Steadright Critical Minerals Secures Historic Goundafa Mine in Morocco's High Atlas Mountains

Steadright Critical Minerals Inc. has signed a Memorandum of Understanding with Ste Commerciale et Minière du Sahara to acquire rights to the historic Goundafa polymetallic mine in Morocco's High Atlas Mountains. The agreement allows Steadright to earn up to 100% interest in the Goundafa Project, which holds Concession Number 55 covering 1,600 hectares with a fully permitted Mining and Environmental Production License. This acquisition represents a significant opportunity in the critical minerals sector, particularly given that copper and zinc are classified as critical and strategic minerals in the U.S., Canada, Europe, and numerous other countries worldwide.

The Goundafa Mine was previously developed and operated by La Société des Mines de Goundafa from 1926 until 1956, when operations ceased due to political changes following Moroccan independence. Historical production data reveals compelling mineralization potential, with 1928 production alone yielding two thousand tons with average grades of 22.13% zinc and 11.31% lead. A 1985 report from Morocco's former national mining agency, Bureau de Recherches et de Participations Minières, indicated silver grades reaching up to 400g/t from high-grade galena zones. As mining progressed deeper, increasing chalcopyrite and gold content were observed, with total historical production reaching 320,000 tons of material extracted by 1956.

A 2022 geological report prepared by Omar Guillou for CMS identifies conceptual resources up to 6.62 million tons with grades of 2.1% zinc, 1.8% lead, 1.5-2.1% copper, and up to 3.5 g/t gold in select zones. Particularly significant is that 1.7 million tons are directly accessible through historic multi-level mine works, as documented in the 1985 BRPM report available at https://www.newmediawire.com. The current estimate covers only the first 600 vertical meters of accessible workings, while geological interpretation suggests the system could extend an additional 800 meters vertically, reaching depths of 1,400 meters below surface.

The project's potential extends beyond the main volumetric estimate, with lateral extensions of Veins IV, V, and VI identified at surface through trenching and geological surveys. These extensions show structural continuity with veins exploited at depth, though their potential requires confirmation through drilling. Recent XRF-measured grades inside the mine indicate strong potential for significantly higher metal grades in some areas, consistent with historic mining patterns. Dr. Abdelaziz El Hadi, a senior structural geologist with over three decades of experience in Moroccan mineral systems, contributed to the geological interpretation and structural modeling for the 2022 report.

The terms of the MOU include a three-month due diligence period for Steadright, with a purchase price of $8,000,000 USD for the mineral license, along with shares not exceeding 9% of the Company's outstanding shares and a 1% Net Smelter Royalty. A non-refundable deposit of $500,000 USD is required within the three-month period. The acquisition comes at a time of increased global demand for critical minerals, growing supply chain disruptions, and rising raw material costs. The Goundafa Project's combination of historical production data, accessible infrastructure, and polymetallic mineralization presents a strategic opportunity for value-driven exploration and future resource development in a region with established mining history and favorable geology.