Steadright Advances Exploration at Historic Goundafa Polymetallic Mine in Morocco

Steadright Critical Minerals Inc. is proceeding with exploration plans for the historic Goundafa Mine in Morocco, with contractor drilling companies being considered to confirm high historical values at the polymetallic site. The company has received interest from drilling companies and is currently reviewing proposals for the copper-lead-zinc-silver-gold property that identifies conceptual resources up to 6.62 million tons with grades of 2.1% zinc, 1.8% lead, and 1.5-2.1% copper, along with up to 3.5 g/t gold in select zones.

Exploration activities are scheduled to begin in December 2025 and early 2026 using a phased targeted drilling approach. The initial phase will consist of surface mapping and drilling to verify current hypotheses of potential resources in Vein 1 adjacent to historic mining areas and extensions of these zones laterally and at depth. Vein 1 was historically mined from 1926 to 1956, producing a reported 320,000 tons of material exceeding 10% grades and 400 g/t silver. Drilling will focus on providing a near-term resource estimate within close proximity of mine access points that could be available for early production.

Based on review of historic mine plans and reports, mining was conducted using drifting methods to extract ore and vertical openings to move mineralized material to surface for local processing. Many of these openings remain potentially available with minimal effort and cost. The primary goal is to confirm historic resource estimates and formulate a National Instrument 43-101 compliant technical report on the project. A second phase would include mapping, drilling, and geophysics to assist in delineation of Vein 1, Vein 4, and Vein 2 bis along interpreted extensions both laterally and at depth.

A 2022 geological report prepared for CMS, the concession holder, provides important context for the project's potential. The report states that current estimates are limited to the 600 vertical meters through accessible workings, but notes the resource could extend an additional 800 meters vertically, reaching depths of 1,400 meters below surface. The lateral extensions of Veins 4, 5, and 6 have been identified at surface through trenching and geological surveys, showing structural continuity with veins exploited at depth, though their potential remains to be confirmed by drilling.

The Goundafa Mine was in production from 1923 until 1956, with operations ceasing due to political changes following Moroccan independence rather than economic factors. Access adits and shafts into the mine have been closed for safety purposes and prevention of illegal mining, but access can be quickly achieved through cooperation with current owners. Intermittent access by the owners has allowed frequent inspection of mine infrastructure, confirming that access for future mining can be quickly established for exploration and potential production when warranted.

Steadright's approach aligns with their corporate strategy of acquiring assets with clearly achievable near-term production potential and moving to revenue generation as quickly as possible. The company's exploration team has determined that the historic infrastructure and documented resource potential position the Goundafa Mine as a promising candidate for modern exploration and potential reactivation of mining operations.