Stellar AfricaGold - Zuenoula Permit, Cote D'ivoire, Exploration Quarterly Update

Stellar AfricaGold Inc. (SPX) issued a quarterly exploration update for its Zuénoula Gold Project in Côte d'Ivoire on October 22, 2026. The project is operated by MetalsGrove under a joint venture agreement. The company announced that a planned 10,000-meter auger drilling program has been suspended following concerns raised by local villagers.

In response, Stellar AfricaGold has initiated an expanded community engagement and liaison program. This includes hiring a full-time Ivorian community liaison officer to address grievances and distinguish professional exploration activities from unauthorized artisanal mining. Auger drilling is expected to resume progressively as community support is established, with shareholders to be notified upon resumption.

Meanwhile, infill soil sampling continues to refine six priority drill targets across the Fifty-Five, Central, and South East prospects. The joint venture terms remain unchanged: MetalsGrove may earn up to a 50% interest by spending US$3,000,000, or up to 80% by spending US$6,000,000.

This development marks the first operational pause at Zuénoula, shifting the company's focus from subsurface testing to community relations. The pause follows a period of significant activity at the project and the company’s other asset, the Tichka Est project. In June and July 2026, Zuénoula auger drilling commenced targeting six prospects after extensive soil sampling defined kilometre-scale gold trends.

At the Tichka Est project, a JV agreement with MetalsGrove was signed in December 2025, establishing the exploration framework and earn-in structure. Between February and August 2026, the project advanced with Phase I drilling, high-grade rock samples, and final assay results confirming a structurally controlled orogenic gold system. Subsequently, in September and October 2026, a Phase II drill contract was signed, trenching was completed at a new dyke target, and a drone magnetic survey was approved.

Stellar AfricaGold Inc. (SPX) has suspended its 10,000-meter auger program, a move that represents a temporary operational delay rather than a fundamental flaw in the project's geology or economics. The company is addressing community relations, a critical risk in African exploration, by proactively hiring a liaison officer and expanding engagement to mitigate the risk of prolonged shutdowns.

There is no immediate financial impact from the suspension, as the joint venture partner MetalsGrove is funding the exploration spend. The delay does not alter the JV earn-in milestones or the company's cash position. This development is considered incremental and expected in early-stage exploration where social license to operate is paramount, and it does not change the valuation thesis or the company's capital requirements.

Stellar AfricaGold Inc. (SPX) is an early-stage exploration company focused on gold projects in North and West Africa. The company operates two primary permits: Tichka Est in Morocco and Zuénoula in Côte d'Ivoire. Management is led by CEO J. François Lalonde, with technical oversight from qualified persons including Yassine Belkabir (Tichka Est) and Robert Perring/Lijun Yang (Zuénoula).

The company’s flagship asset, the Tichka Est Gold Project, covers 82 km² in the High Atlas region. Phase I drilling confirmed structurally controlled orogenic gold mineralization in fractured diorite sills. Phase II drilling, consisting of 5,000m across 24 holes, is fully funded and targets depth and strike extensions of Zone B as well as a new dyke target. High-grade rock samples, reaching up to 218.33 g/t Au, and soil anomalies support the geological model.

The secondary asset, the Zuénoula Gold Project, covers 395.78 km² along the Abujar–Napié gold trend. This early-stage exploration program involves extensive soil sampling to define kilometre-scale gold trends. The project is operated by MetalsGrove under a joint venture, focusing on auger drilling to test saprolite and bedrock potential.