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Tests Yield High Cu Recoveries, Concentrate Grades
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Metallurgical test results indicate material from this exploration project in Spain is amenable to conventional flotation processing, noted an Echelon Capital Markets report.

Pan Global Resources Inc. (PGZ:TSXV;PGZFF:OTCMKTS) had metallurgical testing of material from its Escacena project in Spain's Iberian pyrite belt, and preliminary results are positive, reported Echelon Capital Markets analyst Ryan Walker in an April 11 research note.

"We contend that today's metallurgical test results further demonstrate the potential 'off-the-shelf' development characteristics of the Escacena project," Walker wrote.

Compelling Return on Investment

Also of note, the metals exploration offers investors significant potential return. The gap between the current price of the stock, about CA$0.345 per share, and Echelon's target price on it, CA$1.30 per share, implies a 277% potential gain. Pan Global, headquartered in British Columbia, is a Speculative Buy.

"We view the significant ongoing exploration and drill program at Escacena as a potentially transformational milestone for Pan Global as it carries the potential for the discovery of multiple La Romana-like targets on numerous large gravity anomalies on the large land package," Walker commented.

New Metallurgical Data

The copper material tested was from the main La Romana zone at Escacena and graded 0.39%, Walker relayed and summarized the metallurgical results.

Two locked cycle flotation bench-scale tests yielded high copper recoveries and high-grade concentrates. On one, 86.4% of copper was recovered, and the grade of concentrate produced was 28.5%. On the second test, copper recovery was 89.5%, and the concentrate grade was 23.8%.

"The results suggest amenability to a vanilla processing flowsheet," noted Walker. "Importantly, the tests also suggest the potential for a relatively coarse primary grind size, meaning lower energy requirements for crushing and grinding and better flotation characteristics (recovery and concentrate grade)."

Test data also indicated that potential exists for credits from silver as a byproduct.

Metallurgical testing of tin material from Escacena is underway. Plans also call for variability testing on material from different locations and with a range of copper and tin grades.

Catalysts on Horizon

Walker noted four upcoming events that could boost Pan Global's stock price. Drill results are expected, at different times, from three programs: La Romana (10 holes), Romana Deep (three holes) and Zarcita (22 holes).

Also anticipated is announcement of the outcome from various discussions with local landowners about accessing "potential near-surface (and undrilled) extensions of the La Romana mineralization along strike to the west and east," wrote Walker.

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Disclosures to Echelon Capital Markets, Pan Global Resources Inc., April 11, 2023

Echelon Wealth Partners Inc. is a member of IIROC and CIPF. The documents on this website have been prepared for the viewer only as an example of strategy consistent with our recommendations; it is not an offer to buy or sell or a solicitation of an offer to buy or sell any security or instrument or to participate in any particular investing strategy. Any opinions or recommendations expressed herein do not necessarily reflect those of Echelon Wealth Partners Inc.

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Echelon Wealth Partners compensates its Research Analysts from a variety of sources. The Research Department is a cost centre and is funded by the business activities of Echelon Wealth Partners including, Institutional Equity Sales and Trading, Retail Sales and Corporate and Investment Banking.

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Canadian Disclosures: To make further inquiry related to this report, Canadian residents should contact their Echelon Wealth Partners professional representative. To effect any transaction, Canadian residents should contact their Echelon Wealth Partners Investment advisor.

U.S. Disclosures: This research report was prepared by Echelon Wealth Partners Inc., a member of the Investment Industry Regulatory Organization of Canada and the Canadian Investor Protection Fund. This report does not constitute an offer to sell or the solicitation of an offer to buy any of the securities discussed herein. Echelon Wealth Partners Inc. is not registered as a broker-dealer in the United States and is not be subject to U.S. rules regarding the preparation of research reports and the independence of research analysts. Any resulting transactions should be effected through a U.S. broker-dealer.

Company: Pan Global Resources Inc. |PGZ:TSXV

I, Ryan Walker, hereby certify that the views expressed in this report accurately reflect my personal views about the subject securities or issuers. I also certify that I  have not, am not, and will not receive, directly or indirectly, compensation in exchange for expressing the specific recommendations or views in this report.

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