Champs d'or en
BEAUCE
Gold Fields

Beauce Gold Fields Inc.

Management Discussion and Analysis

For the period ended April 30, 2025

INTRODUCTION

This management discussion and analysis (''MD&A'''), prepared as on June 27, 2025, contains information as of April 30, 2025 and should be read in conjunction with the interim Financial Statements for the periods ended April 30, 2025 of Beauce Gold Fields Inc. (''Beauce''', the ''Corporation'' or ''BGF''). The Notes referred to in this MD&A refer back to the Notes in the Financial Statements. The Unaudited Financial Statements are presented in compliance with the IAS 34 Standards "Quarterly Financial Information" which calls for critical accounting estimates. They also demand of Management the period of its judgement in the application of the accounting methods used by BGF. Note 5 of the Financial Statements outlines the particularly complex areas where such judgement is required as well as the hypotheses and estimates where such hypotheses and estimates have a major effect on the Financial Statements. The Financial Statements were not adjusted in regard to the accounting value of Assets and Liabilities, Revenues and Expenses and to the classification used in the preparation of the Cash Flow Statement under the hypothesis of the Corporation's ability to continue as a going concern. These adjustments could be significant. All amounts are in Canadian dollars.

The Financial Statements of April 30, 2025, were prepared by management and are not audited.

The Financial Statements were not adjusted in regard to the accounting value of Assets and Liabilities, Revenues and Expenses and to the classification used in the preparation of the Cash Flow Statement under the hypothesis of the Corporation's ability to continue as a going concern. These adjustments could be significant.

Beauce Gold Fields Inc. was incorporated on August 1, 2016, under the Canada Business Corporations Act. The Corporation's shares are part of the Emerging Corporation category and are publicly traded on the TSX-Venture Exchange ("TSX-V") under the symbol:"BGF". It is a reporting issuer under the securities laws of the provinces of Quebec, Alberta and British Columbia. Beauce Gold Fields Head Office is located at 3000, Omer-Lavallée Street, Suite 306, Montréal, Québec, Canada, H2Y 1R8.

The Corporation regularly presents supplementary information on its activities, which are filed on (SEDAR) (www.sedarplus.com).

FORWARD LOOKING STATEMENTS

This MD&A contains forward-looking statements that are based on the Company's expectations, estimates and projections regarding its business, the mining industry in general and the economic environment in which it operates as of the date of the MD&A. These statements are reasonable but involve a number of risks and uncertainties, which are identified in the regular filings done by the Corporation with the Canadian Regulatory Authorities and there can be no assurance that they will prove to be accurate and the final results as well as future events could vary in a material manner and contradict the results expected under these Statements. Therefore, actual outcome and results may differ materially from those expressed in or implied by these forward-looking statements.

The Forward Looking Statements are influenced by a variety of risks, uncertainties and other factors which could significantly alter the results and actual events. When used in this document the words such as "could", "plan", "estimate", "intention", "potential", "should" and similar expressions are Forward Looking Statements.

Even though the Corporation believes that the expectations expressed in these Forward-Looking Statements are reasonable, these statements are subject to risks and uncertainties and there is no assurance given by the Corporation that the expected results will correspond to the Forward-Looking Statements.

Many risks exist which could render these Forward Looking Statements erroneous such as the price movements in the metals markets, the fluctuations in the foreign exchange and interest rate, of under or over estimated reserves, environmental risks (ever increasing regulations), social acceptability, unforeseen geological situations, negative extraction conditions, changes in government regulations and policies, the inability to obtain the needed permits and government approvals, or any other risk tied to exploration and development.

The Corporation’s ability to continue its operations is subject to securing additional financings needed to continue the exploration of its mineral properties and to the continuous support of suppliers and creditors. Even though the Corporation was able to secure such financings in the past there is no guarantee it will be able to do so in the future.

The Corporation commits to update its Forward-Looking Statements and to advise its shareholders if circumstances, estimates or opinions issued by Management must be changed.

NATURE OF ACTIVITIES

The Company's objectives are to explore for minerals resources and to find mineral deposits that could potentially lead to viable commercial operations.

The Company has not yet determined whether the natural resource property it is exploring contains any ore reserves that are economically mineable. Continued exploration and development of the properties is dependent upon the Company’s ability in securing the necessary funding.

OVERALL PERFORMANCE OF THE THIRD QUARTER 2025

In April 2025, the Company received its drilling authorization "Autorisation pour travaux à impact" (ATI) from Quebec’s Ministry of Natural Resource for a drilling campaign targeting high-priority zones along the antiform Saddle Reef structure.

HIGHLIGHTS PRECEDING THE THIRD QUARTER OF 2025

In January 2025, the Company announced a winter drilling campaign targeting high-priority zones along the antiform Saddle Reef structure, with seven to ten planned drill holes totaling 500 meters in the Giroux and Grondin Zones. Previous drilling confirmed gold mineralization, and the company has applied for drilling authorization to further explore gold-bearing structures.
In January 2025, the Company also successfully tested a modified Horizontal Directional Drilling (HDD) method at its Saint-Simon-les-Mines property, with one borehole yielding a gold concentration of $2.75\ \mathrm{g/m^3}$. HDD proved to be a cost-effective alternative for placer gold exploration, though improvements like larger borehole diameters and stronger drill bits are recommended.

HIGHLIGHTS PRECEDING THE THIRD QUARTER OF 2025 (continued)

In December 2024, the company identified five significant geochemical soil anomalies at its Beauce Gold property, aligning with previously discovered Induced Polarization anomalies. These anomalies suggest strong gold potential, and the company plans to prioritize drilling and bulk sampling in the Giroux and Grondin Zones.
On December 24, 2024, the Company completed a private financing of 4,285,714 flow-through share for gross proceeds of $150,000. In addition, the Company paid an amount of $10,500 in commission fees and issued to the agent 300,000 warrants.
On December 11, 2024, the Company completed a private financing of 250,000 units and each unit consists of one flow-through share and one warrant for gross proceeds of $10,000 and 3,000,000 units each unit consists of one common share and one subscription warrant for gross proceeds of $90,000. In addition, the Company paid an amount of $840 in commission fees and issued to the agent 28,000 warrants.
In November 2024, the Company announced the results of the analysis of a preconcentrate sample, recovered from a bulk sample of fractured stockwork quartz vein from the Grondin antiform outcrop on the Company's Beauce Gold property. The analysis returned 5.61 grams per tonne of gold
In November 2024, the Company identified significant new mineralized outcrops along the lengths of the antiform (Saddle Reef type) structure, specifically a newly observed mineralized stockwork zone north of the property. The Company also gained additional insights into the extension of the Grondin antiform structure on the Beauce Gold property.
In October 2024, the Company announced the results of a geophysical IP survey. The survey successfully identified the signature of the crest of an anticline fold (Saddle Reef type) coinciding with the Grondin Gold Zone, extending the structure along strike for eight kilometers.
In September 2024, the Company announced the results of placer gold studies related to its Ditton Gold property, located in Chartierville, Quebec. Scanning electron microscope (SEM) and Energy Dispersive X-ray (EDS) analyses revealed that the gold grains averaged 89.92% gold (Au) and 9.95% silver (Ag), with a fineness ranging from 850 to greater than 950.

SUMMARY OF CURRENT ASSETS

As at April 30, 2025, the Corporation held cash in an amount of $71,143, $12,474 in Goods and Services tax receivables and $19,670 in prepaid expenses.
For the period ending on April 30, 2025, the Company carried $156,773 in exploration work on its properties.

SIGNIFICANT MINERAL PROPERTIES AND EXPLORATION ACTIVITIES

BEAUCE GOLD PROJECT: SAINT-SIMON-LES MINES - INTRODUCTION

The Beauce Gold project was acquired in December 2018 by the Company through Spin-out agreements concluded with its company having significant influence either HPQ-Silicon Resources Inc. ("HPQ"). It is located in Southern Quebec in the municipality of Saint-Simon-les-Mines about 70 km southeast of Quebec City. The project consists of one hundred and fifty-two (152) claims and a total area of 4,808.95 hectares. The majority of the claims are contiguous. The company also owns 7 lots totaling 176 acres of real estate in the municipality. A 6 kilometer long historical placer gold channel is found on the property, the largest in northeastern North America.

The Beauce Gold property holds a prominent position in Canadian mining history. In the Beauce region, gold was first discovered in 1767. On the property, the first mention of gold was in 1847 when a girl, Clothide Gilbert, discovered an egg sized gold nugget while walking her horse across the Giroux creek. News of the find lead to Canada's first gold rush. At its peak in the 1870s, over 2000 miners through a network of shafts and tunnels, mined the auriferous till & saprolite and brought it up to surface to wash out the placer gold. In fact, many notable Canadian mile stone are attributed to this property. It is the site of the first gold mining operation in Canada. The first incorporated gold company, some of the largest recorded gold nuggets were mined from there and legal mining rights disputes lead to the creation of Quebec's Mining Act. The property saw placer gold mining on an industrial scale, with various degree of intensity, from 1860s to 1914.

From 1957 to 1965, the property was once again active when a dredging operation by the Beauce Placer Company mined the Eastern section of the placer gold channel. To this day, it was the largest placer gold mining operation in eastern North America. An "historical estimate" indicated 16,976,153 cubic yards (12,978,710 m³) of material grading US$0.2224 per yard as the dredging gold resource. This equates to 0.329 grams/cubic yard (or 0.431 g/m³) using US$21/ounce. It is assumed that the volume included overburden.

The dredging and drag line operation from 1959 to the early 1960s suggested that the company mined some 56,000 oz. gold from the processing of 8.6 million cubic yards of material for an average gold content of 0.2 g Au / cubic yard. At US$35/ ounce (the gold price in 1960) the figure revised to a grade of 0.197 g/yd³ (or 0.258 g/m³).

In 2011, Uragold Bay Resources compiling data from historical 1980's overburden drilling as well as their own Sonic drill results suggests that the gold potential for the entire deposit (Gold Exploration Target) could range between 61,000 ounces (2,200,000 m³ @ 0.87 g Au/m³) and 366,000 ounces* (2,200,000 m³ @ 5.22 g Au/m³) using the x6 nugget effect multiplier. A conservative overburden Strip Ratio was estimated at 1:4.3 (Source 43-101 Report BEAUCE GOLD PROJECT Benoit M Violette, P.Geo. July 4, 2018).

Beauce Gold Fields objectives is to evaluate potential economic placer gold deposits and to trace back the placers to discover lode gold deposits.

GEOLOGY

The Beauce gold sector straddles two of the significant tectonostratigraphic subdivisions of the Appalachians. The latter, the Humber zone to the northwest and that of Dunnage to the southeast

Notwithstanding the importance of the Beauce Gold project as a past placer gold mining property, very little historical geological data was available as to the geology that surrounds the placer gold channel. To date, exploration work by the Company has found that gold mineralization mainly follows fault contacts between the volcanic Beauceville Formation and the sedimentary rock St-Victor Formation.

The geological model of a Saddle Reef formation is the leading hypothesis regarding the source of the historical placer gold deposit. The model suggests that the placer gold, such as the famous large nuggets mined in the 19th century, were formed in stressed quartz pockets of layered domed Axis of Antiforms as demonstrated in Saddle Reef formations. Eroded segments of the formation are believed to be the primary source of the historical placer gold deposit. Saddle Reef examples include the vast Bendigo and Ballarat gold fields of Australia (over 60 million ounces), and the high-grade Dufferin deposit in Nova Scotia.

Image: Proposed model of the Saddle Reef Formation

2025 EXPLORATION WORK

In April 2025, the Company has recived its drilling authorization "Autorisation pour travaux à impact" (ATI) from Quebec's Ministry of Natural Resource for a drilling campaign targeting high-priority zones along the antiform Saddle Reef structure, believed to be the source of historical placer gold deposits on its Beauce Gold property in Quebec. The planned drill program will focus on the Giroux and Grondin Zones for seven to ten diamond drill holes totaling approximately 500 meters.

In January 2025, the Company announced the results of a modified Horizontal Directional Drilling (HDD) method it experimented with for placer gold exploration at its Saint-Simon-les-Mines property in Quebec. The trial involved four HDD boreholes totaling 321 meters, with drill hole SSD-4 intersecting 38 meters of auriferous till and saprolite. A sample from SSD-4 yielded a gold concentration of $2.75\mathrm{g / m^3}$ . The results demonstrate HDD's potential as a cost-effective alternative for identifying and delineating placer gold

deposits, although improvements such as larger borehole diameters and more robust drill bits are recommended. The company planned to refine the method for future exploration efforts.

2024 EXPLORATION WORK

In December 2024, the Company announced it has identified five significant geochemical soil anomalies at the Beauce Gold property in Quebec, aligning with previously discovered Induced Polarization (IP) anomalies. These anomalies, located near historical placer gold mining sites, indicate a strong potential for gold mineralization. The company plans to prioritize drilling and bulk sampling in these high-potential zones, particularly around the Giroux and Grondin areas.

In November 2024, the Company announced the results of the analysis of a preconcentrate sample, recovered from a bulk sample of fractured stockwork quartz vein from the Grondin antiform outcrop, on the company's Beauce gold property. The analysis returned 5.61 grams per ton of gold.

A 500-gram sample was randomly taken from one of the 20-litre buckets of preconcentrates. The preconcentrates were derived from loose fragments smaller than 10 centimetres, recovered using a mobile placer plant equipped with a trommel and sluice box. The placer plant processed a 30-ton bulk sample of heavily fractured stockwork featuring a milky white quartz vein several metres wide, interspersed with pockets of sulphide-rich material along shear planes of blocks of lapilli tuffs taken from the Grondin antiform outcrop.

In November 2024, The company has identified significant new mineralized outcrops along lengths of the antiform (Saddle Reef type) structure, specifically a newly observed mineralized stockwork zone north of the property, along with additional insights into the extension of the Grondin antiform structure on the Beauce Gold property.

The company has revealed significant outcrops north of Fraser Road at IP line L76, containing extensive stockwork mineralization. The newly exposed outcrop of blocks of lapilli tuffs, similar to the Grondin outcrop.

Located approximately 2.5 kilometres northeast of the Fraser outcrop showing that sampled 3.08 grams per tonne gold (Fancamp Exploration sample BE-10-01, GM70597) at IP line L65, this zone extends toward the northeast, intersecting with IP line 109+50E about three kilometres farther. The significance of this newly discovered stockwork zone suggests it may be contributing to the extensive placer deposits of Saint-Simon-les-Mines found to the south of the property.

Thirty-five rock grab samples were taken from the three outcrops over the IP anomalies of the four northeastern lines L53E, L65E, L76E and L109. The samples, each weighing 500 grams, were sent to MSALabs for assay analysis.

In October 2024, the Company announced the results of a geophysical IP survey. The survey successfully identified the signature of a crest of an anticline fold (Saddle Reef type) coinciding with the Grondin gold zone and extended the structure along strike for eight kilometres (km).

The company completed a two-phase induced polarization (IP) geophysical survey that successfully identified signatures aligning with the Grondin convex structure along its southwest to northeast strike over a distance of eight km. The survey, carried out by Geosig Inc., a Quebec-based geophysics firm, involved survey lines using dipole-dipole configurations to detect subsurface resistivity and chargeability. As the region is often covered with glacial deposits of varying thickness, the IP survey allowed for the detection of geological units, stockworks and sulphides presence within the rocks.

The first phase of the survey involved a grid of eight lines (L30E to L38E) totalling 4.2 km on the Grondin gold showing to characterize its geophysical signature. The Grondin gold mineralized outcrop and anticline structure (Saddle Reef type) were initially identified through drilling in 2023. The survey results correlated with drilled mineralized zones, confirming the presence of multiple high-chargeability and resistivity zones indicative stockworks and sulphide-rich rocks often associated with gold mineralization. A 3-D (three-dimensional) model was created to determine the dip and direction of mineralized stockworks in the felsic lapilli tuff within the fold hinge.

The second phase involved cutting four additional lines to the northeast of the Grondin grid. These lines, spaced several hundred metres apart and located approximately eight km between Boulevard Industriel in Beauceville and Chemin de la Grande Ligne in Saint-Benjamin. Positioned along trails or roads to cross perpendicularly to anticline fold axes, these lines were designed to intersect the northeastern extension of the Grondin gold zone. The results confirmed multiple high-chargeability-resistivity zones, indicative of stockwork-sulphide-rich rocks associated with gold mineralization. The field mapping survey also identified features from historical geological studies. Each survey line indicated IP anomalies corresponding to geological features of saddle reef type structure.

The Geosig survey identified the extension of the mineralized zone on the Grondin showing and generated several targets, which are now being investigated through field prospecting. The company completed 225 geochemical soil samples and collected 35 rock samples over the IP anomalies of the four northeastern lines (L53E, L65E, L76E and L109E) and line L30E.

In June 2024, The Company announced that chemistry results from a scan electron analysis of gold grains recovered from the bulk sampling of the Grondin antiform outcrop on the company's Beauce Gold property. The analysis indicates that the gold grains contain 15% silver and 85% gold.

The SEM-EDS analyses indicate that the gold grains averaged 85.05% gold (Au), 14.74% silver (Ag) with a fineness of the gold grains (calculated as 1000 * Au / (Au + Ag)) ranging between 820 and 870. The silver content is relatively homogeneous. Half the samples contained trace elements of Cd and Hg. The grains contained no copper and no electrum. The 15% silver content is typical of orogenic environments however the absence of detectable copper points to a source with a particular chemistry.

In May 2024, the Company has acquired, through map staking, 21 mineral claims to cover the multikilometre-long antiform mineralized structure.

In April 2024, the Company announced that soil sample results identified geochemical anomalies that aligned with mineralized structures of the Grondin Zone. In the fall of 2023, a total of 88 soil samples were collected from six parallel grid lines spaced 100 meters apart. Out of the 36 chemical elements that were analyzed by pyroanalysis, 16 have been selected for their relevance in characterizing the Grondin gold-bearing zone. These elements are: Ag, As, Ba, Be, Cd, Co, Cu, Fe, La, Ni, Pb, S, Sb, Sr, V, and Zn. Predominantly, these are the elements that have shown anomalies in either the 35 lithogeochemical drill samples or within the 88 soil samples themselves.

Table 1: Anomalous elements directly associated with the highest gold grades in RG 23-01

	Au	Ag	As	Ba	Ce	Sb	La	Zn	W	Zr
Sample	0,01ppm	0,01ppm	0,2ppm	10ppm	0,02ppm	0,5ppm	0,5ppm	2ppm	0,1ppm	0,5ppm
CO247001	0	0,03	48.9	652	9.98	<0.5	4.7	71	33	27.0
CO247002	1,2	0,2	249.1	1678	44.62	0.8	21.0	125	64	117.1
CO247003	1	0,42	356.7	3082	78.00	1.4	34.7	60	73	239.0
CO247004	1,5	0,36	468.0	3955	159.72	1.5	89.1	51	102	252.0
CO247005	2,4	0,44	752	3684	82.76	1.3	42.7	51	101	228.7
CO247006	2,6	0,57	2752	2106	51.99	2.3	26.1	52	69	135.0
CO247007	1,5	0,35	1546	2263	50.95	1.2	25.2	50	72	149.1
CO247008	0,16	0,09	228	440	13.72	<0.5	6.6	38	20	31.7
CO247009	0,2	0,1	168	521	9.69	<0.5	4.8	14	19	26.1
CO247010	0,027	0,08	24	154	5.55	<0.5	2.8	6	6	9.6
CO247011	0,03	0,1	8,3	61	4.00	<0.5	1.9	3	2	3.5
CO247012	0,017	NR	9,4	105	2.64	<0.5	1.2	5	5	7.2
CO247013	0,05	0,07	42,5	406	6.65	<0.5	3.3	13	19	23.5
CO247014	0,05	0,07	34	116	2.33	<0.5	1.1	7	5	7.5
CO247015	2,4	0,76	638,3	1214	42.15	2.0	21.9	100	76	63.6
CO247016	3	0,79	706,9	2274	78.82	3.2	40.1	36	113	141.7
CO247017	2,9	0,66	974,6	2462	74.61	3.9	37.3	99	140	111.2
CO247018	6,3	1,63	1696,2	2756	184.54	5.0	100.3	177	172	132.0
CO247019	11,4	1,77	350,8	4463	259.45	2.5	146.2	43	225	210.0
CO247020	0,37	0,2	304,5	1540	43.46	1.6	22.6	131	87	67.0
CO247021	0,07	0,06	19	378	8.13	0.5	3.9	31	13	20.8
CO247022	0,01	0,03	14,2	155	2.85	<0.5	1.4	4	9	5.9
CO247023	0,09	0,05	268	1548	31.58	1.0	15.2	61	76	75.9
CO247024	1,5	0,21	410	473	43.46	0.01	12.1	46	30	40.1
CO247025	Blank	0,07	15,5	1208	8.13	1.09	38.4	87	122	111.9
CO247026	Standard	NR	NR	NR	NR	NR	NR	NR	NR	NR
CO247027	1,3	0,69	1240	2931	31.58	0.07	19.9	286	51	63.4
CO247028	0,947	0,18	232	117	24.00	<0.01	2.9	28	6	8.2
CO247029	1,7	0,85	340,8	865	75.00	0.04	17.7	123	45	45.6
CO247030	1	0,51	242,2	338	NR	<0.01	6.8	75	8	11.1
CO247031	0,02	0,05	22,4	36	38.65	<0.01	1.2	5	2	2.2
CO247032	0,015	0,05	3,4	17	5.47	<0.01	<0.5	2	<1	<0.5
CO247033	0,033	0,05	2,7	17	0.60	<0.01	<0.5	2	<1	0.7
CO247034	0,048	0,23	6,9	31	0.68	<0.01	<0.5	2	<1	1.2
CO247035	0,166	0,1	21,4	40	3.15	<0.01	1.7	3	2	2.3

ANOMALY 1: GRONDIN ZONE (Ag-As-Ba-Sb) The Grondin zone responds well to soil geochemistry. On the index and around, groups of anomalous elements ranging from 4 to 11 are noted. The core of the anomaly contains from 9 to 11 elements, some of which are strongly anomalous, including arsenic, which goes from 223 to $689~\mathrm{ppm}$ (BLO-32+50E). Anomaly 1 stretches over more than $250\mathrm{m}$ in length and between lines 31E and 34E and remains open towards the SW. The most significant elements that emerge in this anomaly 1 are silver, arsenic, barium, rare earths, and antimony. Anomaly 1 contours the drill holes drilled into the Grondin mineralized gold structure.

ANOMALIES 2 AND 3: The 2023 soil geochemistry survey covered the Grondin index over an area of approximately 500m X 300m. A baseline of 500 meters in length was drawn parallel to the Grondin gold-bearing structure oriented at approximately N40degree. This line was connected to 6 other transverse lines each measuring 300 meters in length. The transverse lines, spaced 100 meters apart, were drawn to intersect the Grondin zone at 90degree. For this first attempt, the lines were drawn to cover the zone over 150m to the NW and 150m to the SE of the baseline.

ANOMALY 2: Anomaly 2 is the most significant of the survey with the exception of anomaly 1. It alone groups 14 of the 16 elements, with barium having the highest content of the 88 soil samples, i.e., 259 ppm Ba. Silver, base metals, and antimony stand out among the other anomalous elements. The sample was taken on line 32E at station 1+50N, at the edge of the geochemistry survey. Its shape and length cannot be determined; however, it seems to be directed towards the NE-SW and would be outside the perimeter of the 2023 survey. ANOMALY 3: This anomaly 3 is located on line 34EST at station 1+50S and once again at the southern limit of the 2023 survey. Anomaly 3 groups together 9 anomalous elements including barium and zinc. Moreover, it extends towards the SW and would be related to a high arsenic content at 174 ppm As.

ANOMALY 4: It is found at the NE end of the survey and would be +/- associated with anomaly 1. It remains weak but is located above the gold-bearing zone found in the RG 23-08 drill. Anomaly 4 suggests that the Grondin zone extends towards the NE.

In March 2024, the Company announced it has recovered gold grains from its August 2023 bulk sample of the Grondin antiform outcrop. The company identified over 18 visible and sharply angular grains of gold, underscoring the area's strong potential for gold generation. The trench displayed a stockwork featuring a milky white quartz vein of a few meters wide interspersed with pockets sulfide-rich material along shear planes and within boudinaged quartz veins.

In January 2024, the Company announced results from its summer 2023 program. The diamond drill core analyses from the Grondin gold zone for pathfinder elements. Intersections have indicated a silver/gold ratio of 23.68 per cent and contain significant levels in certain elements, notably arsenic, antimony, bismuth and tungsten. These same elements have been well identified in significant quantities within an auriferous till directly associated with gold-bearing placers and buried in the valley of the Gilbert River. Analysis results have indicated high levels in arsenic (As), with an average of 951 ppm, followed by antimony (Sb) with 2.22 ppm, bismuth (Bi) with 0.25 ppm, and finally tungsten (W) with a content of 20 ppm.

Uragold conducted In 2011a sonic drill campaign in the basal till and in the saprolite of the placer gold channel, which yielded numerous visible gold grains. The analysis of the heavy mineral concentrate recovered from the basal till returned arsenic (As) with an average of 59 ppm, antimony (Sb) with 2.08 ppm, bismuth (Bi) with 0.19 ppm, and tungsten (W) with 78 ppm. All these tracer elements strongly suggest a local source located north of the Gilbert River. (Source: Sedar: Report 43-101 - Beauce July 4, 2018, Author B. Violette)

Gold & Silver Ratio

All three gold zone intersects from drill hole GR 23-01 reported anomalous silver levels, averaging 0.79 ppm. By consolidating the silver content with the gold zone intersects, which averaged at 3.33 g/t of gold, we achieve a silver to gold ratio of 23.68%. It is assumed that electrum is present in the drill cores.

A scanning electron microscopy (SEM) analysis of the placer gold grains recovered from Uragold's 2011 sonic drill cores indicated that the gold surfaces had an average silver content of 6%.

The reduced silver content in the gold placers, compared to the Grondin cores, could be attributed in part to the dissolution of the metal during transport or to a prolonged geological period in a warmer secondary environment.

2023 EXPLORATION WORK

In September 2023, the Company bulk sampled tributaries of the historical paleoplacer channel. Bulk sampled locations were chosen to test what are believed to be pre-glacial tributaries that fed gold into the Gilbert River valley, forming the paleoplacer channel consisting of auriferous till and Saprolite layering at the bottom of the valley.

Three sites were selected to test the northeast extensions of the paleoplacer channel. They are easily accessible at depths of less than 8 meters and have historical overburden drill holes reporting gold.

The sampled sites are as follows:

St-Gustave Bulk 3SW: 21 cubic meters bulked. Brown saprolite with a mixture of rock debris. It is located near Rang St-Gustave and the Gilbert River section 3SW site of the 1960s Yuba dredging operation.
Rang VI Bulk G-80-A: 18 cubic meters bulked. Very compact gray till in contact with bedrock. Macamic 1987 RC drill hole G-95 exhibited a 3.6 g/m³ grade.
Rang 14 Bulk G95: 17 cubic meters bulked. Compact gray till in contact with bedrock. Located 4km SW of Saint-Benjamin near section G-95. Macamic 1987 RC drill hole G-95 exhibited a 2.12 g/m³ grade. 500 m SE of the junction between roads Rang 6 and 14. This site extends the canal to the northeast and beyond G-95 towards Saint-Benjamin.

In August 2023, the Company completed a diamond drilling campaign consisting of nine drill holes, totaling 501 meters, along the axis of an antiform outcrop at the Grondin showing on the Beauce gold property.

The following November 2023, the company announced results of a recent drilling program of 8 diamond drill holes totaling 501 meters carried out at the Grondin gold showing.

The mineralized zone, which was intercepted by drilling, indicates that the Grondin zone measures more than 40 meters in depth vertically. This zone extends over 70 meters in width and would remain open at depth. The mineralized structure was found over 300 meters NE of the primary showing. Mineralized blocks were found on the surface SW of the main trench. This debris from the vein suggests that it remains open for hundreds of meters towards the SW and the NW. Other antiform folds cross the property, and other gold zones could be present. Axes of antiforms forming a Saddle Reef formation is the predominant geological model for potential lode gold discoveries and a possible source of the historical paleoplacer gold deposit.

Table: Mineralized Segments

Hole No	From (m)	To (m)	Interval (m)	Au (g/t)
RG-23-01	11	14	3	1,7
Including	12,5	13,5	1	2,5
And	17,3	19,5	2,2	5,4
Including	18,5	19,5	1	8,85
Including	19	19,5	0,5	11,4
And	21,5	24	2,5	1,8
RG-23-04	8,5	14,5	6	1,08
Including	12	14	2	1,9
Including	13	13,5	0,5	3,6
RG-23-05	37,5	41	3,5	3
Including	38	39	1	6,5
Including	38	38,5	0,5	10,88
RG-23-06	42,5	43	0,5	2,8
And	45,5	47,5	2	0,16
RG-23-07	34	36,5	2,5	0,51
Including	35,5	36,5	1	0,81
Including	36	36,5	0,5	1,27
And	37,5	39	1,5	0,35
And	50	51	1	0,92
Including	50,5	51	0,5	1,6
RG-23-08	27	28	1	0,31
And	48,2	50	1,8	1,1
Including	48,5	49	0,5	2,2

In August 2023, the Company the use of a modified horizontal directional drilling method to drill lengths of the auriferous till units of the paleoplacer channel. The experimental technique consisted of combining an HDD rig and a vacuum tanker truck to collect the mix of bentonite mud and drill cuttings. Bentonite, commonly used in HDD, consists chiefly of crystalline clay minerals that help stabilize the borehole walls, preventing it from collapsing. As the drilling progresses, the bentonite-based mud carries the drill cuttings (rock fragments, auriferous till and saprolite) back to the surface, which is then vacuumed into a tanker truck. The high viscosity of bentonite helps to keep cuttings suspended in the fluid, ensuring efficient cuttings removal from the borehole.

The bentonite mud & cuttings material were emptied in geotech-lined pits for decanting. Various tests and trials will be performed on the material to see the best method of separating the bentonite to create heavy mineral concentrates that can be analyzed for gold. If the Company settles upon a successful separation method, a mobile placer plant will be mobilized on-site to process the material.

From one location, four fanned-out HDD boreholes were completed, totaling 321 meters in the auriferous till (Basal Till) and saprolite layers.

Hole	Horizontal Length	Direction Azimuth	Aprox. Volume Bentonite & Cut.	Comment
D-1	63 meters	N105	3.5 m3	Target to hole G64-3, 3.4g/m3* Au
D-2	30 meters	N130	1.0 m3	Hit boulder, hole abandoned at 30m
D-2.5	51 meters	N120	1.5 m3	Test lateral width of placer channel
D-3	135 meters	N050	8 m3	Target to hole G65-S04 1.44 g/m3* Au
D-4	72 meters	N095	5 m3	Test lateral width of placer channel

*Sources: Sedar- Beauce Gold Fields 43-101 Report - Beauce July $4^{\text{th}}$ 2018, Author B. Violette

In January 2023, the Company announced it has completed an analysis of drill hole data comparing all historical overburden placer channel drill holes, overlaid with the company's 2021 diamond drill program. The study revealed that the auriferous saprolite unit of the paleoplacer channel on the Beauce gold property is thicker and broader than previously estimated.

The historical overburden drill programs positioned their drill lines perpendicular to the paleoplacer channel for cross-section profiles. On seven drill lines, the borehole at the end of a section was mineralized, and, therefore zones remain open laterally.

Vertical grade variation analysis of historical overburden drill holes indicates that some of the highest gold grades were from the end of drill holes in the saprolite and the highly fractured and oxidized shale zones from less than 2 meters below the bedrock line. The Company's 2021 diamond drill (DDH) campaign demonstrates that the saprolite and the highly fractured and oxidized shale zones developed, on average, over 8.8 meters of vertical depth in the rock. There are places where these zones are more than 18 meters deep. Of the 38 DDH, 25 holes recuperated a total of 275 meters of drilled core segments of saprolite and oxidized shale layers. The Company believes there is the possibility these layers are mineralized. The cores will be analyzed for coarse gold content.

2022 EXPLORATION WORK

In October 2022, the Company announced it would resume the exploration of important exposed axis of antifom ridge outcrops of the Grondin showing for November and December. However, due to a higher workload than expected allocated to the Ditton project, resumption at its earliest would be for spring 2023. In June 2022, the Company acquired from Placements V.T.R. Inc. 14 claims that enlarged the Beauce Gold property to the northwest. The added claims hold an important exposed domed Axis of Antiform ridge outcrop with significant mineralized Crack and Seal type quartz veins stockworks. The Axis outcrop of the Grondin showing extends 500 meters North-East along strike onto the Company's claims. It is approximately $3\mathrm{km}$ upstream/uphill of the 19th-century placer gold mines at Giroux Creek and Gilbert River confluence and parallels to the historical placer gold deposit of St-Simon-les-Mine. Two of the highest gold grades reported from the outcrop were in samples 81755 @ 2.11 grams/ton), and sample 81763 @10.9 grams/ton (GM 70761 Réjean Hébert, géo. June 2018).

Between May and June 2022, the Company collected 58 grab takes samples over a distance of $5\mathrm{km}$ by $800\mathrm{m}$ wide. The samples were spaced according to the outcrops but at approximately $50\mathrm{m}$ intervals from the Grondin showing and $100\mathrm{m}$ to the North-East of the Grondin showing to the Saint Gustave Road in the

northeast. The limits from south to north are Chemin Rivet (south) and Rang Saint-Gaspard Road to the north. Of the total samples assayed by Techni-Lab of Val D'or, 7 of the samples returned between 200 ppb Au to 1,400 ppb Au.

On March 18, 2022 the Company announced that filtered geophysics data from a 2019 IP survey reveals anticline folds indicative of a saddle reef formation. The INRS (Institut national de la recherche scientifique) enhanced the 2019 data for lines 4 and 5 by applying a noise reduction filter to the 2D inversion electrical resistivity and electrical chargeability data. It revealed tomographic 2D images characterized by deformed structures of synform-like pleated zones suggesting the presence of Antiform structures with relatively tight vertical anticline limbs. This correlates with the structural pattern of Saddle Reef formations.

The geological model of a Saddle Reef formation is supported by IP surveys, by observed eroded anticline vertical limbs of layered sedimentary and volcanic bedrock in the 2019-2020 trenches and by the discovery of exposed domed Axis of Antiform ridges along the Giroux creek. The Axis trends North-East and South-West for 4 km to the North of the Gilbert River and north of the historical placer gold channel Eroded segments of the Saddle Reef formation is the leading hypothesis as to the source of the historical placer gold deposit.

In February 2022, the Company announced the results of the 2021 38-hole diamond drill campaign totaling 4,585 meters to test numerous high-priority targets. Drill results revealed no significant bedrock gold mineralization. It did though, generate important geological data that provided new insights as to the origins of the historical placer gold deposit.

Drilling results highlights:

Successfully breached major fault line Drill holes SM-21-01, SM-21-03 and SM-21-21 clearly showed the presence of the major fault line that strikes SW-NE across the property.
Anticlines limb structures support Saddle Reef model. Drill cores from holes SM-21-03 and Holes SM-21-05 to SM-21-19 on the St-Gustave crossed sub-vertical limbs of interbedded bands of black shales – siltstones (Sedimentary Rocks) and tuffs – Lapilllis (Volcanics Rocks) interspaced with quartz veins.
Dichotomy of visible gold to drill results confirms nugget effect; Drill results from the Poulin and St-Gustave sectors confirmed a dichotomy between visible gold observed in the mineralized sections of the trenches and drill hole SM-21-08 versus all the drill holes from these two sectors that returned almost no gold. Drill core segment 34–34.5 m of drill hole SM-21-08, best demonstrates this striking nugget effect. One half of the split drill core contained 2 visible gold grains measuring between approximately 250 and 350 microns (0.25 to 0.35 mm) embedded in folded-boudinage blue-gray quartz- vein yet the other half core sent to be assayed returned no detectable gold.
New gold zone discovered. Anomalous gold results of up to 145 ppb Au from Drill holes SM-21-25, SM-21-27 and SM-21-28 drilled below tunneling found on the property from the St-Gustave placer gold mine operated by Champs-D'Or Rigaud-Vaudreuil company in the 1910s. Results point to a new gold zone approximately 150 meters NE of hole SM-21-08. The anomaly was from core segments of blue quartz veins similar to the blue gray quartz containing visible gold in hole SM-21-08. The holes intersected a stockwork zone beneath an outcropping Anticline structure northeast of Rang Saint-Gustave near the Gilbert River.

Hole No	Depth	From	To	Intervalle	Au	Sector
	(m)	(m)	(m)	(m)	(ppb)
SM-21-01	288	155	157	2		Poulin (TR-10008)
SM-21-02	192					Channel (10SW-750L: 0,181 g Au/m3)
SM-21-03	300	52	55	3		Saint-Gustave (TR2020-02-TR2020-46)
SM-21-04	147					Channel (3SW-400L: 0,07g Au /m3)
SM-21-05	69	25	26.5	1.5		Saint-Gustave (TR 2020-03)
SM-21-05		29	33.5	4.5		Saint-Gustave (TR 2020-03)
SM-21-06	81	20	22	2		Saint-Gustave (TR 2020-03)
SM-21-07	54.2					Saint-Gustave (TR2020-05)
SM-21-08	64.8	26	27	1	350	Saint-Gustave (TR2020-05)
SM-21-08		34	34.5	0.5		Visible Gold
SM-21-09	150					Saint-Gustave (TR2020-05)
SM-21-10	97					Saint-Gustave (TR2020-04)
SM-21-11	66					Saint-Gustave (TR 2020-03)
SM-21-12	75	20.5	22	1.5		Saint-Gustave (TR 2020-03)
SM-21-13	150	51.5	54	2.5	55	Saint-Gustave (Ext SM-21-08)
SM-21-14	74	53	54	1		Saint-Gustave (TR 2020-04)
SM-21-15	102	23.5	24.5	1		Saint-Gustave (TR2020-01)
SM-21-16	84					Poulin (TR-10008)
SM-21-17	150					Saint-Gustave (TR2020-01)
SM-21-18	145	38	39	1	37	Saint-Gustave (TR2020-01)
SM-21-19	75					Saint-Gustave (TR2020-01)
SM-21-20	171	89.5	90.5	1		Poulin (TR-10008)
SM-21-21	117					Poulin (TR-10008)
SM-21-22	81	80.5	81	0.5		Poulin (TR-10008)
SM-21-23	72	12	14	2		Poulin (TR-10008)
SM-21-24	75					Poulin (TR-10008)
SM-21-25	93	57	59	2	42.5	Saint-Gustave (Ext SM-21-08)
SM-21-25		61.5	63	1.5	38.6	Saint-Gustave (Ext SM-21-08)
SM-21-26	90	14	15	1		Saint-Gustave (Ext SM-21-08)
SM-21-27	96	51	52	1	124.5	Saint-Gustave (Ext SM-21-08)
SM-21-27		57.5	58	0.5	145	Saint-Gustave (Ext SM-21-08)

2021 EXPLORATION WORK

In December 2021, the Company announced it has identified an important $4\mathrm{km}$ long Saddle Reef formation along an Antiform Fold structure that runs parallel to the NE and higher up the valley wall, of the historical placer gold channel.

In September 2021, the Company completed the first drill program to test numerous high-priority targets on the Company's Beauce Gold property located in Saint-Simon-les-Mines, Quebec. All

38 diamond drill holes totaled 4,585 meters. All holes have intersected significant widths and over 1,500 meters in length of favorable mineralized structures along multiple strike zones trending parallel to the historical placer gold channel. Samples were sent to Actlab laboratory for analysis.

In August 2021, visible gold was observed in the core of drill hole SM-21-08 between $34.5\mathrm{m}$ and $34.6\mathrm{m}$ deep. Two (2) grains of visible gold measuring approximately between 250 and 350 microns $(0.25$ to $0.35\mathrm{mm})$ in folded-boudinaged blue-gray quartz- vein. The vein is hosted in a lapilli tuff and appears to have formed by intense cataclasis. Mineralization in hole SM-21-08 is associated with a stockwork that forms between $21\mathrm{m}$ and $39.5\mathrm{m}$ deep inside a volcaniclastic fractured rock that dissipates to black shale for a few meters. These stockworks are located under the placer gold channel and appears to trend North-East underneath two old mining shafts and tunnelling found on the property from the St-Gustave placer gold mine operated by Champs-D'Or Rigaud-Vaudreuil company in the 1910s.

In May 2021, the Company announced results from its 2020 fall-winter trenching program. Trench sampling has identified multiple gold bearing bedrock structures. Five of the trenches exposed weathered bands of altered volcaniclastic rocks crosscut by quartz veins interspersed with sedimentary rocks (sandstone and black shales). The trenches are located approximately $180\mathrm{m}$ SSW from the intersection of Chemin du Rang St-Gustave and the Rivière Gilbert. This area of the property has been the subject of historic placer gold production first in 1910s via two underground drifts and, in the 1960's, by a major gold dredging operation.

In January, acquired, from a Private Collector, a trove of never before published exploration data by the Beauce Placer Mining company that operated from 1957 to 1965 on the property. Included were 344 drill hole logs and subsequent results, geophysics data, field surveys, compilation maps and, all aspects pertaining to the administration of the dredge mining operation itself.

2020 EXPLORATION WORK

The Company carried out bulk sampling of trenches Tr2020-01 (Bulk A, 63kg), Tr2020-02 (Bulk B, 68kg) and Tr2020 -05 (Bulk C, 64kg) SEM analyzed a total of 121 points on 18 gold particles that ranged in size from 200um up to $1.5\mathrm{mm}$ . SEM EDX analysis revealed an average in gold of $85.10\%$ $(+/-6.45\%)$ and averaged silver content of $6.18\%$ $(+/-2.77\%)$ . Unlike the gold from Poulin Trench Tr-10008 sample, the analyzes of the Bulk A, B and C samples show a multimodal distribution of the Au / Ag ratio with lower Ag content in the Bulk B sample (table 1) giving a higher Au / Ag ratio. This high Au / Ag ratio in the gold particles of Bulk B sample appears, in part, to be controlled by a higher degree of saprolitic alteration of the rock present in the bottom of the Tr-2020-02 trench (Bulk B). Of interest to note that sample Bulk B is closest to the historical placer channel that consists of gold-bearing auriferous units of a saprolite.

	Au*	Ag*	Au/Ag*	n=

Vrac A	85.25	8.49	13.02	60
Vrac B	86.01	2.62	30.04	10
Vrac C	85.25	5.43	17.32	51

	* averaged values

Table 1: Gold partical analysis. Average percentage contents of Au, Ag and of the Au / Ag ratio of the gold particles analyzed under an electron microscope with an EDX analyzer. Note: 'Vrac' is French for 'Bulk'. Concentrations are in Wt% and n stand for the number of EDX analysis.

October to December 2020, the Company mechanically excavated 46 trenches and outcrops (mainly trenches) for approximate 400 meters along strike the placer channel on the southern side of the Gilbert River, up to the opposite side of the Poulin trenches. The trenches west of St-Gustave Road are on land fully owned by the Company. Further trenching and outcrop sampling was also completed on private property to the East of St-Gustave Road. The trenches exposed long vertical bands of fractured volcaniclastic bedrock, rusty quartz veins and black shales. The exposed rusty quartz veins are similar yet more abundant and wider than the gold bearing fractured quartz sampled from Poulin trench 10008, some 260 meters south west.

This alignment of the Tr-10008, Bulk-A (Tr-2020-01) and Bulk-B (Tr-2020-02) showings suggests the presence of a splay gold structure-oriented North-East-South-West, Bulk B being closer to the placer channel. Directly North-East of these trenches two historical 1959 RC drill holes (3SW - L04 & L03.5) drilled into the placer channel returned gold values. The mineralization associated with the Bulk-C sample (Tr-2020-05) appears to be associated with another North-East—South-West splay structure in bedrock, located approximately 100 m northwest of the first.

The other trenches were channel sampled. The two that returned significant gold anomalies were trenches Tr-2020-46: (75-170 ppb Au) and trench Tr2020-51 (183 ppb Au). Note that Tr2020-51 is characterized by the presence of a 1m thick massive quartz vein. Both are aligned at plus or minus 10 m from the AMT fault line.

Mechanized excavations of the overburden (Quaternary deposits and soils) exposed the bedrock before it plunges deeper into the historical placer gold channel. Geological mapping and structural study to the east and west of Rang St-Gustave Road will provide a detailed study of the orientation of the folds, shear zones and rock fracturing. This data will be used to optimize the drilling program to come.

The exploration team collected:

100 rock samples taken by channel cuts using a diamond saw (in the trenches)
9 bulk samples of rocks taken from the trenches
28 samples (bulk) of rock outcrops from the property
4 bulk samples (composite samples) of approximately 100 lbs. each (trenches Tr-2020-01, Tr-2020 02, Tr-2020-05 and Tr-2020-51)

The Company also had assumed the payment to a third party of a royalty of 1.5% of which, at the option of the company, 1% was redeemable for an amount of $1,000,000. On September 30,2020 the Company redeemed the 1.5% royalty from the holder thereof by means of the issuance of 700,000 common shares of its capital stock representing the redemption price of $108,500.

2019 EXPLORATION WORK

December 2019, the Company has dug fourteen trenches in the Poulin section. The trenches were dug and the exposed bedrock was cleaned with jets of water to remove the overburden. Nine of the trenches were channel sampled. Four of the trenches, 10008, 10009, 10015 and 10016 showed the presence of volcaniclastic bedrock heavily altered by injections of rusty quartz veins that were then channeled and bulk sampled. These trenches were subject to high resolution photogrammetric imagery and detailed geological and structural mapping. The veined area is 2.5 to 3 m thick and has been observed in trenches 10008, 10009 and 10016. Trenches 10008 and 10009 have shown the presence of faulted contact between volcaniclastic

rocks (north) and sedimentary rocks (south). The structural discontinuity corresponds to a brittle (fragile) type fault associated with a non-cohesive cataclasite (gouged zone) rich in small fragments of quartz. This laminated 35 cm thick structure, dips to the south and follows a North-East-South-West direction. The observation of this structure in the trenches seems to confirm the presence of a major fault. Moreover, a 2 kg sub-sample from a 146.6 kg bulk sample taken from Poulin trench 10008 contained 0.55 mg (0.275 g/t) of visible gold particles. The particles were extracted from volcaniclastic rocks that were heavily injected with rusty quartz veins.

Under the supervision of Dr. Marc Richer-LaFlèche, Ph.D. Géo from INRS, the three fault zone gold particles from Poulin trench 10008 and eighteen of the 2011 Sonic Drilled gold grains were sent to INRS and analyzed using a Zeiss EVO® 50 smart SEM (SEM) scanning electron microscope coupled to an Oxford Instruments elementary microanalysis system by X-ray energy dispersion spectrometry (EDS). For the Poulin trench gold particles, 41 of the 62 random sequenced analysis over the scanned particles revealed a silver content that ranged between 2.71% Ag to 8.14% Ag with an average reading of 6.03% Ag.

For comparative analysis, the morphology of the auriferous basal till and saprolite gold grains were separated into groups of proximal angular vs distal rounded shapes. It was observed that relatively angular nuggets (example A, B and C) contain an average Au-Ag mixture of 6.80% Ag (Silver) (25 random sequenced analysis ranging 1.26% to 21.30% Ag) which is similar to the gold observe in Trench-10008. Some nuggets have internal cavities filled with iron oxides (goethite-hematite) probably reflecting the saprolitisation (weathering) of bedrock and of little or no hydraulic transportation. The second group of nuggets (example C, D and E) were rounded by hydraulic transport, and do not contain silver (only gold). It is likely that these nuggets of almost pure gold were affected by geochemical or biogeochemical process involving preferential leaching of silver. Note that in the St-Simon-les-Mines area, the presence of saprolitized rocks is a local geological characteristic essentially observed in the sector of the Beauce placer near the Gilbert River (including rocks from the 10008 trench and 8000 outcrop). Such weathered rocks are not preserved elsewhere in the study area. The presence of gold nuggets showing internal weathering embayment's rich in iron oxides is another evidence suggesting a local provenance of gold.

Highlights include

Trench 10008: 145.60 kg of loose rock samples. 3 visible gold particles with a total weight of 0.55 mg (0.275 g/t). Slight gold anomaly of 18 to 27 ppb on 16 samples with an average of 21.50 ppb. 563 ppb including gold particles. Exposed geological fault.
Trench 10009: 130.10 kg of bulk sampled rocks. No visible gold. Slight gold anomaly of 13 to 32 ppb on 16 samples with an average of 22 ppb. Exposed geological fault.
Trench 10016: discovery of a 19th century placer gold mining shafts. Bulk sampling. Material to be analyzed.
Trench 10015: Bulk and channel sampled. Material to be analyzed.
Channel samples from all other trenches returned no gold values.

December 2019, the Company has completed three additional geoelectric induced polarization (IP) survey lines conducted in the western section (Rang Delery). The IP lines paralleled two previously completed IP lines that identified a southwesterly extension of the major fault that strikes through the property. The extended IPs will allow the Company to potentially identify hidden zones of mineralized rock outcrops buried under glacial till overburden that can be excavated for channel sampling.

The trenches also validated an electrical resistivity and high-resolution induced polarization survey also conducted by Dr Richer-LaFlèche of INRS in 2014. The excavated trenches and stripping corroborated the results of the 2014 geophysical survey. Induced polarization anomalies correspond to volcanoclastites finely mineralized in pyrite and sometimes to black pyritic shales. Excavation of Trench 10008 shows the

presence of faulted contact between volcaniclastic (south) and sedimentary (north) rocks. The faulted contact corresponds to a 35 cm thick zone of non-cohesive materials rich in quartz fragments. The volcaniclastic rocks, present south of the fault, are highly fractured. This structure, dipping to the south, could correspond to the fault detected by the AMT survey of 2017. On the edge of the fault, the volcanolasites are extremely altered by the injection of veins of quartz-iron carbonates associated with a variable proportion of sulphides. The zone of quartz-carbonate veins has a thickness of 2.5 to 3m. This zone, observed in trenches 10008 and 10009, is located approximately 30m from the Gilbert River and at the northern limit of past placer gold mines.

October 2019, the geoelectric tomography survey demonstrated the presence of distinct lithological blocks located on both sides of the Gilbert River. North of the river, the rocks are systematically more resistive. This observation implies the presence of contact between units of sedimentary rocks in the south (St-Victor Formation), which shows relatively few induced polarization anomalies, and volcaniclastic dominant units (Beauceville Formation) in the north of the Gilbert River. The latter being characterized by strong anomalies of electrical chargeability. As observed in the field, volcaniclastic units are affected by brittle deformation frequently associated with the injection of quartz veins and carbonates. In contrast, these structures are infrequent in the shale-rich units of the St-Victor Formation.

The faulted contact between the St-Victor and Beauceville Formations is further indicated by the magnetic and gravity contrasts observed in this sector. These contrasts of physical properties of the rock units cannot be explained by a simple synclinal structure. As a result, the presence of a fault is highly likely in the Gilbert River area. Note that Line 2 passes near old gold mining wells of the 19th and 20th century. Remnants of these are still visible in the area of the anomaly located below the 600m station.

April 2019, the Company received the geophysical study aimed to verify the probable presence of a large fault located below the Beauce Placer gold placer zone and along the Gilbert River between St-Gustave Road and the town of St-Simon-les-Mines. The primary objective of the geophysical survey was to identify potentially mineralized zones that could possibly be the hard rock source of the gold contained in the placers of St-Simon-les-Mines. Gravimetric data reveal the presence of a pit characterized by low values of gravity particularly evident on the map of vertical integration of Bouguer anomaly data.

March 2019, the Company conducted a high resolution mobile electromagnetic (TDEM) survey using a new Russian technology. This survey was completed on Rang St-Gustave Road. A new technology that measured electrical chargeability (induced polarization) and electrical conductivity at a horizontal resolution of 15cm. In addition, it allows a vertical penetration at depth to the order of 200m. The work is a continuation of the geophysics that has been carried out by HPQ Silicon in the sector since 2017.

DITTON AND EMBERTON PROJECTS INTRODUCTION:

The Ditton and the Emberton projects are located in southern Quebec in the municipality of Chartierville. They are about 120km south of the Company's Beauce Gold project. The Emberton property to the southwest borders the American, New Hampshire boarder and to the northeast the Ditton property at the limits of Chartierville. The properties extend for at least 30 km along the axis of the Bella Fault.

Placer gold was first discovered in 1862 by Archleas Annance, (nicknamed Archie) of the Abinaki Frist Nation. Up to 1910, the mining of alluvial gold occurred in Ditton river and its tributaries. Notable tributary is the Mining Brook where it has been reported (Goodwin 1933) that between 1868 and 1883, over 25,000 ounces of gold were mined from just a small stretch of the brook.

GEOLOGY

The Ditton and Emberton properties are located at the foot of the granite intrusion of Mont Mégantic in Appalachians of Quebec. It partly occupies the Compton Formation composed of graphitic and pelitic metasedimentary rocks of Siluro-Devonian age. These sedimentary rocks are in discordant contact in the center of the terrain with the volcanic facies (basalts, andesites and dacites) of the Siluro-Devonian Formation of the Frontenac Formation. The Bella fault, which is the major structural element crossing the property, is in contact between the Compton and Frontenac Formations.

The alluvial placer of post-glacial origin would be the result of the reconcentration of pre-glacial (or interglacial) gold deposits taken up by the last glaciation and dispersed over the entire region. The gold itself likely originated from gold mineralized quartz veins common in the region.

FIRST NATIONS

The Magantic region was once the ancestral land of the Abinaki first nations people. The Abinaki Nation has rights of first regard over potential sites that could be of cultural or of archaeological importance. The majority of the Company's claims are on private property however; some claims are on Crown land. The Company must notify the department of archaeology of the Waban-Aki Grand Consul of all exploration work on Claims that are on government crown land. The Counsel's archeologist has visited the Ditton property and has allowed exploration work to continue. in communication with the department and to date, no objections have been raised.

DITTON PROPERTY

2024 EXPLORATION WORK

In September 2024, the Company announced the results of placer gold studies related to its Ditton Gold property. The study builds on the Company's 2023 bulk sampling tests conducted at specific locations on the Ditton property, including the SB-100, SB-101, and SB-102 sites within the Ditton quarry (press release on August 29, 2023). The bulk sampling targeted quaternary and tertiary glacial till to recover placer gold grains and heavy mineral concentrates for analysis and to evaluate in-field gravity recovery methods.

The final heavy black mineral concentrates and the gold grains were combined to make samples which averaged 394 grams each. They were sent to MSALABS in Val d'Or for Photonassay analysis. This non-destructive technique allows for the detection of non-visible gold and for coarse gold, ensuring that the sample remains intact for potential further testing and confirmation.

Bulk sample results:

SB-100: A weighted average of 154.98 grams of gold per ton of concentrate was obtained, producing 35.28 kilograms of concentrate. Significant findings included a 5mm gold nugget, with eight gold grains recovered weighing a total of 0.63 grams. Notably, significant quantities of pyrite were also observed.

SB-101: A weighted average of 38.47 grams of gold per ton of concentrate was obtained, resulting in 31.08 kilograms of concentrate. The sample contained a notable gold nugget weighing 0.44 grams.

SB-102: This sample resulted in 10.70 kilograms of concentrate, with a weighted average of 59.22 grams of gold per ton of concentrate.

A control test was conducted on a 77-kilogram sample, taken randomly from the 50-ton SB-100 bulk sample pile. After sieving at 10 mesh, two samples were obtained: one weighing 31 kilograms (greater than 10 mesh) and another weighing 46 kilograms (less than 10 mesh). The latter was concentrated to produce 1,028 grams of mineral concentrate, which exhibited no visible gold but showed traces of pyrite (FeS₂). Photon assay analysis yielded 17.67 grams of gold per ton of concentrate, with an implied placer gold grade of 0.43 g/m³.

The results, showed that gold was derived from both coarse visible gold and non-visible forms, suggest that part of the gold may be encapsulated within the pyrite matrix. Future tests and sample programs will have to take pyrite recuperation into consideration. Understanding the association of gold with pyrite can lead to more effective extraction methods.

The Company commissioned GEOX Inc. to characterize the chemistry of 31 gold grains and 2 grains of pyrite that were previously recovered from six sample locations of the quarry located on the Ditton property (see BGF press release 2023-01-19 and 2023-08-29). The gold grains were mounted on a polished thin section by VanPétro / Vancouver Petrographics Ltd. and analyzed using a scanning electron microscope (SEM) and Energy Dispersive X-ray (EDS) at IOS Services Géoscientifiques Inc. The analyses revealed that the gold grains averaged 89.92% gold (Au) and 9.95% silver (Ag), with a fineness ranging between 850 and to greater than 950.

The study identified three distinct groups of gold grain samples based on their fineness and chemical composition:

Silver-poor gold grains with fineness greater than 950 (samples SB-05 and 13-3-1).
Gold grains with homogeneous fineness ranging from 850 to 860 (samples SB-100 and SB-102).
Gold grains with variable fineness, ranging from Ag-poor gold grains to electrum, which may contain copper and tellurium (samples SB-101 and SB-10, and an electrum grain in sample SB-102).

2023 EXPLORATION WORK

In August 2023, the Company completed a bulk sampling program at specific locations that were previously dredged, including the SB-100 and, within the Ditton quarry, the SB-101 and SB-102 sites. Fine to nugget size placer gold were observed in the heavy mineral concentrates.

The 50-ton bulk sample SB-100 was excavated from unconsolidated Quaternary-type glacial till deposit from a ground-level trench located over the interpreted placer channel about 300 meters north of the operating Ditton (Blais) quarry. The two 50-ton bulk samples, SB-101 and SB-102, each consisting of tertiary (oxidized and compact gravel) material, were excavated from trenches in the Ditton quarry floor.

Explolab, of Val d'Or, Que., utilized a mobile placer plant equipped with a trommel and sluice to process the samples on site. It allowed the bulked samples to be reduced to concentrates for transport to Explolab's laboratory for finer processing. The samples were subjected to gravimetric concentration to make concentrates of heavy minerals. Laboratory technicians removed gold grains large enough to be manipulated from the heavy mineral concentrates to be weighed and measured. The concentrates were divided into batches of 500 grams and sent to MSA Labs in Val d'Or for Photonassay analysis. In June 2023, the Company announced the results of the 2022 sonic drill holes.

The industry reporting standard unit of quantity for placer gold is grams per cubic meter.

Sonic Drill Hole	From	To	Interval	Weight of gold	Gold Grade Half Core A	Gold Grade Half Core B	Average Grade (A+B)
	m	m	m	mg	g/m3	g/m3	g/m3
F-22-01	25.9	27.4	1.5	2.5	0.628	0	0.196
F-22-01	27.4	28.9	1.5	OG/NW	gold grain	0	VG
F-22-04	9.1	10.6	1.5	OG/NW	gold grain	0	VG
F-22-04	19.8	21.3	1.5	Concentrate 7.63 PPM		0	3.40
F-22-05	4.6	6.1	1.5	OG/NW	gold grain	0	VG
F-22-06	?	?	1.5	OG/NW	0	gold grain	VG
F-22-10	13.7	15.2	1.5	OG/NW	gold grain	0	VG
F-22-10	15.2	16.7	1.5	13.8	3.365	0	1.061

1) Both sets of assays (where applicable) are shown in the included table. One sample (Core A) is from a half 1.5-meter section of a sonic drill core, which is consistent with CIM mineral exploration best practice guidelines. The latter core (Core B) is presented here to illustrate the range in variability of the gold grade within the same core sample. This demonstrates the grade variability present in placer deposits. A larger volume of samples is necessary to obtain a better representation of the gold content. Therefore, grades are indicative only.

2) OG/NW indicates that grains of gold were observed by the lab technician but was unable to recover or manipulate the grain for weighing. VG stands for Visible Gold.

3) No gold found in holes F-22-02, F-22-03, F-22-07, F-22-08 & F-22-09

The Company discovered oxidized brown clayey gravel, intercepted by holes F-22-01 and F-22-10. Additionally, iron-tinged gravel was found on a highly sheared bedrock horizon in the Blais Quarry, which is interpreted as a preglacial channel. This gravel unit is estimated to be approximately 3 meters thick. The objective of the 2023 work will be to measure the thickness of this deposit more accurately through bulk sampling in the operational quarries.

TYPE 1: TERTIARY (Boreholes F-22-01, F-22-10, and the Blais Quarry)

The Tertiary material still present is located on the bedrock surface and is typically buried beneath the quaternary cover (till). Certain topographical conditions, such as deep trenches (Bella Fault) or mountain ranges (Mont Mégantic), which acted as barriers to ice flow, may have facilitated local preservation. The bedrock under the Blais Quarry (Press release May 16, 2023) primarily consists of sheared basalt with a sub-vertical dip or numerous cracks of various sizes filled with products of tertiary weathering (oxidized and compact gravel). These factors combined strongly suggest the presence of intact tertiary materials at the bottom of certain valleys in the Ditton area, where their gold potential is likely to be highest. This material would be interpreted as pre-Lennoxville sediment.

Drill hole F-22-01 intercepted a grain of gold weighing 13.7 mg and measuring over 2.5 mm in length between 80 and 85' (24.4m-25.9m). Drilling was stopped in rock between 85-90' (25.9-27.4m) due to broken drill rods in the fractured rock. The material containing the mineralization is considered to be clayey

gravel underlain by sheared basalt. Drilling F-22-10 also intercepted a gold-bearing clay gravel between 50 and 55' near the surface of the fractured rock under the Landry Quarry.

TYPE 2: RECENT QUATERNARY (F-22-04, F-22-05, F-22-06)

The recent Quaternary type, on the other hand, consists of unconsolidated deposits resulting from glaciations. The first mechanism involves the massive or partial remobilization of a Tertiary placer deposit and the dispersion of its auriferous content into the Quaternary tills during ice flow. This includes drill holes F-22-06 and F-22-10, where gold particles were found in oxidized brown till. McDonald (1965) discovered a similar deposit type north of the Ditton area in highly weathered and oxidized till. This till is considered the second member of the Lennoxville till.

Next, there is a re-concentration of the gold content in the riverbeds that cut through these tills. The majority of known gold placer showings in the Eastern Townships occur when a contemporary stream or river intersects a sub-outcropping Tertiary placer, releasing and redepositing its gold content at a short distance

The drill cores samples were processed at ExploLab in Val D'Or, Quebec. The weight of each core sample varied between 20-25 kg each. First treatment was a wet classification on Sweco (9.5 mm) sieving to remove the blocks and pebbles. Afterwards, the sample were submitted to the Errol automatic sieve shaker, with 3 sieves or 2 sieves depending on the volume of the samples once the pebbles removed. At the third sieve, a classification at 2 mm, 1 mm and less. at 425 microns or 2 sieves or 2mm and 1mm. Material less than 1mm or 425 microns, was then subjected to a gravimetric concentration on a Wilfley's table or Gold Wheel. Once the concentrate has been extracted from the sample, the sample is subjected to drying in an oven for 24 hours and is weighed dry. Under a binocular, gold grains are removed from the concentrates. The sample was then sent to MSALABS in Langley, BC, to assay for fine gold particles or non-visible gold. The combined results of the lab assays and the weighted gold per sample were combined to obtain indicative grades in grams per cubic meter.

In May, the Company announced its dredge sampling results.

The industry reporting standard unit of quantity for placer gold is grams per cubic meter.

Trench	Dredged Vol. Liters	Grains Au g/m3	Fine - Non-Visible Au g/m3	Grade
SB-100	28	0.453	1.71	2.16 g/m3
SB-101	30	0.596	0.0452	0.64 g/m3
SB-102	25	0.056	0.63	0.69 g/m3
T-13-3	32	0.61	-	0.61 g/m3

Grades are indicative only. Due to grade variability of placer deposits, a larger volume of samples is necessary to obtain a better representation of the gold content. Samples collected using a Keene Dredge model 2004 attached to a $\frac{1}{4}$ screen, which could affect measured flowed volume.

This gold was dredged out of unconsolidated glacial till deposits from a ground-level trench (SB-100) located over the interpreted placer channel about $300\mathrm{m}$ north of the operating Ditton (Blais) quarry—samples T-13-3, SB-101 and SB-102 was dredged out of three trenches in the quarry floor.

In January 2023, the Company announced preliminary results that indicates that the gold grains are widely distributed across the placer channel and in the pit of the Ditton sand and gravel quarry. Gold particles of different sizes were observed under six meters of sedimentary layers of surface deposits above the placer channel identified. The program also confirmed that layers of till overburden carrying placer gold now extend to more than 1,000 meters to the northeast and possibly more than 400 m wide. It also suggests that the gold zone is open to the northeast and the southwest of Rang Dix road.

Samples taken by dredging from trenches in floor of the quarry were in contact with sheared volcanic rock. They demonstrated the presence of significant gold (samples SB-101 and T-13-4). Several grains of gold up to three millimeters in length are coarse and delicate and extracted from cemented brown tertiary gravel. Other coarse gold grains were taken from gravel at various locations on the quarry floor.

2022 EXPLORATION WORK

On October 10 2022, sonic drill holes have been completed, positioned across an 800-meter segment of the Ditton placer channel. The deepest hole drilled through overburden into bedrock was 39.6 meters deep, with the shallowest being 13.7 meters for a total length of all holes of 272.9 meters. The drilling successfully recuperated 270 meters of 6-inch core samples, allowing for efficient characterization of both quaternary and tertiary overburden layering and the bedrock geology. The drill campaign produced core samples of various lithologies (clay-sand-gravel-boulders and sections of bedrock) that were sent to Explolab in Val d'or for placer gold extraction by gravity separation apparatuses. The mineral concentrates post-gold grain extraction will be sent to a laboratory for fire assay analysis to test for fine gold content.

The primary objectives of the sonic drill campaign were to identify anomalous overburden layers and to assess for any quantitative values of placer gold distribution. A secondary objective was to drill bedrock core samples to test the presence of a shear zone in the bedrock bottom of the channel that could correspond to a secondary fault that parallels the Bella Fault line as indicated by Geophysics conducted by the Company

In August of 2022, the Company has processed over 117 bulk samples consisting of 200 liter barrels of glacial till collected from overburden excavations along the Ditton placer channel. The samples were brought to a field sampling station to be processed through a high banker wash plant and sluices to reduce the samples to concentrates. The concentrates have been sent to laboratories for further gold extraction through various methods of gravity separation.

In August of 2022, three trenches have been excavated on the floor bottom of the Ditton gravel pit to expose fractured and heavily sheared volcanic rock. The Company used a suction dredge and a sluice apparatus to collect and concentrate compact gravel samples possibly of tertiary origin. 126 samples from 3 trenches are currently being processed for placer gold extraction and for the evaluation of quantitative values at the Coalia Laboratory in Thetford Mines, Quebec.

In August of 2022, the company completed three lines totaling 1.5 km of seismic refraction geophysics surveys. Three lines laid across the Ditton placer gold channel accurately mapped the depth to bedrock profiles. The geophysics data will allow the Company to position its overburden drill holes throughout the channel to sample at depth to bedrock the glacial till for gold. Preliminary results suggest an important shear zone in the bedrock bottom of the channel that could correspond to a secondary fault that parallels the Bella Fault line. A second objective was successful in validating the accuracy of the historical 1985 geophysics mapping of the channel by Cache Exploration.

June of 2022, the Company announced the start of its exploration program on the newly discovered Ditton placer channel located in Southern Quebec.

In May of 2022, the Company announces it has geolocated and mapped the Prospector Paquette's collection (the Collection) of never-before-published historical exploration data and the 120 Consorminex physical gold samples throughout the southern Megantic region of Quebec

In April of 2022, the Company announced the discovery of an unexplored placer channel in the Ditton country of Southern Quebec. The Channel holds a Tertiary placer deposit as well as the potential for a parent lode gold deposit. The epicenter of the discovery is a cross section of the placer channel along Rang Dix Road near the operating sand quarry in the town of La Patrie in Ditton Township, Quebec. The channel is located 4 km east of the historical Mining Brook placer gold mine and 5 km west of the US New Hampshire border. The insight that leads to the discovery was brought by a compiled analysis of the Company's exploration of the Ditton quarry, prospector Pierre Paquette's gold sample data and from the study of 1980's historical exploration reports of Cache Exploration (GM42843).

In February of 2022, the Company received from Pierre Paquette, a prospector from Megantic, an important collection of heavy mineral concentrates and physical gold samples including geology maps, part of the collection have never been publicly published.

In January of 2022, the Company announced results of 10 samples taken from an operating gravel pit on Rang Dix road located near the town of La Patrie in Ditton Township. All samples returned visible placer gold grains ranging in size 67 UM up to 4 MM.

Sample	Gold Size	Sample	Gold Size
SB-01 DL0	L=522.477um	SB-10 DL2	L=82.968um
SB-02-B DL0	L=75.307um	SB-14 DL0	L=201.198um
SB-04-A DL0	L=437.842um	SB-16 DL0	L=4mm
SB-04-A DL1	L=67.618um	SB-18-A DL0	L=293.840um
SB-04-A DL2	L=99.510um	SB-18-B DL0	L=227.951um
SB-06-B DL1	L=88.263um	SB-18-B DL1	L=174.722um
SB-08-A DL0	L=106.618um	SB-18-B DL2	L=131.496um
SB-10-DL0	L=109.482um	SB-18-B DL3	L=97.588um
SB-10-DL1	L=110.344um

EMBERTON PROPERTY

2023 EXPLORATION

Preliminary exploration results of the Emberton property located near town of Chartierville, in the southern region of Quebec identified a four-kilometer-long placer gold dispersal trail originating out of a glacial cirque mountain valley formation on the Canadian side of the Quebec/New Hampshire border.

Preliminary results recuperated gold grains of different sizes of up to two millimeters in length from five of the 200-litre barrel samples of glacial till collected from overburden excavations: samples SC, E-21-1, E-21-2, E-9-1. The grains are observed as coarse and delicate with relatively homogeneous aspect ratios. The heavy mineral concentrates are sent to a laboratory to assay for fine to non-visible gold. The combined results of the assays and weighted gold grains per sample will be combined for a final gold grade reported in grams per cubic meter.

In 1984 the Geological Survey of Canada undertook a heavy mineral survey of alluvial deposits at a reconnaissance scale throughout Southern Quebec. Two samples from a stream on the Emberton property at the northern end of the four-kilometer-long placer gold dispersal trail, were taken using a portable suction dredge. The dredge was usually allowed to run for about half an hour, which means a processing rate of about 0.4 cubic meter/hour collecting three to five kilograms of preconcentrates. Heavy mineral concentrates of 30 to 40 grams were sent out for chemical analyses. Results for gold returned 43.88 g/t Au for sample 21E06841174 and 6.47 g/t Au for sample 21E06841169.

2022 EXPLORATION

In August of 2022, the Company collected 35, 200-litre barrel samples of glacial till collected from overburden excavations. The samples were brought to a field sampling station to be processed through a high banker wash plant and sluices to reduce the samples to concentrates. The concentrates have been sent to laboratories for further gold extraction through various methods of gravity separation.

PROJECT: LAC ETCHEMIN

During the period ending April 30, 2025, the Company wrote-off the Lac Etchemin project consisting of 8 claims.

PROJECT: OTHERS

During the period ending April 30, 2025, the Company wrote-off the properties of Scotstown, Chibougameau, Greenville, Chesham as well as others miscelanous claims following no work planned on these mining claims. The projects totaled 70 claims.

QUEBEC PHOSPHATE PROJECTS

During the period ending April 30, 2025, as a result of the Bill 63 that brought major amendments to Quebec's Mining Act in 2024, some municipalities have designated their territory as incompatible for mining projects. Therefore, the Company will write-off the Gatineau, the St-Michel des Saints, the Desile-2 as well as the Carriere Sables LG properties. These projects represent a total of 62 claims

On November 16 2024, the Company announce the acquisition through map staking, 7 additional prospective phosphate properties throughout Quebec.

Company has acquired through map staking, 29 phosphate projects that are strategically located and are geologically prospective. The properties were staked throughout Quebec and now comprises 418 claims totaling 27,224 hectares that are 100% owned and royalty-free. The Company's selection criteria were to stake properties that held historical phosphate (P2O5) occurrences or sample data and are accessible for

exploration. Data was sourced from Quebec's Ministère des Ressources Naturelles (MERN), Système d'information géominière du Québec (SIGEOM) and the Géofiche data bases.

Phosphate is a critical nutrient for plant growth and plays a crucial role in agriculture. It is commonly used in the form of fertilizers to enhance crop yields. However, the global demand for phosphate is increasing rapidly due to population growth and dietary changes, which could lead to a depletion of global phosphate reserves in the near future, also known as "Peak Phosphate."

In addition to its use in agriculture, phosphate is also a key component in the production of lithium iron phosphate (LFP) batteries, which are increasingly used in electric vehicles (EVs) due to their high energy density and safety features. The LFP battery market is projected to grow significantly in the coming years, driven by the global push towards EVs. Tesla, Renault, Volkswagen, and Ford are just a few examples of electric vehicle (EV) car companies currently using lithium iron phosphate (LFP) batteries.

The use of phosphate in LFP batteries creates new demand for this critical resource, which could exacerbate the issue of Peak Phosphate. Hence the importance of exploring for further new phosphate reserves.

Property	Region	Host Rock	Minerals	P2O5 Grade*
Riv. Cascapédia	Gaspésie	Mudstone	Phosphate	14%
St-Cléophas	Gaspésie	Phosphorite	Phosphate
St-René de Matane	Gaspésie	Schiste	Phosphate	12%
Manouane Est	Lac Saint-Jean	Anorthosite	Phosphate
Manouane Nord	Lac Saint-Jean	Anorthosite	Phosphate
Manouane	Lac Saint-Jean	Anorthosite	Phosphate
Lac Pic	Lac Saint-Jean	Anorthosite	Phosphate
CH-98-0	Lac Saint-Jean	Leuconorite	Phosphate	8.59%
Des Commissaires	Lac Saint-Jean	Anorthosite	Phosphate-Titanium	6.94%
Carriere du Rang 1	Lac Saint-Jean	Gabbronorite	Phosphate
Carriere Lecarne	Lac Saint-Jean	Feldspaths	Phosphate
Mimosa	Lac-Saint-Jean	Feldpaths	Phosphate
Carriere Laurentide	Lac Saint-Jean	Monzodiorite	Phosphate
Riv. Aux Outardes	Baie Comeau	Nelsonite	Phosphate	10.7%
St-Michel-des-Saint	Mauricie	Gneiss	Phosphate-Titanium	2.89%
Riv. Au Lievre-Well	Laurentide	Pegmatite	Phosphate
Lac Hanson-Sud	Laurentide	Pegmatite	Phosphate
Brockaby	Mont-Laurier	Marbre	Lithium-Phosphate
Carriere Sables LG	Montcalm	Mangerite	Phosphate
Mine McVeity	Gatineau	Paragneiss	Phosphate
Carriere Tremblay	Maniwaki	Dolomite	Phosphate
Bardy	La Tuque	Gaboronorite	Phosphate
Barrage Beaumont	La Tuque	Granite	Lithium-Phosphate
Baie-Obaoca	Lanaudiere	Syenite	Phosphate	4%
Barrage	La Tuque	Gaboronorite	Phosphate
Barrage	La Tuque	Gaboronorite	Phosphate
Barrage	La Tuque	Gaboronorite	Phosphate
Barrage	La Tuque	Gaboronorite	Phosphate
Barrage	La Tuque	Gaboronorite	Phosphate
Barrage	La Tuque	Gaboronorite	Phosphate
Barrage	La Tuque	Gaboronorite	Phosphate
Barrage	La Tuque	Gaboronorite	Phosphate

Desile-2	Manicouagan	Gaboronorite	Phosphate-Titanium
Car. De L'Anse Verte	Côte Nord	Anorthosite	Phosphate
Riviere Nipissis	Côte Nord	Gabbro	Phosphate
Carriere Lac Riverin	Côte Nord	Migmatite	Phosphate
Lac du Canot	Côte Nord	Granite	Phosphate

The Company also announced in the Fourth Quarter that it will use the Quebec Phosphate banner to promote and advance its 21 prospective phosphates (P2O5) properties throughout Quebec and for the evaluation of new technologies for phosphoric acid production.

Quebec Phosphate's Objectives:

1) Explore its highly prospective properties in Quebec for new phosphate deposits
2) Research and development for new innovations to improve legacy thermal processes of phosphoric acid production

New innovations have the potential to significantly improve the polluting legacy thermal processes involved in phosphoric acid production. Traditionally, these actual processes generate large amounts of greenhouse gases, consume substantial energy, and produce harmful byproducts. However, advancements in technology such as plasma reactors and closed-loop systems, offer promising solutions to mitigate these environmental concerns.

The Company plans to take full advantage of the Quebec's government support and many attractive tax credits and incentives for battery related initiatives to seek new technologies that could be an added value to any future phosphate rock deposits.

EXPLORATION WORK 2025

No field exploration work on the properties.

EXPLORATION AND EVALUATION EXPENSES

The deferred exploration expenses (before exploration credits and mining rights) for the quarter ending on April 30, 2025 totaled $35,056 compared to $30,370 for the same period last year, an increase of $4,686.

The deferred exploration expenses (before exploration credits and mining rights) for the period ending on April 30, 2025 totalled $156,773 compared to $286,448 for the same period last year, a decrease of $129,675.

Below is a comparative analysis detailing exploration and evaluation costs and expenses for the quarter ending on April 30, 2025 and 2024.

	Q3		Project
	2024	2025	Saint -Simon	Ditton	Mining	Emberton	Scotstown	Other
Beginning balance January 31	2,566,104	2,751,773	1,940,678	709,396	8,215	84,206	3,153	6,126
Add:
Geology	26,650	33,150	33,150	0	0	0	0	0
Analysis and report	1,905	572	572	0	0	0	0	0
Transport	610	108	108	0	0	0	0	0
rental	900	900	900	0	0	0	0	0
Other	305	326	326	0	0	0	0	0
Total quarter:	30,370	35,056	35,056	0	0	0	0	0
Total:	2,596,474	2,786,829	1 975,734	709,396	8,215	84,206	3,153	6,126
Write-off	(16,919)	(9,279)	0	0	0	0	(3,153)	(6,126)
Tax credits	(7,622)	0	0	0	0	0	0	0
Ending balance April 30	2,571,933	2,777,550	1,975,734	709,396	8,215	84,206	0	0

EXPLORATION AND EVALUATION EXPENSES (continued)

Below is a comparative analysis detailing exploration and evaluation costs and expenses for the period ending on April 30, 2025 and 2024.

	PERIOD		Project
	2024	2025	Saint -Simon	Ditton	Mining	Emberton	Scotstown	Other
Beginning balance August 1	2,310,026	2,630,056	1,818,961	709,396	8,215	84,206	3,153	6,126
Add:
Geology	107,900	113,750	113,750	0	0	0	0	0
Drilling	109,870	23,025	23,025	0	0	0	0	0
Excavation	19,119	3,200	3,200	0	0	0	0	0
Analysis and report	33,583	7,240	7,240	0	0	0	0	0
Transport	5,476	4,885	4,885	0	0	0	0	0
Accommodation	2,224	0	0	0	0	0	0	0
rental	3,980	2,700	2,700	0	0	0	0	0
Other	4,296	1,973	1973	0	0	0	0	0
Total period:	286,448	156,773	156,773	0	0	0	0	0
Total:	2,596,474	2,786,829	1,975,734	709,396	8,215	84,206	3,153	6,126
Write-off	(16,919)	(9,279)	0	0	0	0	(3,153)	(6,126)
Tax credits	(7,622)	0	0	0	0	0	0	0
Ending balance April 30	2,571,933	2,777,550	1,975,734	709,396	8,215	84,206	0	0

SELECTED FINANCIAL INFORMATION FOR THE QUARTER

The following table presents Selected Financial Information.

	FISCAL 2025			FISCAL 2024				FISCAL 2023
Quarter ending:	25/04/30	25/01/31	24/10/31	24/07/31	24/04/30	24/01/31	23/10/31	23/07/31
	$	$	$	$	$	$	$	$
Operating	126,488	175,323	118,858,	113,658	200,798	352,508	147,333	217,724
Net Loss	134,079	189,621	122,621	128,433	216,636	366,558	161,041	202,805
Loss per share (basic and diluted)	(0.00)	(0.00)	(0.00)	(0.01)	(0.00)	(0.00)	(0.00)	(0.01)
Current Assets	103,287	203,957	152,204	244,431	155,565	365,658	195,758	539,821
Total Assets	4,643,258	4,726,681	4,624,368	4,641,097	4,483,870	4,697,594	4,498,130	4,611,064
Current Liabilities	965,147	701,097	610,169	513,193	453,174	458,240	356,507	315,858
Non-Current Liabilities	-	212,394	203,068	194,152	185,627	177,649	169,849	162,391
Shareholders’ Equity	3,678,111	3,813,190	3,811,131	3,933,752	3,845,069	4,061,705	3,971,774	4,132,815

DISCUSSION ON THE FINANCIAL INFORMATION OF THE SELECTED QUARTER

TOTAL PERFORMANCE

During the third quarter of the 2025 comparison to the same period in 2024, the Company saw a decrease in its Net Loss of $82,558 (38%) ($134,079 versus $216,636), while operating costs decreased by $74,310 (37%) ($126,488 versus $200,798) and an increase in Other Charges of $1,772 (11%) ($17,618 vs. $15,838) while during the last seven quarters the respective averages were $198,243 and $189,457.

NET LOSS ANALYSIS

The decrease in operating expenses of $74,310 (37%) ($126,488 vs. $200,798) mainly corresponds to the decrease in professional fees of $27,793 (70%) ($11,437 vs. $39,230) as there was less legal consultation, the decrease in business development of $25,098 (75%) ($7,997 vs $33,095) is related to our change in our strategic approach, the decrease in shareholder information and registration fees of $6,506 (45%) ($7,696 vs $14,202) is related to our annual meeting expenses as well as the decrease in travel expenses of $5,229 (36%) ($9,454 vs. $14,683) as we did not retain a booth at the 2025 PDAC but only a representation at this event.

SELECTED FINANCIAL INFORMATION FOR THE PERIOD 2025

The following table presents Selected Financial Information for fiscal 2025, 2024, 2023 and 2022.

	FISCAL ENDING
	25/04/30	24/04/30	23/04/30	22/04/30
	$	$	$	$
Operating expenses	413,6,69	700,639	496,497	423,712
Net loss	446,321	744,235	506,441	400,401
Results per share (basic and diluted)	(0.00)	(0.01)	(0.00)	(0.01)
Current Assets	103,287	155,565	419,208	821,737
Total Assets	4,643,258	4,483,870	4,315,740	4,016,186
Current Liabilities	965147	453,174	253,389	111,144
Non-current Liabilities	-	185,627	152,253	224,576
Shareholders' Equity	3,678,111	3,845,069	3,910,098	3,680,466

GENERAL DISCUSSION ON FINANCIAL INFORMATION FOR THE PERIOD OF 2025

OVERALL PERFORMANCE

During the period of the 2025 comparison to the same period in 2024, the Company saw a decrease in its Net Loss of $297,914 (40%) ($446,321 vs $744,235), while operating costs decreased by $286,970 (40%) ($413,669 vs $700,639) as well as an increase in other expenses of $4,756 (11%) ($48,352 vs $43,596), while during the last three previous periods these costs averaged respectively $550,359 and $540,283.

DISCUSSION ON NET RESULTS

The decrease in costs operating expenses of $286,970 (40%) ($413,669 vs. $700,639) mainly corresponds to the decrease in salaries and employee benefits of $134,511 (41%) ($193,415 vs. $327,926) which is related to the issuance of options for a value of $129,016 in 2024, the decrease in professional fees of $66,654 (39%) ($100,902 vs. $167,556) which is related to the issuance of options for a value of $33,117 in 2024, the decrease in business development of $51,448 (64%) ($27,911 vs. $79,359) is related to our change in our strategic approach, the decrease in shareholder information and registration fees of $10,160 (32%) ($21,808 vs. $31,968) is related to our costs for the annual meeting as well as the decrease in travel expenses of $14,208 (46%) ($16,279 vs. $30,487) for monitoring exploration work in 2024.

GENERAL DISCUSSION ON FINANCIAL INFORMATION FOR THE PERIOD OF 2025 (continued)

LIQUIDITIES AND CAPITAL RESOURCES

The period ended the April 30, 2025, with a negative working capital of $861,860 (negative $268,762 as at July 31, 2024). The current assets totaled $103,287 ($244,431 as at July 31, 2024): cash on hand $71,143 ($216,130 as at July 31, 2024), HST tax receivables of $12,474 ($16,952 as at July 31, 2024) and Prepaid expenses of $19,670 ($11,349 as at July 31, 2024).

Total current liabilities totaling $965,147 ($513,193 as at July 31, 2024) were made up of amounts owed to trade and others payables of $710,485 ($508,246 as at July 31, 2024), the Royalties payable of $221,824 and Liability related to flow-through shares of $32,838 ($4,947 as at July 31, 2024). There are no non-current liabilities (royalties payable of $194,154 as at July 31, 2024).

CASH FLOW

As at April 30, 2025, the Corporation had a cash flow of $71,143 ($98,650 for 2024).

The Cash Flow used for operational activities was $209,180. The use of cash flow for operations is made up of the Net Loss of $446,321. The other non-cash element that has no influence on the Accretion charge on royalty payable of $27,672, Salaries and employee benefits expense of $172,378, interest on royalties payable of $18,750, amortization the property and equipment of $1,207, write-off of exploration and evaluation assets of $27,672 and deferred income taxes of $15,700. The cash flow from the working capital operating represents an amount of $13,030 which comes from: decrease in HST receivables of $4,478, increase of the prepaid expenses of $8,321 as well as an increase in trade and other payables of $16,873.

The cash flow used for investing activities during the period is $170,078. The use of cash flow for investing activities consists of additions to exploration and evaluation assets of $170,078.

The cash flow from financing activities of $234,271 includes a private placement through the issuance of common share units and a flow-through for a value of $250,000. There were share unit issuance costs of $15,729. The Corporation decreased its cash flow by $144,987 during the period.

The Corporation average quarterly cash requirements should vary between $150,000 and $175,000 according to each period's activities excluding exploration and evaluation costs.

As long as the Corporation is in an exploration and evaluation mode, it will not generate cash flow from its operations. The Corporation's ability to satisfy its current obligations and continue its development is fully dependent on Management's ability to raise the needed funds through private placements and other financing programs through the issuance of share capital.

Management is of the opinion that as long as important negative events do not occur on the financial markets, during the next year, the Corporation should be able to complete the needed placements and financings to advance its various projects.

GENERAL DISCUSSION ON FINANCIAL INFORMATION FOR THE PERIOD OF 2025 (continued)

CASH FLOW

In conclusion, the financial statements do not reflect the needed adjustments that would need to be made in the event it could not rise the funding to continue its activities. Investors are hereby advised that if such changes are needed they could be material.

FINANCIAL COMMITMENTS, CONTINGENCIES AND SUBSEQUENT EVENTS

The Company is subject to paying royalties on certain properties in the event of commercial production.

The Company entered into agreements with subscribers whereby the Company has to incur $150,000 of Canadian Exploration Expenses before December 31, 2025 ($96,525 as of July 31, 2024 to be spent by December 31, 2025). As at April 30, 2025, $59,922 has been spent ($12,125 as of July 31, 2024).

The Company has committed, under a service contract for the management of the Company’s digital and online presence expiring on December 31, 2025, to pay an amount of $20,000. The minimum payments required for the next two fiscal years are $7,500 in 2025 and $12,500 in 2026.

On May 15, 2025, the Company completed a private financing for a total amount of $288,000. The Company issued 7,200,000 units consisting of one flow-through share and one warrant. Each full warrant entitles the holder thereof to subscribe for an equivalent number of common shares of the Company at a price of $0.08 per share for a period of 24 months following the closing of the financing.

In addition, the Company paid an amount of $16,599 in commission fees and issued to the agent 300,000 warrants. Each warrant entitles the holder to subscribe to one common share of the Company at a price of $0.08 per share for a period of 24 months from the date of closing of the placement.

SUMMARY OF ACCOUNTING POLICIES

The preparation of annual financial statements under IFRS requires that management use its judgment, makes assumptions and estimates and use hypotheses that influence the application of accounting methods, as well as having an effect on the book value of assets, liabilities, revenues and expenses. Final results could differ from these estimates.

The estimates and hypotheses are regularly reviewed. Any revision of accounting estimates is indicated during the period when the estimates are revised as well as any future periods affected by said revisions.

SUMMARY OF ACCOUNTING POLICIES (continued)

Information on the hypotheses and estimate uncertainties that present an important risk of creating a significant adjustment during the course of the next financial period are as follows:

Recoverability of Exploration and Evaluation Assets;
Evaluation of Income Tax Credits to receive on resources exploration and Mining Right Credits.

Management believes that the majority of the changes will be adopted in the Corporation’s accounting methods during the first period starting after the effective date of each new change. The information on the new standards and interpretations as well as the new amendments, which are susceptible to be pertinent to the Corporation consolidated financial statements are supplied below.

FUTURE ACCOUNTING POLICIES

At the date of authorization of these financial statements, certain new standards, amendments and interpretations to existing standards have been published but are not yet effective and have not been adopted early by the Company.

Management anticipates that all of the relevant pronouncements will be adopted in the Company’s accounting policies for the first period beginning after the effective date of the pronouncement. Certain new standards and interpretations have been issued but are not expected to have a material impact on the Company’s consolidated financial statements.

IFRS 18 Presentation and Disclosure in Financial Statements

In April 2024, the IASB issued IFRS 18, which replaces IAS 1 Presentation of Financial Statements. IFRS 18 introduces new requirements for presentation within the statement of profit or loss, including specified totals and subtotals. Furthermore, entities are required to classify all income and expenses within the statement of profit or loss into one of five categories: operating, investing, financing, income taxes and discontinued operations.

It also requires disclosure of newly defined management-defined performance measures in a single note, subtotals of income and expenses, and includes new requirements for aggregation and disaggregation of financial information based on the identified "roles" of the primary financial statements (PFS) and the notes.

In addition, narrow-scope amendments have been made to IAS 7 Statement of Cash Flows, which include changing the starting point for determining cash flows from operations under the indirect method, from "profit or loss" to "operating profit or loss" and removing the optionality around classification of cash flows from dividends and interest.

IFRS 18 and the amendments to the other standards are effective for reporting periods beginning on or after January 1, 2027, with earlier application permitted. IFRS 18 will apply retrospectively with specific transition provisions.

The Group is currently working to identify all impacts the amendments will have on the primary financial statements and notes to the financial statements.

INFORMATION COMMUNICATION CONTROLS AND PROCEDURES

As the Corporation is an emerging issuer, management does not need to attest to the establishment and maintenance of Information Communication Controls and Procedures and internal controls relating to financial information as defined under Regulation 52-109.

The Signing Officers of the Issuer are responsible to ensure that there are processes in place allowing them to gather sufficient information for the statements made in the Certificates.

FINANCIAL INSTRUMENTS

The financial assets used by the Company consist of cash and are classified as amortized cost.

The financial liabilities of the Corporation include trade and other payables and royalties payable.

As at April 30, 2025, the corporation cash was held in Canadian funds in an interest-bearing account at Bank of Montreal.

INFORMATION ON SHARE CAPITAL

Information on financings

On April 30, 2025, the Corporation had 98,126,971 shares issued and outstanding (90,591,257 on July 31, 2024), 35,610,714 warrants (35,864,048 on July 31, 2024), 1,375,903 Broker’s Warrants (1,656,106 on July 31, 2024) and 6,280,000 options (6,280,000 on July 31,2024). The number of shares on a diluted basis is 141,393,588 (134,391,411 on July 31, 2024).

Information on outstanding shares

As of June 27, 2025, the Corporation had 105,326,971 shares issued and outstanding, 37,810,714 warrants, 1,321,410 Broker’s Warrants and 6,280,000 options. The number of fully diluted shares is 150,739,095. The Corporation’s share capital consists of an unlimited number of common shares with No Par Value.

RELATED PARTY TRANSACTIONS

For the period ended April 30, 2025, no consultant fees to a director-owned corporation were recorded ($16,000 as at July 31, 2024).

These activities are part of the normal course of business for the Corporation and are established based on their exchange value as agreed to by the parties.

RELATED PARTY TRANSACTIONS (continued)

Trade and other payables include an amount of $25,489 due to officers ($35,894 as of July 31, 2024), salaries payable of $400,224 (243,846 as at July 31, 2024) as well as $153,250 ($137,250 as at July 31, 2024) due to directors.

Trade and other payables include an amount of $83 333 ($64,583 as at July 31, 2024) relating to interest payable on royalties.

MANAGEMENT'S REPORT ON CONTROLS AND PROCEDURES ON INFORMATION TO BE SUPPLIED

Under the dispensations granted in November 2007 by each of the Securities Commissions of Canada, the CEO and the CFO must produce a « Certificate of Filings-Emerging Issuer » relating to financial information presented in the annual and interim filings, including Management Discussion and Analysis.

When compared with the « Schedule 52-109A2-Certificate of Annual and Interim documents », the « Basic Certificate relating to an Emerging Issuer » includes a “Notice to reader” which declares that the CEO and CFO make no declaration regarding the establishment and maintenance of Controls and Procedures on the Communication of Information (CPCI) and the Internal Controls of the Financial Information (ICFI), as outlined in Regulation 52-109.

RISK FACTORS

Inherent risks in mineral exploration and evaluation

The Corporation’s activities consist in the acquisition and exploration of mining properties with the hope of discovering mining sites with economic potential. The Corporation’s properties are currently at the exploration stage and do not hold any known commercial deposit. It is very unlikely that the Corporation will realize any short or mid-term benefits from these properties. Any future profitability of the Corporation’s operations is conditional on the discovery of an economic ore body. In addition, if such a case would arise, nothing guarantees that such an ore body could be put into profitable commercial production.

Regulations and commitments

The Corporation’s activities require that it obtains permits from various governmental authorities and are regulated by laws and regulations on the exploration, development, extraction, production, exports, income tax, environmental regulations, social acceptability, labor regulations and workplace safety as well as environmental issues and other topics.

Additional costs and delays could be caused by the need to comply with laws and regulations. If the Corporation cannot obtain or renew its permits or approvals, it could be forced to reduce or cease its Exploration Evaluation and Development activities.

RISK FACTORS (continued)

Property Access

The Corporation regularly initiates exploration work on privately owned land. Signed agreements with property owners are required for property access. Difficulties in obtaining agreements can delay or impede exploration activities the effect of these factors cannot be precisely determined.

Financing needs

The exploration, evaluation, development, extraction and production from the Corporation’s properties will necessitate very substantial additional financial resources. The only sources of funds available are through the issuance of share capital and borrowing. There is no assurance that such financings will be available, neither would they be available at favorable conditions or will respond sufficiently to the project’s needs. This could have a negative effect on the Corporation’s business and financial situation. The impossibility of obtaining a sufficient financing could delay, or postpone indefinitely exploration evaluation or production activities on one or all the Corporation’s properties, and even see the Corporation lose its participation in some or all of its properties.

Metal prices

The Corporation’s share price, its financial results as well as its exploration and evaluation, production and development activities have been affected in the past and could very well be very negatively affected in the future by a fall in the price of precious and base metals.

Non insured risks

The Corporation’s activities are subject to certain risks and dangers, including difficult environmental conditions, industrial accidents, labor conflicts, unusual or unexpected geological conditions, landslides, rock falls and other natural phenomenon such as unfavorable meteorological conditions, floods and earthquakes. Such events could result in bodily injuries or death, environmental damages or other damages to the properties or the production facilities or to the properties of other corporations, delays in mining production, monetary losses, and possibly legal liabilities.

Corporate permanence

The Corporation’s future depends on its ability to finance its activities and to develop its assets. The failure to obtain sufficient financing could create a situation where it could not continue its activities, realize its assets and settle its liabilities in the normal course of business within a foreseeable future.

(s) Patrick Levasseur, President
(s) François Rivard, Chief Financial Officer

Montréal, June 27, 2025

AI assistant

Beauce Gold Fields Inc. — Management Reports 2025

47744_rns_2025-06-27_aa072e1b-5d45-4a9b-90d2-3b12f8f23fe9.pdf

INTRODUCTION

FORWARD LOOKING STATEMENTS

NATURE OF ACTIVITIES

OVERALL PERFORMANCE OF THE THIRD QUARTER 2025

HIGHLIGHTS PRECEDING THE THIRD QUARTER OF 2025

SUMMARY OF CURRENT ASSETS

SIGNIFICANT MINERAL PROPERTIES AND EXPLORATION ACTIVITIES

BEAUCE GOLD PROJECT: SAINT-SIMON-LES MINES - INTRODUCTION

GEOLOGY

2025 EXPLORATION WORK

2024 EXPLORATION WORK

Gold & Silver Ratio

2023 EXPLORATION WORK

2022 EXPLORATION WORK

Drilling results highlights:

2021 EXPLORATION WORK

2020 EXPLORATION WORK

Highlights include

DITTON AND EMBERTON PROJECTS INTRODUCTION:

GEOLOGY

FIRST NATIONS

DITTON PROPERTY

2024 EXPLORATION WORK

Bulk sample results:

2023 EXPLORATION WORK

TYPE 2: RECENT QUATERNARY (F-22-04, F-22-05, F-22-06)

In May, the Company announced its dredge sampling results.

2022 EXPLORATION WORK

EMBERTON PROPERTY

2023 EXPLORATION

2022 EXPLORATION

PROJECT: LAC ETCHEMIN

PROJECT: OTHERS

QUEBEC PHOSPHATE PROJECTS

Quebec Phosphate's Objectives:

EXPLORATION AND EVALUATION EXPENSES

DISCUSSION ON THE FINANCIAL INFORMATION OF THE SELECTED QUARTER

TOTAL PERFORMANCE

NET LOSS ANALYSIS

GENERAL DISCUSSION ON FINANCIAL INFORMATION FOR THE PERIOD OF 2025

OVERALL PERFORMANCE

DISCUSSION ON NET RESULTS

LIQUIDITIES AND CAPITAL RESOURCES

CASH FLOW

FUTURE ACCOUNTING POLICIES

IFRS 18 Presentation and Disclosure in Financial Statements

FINANCIAL INSTRUMENTS

INFORMATION ON SHARE CAPITAL

RELATED PARTY TRANSACTIONS

MANAGEMENT'S REPORT ON CONTROLS AND PROCEDURES ON INFORMATION TO BE SUPPLIED

RISK FACTORS

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Beauce Gold Fields Inc. Management Reports 2025