Stellar AfricaGold - Regolith Mapping and Lidar Survey Commenced at Zuenoula Gold Project, Cote D'ivoire

• The most recent release (2026-03-31) reports that regolith mapping and a LiDAR survey have commenced at the Zuenoula Gold Project in Cote d’Ivoire. Seven gold prospects were defined across the Zuénoula permit, including a top-priority Fifty-Five Prospect with a peak fire-assay anomaly of 583 ppb Au, a Central Prospect with 148 ppb Au, and four additional prospects (>30 ppb Au) identified on wide-spaced grids. The company plans extensive follow-up work (infill/step-out soil sampling, regolith mapping, LiDAR-orthophotos) to refine targets ahead of future drilling.
• The March 16, 2026 and March 11, 2026 updates reinforce a systematic, staged exploration approach at Zuénoula, including regolith mapping, high-res UAV LiDAR, and district-scale soil sampling that defines multiple drill-ready targets (Fifty-Five, Central, and Southeast Corner areas).
• The February 4, 2026 update confirms the district-scale soil sampling framework at Zuénoula, with an initial 320-sample program (out of 320 planned; 200 collected; 124 assayed as of Jan 26, 2026) and planned infill sampling over a 13 km2 area to define drill targets. Quotations from Stellar and MetalsGrove emphasize rapid progress and integrated data interpretation to guide subsequent drilling.
• Earlier updates in 2026 and late 2025 show a continuing cadence of exploration activity at Zuénoula paired with a joint-venture structure. MetalsGrove may earn up to 50% (potentially up to 80%) by funding exploration, with staged spend (US$3–6 million) through 2029, and MetalsGrove acting as operator during sole-financing periods.
• The 2026-02-03 and 2026-02-03–03-11 updates at Tichka Est (Morocco) indicate ongoing drilling activity with positive drill results (zone B) and a defined Phase II plan (5,000 m) toward a maiden resource, plus routine updates on weather-related pauses, new geological modeling, and company commentary from J. François Lalonde.
• Historical context from late 2024–2025 shows the company’s strategy of financing exploration via private placements and share-for-debt adjustments, with insiders participating in financings. Key milestones include the 2025-12-09 earn-in/joint-venture agreement with MetalsGrove and subsequent exploration updates, including a 2025-10 private placement that funded Tichka Est and Zuénoula work.

Material impact assessment - Overall sentiment: Positive, but largely incremental and in line with planned exploration work. The latest news confirms continued systematic targeting and data integration rather than a new discovery or financing move. - Within the context of prior news, the March 2026 updates are a continuation of the established exploration cadence at Zuénoula (soil sampling, regolith mapping, LiDAR) and do not appear to alter the JV economics or funding structure. They reinforce management’s strategy to advance drill targets efficiently and de-risk the project through detailed surface and near-surface work before drilling. - The MetalsGrove JV remains a material strategic construct that reduces immediate cash burn for exploration by transferring a portion of spend risk to a partner, with a potential path to up to 80% ownership. While this is strategically meaningful for the company, the March 2026 exploration update itself does not announce new funding or a major strategic milestone beyond ongoing work. - In summary, the most recent news is Material - Positive in its own right as it documents tangible progress and target refinement, but it is more of a routine milestone within an established exploration push rather than a game-changing event.

What to watch next (immediate, 3-6 months) - Immediate (weeks to months): - Results from regolith mapping and LiDAR integration at Zuénoula; correlation of surface targets with soil anomalies, and any updated target ranking. - Infill soil sampling results at Fifty-Five, Central, and additional prospects to sharpen drill target definitions. - Early drill planning updates at Zuenoula based on newly refined targets. - 3-6 months: - Drill campaigns at Zuénoula (target depth, spacing, and success in vectoring toward a potential resource) and any resulting assay results. - Potential technical updates from MetalsGrove-backed exploration, and any new milestones toward the 1–2 stage funding or resource milestones (if applicable). - Ongoing updates on Tichka Est (Morocco) Phase II drilling plan, cost controls, and any new resource modeling outputs or mineralized zone expansions. - Any broad capital-raising activity or additional partner funding announcements, given the company’s financing history and the MetalsGrove JV framework.

Conclusion on Materiality - Rating rationale: Routine - Positive. The latest news cycle shows constructive, expected exploration progression (regolith mapping, LiDAR, soil target refinement) rather than a material new discovery or financing event. It aligns with prior expectations and the ongoing JV-funded exploration model. It reinforces execution risk management and target delineation, which supports long-run value but does not deliver immediate, material re-rating signals.

Technical Analysis and Price Support Resistance Breakout levels - Price data: Not provided. Therefore, a technical trend, support/resistance levels, or breakout levels cannot be calculated from the given data. - If price data becomes available, I would identify: - Support: historical consolidation zones and recent swing lows where price has previously rebounded. - Resistance: swing highs or zones where price has faced selling pressure. - Breakout points: an upside breakout above a clear resistance zone on positive news (e.g., a drill result that proves grade continuity or a resource milestone) and a downside support level where disappointing results create downside risk. - In the absence of price data, the analysis remains qualitative and focused on the narrative of exploration progress and JV financing dynamics.

Company overview and flagship project - Company: Stellar AfricaGold Inc. (SPX) - Flagship projects: - Tichka Est Gold Project (Morocco): An 82 km2 permit with multi-structure gold potential in the High Atlas region. Phase I drilling targeted Zone B with evidence of structurally controlled mineralization in diorite sills; Phase II plans for 5,000 m and potential maiden resource attempt, with an earn-in arrangement that could yield up to 85% (or more via option) ownership after spend thresholds. - Zuénoula Gold Project (Ivory Coast): 395.78 km2 permit with a MetalsGrove MetalsGrove CDI JV. Early soil sampling and geophysical work (regolith mapping, LiDAR) to refine drill targets; JV economics allow MetalsGrove to fund up to US$6 million to earn up to 50%, potentially up to 80%, with MetalsGrove as operator during sole-financing periods.

Capital structure including financings and levels - Notable financings and capital events (selected): - 2025-12-09: Earn-in and JV with MetalsGrove for Zuénoula; MetalsGrove to fund up to US$3–6 million in exploration through 2029 for staged JV interests (50% potentially up to 80%), with initial cash payments and milestone payments for resource milestones. - 2025-11-06: Closed a non-brokered private placement raising gross proceeds of C$4 million (22,222,222 units at C$0.18; 1/2 warrant; 3-year expiry at C$0.28). Proceeds to be used for Tichka Est, Zuénoula, and general working capital. Insider participation noted. - 2025-10-15 and 2025-10-30: Proposed private placement of up to C$4 million; terms include units with warrants; use of proceeds similar to above. - 2025-04-08 and 2025-04-01: Debt settlement via shares-for-debt and final tranche financing; issuance of shares at C$0.05 and related options; related-party participation noted; private placements continued to fund exploration. - 2025-04-30 onward: Ongoing exploration progress updates and corporate financing activity to support Tichka Est and Zuénoula exploration. - Financing structure: Heavily equity-funded with multiple private placements, insider participation, and warrant components. The MetalsGrove JV adds a strategic non-dilutive financing pathway for Zuénoula and potential future dilution considerations for Stellar if MetalsGrove elects to fund further exploration to reach higher ownership.

Strategic investors - MetalsGrove Mining Ltd (via MetalsGrove CDI Pty Ltd) is the principal strategic investor/partner for Zuénoula, with staged exploration funding to earn up to 50% (potentially up to 80%) and operator role during sole-financing periods. The JV structure is a central strategic element for Stellar’s Ivory Coast project. - Insider participation in private placements includes three Stellar directors, highlighting alignment with shareholder interests.

Debt risk and capital needs - Current material debt risk appears limited given the history of equity financings and debt settlements. The company relies on equity markets to fund ongoing exploration. The JV with MetalsGrove reduces near-term cash burn for Zuénoula and provides milestone-based funding, but potential dilution remains a risk if additional financings are pursued or if MetalsGrove exercises its optional up-to-80% ownership. - Royalty provisions (1% NSR to Elemental Altus) pre-exist and could influence economics if projects advance, but are not immediate cash pressures. - Weather-related and infrastructure challenges at Tichka Est (Morocco) have historically affected drilling timelines; capital planning should account for potential delays and cost escalations.

Key and hidden risks - Exploration risk: Success depends on drill results at Zuénoula and Tichka Est; to date, results have advanced the narrative but no definitive resource is announced. - Funding risk: While the MetalsGrove JV provides a significant funding path, there is dilution risk for Stellar if further equity is raised or if MetalsGrove funds additional exploration and triggers ownership changes. - Operational risk: Terrain, logistics, and weather can affect drilling schedules and costs, particularly in Morocco and Ivory Coast. - Geological risk: The exploration model is multi-structure and zone-dependent; misinterpretation or misalignment between surface anomalies and subsurface mineralization could hinder discovery pace. - Regulatory and geopolitical risk: Jurisdictional risk in West Africa and North Africa, including permitting, royalties, and commodity price exposure.

Final summary and takeaways - The latest news (March 31, 2026) confirms continued, disciplined exploration targeting at Zuénoula with regolith mapping and LiDAR, building a pipeline of drill targets (seven prospects) and sharpening the plan ahead of drilling. This aligns with the existing JV framework with MetalsGrove and the broader corporate strategy to advance Tichka Est and Zuénoula through staged investments and data-driven drill targeting. - The material materiality of the recent update remains modest; it is a positive, routine milestone consistent with prior guidance rather than a sudden, market-moving event. The MetalsGrove JV remains a core strategic lever that could materially influence future capital needs and ownership.

Appendix and Sources - Time period of news available: 2025-12-09 to 2026-03-31 (plus related items through 2026-02 and 2025 updates for context) - Time Series Price Data: Price data not provided - Financial statements: Not provided in the prompt - Transcripts: Not provided - Investor presentations: Not provided - Key news items cited in analysis: - 2026-03-31 Stellar AfricaGold - Regolith Mapping and Lidar Survey Commenced at Zuenoula Gold Project - 2026-03-16 Stellar JV starts mapping, lidar at Zuenoula - 2026-03-11 Stellar Africagold - District-Scale Soil Sampling Defines Further Gold Exploration Targets At Zuenoula - 2026-02-04 Stellar AfricaGold - District-Scale Soil Sampling Defines First Gold Exploration Target At Zuenoula - 2026-02-03 Stellar AfricaGold Intersects Multiple Gold-Bearing Zones and Confirms Structural Controls at Tichka Est, Morocco - 2026-01-07 Stellar Africagold Updates Drilling Activities at the Tichka Est Gold Project, Morocco - 2025-12-09 Stellar AfricaGold Signs Earn-In and Joint Venture Agreement to Advance Zuenoula Gold Project Cote D'ivoire - 2025-11-06 Stellar AfricaGold Closes $4 Million Private Placement - 2025-10-15 Stellar AfricaGold Announces $4 Million Private Placement Offering - 2025-10-02 Stellar AfricaGold Intersects Multiple Wide High-Grade Gold Zones at Tichka Est - 2025-04-30 Stellar talks Tichka Est, Zuenoula exploration progress - 2025-05-15 Stellar Africagold Board Endorses Tichka Est Geological Model And Drill Plans - 2025-07-10 Stellar to begin drilling at Tichka Est Structure B - 2025-08-26 Stellar Completes First Drill Hole at Tichka Est and PSUs grant - 2025-12-09 and 2025-12-02 additional context on financing and drilling progression - Notes: All quotes and details are drawn from the provided press releases and extracts therein.