Steadright Secures Rights to Historic Goundafa Polymetallic Mine in Morocco Amid Global Critical Minerals Race

Steadright Critical Minerals Inc. has signed a Memorandum of Understanding with Ste Commerciale et Minière du Sahara to potentially acquire 100% of the historic Goundafa polymetallic mine in Morocco's High Atlas Mountains. The agreement comes as copper and zinc face increasing classification as critical and strategic minerals across the United States, Canada, Europe and numerous other countries worldwide.

The Goundafa Mine represents a significant opportunity in the global race for critical minerals security. Historical operations by La Société des Mines de Goundafa from 1926 to 1956 demonstrated substantial mineralization, with 1928 production reaching 2,000 tons averaging 22.13% zinc and 11.31% lead. A 1985 report from Morocco's former national mining agency indicated silver grades up to 400g/t from high-grade galena zones, with increasing chalcopyrite and gold content observed at deeper levels.

A 2022 geological report prepared for CMS by Omar Guillou identifies conceptual resources up to 6.62 million tons with grades of 2.1% zinc, 1.8% lead and 1.5-2.1% copper, with up to 3.5 g/t gold in select zones. The report notes that 1.7 million tons are directly accessible through historic multi-level mine works, providing immediate exploration targets. Recent XRF-measured grades inside the mine show strong potential for significantly higher metal grades in some areas, consistent with historic mining patterns.

The project's importance extends beyond immediate resource potential. The mine benefits from existing infrastructure and a fully permitted Mining and Environmental Production License covering 1,600 hectares in the Goundafa area of south-central Morocco. This existing permitting status could significantly accelerate development timelines compared to greenfield projects at a time when rapid critical minerals production is increasingly prioritized by governments and industries worldwide.

Structural modeling by Dr. Abdelaziz El Hadi, drawing from historical documentation including the detailed 1985 BRPM report available at https://www.example-brpm-reports.ma/1985/goundafa, suggests additional upside potential. The current conceptual estimate covers only 600 vertical meters of accessible workings, while geological interpretation indicates the system could extend an additional 800 meters vertically to depths of 1,400 meters below surface. Lateral extensions of Veins IV, V and VI identified at surface through trenching and geological surveys represent significant additional exploration potential not included in the main volumetric estimate.

Steadright CEO Matt Lewis emphasized the compelling nature of the historic mine works and Morocco's status as a mining-friendly jurisdiction. The company's geological team is currently conducting due diligence on extensive historical information, with the fully permitted historic operation offering strategic positioning in the critical minerals space.

The MOU terms include a $500,000 non-refundable deposit within three months and a total purchase price of $8,000,000 for the mineral license, plus shares not exceeding 9% of Steadright's outstanding shares and a 1% Net Smelter Royalty. The agreement allows Steadright to negotiate with third parties interested in partnering on the project, reflecting the strategic value of polymetallic deposits in current market conditions.

While the historical estimates do not meet NI 43-101 standards and require verification through modern exploration methods, the Goundafa project represents a rare opportunity to revitalize a previously producing mine with established infrastructure in a region with favorable geology and mining history. The convergence of multiple mineralized veins, historical production data, and surface geochemical anomalies across additional vein systems suggests meaningful upside potential for copper, zinc, lead, silver and gold resources.