Ms. Ingrid Hibbard reports

PELANGIO EXPLORATION ANNOUNCES ISSUANCE OF SHARES FOR LITIGATION SETTLEMENT

Pursuant to the release on July 11, 2023, Pelangio Exploration Inc. has agreed to issue 285,715 ($10,000) common shares in the capital of Pelangio at a deemed per-share price of 3.5 cents, which is equal to the end-of-the-day price of Pelangio shares on the TSX Venture Exchange. The shares for debt settlement remain subject to approval by the TSX-V. The Pelangio shares will be subject to a four-month hold period which will expire on the date that is four months and one day from the date of issuance.

Under the terms of the settlement agreement, Pelangio will be required to issue $10,000 of common shares in the capital of Pelangio on the six-month anniversary of the settlement agreement and a final $30,000 of common shares in the capital of Pelangio on the 12-month anniversary of the settlement agreement. The common shares will be priced based upon the closing price on the respective anniversary dates. The second and final share issuances will be subject to approval by the TSX-V.

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.

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