Prepared for Kamar Jones · Pelangio Exploration Inc · Pelangio Exploration Board Intelligence
Session 2
4 Verified Signals
1 Action Required
AngloGold Adjacency Confirmed
TSX.V: PX
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Pelangio Exploration — Q1 2026 Intelligence Brief

Solomon ran a full intelligence pass on Pelangio Exploration (TSX.V: PX) on April 21, 2026 — covering official news releases, JMN market data, insider trade sources, and geophysical survey records across the Manfo and Obuasi properties in Ghana. Four signals scored G7.5 or above. One requires immediate action.

01

Core Signals

G7.5+ · 4 events
Pelangio Primary Feed — Four Material Events Confirmed
pelangio.com/news/ · Primary source
G9.2 G-Score
Q1 2026 Primary Source Consolidated Feed

Official news page confirms four Q1 2026 disclosures in sequence: Feb 27 CSEM geophysical survey at Obuasi and Manfo; Jan 30 VP Corporate Affairs appointment with associated option grants; Jan 26 Manfo technical report amendment and OSC-triggered refile; Jan 19 active drill program launch at Manfo.

Gravity Assessment Single primary-source sweep confirmed every material event category simultaneously — exploration methodology, insider compensation activity, regulatory refile, and active drilling. Every category carries direct board-level implications for Kamar.
Manfo 6,850m Drill Program Now Active
Jan 19, 2026 · Manfo Property, Ghana
G8.1 G-Score
Jan 19, 2026 Active Drilling Manfo · Ghana

Pelangio launched a 6,850-metre drill program at Manfo — 3,150m resource extensional + 3,700m RC. The campaign is live as of this brief. Assay results flow through mid-2026.

Gravity Assessment Drill results are the primary share-price catalyst for PX through mid-2026. Results directly condition any follow-on financing terms and carry board-level milestone oversight obligations for all directors.
Jan 30 Option Grant Triggers SEDI Filing Obligation
Jan 30, 2026 · 5,750,000 options issued
G8.0 G-Score
Jan 30, 2026 ⚠ Action Required Insider Event

Pelangio issued 5,750,000 stock options to directors, officers, and employees on January 30, 2026. This constitutes a reportable insider event under SEDI rules for all board directors, including Kamar Jones.

⚠ SEDI Filing Deadline This is a hard regulatory obligation. The grant adjusts Kamar's beneficial insider position and must be tracked against future trading activity and any blackout-period constraints. An unfiled or late SEDI disclosure creates direct regulatory exposure and signals governance weakness to the market.
CSEM Geophysical Survey Commissioned at Obuasi & Manfo
Feb 27, 2026 · SEMS Exploration Services
G7.5 G-Score
Feb 27, 2026 Geophysical Survey Obuasi & Manfo

Pelangio commissioned a Controlled-Source Electromagnetic (CSEM) geophysical survey at both Obuasi and Manfo properties via SEMS Exploration Services. CSEM identifies conductive bodies associated with gold mineralization at depth.

Gravity Assessment Simultaneous CSEM deployment across both properties signals exploration acceleration — not a single-asset bet. Survey results will condition the next drill target selection at Obuasi, directly adjacent to AngloGold Ashanti's operating mine.
02

Adjacent Layer — Sector & Macro

Gold Spot Price
$4,802
Near all-time high
Verified Apr 21, 2026 · Solomon
PX Last Price
$0.165
↓ 37% from Jan open of $0.27
AngloGold Ashanti Publishes Obuasi 2026 Expansion Guidance — Direct Basin Adjacency
Feb 20, 2026

AngloGold Ashanti published its 2025 Obuasi Mine production results and 2026 expansion guidance on February 20, 2026. Pelangio's Obuasi concession sits directly adjacent to AngloGold's operating mine — making AngloGold's confirmed 2026 expansion a geological validation signal for Pelangio's simultaneous CSEM survey on the same basin.

At $4,802/oz gold, the macro environment is fully constructive for Obuasi-basin assets. PX's current discount ($0.165, down 37% from January) most likely reflects market skepticism following the Manfo technical report refile — not asset-level deterioration. An active drill program, confirmed basin adjacency to a major operator, and gold at near-ATH create a meaningful re-rating setup when assay results begin to flow.