Ms. Ingrid Hibbard reports

PELANGIO EXPLORATION ANNOUNCES WARRANT EXTENSION

Subject to approval of the TSX Venture Exchange, Pelangio Exploration Inc. intends to extend the expiry date of certain of the company's outstanding warrants. The Warrants were initially issued pursuant to a non-brokered private placement on May 19, 2020, and May 27, 2020, and initially extended in April, 2022, until May 19, 2023. The current and new expiry dates of the warrants are detailed in the attached table.

For further information concerning the original issuance of the warrants, please refer to the press releases of the company dated May 19, 2020, May 27, 2020, and April 14, 2022.

In connection with the extension of the warrants to Dec. 3, 2024, the warrants will also be deemed to have been amended to include an acceleration provision, whereby, if at any time following each warrant's original expiry date (May 19, 2023), the volume-weighted average price of the company's common shares on the TSX-V is equal to or greater than 30 cents for a period of 15 consecutive trading days, the company may accelerate the expiry date of the warrants by disseminating a press release, and, in such case, the warrants will expire at 5 p.m. on the 20th day after the date on which such press release is disseminated. All other terms and conditions of the warrants, including the exercise price of the warrants, remain unchanged. The warrant extension is subject to acceptance by the TSX-V.

A total of 425,000 warrants are held by Ingrid Hibbard, president, chief executive officer and a director of the company) (a related party). Therefore, the amendment of warrants constitutes a related party transaction as such term is defined by Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions. However, the company can rely on exemptions from the MI 61-101 valuation and minority approval requirements for related party transactions in connection with the amendment of the warrant terms under sections 5.5(a) and 5.7(1)(a) of MI 61-101 as neither the fair market value (as determined under MI 61-101) of the subject matter of nor the fair market value of the consideration for the transaction, insofar as it involves the related party, exceeds 25 per cent of the company's market capitalization (as determined under MI 61-101).

About Pelangio Exploration Inc.

Pelangio acquires and explores world-class land packages on strategic gold belts in Ghana, West Africa and Canada. In Ghana, the company is exploring its two 100-per-cent-owned, camp-sized properties: the 100-square-kilometre Manfo property, the site of seven near-surface gold discoveries, and the 284-square-kilometre Obuasi property, located four kilometres on strike and adjacent to AngloGold Ashanti's prolific high-grade Obuasi mine; as well as its Dankran property, located adjacent to its Obuasi property. In Canada, the company is currently focused in Ontario on its Dome West gold property, situated 800 metres from the Dome mine in Timmins; as well as its Gowan base metals property, located 16 kilometres east of the Kidd Creek mine.

We seek Safe Harbor.