Mr. J. Francois Lalonde reports

STELLAR AFRICAGOLD AWARDED 396 KM2 GOLD PERMIT IN COTE D'IVOIRE; TICHKA EST UPDATE

Stellar AfricaGold Inc. has been granted the Zuenoula gold exploration permit in Ivory Coast.

The Zuenoula gold permit, Ivory Coast

The Zuenoula permit was officially granted in the ministerial meeting held April 17, 2024, and pursuant to normal procedures was publicly announced on nationally televised broadcast. Stellar is awaiting final documentation, which will follow the issuance of a presidential decree. The highly prospective Zuenoula gold exploration permit was acquired Nov. 27, 2020, as a then-pending permit application (see news releases dated June 29, 2020, Nov. 27, 2020, and Feb. 6, 2023) and Stellar has steadfastly pursued its final issuance.

The final 250,000 shares owed to TSX Venture Exchange listed Elemental Altus Royalties Corp., which was contingent upon final granting of the permit, have been issued and will be released to Elemental Altus Royalties Corp. as soon as the final documentation for the permit grant is received. The permit is subject to a 1-per-cent net smelter return royalty and a final payment of $500,000 (payable either in cash or with shares) upon the project reaching one million ounces of gold resources with at least 500,000 ounces in the indicated category, both being in favour of Elemental Altus Royalties.

The Zuenoula gold exploration permit, which covers a total of 395.8 square kilometres, is located in the margin between granitoids and the Birimian greenstone belt along a regional northeast-southwest-trending shear zone.

The Zuenoula gold project will target a 22-kilometre-long east-northeast-trending shear zone interpreted by historic air magnetic data. Artisanal activities along the north-northeast shear zone have been identified from satellite imagery.

The Zuenoula gold permit is located in the centre of recent major gold discoveries in Ivory Coast, including:

• One hundred kilometres to the southeast, the Yaoure gold mine operated by Perseus Mining Ltd. commenced production in 2021.
• One hundred fifty kilometres to the northeast, the Lafigue gold mine is under construction by Endeavour Mining Corp. with production scheduled for Q3 2024.
• One hundred twenty kilometres to southwest, the Abujar gold mine operated by Tietto Minerals Ltd. commenced production in 2023.
• One hundred kilometres to the northwest, the Eguela gold mine operated by Fortuna Silver Mines Inc. commenced production in May, 2023.

"I am pleased that Stellar's persistence and patience have been rewarded and that Cote d'Ivoire's authorities have officially awarded Stellar this exploration permit. Stellar is keen to pursue Zuenoula's exploration alongside exploration of our advancing Tichka Est gold project in Morocco. Our exploration programs are ready to be restarted in Morocco and initiated in Cote d'Ivoire in 2024," commented J. Francois Lalonde, president and director.

Tichka Est update

Following a series of meetings, Stellar submitted an updated exploration budget and extended earn-in period to Morocco's Office National des Hydrocarbures et des Mines (ONHYM) pending approval.

On April 25, 2024, representatives of ONYHM, together with members of Stellar's Moroccan exploration team, conducted a site visit to Tichka Est to review the exploration progress.

About Stellar AfricaGold Inc.

Stellar AfricaGold is a Canadian precious metal exploration company listed on the TSX Venture Exchange under the symbol SPX, on the Tradegate Exchange under the symbol 6YP1 and on the Frankfurt Stock Exchange under the symbol 6YP1.

Stellar's principal exploration project is its advancing gold discovery at the 82-square-kilometre Tichka Est gold project in Morocco.

The technical content of this press release has been reviewed and approved by Yassine Belkabir, MScDIC, CEng, MIMMM, a Stellar director and a qualified person as defined in National Instrument 43-101.

The company's head office is in Vancouver, B.C. The company also has a representative office in Casablanca, Morocco.

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