Exploits Discovery Corp. - Management Reports 2024

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Management's Discussion and Analysis

For the 14 months ended December 31, 2023 and Year Ended October 31, 2022

(Expressed in Canadian Dollars)

This Management's Discussion and Analysis ("MD&A") of financial position and results of operations of Exploits Discovery Corp. ("Exploits Discovery" or the "Company") has been prepared based on information available to Exploits Discovery at April 16, 2024 the date of this MD&A, and should be read in conjunction with Exploits Discovery' financial statements and related notes for the 14 months ended December 31, 2023. The financial statements and MD&A are presented in Canadian dollars and have prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”) and interpretations of the IFRS Interpretations Committee. Information contained herein is presented as of April 16, 2024, unless otherwise indicated.

Readers are cautioned that this MD&A may contain forward-looking statements and that actual events may vary from management's expectations. Readers are encouraged to read the "Cautionary Statement on Forward-Looking Information" at the end of this MD&A and to consult Exploits Discovery' financial statements and related notes for the 14 months ended December 31, 2023, which are available on our website at www.exploitsdiscovery.com and under the Company's profile on SEDAR at www.sedarplus.ca

Company Overview

Exploits Discovery Corp. was incorporated under the Business Corporations Act (British Columbia) on May 28, 2018. The Company’s head office is at 52 Church St., Suite 206, Toronto, ON, M5C 2B5. The Company is focused on evaluating, acquiring, and exploring mineral properties with significant potential for advancement from discovery through to production, in Newfoundland and Labrador, Canada. On May 30, 2019, the common shares of the Company were listed on the Canadian Securities Exchange (the “Exchange” or “CSE”) and trade under the trading symbol “NFLD”.

The Company’s principal property interests are its gold exploration properties located in the Exploits Subzone in Newfoundland and Labrador, as shown below. Two maps showing a close-up of each group of properties in the north and south are also depicted.

Exploits Discovery Corp. Mineral Claims Overview

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Figure 1: Exploits Discovery Corp. mineral claims overview. Claims are located within the prospective Exploits Subzone throughout central Newfoundland; (Exploits Subzone Outline modified from C.G Squires 2005 and Newfoundland Geologic Survey regional detailed geology).

Exploits Discovery Corp. Mineral Claims: Northern Properties

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Figure 2: Exploits Discovery Corp. northern mineral claim areas and prospects located in central Newfoundland.

Exploits Discovery Corp. Mineral Claims: Southern Properties

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Figure 3: Exploits Discovery Corp. southern mineral claim areas and prospects located in central Newfoundland.

The Company is currently executing several exploration programs on its Newfoundland properties situated within the Exploits Subzone geological region. The 2022-2023 exploration programs follow an escalating process of appraisal techniques; from basic prospecting, to soil-till-rock sampling, and advancing to airborne high-resolution mapping (LiDAR = light diffraction and ranging) and geophysical surveys. Favorable observations and assaying results are compiled and ranked – leading to target generation – and will likely culminate in diamond drilling operations on the highest-ranked targets.

Recent Highlights and Outlook

Exploration:

The Bullseye drilling campaign as well as other exploration programs targeted along the Appleton Fault Corridor were the principal focus of the Company’s exploration activities this year.
On March 14, 2024, the Company announced it has identified four new target areas
Target Area A: This area covers the interpreted extension of the east-trending structure crossing onto the Company’s Bullseye claim from NFG’s Honeypot gold zone (with intercepts such as 26.0 g/t Au over 7.65 metres core-length – see NFG news release January 10, 2024). See “A” in Figure 1.
Target Area B: Covers an area where the interpreted eastward-trending extension of NFG’s Everest gold zone (with intercepts such as 36.7 g/t Au over 3.7 metres core length – see NFG news release May 10, 2023) crosses onto the Bullseye property. Exploits’ drill hole BE-23-028 (August 14, 2023) intersected a cluster of quartz veins, hosting gold mineralization (which has been interpreted by Exploits) that cuts a portion of Everest’s eastern strike extension of its mineralized system. See “B” in Figure 1.
Target Area C: Approximately 250 metres north of NFG’s K2 gold zone on the western flank, or ‘side’, of the Appleton Fault Zone remains untested by drilling. Exploits’ high-resolution geophysical surveys (VLF-EM and Magnetics) coupled with 2023’s LiDAR airborne mapping suggest the presence of east-west trending lineaments. NFG’s K2 gold zone discovery was most recently updated with intercepts such as 27.5 g/t Au over seven metres – see NFG news release January 31, 2024. See “C” in Figure 1.
Target Area D: Located approximately 650 metres northeast of NFG’s Lotto gold zone, LiDAR indicates structural complexity which also highlights a potential for gold traps. See “D” in Figure 1.

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On February 21, 2024, the Company announced further results from its till sampling program recently conducted on its Gazeebow South property. The elevated number of gold grains from this expanded program highlights the potential for the north Appleton Fault Zone and related splays to be a source of gold mineralization on the Gazeebow South property.

This expanded till program further indicates that the three previously announced areas (Sept. 28, 2023) along the Appleton Fault Zone continue to show elevated gold grain counts; reaching up to 14 times greater than the area’s background levels.
Infill sampling for this expanded program was conducted at 200 x 200 metres, with select local grids conducted at 100 x 100 metres.
Recent additional anomalous samples include:
- 141 Total Gold Grains of which 68 (48%) are classified as ‘Modified’ (28) or ‘Pristine’ (40)
- 122 Total Gold Grains of which 20 (16%) are classified as ‘Modified’ (10) or ‘Pristine’ (10)
- 86 Total Gold Grains of which 30 (35%) are classified as ‘Modified’ (11) or ‘Pristine’ (19)
- 83 Total Gold Grains of which 14 (17%) are classified as ‘Modified’ (9) or ‘Pristine’ (5)
On January 10, 2024, announced drilling operations had commenced on its Bullseye gold property. The Company has contracted Trust Drilling, a reputable all-local diamond drilling contractor for this drill program.
On November 27, 2023, the Company announced its plan to commence drilling at Bullseye. Highlights Include:
Drilling plans are underway to test the eastern strike potential of the high-grade “Jackpot” gold zones recently reported by New Found Gold Corp. (“NFG”) on their claims bordering the southern segment of the Bullseye property.
This results-driven program will initially consist of 2,500 metres of diamond drilling.
The Company’s VLF and Magnetics ground geophysical surveys, coupled with 2023’s high-resolution LiDAR mapping (airborne Light Diffraction and Ranging), indicate a complex network of second-order splay structures exist within Bullseye; several appear to align on-trend with NFG’s gold mineralization reported at Jackpot and Everest.
The Bullseye property has been fully permitted by the provincial government with the capacity to drill throughout 2024.
On October 17,2023, the Company announced results from its airborne LiDAR and magnetics flown over its Gazeebow South claims. Highlights Include:
Identified a complex network of structural disruptions and braided splays along the Appleton Fault Zone.
The local bedrock’s deformation levels and trends indicated by these surveys are similar in scope to those displayed by New Found Gold at several high-grade gold discoveries within the Queensway North project, located approximately 17 kilometres to the south.
This high-resolution mapping will assist the design of the follow up collection sites from several elevated gold-grain counts generated from the preliminary gold-in-tills sampling program (see news release dated September 28, 2023).
The Company’s goal of advancing several Gazeebow targets to the drill-ready stage during 2024 remains on-schedule.
On September 28, 2023, the Company announced early results from its till sampling program. The elevated number of pristine grains in these samples indicates a short transport distance and confirms the potential that the Appleton Fault Zone and related splays are a local source of gold mineralization on the Gazeebow South property. Highlights Include:
Five samples from three discrete areas along the Appleton Fault Zone have elevated gold grain counts ranging up to 5 times greater than background levels.
Elevated levels of gold grains were identified throughout the first 34 samples collected over the Appleton Fault Zone.
16 of the 34 samples collected contain more than 30 total grains of gold
August 23, 2023, the Company announced assay results from the final hole completed during Phase-1 exploration drilling on its 100%-owned Bullseye property located along the Appleton Fault Zone (“AFZ”) in central Newfoundland. Drilling highlights include:
BE-23-030 encountered several concentrations of quartz veining over its 502metre length, generating a 46.12 g/t Au assay value from a 0.40 metre core sample.
Several fine grains of Visible Gold were noted within the local veining that contributed to the 46.12 g/t Au screen-metallic assay. This new mineralization was intersected at a vertical depth of approximately 190 metres below surface and remains open in all directions.
On August 14, 2023, the Company announced assay results from diamond drill holes BE-23-018 and BE-23-020 to 029 on its 100% owned Bullseye property. Drilling highlights include:

BE-23-028 intersected 4.08 g/t Au over 1.60 m core-length, located at a vertical depth of approximately 75 m below surface, including 8.16 g/t Au contribution from a 0.70 m sample.
4.85 g/t Au over 0.75 m core-length, located at a vertical depth of approximately 185 m below surface.
14.59 g/t Au over 1.00 m core-length, located at a vertical depth of approximately 186 m below surface.
On July 12, 2023, the Company announced it had commenced its 2023 sampling program at Gazeebow South in central Newfoundland. This program will be composed of 58 samples collected on a 500 x 500 metre grid pattern covering an approximately five-kilometre-long segment of the interpreted Appleton Fault Zone that transects this property.
On July 6, 2023, the Company announced commencement of an airborne LiDAR (“Light Detection and Ranging”) and a magnetics survey that will cover the Company’s prospective Gazeebow South and Glenwood mineral licenses within the Gander-Appleton region. These helicopter-mounted surveys will provide high-resolution geological information over these under-explored areas covering approximately 120 km2 of the parallel Appleton and Dog Bay faults attributed with several high-grade gold showings in central Newfoundland. Exploits has engaged local RPM Aerial Services (“RPM”) of Holyrood, NL as the principal contractor.
Data from the LiDAR and magnetics survey will be used in addition to the current mapping, prospecting, and sampling information to identify high-priority targets for follow-up. The survey uses radar to accurately measure the earth’s surface and classify structural lineaments that would have otherwise been obscured by vegetation. The goals of this program will be the following:
Assist with confirming the location and orientation of known gold-bearing structures (Appleton Fault Zone and Dog Bay Line) within the Exploits Subzone.
Identify new geological outcrops in areas of extensive vegetation.
Detect mineralization and alteration patterns within the bedrock.
Identify structures such as shears, faults, fractures and folds.
Generate a high-resolution digital elevation model.
Assist with the design of an upcoming gold-in-till geochemistry survey.
On June 28, 2023, the Company announced at least 12 gold targets have been identified on its southern properties situated approximately 90 kilometers south of Gander. These targets were generated by Windfall Geotek’s use of Artificial Intelligence (AI) and their compilation of available historic data and proprietary machine-learned filtering technologies. Highlights include:
At least 12 separate gold targets identified through Windfall’s AI processing.
All available current and historical data, including 4,942 gold assay results, were utilized for the study.
The project area is in South-Central Newfoundland and covers 1,208.75 km2.
On June 13, 2023, the Company announced assay results from four recent diamond drill holes at the newly discovered “Horseshoe” Gold Zone on its 100% owned Bullseye property along the Appleton Fault Zone (“AFZ”). Of note, 55 grains of visible gold were observed within a network of quartz veins in drill hole BE-23-019, located approximately 450 metres north of New Found Gold’s recently reported high-grade intercepts at Everest in Central Newfoundland. Horseshoe gold zone highlights include:
BE-23-019 intersected 38.21 g/t Au over 2.80 m core-length, located at a vertical depth of approximately 145 m below surface, where 55 grains of visible gold were noted within a network of quartz veins. Including 118.92 g/t Au contribution from a 0.85 m sample.
BE-23-015 intersected 4.65 g/t Au over 2.00 m core-length, located at a vertical depth of approximately 166 m below surface.
Horseshoe Gold Zone remains open in all directions.
Diamond drilling totaling 11,292 m has been safely and cost-effectively completed over the 30-hole first phase evaluation at Bullseye.
Assay results from 18 of the 30 drill holes have been received and publicly reported to date. The results from the 12 remaining drill holes are pending
On May 17, 2023, the Company announced assay results from eight recent exploration drill holes at its Bullseye property in Central Newfoundland. Several grains of visible gold were observed within a network of quartz veins in drill hole BE-23-014. Drilling highlights include:
BE-23-014 intersected 9.84 g/t Au over 12.00 m core-length, located at a vertical depth of approximately 133 m below surface, where 10 grains of visible gold were noted within a network of quartz veins.
On April 5, 2023, the Company announced assay results from drill holes numbered four, five and six, at its

Bullseye property. Visible gold grains have been observed within three of the six holes reported to date in close proximity to the Appleton Fault Zone as it tracks across Exploits’ wholly owned mineral claims. Drilling highlights include:

Drill hole BE-23-005: Five occurrences of visible gold observed within veining encountered at 27.50 – 28.16 m depth downhole. Intersected 12.55 g/t Au over 3.50 m core-length located at a vertical depth of approximately 20 m below surface.
On March 20, 2023, the Company announced assay results on the initial drill holes at its Bullseye gold property. A total of 10 holes consisting of 3,232 metres of NQ drilling, have been completed of the 6,000-metre, resultsoriented, drill program. Visible gold was identified in two of the first three drill holes. This initial drilling program is designed to determine the potential for high grade gold discoveries along Exploits’ interpreted 1.2 kilometre “km” segment of the Appleton Fault Zone. Drilling highlights include:
Drill hole BE-23-001: intersected 8.58 g/t Au over a 1.0 m core-length located at a vertical depth of 41.3 m below surface, including 14.24 g/t Au screen metallic assay contribution from a 0.5 m sample where a half-dozen fine grains of visible gold were noted within a network of quartz veins.
Drill hole BE-23-002: intersected 4.96 g/t Au over 3.0 m core-length located at a vertical depth of 119.6 m below surface, including a 16.66 g/t Au assay contribution from a 0.65 m sample and fine grain visible gold was also observed.
On January 25, 2023, the Company announced the assay results from its 2022 drilling program completed at the Titan gold target.
On January 18, 2023, the Company announced the results and interpretation from the Company’s detailed ground-based geophysical survey conducted on Exploits’ highly prospective Bullseye gold property.
On January 11, 2023, the Company announced the results and interpretation from its extensive regional 2022 soil sampling program conducted in the Dog Bay Central area. This includes 8,089 samples, covering approximately 14 kms of strike length along the Dog Bay Line fault. This soil program identified new prospective mineralized areas (Second Pond), and more importantly expanded, the existing gold targets (Clutha, Clutha North and Duder Lake).
On December 5, 2022, the Company received the exploration permit from the Province of Newfoundland and Labrador that pertains to responsibly conducting exploration activities within the Company’s Bullseye claims.
• On November 2, 2022, the Company received the license from the Government of Newfoundland and Labrador relating to the ownership of the Bullseye parcel (“Bullseye”) and surrounding staked claims.

Corporate:

On November 22, 2022, the Company announced the appointment of Fiona Fitzmaurice as Chief Financial Officer of the Company, effective December 1, 2022. The Company also announced that it granted officers and directors of the Company an aggregate of 475,000 incentive stock options, exercisable on or before November 22, 2025 at price of $0.20 per share.
On November 29, 2022, the Company held its Annual General Meeting, with all resolutions fully supported and passed.
On December 9, 2022, the Company announced that Davidson & Company LLP, Chartered Professional Accountants have been appointed as the Company’s auditor until the next annual general meeting of the Company. Davidson & Company LLP replaces Dale Matheson Carr-Hilton Labonte LLP as the Company’s auditor.
On December 20, 2022, the Company completed a non-brokered private placement for gross proceeds of $4,420,143 by issuing 16,370,899 flow-through common shares at a price of $0.27 per FT Share. The gross proceeds received by the Company from the Offering will be used to incur eligible “Canadian exploration expenses” (“CEE”) that are “flow-through mining expenditures” (as such term is defined in the Income Tax Act (Canada)) related to the Company’s mining projects.
On August 21, 2023, the Company announced the resignation of Chris Huggins as director.
On November 5, 2023 the Company closed the first tranche of a non-brokered private placement financing for gross proceeds of $1,799,996. The Company issued 16,363,600 flow-through common shares at a price of $0.11 per common share. As part of the financing the Company paid $107,999.76 cash commission. The FT Shares issued under this Offering are subject to a hold period expiring April 6, 2024 in accordance with applicable securities legislation.
On December 6, 2023, the Company held its Annual General Meeting, with all resolutions fully supported and

passed.

On December 6, 2023, the Company closed the second tranche of a non-brokered private placement for gross proceeds of $544,633. The Company issued 4,951,209 flow-through common shares at a price of $0.11 per FT Share. The Company paid finders fees in the amount of $29,880 and the FT Shares issued under this Offering are subject to a hold period expiring March 7, 2024 in accordance with applicable securities legislation.
On December 7, 2023, the Company also announced the results of its Annual General Meeting of shareholders held on December 6, 2023. Jeff Swinoga, Rod Husband, Larry Short, Siri Genik and Doug Cater were re-elected as Directors. Davison & Company LLP, Chartered Professional Accountants, were re-appointed as the Company’s auditor. Following the AGM, the Board reconstituted all Committees and the following Officers were re-appointed: Jeff Swinoga (President and CEO), Fiona Fitzmaurice (CFO), Ken Tylee (VP, Exploration), Shanda Kilborn (VP, Corporate Development and Investor Relations) and Jacqueline Collins (Corporate Secretary).
On December 7, 2023, the Company also announces that, in accordance with the Company’s stock option plan, it has granted to certain of its directors, officers, employees and consultants incentive stock options to purchase up to an aggregate of 3,400,000 common shares exercisable on or before December 7, 2028 at a price of $0.11 per share.

Results of Operations

14 months ended December 31, 2023 (YTD)

The Company realized a net loss of $11,117,568 for the 14 months ended December 31, 2023 compared to a net loss of $7,555,277 the twelve months ended October 31, 2022 mainly due to greater exploration activities, such as diamond drilling, on its’ Newfoundland properties, management and director fees, investor relation expenses and professional fees.

The Company incurred $6,860,180 in exploration expenditures during the 14 months ended December 31, 2023 (October 31, 2022 – $4,710,385) comprising exploration activity expenditures, primarily diamond drilling, on its’ Central Newfoundland properties;
Share-based compensation, a non-cash expense, was $333,135 (October 31, 2022 – $569,319), due to options that vested during the 14 months ended December 31, 2023;
Investor relations expense increased to $468,346 during the 14 month period (October 31, 2022 - $443,189) due to increased investor relation activities compared to prior year.
Management fees and director fees decreased to $779,737 during the 14 months ended December 31, 2023 (October 31, 2022 - $845,270) due to a decrease in consultant fees.
Professional fees increased to $449,161 (October 31, 2022 - $223,330) due to an increase in legal services compared to prior year.

Summary of Quarterly Information

(Expressed in Canadian dollars)

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2 Months ended 3 Months ended
December 31, 2023 October 31, 2023 Q3 2023 Q2 2023 Q1 2023
Statement of Loss and Comprehensive Loss
Exploration and property acquisiton expenditures $ 73,084 $ 790,412 $ 1,803,565 $ 2,247,870 $ 1,945,249
Share-based payments 101,006 21,995 29,128 71,060 109,946
Net loss (3,458,422) (1,130,822) (1,820,693) (2,271,473) (2,436,158)
Basic and diluted loss per share $ (0.00) $ (0.01) $ (0.01) $ (0.02) $ (0.02)
Statement of Financial Position
Cash & cash equivalents $ 7,755,486 $ 5,414,255 $ 6,023,139 $ 8,404,297 $ 10,690,758
Total assets 27,702,504 28,853,624 30,021,125 33,187,165 35,185,131
Total liabilities 419,589 55,504 174,178 1,548,654 1,346,207
Shareholders' equity (deficiency) $ 27,282,915 $ 28,798,121 $ 29,846,947 $ 31,638,511 $ 33,838,924
Q4 2022 Q3 2022 Q2 2022 Q1 2022
Statement of Loss and Comprehensive Loss
Exploration and property acquisiton expenditures $ - 2,470,291 $ 743,271 $ 420,728 $ 1,306,606
Share-based payments - 108,858 114,700 195,398 150,363
Net loss - (2,848,939) $ (1,657,558) $ (1,135,109) $ (1,913,671)
Basic and diluted loss per share $ - (0.02) $ (0.02) $ (0.01) $ (0.02)
Statement of Financial Position
Cash & cash equivalents $ - 10,069,257 $ 10,801,991 $ 12,493,068 $ 13,406,955
Total assets - 34,403,458 35,480,603 37,002,694 38,559,350
Total liabilities - 1,362,430 424,826 404,059 1,021,004
Shareholders' equity (deficiency) $ - 33,041,028 $ 35,055,777 $ 36,598,635 $ 37,538,346
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Exploration Activities

Bullseye Property

The Bullseye property has been the principal focus of the Company’s exploration activities throughout 2023. These claims are located within 10 kms of the small town of Appleton situated on the Trans-Canada highway as it passes through central Newfoundland. The Bullseye claims are directly contiguous to the New Found Gold and Labrador Gold exploration sites where up to a dozen drill rigs have been consistently operating since 2022. Exploits’ current structural interpretation suggests the same belt of prospective gold mineralization associated with the placement of the Appleton Fault Zone passes across the New Found – Exploits claim border. Exploits’ drilling operations in 2023 confirmed the mineralization related to this structure continues northwards along the 1.2 km segment overlain by the Bullseye exploration claims.

Recent field activities include:

On September 27, 2022, Exploits acquired, through the province’s map-staking ‘gazette’ process, the 100% interest in six claim units within the Exploits Sub Zone geologic region of Central Newfoundland. The Bullseye property consists of 11 mineral claims and encompasses a land area totaling 2.8 km².
On December 7, 2022, the Company announced that it has received the exploration permit from the Province of Newfoundland and Labrador that pertains to responsibly conducting exploration activities within its new ‘Bullseye’ claims.
By January 2023, the Company had completed several early-stage appraisal programs including prospecting and sampling, an ultra high-definition LiDAR airborne mapping survey (Light Diffraction and Ranging), claimperimeter land surveying, and ground geophysical coverage (Magnetics and VLF).
During the first six months of 2023, Exploits’ contractors completed a total of 30 exploration holes on the Bullseye

claim group - consisting of 11,292 metres of NQ-sized diamond drilling operations. This initial drilling program campaign was designed to determine if gold-bearing quartz veining and associated sulphide mineralization was emplaced within Exploits’ 1.2 km segment of the Appleton Fault Corridor. The company believes this plan was successful – our geologists identified a half-dozen occurrences of fine visible gold (“VG”) within the veined, altered, and strongly deformed sediments along a 600 x 300 metre segment of the Appleton fault zone. Several encouraging gold assay values have been returned from our sampling of the sawn core – one of which reached 118.92 g/t Au over 0.85 metres from a sample where 55 grains of gold had been logged. Refer to Exploits’ 2023 press releases dated: March 20, April 5, May 17, June 13, August 14 & 23.

The ongoing publicity of hi-grade results from New Found Gold’s drilling clustered within 200-metres of the Bullseye claim border provided additional motivation for Exploit’s mapping crews to revisit the southern portion of the Bullseye property during QTR-3, 2023. Detailed sampling of all available bedrock and/or uplifted quartz-vein fragments (‘float’) was conducted and submitted for gold assaying. Unfortunately – no significant/anomalous gold values were reported.
A limited diamond drilling campaign within Bullseye’s southern claims was completed in early February consisting of 12 relatively shallow NQ-diameter holes, totaling 2,509 metres of coring. This program successfully intersected a structural zone of broken, rubbled core, displaying similar features/characteristics reported by New Found at their Jackpot gold zone approximately 200-300 metres to the west. Exploits’ core loggers noted several clusters of narrow (under 30 cm) and deformed quartz veining with local sections of elevated arsenic and antimony values (indicated by an IMDEX handheld XRF detection unit). Hole # BE-2-006 returned the ‘best’ assay of the campaign: 1.11 g/t Au over a 0.4 metre sample collected from sawn core at 213.9-214.3 metres depth. This intercept likely correlates with our interpreted extension of NFG’s new Honeypot gold zone – suggesting the potential for additional gold mineralization occurring along a second trend-line into Bullseye’s southern claims. Further investigation of this new target is warranted for 2024.

– Dog Bay Property Group Dog Bay North, Dog Bay Central, Dog Bay South

The large Dog Bay property encompasses several contiguous groupings of mineral claims situated from the town of Lewisporte extending northwards to the tip of the Port Albert Peninsula, Newfoundland. Recent exploration activities include:

In 2021, a regional airborne electromagnetic geophysical survey conducted by Geotech Ltd. utilising their proprietary ‘VTEM’ system, covering 3,173 line-km flown at 100 to 150 m spaced lines.
In 2022, Exploits commissioned Geotech Ltd. (“Geotech”) to fly proprietary VTEM surveys over additional areas that were not covered during the 2021 campaign. A total of 1,319 line-km of surveying was flown by Geotech
In 2022, Exploits commissioned an extensive soil sample collection program. The data was independently examined and analyzed by Dr. Stephen D. Amor (P.Geo).
Prospecting, sampling, and mapping were completed at various areas across the property group between May and December 2022. A total of 2,521 samples were collected.
The south-eastern quadrant of the Dog Bay Central claims, including Titan, were covered by additional airborne VTEM geophysical survey flown in October 2022.
Titan Property:
Simcoe Geoscience completed a high-definition Alpha IP™ survey to assist with interpretation of the structurally complex stratigraphy underlying the Titan claims.
Exploits completed a results-driven exploration drilling program at Titan in 2022, consisting of 20 NQ-diameter holes, totalling 6,059 m. Refer to a press release dated August 23, 2022 for further details on this campaign.
Exploits’ crews devoted a half-dozen intermittent days during the 2[nd] half of 2023 for their ongoing prospecting within the northern perimeter of the land package – near Port Albert and Hunts Cove. A total of 157 rock samples were collected and submitted for multi-metal analysis by year-end. Two of these returned

gold values of 2.82 and 1.27 g/t Au. with minor associated silver content. Geologists will likely return to the Hunts Cove area in mid-2024 for additional mapping and investigation.

Gazeebow Property Group

The Gazeebow property consists of several contiguous claim groups that were assembled between 2020 and February 2023. This now-extensive property is located approximately 20 km north from the town of Gander within central Newfoundland and sits approximately 17 km to the northeast of New Found Gold’s recent Keats and Iceberg high-grade gold discoveries.

Recent exploration activities conducted at Gazeebow include:

In 2021, an airborne electromagnetic geophysical survey was conducted by Geotech Ltd. utilising their proprietary ‘VTEM’ system totaling 1,050 line-km.
In 2022, prospecting and till sampling programs were completed focusing on a relatively large exposure of massive white quartz locally known as “Mega Vein”, overlying the northeastern projection of the Appleton Fault Corridor. This coverage also included the 2nd vein system identified by Exploit’s prospectors called “Angie’s Vein”.
The eastern half of the Gazeebow claim group was covered by additional VTEM airborne geophysical survey flown in late 2022. A high resolution, helicopter-mounted light ranging/diffraction system (‘LiDAR’) was also flown over the Gander-Bay (Gazeebow) claim group.
In 2022, the Company staked a 100% interest in 220 new mineral claims within the Exploits Sub Zone area of central Newfoundland. These claims cover an additional 55 km2 and are located 10 kilometres northeast from the Bullseye property along the Appleton Fault Corridor.
The company’s local prospectors began their ‘boots-on-ground' appraisal of the southern Gazeebow claims in June 2023 – making near-daily traverses across the projection of the Appleton Fault and related splay structures. This intensive field work was completed by late October; a half-dozen encouraging vein-inbedrock exposures were located and sampled. Additional mapping and systematic channel-sampling is planned before the arrival of the winter-weather.
While these prospecting efforts were underway, the Company initiated a ‘Tills Study’ comprised of local contractors digging approximately 75 shallow test-pits and collecting large samples of the C-Horizon sandy soils. This labor-intensive project was designed to determine the amount (a grain-count) and quality (pristine versus travelled) of gold grains that may have been lifted-raised-liberated by glacial scraping-travel over the underlying bedrock as they proceeded northwards over the path of the Appleton Fault system. By late-summer 2023, the sample pattern had been expanded to 150 sites, and the collection augmented by Exploit’s own crew of local prospectors. On September 28[th] , the Company announced that three sample clusters showed statistically-elevated numbers of pristine gold grains – indicative of short transport distances (under 200 metres) and confirming the potential that the Appleton Fault Zone (and related eastern splays) are a local source of gold mineralization on the Gazeebow South property. Further infill sampling and geological mapping was warranted, and as of November 20[th] – a site-total of 181 samples have been shipped to Overburden Drill Management (‘ODM’) in Ottawa for gold grain counts and shapeanalysis. The second run of results three previously announced areas (Sept. 28, 2023) along the Appleton Fault Zone continue to show elevated gold grain counts; reaching up to 14 times greater than the area’s background levels. The two highest grain counts include:
141 Total Gold Grains of which 68 (48%) are classified as ‘Modified’ (28) or ‘Pristine’ (40)
o 122 Total Gold Grains of which 20 (16%) are classified as ‘Modified’ (10) or ‘Pristine’ (10)

Jonathan’s Pond Property

The Jonathan’s Pond property is accessible by traveling approximately 10 kilometres north from the town of Gander, Newfoundland, along highway 330.