Beauce Gold Fields Inc. — Management Reports 2026

Mar 30, 2026

Champs d'or en
BEAUCE
Gold Fields

Beauce Gold Fields Inc.

Management Discussion and Analysis

For the period ended January 31, 2026

---

INTRODUCTION

This management discussion and analysis (''MD&A'''), prepared as on March 30, 2026, contains information as of January 31, 2026 and should be read in conjunction with the interim Financial Statements for the periods ended January 31, 2026 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 January 31, 2026, 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 SECOND QUARTER 2026

> November 17, 2025 the Company conducted follow-up fieldwork on its CH-98 phosphate property, identifying multiple outcrops of apatite-bearing anorthosite. Representative samples were collected and submitted to COREM in Québec City for mineralogical and metallurgical testing. The work highlights the property’s potential to contribute to Québec’s phosphate supply chain for both fertilizer and LFP battery applications.

HIGHLIGHTS PRECEDING THE SECOND QUARTER OF 2026

> September 11, 2025 the Company released drill results confirming a robust gold-bearing structural system along the antiform axis. The Company intersected gold grades up to 5.2 g/t Au in quartz-sulfide stockwork veins and confirmed continuity of the Saddle Reef structure for at least 4 km. Drilling also revealed a new, previously undocumented gold-bearing fault zone, adding a second structural target parallel to the main antiform.

2

---

HIGHLIGHTS PRECEDING THE SECOND QUARTER OF 2026 (continued)

> September 3, 2025 the Company announced a significantly expanded exploration target for the Saint-Simon-les-Mines paleoplacer deposit. A comprehensive review of historical and modern drilling demonstrated that the mineralized saprolite and basal till units extend farther laterally and vertically than previously reported. These results support the Company’s intention to pursue larger-scale bulk sampling and sonic drilling placer evaluation. The updated 2025 polygonal-based model defines an exploration target ranging between:

• 3.86 million cubic metres of 0.81 gram gold per cubic metre and 3.86 million cubic metres of 4.9 grams gold per cubic metre, including nugget effect.

The exploration target mentioned is conceptual in nature. There has been insufficient exploration to define a mineral resource, and there can be no assurance that further exploration will result in the definition of such a resource.

> During the period, the Company obtained the following financing:

• On October 31, 2025, the Company completed a private financing for a total amount of $449,983. The Company issued 9,999,963 units consisting of one flow-through share and one warrant. In addition, the Company paid an amount of $40,048 in commission fees and issued to the agent 711,970 warrants.
• On October 27, 2025, the Company completed a private financing for a total amount of $765,304. The Company issued 19,132,600 units consisting of one common share and one warrant. In addition, the Company paid an amount of $52,100 in commission fees and issued to the agent 1,042,000 warrants.

SUMMARY OF CURRENT ASSETS

> As of January 31, 2026, the Company had $564,471 in cash, $23,974 in Goods and Services tax receivable, $63,000 in investment tax credits receivable and $18,500 in prepaid expenses.
> For the period ending on January 31, 2026, the Company carried $138,393 in exploration work on its properties.

SIGNIFICANT MINERAL PROPERTIES AND EXPLORATION ACTIVITIES

BEAUCE GOLD PROJECT – SAINT-SIMON-LES-MINES

Property Description

The Beauce Gold Project is located in Saint-Simon-les-Mines, Québec, approximately 70 km southeast of Québec City. The property consists of 152 contiguous claims totaling 4,808.95 hectares, along with seven privately owned lots.

---

The project hosts a ~6 km long historical placer gold channel, recognized as the largest placer gold system in Eastern North America. Historical mining occurred from the 1850s to early 1900s and later from 1957 to 1965 by Beauce Placer Company, which produced approximately 56,000 ounces of gold.

Detailed historical data and estimates are disclosed in the Company’s NI 43-101 technical report dated July 4, 2018, available on SEDAR+.

Geological Overview

The Beauce Gold property lies within the Appalachian geological province at the boundary of the Humber and Dunnage zones. Gold mineralization is interpreted to be associated with fault contacts between volcanic rocks of the Beauceville Formation and sedimentary rocks of the St-Victor Formation.

The Company’s current exploration model is based on a Saddle Reef antiform structure, interpreted as a potential bedrock source of the historical placer gold. This model is supported by geological mapping, drilling, and geophysical surveys, and is analogous to well-known deposits such as Bendigo and Ballarat in Australia.

Historical Exploration Summary (Condensed)

The Beauce Gold Project has been subject to multiple exploration programs, including trenching, geophysics, bulk sampling, and drilling campaigns conducted between 2019 and 2024.

These programs contributed to:

• Identification of the Saddle Reef structural corridor
• Expansion of mineralized zones along strike
• Development of the updated placer exploration target

Detailed historical exploration results are available in the Company’s prior disclosure documents and technical reports filed on SEDAR+.

2025–2026 Exploration Activities (Material Updates)

i) Placer Gold Exploration Target Update

In September 2025, the Company announced an updated exploration target for the Saint-Simon-les-Mines paleoplacer deposit based on a comprehensive review of historical and modern drilling data, including the integration of over 344 historical drill logs and lidar-based paleovalley modelling.

The updated exploration target is estimated at:

• 3.86 million cubic metres grading between 0.81 g Au/m³ and 4.9 g Au/m³ (including nugget effect)

This target is conceptual in nature, and there has been insufficient exploration to define a mineral resource. There is no certainty that further work will result in the delineation of a mineral resource.

ii) Bedrock Exploration – Saddle Reef Structure

In September 2025, the Company reported drill results confirming a gold-bearing structural system along the Saddle Reef antiform axis.

---

Key highlights include:

• Gold grades up to 5.2 g/t Au
• Confirmation of mineralized continuity over at least 4 km
• Identification of a new parallel gold-bearing fault zone

These results support the interpretation of a large-scale mineralized system potentially linked to the placer gold channel.

iii) 2025 Drill Program

Diamond drilling targeted the Giroux and Grondin zones, focusing on the antiform structure.

The program confirmed:

• Presence of quartz-sulphide stockwork mineralization
• Continuity of gold-bearing structures
• Multiple mineralized intervals across several drill holes

(Complete drill results are available in the Company’s press releases and SEDAR+ filings.)

iv) QA/QC

The drill program followed industry-standard QA/QC protocols, including the insertion of blanks and standards. Samples were analyzed by MSALABS (Val-d’Or), an ISO 17025 accredited laboratory, using photon assay methods.

v) ATI Authorization and Drilling

In April 2025, the Company received an Autorisation pour travaux à impact (ATI) from Québec’s Ministry of Natural Resources for drilling activities targeting the Saddle Reef structure.

vi) HDD (Horizontal Directional Drilling) – Placer Testing

In January 2025, the Company reported results from a modified HDD program, including:

• 4 boreholes totaling 321 m
• One hole intersecting 38 m of auriferous material
• Sample returning 2.75 g/m² Au

The method demonstrated potential as a cost-effective approach for placer delineation, with further optimization planned.

5

---

6

DITTON AND EMBERTON PROJECTS

Property Description

The Ditton and Emberton properties are located in southern Québec, within the municipality of Chartierville, approximately 120 km south of the Company’s Beauce Gold Project. The properties extend along a ~30 km trend associated with the Bella Fault and include historical placer gold occurrences.

Geological Overview

The properties are situated at the contact between Siluro-Devonian metasedimentary rocks of the Compton Formation and volcanic units of the Frontenac Formation, with mineralization structurally controlled by the Bella Fault.

Historical placer gold occurrences are interpreted to be derived from local bedrock sources and subsequently reworked by glacial processes.

Historical Work (Condensed)

Historical placer mining activity occurred in the Ditton River and its tributaries during the late 1800s, with reported production from limited areas.

Subsequent exploration programs have included mapping, sampling, and limited drilling, supporting the presence of gold-bearing systems along the structural corridor.

Detailed historical data is available in the Company’s prior disclosures.

Current Status and Strategy

The Ditton and Emberton properties are considered early-stage exploration assets within the Company’s portfolio.

The Company’s strategy is to:

• Evaluate the potential for structurally controlled gold mineralization along the Bella Fault
• Identify bedrock sources of historical placer gold
• Prioritize targets for future exploration programs as resources permit

No material exploration expenditures were incurred on these properties during the current reporting period.

PHOSPHATE EXPLORATION (CH-98 PROPERTY)

The property is located on NTS map sheet 22E15 and comprises 34 Exclusive Exploration Rights (DEE).

In November 2025, the Company conducted follow-up fieldwork on the CH-98 property, identifying apatite-bearing anorthosite. Samples were submitted to COREM for mineralogical and metallurgical testing.

---

This work supports the Company’s strategy to evaluate phosphate as a potential critical mineral opportunity in Québec.

Phosphate Exploration (CH-98 Property)

In November 2025, the Company conducted follow-up fieldwork on the CH-98 property, identifying apatite-bearing anorthosite. Samples were submitted to COREM for mineralogical and metallurgical testing.

This work supports the Company’s strategy to evaluate phosphate as a potential critical mineral opportunity in Québec.

Key results include:

• Production of high-grade apatite concentrates exceeding 35% P₂O₅
• Best flotation test produced 38.9% P₂O₅ concentrate
• 93.4% P₂O₅ recovery
• Low impurity levels with MER (minor element ratio) of 0.05

These results indicate that apatite contained in the CH-98 material can be effectively upgraded using conventional flotation techniques.

Additional characterization of the concentrate showed:

• 0.19% total rare earth oxides (TREO)
• Low thorium (<5 ppm) and uranium (1.3 ppm)

The metallurgical testing was conducted on material containing approximately 5.6% P₂O₅ in the feed sample prior to concentration.

Detailed historical exploration results are available in the Company’s prior disclosure documents and technical reports filed on SEDAR+.

EXPLORATION AND EVALUATION EXPENSES

The deferred exploration expenses (before exploration credits and mining rights) for the quarter ending on January 31, 2026 totaled $59,961 compared to $30,751 for the same period last year, an increase of $29,210.

The deferred exploration expenses (before exploration credits and mining rights) for the period ending on January 31, 2026 totaled $138,393 compared to $76,705 for the same period last year, an increase of $61,688.

---

EXPLORATION AND EVALUATION EXPENSES (continued)

Below are a comparative analysis detailing exploration and evaluation costs and expenses for the quarter and period ending on January 31, 2026 and 2025.

	Q2		Project
	2025	2026	Saint -Simon	Ditton	Mining Brook	Emberton	CH-98
Beginning balance November 1	2,535,353	3,100,408	2,269,654	709,396	8,215	84,206	28,938
Add:
Geology	28,600	21,450	21,450	0	0	0	0
Drilling	0	0	0	0	0	0	0
Excavation	0	0	0	0	0	0	0
Analysis and report	73	36,898	19,188	0	0	0	17,710
Prospecting	0	0	0	0	0	0	0
Transport	103	638	638	0	0	0	0
rental	1,450	600	600	0	0	0	0
Other	525	375	375	0	0	0	0
Total quarter:	30,751	59,961	42,251	0	0	0	17,710
Ending balance January 31	2,566,104	3,160,369	2,311,905	709,396	8,215	84,206	46,648

Below is a comparative analysis detailing exploration and evaluation costs and expenses for the period ending on January 31, 2026 and 2025.

	PERIOD		Project
	2025	2026	Saint -Simon	Ditton	Mining Brook	Emberton	CH-98
Beginning balance August 1	2,630,056	3,021,976	2,220,160	709,396	8,215	84,206	0
Add:
Geology	39,650	42,900	42,900	0	0	0	0
Drilling	23,025	10,359	10,359	0	0	0	0
Excavation	3,200	0	0	0	0	0	0
Analysis and report	5,402	52,406	34,696	0	0	0	17,710
Prospecting	0	28,938	0	0	0	0	28,938
Transport	3,553	1,586	1,586	0	0	0	0
rental	900	1,500	1,500	0	0	0	0
Other	975	704	704	0	0	0	0
Total quarter:	76,705	138,393	91,745	0	0	0	46,648
Ending balance January 31	2,706,761	3,160,369	2,311,905	709,396	8,215	84,206	46,648

---

SELECTED FINANCIAL INFORMATION FOR THE QUARTER

The following table presents Selected Financial Information.

	FISCAL 2026		FISCAL 2025				FISCAL 2024
Quarter ending on :	26/01/31	25/10/31	25/07/31	25/04/30	25/01/31	24/10/31	24/07/31	24/04/30
	$	$	$	$	$	$	$	$
Operating	206,449	161,942	196,261	126,488	175,323	118,858	113,658	200,798
Net Loss	218,151	173,357	(90,886)	134,079	189,621	122,621	128,433	216,636
Loss per share (basic and diluted)	(0.00)	(0.00)	(0.00)	(0.00)	(0.00)	(0.00)	(0.01)	(0.00)
Current Assets	669,945	1,119,194	205,722	103,287	203,957	152,204	244,431	155,565
Total Assets	5,576,823	5,962,477	5,016,969	4,643,258	4,726,681	4,624,368	4,641,097	4,483,870
Current Liabilities	122,701	297,891	304,164	965,147	701,097	610,169	513,193	453,174
Non-Current Liabilities	475,901	464,199	452,784	-	212,394	203,068	194,152	185,627
Shareholders’ Equity	4,978,221	5,200,387	4,260,021	3,678,111	3,813,190	3,811,131	3,933,752	3,845,069

DISCUSSION ON THE FINANCIAL INFORMATION OF THE SELECTED QUARTER

TOTAL PERFORMANCE

During the second quarter of the 2026, compared with the corresponding period in 2025, the Company recorded an increase in its overall loss of $28,530$ (15%) ($218,151 vs $189,621). This improvement occurred despite an increase in operating expenses of $31,126 (17%) ($206,449 vs $175,323), as well as a decrease in other expenses of $3,874 ($11,702 vs $15,576). For comparison purposes, over the last seven interim periods, average net loss and operating expenses amounted to $124,837 and $155,190 respectively.

NET LOSS ANALYSIS

The increase in operating expenses of $31,126 (17%) ($206,449 vs $175,323) is primarily attributable to:

• An increase in travel expenses of $6,694 (250%) ($9,369 vs. $2,675), resulting from several trips for the exploration phase for the next quarter.
• An increase in shareholder information and registration fees of $4,566 (38%) ($16,558 versus $11,992), resulting from the shareholders' meeting during the quarter.

---

SELECTED FINANCIAL INFORMATION FOR THE PERIOD 2026

The following table presents Selected Financial Information for fiscal 2026, 2025, 2024 and 2023.

	FISCAL ENDING
	26/01/31	25/01/31	24/01/31	23/01/31
	$	$	$	$
Operating expenses	368,391	287,181	499,841	342,958
Net loss	391,508	312,242	527,599	357,050
Results per share (basic and diluted)	(0.00)	(0.00)	(0.00)	(0,00)
Current Assets	669,945	203,957	365,658	620,756
Total Assets	5,576,823	4,726,681	4,698,594	4,479,151
Current Liabilities	122,701	701,097	458,240	274,755
Non-current Liabilities	475,901	212,394	177,649	145,207
Shareholders' Equity	4,978,221	3,813,190	4,061,705	4,059,489

GENERAL DISCUSSION ON FINANCIAL INFORMATION FOR THE PERIOD OF 2026

OVERALL PERFORMANCE

During fiscal of 2026, compared with the corresponding period in 2025, the Company recorded an increase in its total loss of $79,266 (25%) ($391,508 vs $312,242). This improvement is mainly attributable to an increase in operating expenses of $81,210 (28%) ($368,391 vs $287,181), as well as a decrease in other income and expenses of $7,625 (24%) ($23,117 vs $30,742). For comparison purposes, over the past three period, average the net loss and operating expenses amounted to $398,964 and $376,660, respectively.

DISCUSSION ON NET RESULTS

The decrease in operating expenses of $81,210 $(28%) ($368,391 vs $287,181) is primarily explained by:

• an increase in business development expenses of $41,986 (210%) ($61,900 vs. $19,914), resulting from several meetings with potential investors.
• an increase in business development expenses of $43,000 ($52,500 compared to $9,500), resulting from several meetings with potential investors
• An increase in travel expenses of $8,361 (123%) ($15,187 vs. $6,825), resulting from several trips for the exploration phase for the next quarter.
• An increase in shareholder information and registration fees of $5,869 (41%) ($19,981 versus $14,112), resulting from the meeting of shareholders during the quarter.

---

GENERAL DISCUSSION ON FINANCIAL INFORMATION FOR THE PERIOD OF 2026 (continued)

LIQUIDITIES AND CAPITAL RESOURCES

The period ended the January 31, 2026, with a positive working capital of $547,244 (negative $98,442 as at July 31, 2025). The current assets totaled $669,945 ($205,722 as at July 31, 2025): cash on hand $564,471 ($108,670 as at July 31, 2025), HST tax receivables of $23,974 ($20,023 as at July 31, 2025), Tax credits receivable of $63,000 ($63,000 as at July 31, 2025) and Prepaid expenses of $18,500 ($14,029 as at July 31, 2025).

The total non-current assets of $4,906,878 consist of exploration and evaluation assets amounting to $4,906,878 ($4,758,747 as at July 31, 2025), as well as advances on exploration and evaluation expenditures of $0 ($52,500 as at July 31, 2025).

Total current liabilities consist of trade and other payables amounting to $122,701 ($304,164 as at July 31, 2025).

Total non-current liabilities consist of amounts due to directors and officers totaling $475,901 ($452,784 as at July 31, 2025).

CASH FLOW

As at January 31, 2026, the Corporation had a cash flow of $564,471 ($168,883 for 2025).

The Cash Flow used for operational activities was $332,197. The use of cash flow for operations is made up of the Net Loss of $391,508. The other non-cash element that has no influence of $84,271. The cash flow used the working capital operating represents an amount of $24,960 which comes from: increase in HST receivables of $3,951, increase of the prepaid expenses of $4,471 as well as a decrease in trade and other payables of $16,538.

The cash flow used for investing activities during the period is $321,710. The use of cash flow for investing activities consists of additions to exploration and evaluation assets of $374,210 and decrease the advance for exploration and evaluation expenses of $52,500.

The cash flow from financing activities of $1,109,708 includes a private placement through the issuance of common share units and a flow-through for a value of $1,215,287. There were share unit issuance costs of $105,579. The Corporation increased its cash flow by $455,801 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.

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 $439,983 of Canadian Exploration Expenses before December 31, 2026. As at January 31, 2026, $53,360 has been spent.

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.

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.

12

---

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 as well as the amounts due to directors and officers and are classified as amortized cost.

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

As at October 31, 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 January 31, 2026, the Corporation had 138,684,193 shares issued and outstanding (109,551,971 on July 31, 2025), 66,392,936 warrants (37,810,714 on July 31, 2025), 2,956,380 Broker’s Warrants (1,321,410 on July 31, 2025) and 4,800,000 options (6,280,000 on July 31,2025). The number of shares on a diluted basis is 212,833,509 (154,964,095 on July 31, 2025).

• Information on outstanding shares

As of March 30, 2026, the Corporation had 138,684,193 shares issued and outstanding, 66,392,936 warrants, 2,956,380 Broker’s Warrants and 4,800,000 options. The number of fully diluted shares is 212,833,509. The Corporation’s share capital consists of an unlimited number of common shares with No Par Value.

RELATED PARTY TRANSACTIONS

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.

Trade and other payables include an amount of $27,815 ($20,348 as at July 31, 2025) due to an officer and the due to directors and officers totaled $464,199 ($452,784 as at July 31, 2025).

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.

14

---

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.

• 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.

15

---

RISK FACTORS (continued)

• 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, March 30, 2026