Steadright signs MOU for Morocco Goundafa mine

Executive Summary

• Steadright Critical Minerals Inc. has signed a Memorandum of Understanding (MOU) with Ste Commerciale et Miniere du Sahara (CMS) to earn up to 100% interest in the historic Goundafa polymetallic mine in Morocco.
• The project holds Concession No. 55, covering 1,600 hectares with a fully permitted mining and environmental production license in the Ijoukak county.
• The mine has a production history from 1926–1956, with historical production of 320,000 tons. A 2022 non-NI 43-101 technical report identifies conceptual resources of up to 6.62 million tons.

Key Details

• Transaction Structure: Steadright can earn up to 100% interest in the Goundafa project through an MOU with CMS, the current license holder.
• Property Details: The project is located in the Goundafa area, south-central Morocco (Ijoukak county), and consists of Concession No. 55, covering 1,600 hectares. It holds a fully permitted mining and environmental production license.
• Historical Production: The mine was operated by La Societe des Mines de Goundafa (SMG) from 1926 to 1956. Total historical extraction was approximately 320,000 tons. In 1928, 2,000 tons were produced with an average grade of 22.13% zinc and 11.31% lead.
• 2022 Technical Report (Non-Compliant): Prepared by Omar Guillou for CMS, this report outlines conceptual resources:
  • Tonnage: 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: The estimate covers 600 vertical meters; potential exists for an additional 800 meters vertically (1,400 meters below surface).
  • Lateral Extensions: Veins IV, V, and VI show structural continuity at surface but are not included in the main volumetric estimate.
• Historical Grade Data: A 1985 BRPM report indicated silver grades up to 400 grams per tonne from high-grade galena zones. Increasing chalcopyrite and gold content were observed at depth.
• Infrastructure: A network of well-maintained infrastructure remains at the historic operations, allowing easy access.
• Geological Context: The project is located in Morocco's High Atlas Mountains, centered on steeply dipping mineralized veins containing copper, zinc, gold, lead, and silver.
• Qualified Person: Robert Palkovits, PGeo, Vice-President of Exploration for Steadright, has reviewed and approved the scientific and technical information.
• Technical Contributors: Dr. Abdelaziz El Hadi contributed to the geological interpretation and structural modeling based on historical data, though he is not a Qualified Person under NI 43-101.

Notable Quotes

• "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."
• "The convergence of multiple mineralized veins, historical production from vein I, and surface geochemical anomalies across veins IV-VI suggest meaningful upside."