Mr. Jason Mercier reports

PAN GLOBAL ANNOUNCES CLOSING OF $7.2 MILLION PRIVATE PLACEMENT WITH ALPAYANA

Pan Global Resources Inc. has closed its previously announced non-brokered private placement financing with Alpayana. The company issued 45 million common shares of the company at a price of 16 cents per share for gross proceeds of $7.2-million. Alpayana now holds 19.55 per cent of the issued and outstanding common shares of the company.

The shares will be subject to a hold period expiring Oct. 13, 2026. No finders' fees were paid in connection with the offering.

The proceeds of this offering will be used to advance a significantly expanded exploration and drill program at the company's Escacena and Carmenes projects, including at the recently acquired and highly prospective Escacena South property in southern Spain, and for general corporate purposes.

Early warning disclosure

Immediately prior to completion of the Alpayana acquisition, Alpayana beneficially owned and controlled an aggregate of 35 million common shares, representing 9.61 per cent of the issued and outstanding common shares of Pan Global. Following completion the Alpayana acquisition, Alpayana beneficially owns and controls 80 million common shares, representing 19.55 per cent of the issued and outstanding common shares of Pan Global. This media release and Alpayana's corresponding early warning report, which is expected to be filed on SEDAR+ in the near term, constitute the required disclosure pursuant to Section 5.2 of National Instrument 62-104, Take-Over Bids and Issuer Bids. The requirement to file an early warning report was triggered because the acquisition by Alpayana of the common shares resulted in Alpayana's ownership of the common shares increasing to greater than 10 per cent.

The acquisition of common shares of Pan Global was made in the ordinary course of business and for investment purposes. Alpayana may acquire or dispose of ownership or control or direction over securities of Pan Global or may enter into derivative or other transactions with respect to such securities. Any acquisition or disposition may be effected through market transactions, private agreements, subscriptions from treasury or otherwise.

The early warning report that will be filed on SEDAR+ in respect of the Alpayana acquisition will satisfy the requirement of Section 5.2 of NI 62-104 to have the early warning report filed by an acquiror, in this case by Alpayana, with the securities regulatory authorities in each of the jurisdictions in which Pan Global is a reporting issuer and which contains the information required by Section 3.1 of National Instrument 62-103, The Early Warning System and Related Take-over Bid and Insider Reporting Issues, which includes the information required by Form 62-103F1. A copy of the early warning report filed by Alpayana in connection with the Alpayana acquisition will be available under the Pan Global's profile on SEDAR+.

A copy of the early warning report may also be obtained by contacting Fiorella Debernardi at Alpayana by e-mail to fiorella.debernardi@alpayana.com. The head office address of Alpayana is Jr. Contralmirante Montero 429, Floor 11, district of Magdalena Del Mar, Lima, Peru. The issuer's head office address is Suite 700, 838 West Hastings St., Vancouver, B.C., V6C 0A6, Canada.

About the Escacena project, southern Spain

The Escacena project, recently added Escacena South area and new application areas together comprise a mineral rights land package covering more than 15,000 hectares controlled 100 per cent by Pan Global in the east of the Iberian pyrite belt, Europe's second-largest copper-producing region. Escacena is located near the operating mine at Riotinto (Atalaya), and is immediately adjacent to the former Aznalcollar and Los Frailes mines, where Minera Los Frailes (Grupo Mexico) is commencing a new underground mine development beneath the former Los Frailes open-pit mine. The Escacena project includes mineral resource estimates at the La Romana copper-tin-silver and Canada Honda copper-gold deposits, and hosts 15 other prospective targets for follow-up.

Escacena project maiden mineral resource estimates

La Romana:

• Measured and indicated: 32.4 million tonnes (t) at 0.37 per cent copper (Cu), 270 parts per million (ppm) tin (Sn) and 1.7 grams per tonne (g/t) silver (Ag); 0.44 per cent copper equivalent (CuEq) (119,500 t Cu, 8,800 t Sn and 1.7 million ounces (oz) Ag) -- at a copper cut-off grade of 0.2 per cent;
• Inferred: 4.0 million t at 0.40 per cent Cu, 71 ppm Sn and 1.4 g/t Ag; 0.42 per cent CuEq (15,800 t Cu, 300 t Sn and 200,000 oz Ag) -- at a copper cut-off grade of 0.2 per cent.

Canada Honda:

• Inferred: 5.0 million t at 0.65 g/t Au, 0.14 per cent Cu and 1.2 g/t Ag; 0.74 g/t gold equivalent (AuEq) (104,000 oz Au, 6,800 t Cu and 200,000 oz Ag) -- at a gold cut-off grade of 0.25 g/t.

For details and additional technical disclosure, please see the Feb. 12, 2026, news release.

About the Carmenes project, northern Spain

The Carmenes project is located on the Rio Narcea gold belt approximately 55 kilometres north of the city of Leon and comprises five investigation permits over 5,653 hectares held 100 per cent by Pan Global. The project area is highly prospective for multiple bodies or clusters of carbonate-hosted hydrothermal/epithermal-style copper, nickel, cobalt and gold mineralization. The area includes the former Profunda and Providencia mines that operated until the 1930s, producing concentrates of copper and cobalt with nickel. Numerous other smaller historical mine workings occur in the area highlight the potential for additional mineralization. These types of ore deposits can have significant vertical dimensions exceeding one kilometre. The company's maiden drill program in 2025 at the Providencia target intersected significant gold, indicating potential for the first significant gold discovery in Spain in more than two decades.

About Pan Global Resources Inc.

Pan Global Resources is actively exploring for copper-rich mineral deposits along with gold and other metals. Copper has compelling supply-demand fundamentals and outlook for strong long-term prices as a critical metal for global electrification and energy transition. Gold is also attracting record prices.

The company's flagship Escacena project, hosting La Romana and Canada Honda copper-tin-gold mineral resources, is in the prolific Iberian pyrite belt in southern Spain, where a favourable permitting record, excellent infrastructure, mining and professional expertise, and support for copper as a strategic raw material by the European Commission collectively define a Tier 1 low-risk jurisdiction for mining investment. The company's second project, at Carmenes in northern Spain, is an area with a long mining history and excellent infrastructure. The Pan Global team comprises proven talent in exploration, discovery, development and mining operations. Pan Global Resources is committed to operating safely and with utmost respect for the environment and the company's partnered communities. The company is a member, and operates under the principles, of the United Nations Global Compact.

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