Vancouver – TheNewswire - January 3, 2023 – J. François Lalonde, President and Chief Executive Officer of Stellar AfricaGold Inc., (TSXV:SPX), (TGAT:6YP1), (FSE:6YP1)) ("Stellar" or the "Company") announces the results of its annual meeting of shareholders (the "Meeting") held on December 31st, 2022. At the Meeting, all matters presented for approval by management were duly authorized and approved, as follows:

• Election of the directors as proposed in the Company's Management Information Circular dated November 28, 2022; 

• Appointment of Auditor; and 

• Approval of the Company’s rolling Incentive Stock Option Plan. 

Total Voting Shares

A total of 22,209,537 shares representing 19.95% of the Company’s issued capital were voted at the annual meeting. No shares or proxies were disqualified.

Election of the Board of Directors

The following directors were elected and re-elected: John Cumming, J. François Lalonde, John Ryan, Yassine Belkabir, Lauren McCrae and Ayden Verhulst.

Appointment of Auditor and Incentive Stock Option Plan

The shareholders also approved the appointment of Smythe LLP, Chartered Accountants, as the Company's auditor and approved the Company's rolling incentive stock option plan.

ABOUT STELLAR AFRICAGOLD INC.

Stellar AfricaGold Inc. is a Canadian exploration company listed on the TSX Venture Exchange symbol TSX.V: SPX, the Tradegate Exchange TGAT: 6YP1 and the Frankfurt Stock Exchange FSE: 6YP1.

The Company maintains offices in Vancouver, BC and in Montreal, QC and has a representative office in Casablanca, Morocco. Stellar’s principal exploration projects are its gold discovery at the Tichka Est Gold Project in Morocco, and the Namarana gold Project in Mali.

The Tichka Est Gold Project is a grouping of seven permits covering an area of 82 km2. The Tichka Est Property lies within the High Atlas Western Domain about 80 km SSW of the city of Marrakech. The area is accessible year-round by road to the village of Analghi located near the mineralized gold zone. The mineralized zone is accessible via an eight-kilometer gravel mountain road constructed by Stellar.

Stellar also holds the drill ready Namarana Gold Project in Mali. Namarana is a 52 Km2 that is 100% owned by Stellar’s Mali subsidiary, Stellar Pacific Mali SARL. Namarana is located 130 km NW of Bamako in the Kankaba Circle of the Koulikoro district.  

Stellar’s President J. François Lalonde can be contacted at 514-994-0654 or by email at lalondejf@stellarafricagold.com.

Additional information is available on the Company’s website at www.stellarafricagold.com.

On Behalf of the Board

J. François Lalonde

J. François Lalonde

President & CEO

This release contains certain "forward-looking information" under applicable Canadian securities laws. Forward-looking information reflects the Company’s current internal expectations or beliefs and is based on information currently available to the Company. In some cases forward-looking information can be identified by terminology such as "may", "will", "should", "expect", "intend", "plan", "anticipate", "believe", "estimate", "projects", "potential", "scheduled", "forecast", "budget" or the negative of those terms or other comparable terminology. Forward looking information contained in this news release includes, without limitation, statements relating to the completion of the Opawica Transaction and the exploration and development potential of the Balandougou II permit.  Forward looking information are based on assumptions made by the Company. Many of these assumptions are based on factors and events that are not within the control of the Company, and there is no assurance they will prove to be correct or accurate. Risk factors that could cause actual results to differ materially from those predicted herein include, without limitation: the failure of Stellar to obtain TSX-V approval of the Opawica Transaction, the failure of Mosaic to complete the Mosaic Concurrent Financing, that the business prospects and opportunities of the Company will not proceed as anticipated; changes in the global prices for gold or certain other commodities (such as diesel, aluminum and electricity); changes in U.S. dollar and other currency exchange rates, interest rates or gold lease rates; risks arising from holding derivative instruments; the level of liquidity and capital resources; access to capital markets, financing and interest rates; mining tax regimes; ability to successfully integrate acquired assets; legislative, political or economic developments in the jurisdictions in which the Company carries on business; operating or technical difficulties in connection with mining or development activities; laws and regulations governing the protection of the environment; employee relations; availability and increasing costs associated with mining inputs and labour; the speculative nature of exploration and development; contests over title to properties, particularly title to undeveloped properties; and the risks involved in the exploration, development and mining business. Risks and unknowns inherent in all projects include the inaccuracy of estimated reserves and resources, metallurgical recoveries, capital and operating costs of such projects, and the future prices for the relevant minerals.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.