# Pelangio Exploration Inc. Files NI 43-101 Technical Report for the Mineral Resource Estimate Update on Its Manfo Project and Provides Exploration Update Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/pelangio-exploration-inc-files-ni-43-101-technical-report-for-the-mineral-resour--9c9a9cc8-51db-43d5-9dbf-7e2fb5a167c1 Original source: https://money.tmx.com/en/quote/PX/news/6812638881521092/pelangio-exploration-inc-files-ni-43-101-technical-report-for-the-mineral-resour Publisher: tmx Original announcement: 2025-09-10T20:30:00.000Z Analysis by Minestarters Atlas Atlas analysis published: Unknown date Atlas analysis updated: Unknown date - Company: Pelangio Exploration Inc. - Ticker: PX - Exchange: TSX - Region: Ghana - Primary commodity: Gold - Secondary commodities: None reported - Document categories: Resource update, Drill results - Extracted: 2026-09-14 19:02:42 UTC Narrative sentiment: 0.80 · Bullish ## Minestarters Atlas summary Pelangio Exploration Inc. has filed an updated NI 43-101 Mineral Resource Estimate for its Manfo Gold Project in Ghana. The update reports a total Indicated resource of 441,000 oz and an Inferred resource of 396,000 oz, representing significant growth over the 2013 maiden estimate due to higher gold price assumptions and the addition of the Nkansu deposit. Reasoning: The update shows massive growth in both Indicated and Inferred gold ounces compared to the 2013 maiden estimate, driven by higher gold prices and expanded deposit coverage. - Positive factor: Substantial tonnage and ounce growth vs 2013 maiden estimate - Positive factor: Addition of a fourth deposit \(Nkansu\) to the resource - Positive factor: High gold price assumption \($2,600/oz\) used for optimization - Positive factor: NI 43-101 compliant with multiple QP sign-offs - Negative factor: Large portion of resource \(396koz\) remains in the Inferred category Facts used in scoring: 6 ## Classification and evidence **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: The report is a filed NI 43-101 Technical Report for the Manfo Gold Project. Evidence · text > Files NI 43-101 Technical Report **Tonnage Growth** Polarity: positive Definition: Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved. Why it applies: Indicated tonnage increased from 3.97 Mt in 2013 to 11.79 Mt in 2025. Evidence · table > 197 Context: 3,973 **Contained Metal Growth** Polarity: positive Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. Why it applies: Indicated gold ounces increased by 126% compared to the 2013 maiden estimate. Evidence · text > increase of 126% in estimated gold ounces in the Indicated category **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: A significant portion of the resource \(396koz\) is in the Inferred category. Evidence · text > 396,000 ounces of gold at an average grade of 0.77 g/t Au ## Extracted facts Stored fact records: 6. Some facts used in scoring do not have a stored record. ## Resource Estimates (6) ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/pelangio-exploration-inc-files-ni-43-101-technical-report-for-the-mineral-resour--9c9a9cc8-51db-43d5-9dbf-7e2fb5a167c1#fact-resource-facts-0) Manfo Gold Project · gold #### Identity - Project: Manfo Gold Project - Commodity: gold - Region: ghana - Reported Region: Ghana - Ticker: PX #### Resource scope - Estimate type: resource - Effective date: 2025-07-31T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Simon Meadows Smith, Andrew Netherwood - Resource group id: resource:8f349afd64dbdd879e46 - Deposit or zone: Oxide - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 55000 - Grade: 1.3 - Grade Unit: g/t - Contained Metal: 2000 - Contained Unit: 000' oz - Cutoff Grade: 0.25 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2025-07-31 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-09-10T00:00:00.000Z Reasoning: Indicated oxide intercept from the 2025 update table. Evidence · table > 1.30 Context: 55 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/pelangio-exploration-inc-files-ni-43-101-technical-report-for-the-mineral-resour--9c9a9cc8-51db-43d5-9dbf-7e2fb5a167c1#fact-resource-facts-1) Manfo Gold Project · gold #### Identity - Project: Manfo Gold Project - Commodity: gold - Region: ghana - Reported Region: Ghana - Ticker: PX #### Resource scope - Estimate type: resource - Effective date: 2025-07-31T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Simon Meadows Smith, Andrew Netherwood - Resource group id: resource:06d0ac8dbbc75c5e6b3c - Deposit or zone: Transition - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 458000 - Grade: 1.7 - Grade Unit: g/t - Contained Metal: 25000 - Contained Unit: 000' oz - Cutoff Grade: 0.35 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2025-07-31 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-09-10T00:00:00.000Z Reasoning: Indicated transition intercept from the 2025 update table. Evidence · table > 1.70 Context: 458 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/pelangio-exploration-inc-files-ni-43-101-technical-report-for-the-mineral-resour--9c9a9cc8-51db-43d5-9dbf-7e2fb5a167c1#fact-resource-facts-2) Manfo Gold Project · gold #### Identity - Project: Manfo Gold Project - Commodity: gold - Region: ghana - Reported Region: Ghana - Ticker: PX #### Resource scope - Estimate type: resource - Effective date: 2025-07-31T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Simon Meadows Smith, Andrew Netherwood - Resource group id: resource:6c590dab3d248a9eb902 - Deposit or zone: Fresh - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 11274000 - Grade: 1.14 - Grade Unit: g/t - Contained Metal: 414000 - Contained Unit: oz - Cutoff Grade: 0.35 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2025-07-31 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-09-10T00:00:00.000Z Reasoning: Major indicated fresh rock component of the resource. Evidence · table > 1.14 Context: 11,274 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/pelangio-exploration-inc-files-ni-43-101-technical-report-for-the-mineral-resour--9c9a9cc8-51db-43d5-9dbf-7e2fb5a167c1#fact-resource-facts-3) Manfo Gold Project · gold #### Identity - Project: Manfo Gold Project - Commodity: gold - Region: ghana - Reported Region: Ghana - Ticker: PX #### Resource scope - Estimate type: resource - Effective date: 2025-07-31T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Simon Meadows Smith, Andrew Netherwood - Resource group id: resource:67dbb720350953965250 - Deposit or zone: Oxide - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 1024000 - Grade: 0.69 - Grade Unit: g/t - Contained Metal: 23000 - Contained Unit: 000' oz - Cutoff Grade: 0.25 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2025-07-31 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-09-10T00:00:00.000Z Reasoning: Inferred oxide component. - Negative factor: Inferred category limits economic confidence Evidence · table > 0.69 Context: 1,024 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/pelangio-exploration-inc-files-ni-43-101-technical-report-for-the-mineral-resour--9c9a9cc8-51db-43d5-9dbf-7e2fb5a167c1#fact-resource-facts-4) Manfo Gold Project · gold #### Identity - Project: Manfo Gold Project - Commodity: gold - Region: ghana - Reported Region: Ghana - Ticker: PX #### Resource scope - Estimate type: resource - Effective date: 2025-07-31T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Simon Meadows Smith, Andrew Netherwood - Resource group id: resource:9307f17473eb5bfef526 - Deposit or zone: Transition - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 2017000 - Grade: 0.79 - Grade Unit: g/t - Contained Metal: 51000 - Contained Unit: 000' oz - Cutoff Grade: 0.35 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2025-07-31 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-09-10T00:00:00.000Z Reasoning: Inferred transition component. - Negative factor: Inferred category limits economic confidence Evidence · table > 0.79 Context: 2,017 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/pelangio-exploration-inc-files-ni-43-101-technical-report-for-the-mineral-resour--9c9a9cc8-51db-43d5-9dbf-7e2fb5a167c1#fact-resource-facts-5) Manfo Gold Project · gold #### Identity - Project: Manfo Gold Project - Commodity: gold - Region: ghana - Reported Region: Ghana - Ticker: PX #### Resource scope - Estimate type: resource - Effective date: 2025-07-31T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Simon Meadows Smith, Andrew Netherwood - Resource group id: resource:aef0b06c6a61e7b92ee9 - Deposit or zone: Fresh - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 13007000 - Grade: 0.77 - Grade Unit: g/t - Contained Metal: 322000 - Contained Unit: oz - Cutoff Grade: 0.35 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2025-07-31 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-09-10T00:00:00.000Z Reasoning: Large inferred fresh rock component. - Negative factor: Inferred category limits economic confidence Evidence · table > 0.77 Context: 13,007 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.