Stakeholder Gold Corp. announced progress toward the start-up and commissioning of two further operating quarries in the State of Minas Gerais, Brazil. The Company has been operating a single, profitable, blue quartzite quarry since January of 2021.

The two new quarries have been awarded mining licenses from the Agencia Nacional de Mineracao (ANM), pending receipt of final approvals by the state environmental agency, Superintendencias Regionais de Meio Ambiente do Leste Mineiro (SUPRAM-Leste). Quarry number two (#2) is situated 2,000 m (1.25 miles) south of the Company's current operating blue quartzite quarry on Mine Claim ANM 831.748/2020. Mining License GU 30/2022 for quarry #2 is valid for operations to begin immediately through February 2025, pending extension by issuance of an environmental permit.

To this end a detailed report, Documento Autorizativo de Intervencao Ambiental (DAIA), has been submitted to the Instituto Estadual ds Florestas (IEF). This will be followed by formal application for the environmental permit. Quarry number three (#3) is situated 800 m north of the current operating blue quartzite quarry On the Company's existing mine claim, ANM 830.635/2017.

Quarry #3 shares Mining License GU 15/2020 with the current quarry. As is the case with quarry #2, quarry #3 will require submission of a DAIA for approval from the IEF before formal application for an environmental permit. Extractive operations have commenced at both new quarries in accordance with the terms of their Mining Licenses.

In 2024, VMC plans to open a fourth quarry (#4) in Bahia State to extract a one-of-a-kind teal colored stone and a further quarry (#5) in Minas Gerais State, some 60 kilometers from the current quarry, to extract a white material shot through with fine layers of blue to black. In both cases, the materials are unique and esthetically desirable. Materials from these additional quarries are expected to fetch high prices.

Licensing applications have been initiated and operations are expected to begin in second quarter of 2024.