Pan Global’s Escacena Drill Program Pushes Romana Outward — A cautiously positive step for investors

What the announcement said and why investors should pay attention

Pan Global has released results from an extension drilling program at the Romana target inside the Escacena project in southern Spain. Management says the new holes extend the known mineralised footprint and returned multiple copper, tin and silver intersections along strike and down dip, with a downhole electromagnetic (EM) conductor noted in at least one hole.

For investors, the takeaway is straightforward: the company appears to have found more mineralised rock than was previously mapped, which can increase the size of the target and keep exploration momentum going. That matters because discoveries or credible extensions at this stage can re-rate a small mining explorer — but only if follow-up work confirms continuity, grade and recoverable metal. At present, the news is encouraging but incomplete; the market impact will hinge on full assay tables, true widths and the company’s next steps.

Drilling highlights and geophysics — what we know and what’s missing

The company’s release summarised several new intercepts of copper, tin and silver and highlighted a downhole EM response that could mark a conductive sulphide zone. The statement named individual drill holes and gave depth intervals for headline intercepts, but the full assay table with every interval, hole azimuth, downhole depth and calculated true widths was not included in the short announcement available to me.

Key pieces of data investors should watch for but which I don’t have here are: the exact grades and lengths for each cupper and tin intercept, the true widths (which tell you how much mineralised rock was actually cut versus how the hole angled through the body), and QA/QC details on lab checks. The EM signature is potentially important because a conductive anomaly that lines up with higher-grade intercepts can help vector future drilling to thicker sulphide zones. But EM can also respond to other features, so it needs to be tied to clean, repeatable assays and accurate downhole positioning.

Put simply: the company says holes hit mineralisation and that geophysics supports continuity. Those are positive signals. We need the full lab numbers, the tabulated intercept list and the true-width conversions before we can judge the quality of the results precisely.

What the new holes imply for Romana’s size, continuity and metallurgy

Extension drilling that finds mineralised rock beyond the previously defined footprint suggests the Romana system is larger than earlier mapping showed. If that extension is continuous and carries consistent grades, it can expand a future resource envelope and shift Escacena from a narrow target to a more substantial deposit.

However, size alone is not enough. The investor-relevant questions are whether the mineralisation is continuous along strike and down dip, whether higher-grade corridors exist within a broader, lower-grade halo, and how the tin and silver grades interact with copper for potential by-product credits. Metallurgical behaviour matters too: copper in easy-to-recover oxide or soft sulphide forms is far more valuable than copper locked in refractory minerals that need complex processing. The release mentions multi-metal mineralisation, which can be a positive for project economics, but metallurgy testwork and locked-cycle recovery data are what prove that value.

Investor angle — valuation context, funding needs and comparables

For shareholders, the news is a mixed but favorably leaning development. Exploration extensions are the kind of binary events that can lift a junior’s share price if the market judges the incident to improve resource potential. That said, more drilling, geophysics, metallurgical testing and updated resource modelling will be needed before the story moves from exploration to resource definition — and each step costs money.

Expect Pan Global to need additional capital to convert these encouraging results into a formal resource and then into prefeasibility studies. That usually means further drilling rounds, surface mapping, metallurgical testwork and environmental baseline studies. Investors should factor likely dilution into any valuation: small explorers often raise equity at incremental stages, which can compress returns unless the company demonstrates materially higher resource value between raises.

Regional comparables in southern Spain and the broader Iberian Pyrite Belt will set the valuation frame. Projects at a similar stage with confirmed continuous mineralisation and early metallurgy tend to trade at a premium to those still proving strike and continuity. Right now, Romana looks more like the latter — promising, but not yet premium-grade in the market’s eyes.

Risks and the next steps that will determine value

The big risks are familiar for explorers: incomplete data, discontinuous mineralisation, unfavourable metallurgy, permitting delays and a change in commodity prices. The downhole EM response reduces the risk of blind targets but increases the importance of careful follow-up to ensure the conductor is caused by economic sulphide mineralisation and not by minor sulphides or conductive clays.

Pan Global’s logical next steps are clear and were outlined in the announcement: publish full assay tables with true widths, run QA/QC and re-sample where necessary, step out follow-up holes guided by the EM, start metallurgical testwork on representative core, and commence baseline environmental and permitting engagement. Each milestone that is ticked — clean assays, repeatable higher-grade corridors, good metallurgical recoveries — will materially lower risk and improve the project’s market value. Until then, the story is a cautious positive.

Source notes, assay protocols and a short editorial note

This article is based on Pan Global’s recent company announcement summarised in a press release dated 19 December 2025 and related regulatory notices. The release described extension drilling results at Romana and referenced downhole EM data and multi-metal intercepts. I did not have access to the full assay tables and QA/QC lab reports when writing this piece; those documents are important for any deeper technical or valuation work.

Investors should watch for the company’s forthcoming detailed assay bulletin with hole-by-hole tables, true-width calculations, assay lab certificates and metallurgical program updates. My view: the announcement is encouraging and moves the story forward, but it remains an early-stage exploration success that needs follow-up to convert promise into value.

Sources

• prnewswire.com