FAQ: Steadright's Exploration of the Goundafa Copper-Lead-Zinc-Silver-Gold Mine in Morocco

What is the Goundafa Mine and what minerals does it contain?

The Goundafa Mine is a historic polymetallic mine in Morocco containing copper, lead, zinc, silver, and gold, with conceptual resources up to 6.62 million tons and grades including 2.1% Zn, 1.8% Pb, 1.5-2.1% Copper, and up to 3.5 g/t gold in select zones.

When will Steadright begin exploration activities at the Goundafa Mine?

Steadright intends to begin exploration starting in December 2025 and early 2026, using a phased targeted drilling approach.

What is the significance of the 6.62 million ton resource estimate?

This represents the conceptual resource estimate from a 2022 geological report, which includes grades of 2.1% Zn, 1.8% Pb, 1.5-2.1% Copper and up to 3.5 g/t gold, though this estimate does not include deeper speculative extensions or lateral vein extensions identified at surface.

How much of the resource is directly accessible through existing mine infrastructure?

According to the 1985 BRPM report, 1.7 million tons are directly accessible through the historic multi-level works, with many mine openings potentially available with minimal effort and cost.

What are the main phases of Steadright’s exploration plan?

The initial phase involves surface mapping and drilling to verify resources in Vein 1 adjacent to historic mining areas, while a second phase would add geophysics to delineate Vein I, Vein IV and Vein II bis along interpreted extensions both laterally and at depth.

What was the historical production from Vein I at Goundafa Mine?

Vein I was mined from 1926 to 1956, historically producing a reported 320k tons of material exceeding 10% grades and 400g/t silver.

What is the depth potential of the Goundafa Mine beyond current estimates?

The 2022 report indicates the conceptual resources are limited to 600 vertical meters through accessible workings, but the deposit could extend an additional 800 meters vertically, reaching depths of 1,400 meters below surface.

What is the company’s goal with the initial drilling program?

The goal is to confirm historic resource estimates and formulate a NI 43-101 compliant report on the project, focusing on providing a near-term resource estimate within close proximity of mine access points that could be available for early production.

What additional potential exists beyond the main 6.62 million ton estimate?

Lateral extensions of Veins IV, V and VI have been identified at surface through trenching and geological surveys, showing structural continuity with veins exploited at depth, but their potential remains to be confirmed by drilling and they are not included in the main volumetric estimate.