Pelangio Exploration Inc. (TSX-V: PX) (OTC Pink: PGXPF) is pleased to announce that that it has closed the first tranche of its previously announced upsized non-brokered private placement.

The Company issued 19,236,668 common shares at a price of $0.18 per share for gross proceeds of approximately $3,462,600. The securities issued pursuant to the Offering are subject to a four-month and one day hold period in accordance with applicable Canadian securities laws and TSX Venture Exchange policies.

The Offering was increased from $4,000,000 to $4,500,000 as announced on September 24, 2025. Each Unit under the Offering consists of one common share and one half of a common share purchase warrant. Each whole warrant entitles the holder to purchase one common share at a price of $0.31 for a period of two years from the initial closing date.

In connection with the closing of the First Tranche, the Company paid finder’s fees to Clarus Securities Inc. and Ventum Financial Corp., each arm’s length finders, consisting of an aggregate of $183,402 in cash and an aggregate of 1,018,901 non-transferrable warrants (“Finder Warrants”). Each Finder Warrant entitles the holder to purchase one Common Share at a price of $0.18 for a period of twenty-four months from the Initial Closing Date. All finder’s fees are subject to compliance with applicable securities legislation and TSX Venture Exchange policies. The Private Placement remains subject to obtaining final approval of the TSX Venture Exchange.

The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction where such offer, solicitation or sale would be unlawful.

About Pelangio

Pelangio acquires and explores prospective land packages located in world-class gold belts in Ghana, West Africa and Canada. In Ghana, the Company is focused on its two 100% owned camp-sized properties: the 100 km² Manfo property, the site of eight near-surface gold discoveries, and the 284 km² Obuasi property, located 4 km on strike and adjacent to AngloGold Ashanti’s prolific high-grade Obuasi Mine, as well as the Dankran property located adjacent to its Obuasi property.