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Pelangio holds a 100% interest in the Obuasi Property, a major land position adjacent to AngloGold Ashanti's Obuasi gold mine in southwest Ghana, West Africa. The Obuasi Property comprises three concessions, Meduma and Kyereboso No. 2 and No. 3, acquired from two private Ghanaian corporations. Each concession is subject to a 2% NSR payable to the vendors and a 5% NSR payable to the government of Ghana, which will also take a 10% carried interest if the project proceeds to production. These concessions cover approximately 290 square kilometres and are located on the prolific 300-kilometre long Ashanti Gold Belt.