New Risk • Jun 19
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 35% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 0.5% per year over the past 5 years. Shareholders have been substantially diluted in the past year (35% increase in shares outstanding). Revenue is less than US$1m. Minor Risk Market cap is less than US$100m (CA$88.0m market cap, or US$62.1m). Announcement • Jun 16
Pan Global Resources Inc. announced that it has received CAD 7.2 million in funding from Alpayana S.A.C. On June 15, 2026, Pan Global Resources Inc. closed the transaction. The company issued 45,000,000 Common Shares at an issue price of CAD 0.16 for gross proceeds of CAD 7,200,000. The Shares will be subject to a hold period expiring October 13, 2026. No finders' fees were paid in connection with the Offering. Prior to the issuance Alpayana beneficially owned and controlled an aggregate of 35,000,000 Common Shares, representing 9.61% of the issued and outstanding Common Shares of Pan Global. Following completion, Alpayana beneficially owns and controls 80,000,000 Common Shares, representing 19.55% of the issued and outstanding Common Shares of Pan Global. Board Change • Jun 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 2 experienced directors. 4 highly experienced directors. Director Roger Davey was the last director to join the board, commencing their role in 2025. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. 
