Romeit

The Romeit Project represents one of the most significant gold exploration opportunities within AFAQ Mining’s West Elbah Concession in Egypt’s Eastern Desert. Located within the highly prospective Arabian-Nubian Shield, Romeit lies in a region renowned for hosting numerous historic gold deposits and mineralized systems.

Over the past several years, AFAQ Mining has implemented an extensive exploration program that includes geological mapping, trenching, geochemical sampling, reverse circulation drilling, and diamond drilling. As a result, the Company has identified widespread gold mineralization, extensive alteration zones, and structurally controlled targets that demonstrate substantial exploration potential.

Romeit Project Highlights

• Romeit Project occurs within a regionally extensive mineralized belt that extends for hundreds of kilometres across the Arabian-Nubian Shield.

• Widespread gold mineralization has been identified throughout the project area, with evidence of historic gold production at multiple locations.

• Exploration has outlined a deformed and mineralized corridor extending for more than 30 km along strike.

• AFAQ Mining has conducted an extensive exploration program using modern exploration methods and industry best practices.

• More than 46,000 samples have been collected and analyzed, creating one of the largest geochemical datasets in the region.

• The Romeit occurrence was selected as the initial exploration focus because of its extensive gold mineralization and history of production.

• To date, AFAQ Mining has completed 39,227 metres of reverse circulation and diamond drilling at Romeit.

• Numerous additional gold occurrences remain available for detailed evaluation.

• Consequently, the project demonstrates significant exploration potential within a highly prospective geological domain.

Exploration Update

Cairo, May 07, 2026 – AFAQ Mining (“AFAQ” or the “Company”) is pleased to provide an update on exploration activities at the Romeit occurrence within the West Elbah Concession in southeastern Egypt. The project is located approximately 90 km from the town of Shalateen.

Since 2019, AFAQ Mining has systematically applied modern exploration techniques to evaluate the Romeit occurrence and surrounding areas. Furthermore, the Company selected Romeit as the primary exploration focus because of its exceptional geological characteristics and evidence of historical gold production.

Infrastructure and Access

The Romeit Project benefits from excellent access to infrastructure and support services. The project lies approximately 90 km southwest of Shalateen and only 35 km from the paved coastal highway connecting southeastern Egypt with northern regions of the country.

As a result, personnel, equipment, and supplies can be transported efficiently to the project area. In addition, the improved access network reduces logistical complexity and helps minimize operational costs.

Romeit Geological Setting

The West Elbah Concession forms part of the Arabian-Nubian Shield, a regionally extensive geological terrane with a complex tectonic and mineralization history. This highly prospective belt hosts numerous gold deposits and historical mining districts throughout Egypt and Sudan.

Importantly, the gold mineralization at Romeit forms part of a broader system of deformed and altered rocks that extends across the Eastern Desert and continues for approximately 300 km into northern Sudan. These regional deformation zones acted as pathways for mineralizing fluids and created favourable conditions for gold deposition.

The fertility of this mineralizing system is demonstrated by the abundance of gold occurrences throughout the region. In addition to Romeit, Hamida, and Masho Shinai within the AFAQ Mining concession, numerous historic gold occurrences are present across the belt, including Um Ashira, Haimur, Harairi, Um Garayat, Seiga, Filat, Ungat, Betam, Egat, Um El-Tuyor, Madari, and Korbiai. Many of these locations have records of historical gold production.

Exploration Program

AFAQ Mining has maintained an active exploration program since 2019. The most significant components of the work completed to date include:

• Satellite studies defining extensive domains of prospective terrane.

• Comprehensive geological mapping to improve understanding of mineralization controls.

• Extensive trenching programs, particularly at the Romeit occurrence.

• Collection of 46,282 samples from surface and drilling programs for gold analysis.

• Completion of 24,427.70 metres of diamond drilling.

• Completion of 14,799.30 metres of reverse circulation drilling.

Together, these exploration activities have significantly improved the Company’s understanding of the geological controls on mineralization across the project area.

Romeit Gold Mineralization Results

Results obtained to date at the Romeit occurrence confirm the presence of a large and distinctly anomalous gold system with the characteristics of structurally hosted mineralization.

Furthermore, the alteration zones and host structures range from several metres to tens of metres in thickness. These mineralized zones remain continuous along strike for hundreds of metres. In addition, exploration has identified mineralized sites located several kilometres away from the main Romeit occurrence, highlighting the prospectivity of the intervening geological terrain.

Drilling completed to date has intersected numerous significant gold-bearing intervals. Notable results include 5.64 g/t Au over 42 metres and 1.58 g/t Au over 58 metres. Moreover, several narrower intervals returned higher gold grades, demonstrating the strength of the mineralizing system.

The drilling program has also confirmed that gold mineralization extends from surface to depths exceeding 100 metres vertically. More importantly, geological observations suggest that the mineralization continues at depth and remains open across substantial widths.

Consequently, the Romeit occurrence represents a large and highly prospective exploration target. Surface dimensions extend across several kilometres, while the subsurface target volume remains substantial and open for further expansion through continued drilling.

Chairman’s Commentary 

Commenting on the exploration results, Mr. Mostafa Elbahr, Chairman of AFAQ Mining, stated:

“The 500 km² West Elbah Project area is underlain by deformed, altered, and gold-mineralized rocks associated with regional structures that extend for hundreds of kilometres. These geological systems host numerous historic gold deposits and occurrences across southeastern Egypt.

Gold mineralization occurs widely throughout the project area and has been exploited since Pharaonic times. Furthermore, mining activity continues within the broader region today. Our exploration program has now covered large parts of the concession and has identified numerous zones displaying alteration, deformation, and gold mineralization. In addition, the exploration team has repeatedly observed visible gold in bedrock and alluvial sediments, highlighting the exceptional exploration potential of the project.”

Future Exploration at Romeit 

The West Elbah Project hosts the historic gold occurrences of Romeit, Hamida, and Masho Shinai. In addition, exploration teams have identified at least seven other target areas displaying geological characteristics favourable for gold mineralization.

These targets occur along a north-south corridor of deformed, altered, and mineralized rocks extending for more than 30 km across the property. Currently, AFAQ Mining continues to prioritize the Romeit occurrence because of its history of production and strong drilling results.

The ongoing drilling program has successfully defined extensive subsurface gold mineralization through a combination of reverse circulation and diamond drilling totaling 39,227 metres. Meanwhile, the Hamida occurrence hosts extensive zones of alteration and deformation that extend for kilometres along strike, creating another significant exploration target.

Further south, the Masho Shinai occurrence contains additional historic workings and strong anomalous gold mineralization identified through recent exploration activities. Several other targets remain largely untested and warrant detailed follow-up exploration.

Overall, the West Elbah Project hosts widespread gold mineralization within geological environments known to support major gold deposits elsewhere in the Arabian-Nubian Shield. Combined with encouraging drilling results, extensive alteration systems, and historical production, these attributes support the project’s exceptional exploration and development potential.

Romeit Exploration Outlook

The significance of the exploration work completed at Romeit lies in the identification of a substantial volume of gold-mineralized rock. To date, AFAQ Mining has successfully outlined extensive mineralization and associated alteration at Romeit and other project areas, including Hamida.

Looking ahead, the Company plans to continue advancing exploration through additional drilling, detailed geological studies, and geophysical surveys. Consequently, future programs have strong potential to expand the known mineralized footprint and further define the scale of the Romeit gold system.