Steadright Signs MOU for Historic Goundafa Polymetallic Mine in Morocco

Steadright Critical Minerals Inc. has signed a Memorandum of Understanding with Ste Commerciale et Minière du Sahara for the historic Goundafa polymetallic mine in Morocco's High Atlas Mountains. The agreement allows Steadright to earn up to 100% interest in the fully permitted mining concession covering 1,600 hectares in the Goundafa area. Copper and zinc, both present in the deposit, are classified as critical and strategic minerals in the U.S., Canada, Europe, and numerous other countries worldwide.

The Goundafa Mine was actively developed and mined by La Société des Mines de Goundafa from 1926 until 1956, when operations ceased due to political changes following Moroccan independence. Historical production records indicate significant mineralization, with 1928 production reaching 2,000 tons averaging 22.13% zinc and 11.31% lead. A 1985 report from Morocco's former national mining agency, Bureau de Recherches et de Participations Minières, documented silver grades reaching 400g/t from high-grade galena zones, with increasing chalcopyrite and gold content observed at deeper levels.

A 2022 geological report authored by Omar Guillou and prepared for CMS identified 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. The report, available at https://www.newmediawire.com, noted that 1.7 million tons are directly accessible through historic multi-level mine works. Recent XRF measurements inside the mine showed strong potential for significantly higher metal grades in some areas, consistent with historic mining patterns.

The 2022 technical assessment indicates the current estimate covers only 600 vertical meters through accessible workings, while the system could potentially extend an additional 800 meters vertically, reaching depths of 1,400 meters below surface. 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, though their potential requires confirmation through drilling. These extensions represent significant additional potential beyond the main volumetric estimate.

While the historical estimate does not meet NI 43-101 standards and cannot be classified as current mineral resources, it demonstrates the presence of substantial polymetallic mineralization. The project benefits from existing infrastructure and Morocco's mining-friendly jurisdiction, positioning it well for modern exploration and potential resource development. The convergence of multiple mineralized veins, historical production data, and surface geochemical anomalies suggests meaningful upside potential for critical mineral supply.

The MOU terms include a three-month due diligence period for Steadright, with an $8,000,000 USD purchase price for the mineral license approved for mining production operations. The agreement also includes shares of Steadright not exceeding 9% of outstanding shares and a 1% net smelter royalty. A $500,000 USD non-refundable deposit is required within the three-month MOU period. The growing global demand for critical minerals, combined with supply chain disruptions and rising raw material costs, underscores the strategic importance of projects like Goundafa in securing essential metal supplies.