Pelangio Exploration Inc. provided an update on recent activities and plans for its projects in Ghana and Canada. The recently completed Manfo drill program extended mineralization in both the Pokukrom East and West deposits, demonstrating resource growth potential with continued step-out drilling. Canada Nickel Company's significant discovery on its Mann Northwest property enhances interest in adjacent Mann property (2.2 km away).

The agreement provides both exploration funding and access to a technical team with over 125 years of expertise on the extremely prolific Ashanti gold belt, including significant experience at the Obuasi mine itself. Secondly, Manfo drill program extended known mineralization at the southern ends of both the Pokukrom East, and West deposits. It identified opportunities to grow the project through step-out drill testing of open-ended mineralization in the known deposits to demonstrate possible extensions that would be further drilled for potential resource addition, plus drill testing of multiple exploration targets along and near the 9 kilometers of mineralized structures within the property.

A 3,700-meter diamond drilling program was designed to test potential extensions of the Pokukrom West and in late 2021, drilling commenced with two holes at the smaller, higher-grade Pokukrom West deposit. This program was completed in June 2023. The drill program, detailed in Pelangio's news release of July 24, 2023, tested for strike and down-dip extensions in select areas of both Pokukrom deposits, in addition to a soil plus auger gold geochemical target sitting on the western flank of Pokukrom East.

While the program eliminated the geochemical target and downgraded the potential shallow northern strike extension to Pokukrom West above the successful 2021 down-plunge drill test, drilling demonstrated a continuation of the Pokukrom West mineralization incrementally further to the south of the deposit plus a down-dip extension of Pokukrom East at the southern end of the deposit. The down-dip drill test at the shallower southern end of the deposit intercepted 0.71 g/t Au over 20 meters plus 1.66 g/t Au over 7 meters, including 1 meter of 8.43 g/t Au. The resource estimation was made in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects at the time of the mineral resource estimation in 2013.

NI 43-101 standards for disclosure have been amended multiple times since 2013 and as a result, Pelangio's 2013 resource estimate is no longer NI 43-101 compliant under the current standards. Obuasi was Pelangio's project in Ghana from 2007 until drilling on the Manfo Project started demonstrating mineral resource potential and litigation between vendors of two of the four claims of the Obuasi property hindered exploration activities on the property. With the litigation now resolved and a recently signed binding letter of intent ("LOI") to option a portion of the Obuasi property to TuNya Mineral Resources, Pelangio is turning new focus to the Obuasi project.

Pelangio conducted considerable work on the Obuasi project from 2007 to 2011, including two airborne VTEM/magnetic surveys, geological and geochemical surveys, and trenching plus diamond drilling focused on just a hand of prospects that returned Obuasi-style geology and alteration with anomalous to significant drill intercepts from nearly all targets drill tested. It was the focus of early exploration drilling by Pelangio, returning anomalous results but no significant discovery. Working with TuNya and their new products, Pelangio expects to be able to develop a more informed ranked target list for ongoing Obuasi exploration.

Location of Pelangio's Obuasi and Dankran Projects in Relation to AngloGold Ashanti's Obuasi Mine.