Mr. Matt Lewis reports

STEADRIGHT SIGNS MOU FOR HISTORIC POLYMETALLIC COPPER-LEAD-ZINC-SILVER-GOLD GOUNDAFA MINE IN MOROCCO

Steadright Critical Minerals Inc. has signed a memorandum of understanding (MOU) with Ste Commerciale et Miniere du Sahara (CMS), which is the licence holder of an historic polymetallic zinc-lead-silver-copper-gold mine, production concession No. 55 in the Goundafa area, known as the Goundafa mine. Copper (Cu) and zinc (Zn) are classified as critical and strategic minerals in the United States, Canada, Europe and a significant number of other countries around the world.

Steadright can earn up to 100 per cent in the Goundafa project, which holds concession No. 55, with 1,600 hectares of a fully permitted mining and environmental production licence. The claim is in the Goundafa area in south-central Morrocco, within the county of Ijoukak.

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. The 1985 report, "Rapport sur les travaux souterrains et la cartographie miniere 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 grades of up to 400 grams per tonne from high-grade galena zones. As mining pursued deeper, increasing chalcopyrite and gold 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, identifies conceptual resources up to 6.62 million tons with grades of 2.1 per cent Zn, 1.8 per cent Pb and 1.5 to 2.1 per cent Cu, and up to 3.5 g/t gold in select zones -- particularly from underground sampling at vein II near Gallery L, of which 1.7 million tons are directly accessible through the historic multilevel works (as stated in the 1985 BRPM report). Recent XRF-measured grades inside of the mine showed strong potential for significant higher metal grades in some areas, consistent with historic mining. A network of well-maintained infrastructure remains at the historic operations allowing easy access to the mine.

The 2022 CMS report states: "The current 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 conceptual resources do not include "deeper speculative extensions," and that "it could extend an additional 800 metres 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 Mt, although they represent significant additional potential."

The Goundafa mine 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 copper, zinc, gold, lead and silver. These veins are exposed at surface and have seen limited artisanal mining, providing a strong foundation for modern exploration.

While the 2022 report for 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.

The convergence of multiple mineralized veins, historical production from vein I, and surface geochemical anomalies across veins IV-VI suggest meaningful upside. Combined with accessible infrastructure and a mining-friendly jurisdiction, Goundafa presents a compelling opportunity for value-driven exploration and future resource development.

The 2022 technical report was compiled and authored by 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 modelling. His work focused on vein geometry, structural stacking and volumetric projections that informed the conceptual tonnage 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.

Dr. Abdelaziz El Hadi contributed to the 2022 Goundafa report by developing a conceptual geological model based on existing data. His interpretation of the underground vein geometry was derived from:

• Historical mine plans and legacy schematics of veins I and II;
• Underground sampling records, including assays from Gallery L;
• Surface trenching and geochemical anomalies used to infer subsurface continuity;
• Regional structural context from prior academic research in the Anti-Atlas and High Atlas regions.

Dr. El Hadi did not conduct new underground surveys or remap historical workings. His modelling was conceptual, based on the 1985 BRPM report and intended to guide exploration targeting, not to produce compliant resource estimates.

While Dr. El Hadi is not a qualified person (QP) under NI 43-101 and did not perform formal resource estimation, his insights were instrumental in shaping the geological rationale and exploration strategy. Together, their collaboration provides a robust technical foundation for advancing Goundafa toward drill-supported resource classification. With systematic drilling and qualified resource modelling, the project is well positioned to evolve into a formally classified polymetallic asset with early stage copper-gold leverage.

Historical mapping reference -- 1985 BRPM report

The 1985 report prepared by the Bureau de Recherches et de Participations Minieres is considered the most detailed historical source of underground mapping for the Goundafa concession. It includes schematic plans of underground galleries, vein exposures and sampling records -- particularly around veins I and II -- and has served as a foundational reference for subsequent geological interpretations.

This report provides valuable insight into the spatial layout and historical workings of the deposit, including early production zones and accessible galleries such as Gallery L. Its documentation has informed structural modelling efforts, including the 2022 conceptual tonnage estimate developed by Dr. Abdelaziz El Hadi.

Qualified person

Robert Palkovits, PGeo, vice-president of exploration for Steadright, who is a qualified person (QP) under the National Instrument 43-101 -- Standards of Disclosure of Mineral Projects has reviewed and approved the scientific and technical information in this press release.

About Streadright Critical Minerals Inc.

Steadright Critical Minerals is a mineral exploration company established in 2019. Steadright has been focused in 2025 on finding exploration projects that can be brought into production within the critical mineral space focused in Morocco. Steadright currently has mineral exploration claims known as the Ram project near Port Cartier, Que., within the Cote-Nord region, which is accessible by route 138. The Ram project comprises over 11,000 acres and is located on an Anorthositic complex that is in a highly prospective geological unit and historically been under explored for Ni (nickel), Cu (copper), Co (cobalt) and precious metals.

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