Ms. Ingrid Hibbard reports

PELANGIO EXPLORATION ANNOUNCES PRIVATE PLACEMENT FOR GROSS PROCEEDS UP TO $500,000

Pelangio Exploration Inc. has arranged a non-brokered private placement for gross proceeds of up to $500,000. The Offering will consist of the sale of units (the "Units") of the Company at a price of $0.015 per Unit. Each Unit consists of one common share of the Company (a "Common Share") and one Common Share purchase warrant ("Warrant"). Each whole Warrant entitles the holder to purchase one Common Share at a price of $0.05 for a period of five years from the initial closing date of the Offering. The Company intends to use the gross proceeds for working capital, including up to 10% for settling non-arm's length payables, as well as general corporate purposes including land maintenance costs.

The Offering is subject to customary closing conditions including, but not limited to, receipt of applicable regulatory approvals, including approval of the TSX-V. The closing of the Offering may occur in one or more tranches, with the initial closing date of the Offering expected to occur on or around March 30th, 2024 and is not subject to receipt of a minimum amount of gross proceeds. The securities issued pursuant to the Offering will be subject to a four-month and one day hold period in accordance with applicable Canadian securities laws and TSX-V policies. The Offering is open to participation by insiders.

About Pelangio

Pelangio acquires and explores prospective land packages located in world-class gold belts in Ghana, West Africa and Canada. In Ghana, the Company is focused on its two 100% owned camp-sized properties: the 100 km2 Manfo property, the site of eight near-surface gold discoveries, and the 284 km2 Obuasi property, located 4 km on strike and adjacent to AngloGold Ashanti's prolific high-grade Obuasi Mine, as well as the Dankran property located adjacent to its Obuasi property. In Canada, the Company is currently focused in Ontario at its gold, silver, zinc polymetallic Kenogaming project, located 63 km southwest of Timmins and at its Gowan polymetallic project, located 16 km east of the Kidd Creek Mine. See www.pelangio.com for further detail on all Pelangio's properties.

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