Toronto, Ontario--(Newsfile Corp. - February 27, 2026) - Pelangio Exploration Inc. (TSXV: PX) (OTC Pink: PGXPF) ("Pelangio" or the "Company") is pleased to announce that a controlled-source electromagnetic ("CSEM") survey has been commissioned for the Obuasi and Manfo projects to be conducted by SEMS Exploration Services of Ghana. CSEM surveys will be conducted on Pelangio's Obuasi and Manfo projects to delineate targets up to 1+ kilometre depth below prospective exploration target areas.On Pelangio's Obua ...

Group 1 - Pelangio Exploration Inc. has granted 5,750,000 incentive stock options to directors, officers, employees, and consultants at an exercise price of $0.205 per share, with a term of 10 years expiring on January 30, 2036 [1] - Matthew Lilko has been appointed as Vice-President, Corporate Affairs and Corporate Secretary, bringing experience in risk analysis and a strong academic background [2] Group 2 - Pelangio focuses on acquiring and exploring land packages in gold belts in Ghana and Canada, with notable properties including the Manfo property and the Obuasi property adjacent to a major gold mine [4]

Core Viewpoint - Pelangio Exploration Inc. has amended and refiled its technical report for the Manfo Gold Project in Ghana to comply with the Ontario Securities Commission's requirements, ensuring adherence to National Instrument 43-101 standards [1]. Group 1: Technical Report Amendments - The amended Technical Report addresses issues identified during the Ontario Securities Commission's review, bringing it into conformity with regulatory standards [1]. - The report is now available on the Company's website and SEDAR+ [1]. Group 2: Company Overview - Pelangio Exploration Inc. focuses on acquiring and exploring land packages in gold belts located in Ghana and Canada [3]. - The Company owns two significant properties in Ghana: the 100 km² Manfo property, which has eight near-surface gold discoveries, and the 284 km² Obuasi property, adjacent to AngloGold Ashanti's high-grade Obuasi Mine [3].

Core Viewpoint - Pelangio Exploration Inc. has raised gross proceeds of $1,395,933.35 through the exercise of 27,918,667 common share purchase warrants at an exercise price of $0.05 per warrant, which will be used to advance its projects and for general working capital [1][2]. Group 1: Financial Details - The company received gross proceeds of $1,395,933.35 from the exercise of 27,918,667 common share purchase warrants [1]. - The exercise price for the warrants was set at $0.05 each [1]. Group 2: Use of Proceeds - The proceeds will be allocated towards advancing the company's projects and for general working capital and corporate purposes [2]. - The company plans to continue work across its Ghana and Canadian portfolios [2]. Group 3: Company Overview - Pelangio Exploration Inc. focuses on acquiring and exploring land packages in gold-rich regions, specifically in Ghana and Canada [3]. - In Ghana, the company is exploring two 100% owned properties: the 100 km² Manfo property, which has eight near-surface gold discoveries, and the 284 km² Obuasi property, located near AngloGold Ashanti's high-grade Obuasi Mine [3].

Core Points - Pelangio Exploration Inc. has completed the final tranche of a non-brokered private placement, raising a total of $4,500,000 [2] - The first tranche raised $3,462,600 from 19,236,668 units at a price of $0.18 per unit, while the final tranche raised $1,037,399.76 from 5,763,332 units at the same price [2][3] Summary by Sections Private Placement Details - The final tranche consisted of units that included one common share and one half of a common share purchase warrant, with each whole warrant allowing the purchase of one common share at $0.31 until October 9, 2027 [3] - Finder's fees paid to securities dealers totaled $453,396.32 in cash, along with non-transferable finder's warrants for the purchase of 2,371,130 common shares at $0.18 per share until October 9, 2027 [4] Insider Participation - Certain insiders purchased 702,832 units in the final tranche, qualifying as a related party transaction, but the company was exempt from formal valuation and minority approval requirements [5] Company Overview - Pelangio Exploration focuses on acquiring and exploring gold properties in Ghana and Canada, with significant properties including the Manfo property and the Obuasi property adjacent to a major mine [7]

Core Viewpoint - Pelangio Exploration Inc. has successfully closed the first tranche of its upsized non-brokered private placement, raising gross proceeds of approximately $3,462,600 through the issuance of common shares at a price of $0.18 per share [1][2]. Group 1: Private Placement Details - The company issued a total of 19,236,668 common shares as part of the offering [2]. - The private placement was increased from an initial target of $4,000,000 to $4,500,000 [3]. - Each unit in the offering consists of one common share and one half of a common share purchase warrant, with each whole warrant allowing the purchase of one common share at a price of $0.31 for two years [3]. Group 2: Finder's Fees and Compliance - In connection with the closing, the company paid finder's fees totaling $183,402 in cash and issued 1,018,901 non-transferrable warrants to finders [4]. - Each Finder Warrant allows the purchase of one common share at a price of $0.18 for a period of twenty-four months from the initial closing date [4]. - The private placement remains subject to final approval from the TSX Venture Exchange [4]. Group 3: Company Overview - Pelangio Exploration focuses on acquiring and exploring land packages in gold-rich regions, particularly in Ghana and Canada [6]. - The company owns two significant properties in Ghana: the 100 km² Manfo property, which has eight near-surface gold discoveries, and the 284 km² Obuasi property, adjacent to AngloGold Ashanti's high-grade Obuasi Mine [6].

Core Viewpoint - Pelangio Exploration Inc. has increased the size of its non-brokered private placement from gross proceeds of up to $4,000,000 to $4,500,000 due to additional demand [1] Offering Details - The Offering will consist of units priced at $0.18 each, with each unit comprising one common share and one half of a common share purchase warrant [2] - Each whole warrant allows the holder to purchase one common share at $0.31 for two years from the initial closing date [2] Use of Proceeds - The gross proceeds from the Offering will be allocated for exploration, metallurgical work, land maintenance costs, working capital, and general corporate purposes [3] Closing Conditions - The Offering is subject to customary closing conditions, including necessary corporate and regulatory approvals, with the initial closing expected around October 9, 2025 [4] - The securities issued will have a hold period of four months and one day in accordance with Canadian securities laws [4] Finder's Fee - The Company may pay a cash finder's fee of up to 7% of the gross proceeds and may issue non-transferable common share purchase warrants to finders [5] Insider Participation - Certain insiders may participate in the Offering, which will be considered a "related party transaction" under Multilateral Instrument 61-101 [6] Company Overview - Pelangio Exploration focuses on acquiring and exploring land packages in gold-rich areas, particularly in Ghana and Canada, with notable properties including the Manfo and Obuasi properties [8]

Core Viewpoint - Pelangio Exploration Inc. is conducting a non-brokered private placement to raise gross proceeds of up to $4,000,000, with each unit priced at $0.18, consisting of one common share and one half of a warrant [1][2]. Group 1: Offering Details - The offering will consist of units priced at $0.18 each, with each unit comprising one common share and one half of a warrant [1]. - Each whole warrant allows the holder to purchase one common share at a price of $0.31 for a period of two years from the initial closing date [1]. - The offering is subject to customary closing conditions, including regulatory approvals, and may close in multiple tranches, with the initial closing expected around October 9, 2025 [3]. Group 2: Use of Proceeds - The gross proceeds from the offering will be allocated for exploration, metallurgical work, land maintenance costs, working capital, and general corporate purposes [2]. Group 3: Insider Participation - Certain insiders may participate in the offering, which will be considered a related party transaction under Multilateral Instrument 61-101 [4]. - The company intends to rely on exemptions from formal valuation and minority approval requirements, as insider participation is not expected to exceed 25% of the company's market capitalization [4]. Group 4: Securities Regulations - The securities offered have not been registered under the U.S. Securities Act of 1933 and cannot be sold in the United States without registration or an exemption [5]. - The offering is intended for distribution in Canada only and is not meant for U.S. newswire services [10]. Group 5: Company Overview - Pelangio Exploration focuses on acquiring and exploring land packages in gold-rich areas, particularly in Ghana and Canada [7]. - The company has two 100% owned properties in Ghana, including the Manfo property and the Obuasi property, which is adjacent to a high-grade mine [7].

Core Insights - Pelangio Exploration Inc. has filed an updated independent Mineral Resource Estimate (MRE) for its Manfo Gold Project in Ghana, indicating significant increases in both Indicated and Inferred resources compared to previous estimates [2][5]. Mineral Resource Update - The updated MRE, completed by SEMS Technical Services Ltd., shows a total Indicated resource of 11,787,000 tonnes at an average grade of 1.16 g/t Au, equating to 441,000 ounces of gold, and a total Inferred resource of 16,048,000 tonnes at an average grade of 0.77 g/t Au, equating to 396,000 ounces of gold [4][6]. - The MRE was conducted using a gold price of US$2,600 per ounce, with specific cut-off grades for different mineralization types [4]. Comparison with Previous Estimates - The 2025 MRE represents a 126% increase in total Indicated gold ounces and a 395% increase in total Inferred gold ounces compared to the Maiden pit-constrained MRE, which was based on a gold price of US$1,450 per ounce [5][8]. Exploration Plans - The company plans a staged exploration program with a budget of US$7.6 million, including up to 45,000 meters of drilling, aimed at resource expansion and new discoveries [6][14]. - Exploration programs are currently underway, with high-resolution UAV magnetics and orthophoto surveys nearing completion, and drilling expected to commence in November 2025 [6][14]. Resource Growth Potential - There is significant potential for resource growth, particularly in the Inferred category, with recommendations for further drilling to upgrade resources and explore open-ended mineralization [9][10]. - The addition of the Nkosuo Mining Permit is believed to hold potential for further discoveries, with historical exploration indicating extensions of mineralized structures into the Nkosuo Lease [11].

Core Viewpoint - Pelangio Exploration Inc. has announced an updated Mineral Resource Estimate for its Manfo Gold Project in Ghana, reflecting significant increases in both tonnage and contained gold, driven by higher gold prices and new drilling data [1][4][20]. Resource Estimate Details - The updated Resource, effective July 31, 2025, includes four gold deposits and is based on a gold price of US$2,600 per ounce, compared to US$1,450 per ounce used in the 2013 estimate [2][18]. - The updated Resource shows a total Indicated Mineral Resource of 441,000 ounces of gold at an average grade of 1.16 g/t Au, and a total Inferred Mineral Resource of 396,000 ounces of gold at an average grade of 0.77 g/t Au [7][20]. - The updated Resource represents a 126% increase in Indicated gold ounces and a 395% increase in Inferred gold ounces compared to the 2013 estimate [7][20]. Drilling and Resource Expansion - The updated estimate incorporates drilling conducted by Pelangio since 2013, including the addition of the Nkansu deposit, which was largely drilled after the 2013 Maiden Resource [2][12]. - The company plans to conduct targeted infill drilling and exploration to further define and expand the resource base [4][25]. Economic and Technical Considerations - The updated Resource reflects lower average gold grades due to decreased cut-off grades, with cut-off grades set at 0.25 g/t Au for oxides and 0.35 g/t Au for transitional and fresh material [12][20]. - The resource estimation utilized standard geostatistical techniques and was prepared by independent Qualified Persons from SEMS Technical Services Ltd. [9][12]. Future Exploration Potential - There is significant exploration potential in the Manfo project, with many mineralization areas remaining open-ended and untested exploration targets identified [26][27]. - The recent addition of the Nkosuo Mining Permit is expected to enhance exploration opportunities, with ongoing exploration work planned [27].