Steadright Critical Minerals Advances Exploration at Historic Goundafa Mine in Morocco

Steadright Critical Minerals Inc. is advancing exploration plans for the historic Goundafa Mine in Morocco, with contractor drilling companies being considered to verify high historical mineral values at the polymetallic site. The company has received interest from drilling firms and is reviewing proposals for work scheduled to begin in December 2025 and early 2026, utilizing a phased targeted drilling approach to confirm conceptual resources estimated at up to 6.62 million tons.

The initial exploration phase will involve surface mapping and drilling to verify current hypotheses about potential resources in Vein 1 adjacent to historic mining areas and extensions of these zones both laterally and at depth. Vein 1 was historically mined from 1926 to 1956, producing a reported 320,000 tons of material exceeding 10% grades and 400g/t silver. Drilling will focus on providing a near-term resource estimate close to existing mine access points that could be available for early production.

According to a 2022 geological report prepared for CMS, the concession holder, accessible workings extend approximately 600 meters vertically between the surface and the deepest accessible areas. The report, titled Rapport Technique et Financier sur la Concession Miniere de Goundafa - Commune d'Ijoukak, Province d'El Haouz, Maroc, identifies conceptual resources 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 works, and recent XRF-measured grades inside the mine showed strong potential for significant higher metal grades consistent with historic mining.

The Goundafa Mine operated from 1923 until 1956, with operations ceasing due to political changes following Moroccan independence rather than economic factors. While access adits and shafts have been closed for safety purposes, the company notes that access can be quickly achieved through cooperation with current owners, and intermittent inspections have confirmed that infrastructure remains suitable for future exploration and potential production.

A second exploration phase would include mapping, drilling, and geophysics to delineate Vein 1, Vein IV, and Vein II bis along interpreted extensions. This phase would allow for intermediate to wide-spaced drilling for resource expansion further afield on surface and underground based on prior mapping and geophysical results. The company's goal is to confirm historic resource estimates and formulate a National Instrument 43-101 compliant technical report on the project.

Steadright CEO Matt Lewis emphasized the company's focus on acquiring assets with clearly achievable near-term production potential and moving to revenue generation as quickly as possible. The exploration advancement at Goundafa represents significant potential for reviving a historically productive mine that contains multiple critical minerals essential for various industrial applications.