Steadright Signs MOU for Historic Polymetallic Copper-Lead-Zinc-Silver-Gold Goundafa Mine in Morocco

Executive Summary

• Steadright Critical Minerals Inc. signed an MOU with Ste Commerciale et Minière du Sahara (CMS) to acquire up‑to‑100 % interest in the historic Goundafa polymetallic mine (Concession No. 55, Morocco).
• The agreement provides for a US$8 million cash payment for the mineral licence, a non‑refundable US$0.5 million deposit, and an equity component not to exceed 9 % of Steadright’s outstanding shares plus a 1 % Net Smelter Royalty (NSR).
• Historical, non‑NI 43‑101‑compliant estimates suggest up to 6.62 Mt of mineralised material with grades of ~2 % Zn, ~1.8 % Pb, 1.5–2.1 % Cu and up to 3.5 g/t Au, indicating a potentially significant critical‑minerals asset.

Key Details

• Parties: Steadright Critical Minerals Inc. (CSE: SCM) and Ste Commerciale et Minière du Sahara (CMS).
• Project: Goundafa Mine, historic polymetallic Zn–Pb–Cu–Ag–Au operation in the High Atlas Mountains, Morocco (Concession No. 55, 1,600 ha).
• Financial Terms:
• US$8,000,000 cash for the mineral licence.
• US$500,000 non‑refundable deposit payable within three months of MOU execution.
• Equity kicker: up to 9 % of Steadright’s outstanding shares (to be issued at a price to be determined).
• Ongoing royalty: 1 % Net Smelter Royalty on future production.
• Due‑Diligence Period: 3 months for Steadright to evaluate the property.
• Finders’ Fee: 5 % of the purchase cash price payable upon execution of a definitive agreement.
• Historical Resource Context (2022 CMS Report, non‑NI 43‑101):
• Conceptual resources: 6.62 Mt at 2.1 % Zn, 1.8 % Pb, 1.5–2.1 % Cu; up to 3.5 g/t Au in select zones.
• Accessible underground volume: ~1.7 Mt within historic workings (vertical interval ≈600 m).
• Potential deeper extension: additional 800 m vertical depth not included in the estimate.
• Infrastructure: Existing mine shafts, galleries, and surface facilities from historic operations (1926‑1956) remain largely intact, facilitating rapid re‑entry.
• Exploration Outlook: Steadright plans systematic drilling to convert historical conceptual resources into NI 43‑101‑compliant mineral resource estimates; qualified person Robert Palkovits, P.Geo., has reviewed the technical information.
• Management Quote (CEO Matt Lewis): “The historic mine works are very compelling… the fully permitted historic mining operation with two critical minerals is an ideal place to be while the world races to access and secure these ever‑increasing value metals.”

Notable Quotes

• Matt Lewis, CEO: “There is a lot of historical information that our Geological team is going through with regards to the due diligence. The historic mine works are very compelling to investigate further considering the potential in this friendly mining jurisdiction of Morocco.”
• Robert Palkovits, VP Exploration (Qualified Person): Confirmed review and approval of all scientific and technical data disclosed in the release.