Pelangio Begins Drill Program at Manfo and Provides Corporate Update

Executive Summary

• Pelangio Exploration announced the commencement of Phase 1 of a 6,850‑m drill program at the Manfo Project (3,150 m resource extensional diamond drilling followed by 3,700 m exploration RC drilling).
• The company terminated two option agreements: the FJ Minerals “FJ Option” (17% interest) and the Nathawo Properties “Nathawo Option” ($1 M payment), retaining a 27% stake in the known Manfo mineral resource and securing a Right of First Refusal on the adjacent Nkosuo property.
• Current Manfo Resource Estimate remains at 441,000 oz Indicated (1.16 g/t Au) and 396,000 oz Inferred (0.77 g/t Au), with 63,000 oz of the Inferred portion located on the now‑disposed Nkosuo property.

Key Details

• Drill Program Scope: Total 6,850 m; 3,150 m diamond drilling for resource extensions, then 3,700 m RC drilling to test the Bomfaa geochemical anomaly and other targets (Nfante East, possible southern extension of Nkansu).
• Target Areas: Extensions of Pokukrom East & West deposits (strike, down‑dip, down‑plunge); Bomfaa Au anomaly 2.5 km NW of Pokukrom; Nfante East (historical intercepts: 6 m @ 2.99 g/t Au and 17 m @ 1.22 g/t Au).
• Assay Schedule: Results to be released periodically over the several‑month drilling campaign.
• Option Terminations:
• FJ Minerals Limited – termination of option to earn 17% interest in Manfo Project and its mineral resource.
• Nathawo Properties & Investment Ltd. – termination of $1 M option for a 10% interest in Manfo Project.
• Retained Interests: Pelangio retains the 27% of the known Manfo resource previously subject to the terminated options.
• Right of First Refusal: Granted on the adjacent Nkosuo property after disposal of its option interest.
• Current Resource Estimate (Manfo):
• Indicated: 441,000 oz Au; 11,787,000 t @ 1.16 g/t Au.
• Inferred: 396,000 oz Au; 16,048,000 t @ 0.77 g/t Au (63,000 oz from Nfante West deposit located partially on Nkosuo property).
• Management Comment: “We are pleased to launch phase one of the current Manfo exploration program… We continue our constructive engagement with FJ Minerals to explore mutually beneficial opportunities going forward.” – Ingrid Hibbard, President & CEO.

Notable Quotes

“We are pleased to launch phase one of the current Manfo exploration program, which is designed with the objective of both expanding our existing mineral resource and finding new gold discoveries. We continue our constructive engagement with FJ Minerals to explore mutually beneficial opportunities going forward.” – Ingrid Hibbard, President & CEO.