Steadright Advances Exploration at Historic Goundafa 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 verify high historical mineral values at the polymetallic site. The company intends to begin exploration work in December 2025 and early 2026 using a phased drilling approach to confirm conceptual resources estimated at 6.62 million tons with grades of 2.1% zinc, 1.8% lead, 1.5-2.1% copper, and up to 3.5 g/t gold in select zones.

The initial exploration phase will focus on surface mapping and drilling to verify potential resources in Vein 1 adjacent to historic mining areas and their extensions. Vein 1 was historically mined from 1926 to 1956, producing approximately 320,000 tons of material exceeding 10% grades and 400 g/t silver. Drilling will target near-term resource estimates close to existing mine access points that could support early production. Based on historical mine plans, mining was conducted using drifting methods with vertical openings that remain potentially accessible with minimal effort and cost.

A second phase will incorporate geophysics to delineate Vein 1, Vein IV, and Vein II bis along interpreted extensions, allowing for wider spaced drilling for resource expansion. The company aims to confirm historic resource estimates and formulate a National Instrument 43-101 compliant report on the project.

A 2022 geological report prepared for CMS, the concession holder, provides context for the project's potential. The report, Rapport Technique et Financier sur la Concession Miniere de Goundafa - Commune d'Ijoukak, Province d'El Haouz, Maroc, states that current estimates are limited to 600 vertical meters through accessible workings, but the resource could extend an additional 800 meters vertically, reaching depths of 1,400 meters below surface. The report notes that lateral extensions of Veins IV, V, and VI identified at surface through trenching and geological surveys show structural continuity with veins exploited at depth, though their potential requires drilling confirmation.

The Goundafa Mine operated from 1923 until 1956, with operations ceasing due to political changes following Moroccan independence rather than economic factors. Mine access adits and shafts have been closed for safety and prevention of illegal mining, but current owners indicate access can be quickly achieved for exploration and future production when warranted.

This exploration initiative represents significant potential for critical mineral development in Morocco, particularly given the historical production records and accessible infrastructure. The project's advancement could contribute to global supply chains for copper, zinc, lead, silver, and gold at a time when demand for these metals continues to grow across industrial and technological applications.

Steadright's approach focuses on acquiring assets with clearly achievable near-term production potential, aiming to move to revenue generation as quickly as possible. The company's execution strategy emphasizes verification of historical data and systematic exploration to establish compliant resource estimates that could support future mining operations.