Pelangio Exploration Provides Exploration and Corporate Update

Rhea-AI Summary

Pelangio Exploration provided updates on its Ghanaian gold projects following a technical team site visit in May 2025. At Manfo, SEMS Exploration is completing a Mineral Resource Update expected in Q3 2025. The Nkosuo project, under option from FJ Minerals, revealed four mineralized trends with geology similar to Manfo. A 900 line-kilometer UAV Aeromagnetic survey is planned for the Manfo/Nkosuo corridor. At Obuasi, TuNya resumed pitting and trenching programs, nearing completion of a US$250,000 technical study. The company amended its MFD Agreement, extending the $1,000,000 expenditure deadline to December 31st, 2025, and the Manfo PEA deadline to March 1st, 2026. In Canada, Pelangio converted its interests in Hailstone and Kenogaming properties to royalties to focus on Ghana operations.

Positive

• Multiple mineralized trends identified at Nkosuo with similar geology to Manfo project
• Updated Manfo Mineral Resource Estimate expected to show significant increase from 2013 estimate
• Advanced exploration activities across multiple projects in Ghana
• Strategic focus on Ghana operations through streamlining Canadian assets

Negative

• Delayed timeline for Manfo project with PEA deadline extended to March 2026
• Divestment of direct interests in Canadian properties
• Extended deadline for $1,000,000 expenditure requirement to December 2025

Toronto, Ontario--(Newsfile Corp. - June 23, 2025) - Pelangio Exploration Inc. (TSXV: PX) (OTC Pink: PGXPF) ("Pelangio" or the "Company") is pleased to provide an update on recent corporate and exploration developments across its Ghanaian gold projects following a two-week site visit by Pelangio's Technical Team: Kevin Thomson, Senior Vice-President, Exploration and Samuel Torkornoo, Vice President Africa in May 2025.

Manfo and Nkosuo Option Highlights

• Manfo: Engaged with SEMS Exploration in their completion of Mineral Resource Update (MRE)

• Manfo MRE update: expected completion in Q3 2025

• Manfo: site visit with SEMS Exploration and PX Technical Team included GPS checks on drill collar positions, ground status checks, a review of drill core from the 2021-2023 drilling programs and sampling of assay pulps for a check on assays

• Nkosuo: conducted preliminary due diligence on Nkosuo project currently under option from FJ Minerals

• Nkosuo: identified four or more mineralized trends with similar geology to Manfo

• Manfo/Nkosuo Corridor: 900 line-kilometer UAV Aeromagnetic survey planned

Obuasi Highlights

• TuNya has resumed its pitting and trenching program as part of its earn-in agreement.

• Exploration program is nearing completion of the US$250,000 technical study

• Review of pitting done following the UAV Aeromagnetic survey. Upon the conclusion of the field work, TuNya will prepare a final report on all their work with recommendations for further exploration, expected by August

"Our recent technical review and site visit generated valuable insights," noted Kevin Thomson, Senior Vice-President Exploration. "At Nkosuo, preliminary due diligence was completed, marking our first visit to the ground since it was optioned. Field observations suggest the Nkosuo property to be very prospective for discovery and could contribute significantly to the total resource of the combined projects. At Manfo, SEMS Exploration is making good progress on the MRE Update, with the resource estimation nearly completed and the write-up well underway. At Obuasi the pitting and trenching programs have resumed and should provide insights on the geology and structure over the northern end of the property's most favourable target area."

Geological Discussion

Manfo-Nkosuo Projects

The Manfo and Nkosuo properties are being advanced as a unified exploration and development corridor. SEMS Exploration Services is finalizing an updated Mineral Resource Estimate (MRE) for Manfo. The updated model is expected to yield a significantly increased resource over that estimated in 2013, which used a gold price of $1,450. Nkosuo, located adjacent to Manfo, is emerging as a geologically compelling extension of the project. Field observations identified at least four mineralized trends, with geological characteristics and alteration similar to Manfo's high-grade zones. Informal/artisanal mining activity at Nkosuo has exposed mineralized structures that align with historical intercepts from Ashanti Goldfields along the Pokukrom-Nfante West mineralized trend as well as on strike with the Nfante Central prospect plus two or more additional structures, suggesting the potential for additional discoveries.

UAV Aeromagnetic Survey Progress

A high-resolution UAV-base aeromagnetic survey is about to commence on the Manfo-Nkosuo project covering approximately 900 line-kilometers at 50-meter spacing and is expected to take three weeks, weather permitting. The survey will enhance geological and structural interpretation and assist in identifying new drill targets.

Community engagement has been prioritized to ensure smooth operations, particularly in areas where informal mining is active. The survey is expected to start within several days.

*Newmont Reports Fourth Quarter and Full Year 2024 Results; Provides Full Year 2025 Guidance", p. 15. Feb. 20, 2025.
**the results of exploration or mineral resources on an adjacent property are not necessarily indicative of the mineralization on Pelangio's property

Figure 1. Location of the Nkosuo Mining Lease and District Geology

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6179/256432_12062ff58428ba64_001full.jpg

Obuasi

At the Obuasi property, TuNya has resumed its pitting and trenching program as part of its earn-in agreement. The program is nearing completion of its US$250,000 technical study commitment. A 2,000-meter RC drilling campaign is scheduled for August, targeting an area of the JV property north of TuNya's Kyereboso deposit.

Canadian Exploration Update

Given the extent of our focus on Ghana, Pelangio converted its interest in the Hailstone Property in Saskatchewan and the Kenogaming Property in Ontario to retain royalties on both properties.

Corporate Matters

In March 2025 the MFD Agreement was amended to:

1. Extend time deadline for the expenditure of $1,000,000 to December 31^st, 2025;
2. Extend deadline for PEA at Manfo to March 1^st, 2026
3. Remove the issuance of bonus shares associated with Manfo project development milestones by MFD.

Qualified Person

Mr. Kevin Thomson, P.Geo. (Ontario, #0191), Senior Vice-President, Exploration and Director, is a qualified person within the meaning of National Instrument 43-101 Standards of Disclosure for Mineral Projects. Mr. Thomson approved the technical data disclosed in this release.

About Pelangio

Pelangio acquires and explores prospective land packages located in world-class gold belts in Ghana, West Africa and Canada. In Ghana, the Company is exploring its two 100% owned camp-sized properties: the 100 km2 Manfo property, the site of eight near-surface gold discoveries, and the 284 km2 Obuasi property, located 4 km on strike and adjacent to AngloGold Ashanti's prolific high-grade Obuasi Mine, as well as the newly optioned Dankran property located adjacent to its Obuasi property

For additional information, please visit our website at www.pelangio.com, or contact:

Ingrid Hibbard, President and CEO

T: 905-336-3828 // E: info@pelangio.com

Forward-Looking Statements:  Certain statements herein may contain forward-looking statements and forward-looking information within the meaning of applicable securities laws. Forward-looking statements or information appear in a number of places and can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate" or "believes" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements and information include statements regarding the Company's ability to complete the acquisition of the Nkosuo Project, the planned work programs, the Company's strategy of acquiring large land packages in areas of sizeable gold mineralization, the Company's plans to follow-up on previous work, and the Company's exploration plans. With respect to forward-looking statements and information contained herein, we have made numerous assumptions, including assumptions about the state of the equity markets. Such forward-looking statements and information are subject to risks, uncertainties and other factors which may cause the Company's actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statement or information. Such risks include the changes in equity markets, share price volatility, volatility of global and local economic climate, inability to obtain necessary approvals or permits in Ghana including a forest entry permit, gold price volatility, political developments in Ghana, and Canada, increases in costs, exchange rate fluctuations, speculative nature of gold exploration, including the risk that favourable exploration results may not be obtained, and other risks involved in the gold exploration industry. See the Company's annual and quarterly financial statements and management's discussion and analysis for additional information on risks and uncertainties relating to the forward-looking statement and information. There can be no assurance that a forward-looking statement or information referenced herein will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements or information. Also, many of the factors are beyond the control of the Company. Accordingly, readers should not place undue reliance on forward-looking statements or information. We undertake no obligation to reissue or update any forward-looking statements or information except as required by law. All forward-looking statements and information herein are qualified by this cautionary statement. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/256432

FAQ

What is the status of Pelangio Exploration's Manfo Resource Update?

SEMS Exploration is finalizing the Mineral Resource Update for Manfo, with completion expected in Q3 2025. The updated model is anticipated to show a significant increase from the 2013 estimate.

What progress has been made at Pelangio's Nkosuo project?

Preliminary due diligence identified at least four mineralized trends with geological characteristics similar to Manfo's high-grade zones, suggesting potential for additional discoveries.

What are the recent changes to PGXPF's MFD Agreement?

The agreement was amended to extend the $1,000,000 expenditure deadline to December 31st, 2025, extend the Manfo PEA deadline to March 1st, 2026, and remove bonus shares associated with project development milestones.

What exploration activities are planned for Pelangio's Ghana projects?

A 900 line-kilometer UAV Aeromagnetic survey is planned for the Manfo-Nkosuo corridor, and at Obuasi, a 2,000-meter RC drilling campaign is scheduled for August.

How is Pelangio managing its Canadian properties?

Pelangio has converted its interests in the Hailstone Property in Saskatchewan and Kenogaming Property in Ontario to royalties to focus on its Ghana operations.