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Pelangio Exploration Inc

www: www.pelangio.com   email: ir@pelangio.com
Category: Junior: Late Stage Developer
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Symbol Data

Symbol Currency
CVE:PX CAD
OTCMKTS:PGXPF USD

Description

Pelangio Exploration Inc are a gold focused junior, late stage developer with three mines in development in Ghana and exploration properties. They have approximately 0.8Moz. of gold in the reserves and resources category of which 0.4Moz. are in the measured and indicated category. They have a market capitalisation of ~C$43.97M which is a fall of roughly 20% over the last three weeks. As of 02/24/2026 they have no debt and ~C$0.73M cash. They have 251M shares outstanding and trade on the Canadian Venture Exchange and the over-the-counter markets.

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General Details

Financial 02/24/2026
Last
Analysis
Data
Current Data
Item Value Value Updated
MCap (FD): $55.20M $43.97M 02/24/2026
MCap (OS): $40.26M $32.06M 02/24/2026
Total Assets: $0.73M $0.73M 02/24/2026
Total Liabilities: $0.36M $0.37M 02/24/2026
Current Assets: $0.73M $0.73M 02/24/2026
Current Liabilities: $0.73M $0.73M 02/24/2026
Total Debt: $0.00M $0.00M 02/24/2026
Cash: $0.73M $0.73M 02/24/2026
Debt (Net): $-0.73M $-0.73M
Enterprise Value: $54.48M $43.24M
Cash Flow: $0.00M $0.00M never
Cash Flow Multiple: 0.00 0.00 never
Net Debt to
Cash Flow Ratio:		 n/a n/a never
Finance within 1 year: 02/24/2026
Misc 02/24/2026
Last
Analysis
Data
Current Data
Item Value Value Updated
Shares Outstanding: 250,846,379 250,846,379 02/24/2026
Shares (FD): 344,000,000 344,000,000 02/24/2026
Insider Ownership: n/a n/a 02/24/2026
Dividend (Annual): n/a n/a 02/24/2026
Company Type: Mostly Gold Mostly Gold never
Group: Developer Developer never
Production ETA: n/a 01/01/2030 02/24/2026
Production (Gold Eq Oz.): (guess) 
0		 (guess) 
0		 02/24/2026
Production (Silver Eq Oz.): (guess) 
0		 (guess) 
0		 02/24/2026
Development Phase: Early Drilling - Discovery Early Drilling - Discovery 02/24/2026
Optionality Play: none No
F
U
T
U
R
E		 % of Spot: 5
Developer: Early Development
 5
Developer: Early Development
 02/24/2026
Cash Flow Multiple: 3 3 02/24/2026

Resource Data

GOLD 02/24/2026
Last Analysis Data
Current Data
Item Value Value Updated
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: n/a n/a 02/24/2026
Measured & Indicated: 0.40M 0.40M 02/24/2026
Inferred: 0.40M 0.40M 02/24/2026
Reserves & Resources: 0.80M 0.80M never
P
L
A
U
S
I
B
L
E		 Proven & Probable: n/a n/a 02/24/2026
Measured & Indicated: 0.29M 0.29M 02/24/2026
Inferred: 0.18M 0.18M 02/24/2026
Reserves & Resources: 0.47M 0.47M never
C
U
R
R
E
N
T		 Annual Production: n/a n/a
Cash Cost: n/a n/a 02/24/2026
Extra Operating Cost: n/a n/a 02/24/2026
Total: $2,000 $2,000 02/24/2026
Margin (Free Cash Flow): n/a
MCap / Production (AuEq): n/a n/a
EV / Production (AuEq): n/a n/a
G
R
A
D
E		 Underground (Avg): n/a n/a 02/24/2026
Open Pit (Avg): n/a 1.00 g/t 02/24/2026
Recovery Rate: (CG)  90.00% (CG)  90.00% 02/24/2026
F
U
T
U
R
E		 Proven & Probable: 1.00M 1.00M 02/24/2026
Annual Production: 50,000oz. 50,000oz. 02/24/2026
Cash Cost: $1,200 $1,200 02/24/2026
Extra Operating Cost: $800 $800 02/24/2026
SILVER 02/24/2026
Last Analysis Data
Current Data
Item Value Value Updated
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: n/a n/a 02/24/2026
Measured & Indicated: n/a n/a 02/24/2026
Inferred: n/a n/a 02/24/2026
Reserves & Resources: n/a n/a never
P
L
A
U
S
I
B
L
E		 Proven & Probable: n/a n/a 02/24/2026
Measured & Indicated: n/a n/a 02/24/2026
Inferred: n/a n/a 02/24/2026
Reserves & Resources: n/a n/a never
C
U
R
R
E
N
T		 Annual Production: n/a n/a
Cash Cost: n/a n/a 02/24/2026
Extra Operating Cost: n/a n/a 02/24/2026
Total: n/a n/a 02/24/2026
Margin (Free Cash Flow): n/a
MCap / Production (AgEq): n/a n/a
EV / Production (AgEq): n/a n/a
G
R
A
D
E		 Underground (Avg): n/a n/a 02/24/2026
Open Pit (Avg): n/a n/a 02/24/2026
Recovery Rate: n/a n/a 02/24/2026
F
U
T
U
R
E		 Proven & Probable: n/a n/a 02/24/2026
Annual Production: n/a n/a 02/24/2026
Cash Cost: n/a n/a 02/24/2026
Extra Operating Cost: n/a n/a 02/24/2026

Property

Last Analysis Data  (02/24/2026)
Stage Name Owned
%		 NPV
$M		 IRR
%		 CapEx
$M		 Au Ag Cu Notes
Exp Birch Lake
20 show
They entered to a JV with First Mining Finance which can earn 80% . I is adjacent to their Springpole project.

Size: 2,500 ha
Exp Dalton
10 show
Early exploration.
On August 26, 2020, the Company relinquished its option to earn a 90% interest in the Dalton
Property.

Size: 350 ha
Exp Grenfell
20 n/a
Exp Hailstone
90 show
Size: 74,500 ha
Exp Kenogaming
100 show
Size: 178 ha
Exp Poirier
100 n/a
Dev Dankran
100 show
Adjacent to historic Obuom mine which in the 1930’s produced 29,000 ounces at an average grade of 16 g/t Au, with recent extensive artisanal mining activity evident extending from the mine site into the Dankran property;

Very limited exploration to date.

In order to acquire 100% interest in the Dankran property, Pelangio must pay to BNT Ghana an aggregate of $300,000, and issue 1,000,000 shares

Size: 3,400 ha
Dev Manfo
90 show
500,000 oz shallow deposit (1 gpt). Still early exploration, but they appear to be advancing it toward production.

Size: 12,000 ha
Dev Obuasi
100 show
Large property next door to a 30 million oz deposit.

Size: 28,000 ha
Current Data
Stage Name Owned
%		 NPV
$M		 IRR
%		 CapEx
$M		 Au Ag Cu Notes
Exp Birch Lake
20 show
They entered to a JV with First Mining Finance which can earn 80% . I is adjacent to their Springpole project.

Size: 2,500 ha
Exp Dalton
10 show
Early exploration.
On August 26, 2020, the Company relinquished its option to earn a 90% interest in the Dalton
Property.

Size: 350 ha
Exp Grenfell
20 n/a
Exp Hailstone
90 show
Size: 74,500 ha
Exp Kenogaming
100 show
Size: 178 ha
Exp Poirier
100 n/a
Dev Dankran
100 show
Adjacent to historic Obuom mine which in the 1930’s produced 29,000 ounces at an average grade of 16 g/t Au, with recent extensive artisanal mining activity evident extending from the mine site into the Dankran property;

Very limited exploration to date.

In order to acquire 100% interest in the Dankran property, Pelangio must pay to BNT Ghana an aggregate of $300,000, and issue 1,000,000 shares

Size: 3,400 ha
Dev Manfo
90 show
500,000 oz shallow deposit (1 gpt). Still early exploration, but they appear to be advancing it toward production.

Size: 12,000 ha
Dev Obuasi
100 show
Large property next door to a 30 million oz deposit.

Size: 28,000 ha

Profitability (by resource)

Proven &
Probable		 02/24/2026
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: n/a n/a n/a
Percentage Silver: n/a n/a n/a
Total (Gold Eq. Oz.): n/a n/a n/a
Total (Silver Eq. Oz.): n/a n/a n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: n/a n/a n/a
Silver Eq. Oz.: n/a n/a n/a
Maximum Profit (Gold): n/a n/a n/a
Maximum Profit (Silver): n/a n/a n/a
Total Maximum Profit: n/a n/a n/a
Max Profit / Current MCap: n/a n/a n/a
Max Profit Per Share (Gold): n/a n/a n/a
Max Profit Per Share (Silver): n/a n/a n/a
Total Max Profit Per Share: n/a n/a n/a
Total Free Profit Per Share: n/a n/a n/a
FD MCap / Gold Eq.: n/a n/a n/a
FD MCap / Silver Eq.: n/a n/a n/a
FD MCap / Per Metal
as % Spot Price:		 n/a n/a n/a
EV / Gold Eq.: n/a n/a n/a
EV / Silver Eq.: n/a n/a n/a
EV / Per Metal
as % Spot Price:		 n/a n/a n/a
Measured &
Indicated		 02/24/2026
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: 100.00% 100.00% n/a
Percentage Silver: n/a n/a n/a
Total (Gold Eq. Oz.): 0.40M 0.40M n/a
Total (Silver Eq. Oz.): n/a n/a n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 0.29M 0.29M n/a
Silver Eq. Oz.: n/a n/a n/a
Maximum Profit (Gold): $905.32M $867.74M n/a
Maximum Profit (Silver): n/a n/a n/a
Total Maximum Profit: $905.32M $867.74M n/a
Max Profit / Current MCap: 16.399 19.735 n/a
Max Profit Per Share (Gold): $2.63 $2.52 n/a
Max Profit Per Share (Silver): n/a n/a n/a
Total Max Profit Per Share: $2.63 $2.52 n/a
Total Free Profit Per Share: $2.41 $2.35 n/a
FD MCap / Gold Eq.: $191.68 $152.67 n/a
FD MCap / Silver Eq.: $3.25 $2.46 n/a
FD MCap / Per Metal
as % Spot Price:		 3.73% 3.05% n/a
EV / Gold Eq.: $189.15 $150.14 n/a
EV / Silver Eq.: $3.21 $2.42 n/a
EV / Per Metal
as % Spot Price:		 3.68% 2.99% n/a

Reserves &
Resources		 02/24/2026
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: 100.00% 100.00% n/a
Percentage Silver: n/a n/a n/a
Total (Gold Eq. Oz.): 0.80M 0.80M n/a
Total (Silver Eq. Oz.): n/a n/a n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 0.47M 0.47M n/a
Silver Eq. Oz.: n/a n/a n/a
Maximum Profit (Gold): $1,471.14M $1,410.08M n/a
Maximum Profit (Silver): n/a n/a n/a
Total Maximum Profit: $1,471.14M $1,410.08M n/a
Max Profit / Current MCap: 26.649 32.069 n/a
Max Profit Per Share (Gold): $4.28 $4.10 n/a
Max Profit Per Share (Silver): n/a n/a n/a
Total Max Profit Per Share: $4.28 $4.10 n/a
Total Free Profit Per Share: $4.06 $3.92 n/a
FD MCap / Gold Eq.: $117.96 $93.95 n/a
FD MCap / Silver Eq.: $2.00 $1.51 n/a
FD MCap / Per Metal
as % Spot Price:		 2.29% 1.87% n/a
EV / Gold Eq.: $116.40 $92.39 n/a
EV / Silver Eq.: $1.97 $1.49 n/a
EV / Per Metal
as % Spot Price:		 2.26% 1.84% n/a

Future Valuation (Cash Flow & Totals)

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