Mr. Matt Lewis reports

GOUNDAFA HISTORIC MINE SITE SPRING WORK PROGRAM COMPLETED

Steadright Critical Minerals Inc. has provided an update to shareholders on the historic polymetallic copper-zinc-lead-silver-gold mine, known as the Goundafa mine, which has a fully permitted mining licence. Steadright holds a binding MOU (memorandum of understanding) on the site with $7.5-million (U.S.) remaining to purchase the shares of Ste Commerciale et Miniere du Sahara (CMS) over the next 2.5 years. Steadright can accelerate payments through cash or common shares.

In April, 2026, Steadright engaged Axiom Exploration Group Ltd., a global leader in integrated geoscience solutions, to support the rapid advancement of its diversified portfolio of high-potential critical mineral projects in Morocco. Axiom have recently been on site at the Goundafa historic mine site, after an unusual harsh winter.

Axiom has compiled and created a database of information from the Goundafa and was on site in May, 2026, to geolocate tailing piles as part of a contract signed for the sale of historic mineralized stockpile with MoResCo Sarl for purchase of up to 14,400 metric tons (see news release dated Dec. 16, 2025). Samples were taken from shallow pits or sorted mineralized piles. Photos were taken of each site, and samples and observations were recorded into the ESRI FieldMaps app. Samples were then sealed in bags along with a sample tag and were in the custody of the authors through to delivery to Afrilab in Marrackech, Morocco.

Geochemical analyses

All samples were prepared and analyzed by African Laboratory for Mining and Environment (AfriLab), an ISO 9001-certified laboratory (certificate No. MA20/819942595). Samples were crushed and pulverized to a nominal 85 per cent passing 75 microns using standard mechanical preparation procedures (PRE.MO/ANA/015). Gold was analyzed by fire assay with atomic absorption spectrometry finish (FA-AAS) on a 50-gram charge (PRE.MO/ANA/001). Multielement geochemistry was determined by inductively coupled plasma (ICP) spectrometry following four-acid (HF, HNO 3, HClO 4 and HCl) near-total digestion (PRE.MO/ANA/036). Follow-up on sampling to be reported.

Discussion

The site visit has helped a great deal to better understand the property for Axiom, with respect to the available reports. The state of the digital database continues to improve, even after the site visit, with additional digitization of historical samples helping to visualize previous work and potential across the entire site.

"The Goundafa mine was developed and mined by La Societe des Mines de Goundafa (SMG) from the 1926 until 1956. Operations ceased due to political changes following Moroccan independence. A number of historical professional reports are available on the Goundafa property. In 1928, 2,000 tons with an average grade of 22.13 per cent zinc and 11.31 per cent lead were produced. In the 1985 report, 'Rapport sur les travaux souterrains et la cartographieminiere de la concession de Goundafa' from the Bureau de Rescherches et de Participations Minieres (BRPM), Morocco's former national mining agency, now ONHYM, indicated silver (Ag) grades of up to 400 g/t from concentrate. As mining pursued deeper, increasing chalcopyrite and gold (Au) content were observed. In total, historical production of 320,000 tons of material was reportedly extracted until 1956.

"A 2022 geological report (non-NI 43-101 compliant), 'Rapport Technique et Financier sur la Concession Miniere de Goundafa -- Commune d'Ijoukak, Province d'El Haouz, Maroc,' authored by Omar Guillou and prepared for CMS, the concession holder identified 6.62 million tonnes located above minus 300L and adjacent to old workings, but excludes exploration potential that is open along the strike and downdip of minus 300 L. The 2022 CMS report states: The historic 'estimate is limited to the 600 vertical metres through accessible workings; are within a vertical interval of approximately 600 metres, between the surface and the deepest accessible workings.' However, the non-compliant tonnage estimate does not include 'deeper speculative extensions' and that 'it could extend an additional 800 meters vertically, reaching depths of 1,400 metres below surface.' In addition, 'the lateral extensions of veins IV, V and Vi have been identified at surface through trenching and geological surveys. These extensions show structural continuity with the veins exploited at depth, but their potential remains to be confirmed by drilling. They are not included in the main volumetric estimate of 6.62 million t, although the project warrants drill testing to evaluate geological continuity and to collect data for potential future resource estimation.

"Existing adits, including mine workings, are available at the historic operations allowing easy access to the former mine.

"The Goundafa project is an early-stage polymetallic exploration project located in Morocco's High Atlas Mountains -- a region with a long mining history and favourable geology. The project is centred on a series of steeply dipping mineralized veins containing lead, zinc, copper, gold and silver. These veins are exposed at surface and have seen limited artisanal mining since the French left, providing a strong foundation for modern exploration.

"While the 2022 report for the CMS estimate does not meet the requirements of NI 43-101 and is not a formal mineral resource, it reflects the potential scale of the system with the convergence of multiple mineralized veins

"The 2022 technical report was compiled and authored by Mr. Omar Guillou, who led the integration of historical data, field observations and sampling results into a cohesive evaluation of the concession's potential. Dr. Abdelaziz El Hadi, a senior structural geologist and academic researcher with over three decades of experience in Moroccan mineral systems, contributed to the geological interpretation and structural modeling. His work focused on vein geometry, structural stacking and volumetric projections that informed the historical estimate. See table 1 (tableau 3) historical estimation of in situ tonnage by vein (title modified) from the 2022 report and table 2: reconstructed tons and grade by vein.

"Follow-up work on the Goundafa will continue as Steadright is committed to ensuring that a proper exploration is competed at the Goundafa mine site and looks forward to sharing further information as it pertains to the mine site and its potential."

Steadright chief executive officer, Matt Lewis, states: "The Moroccan teams are pressing hard to fulfill Steadright's potential. I am very happy about the progress on the Goundafa, especially as it relates to the historic stockpiles we are contracted to sell.

"We are looking over Axiom's work at the Goundafa and will report back to the market shortly.

"Morocco is an incredible country and we are very grateful for the opportunities afforded us by them."

About Steadright Critical Minerals Inc.

Steadright is a mineral exploration company established in 2019. Steadright has been focused in 2025 on finding exploration and historical mining projects that can be brought into production within the Moroccan critical mineral space. Steadright currently has exposure through a Moroccan entity known as NSM Capital Sarl, with over 192 square kilometres of mineral exploration claims called the TitanBeach titanium project, along with the Copper Valley project. Steadright has also has a binding MOU for the historic Goundafa mine within the Kingdom of Morocco.

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