Dios Exploration — Management Reports 2026

May 20, 2026

DIOS EXPLORATION INC. – Management’s Discussion & Analysis – Quarterly Highlights – Three-month period ended March 31, 2026

^{}[]

DIOS

EXPLORATION

DIOS EXPLORATION INC.

Management’s Discussion and Analysis

Quarterly Highlights

For the three-month period ended March 31, 2026

The following quarterly highlights management discussion and analysis of the financial condition and results of the operations of Dios Exploration Inc. (the "Company" or "Dios") constitutes management's review of the factors that affected the Company's financial operating performance for the three-month period ended March 31, 2026.

This discussion and analysis should me read in conjunction with:

• The unaudited interim financial statements on March 31, 2026.
• The 2025 Annual Management report; and
• The Company's audited financial statements for the years ended December 31, 2025, and 2024.

These documents and additional information may be available through www.sedarplus.ca website, under the Company's section or at www.diosexplo.com. Dios' shares are trading on TSX Venture Exchange under the symbol "DOS". On March 31, 2026, there were 126,507,066 shares issued and outstanding.

Nature of activities

Dios focuses on gold-silver-copper (lithium) exploration in James Bay Eeyou Istchee, Quebec, Canada, along a major greenstone belt and geological province contact. Gold prices are currently at an incredibly rare high.

Dios' wholly-owned Heberto Gold discovery and several other gold occurrences all discovered by Dios are hosted on road accessible AU33 property, adjacent to Hydro-Quebec EM1 hydropower facilities. Dios AU33 flagship high potential gold property was drone magnetic surveyed in late 2025 with tight spacing to define detailed structures to prepare for ground access diamond drilling in 2026 moving forward. Detailed structural analysis was then undertaken during first quarter 2026 from this very recent magnetic and significant structural data just recently obtained in order to enhance gold targeting, taking into consideration all past work by Dios on AU33 gold property.

Dios is also evaluating all its other gold projects for their value and potential, that is: road accessible 33Carats gold (contiguous to Benz Eastmain mine property north of Chibougamau), Le Caron (gold-copper-silver) & Clarkie Gold.

---

DIOS EXPLORATION INC. – Management’s Discussion & Analysis – Quarterly Highlights – Three-month period ended March 31, 2026

Investing activities

During the three-month period ended March 31, 2026, Dios incurred $4,324 for mining rights (claims renewal and acquisitions) compared to $4,833 for the same period last year.

Mining Right Additions Analysis

Properties	Three-month period ended March 31, 2026 $	Three-month period ended March 31, 2025 $
33 Carats	4,324	1,969
K2	-	2,864
	4,324	4,833

During the three-month period ended March 31, 2026, the Company incurred $5,322 in exploration expenses compared to $975 for the same period last year.

Exploration Expenses Analysis

	AU33 $	33 Carats $	Total $
Geology	4,260	-	4,260
Office and other	747	315	1,062
	5,007	315	5,322

Exploration work performed during the period

After Dios focused on exploring for gold on Au33 property in 2025, such as in late Spring and early Summer 2025 when a structural data compilation study was undertaken over all Dios’ Au33 property work and data produced over the years since its inception by Dios. In late 2025, a detailed drone magnetic survey was undertaken on Dios’ wholly-owned AU33 gold property and Heberto Gold discovery extents, James Bay Eeyou Itschee, Quebec, adjacent to Eastmain Bernard-Landry hydropower facilities.

The detailed 820 kilometer-lines magnetic survey was undertaken at a mean altitude of 25 m above ground with 35 m spacing and in very more detailed spacing every 17.5 meter on Heberto Gold area and eastern extents and in the eastern part of the property hosting very high gold-in-till values. Results processing and analysis during last quarter ended more precisely help define gold targets and structural features for diamond drilling to come in 2026. Magnetic results were processed for gold potential structures and a structural analysis produced in early 2026.

Au33 gold property in first quarter 2026

A ground diamond drilling program is planned during first quarter 2026 on wholly-owned AU33 gold property (no royalties), in particular to verify Heberto Gold discovery extents and eventually test other gold targets. A 2,000 meters long NQ diameter drilling campaign is planned as a start for some $500,000-$600,000 budget on road accessible Au33 property.

---

DIOS EXPLORATION INC. – Management’s Discussion & Analysis – Quarterly Highlights – Three-month period ended March 31, 2026

Dios successfully drilled Heberto Gold for the first time in 2015. Gold prices are currently at a very rare high. Gold prices increased significantly since 2015-2017, adding strong value to a near surface gold discovery such as Heberto Gold.

Structural studies of Dios’ recent high-resolution magnetic data combined with Dios’ historical data were undertaken to define and understand which set of structures bears higher gold potential.

The large Mitsumis batholith is strongly magnetic and intruded by a series of younger plugs that might have brought up gold mineralized fluids. Gold mineralization is often found near these smaller intrusions on Au33, in association with north-north-east structures. During first quarter 2026, results from Structural analysis was completed by Lucie Mathieu P.Geo.(Consultation GeoX inc.)

Such NNE structure was thus identified at Heberto, opening up new area for drilling and extent for Heberto Gold.

New gold targets were also defined elsewhere on the property where there NNE structures are suddenly cut by a low mag, such low magnetic areas often indicative of demagnetization related to mineralized fluid flow.

Reprocessing of Heberto Gold historical drilling started in view of this structural analysis to optimize next drilling.

Historical Heberto Gold Discovery drilling by Dios

Hole 19 did hit 3.65 grams gold per tonne over 13 m (71 m-84 m) within 64 m true thickness interval grading 1.21 g/t gold on HEBERTO.

Hole 19 (3.65g/t Au/13m) is 112 m west of Hole 1 and 50 m north of Hole 6 (2,23g/t Au/7.75 m).

Hole 19 is 50 m south of Hole 1 (2.13g/t Au/22.9m), of Hole 9 (2 g/t Au/22 m) & of Hole10 (1.8 g/t Au/18.45 m).

Gold zones can be followed in strike and at depth. Gold is associated with fine grained pyrite and magnetite in several meters thick silicified potassic altered shear zones.

Heberto channel graded 5.18 g/t gold on 5 meters in 2013.

---

DIOS EXPLORATION INC. – Management’s Discussion & Analysis – Quarterly Highlights – Three-month period ended March 31, 2026

Dios’ Historical 2015-2017 Drilling Results Summary is detailed hereafter:

Drill Hole	Depth from	To (m)	Width (m)	grams/ton gold
2015-1
within	18
7.50	26.65
30.40	8.65
22.9	4.79
2.13
2015-9	65	87	22	2.00
2015-10
within	77.25	87.25
95.70	10
18.45	2.47
1.8
2016-19
within	71
68	84
132	13.00
64.00	3.65
1.21
2016-13
Within	56.25	63.50
76.50	7.25
20.25
41.50	2.05
1.00
0.63
2015-5
within	62.35
61.35	65.70
68.40	3.35
7.05	3.93
1.88
2015-5	83.50	85.70	2.20	3.46
2015-6
within	96.25
92.25	100	3.75
7.75	3.36
2.23
2015-11
within	212.3
203.4	216	3.7
12.6	3.23
1.17
2016-14	108.35	116.45	8.10	1.65
2016-15	148.25	151.25	3.00	2.53
			5.00	1.53
2016-17	183.20	185.50	2.30	1.45
2017-17
including
within	310.20	317.4
275m vert.	7.2
3.33
11	1,7
3.3
1.13
2017-24	40.50	50.50	10.00	0.81

---

DIOS EXPLORATION INC. – Management’s Discussion & Analysis – Quarterly Highlights – Three-month period ended March 31, 2026

Hereabove figure also indicates that Dios’ geochemical sampling data returned significant gold-in-till values east of Heberto discovery outcrop, hiding other possible gold occurrences. See cluster of golden triangles on map (in yellow, between 0.100 and 0,500 g/t gold in till, in red, over 0.5 g/t gold in till.

Overall performance

Net loss for the three-month period ended March 31, 2026, is $55,367 (net loss of $49,129 for the same period in 2025), whereas expenses for the quarter totalled $43,197 ($47,581 for the same period in 2025).

Quarter analysis

• Increase in bank charges for 2026, compared to 2025.
• Decrease in publicity, travel and promotion for 2026, compared to 2025.

Analysis of the non-monetary operations that does not require an exit or an outflow of cash (positive: income and negative: expense)

	Three-month period ended March 31, 2026 $	Three-month period ended March 31, 2025 $
Stock-based payment	(2,523)	(1,890)

---

DIOS EXPLORATION INC. – Management’s Discussion & Analysis – Quarterly Highlights – Three-month period ended March 31, 2026

Financial position

• Working capital decreased by $56,426, going from $138,551 on December 31, 2025, to $82,125 on March 31, 2026. The decrease in mainly due to exploration costs and administrative expenses incurred during the period.
• Cash and cash equivalents amount to $67,622 on March 31, 2026, compared to an amount of $92,237 on December 31, 2025. The Company is considered to be in the exploration stage; thus, it is dependent on obtaining regular financing on order to continue exploration. Despite previous success in acquiring sufficient financing, there is no guarantee of obtaining any future financing.

Exploration Budget for fiscal year 2026: The planned exploration work to be conducted by Dios in 2026 is disclosed in the 2025 Annual Management report. See above section "Exploration work performed during the period".

Related party transactions

Key management personnel of the Company are members of the Board of Directors, as well as the president, the chief financial officer and the vice-president exploration. Key management personnel remuneration includes salaries, consulting fees and share-based payments.

For the three-month period ended March 31, 2026, the compensation is $2,300 ($1,627 for the same period last year). No amount was capitalized in Exploration and evaluation assets for the 2026 and 2025 periods.

Forward-looking information

See the forward-looking information in the 2025 Annual Management report.

Montreal, Quebec
May 19, 2026.