Ms. Ingrid Hibbard reports

PELANGIO EXPLORATION COMMISSIONS A DEEP-PENETRATING CSEM SURVEY FOR THE OBUASI AND MANFO PROJECTS, GHANA

Pelangio Exploration Inc. has commissioned a controlled-source electromagnetic (CSEM) survey for the Obuasi and Manfo projects, to be conducted by SEMS Exploration Services of Ghana.

CSEM surveys will be conducted on Pelangio's Obuasi and Manfo projects to delineate targets up to one-plus-kilometre depth below prospective exploration target areas.

On Pelangio's Obuasi project, the survey will be conducted in tandem with an AngloGold Ashanti survey on the Obuasi mine property. Pelangio's portion of the two surveys will cover Pelangio's Obuasi target area, interpreted to be on strike with the Obuasi mine's main gold trend. AngloGold Ashanti's survey covers the north-northeastern extension of its main gold trend within the Obuasi mine property.

The survey is intended to search for conductive and resistive targets at depths of up to one-plus kilometre, which could represent repetitions of the large, high-grade Obuasi ore shoots extending to the north-northeast. The northernmost known ore shoot at the Obuasi mine, the Far North shoot (also known as the Adansi shoot), sits approximately 4.2 kilometers south-southwest of Pelangio's property boundary at a depth of 700-plus metres.

The CSEM survey on the Manfo property will follow the Obuasi surveys and will explore for deep targets below (downdip and downplunge of) the Pokukrom East and West deposits.

CSEM survey details

Pelangio Exploration has commissioned SEMS Exploration Services of Ghana to conduct CSEM surveys on the company's Obuasi and Manfo projects to explore for mineral targets at depths up to one kilometre or more. Controlled-source electromagnetics is an active EM method where an electromagnetic signal is injected into the ground with the response measured at multiple stations in a grid array. The SEMS survey will employ an IRIS Instruments TIP 12000 transmitter powered by a 20-kilovolt-ampere generator to create the EM signal, with the subsurface response read by two Metronics magnetotelluric-grade receiver units working on a 170-metre grid node spacing.

The CSEM method is effective at detecting conductive features and mapping resistive bodies at shallow to intermediate depths (up to several kilometres) and could be effective at resolving Obuasi-style mineralization (conductive sulphide ore and resistive gold-bearing quartz lodes) comfortably to a depth of one kilometre or more. The magnetotelluric (MT) method in comparison, which is a passive EM method, is a much broader frequency survey enabling deep imaging (to tens of kilometres), although at a considerably lower resolution than CSEM can provide and requiring much longer survey times.

Pelangio's Obuasi survey will cover the Obuasi target area on the western edge of the property, interpreted to be on strike with the Obuasi mine's main gold trend. The survey will cover an area of 9.2 square kilometres with 295 170-metre-spaced stations. AngloGold Ashanti will conduct a parallel CSEM survey extending Pelangio's survey into its mine property with 333 stations over an area of 10.4 square kilometres. While SEMS will be conducting the survey over both properties, the surveys are independent of one another and a possible data-sharing agreement has not been discussed.

The northernmost known (from public information) orebody on the main gold trend at the Obuasi mine is the Far North ore shoot, also referred to as the Adansi ore shoot in some literature. Refer to AngloGold Ashanti's Obuasi underground analyst site visit presentation posted on its website on March 17, 2025. The Far North ore shoot is situated approximately 4.2 kilometres south-southwest of Pelangio's property boundary at a depth of 700-plus metres. It is believed that, if there is a repetition of the Obuasi mine ore shoots to the north and into Pelangio's property, it may be, at depths, comparable with to the Far North ore shoot as there is little evidence of large-scale near-surface mineralization observed in the soil geochemistry and historical diamond drilling on Pelangio's ground.

The Obuasi CSEM surveys are tentatively planned to commence in mid-April once the equipment is mobilized from Sweden and will require approximately two months to complete if the weather is mostly favourable. Another month will be required for 3-D inversion modelling of the data plus reporting with recommendations.

Following the Obuasi surveys, a smaller CSEM survey is planned for the Manfo project covering the area of the Pokukrom deposits plus the possible downplunge extensions to the northeast. An area of 2.8 square kilometres will be surveyed with 100 EM stations. The survey is not targeting as deep as at Obuasi but is intended to explore for mineralization deeper than the current drill program is planning to test.

Manfo drilling update

Resource extensional diamond drilling continues on the Manfo project focused on the Pokukrom deposits. Three holes of the 15-hole, 3,150-metre program are nearly complete. There are no assays to report as yet.

Qualified person

Kevin Thomson, PGeo (Ontario, No. 0191), senior vice-president, exploration, and director, is a qualified person within the meaning of National Instrument 43-101, Standards of Disclosure for Mineral Projects. Mr. Thomson approved the scientific and technical disclosure in this release.

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