Ms. Ingrid Hibbard reports

PELANGIO EXPLORATION PROVIDES UPDATE ON ACTIVITIES IN GHANA AND CANADA

Pelangio Exploration Inc. has provided an update on recent activities and has discussed plans for its projects in Ghana and Canada.

Highlights

• District-scale Obuasi project will benefit from an agreement with TuNya Mineral Resources Ltd. to provide both exploration expenditures and access to significant technical expertise.
• TuNya-financed exploration program is under way on the Obuasi project and will focus on two large target areas in the southwest corner of the property closest to the Obuasi mine property, the Obuasi and NGA target areas.
• TuNya's exploration program will also cover the Tarkwaian geology which has been underexplored to date.
• The recently completed Manfo drill program extended mineralization in both the Pokukrom East and West deposits, demonstrating resource growth potential with continued stepout drilling.
• Canada Nickel company's significant discovery on its Mann Northwest property enhances interest in the company's adjacent Mann property (2.2 kilometres away).

"Recently we've had a number of very positive developments for Pelangio in Ghana and Canada," commented Ingrid Hibbard, president and chief executive officer of Pelangio. "Firstly, our agreement with TuNya provides a catalyst for exploration success at our Obuasi project, a district-scale land package adjacent to the giant high-grade Obuasi mine. 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, our Manfo drill program extended known mineralization at the southern ends of both the Pokukrom East and West deposits. With a number of targets yet to be drilled around these deposits, potential remains to establish additional extensions to the mineralization and to grow the Manfo resource with continued drilling. Thirdly, our Mann property has benefited from new data provided by the significant discovery made by Canada Nickel Company on its adjacent Mann Northwest project. Our Mann and Kenogaming properties provide our shareholders with exposure to critical mineral potential in Ontario."

Ghana exploration update

Manfo project

The 96-square-kilometre Manfo project, located in the Sefwi-Bibiani Belts 15 km southwest of Newmont's Ahafo gold mine and 40 km north of Asante Gold's Bibiani gold mine, has recently been Pelangio's exploration focus in Ghana. In 2013, SRK Consulting estimated the project hosts a gold mineral resource of 195,000 ounces (at 1.52 grams per tonne Au) indicated and 298,000 oz (at 0.96 g/t Au) inferred with the bulk of the resource contained in the two Pokukrom deposits.

In 2021, a project data review and targeting development and ranking exercise was conducted. It identified opportunities to grow the project through stepout 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 nine kilometres of mineralized structures within the property. A 3,700-metre diamond drilling program was designed to test potential extensions of the Pokukrom deposits and in late 2021, drilling commenced with two holes at the smaller, higher-grade Pokukrom West deposit. The first hole was drilled in the midst of previous drilling to gain a better understanding of the structural controls on the mineralization. It returned an intercept of 3.81 g/t Au over 15 metres, including 5.65 g/t Au over seven metres -- better than surrounding holes. The second hole tested for the down-plunge continuation of the Pokukrom West lode. It returned an encouraging intercept of 3.19 g/t Au over 12 metres, including 6.85 g/t Au over three metres, demonstrating that the Pokukrom West deposit does in fact continue down plunge. This small drill program validated the strategy of continued drilling to potentially grow the project.

The planned diamond drilling program recommenced in 2023 with the drilling of seven holes for 1,039.5 metres on both the Pokukrom East and West deposits. 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 drill hole south of Pokukrom West returned an intercept of 1.88 grams per tonne Au over 13 metres, including 4.01 g/t over four metres. The shallow oxide mineralization is still open further to the south and the potential remains to expand the Pokukrom West resource with further drilling to the south. The down-dip drill test at the shallower southern end of Pokukrom East intercepted 0.71 g/t Au over 20 metres plus 1.66 g/t Au over seven metres, including one metre of 8.43 g/t Au. The mineralization remains open down-dip in this area and there is potential to expand the resource to depth here. The first attached table summarizes the significant drill intercepts at Pokukrom from the 2021 and 2023 programs.

With a number of targets yet to be drilled in the planned resource stepout diamond drilling program around the Pokukrom deposits, potential remains to establish additional extensions to mineralization and potentially grow the resource with infill drilling. This would be followed with a resource estimation update for Manfo which, at a higher gold price than the $1,450 (U.S.)/ounce used in the 2013 MRE, is expected to result in some addition to the Manfo project gold resource. In addition, a 7,000-metre exploration air-core drilling program is planned to test up to 21 previously untested geological, geochemical and structural targets along, and near the nine-kilometre-long main structural corridor, which could yield satellite deposit discoveries that might also add significantly to the project. With a defined gold mineral resource and a number of opportunities remaining to add to it, Manfo continues to be Pelangio's core project in Ghana.

1. The Manfo mineral resource estimation was conducted by SRK Consulting and published in June, 2013. (Refer to the mineral resource evaluation technical report, Manfo gold project, by SRK Consulting (Canada) Inc., released on June 21, 2013, and available on Pelangio's website). 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 project

Pelangio's 100-per-cent-owned Obuasi project covers 284 square km located immediately adjacent to and on geological strike with AngloGold Ashanti's 25-million-ounce (Moz) Obuasi mine. The Obuasi project is also immediately adjacent to TuNya's property, which hosts the Kyereboso deposit. Obuasi was Pelangio's flagship 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 handful of prospects that returned Obuasi-style geology and alteration with anomalous to significant drill intercepts from nearly all targets drill tested. The early exploration activity plus subsequent and more recent data reanalysis, prospectivity and targeting exercises prioritized two large principal target areas for follow-up exploration situated in the southwestern corner of the property closest to the Obuasi mine property. The Obuasi targets area covers the strike extension of geological stratigraphy along which the Obuasi deposits lie. It was the focus of early exploration drilling by Pelangio, returning anomalous results but no significant discovery. Considerable Au and As geochemical anomalism along and near to this trend has not yet been drill tested, and drilling by Pelangio has generally been relatively shallow and focused over several small areas. The NGA targets area straddles the main Birimian-Tarkwaian metasedimentary contact and has seen minimal drill testing by Pelangio, although two drill holes returned high grades over narrow widths, including 24.50 g/t Au over one metre and 11.28 g/t Au over two metres. This high-grade prospect will likely be one of the first revisited when Pelangio's field activities get back under way.

Continuing work on the Obuasi project will continue the desktop target development and ranking exercise, augmented by fieldwork to include a comprehensive review of drill core, detailed field mapping and a structural study. This effort will be conducted largely by TuNya's "Obuasi experts." Pelangio has recently entered a binding LOI for an option for TuNya to earn into an 80-per-cent interest on the southern portion of Pelangio's Obuasi project covering principally Tarkwaian geology. For details, refer to Pelangio's news release dated July 31, 2023. This allows TuNya to explore the Tarkwaian for extensions and additions to their Kyereboso deposit that could result in a more robust project for them, while Pelangio maintains a 20-per-cent interest in ground that was unlikely to be explored by Pelangio over the near term. In exchange, TuNya will undertake a comprehensive review of Pelangio's Obuasi property prospects, focusing on the Obuasi and NGA target areas and utilizing their personnel who have considerable senior technical and management experience at the Obuasi mine and elsewhere along the Ashanti belt.

Working with TuNya and their new products, Pelangio expects to be able to develop a more informed ranked target list for continuing Obuasi exploration. At the same time, Pelangio proposes to enhance this with improved geochemical and geophysical data sets through targeted auger drilling programs plus a high-resolution airborne aeromagnetic survey covering the western third of the Obuasi property. As has been attempted in the past at Obuasi, upon completion of these programs, an AI (artificial intelligence) prospectivity platform can be utilized to generate smarter exploration targets with better, more detailed datasets. This work will be guided by the Obuasi expertise of TuNya's technical people, including a structural geologist, a geophysicist and a GIS specialist. These efforts should ultimately delineate the very best targets for drill testing. Drill testing will initially be performed at shallow depths, followed by deeper probes as and where warranted.

Dankran project

The 35 km square km Dankran project is contiguous to the northeast corner of Pelangio's Obuasi property and covers seven kilometres of strike of prospective Obuasi geology and structures 25 kilometres northeast of AngloGold Ashanti's 25 Moz Obuasi mine. The property sits adjacent to the Obuom mine -- a small, high-grade 1930s era underground gold mine, which produced roughly 30,000 ounces of gold at 16 g/t from shear-hosted quartz veins situated along the main Birimian volcanic-sedimentary contact.

Pelangio entered into an option agreement to acquire the property in late 2020 and immediately commenced soil sampling, mapping and prospecting campaigns to test this relatively large, underexplored segment of the Ashanti belt. Soil sampling delineated several robust soil anomalies on the main contact along strike from the Obuom mine coincident with a number of artisanal miner's workings extending into the Dankran property. A 2,491-metre scout RC drilling program was conducted in May and June of 2021 to test several of the soil anomalies. It returned encouraging results along 2.5-kilometre strike of the structure with drill intercepts including 14.17 g/t Au over three metres, 6.07 g/t Au over two metres and 0.47 g/t Au over 10 metres.

The Dankran project, which is now 100 per cent owned by Pelangio, has shown evidence of high-grade gold potential on the Obuasi-Obuom trend from limited, shallow (less than 70 metre vertical) RC drill testing, which warrants follow up drilling. An additional 3,500 metres of RC drilling is planned to further explore the 2.5-kilometre-long target, which was sparsely drill tested in the first pass program. Up to 1,000 metres of diamond drilling would follow to test the most prospective targets at depth and gain a better understanding of the geology and structural controls on the gold mineralization. While currently a lower priority than Pelangio's Manfo and Obuasi projects, the Dankran project represents an early-stage, high-grade gold exploration opportunity hosting seven kilometres of underexplored strike of the Ashanti belt, 25 kilometres away from the world-class Obuasi mine.

Canada exploration update

Kenogaming project

In 2022 Pelangio acquired a 100-per-cent interest in the prospective gold-silver-zinc polymetallic project in Kenogaming township, located approximately 63 km southwest of the city of Timmins. Kenogaming is located in the northeastern part of the Swayze greenstone belt near to the interpreted western extension of the Porcupine-Destor fault. The Swayze belt hosts Iamgold's 14 Moz Cote gold development project to the south, in addition to Newmont's high-grade Borden mine to the southwest.

The Kenogaming project covers 800 metres strike of a 300-metre-wide strongly pyritized corridor of highly altered felsic rocks that are geochemically enriched in gold, silver and zinc. Historical drill holes on the property have returned intercepts of 35.65 g/t gold over 1.21 metres, 18.5 g/t gold over 1.0 metres and 0.59 g/t gold, 1.8 g/t silver and 1.10 per cent zinc over 10 metres untested at depths below 150 metres, and with approximately 400 metres of untested strike length on the property. The project is drill ready and a 1,000 m diamond drilling program has been designed to test the most prospective targets.

Mann project

Pelangio's 100-per-cent-owned Mann project has come to the forefront with a recent nearby discovery by Canada Nickel Company. Canada Nickel is advancing its two-billion-tonne Crawford nickel project and aggressively exploring multiple properties in the district. The Mann property is located in Mann township, 50 km northeast of the city of Timmins, and covers an area of approximately two square km. The 12 patented claims (mining and surface rights) cover a portion of a large ultramafic intrusive complex that is prospective for nickel, copper, cobalt, chromium and PGEs (platinum group elements) close to where Canada Nickel Company has just reported assays from a significant new discovery on their Mann Northwest property surrounding Pelangio's patented claims (see Canada Nickel's release dated Aug. 22, 2023).

Canada Nickel drilled eight holes from May to July, 2023, testing 2.7 km of strike. Each hole returned multihundred-metre wide intersections of "strongly serpentinized peridotite, dunite and pyroxenite with fine mineralization throughout." Canada Nickel reported assays from five of the eight holes drilled were all mineralized with significant nickel, platinum and palladium values returning up to 348.5 metres of 0.23 per cent Ni and 0.04 g/t Pt plus Pd including 33 metres of 0.31 per cent Ni and 0.057 g/t Pt plus Pd. This hole also ended with 28.9 metres of 0.52 g/t Pt plus Pd. Canada Nickel's drill holes are located 2.2 km from Pelangio's Mann property boundary. The Mann patents cover historical airborne electromagnetic anomalies that experienced limited shallow drill testing by Inco from 1948 to 1951 and returned significant nickel values over narrow widths. Given the very significant nearby discovery by Canada Nickel, Pelangio is currently considering exploration programs to evaluate the potential of the property.

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. In Canada, the company has several gold properties and two critical minerals properties.

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