In a small bowl, sprinkle the yeast and sugar over the lukewarm water. Stir briefly to combine, then let sit until frothy, about 10 minutes.
In the bowl of a stand mixer fitted with a dough hook or a large bowl, combine the flour and salt.
Mix in the frothy yeast with water and lard/butter until dough comes together. If too crumbly, add a little more water. If too sticky, add just enough flour to handle.
On a lightly floured surface, knead the dough well soft, smooth and elastic, about 10-15 minutes (or 5-10 in the stand mixer). Transfer to a bowl, cover, and allow to rest at room temperature until doubled, 1-2 hours.
Line two baking sheets with parchment or lightly grease.
Divide the risen dough into 12 equal pieces.
Form each piece into a ball, flatten gently with your hand to create a disc about 1/2 inch (1.25 cm) thick, and place on the prepared baking sheets about 1-2 inches (2.5-5 cm) apart. Pierce the top of each disc 3-4 times with a fork.
Cover the baking sheets with a clean towel and allow to rest at room temperature until puffed slightly, 30 minutes to 1 hour.
Preheat oven to 350˚F (180˚C). Bake the Pan Amasado in the preheated oven until golden, 25-30 minutes. Serve warm from the oven.