Interview with Tim Moody, President & CEO of Pan Global Resources Inc.
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Recording date: 4th April 2024
Pan Global Resources (TSXV:PGZ) delivered an encouraging update on its copper and tin exploration projects in the Iberian pyrite belt of Spain. The key highlight was the strong tin metallurgical results from the La Romana project, where recoveries of 58% and concentrate grades of 63% tin place La Romana at the upper end of typical ranges for similar deposits globally.
CEO Tim Moody emphasized the significance of the results, noting that tin could comprise 15-20% of the in-situ value of the mineralization at La Romana, alongside the copper. This suggests tin could have a meaningful positive impact on the economics of a future mining operation. Importantly, the company achieved the excellent tin recoveries and concentrate grades with a simple, industry-standard processing flowsheet.
The strong tin metallurgy adds an attractive by-product opportunity to Pan Global's compelling copper exploration story. The company sees excellent potential to expand the mineralized zones at both La Romana and the nearby Cañada Honda project, where drilling is ongoing. La Romana remains open, particularly to the west where tin grades are increasing. At Cañada Honda, Pan Global is drill testing geophysical targets that resemble the "signatures" of other major deposits in the Iberian pyrite belt.
With around C$5 million in working capital, Pan Global is well-funded to advance La Romana and Cañada Honda through 2024 under its current exploration plans. The Iberian pyrite belt is elephant country for VMS deposits, and the company is applying a proven exploration model with success.
The positive fundamentals for copper and tin provide a supportive macro backdrop. Copper is essential for the energy transition, while tin is experiencing rising demand due to its use in advanced electronics, electric vehicles, and energy storage. Industry experts forecast looming deficits for both metals later this decade as demand outpaces supply. This bodes well for the value of new discoveries.
In summary, Pan Global Resources offers investors exposure to two critical "future-facing" metals in a world-class mining district. The La Romana tin metallurgy exceeds expectations and complements an already compelling copper exploration story. With drilling ongoing to build on the positive results to date, the company is well positioned for a potential re-rating as the junior resource sector emerges from a cyclical bottom.
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