Dear Investors,
The new year brought some good vibes on all fronts starting with the corporate aspect.
At its Annual General Meeting held January 20, 2026, Stellar AfricaGold confirmed shareholder approval of all resolutions, including the election of six directors (John Cumming, J.François Lalonde, Yassine Belkabir, Francis Boulle, Paul Kitto, and Lauren McCrae) and reappointment of Jones & O’Connell LLP as auditor.
Additionally, we were also active on the marketing front since we participated to the usual conferences in Vancouver (VRIC and ROUND-UP), Cape Town (121 Event and INDABA) and Toronto (PDAC). This was an opportunity to meet with shareholders, investors, suppliers, contractors and consultants.
On the exploration front, Stellar is advancing two projects in parallel with the Moroccan asset being the focus of its activities
The Phase I diamond drill campaign at the Tichka Est Gold Project in Morocco (86 km², High Atlas, ~90 km south of Marrakech) was successfully completed just before the end of February2026, confirming structurally controlled orogenic gold mineralization in Zone B and validating the company’s geological model. A fully funded 5,000-metre Phase II drill program is now in accelerated planning, focused on expanding Zone B mineralization, testing structural extensions, and evaluating depth continuity with the objective of advancing toward a maiden Mineral Resource estimate. A second excavator was mobilized in early March for trenching and road construction, and a regional exploration team was deployed mid-March to systematically evaluate satellite gold and silver targets across the broader permit area. Q2 2026 technical work will include 3D geological modelling, physical property measurements on drill core, hyperspectral remote sensing, and high-resolution topographic surveying.
In Côte d’Ivoire, the Stellar-MetalsGrove Joint Venture Zuénoula Gold Project (395.78 km², Oumé–Fetekro Birimian greenstone belt, situated on the Abujar–Napié gold trend between the 3.8 Moz Abujar Gold Mine and the Napié Gold Deposit) has moved rapidly from a blank permit to a district-scale gold discovery in the space of two months. A second field sampling commenced in mid-January 2026 led by the Australian listed partner MetalsGrove , and by early February the first gold anomalous cluster had been identified in what is now called the Central Area — a NE-trending zone of anomalous soils coincident with a mafic volcanic/granite contact. By mid-March, a second target, the Fifty-Five Area, had been defined 1 km to the north, with infill sampling completed across three prospect areas (Fifty-Five, Central, and South East Corner) on 400 m × 400 m grids. In parallel, a UAV LiDAR survey covering approximately 21 km² was commenced using a DJI Matrice 300 RTK drone with Zenmuse L2 sensor, generating high-resolution Digital Terrain Models and orthophotography to support structural interpretation and drill target generation, alongside a 160 km² regolith mapping program led by an experienced West African regolith specialist.
The first fire assay results, reported March 31, 2026, defined seven gold prospects across the permit. The Fifty-Five Prospect was elevated to top-priority exploration target following the identification of a peak soil anomaly of 583 ppb Au at the center of a 3.3 km-long NE-trending corridor (>20 ppb Au) interpreted to remain open to the northeast. The Central Prospect returned a 148 ppb Au anomaly within a broader ~20 km² zone of scattered anomalism, while four additional prospects — Eastern (up to 144 ppb Au), Rouge, Konezra, and South-West — were defined by the wide-spaced 1 km × 1 km sampling, demonstrating clear district-scale prospectivity. The next phase of work encompasses 200 m × 200 m infill and 400 m × 400 m step-out sampling at the Fifty-Five Prospect, a 34 km² infill program between the Central, Eastern, and Konezra Prospects to test for a connecting structural corridor, and integration of LiDAR and regolith datasets ahead of eventual air core drill testing of the most coherent anomalies.
J.François Lalonde
President & CEO
J.François Lalonde
B.Sc. Civil. Engineering
PRESIDENT AND CHIEF
EXECUTIF OFFICER