Golden Valley Project (Matabeleland Province, Zimbabwe)

**Newly identified 70-centimetre vein in Shaft 14 at Golden Valley Mine.**

**Dark oxide material taken from Shaft 14, with abundant visible gold.**

**A one-centimetre tail of of gold from hand full-panning a grab sample of friable material taken from Shaft 14.**

On Nov. 23, 2023, Pambili entered into a share purchase agreement to acquire the Golden Valley project, a producing gold mine in Zimbabwe’s Matabeleland province.

***BREAKING NEWS: On Nov. 25, 2024, we announced the identification of a high-grade vein at Golden Valley’s Shaft 14. A grab sample of the friable material taken over approximately 70 centimetres of the exposed reef panned a one-centimetre-long tail of visible gold; samples submitted to a local non-accredited laboratory returned high grades, including 192.5 g/t (fire assayed), 75 g/t (bottle rolled) and 63 g/t (bottle rolled). We are timbering and cleaning out these historical workings for safety; we’ve increased security at the mine as a result; and our focus now at Golden Valley is to develop Shaft 14 for near-term revenue.***

The Golden Valley project has a history of high-grade underground mining with historic gold production. Pambili believes that the Project has been underexplored in the modern era and has the potential to host a bulk mineable gold deposit.

The Golden Valley Project is a typical Orogenic-style gold deposit located in the Bulawayo Greenstone Belt. The Project is situated in the same geological setting as the Happy Valley mine and the How Mine, Metallon Corporation’s flagship operation.

***First gold from Pambili’s Golden Valley Mine, following onsite processing of underground development material and historic sands on surface.***

Given its geological setting, historic high-grade production, sustained mining activity, and underexplored underground potential, Pambili views the Project as an opportunity to establish a modern, large-scale commercial gold operation.

On Dec. 15, 2023, Pambili announced its interpretation of the results of a drone survey completed over the Golden Valley Project—indicating the potential for an additional structure that has not previously been exploited for gold, and an extension to the known project strike length. In March 2024, geochemical soil sampling confirmed the identification of three new anomalous zones—and a month later, in April 2024, an NI 43-101 Technical Report recommended a surface drilling program at Golden Valley.

In June 2024, Zimbabwe’s Ministry of Mines approved a significant expansion of the Golden Valley project, approving our application to convert a 50-hectare milling site surrounding the mine into five 10-hectare mining claims. On Aug. 1, 2024, we announced first gold production, after material from underground development and historic sands on surface were processed to recover 235g (7.5oz) of gold at a recovery of 0.52g/t.

September 2024: Underground drilling begins

On Sept. 10, 2024, our underground drilling program commenced at Golden Valley, with the objective of identifying the extension of the orebody previously mined at GVM along with possible parallel zones to the north of the existing orebody. Contractor Shengela (Private) Limited was engaged, using a Meter Eater drilling rig to produce AXT (30 mm) core from up to six holes, with a maximum depth of 100m per hole.

During a mid-November 2024 drilling update, CEO Jon Harris remarked: “It’s encouraging to see that our first two holes encountered known gold pathfinder minerals like pyrite and quartz. The down-dip hole is not yet complete, but even within the first 25m we have encountered mineralized zones including pyrite along with several quartz stringers. We look forward to seeing how much more mineralization we encounter as the hole reaches its planned depth.”