“Results of Geological Investigations and Completed Exploration Works at the “Qale-Zal” Gold Project On June 17, 2025, “Reef Group” LLC launched geological works at the mining site of the “Qale Zal” gold project located in Kunduz province. The works were carried out by Azerbaijani specialists of “Reef Group” LLC.

Exploration activities were conducted over a total area of 300 hectares and included the following operations:

• • Office-based studies and collection of geological data from previous years
• • Geological mapping (scale 1:25,000)
• • Collection of lithogeochemical and heavy mineral samples
• • Excavation of test pits and collection of surface samples

Determination of gold content, particle size distribution, and mineralogical composition was carried out using the sample washing method.

As a result of these works, preliminary data regarding the presence and distribution of gold in the “Qale-Zal” area have been obtained, laying the groundwork for transitioning to the next stage of the project — detailed studies and a technical-economic feasibility assessment.

At present, the necessary documents and reports required for obtaining a mining license have been submitted to the relevant state authorities. Once the profit-sharing agreement between “Reef Group” LLC and the Government of Afghanistan is finalized, the process of establishing a Joint Venture will commence.