Pelangio Explora Stock Price, News & Analysis

Pelangio Exploration Inc. (OTC Pink: PGXPF) is a gold-focused exploration company active in the gold ore mining industry. According to its public disclosures, Pelangio acquires and explores prospective land packages located on world-class gold belts in Ghana, West Africa and in Canada. The company’s projects are at the exploration and resource-definition stage rather than production, with an emphasis on building mineral resources through drilling, technical studies and targeted field programs.

Pelangio’s shares trade in the United States on the OTC Pink market under the symbol PGXPF and on the TSX Venture Exchange under the symbol PX. The company describes its strategy as focused on assembling and advancing land positions in highly prospective gold districts, particularly in Ghana, where it holds large, contiguous licenses in established gold belts.

Core Exploration Focus

Across multiple news releases, Pelangio states that it acquires and explores prospective land packages on strategic or world-class gold belts. In Ghana, the company highlights two 100% owned, camp-sized properties and additional adjacent ground:

• Manfo Gold Project (Ghana) – A 100% owned property of approximately 100 km². Pelangio reports that Manfo is the site of eight near-surface gold discoveries. The project hosts multiple deposits along a structural corridor and has been the subject of extensive drilling and technical work.
• Obuasi Property (Ghana) – A 100% owned property of approximately 284 km². Pelangio describes this property as located about 4 km on strike and adjacent to AngloGold Ashanti’s Obuasi Mine, which it characterizes as a prolific high-grade gold mine. Pelangio’s disclosures emphasize the strategic location of this exploration ground relative to that existing operation.
• Dankran / Dankan Property (Ghana) – A property located adjacent to Pelangio’s Obuasi ground. The company refers to this as the Dankran (or Dankan) property and notes that it is positioned beside the larger Obuasi land package.

In addition to these Ghanaian projects, Pelangio notes that it has held Canadian exploration properties. In one update, the company states that it converted its interests in the Hailstone Property in Saskatchewan and the Kenogaming Property in Ontario into royalty interests, reflecting a focus of active field work in Ghana while retaining exposure to potential future outcomes on those Canadian assets.

Manfo Project and Mineral Resource Estimate

The Manfo Gold Project is a central asset for Pelangio. The company reports an updated, independent Mineral Resource Estimate (MRE) for Manfo, completed by SEMS Technical Services Ltd. of Ghana. This resource, with an effective date of July 31, 2025, is described as an update to Pelangio’s maiden resource estimate from 2013 and is reported for four gold deposits within optimized open-pit shells at a gold price assumption of US$2,600 per ounce.

According to Pelangio’s published tables, the Manfo MRE defines:

• An Indicated Mineral Resource totalling 11,787,000 tonnes at an average grade of 1.16 g/t gold, for 441,000 ounces of contained gold.
• An Inferred Mineral Resource totalling 16,048,000 tonnes at an average grade of 0.77 g/t gold, for 396,000 ounces of contained gold.

The company notes that this update represents an increase in estimated gold ounces in both the Indicated and Inferred categories compared with the 2013 pit-constrained estimate, which used a lower gold price for pit optimization. Pelangio also states that a fourth deposit, the Nkansu deposit, was added to the resource as part of this update.

The Manfo resource is reported as pit-constrained and divided among oxide, transitional and fresh rock categories, with different cut-off grades. Pelangio’s disclosures emphasize that these mineral resources are reported in accordance with Canadian National Instrument 43-101 and that mineral resources are distinct from mineral reserves, have not demonstrated economic viability, and may not be converted to reserves. The company has filed a NI 43-101 Technical Report titled “Independent Technical Report and Mineral Resource Estimation for the Manfo Gold Project, Ghana” on SEDAR+ to provide full technical details.

Manfo Deposits and Geological Setting

Pelangio reports that gold mineralization at Manfo occurs in multiple prospects along a structural corridor within a granodiorite intrusive body. The updated resource covers four deposits: Pokukrom East, Pokukrom West, Nfante West and Nkansu. The company states that:

• Pokukrom East is the largest deposit, accounting for the majority of the total Indicated resource and a significant portion of the Inferred resource.
• Pokukrom West, while smaller in terms of contained ounces, has higher average grades than the other deposits.
• Nfante West and Nkansu are currently categorized entirely as Inferred resources due to wider drill spacing and lower demonstrated grade continuity.

In its technical discussion, Pelangio describes gold mineralization as hosted in brittle-ductile shears and brecciation zones within the granodiorite, with alteration assemblages that include chlorite, hematite, carbonate, sericite and silica, along with quartz veining and pyrite. The company notes that lower-grade zones are typically associated with chlorite-hematite alteration, while higher-grade zones are associated with sericite-silica alteration and more abundant quartz veining and pyrite.

Exploration Programs and Work Plans

Pelangio’s news releases outline a range of exploration activities and planned programs on its Ghanaian projects. For the Manfo-Nkosuo corridor, the company describes a staged work program designed by SEMS Technical Services in collaboration with Pelangio. This program includes resource expansion drilling, resource upgrade drilling and aggressive exploration and follow-up drilling on both the Manfo and Nkosuo licenses. The plan involves tens of thousands of metres of combined diamond and reverse-circulation drilling, along with geophysical surveys and surface work such as geological mapping, prospecting and soil sampling.

The company also reports the use of high-resolution UAV (drone) magnetics and orthophoto surveys over the Manfo and Nkosuo licenses. These surveys are intended to refine geological and structural interpretations and to assist in identifying and ranking drill targets. Pelangio notes that exploration drilling is expected to follow the completion and interpretation of these surveys and associated surface programs.

At Nkosuo, which Pelangio describes as a property under option from FJ Minerals and located adjacent to Manfo, preliminary due diligence has identified several mineralized trends with geological characteristics similar to Manfo’s mineralized zones. The company also references informal or artisanal mining activity that has exposed mineralized structures, which it uses as part of its target generation process.

Obuasi and Dankran Properties

For the Obuasi property in Ghana, Pelangio reports that a partner, TuNya, is conducting pitting and trenching as part of an earn-in agreement. The program is associated with a technical study commitment and includes review of pitting data following a UAV aeromagnetic survey. Pelangio notes that a reverse-circulation drilling campaign is planned on a joint venture area north of TuNya’s Kyereboso deposit, with the objective of testing geological and structural targets identified through this work.

The company also references the Dankran property, located adjacent to its Obuasi property. Dankran is described as newly optioned in one update and as part of Pelangio’s Ghanaian portfolio alongside Manfo and Obuasi. The company’s disclosures position Dankran as additional exploration ground in the same regional gold belt.

Financing and Capital-Raising Activities

Pelangio’s recent news includes multiple non-brokered private placements and warrant exercises. The company has raised capital through the issuance of units consisting of common shares and common share purchase warrants, as well as through the exercise of existing warrants. Proceeds from these financings are described as being directed to exploration, metallurgical work, land maintenance costs, working capital and general corporate purposes, and to advancing the company’s projects in Ghana and Canada.

In its financing announcements, Pelangio also discusses finders’ fees, finders’ warrants, statutory hold periods on securities, and participation by insiders under the framework of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions. These details highlight the regulatory context in which the company raises capital on the TSX Venture Exchange.

Corporate Governance and Shareholder Matters

In an annual general and special meeting update, Pelangio reports that shareholders approved all matters proposed by management, including the re-election of directors, reappointment of the auditor and reapproval of the company’s stock option plan. The company notes that no additional business was brought before that meeting. This type of disclosure provides insight into Pelangio’s corporate governance processes and its use of equity-based incentive plans.

Regulatory and Technical Compliance

Pelangio’s technical disclosures reference compliance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects. The company identifies qualified persons responsible for reviewing and approving scientific and technical information, including the mineral resource estimate for Manfo. It also notes that mineral resources are not mineral reserves and have not demonstrated economic viability, and that factors such as metal prices, operating costs, metallurgical recoveries, access, permitting and community support could materially affect the reported resources.

The company’s news releases include forward-looking statement disclaimers, emphasizing that exploration results, resource estimates and planned programs involve risks and uncertainties. They also note that certain securities offerings are not registered under the U.S. Securities Act of 1933 and are subject to resale restrictions and regulatory approvals, including approval by the TSX Venture Exchange.

Position Within the Gold Exploration Sector

Based on its disclosures, Pelangio operates as a gold exploration and resource development company rather than a producer. Its activities focus on assembling and advancing exploration projects in established gold belts, particularly in Ghana. The company’s work includes drilling, geophysical surveys, geological mapping, resource estimation and technical studies, with the aim of defining and potentially expanding gold resources on its properties.

For investors and observers, Pelangio’s story is centered on the exploration potential of the Manfo-Nkosuo corridor, the strategic location of the Obuasi and Dankran properties adjacent to a major gold mine, and the company’s ability to fund and execute exploration programs through private placements and warrant exercises. All information summarized here is drawn from Pelangio’s public news releases and technical disclosures.