PX.V · 2025-08-20 12:00:00

Pelangio Exploration Inc. Announces an Updated Mineral Resource Estimate FOR Its Manfo GOLD Project, Ghana

Resource Estimates

NEWS RELEASE

PELANGIO EXPLORATION INC. ANNOUNCES AN UPDATED MINERAL RESOURCE ESTIMATE FOR ITS

MANFO GOLD PROJECT, GHANA

TORONTO, Ontario (August 20th, 2025)

Pelangio Exploration Inc. (PX:TSX -V; OTC PINK:PGXPF ) (“Pelangio” or the “Company”) is pleased to

announce the results of an updated, independent, Mineral Resource Estimate (the "Resource") for the

Company’s 100% owned Manfo Gold Project ("Manfo") in Ghana. The Resource was completed by SEMS

Technical Services Ltd. of Ghana.

The Resource, with an effective date of July 31, 2025, is reported for four gold deposits using constraining

optimized pits at a gold price of US$2,600 per ounce, and:

• Updates Pelangio’s Maiden gold resource estimate which was completed in 2013 at a gold price

of US$1,450 per ounce.

• Defines a total Indicated Mineral Resource of 441,000 ounces of gold at an average grade of 1.16

g/t Au and totalling 11,787,000 tonnes; and

• Defines a total Inferred Mineral Resource of 396,000 ounces of gold at an average grade of 0. 77

g/t Au and totalling 16,048,000 tonnes.

• Adds a fourth deposit to the Resource for Manfo, the Nkansu deposit.

• Represents an increase of 126% in estimated gold ounces in the Indicated category plus an

increase of 395% in estimated gold ounces in the Inferred category as compared to the 2013 pit-

constrained mineral resource estimate that used $1,450 Au for its pit optimization.

The August 2025 Resource (refer to Table 1 ) uses the 2013 deposit model s for the Manfo gold project

generated by SRK Consulting (Canada) Inc., updated to include drilling conducted by Pelangio since 2013.

A new model was created for the Nkansu deposit, which was largely drilled after the 2013 Maiden

Resource, adding a fourth deposit to the Manfo total Resource. The updated Resource reflects the

significantly increased gold price since 2013 using US$2,600 per ounce gold for the economic pit

optimizations as compared to US$1,450 used in 2013 and utilizes lower gold grade cut-off values justified

by the current gold price. In addition to the gold price, the other parameters for the economic pit

optimization, including costs, pit slopes and recoveries were reviewed and updated as appropriate to

reflect current economic conditions. The 2025 updated Resource has returned substantially more pit -

constrained gold mineralization than the 2013 resource estimate defined, although at lower average gold

grades. Refer to the detailed discussion below.

The Company intends to file a technical report in respect of the Resource within 45 days and will issue an

additional news release at that time.

Pelangio Exploration Inc. News Release – August 20th, 2025

82 Richmond Street East, Toronto, ON M5C 1P1 T: 905-336-3828

“The updated Manfo resource estimate demonstrates a substantial increase in both tonnage and

contained gold, with a notable improvement in the confidence of the Indicated category. The integration

of new drilling data and the addition of the Nkosuo mining lease have materially enhanced the project’s

scale and potential. Our focus now shifts to targeted infill drilling, step-out drilling and exploration on both

Manfo and Nkosuo to further define and expand the resource base, while advancing technical studies to

support future development decisions,” remarked Ingrid Hibbard, President and CEO.

Table 1. Mineral Resource Statement for the Manfo Gold Project (July 31, 2025)

Classification Indicated Inferred

Category

Cut-off Grade

(g/t Au)

Quantity

(000' tonnes)

Grade

(g/t Au)

Cont. Gold

(000' oz)

Quantity

(000' tonnes)

Grade

(g/t Au)

Cont. Gold

(000' oz)

Oxide 0.25 55 1.30 2 1,024 0.69 23

Transition 0.35 458 1.70 25 2,017 0.79 51

Fresh 0.35 11,274 1.14 414 13,007 0.77 322

Totals 11,787 1.16 441 16,048 0.77 396

Notes:

1. The Indicated mineral resource and the Inferred mineral resource are reported in accordance with Canadian

Securities Administrators National Instrument 43-101 – Standards of Disclosure for Mineral Projects and have been

estimated following the generally accepted Canadian Institute of Mining, Metallurgy and Petroleum ‘Estimation of

Mineral Resource and Mineral Reserves Best Practices Guidelines’ (2014).

2. Mineral resources are distinct from mineral reserves, have not demonstrated economic viability, and there is no

certainty that they will be converted into a mineral reserve.

3. The Inferred mineral resource estimate has a lower level of confidence than that applied to an Indicated mineral

resource. While it is reasonably expected that some portion of the Inferred Mineral Resource could potentially be

upgraded to an Indicated mineral resource with further drilling, it is not certain, and Inferred resources may prove

to be uneconomic.

4. Factors that could materially affect the reported Mineral Resource include changes in metal price and exchange

rate assumptions; changes to assumed metallurgical recoveries, mining dilution and recovery; and assumptions as

to the continued ability to access the site, extend and/or retain mineral and surface rights, titles and permits,

maintain environmental and other regulatory permits, and continued community and stakeholder support for

ongoing activities.

5. The Mineral Resource estimate was prepared by independent Qualified Persons Simon Meadows Smith (FIMMM #

49627) and Andrew Netherwood (MAusIMM #100463) of SEMS Technical Services Ltd. Ghana and has an effective

date of July 31,2025.

6. The Mineral Resource updates the 2013 maiden m ineral resource estimate prepared by SRK Consulting (Canada)

Inc. released on May 17, 2013, and filed June 21, 2013. SEMS Technical Services reviewed and validated SRK’s

models and updated them with the information from holes drilled by Pelangio Exploration after 2013 and used the

updated models for the basis of their mineral resource estimation.

7. The Resource estimation was conducted for four individual economically pit-constrained deposits on the Manfo

project, including Pokukrom East, Pokukrom West, Nkansu and Nfante West. The Nkansu deposit was largely drilled

after the 2013 maiden resource was estimated and is a new addition to the total resource at Manfo.

8. Drill assay grades were composited to one-meter lengths with top-cutting varying by resource domain and ranging

up to a maximum of 30.0 g/t Au.

9. Mineral resource estimation consisted of standard geostatistical techniques of variography and ordinary kriging

applied to wireframe models of mineralization and lithological alteration zones as defined by various interpreted

resource domains.

10. To demonstrate the mineral resources defined hold “reasonable prospects for eventual economic extraction by

open pit mining”, open pit economic optimization techniques were employed to generate conceptual pits shells

(constraining surfaces) and the resource material wholly contained within the conceptual pits is reported. Several

assumptions go into the pit optimization process, including gold price, operating costs, metallurgical recovery and

Pelangio Exploration Inc. News Release – August 20th, 2025

82 Richmond Street East, Toronto, ON M5C 1P1 T: 905-336-3828

pit slopes and those used in the current mineral resource estimate are listed in Table 2. A gold price of US$2,600

per ounce was used for this mineral resource estimation.

11. Cut-off grades were determined from the pit optimization assumptions.

12. Mineral resource tonnage and contained metal have been rounded to reflect the accuracy of the estimate, and

numbers may not add due to rounding.

13. The figures for contained gold are economic pit -constrained in-situ mineral resources reported as undiluted with

100% mining recovery.

Table 2. Assumptions for Conceptual Open Pit Optimization for the Manfo Gold Project

Parameter Unit Optimization Assumptions

Gold price $/oz $2600

G&A cost $/t ore $6

Treatment cost: oxide / transition + fresh $/t ore $11 / $17

Metallurgical recovery: oxide / transition + fresh % 94 / 90

Average mining cost: oxide / transition + fresh $/t mined $2.20 / $3.10

Slope angles: oxide + transition / fresh degrees 40 / 54

Mining dilution / recovery % 0 / 100

2025 Mineral Resource Estimation Details:

An updated Mineral Resource Estimate was completed for the Manfo gold project in August of 2025. Gold

mineralization at Manfo occurs in 8 prospects along a 9- kilometer-long structural corridor in a

granodiorite intrusive, three of which were drilled to a resource status and were included with in the

Maiden Resource estimate for Manfo released in 2013. The gold mineralization is hosted in brittle-ductile

shears and brecciation cutting through the granodiorite with progressive chlorite -hematite-carbonate-

sericite-silica alteration with quartz veining and pyrite. The chlorite-hematite altered zones are generally

low in gold grade (<0.5 g/t Au) while the sericite -silica altered zones with more abundant quartz veining

and pyrite can be high in gold grade (>5 g/t Au).

The August 2025 Resource updates the 2013 m aiden resource estimate to reflect the increase in gold

price since 2013 and incorporates drilling conducted by Pelangio after 2013 . A fourth deposit, Nkansu,

largely drilled post-2013, has been added to the total r esource. Figure 1 shows the relative locations of

the four deposits. The drilling used to estimate the Resource for the four deposits totals 38,070 meters in

202 holes including 35,930 meters of diamond drilling in 175 holes plus 2,140 meters of reverse circulation

drilling in 27 holes. SEMS Technical Services updated the original grade block models created in 2013 by

SRK Consulting (Canada) Inc. for the Pokukrom East and West deposits to account for p ost-2013 drilling,

a new model was created for the Nkansu deposit, and the Nfante West model remains unchanged since

2013. SEMS used Datamine™ software to review and update the mineral resource estimation domains,

prepare assay data for geostatistical analysis, construct the block models, estimate metal grades, and

tabulate mineral resources. Mineral resource estimation consisted of standard geostatistical techniques

of variography and ordinary kriging applied to wireframe models of mineralization and lithological

alteration zones as defined by the interpreted resource domains. To demonstrate “reasonable prospects

for eventual economic extraction” based upon open pit mining methods and conventional treatment

processes, pit optimization techniques were used to generate conceptual pit shells ensuring that

Pelangio Exploration Inc. News Release – August 20th, 2025

82 Richmond Street East, Toronto, ON M5C 1P1 T: 905-336-3828

appropriate assumptions for the relevant technical and economic factors were considered in the

determination of the stated Resource. The assumptions used for the 2025 updated resource estimation,

which include gold price, operating costs, metallurgical recovery and pit slopes, are listed in Table 2. The

cut-off grades were derived from these assumptions. The gold cut-off grades were decreased from 2013

with 0.25 g/t Au for the oxides and 0.35 g/t Au for the transitional and fresh resource material (the

majority of the resource) used in the 2025 Resource estimation versus 0.40 g/t Au for oxides and 0.50 g/t

Au for transitional and fresh used in 2013.

The total Resource for the Manfo project is listed in Table 1 and the r esource estimation for the four

individual deposits is listed in Table 3. The Pokukrom East deposit is the largest by far of the four deposits

and accounts for 91% of the total Indicated r esource with 402,000 ounces of gold based on 11,313,000

tonnes averaging 1.11 g/t Au plus 65% of the total Inferred resource with 258,000 ounces of gold based

on 10,878,000 tonnes averaging 0.74 g/t Au. The Pokukrom West deposit, while relatively small with

39,000 ounces of Indicated gold plus 23,000 ounces of Inferred gold is the highest grade of the four

deposits averaging 2.54 g/t Au for the Indicated category. The Nfante West and Nkansu deposit resources

are entirely Inferred currently due to their wider spaced drilling and lower demonstrated grade continuity

between drillholes. Most of the resource is in fresh rock comprising 94% of the total Indicated r esource

plus 81% of the total Inferred resource. Refer to Table 3.

SEMS also determined the sensitivity of a range of gold cut -off grades on the block model gold content

constrained by the optimized pit shells as listed in Table 4. At a very low cut-off grade of 0.10 g/t Au the

total (oxide+ transitional + fresh) Indicated gold content is estimated to be 12,142,000 tonnes averaging

1.14 g/t Au for 444,000 ounces gold plus 39,071,000 tonnes averaging 0.43 g/t Au for 535,000 ounces gold

in the Inferred category for the four deposits combined. At a higher cut -off grade of 0.50 g/t Au , as was

used in 2013 for the transitional and fresh resource material, the total Indicated gold content is 9,834,000

tonnes averaging 1.31 g/t Au for 413,000 ounces of gold plus 10,214,000 tonnes averaging 0.97 g/t Au for

320,000 ounces gold in the Inferred category.

Pelangio Exploration Inc. News Release – August 20th, 2025

82 Richmond Street East, Toronto, ON M5C 1P1 T: 905-336-3828

Table 3. Mineral Resource by Zone for the Manfo Gold Project

Classification Indicated Inferred

Deposit Category

Cut-off

Grade

(g/t Au)

Quantity

(000'

tonnes)

Grade

(g/t Au)

Contained

Gold

(000' oz)

Quantity

(000'

tonnes)

Grade

(g/t Au)

Contained

Gold

(000' oz)

Pokukrom

East

Oxide 0.25 41 0.69 1 474 0.65 10

Transition 0.35 302 1.06 10 922 0.79 23

Fresh 0.35 10,970 1.11 391 9,482 0.74 225

Sub-total 11,313 1.11 402 10,878 0.74 258

Pokukrom

West

Oxide 0.25 14 3.06 1 43 2.05 3

Transition 0.35 156 2.95 15 136 1.27 6

Fresh 0.35 304 2.31 23 237 1.96 15

Sub-total 474 2.54 39 417 1.75 23

Nfante

West

Oxide 0.25 355 0.67 8

Transition 0.35 675 0.77 17

Fresh 0.35 1,612 0.75 39

Sub-total 2,642 0.74 63

Nkansu

Oxide 0.25 152 0.49 2

Transition 0.35 284 0.60 5

Fresh 0.35 1,676 0.81 43

Sub-total 2,111 0.76 51

Totals

Oxide 0.25 55 1.30 2 1,024 0.69 23

Transition 0.35 458 1.70 25 2,017 0.79 51

Fresh 0.35 11,274 1.14 414 13,007 0.77 322

Grand Total 11,787 1.16 441 16,048 0.77 396

Table 4. Block Model Gold Estimates at Different cut-off grades* (combined oxide, transitional and fresh

material)

Classification Indicated Inferred