Steadright to explore Goundafa mine in Morocco

Executive Summary

• Steadright Critical Minerals Inc. is advancing exploration at the historic Goundafa polymetallic mine in Morocco, with plans to begin phased drilling in December 2025 and early 2026 to verify historical resource estimates and prepare for a National Instrument 43-101 compliant resource estimate.
• The company is also progressing on the TitanBeach heavy mineral sands project, with a Preliminary Economic Assessment (PEA) underway and planned meetings with government officials in November to secure mining and environmental licenses.
• Historical data indicates the Goundafa mine produced over 320,000 tons of high-grade material between 1926 and 1956, with conceptual resources identified up to 6.62 million tons containing significant zinc, lead, copper, and gold grades.

Key Details

• Goundafa Mine Exploration Plan:
  • Timeline: Initial phase (surface mapping and drilling) to start December 2025/early 2026; second phase (mapping, drilling, geophysics) to follow.
  • Objective: Verify hypotheses of potential resources in Vein 1 and extensions laterally and at depth; formulate a NI 43-101 resource estimate.
  • Historical Context: Mine operated 1926–1956, producing ~320,000 tons of material with >10% grades and 400 g/t silver. Operations ceased due to political changes, not economics.
  • Infrastructure: Historic adits and shafts are closed for safety but can be reopened with minimal effort/cost via cooperation with current owners.
• Goundafa Resource Estimates (Conceptual, Non-NI 43-101):
  • Total Conceptual Resource: Up to 6.62 million tons.
  • Grades: 2.1% Zn, 1.8% Pb, 1.5–2.1% Cu, and up to 3.5 g/t Au in select zones.
  • Accessibility: 1.7 million tons are directly accessible through historic multilevel works.
  • Depth Potential: Current estimate covers 600 vertical meters; potential exists for extensions to 1,400 meters below surface.
  • Lateral Extensions: Veins IV, V, and VI show structural continuity at surface but require drilling confirmation; not included in the main volumetric estimate.
  • Recent Sampling: XRF-measured grades inside the mine indicate strong potential for higher metal grades consistent with historic mining.
• TitanBeach Heavy Mineral Sands Project:
  • Status: PEA is ongoing to determine processing options and plant configurations.
  • Location: Processing plant planned for the province of Tan-Tan, Morocco.
  • Next Steps: Meetings with government officials scheduled for mid-to-late November to submit mining and environmental license applications.
  • Recent Activity: Exploration work conducted in September/October; return planned for November.
• Other Projects:
  • Ram Project: Located near Port Cartier, Quebec, comprising over 11,000 acres on an Anorthositic complex prospective for Ni, Cu, Co, and precious metals.

Notable Quotes

• Matt Lewis, CEO: "Steadright's North Star is the thesis that we can best serve our shareholders by acquiring assets which have clearly achievable near-term production -- and then moving to the revenue stage as quickly as possible. I am very pleased with our execution so far and think we are on target to hit our goals. We strongly commend our Moroccan team and all the levels of government helping make this possible."