Pelangio Exploration Inc. Enters Agreement to Develop the Manfo Project

Pelangio Exploration Inc. has announced a binding Letter of Intent with MFD Investment Holdings SA, allowing MFD to earn a 10% interest in the Manfo Project in Ghana. The agreement aims to accelerate project development, targeting a first gold pour in 2027.

MFD has committed to complete a Preliminary Economic Assessment and invest up to $1 million by December 31, 2025. Upon fulfilling these conditions or achieving a first gold pour by December 2027, MFD will acquire a 10% interest.

Pelangio will oversee the venture, retaining a 90% interest and operating activities. MFD will engage a qualified consultant to assess the project's economic viability. The Manfo Project, located in the Sefwi Gold Belt, has significant potential with historical estimates of substantial gold resources.

Subject to regulatory approval, additional shares will be issued to MFD based on future resource estimates, further incentivizing MFD’s involvement and investment.