-101 TECHNICAL REPORT FOR INITIAL MINERAL RESOURCE ESTIMATES AT THE ESCACENA PROJECT, SOUTHERN SPAIN

Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/pan-global-files-ni-43-101-technical-report-for-initial-mineral-resource-estimat--51c8440c-ea3f-43c3-8f0d-303c21a50ec1

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: 2026-08-21 02:16:44 UTC

Narrative sentiment: 0.70 · Bullish

## Minestarters Atlas summary

Pan Global Resources has filed a NI 43-101 technical report for the Escacena Project in Spain, detailing maiden mineral resource estimates for the La Romana \(Cu-Sn-Ag\) and Cañada Honda \(Au-Cu-Ag\) deposits. The La Romana deposit features a substantial 32.4 Mt Measured and Indicated resource, while Cañada Honda contains a 5.0 Mt Inferred resource.

Reasoning: The filing of a NI 43-101 technical report formalizing maiden resource estimates for two deposits provides significant de-risking and a foundation for economic studies.

- Positive factor: High-confidence resource primarily in Measured and Indicated categories

- Positive factor: Significant tonnage at La Romana \(32.4 Mt M&I\)

- Positive factor: Potential for higher-grade starter pit via open-pit shell

- Positive factor: QP/CP sign-off provided by independent professionals

- Negative factor: Cañada Honda resource is entirely Inferred

Facts used in scoring: 9

## Classification and evidence

**Maiden Resource**

Polarity: neutral

Definition: First formal MRE for the project — establishes baseline but typically exploration-stage with high Inferred component.

Why it applies: The report presents initial mineral resource estimates for the Escacena Project.

Evidence · text

> released the results of the Mineral Resource Estimates \("MREs"\) for the La Romana... and Cañada Honda... deposits

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: Independent Qualified Persons \(Steve Hyland and Steve Craig\) are named and have approved the technical information.

Evidence · text

> The Qualified Persons have reviewed and approved the scientific and technical information contained in this media release.

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: The report was prepared in accordance with NI 43-101 standards.

Evidence · text

> prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects \("NI 43-101"\)

**All Inferred**

Polarity: negative

Definition: 100% of resource is Inferred category — very early stage, no engineering confidence.

Why it applies: The Cañada Honda deposit resource is reported entirely as Inferred.

Evidence · text

> Cañada Honda \(Au-Cu-Ag\) Mineral Resources... : Inferred : 5.0 Mt

## 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-staging.minestarters.com/news/pan-global-files-ni-43-101-technical-report-for-initial-mineral-resource-estimat--51c8440c-ea3f-43c3-8f0d-303c21a50ec1#fact-resource-facts-0)

La Romana · copper

#### Identity

- Project: La Romana
- Commodity: copper
- Ticker: PGZ

#### Resource Data

- Category: indicated
- Tonnes: 32400000
- Grade: 0.37
- Grade Unit: %
- Contained Metal: 119500
- Contained Unit: kt
- Cutoff Grade: 0.2

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-02-12T00:00:00.000Z

Reasoning: 0.37% Cu is a solid grade for a large-scale resource in the Iberian Pyrite Belt.

- Positive factor: Part of a large M&I resource base

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... average grades of 0.37% Cu

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/pan-global-files-ni-43-101-technical-report-for-initial-mineral-resource-estimat--51c8440c-ea3f-43c3-8f0d-303c21a50ec1#fact-resource-facts-1)

La Romana · tin

#### Identity

- Project: La Romana
- Commodity: tin
- Ticker: PGZ

#### Resource Data

- Category: indicated
- Tonnes: 32400000
- Grade: 270
- Grade Unit: ppm
- Contained Metal: 8800
- Contained Unit: kt
- Cutoff Grade: 0.2

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-02-12T00:00:00.000Z

Reasoning: Significant tin byproduct reported within the M&I resource.

Evidence · text

> 32.4 Mt containing... 8.8 kt Sn... average grades of... 270 ppm Sn

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/pan-global-files-ni-43-101-technical-report-for-initial-mineral-resource-estimat--51c8440c-ea3f-43c3-8f0d-303c21a50ec1#fact-resource-facts-2)

La Romana · silver

#### Identity

- Project: La Romana
- Commodity: silver
- Ticker: PGZ

#### Resource Data

- Category: indicated
- Tonnes: 32400000
- Grade: 1.7
- Grade Unit: g/t
- Contained Metal: 1700000
- Contained Unit: oz
- Cutoff Grade: 0.2

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-02-12T00:00:00.000Z

Reasoning: Silver byproduct included in the M&I resource.

Evidence · text

> 32.4 Mt containing... 1.7 Moz Ag... average grades of... 1.7 g/t Ag

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/pan-global-files-ni-43-101-technical-report-for-initial-mineral-resource-estimat--51c8440c-ea3f-43c3-8f0d-303c21a50ec1#fact-resource-facts-3)

La Romana · copper

#### Identity

- Project: La Romana
- Commodity: copper
- Ticker: PGZ

#### Resource Data

- Category: inferred
- Tonnes: 4000000
- Grade: 0.4
- Grade Unit: %
- Contained Metal: 15800
- Contained Unit: kt
- Cutoff Grade: 0.2

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-02-12T00:00:00.000Z

Reasoning: Higher grade than M&I but lower geological confidence.

- Negative factor: Inferred category limits economic confidence

Evidence · text

> Inferred : 4.0 Mt containing 15.8 kt Cu... average grades of 0.40% Cu

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/pan-global-files-ni-43-101-technical-report-for-initial-mineral-resource-estimat--51c8440c-ea3f-43c3-8f0d-303c21a50ec1#fact-resource-facts-4)

La Romana · tin

#### Identity

- Project: La Romana
- Commodity: tin
- Ticker: PGZ

#### Resource Data

- Category: inferred
- Tonnes: 4000000
- Grade: 71
- Grade Unit: ppm
- Contained Metal: 300
- Contained Unit: kt
- Cutoff Grade: 0.2

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-02-12T00:00:00.000Z

Reasoning: Trace tin byproduct in inferred resource.

Evidence · text

> 4.0 Mt containing... 0.3 kt Sn... average grades of... 71 ppm Sn

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/pan-global-files-ni-43-101-technical-report-for-initial-mineral-resource-estimat--51c8440c-ea3f-43c3-8f0d-303c21a50ec1#fact-resource-facts-5)

La Romana · silver

#### Identity

- Project: La Romana
- Commodity: silver
- Ticker: PGZ

#### Resource Data

- Category: inferred
- Tonnes: 4000000
- Grade: 1.4
- Grade Unit: g/t
- Contained Metal: 200000
- Contained Unit: oz
- Cutoff Grade: 0.2

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-02-12T00:00:00.000Z

Reasoning: Trace silver byproduct in inferred resource.

Evidence · text

> 4.0 Mt containing... 0.2 Moz Ag... average grades of... 1.4 g/t Ag

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/pan-global-files-ni-43-101-technical-report-for-initial-mineral-resource-estimat--51c8440c-ea3f-43c3-8f0d-303c21a50ec1#fact-resource-facts-6)

Cañada Honda · gold

#### Identity

- Project: Cañada Honda
- Commodity: gold
- Ticker: PGZ

#### Resource Data

- Category: inferred
- Tonnes: 5000000
- Grade: 0.65
- Grade Unit: g/t
- Contained Metal: 104000
- Contained Unit: koz
- Cutoff Grade: 0.25

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-02-12T00:00:00.000Z

Reasoning: Gold resource is significant in size but lacks geological confidence due to being 100% Inferred.

- Negative factor: Entirely Inferred resource

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

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/pan-global-files-ni-43-101-technical-report-for-initial-mineral-resource-estimat--51c8440c-ea3f-43c3-8f0d-303c21a50ec1#fact-resource-facts-7)

Cañada Honda · copper

#### Identity

- Project: Cañada Honda
- Commodity: copper
- Ticker: PGZ

#### Resource Data

- Category: inferred
- Tonnes: 5000000
- Grade: 0.14
- Grade Unit: %
- Contained Metal: 6800
- Contained Unit: kt
- Cutoff Grade: 0.25

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-02-12T00:00:00.000Z

Reasoning: Copper byproduct in inferred gold resource.

Evidence · text

> 5.0 Mt containing... 6.8 kt Cu... average grades of... 0.14% Cu

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/pan-global-files-ni-43-101-technical-report-for-initial-mineral-resource-estimat--51c8440c-ea3f-43c3-8f0d-303c21a50ec1#fact-resource-facts-8)

Cañada Honda · silver

#### Identity

- Project: Cañada Honda
- Commodity: silver
- Ticker: PGZ

#### Resource Data

- Category: inferred
- Tonnes: 5000000
- Grade: 1.2
- Grade Unit: g/t
- Contained Metal: 200000
- Contained Unit: oz
- Cutoff Grade: 0.25

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-02-12T00:00:00.000Z

Reasoning: Silver byproduct in inferred gold resource.

Evidence · text

> 5.0 Mt containing... 0.2 Moz Ag... average grades of... 1.2 g/t Ag

## 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.