Ms. Ingrid Hibbard reports

PELANGIO GRANTS EARN-IN OPTION ON A PORTION OF THE OBUASI PROJECT

Pelangio Exploration Inc. has entered into an earn-in binding letter of intent granting TuNya mineral Resources Ltd. (TuNya) the right to earn an 80-per-cent interest on the southern portion of two of the four licences that comprise Pelangio's Obuasi project (the southern portion of these two licences to be referred to as the TuNya earn-in property). The TuNya earn-in property covers predominantly Tarkwaian stratigraphy, including the strike extension of TuNya's Kyereboso project located to the south. Pelangio will retain a 100-per-cent interest in the remainder of the Obuasi property, including the strike extension of the Obuasi mine stratigraphy and the main Birimian-Tarkwaian contact (NGA targets) where Pelangio will focus its exploration efforts.

Highlights:

• Collaboration with TuNya, a strategic partner with significant technical expertise and considerable experience at the Obuasi mine and in the Ashanti belt.
• The TuNya earn-in property covers predominantly Tarkwaian stratigraphy, including the strike extension of TuNya's Kyereboso project.
• Pelangio retains 100 per cent of the main property, including the strike extension of the Obuasi mine stratigraphy and the main Birimian-Tarkwaian contact where Pelangio will focus its exploration efforts.
• TuNya may acquire up to an 80-per-cent interest in the TuNya earn-in property by completing a $250,000 (U.S.) comprehensive technical review of Pelangio's main property, completing 2,000 metres of drilling on the TuNya earn-in property, and paying Pelangio $150,000 (U.S.).
• Pelangio will only contribute to expenditures on the TuNya earn-in area once a 100,000-ounce resource has been delineated.

"We are delighted to enter into the earn-in agreement with TuNya, providing access to its management and technical team who have a combined 125 years experience working in senior technical roles at the Obuasi mine and elsewhere on the Ashanti belt. We believe Pelangio will receive tremendous value from the technical review to be completed by TuNya on our 100-per-cent-owned Pelangio main property and the drill program to be completed by TuNya on the TuNya earn-in," commented Ingrid Hibbard, president and chief executive officer of Pelangio. "The 284-square-kilometre Obuasi project is a district-size land package requiring significant exploration. This collaboration with TuNya ensures exploration will be completed on both the main property and the TuNya earn-in property in the near term at no cost to Pelangio. In this way, Pelangio will retain its focus on the Obuasi targets and the NGA targets and gain exposure to near term exploration of the Tarkwaian potential of the TuNya earn-in property."

Agreement terms

Under the terms of the binding Letter of Intent, TuNya can earn an 80-per-cent interest in the TuNya earn-in property by undertaking a $250,000 (U.S.) technical review of the Pelangio main property, completing 2,000 metres of drilling on the TuNya earn-in property, and paying Pelangio $150,000 (U.S.) within 18 months of the effective date of the agreement. A joint venture corporation will be formed once TuNya has acquired its 80-per-cent interest. However, Pelangio shall retain its 20-per-cent interest and shall not have an obligation to finance work on the TuNya earn-in property until a mineral resource of at least 100,000 ounces of gold has been defined in the measured or indicated category in accordance with Canadian National Instrument 43-101 (NI 43-101).

The binding letter of intent is subject to customary preliminary authorizations, including the valid issuance of a new Pelangio licence covering only the TuNya earn-in property, receipt of approval of the TSX Venture Exchange, and receipt of approval of the Minister of Lands and Natural Resources of the Republic of Ghana.

TuNya company profile

TuNya Mineral Resources Ltd. is a private company that has been active in West Africa since 2015. TuNya, an Akan language phrase, translates to English as "to unearth fortune." The company has undertaken drilling on its 80-per-cent-owned Kyereboso gold project in Ghana and has defined a mineral resource of 448,000 ounces at 1.37 grams per tonne Au with a best drill intersection of 359 metres at 1.2 g/t from surface. TuNya's management have a combined 50 years of experience working at the Obuasi mine in senior positions. With the company's technical advisers factored in, it possesses 125 years of combined experience in exploration, discovery and mining on the Ashanti belt and can be considered experts in Obuasi-style mineralization. The mineral resource for the Kyereboso deposit was estimated in an unpublished technical report by SEMS Technical Services Ltd. dated Dec. 10, 2015. The resource estimate is historical in nature and was not conducted in accordance with the current standards of National Instrument 43-101 and should not be relied upon. A qualified person has not done sufficient work to classify the historical estimate as a current mineral resource and Pelangio Exploration is not treating the historical estimate as current. The Kyereboso deposit falls wholly within TuNya's Kyereboso property and Pelangio Exploration does not gain any interest in the deposit or TuNya's Kyereboso property through their agreement with TuNya.

Obuasi project: Pelangio main property and TuNya earn-in

Pelangio Exploration's Obuasi property consists of four prospecting licences totalling 284.4 square kilometres situated adjacent to AngloGold Ashanti's giant Obuasi mine on the Ashanti belt -- the most gold-endowed greenstone belt in West Africa. The Obuasi mine has produced over 33 million ounces of gold since 1897 and currently hosts a resource of 24.5 million ounces of gold at an average grade of 8.0 g/t Au, including a proved and probable reserve of 7.7 million ounces of gold at an average grade of 9.3 g/t Au (source: AngloGold Ashanti mineral resource and mineral reserve report, December, 2022). The geological stratigraphy which hosts the Obuasi deposits extends into Pelangio's Obuasi property. Obuasi-style geology, alteration and mineralization has been observed in historical drilling by Pelangio at multiple prospects.

TuNya will be earning into the TuNya earn-in property (the southern portions of the Kyereboso 2 and 3 licences of Pelangio's Obuasi property, covering principally Tarkwaian geology), to explore for extensions to or additional discoveries complementary to TuNya's Kyereboso project. The Kyereboso mineralization is hosted in Tarkwaian conglomerates and quartzites plus a younger dolerite intrusive and is analogous to Gold Fields' Damang gold mine (total gold endowment of approximately 15 million ounces) in Ghana, and Endeavour Mining's recent Tanda-Iguela discovery (current mineral resource of approximately three Moz) in Ivory Coast. With Pelangio's focus on the Birimian targets, the Tarkwaian in the southern parts of the Obuasi property would have gone unexplored at least over the near term.

In partial exchange for TuNya's earn-in on the Tarkwaian portion (TuNya earn-in property) of Pelangio's Obuasi property, Pelangio will benefit from TuNya's considerable Obuasi mine and technical expertise in a comprehensive review of Pelangio's 100-per-cent-retained main property. The review will identify and rank targets most similar to the Obuasi mine deposits for subsequent follow up by Pelangio. At the same time, TuNya will evaluate and advance targets on the earn-in area which could add to and enhance their Kyereboso project and will include at least 2,000 metres of drill testing on the TuNya earn-in property. Once TuNya completes their earn-in commitment, Pelangio will retain 20 per cent of the earn-in area and will contribute their share of exploration costs only once TuNya has made a discovery of at least 100,000 oz of gold.

Qualified person

Kevin Thomson, PGeo (Ontario, No. 0191), is a qualified person within the meaning of National Instrument 43-101 -- Standards of Disclosure for Mineral Projects. Mr. Thomson approved the technical data disclosed in this release.

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 km Obuasi property, located four km 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.

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