Ms. Ingrid Hibbard reports

PELANGIO ADVANCES MULTIPLE EXPLORATION PROGRAMS ACROSS GHANA

Exploration is advancing across Pelangio Exploration Inc.'s Ghana portfolio, with multiple programs now under way or set to begin this month.

• Controlled source electromagnetic survey (CSEM) targeting mineralization the depth of the recently completed drill program at Manfo is now complete which included SPDD26-008 which intercepted 26 metres at 2.99 grams per tonne Au (gold) from 270 m including six metres at 11.74 g/t Au.
• Obuasi CSEM survey, in collaboration with neighbour, AngloGold Ashanti to commence by end of September, evaluating exploration targets along the Obuasi mine trend.
• Diamond drilling program at Dankran about to commence, following up on encouraging results from previous drilling by Pelangio including up to three metres of 14.17 g/t Au plus two metres of 6.02 g/t Au.
• Partner TuNya has begun 2,000-metre RC (reverse circulation) drilling program to test targets on their earn-in portion of Pelangio's Obuasi property.

"What is particularly encouraging is that each of these programs is aimed at answering an important geological question," said Ingrid Hibbard, president and chief executive officer of Pelangio. "At Manfo, we are testing the potential for mineralization beyond the depth reached by recent drilling. At Obuasi, we will be surveying along a trend associated with one of the world's premier gold districts, and at Dankran we are following up on previous high-grade drill intercepts. Collectively, these programs represent meaningful catalysts for advancing our understanding of the potential across our Ghana assets."

CSEM surveys will test deeper targets at Manfo and Obuasi

SEMS Exploration Services of Ghana has been contracted to conduct CSEM surveys on Pelangio's Obuasi and Manfo projects to explore for mineral targets at depths up to one kilometre or more. Controlled source electromagnetics is an active EM method where an electromagnetic signal is "injected" into the ground with the response measured at multiple stations in a grid array. The SEMS survey will employ an IRIS Instruments TIP 12000 transmitter powered by a 20-kilovolt-ampere generator to create the EM signal with the subsurface response read by two Metronics magneto-telluric (MT) grade receiver units working on a 170-metre grid node spacing. The CSEM method is effective at mapping resistive bodies and detecting conductive features at shallow to intermediate depths (up to several km) and should be effective at resolving Obuasi-style mineralization (conductive sulphide ore and resistive gold-bearing quartz lodes) plus Manfo style mineralization (resistive silicified gold zones) comfortably to a depth of one kilometre or more.

Manfo CSEM survey completed

The recently completed Manfo survey covered the area of the Pokukrom deposits plus down-plunge extensions to the northeast. An area of 2.8 square km was surveyed with 100 EM stations. The intention of the survey was to explore for mineralization at greater depths than the recently completed drill program.

Obuasi survey will advance exploration along the interpreted Obuasi mine trend

The Obuasi survey will run in collaboration with neighbours AngloGold Ashanti. Pelangio's Obuasi survey will cover the Obuasi targets area on the western edge of the property, interpreted to be on strike with the Obuasi mine's Main Au trend. The survey will cover an area of 9.2 square kilometres with 295 170-metre spaced stations. AngloGold Ashanti will conduct a parallel CSEM survey extending Pelangio's survey six kilometres into their mine property with 333 stations over an area of 10.4 square km. While SEMS will be conducting both surveys, the surveys are independent of one another, although a data-sharing agreement is being discussed. The survey contractors and 3-D-inversion data processors will have the full survey data set, which is necessary to interpret the results and tie them to the known gold deposits at the Obuasi mine.

The Obuasi survey is planned to commence on Pelangio's Obuasi property by the end of September and proceed south into AngloGold Ashanti's Obuasi mine property. The entire Obuasi survey is expected to take six to eight weeks of field time with a month or so for the data inversion and reporting.

Dankran drilling will follow up on previous high-grade gold results

Preparations are under way for a diamond drilling program on the Dankran property expected to commence by the end of September. A program of five holes totalling 650 meters has been planned to follow up on Pelangio's successful maiden reverse circulation drilling program conducted in 2021, which returned up to three metres of 14.17 g/t Au plus two metres of 6.02 g/t Au. Previous work by Pelangio has delineated a 2.5-kilometre-long target along the principal Ashanti belt volcanic-sedimentary contact two kilometres southwest of the Obuom mine, a World War II-era small underground mine that produced approximately 30,000 ounces of gold at 15-plus g/t Au from quartz lodes in a shear along the contact. Considerable artisanal and small-scale (ASM) mining has taken place in the district, both alluvial and underground hard rock mining, and the Dankran property is considered prospective for a higher-grade discovery.

In addition to the five planned holes, one or two additional holes totalling 150 metres will be drilled to test one or two compelling hard rock ASM sites on the property. The Dankran drill program is expected to take approximately six weeks or so to complete with all assays in hand anticipated by December.

TuNya has begun a 2,000-metre drilling program at ObuasiTuNya Mineral Resources, which is earning in to the southern Tarkwaian portion of Pelangio's Obuasi property have just commenced an RC drilling program to test several robust Au-in-soil anomalies they have delineated on the earn-in property. As part of TuNya's commitment to earn 80 per cent of this portion of Pelangio's Obuasi property TuNya are required to conduct 2,000 metres of drilling.

TuNya have been conducting detailed mapping and soil sampling on the earn-in ground for much of 2026 and have identified several promising targets scheduled for testing by RC drilling, which is now under way. While TuNya's focus has been on Tarkwaian geology, the new prospects appear to be more Birimian shear-hosted in nature. The program is expected to take approximately one month and assays are anticipated in October. TuNya currently have several diamond drill rigs operating on their Tarkwaian Kyereboso prospect.

The Obuasi Au trends depicted above are from AngloGold Ashanti's Obuasi underground analyst site visit presentation, page 10, posted on its website on March 17, 2025. The location of the Far North (Adansi) ore shoot is estimated from page 31 of the same presentation.

Qualified person

Kevin Thomson, PGeo (Ontario, No. 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 scientific and technical disclosure in this release.

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