Pelangio Exploration Inc. (TSX-V: PX) (OTC Pink: PGXPF) is pleased to announce that it has closed the second and final tranche of the non-brokered private placement first announced on September 22, 2025 and increased to $4,500,000 on September 24, 2025. The first tranche raised gross proceeds of $3,462,600 from the issuance of 19,236,668 units at a price of $0.18 per Unit. This Final Tranche raised gross proceeds of $1,037,399.76 from the issuance of 5,763,332 Units at a price of $0.18 per Unit.

In connection with the Final Tranche, each Unit consisted of one common share of the Company and one half of one Common Share purchase warrant. Each whole Warrant entitles the holder to purchase one Common Share at a price of $0.31 until October 9, 2027.

The Company paid finder’s fees to securities dealers totaling $453,396.32 in cash and issued non-transferable finders warrants entitling such finders to purchase up to an aggregate of 2,371,130 Common Shares at a price of $0.18 per Common Share until October 9, 2027. All finder’s fees are subject to compliance with applicable securities legislation and TSX Venture Exchange policies. All securities issued in the Final Tranche are subject to statutory four month hold periods and, in respect of Insiders, also the TSX Venture Exchange Hold Period, expiring on February 23, 2026. The Private Placement remains subject to obtaining final approval of the TSX Venture Exchange.

Certain insiders of the Company participated in the Private Placement by purchasing 702,832 Units in the Final Tranche, constituting a “related party transaction” as defined under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions. The Company was exempt from the formal valuation and minority approval requirements of MI 61-101 pursuant to the exemptions contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of such insider participation, based on a determination that fair market value of the participation in the Offering by insiders will not exceed 25% of the market capitalization of the Company, as determined in accordance with MI 61-101.

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 from the registration requirements. 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 jurisdictions in which such offer, solicitation or sale would be unlawful. Any offering made will be pursuant to available prospectus exemptions and restricted to persons to whom the securities may be sold in accordance with the laws of such jurisdictions, and by persons permitted to sell the securities in accordance with the laws of such jurisdictions.

About Pelangio

Pelangio acquires and explores world-class land packages on strategic gold belts in Ghana, West Africa and Canada. In Ghana, the Company is exploring 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 four km on strike and adjacent to AngloGold Ashanti’s prolific high-grade Obuasi Mine, as well as its Dankran property located adjacent to its Obuasi property.