Announcement • Jun 16
Steadright Critical Minerals Inc. Updates on Goundafa Historic Mine Site Spring Work Program
Steadright Critical Minerals Inc. updated shareholders on the historic polymetallic Copper-Zinc-Lead-Silver-Gold Mine, known as the Goundafa Mine, which has a fully permitted Mining License. Steadright holds a Binding MOU on the site with USD 7.5 million remaining to purchase the shares of Ste Commerciale et Minière du Sahara (CMS) over the next 2.5 years. Steadright can accelerate payments through cash or common shares. In April 2026 Steadright engaged Axiom Exploration Group Ltd. to support the rapid advancement of its diversified portfolio of high-potential critical mineral projects in Morocco. Axiom has compiled and created a database of information from the Goundafa and was on site in May 2026 to geo-locate tailing piles as part of a contract signed for the sale of historic ‘Mineralized Stockpile’ with MoResCo Sarl for purchase of up to 14,400 metric tons. Samples were taken from shallow pits or sorted Mineralized piles. Samples and observations were recorded into the ESRI FieldMaps app. Samples were then sealed in bags along with a sample tag, and were in the custody of the authors through to delivery to Afrilab in Marrackech, Morocco. All samples were prepared and analysed by African Laboratory for Mining and Environment (AfriLab), an ISO 9001-certified laboratory (Certificate No. MA20/819942595). Samples were crushed and pulverised to a nominal 85% passing 75 microns using standard mechanical preparation procedures (PRE.MO/ANA/015). Gold was analysed by Fire Assay with Atomic Absorption Spectrometry finish (FA-AAS) on a 50-gram charge (PRE.MO/ANA/001). Multi-element geochemistry was determined by Inductively Coupled Plasma (ICP) spectrometry following four-acid (HF-HNO3-HClO4-HCl) near-total digestion (PRE.MO/ANA/036). Follow-up on sampling to be reported. The site visit has helped a great deal to better understand the property for Axiom, with respect to the available reports. The state of the digital database continues to improve, even after the site visit, with additional digitisation of historical samples helping to visualise previous work and potential across the entire site. The Goundafa Mine was developed and mined by La Société des Mines de Goundafa (SMG) from the 1926 until 1956. Operations ceased due to political changes following Moroccan independence. A number of historical professional reports are available on the Goundafa Property. In 1928, two thousand tons with an average grade of 22.13% Zinc and 11.31% Lead were produced. In the 1985 report, "Rapport sur les travaux souterrains et la cartographieminiere de la concession de Goundafa” from the Bureau de Rescherches et de Participations Minières (BRPM), Morocco’s former national mining agency, now ONHYM, indicated Silver (Ag) grades of up to 400g/t from concentrate. As mining pursued deeper, increasing chalcopyrite and Gold (Au) content were observed. In total, historical production of 320,000 tons of material was reportedly extracted until 1956. A 2022 geological report (non-NI 43-101 compliant), “Rapport Technique et Financier sur la Concession Minière de Goundafa – Commune d’Ijoukak, Province d’El Haouz, Maroc”, authored by Omar Guillou and prepared for CMS, the concession holder identified 6.62 million tons located above -300L and adjacent to old workings, but excludes exploration potential that is open along the strike and down dip of -300 L. The 2022 CMS report states: The historic “estimate is limited to the 600 vertical meters through accessible workings; are within a vertical interval of approximately 600 meters, between the surface and the deepest accessible workings”. However, the non-compliant tonnage estimate does not include “deeper speculative extensions”, and that “it could extend an additional 800 meters vertically, reaching depths of 1,400 meters below surface”. In addition, “the lateral extensions of Veins IV, V and VI have been identified at surface through trenching and geological surveys. These extensions show structural continuity with the veins exploited at depth, but their potential remains to be confirmed by drilling. They are NOT INCLUDED in the main volumetric estimate of 6,620,000 tons, although the project warrants drill testing to evaluate geological continuity and to collect data for potential future resource estimation. Existing adits, including mine workings, are available at the historic operations allowing easy access to the former mine. The Goundafa Project is an early-stage polymetallic exploration project located in Morocco’s High Atlas Mountains — a region with a long mining history and favorable geology. The project is centered on a series of steeply dipping mineralized veins containing Lead, Zinc, Copper, Gold and Silver. These veins are exposed at surface and have seen limited artisanal mining since the French left, providing a strong foundation for modern exploration. While the 2022 report for the CMS estimate does not meet the requirements of NI 43-101 and is not a formal mineral resource, it reflects the potential scale of the system with the convergence of multiple mineralized veins. The 2022 technical report was compiled and authored by Mr. Omar Guillou, who led the integration of historical data, field observations, and sampling results into a cohesive evaluation of the concession’s potential. Dr. Abdelaziz El Hadi, a senior structural geologist and academic researcher with over three decades of experience in Moroccan mineral systems, contributed to the geological interpretation and structural modeling. His work focused on vein geometry, structural stacking, and volumetric projections that informed the historical estimate. Follow up work on the Goundafa will continue as Steadright is committed to ensuring that a proper exploration is completed at the Goundafa Mine Site and looks forward to sharing further information as it pertains to the Mine Site and its potential.
