Pelangio Exploration Inc. (TSXV: PX, OTC Pink: PGXPF), incorporated in 2008 and based in Toronto, holds a 390km2 portfolio of gold targets and discoveries across two 100%-owned Ghana properties (Manfo and Obuasi) plus an option to acquire a third (Akroma). Its principal asset, the 100%-owned Manfo Gold Project in the prolific Sefwi Gold Belt, hosts an NI 43-101 compliant Mineral Resource and is the focus of ongoing drilling and exploration. As of September 2026 exploration is advancing across the Ghana portfolio, including a Controlled Source Electromagnetic (CSEM) survey at Manfo and a diamond drilling program at Dankran.
Notable vs. Peers
- Jurisdiction risk score of 6/10 is meaningfully riskier than the peer average of 7.8/10.
- Trading within 7% of its 52-week low — weak recent price momentum.
Lifecycle Milestones
Jurisdiction (40%)6/10
The Manfo project is in Ghana's Sefwi-Bibiani Belt. Ghana has an established mining code and hosts several major producers, but periodic galamsey (illegal artisanal mining) conflict and evolving royalty and tax pressure keep it below Tier-1.
Infrastructure (40%)No verified figure
Researched with nothing found: no source we could cite confirms or rules out an existing mill, road access, grid power, or tailings facility at Manfo Gold Project, Sefwi-Bibiani Belt, Ghana (checked Sep 26, 2026; recheck due Mar 25, 2027). Counts at a neutral 5/10 until one does.
Nearby producing mine (20%)Not yet researched
No project coordinates on file yet, so distance to a producing mine can't be measured.
Acquisition Susceptibility
A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal in the research, a producer that already owns part of the company, is scored from its disclosed strategic shareholders. A producer that is a joint-venture or earn-in partner on the project, rather than a shareholder, isn't captured yet.
How this score is built
- Disclosed pending dealSub-score: Not scored
No pending acquisition or merger disclosed (checked)
Not scored: having no deal in flight isn't held against a company.
Weight 26.25% - Producer's strategic stakeSub-score: Not scored
No producer holds a disclosed stake on file (holder register researched) See holders
Not scored: most juniors that do get bought had no prior toehold, so a missing stake says little either way.
Weight 25% - Distance to a producing mineSub-score: Not yet researched
Distance not yet researched: no project coordinates on file
Distance can't be measured without coordinates, so excluded rather than counted as far.
Weight 22.5% - Lifecycle stageSub-score:3.5/10
Stage: Resource Definition
Feasibility and permitting score 10, where deals cluster, and production 5.5; earlier stages score less, down to 1 at grassroots.
Weight 15% · 57% here - JurisdictionSub-score:6/10
Ghana: jurisdiction score 6/10
Our jurisdiction score, used as is: higher means lower political and permitting risk.
Weight 6.75% · 26% here - CommoditySub-score:10/10
Primary commodity: Gold
Gold 10, copper 8, silver 5, nickel and uranium 4, others 2: most majors' deals are for gold.
Weight 4.5% · 17% here
Weight is each input's share of the full score. “Here” is its share of this company's score: inputs that aren't scored are left out and the rest re-weighted, never counted as zero.
Your Rankings
Management Team
President, CEO and Director of Pelangio Exploration Inc., leading the company since 1996. LL.B. Combines legal credentials with 25+ years' experience in the mining industry, including mining and securities law private practice serving junior explorers and major mining companies.
Interim Chief Financial Officer of Aston Bay Holdings Ltd., Chief Financial Officer of Pelangio Exploration Inc. (since 2024) and Chief Financial Officer of Avidian Gold Corp. (since 2019). Founder of DMC Corporate Services, Inc. (1999) and Director of Accounting Services at Grove Corporate Services. Over 25 years working with publicly traded and private companies, specialising in financial reporting, controls and administration, and has served as CFO for numerous public companies in the mining and exploration sectors over the past 20 years -- earlier as CFO or Controller of Intrepid Mines Ltd., Metalla Royalty & Streaming Ltd., Firestone Ventures Inc. and Aurania Resources Ltd.
SVP Exploration of Pelangio Exploration Inc. P.Geo. 29 years' experience including West Africa and Canadian operations, from project generation and grass-roots exploration to resource development. Previously Group Exploration Manager at Perseus Mining and Regional Exploration Manager at Newmont Mining. Hons. BSc, McMaster University.
VP Africa of Pelangio Exploration Inc. P.Geo. 22 years' experience at multinational exploration firms. BSc Geological Engineering, Kwame Nkrumah University; MBA, Technische Universität Bergakademie Freiberg. Current chair of the Ghana Chamber of Mines Exploration Committee.
VP Corporate Affairs and Corporate Secretary of Pelangio Exploration Inc. Actively involved in public-company financing and corporate transactions including equity financings, acquisitions, dispositions and strategic initiatives. PhD, Trent University; MA, Western University.
Director of Thunder Gold Corp.; also Senior Technical Advisor to Pelangio Exploration Inc. Geology graduate, University of Manitoba (1985). Spent 20 years with Vista Gold from Project Geologist through VP Exploration, then 12 years as VP Exploration at Pelangio Exploration, spanning greenfields to mine-site exploration in greenstone gold, epithermal gold and porphyry copper across Canada, USA, Latin America and Africa. Currently a consultant geologist.
Director of Pelangio Exploration Inc., succeeding David Mosher on the board. Mining executive with 40+ years' international experience spanning metallurgy, mine operations, exploration, project development and corporate leadership. Previously President and CEO of Nevsun Resources Ltd. (1997-2009); held senior roles at Ashanti Goldfields.
Director of Pelangio Exploration Inc. Seasoned executive with a blend of expertise in capital markets and mining consulting spanning nearly three decades; participated in multiple turnaround mining projects.
Director of Pelangio Exploration Inc. M.Sc., CFA. Investment banker and corporate executive with 20+ years' experience in corporate finance, mergers and acquisitions and managing corporate relationships; held senior investment banking positions at Fraser Mackenzie Limited and Blackmont Capital Inc.
Insiders, Investors & Smart Money
Notable shareholders and insiders whose involvement is worth knowing about, plus what we're seeing from institutional/large-investor activity.
No smart-money tracking (institutional/large-investor activity) for this miner yet — this is a planned feature, not live data.
No notable insiders tracked for this miner yet.
Reports, Presentations & Documents
Pelangio Exploration holds a 390km2 portfolio of gold targets in Ghana across the 100%-owned Manfo and Obuasi properties, plus an option to acquire a third property, Akroma. Its principal asset, the Manfo gold project in the Sefwi gold belt, has a resource effective 31 July 2025 containing 441,000 oz of gold in the indicated category at 1.16 g/t, with no measured category, plus 396,000 oz inferred at 0.77 g/t gold. Work in September 2026 included a controlled-source electromagnetic survey at Manfo and diamond drilling at Dankran, and no economic study has been completed.