GFGRESOURCES

INC.

GFG Resources Inc.
(An Exploration Stage Company)

Management’s Discussion & Analysis

For the three and nine months ended March 31, 2026 and 2025

FOR FURTHER INFORMATION PLEASE CONTACT:

Marc Lepage, Vice President, Business Development
GFG Resources Inc.
202 – 640 Broadway Avenue
Saskatoon, Saskatchewan
Canada S7N 1A9

Phone: (306) 931-0930
[email protected]
www.gfgresources.com

TRADING SYMBOLS:
TSX-V: GFG
OTCQB:GFGSF

Q32026 Management's Discussion and Analysis (in Canadian dollars, except as otherwise noted)
Page 2

MANAGEMENT'S DISCUSSION AND ANALYSIS

This Management's Discussion and Analysis ("MD&A") dated as of May 13, 2026, is to assist readers in understanding GFG Resources Inc.'s ("GFG" or the "Company") financial and operating performance for the three and nine months ended March 31, 2026 and 2025. This MD&A should be read in conjunction with the Company's condensed interim consolidated financial statements (unaudited) as at March 31, 2026 and the Company's June 30, 2025 and 2024 audited consolidated financial statements and related notes thereto which were prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accountings Standards Board, as well as the annual MD&A for the years ended June 30, 2025 and 2024. The Board of Directors has approved the disclosure presented herein.

The Financial Statements of the Company have been prepared in accordance with IFRS Accounting Standards as issued by the International Accountings Standards Board. Except as otherwise disclosed, all dollar figures included therein and in the following MD&A are quoted in Canadian dollars, which is the functional and presentation currency of the Company. The functional currency of the entity is determined using the currency of the primary economic environment in which that entity operates.

Additional information can be found on the Company's website (www.gfgresources.com) or SEDAR+ (www.sedarplus.ca).

Certain sections of this MD&A may contain forward-looking statements.

All statements, other than statements of historical fact, made by the Company that address activities, events or developments that the Company expects or anticipates will or may occur in the future are considered forward-looking information, including, but not limited to, statements preceded by, followed by or that include words such as "may", "will", "would", "could", "should", "believes", "estimates", "projects", "potential", "expects", "plans", "intends", "anticipates", "targeted", "continues", "forecasts", "designed", "goal", or the negative of those words or other similar or comparable words.

Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Although the Company has attempted to identify important factors and various risks that could cause actual results, performance or achievements to differ materially from those described in forward-looking information, there may be other factors that cause results, performance or achievements not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate, and accordingly readers should not place undue reliance on forward-looking information.

See additional discussion under "Risks and Uncertainties" section for a non-exhaustive list of risk factors that could cause actual results to differ materially from the forward-looking information included in this MD&A.

The forward-looking information contained in this MD&A is expressly qualified by this cautionary statement. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking information and readers should carefully consider the matters discussed under "Risks and Uncertainties" in this MD&A.

HIGHLIGHTS FOR THE QUARTER AND OTHER SIGNIFICANT EVENTS

On November 27, 2025, the Company released the first two holes from the 12-hole Phase 2-2025 drill program at the Aljo Mine Target ("Aljo"). Results, including 1.05 grams of gold per tonne ("g/t Au") over 71.0 metres ("m"), infilled the Main and Hangingwall ("HW") zones, extended the FW3 discovery, and confirmed both high-grade veins and broader bulk-tonnage style mineralization.
On January 21, 2026, the Company released the next six holes, and two hole extensions, from the 12-hole Phase 2-2025 drill program at Aljo. Results, including $1.01\mathrm{g / t}$ Au over $51.5\mathrm{m}$, continue to demonstrate strong grade and structural continuity within the HW and Main Zones, while deeper drilling and hole extensions are expanding the Footwall ("FW") system into areas that have seen little to no historical testing.
On February 10, 2026, the Company announced that the last two holes, a 125 and a $150\mathrm{m}$ step-outs to the east, from

GFG Resources Inc.

Q32026 Management's Discussion and Analysis (in Canadian dollars, except as otherwise noted)
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the Phase 2-2025 drill program successfully expanded Aljo 150 m to the East with a highlight intercept of 7.23 g/t Au over 2.0 m as discovery-driven exploration advanced across the Goldarm Property.

On April 13, 2026, the Company announces that it had completed its earn-in requirements to earn 100% of the 6,500 - hectare Wilkie, Walker, Coulson and Carr (“WWCC”) Property. Pursuant to an option agreement with International Explorers and Prospectors Inc. (“IEP”), GFG issued its final share payment of 1,665,556 common shares of the Company to IEP, exceeded the $2,000,000 in required exploration expenditures and transferred $400,000 in assessment credits to IEP.
On May 4, 2026, the Company announced that it had staked 474 additional mineral claims at its 100% owned Goldarm Property. The ~96 km², or 57% expansion, was driven by encouraging preliminary results from the regional sonic base-of-till drilling program.

OUTLOOK

GFG is well-financed and positioned to advance an aggressive, multi-pronged exploration program in 2026, designed to both grow the Aljo Gold Project and unlock new gold discoveries across the broader Goldarm Property.

Aljo Gold Project – Resource Growth Focus

At Aljo, the Company plans to continue systematic diamond drilling focused on infill and step-out targets with the objective of further delineating stacked HW, Main, and FW Zones. Drilling will prioritize expanding mineralization along strike and to depth, refining the geological model, and advancing the project toward resource-scale definition. Particular emphasis will be placed on continued testing of the HW system at depth and the emerging FW corridor, where recent drilling has outlined new zones of mineralization. In addition to infill drilling, GFG will pursue systematic step-out drilling along the eastern and western corridors to further expand the footprint of the Aljo gold system. In Q2 2026, the Company started its 6,000 m drill program at Aljo with plans to complete seven holes totaling approximately 1,300 m. Drilling is expected to be completed by end of May and assay results will be reported as they become available. The balance of the 4,700 m of drilling will be completed in the second half of 2026 with a focus on expanding known zones of gold mineralization and testing new targets generated through regional work.

Goldarm Property – Regional Discovery Engine

In 2026, GFG is advancing a district-scale regional exploration program across priority structural corridors on the Goldarm Property. Building on work initiated in late 2025, the Company has now completed a total of 82 sonic drill holes as part of its regional base-of-till ("BOT") and top-of-bedrock sampling program, designed to systematically evaluate covered portions of the Property along the Pipestone Fault and associated structures.

The sonic program includes 74 holes at the WWCC target area (average spacing ~800 m), 4 holes at Montclerg (200 m spacing), and 4 holes at Aljo (average spacing ~300 m). The program was designed with wide-spaced drilling to efficiently vector toward bedrock gold sources across underexplored areas, with initial results providing encouraging indications when integrated with geochemical, geophysical, and structural datasets.

Interpretation of these datasets has highlighted multiple areas of interest associated with the interaction of NE-oriented structural corridors, favorable mafic volcanic stratigraphy, and intrusive bodies, a geological setting consistent with gold mineralization in the Timmins camp. These results have also contributed to the Company's recent consolidation of the WWCC land position and broader expansion of the Goldarm Property.

In parallel with the sonic program, GFG completed a 4,295 m diamond drilling program across 19 drill holes in early 2026, targeting high-priority regional targets along the Pipestone Fault corridor, including Nahanni, McCristie, and Fournier. Assay results from both the sonic and diamond drilling programs remain pending and are expected to further refine targeting and support ongoing exploration efforts.

With both diamond drilling and sonic datasets continuing to build and enhance the Company's understanding of the geological and structural framework at Goldarm, GFG is well positioned to advance its regional discovery pipeline as part of a multi-year exploration strategy.

GFG Resources Inc.

Q32026 Management's Discussion and Analysis (in Canadian dollars, except as otherwise noted)
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Pen Property – Regional Target Advancement

At the Pen Property, west of Timmins, GFG continues to advance a growing pipeline of priority regional targets based on encouraging drilling results, newly acquired IP data, and extensive BOT sampling completed around the Muskego target in early 2025 (See press release dated June 2, 2025). Ongoing interpretation of BOT results has identified highly anomalous gold-grain counts and associated pathfinder minerals (Bi-W-Te) within fertile structural corridors. These targets will be refined and prioritized for drill testing in 2026.

Strategic Outlook

This aggressive 2026 exploration strategy reflects GFG’s commitment to deploying capital into the ground, leveraging its district-scale land position, and advancing multiple discovery opportunities across one of Canada’s most prolific and infrastructure-rich gold camps. Together, continued growth drilling at Aljo and systematic regional exploration across Goldarm and Pen position GFG for a catalyst-rich year ahead.

CORPORATE DEVELOPMENTS

Option and Earn-in Agreement

On April 13, 2026, the Company announces that it had completed its earn-in requirements to earn 100% of the 6,500 – hectare WWCC Property. Pursuant to an option agreement with IEP, GFG issued its final share payment of 1,665,556 common shares of the Company to IEP, exceeded the $2,000,000 in required exploration expenditures and transferred $400,000 in assessment credits to IEP.

Financing

On November 3, 2025, the Company closed the first tranche of its private placement with the issuance of 11,411,438 premium flow-through units of the Company (each, a “Premium Unit”) at a price of $0.2224 per Premium Unit for gross proceeds of $2,537,904. Each Premium Unit consists of one common share of the Company and one-half of one share purchase warrant (each whole such share purchase warrant, a “Warrant”), with each Warrant entitling the holder to acquire one additional common share of the Company at an exercise price of $0.24 for a period of 24 months from the date of issuance.

On November 7, 2025, the Company closed the second and final tranche of its private placement with the issuance of 8,550,128 flow-through common shares of the Company at a price of $0.185 per common share for gross proceeds of $1,581,774.

Sale of the Rattlesnake Property

On December 16, 2024, the Company closed the sale of its 100% owned Rattlesnake Property to Patriot for $1,700,000 in cash, a $1,000,000 non-interest bearing promissory note, due and paid December 16, 2025, and 306,122 common shares (the Company was initially issued 3,061,224 shares which were subsequently consolidated on a 10:1 basis) of Roxmore Resources Inc. (formerly Axcap Ventures Inc. (the parent company of Patriot)) having an undiscounted value of $581,633. As part of the transaction, Patriot assumed the asset retirement obligation of $288,095.

The total gain on sale was recorded as follows:

Consideration received	$
Cash payments	1,700,000
Fair value of promissory note	869,566
Fair value of common shares received	490,131
Legal fees	(74,517)
Fair value of the consideration	2,985,180
Value of obligations transferred
Asset retirement obligation	288,095

GFG Resources Inc.

Q32026 Management's Discussion and Analysis (in Canadian dollars, except as otherwise noted)
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Total gain on sale	3,273,275
Gain recognized in fiscal 2024	(225,064)
Gain recognized in fiscal 2025	3,048,211

The transaction had the following additional terms:

Patriot would replace the USD $219,000 cash deposit held with the Wyoming Department of Environmental Quality;
If a National Instrument 43-101 (“NI 43-101”) compliant resource estimate in the Rattlesnake Property reveals a mineral resource greater than 3,000,000 ounces of gold in a Measured and Indicated or Inferred category, Patriot will pay to GFG a further $1 per total mineral resource ounce in cash or common shares of Patriot, at the election of Patriot; and
Patriot reimbursed GFG for all costs and expenses relating to the Rattlesnake Property incurred from the May 9, 2024 letter of intent to December 16, 2024.

CORPORATE PROFILE

The Company was incorporated on January 24, 2012, under the laws of the Province of British Columbia, Canada. Following the completion of its initial public offering on June 26, 2012, the Company secured designation as a Capital Pool Company, according to the regulations of the TSX Venture Exchange (the "Exchange"). The Company's current corporate structure is primarily a result of the Rapier Acquisition and the following transactions:

i) On September 2, 2016, the Company entered into an arrangement agreement to acquire 100% of the issued and outstanding shares of 1070900 BC Ltd. ("1070900"), in exchange for shares of the Company which would result in a reverse take-over of the Company by the shareholders of 1070900 (the "Transaction"). As 1070900 is deemed to be the accounting acquirer for accounting purposes, its assets, liabilities and operations are included in the financial statements at their historical carrying values.

On October 21, 2016, the Transaction closed and the Company acquired, on a one for one basis, all issued and outstanding shares of 1070900 in exchange for 38,503,483 common shares of the Company. Effective June 30, 2017, the Company completed the wind-up and dissolution of 1070900.

ii) On July 5, 2016, 1070900 entered into an agreement and plan of share exchange with GFG Resources (US) Inc. ("GFG-US") to acquire all the issued and outstanding shares of GFG-US in exchange for common shares of 1070900, on a one share for one share equivalent basis. This would result in a reverse take-over of 1070900 by the shareholders of GFG-US (the "Arrangement").

On August 24, 2016, the Arrangement closed and the shareholders of 1070900 received 21,194,612 common shares of 1070900 for all the issued and outstanding shares of GFG-US. Out of 21,194,612 commons shares of 1070900, 19,050,419 common shares were issued in exchange for all of GFG-US's issued and outstanding common shares on a one for one basis. In addition to the common shares exchanged, 2,144,193 additional shares were withheld, pending the receipt of clearance certificates from the U.S. Internal Revenue Service. In January 2017, the Company received the required clearance and issued 2,144,193 common shares effective March 7, 2017.

The shareholders of 1070900 also issued 875,000 stock options in exchange for all the issued and outstanding stock options of GFG-US.

On October 27, 2016, upon receiving final acceptance from the Exchange, Crest Petroleum Corp. changed its name to GFG Resources Inc. and began trading on the Exchange as a Tier 2 Mining Issuer under the symbol "GFG". Further, on December 12, 2016, the Company announced that it had also started trading on the OTCQB Venture Market in the U.S. under the symbol "GFGSF".

The Company's head office address is Suite 202 - 640 Broadway Avenue, Saskatoon, Saskatchewan, S7N 1A9. The Company's principal business activity is the exploration and acquisition of mineral properties.

GFG Resources Inc.

Q32026 Management's Discussion and Analysis (in Canadian dollars, except as otherwise noted)

PROJECTS OVERVIEW AND EXPLORATION ACTIVITIES

In Ontario, the Company operates three gold projects (see Figures 1 & 2), each large and highly prospective gold properties within the prolific gold district of Timmins, Ontario. The Goldarm Property, Pen Gold and Dore Gold projects have similar geological settings to many of the gold deposits found in the Timmins Gold Camp which have produced over 70 million ounces of gold.

Figure 1: Regional Map of GFG Gold Projects in the Timmins Gold District

Ontario Properties

The Goldarm Property

Utilizing two earn-in agreements, multiple purchase and sale agreements and a series of staking programs, GFG acquired and consolidated a large, highly prospective land package east of the Timmins Gold Camp (see Figure 2). This consolidated land package, the Goldarm Property, is comprised mainly of the Montclerg Gold Project (see news release dated October 25, 2021), the WWCC Property (see news release dated April 13, 2022) and the Aljo Gold Project (see news release dated April 27, 2022). In addition, the Company staked more than a 6,500-hectare land package that is adjacent to both the WWCC Property and the Aljo Gold Project.

During Q2 2026, the Company staked 474 additional mineral claims expanding the Goldarm Property by $\sim 96\mathrm{km}^2$ , or $57\%$ . The expansion was driven by encouraging preliminary results from the regional sonic base-of-till drilling program.

GFG Resources Inc.

Q32026 Management's Discussion and Analysis (in Canadian dollars, except as otherwise noted)

Figure 2: Timmins East Regional Map of the Goldarm Property

Aljo Gold Project Overview

The Aljo Gold Project (see Figure 2), which host portions of the historic Aljo Gold Mine, are located adjacent to the easternmost section of the Goldarm property. The Aljo Gold Mine was the focus of underground exploration and development during the early 1900's, including two shafts to depths of 400 and 575 feet. Limited, intermittent production occurred through the 1940's. During the 1980's and early 1990's, Kingswood Exploration completed surface exploration and drilling on the property between 1988 and 1992. This historic drilling returned high-grade gold mineralization associated with quartz-carbonate veins in highly carbonate-altered mafic volcanic rocks (see Table 1). Gold mineralization is also documented in the adjacent ultramafic and porphyric felsic intrusive rocks which, along with the presence of extensional- and shear-vein systems, provides support for multiple mineralized zones and the overall high prospectivity of the area.

Table 1: Highlights from Historic Drill Intercepts on the Aljo Gold Project Claims (1)

Hole ID	From (m)	To (m)	Interval (m)	Au g/t
DC822	74.68	76.20	1.52	15.40
	85.92	86.87	0.94	10.92
K-2-88	151.49	153.31	1.83	14.34
BC-90-4	19.20	21.03	1.83	82.60
BC-90-5	78.64	80.16	1.52	11.20
BC-90-6	58.83	59.44	0.61	83.44
BC-92-12	72.24	74.07	1.83	9.24
	76.60	76.99	0.40	72.24
BC-92-21	102.78	106.07	3.29	5.46

(1) Drill intercepts are historical and GFG's $QP$ has not verified the laboratory accreditation, analytical method, sample size or QA/QC procedures utilized for the historic drill results. True widths have not been estimated.

2025 Exploration Program

Second Half 2025 Drill Program

GFG's Phase 2-2025 drill program at Aljo was designed to confirm and expand key mineralized zones across the Main, HW, and FW corridors. In the Main and HW Zones, infill and step-out drilling on $30 - 90\mathrm{m}$ centers around high-grade intercepts

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Q32026 Management's Discussion and Analysis (in Canadian dollars, except as otherwise noted)
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were successful in confirming overall continuity, expanding mineralization at depth and has driven refinement of the geologic model. In the FW corridor, drilling consisted of extending two historic holes and two deeper holes that show up-dip continuity of the FW3 Zone at 50-75 m step-outs as well as the discovery of a new FW Zone, FW4. (See Table 2 and Figures 3 and 4). In addition to infill drilling, GFG completed 150 m step-out holes to the east of the historic Aljo Gold Mine to test the extension of HW and Main zones where sparse historical drilling indicated broad anomalous gold mineralization. These step-out holes (ALJ-25-037 and ALJ-25-038) confirmed that gold mineralization extends well beyond the known limits of the mine workings. These results materially expand the footprint of the Aljo gold system and further demonstrate its scale, continuity, and growth potential.

Commentary on Assay Results

HW Zone:

The HW zone delivered broad high-grade and near-surface intercepts demonstrating scale and depth continuity including:

1.05 g/t Au over 71.0 m from 11.5 m down-hole with visible gold including 7.51 g/t Au over 3.0 m and 6.39 g/t Au over 2.0 m in ALJ-25-030 up dip of ALJ-24-012 grading 13.94 g/t Au over 7.1 m.
1.46 g/t Au over 14.3 m including 9.36 g/t Au over 1.0 m with visible gold in ALJ-25-029.
ALJ-25-036 yielded one of the highest gram-metre products at Aljo to-date, with 1.01 g/t Au over 51.5 m, including 6.36 g/t Au over 5.0 m, confirming the HW system remains open and well mineralized below historical mine workings;
ALJ-25-035 graded 10.45 g/t Au over 2.1 m, including 22.90 g/t Au over 0.9 m, with visible gold, representing the western-most test of the HW Zone to date.
ALJ-25-037 provided the first high-grade intercepts east of the diabase dyke at 1.23 g/t Au over 16.0 m, including 7.23 g/t Au over 2.0 m.
ALJ-25-032 – 3.68 g/t Au over 4.5 m, including 17.40 g/t Au over 0.5 m (with visible gold) and ALJ-25-033 – 2.03 g/t Au over 5.8 m, including 10.40 g/t Au over 0.5 m, with visible gold, further confirmed high-grade gold mineralization at depth and support modeled geometry.

Main Zone:

Infill drilling confirmed continuity of high-grade gold mineralization, supporting modeled geometry and local hosting visible gold:

ALJ-25-031 delivered multiple stacked intercepts, highlighted by 11.40 g/t over 0.8 m.
ALJ-25-038 successfully extended east of historical mine workings with multiple near surface and stacked gold intercepts, including 2.23 g/t Au over 5.3 m, including 13.30 g/t Au over 0.5 m.

FW Zones and Discovery of FW4 Zone:

The FW system continues to expand at depth, highlighting a growing secondary mineralized quarter, including:

ALJ-25-018 ext intersected 2.57 g/t Au over 2.0 m, including 4.63 g/t Au over 1.0 m at the bottom of the hole and supports continued FW upside.
ALJ-25-029 expanded FW3. Assays, hosted in strongly altered basalt with porphyry dykes and quartz-carbonate veins, included 1.15 g/t Au over 6.5 m from 335.0 m including 4.13 g/t Au over 0.7 m.
New Footwall Zone, FW4, approximately 50 m down-hole from the FW3 Zone, hosted in strongly altered mafic volcanic, flow breccia with a peak assy of 4.22 g/t Au over 0.7 m in ALJ-25-029.

GFG Resources Inc.

Q32026 Management's Discussion and Analysis (in Canadian dollars, except as otherwise noted)

These results continue to reinforce confidence in the Aljo gold system. Infill drilling continues to confirm continuity of high grade gold mineralization within the Main and HW zones – while deeper drilling continues to expand the FW system and deliver new zones of gold mineralization.

Table 2: Summary of Phase 2-2025 Aljo Gold Project Assay Results(1)

Hole ID	From (m)	To (m)	Length (m)	Au (g/t)	Zone	Visible Gold
ALJ-25-029	7.7	22.0	14.3	1.46	HW	☑
incl.	19.5	20.5	1.0	9.36	HW	☑
and	30.5	45.0	14.5	0.58	HW	☑
and	50.5	58.8	8.3	0.52	HW
and	127.8	128.8	1.0	2.74	Main
and	131.5	132.2	0.7	6.65	Main
and	190.0	199.0	9.0	1.15	Main
incl.	197.0	198.0	1.0	3.55	Main
and	335.0	341.5	6.5	1.15	FW3
incl.	339.3	340.0	0.7	4.13	FW3
and	389.0	390.5	1.5	4.22	FW4
ALJ-25-030(2)	11.5	82.5	71.0	1.05	HW	☑
incl.	15.5	18.5	3.0	7.51	HW	☑
also incl.	26.0	27.0	1.0	3.26	HW
also incl.	31.5	32.8	1.3	4.97	HW
also incl.	46.5	47.5	1.0	4.09	HW
also incl.	70.5	72.5	2.0	6.39	HW	☑
also incl.	77.5	78.5	1.0	5.00	HW
and	97.5	99.0	1.5	2.83	HW
and	113.4	114.5	1.1	1.01	HW
and	176.0	177.0	1.0	1.00	Main
and	209.5	212.0	2.5	1.28	Main
and	224.0	225.0	1.0	1.88	Main
ALJ-25-018ext	568.0	570.0	2.0	2.57	FW
incl.	569.0	570.0	1.0	4.63	FW
ALJ-25-031	124.8	126.3	1.5	1.18	HW
and	133.1	134.6	1.5	4.67	HW
and	251.9	252.7	0.8	1.97	Main
and	268.9	270.4	1.5	2.51	Main
and	297.6	298.1	0.5	1.27	Main
and	325.6	326.4	0.8	11.40	Main
ALJ-25-032	29.5	34.0	4.5	3.68	HW	☑
incl.	29.5	30.0	0.5	17.40	HW	☑
and	89.3	92.0	2.7	2.80	HW
and	130.0	131.0	1.0	2.86	Main
and	146.9	147.7	0.8	4.92	Main	☑
and	167.0	168.0	1.0	1.40	Main
ALJ-25-033	25.2	31.0	5.8	2.03	HW	☑
incl.	27.2	27.7	0.5	10.40	HW	☑
ALJ-25-034	62.4	63.6	1.2	1.27	HW
and	74.0	75.0	1.0	1.08	HW
ALJ-25-035	147.3	150.4	3.1	0.98	HW
and	159.9	162.0	2.1	10.45	HW	☑
incl.	159.9	160.9	0.9	22.90	HW	☑

GFG Resources Inc.

Q32026 Management's Discussion and Analysis

(in Canadian dollars, except as otherwise noted)

and incl.	171.2 175.0	186.5 175.9	15.3 0.9	1.51 6.98	HW HW
ALJ-25-036(3)	291.3 321.0	342.8 326.0	51.5 5.0	1.01 6.36	HW HW
ALJ-25-037	132.0 142.0	148.0 144.0	16.0 2.0	1.23 7.23	East HW East HW
and	156.2 170.9	158.2 172.7	2.0 1.8	1.07 2.40	East HW East HW
incl.	171.9	172.7	0.8	5.00	East HW
ALJ-25-038(3)	5.2 65.2	8.2 72.3	3.0 7.1	1.15 1.28	East Main East Main
and	93.8 123.0	96.2 128.3	2.4 5.3	3.21 2.23	East Main East Main
incl.	124.9	125.4	0.5	13.30	East Main

(1) Drill intercepts are presented using a $0.20\mathrm{g / t}$ Au cut-off and as drilled length with a minimum 1 gram-metre product. Composites include internal dilution of up to $3m$ at grades less than $0.20\mathrm{g / t}$ Au. Included intervals are calculated using a $3\mathrm{g / t}$ cut-off at a minimum 1 gram-metre product unless otherwise stated. True width is estimated to be 30 to $90\%$ drilled length.
(2) Includes a single $8.5\mathrm{m}$ interval below $0.2\mathrm{g / t}$ Au cut-off
(3) Includes a single $5\mathrm{m}$ interval below $0.2\mathrm{g / t}$ Au cut-off.

Figure 3: Aljo Gold Project Plan View Map(1)

GFG Resources Inc.

Q32026 Management's Discussion and Analysis

(in Canadian dollars, except as otherwise noted)

Figure 4: Aljo Gold Project Cross Section(1)

(1) Drill intercepts are presented using a $0.2\mathrm{g / t}$ Au cut-off and as drilled length. Composites include internal dilution of up to $3\mathrm{m}$ at grades less than $0.2\mathrm{g / t}$ Au. Included intervals are calculated using a $3\mathrm{g / t}$ cut-off at a minimum 1 gram-metre product unless otherwise stated. True width is estimated to be 30 to $90\%$ of drilled length. Sampling protocols, quality control and assurance measures and geochemical results related to historic drill core samples quoted in this news release have not been verified by the Qualified Person and therefore must be regarded as estimates.

GFG Resources Inc.

Q32026 Management's Discussion and Analysis (in Canadian dollars, except as otherwise noted)
Page 12

2024 Exploration Program

Phase 2 Drill Program

In late 2024 and early 2025, GFG completed a 12-hole, 2,600 m Phase 2 drill program at the Aljo Gold Project, part of the Goldarm Property in the eastern portion Timmins Gold District. This program was designed to follow up on high-grade results from earlier campaigns, test the downdip and strike potential of the HW, Main, and FW zones, and explore new targets in the Aljo West and Northwest areas. The program has been highly successful, both in extending known zones and in identifying a new high-potential footwall corridor (See Figures 5-6 and Table 3).

Commentary on Assay Results

HW Zone:

The HW Zone continues to deliver strong grades and continuity:

ALJ-24-017 returned 1.74 g/t Au over 13.2 m, including 24.2 g/t Au over 0.5 m, confirming the HW Zone at shallow depths. This 30 m step-out hole demonstrated strong quartz-carbonate veining with visible gold, underscoring the near-surface potential of the zone.
ALJ-24-018 extended the HW Zone down-dip by 50 m, intersecting 4.13 g/t Au over 5.2 m, including 8.98 g/t Au over 2.2 m.
ALJ-24-020 intersected one of the thickest and highest-grade intervals reported at Aljo to date: 6.62 g/t Au over 11.2 m, including 7.24 g/t Au over 10.2 m, with visible gold. This hole also cut multiple additional intervals, such as 32.7 g/t Au over 0.5 m and 2.67 g/t Au over 3.8 m. This intercept represented a 25 m step-out from the previously reported 13.94 g/t Au over 7.1 m in ALJ-24-012 (see news release dated August 19, 2024), extending the HW Zone eastward and highlighting its scalability.

The HW Zone now demonstrates continuity from surface to over 300 m vertical depth and has consistently produced multi-metre, multi-gram intercepts with visible gold, providing confidence in the potential for both tonnage and grade.

Main Zone:

The Main Zone was targeted for both depth and lateral extensions:

ALJ-24-018 returned 5.90 g/t Au over 1.4 m, extending mineralization 100 m down-dip from the 23.08 g/t Au over 7.6 m intercept in ALJ-24-012 (see news release dated August 19, 2024).
ALJ-24-019 intersected multiple stacked vein sets, including 8.0 g/t Au over 0.5 m and 5.11 g/t Au over 0.8 m. These results correlate with Main Zone intercepts from ALJ-23-004 (3.65 g/t Au over 6.3 m; see news release dated February 15, 2024) and historical drilling that returned 9.86 g/t Au over 8.0 m.
ALJ-24-021 and ALJ-24-022 confirmed near-surface extensions of the Main Zone in the northwest, returning 4.24 g/t Au over 3.0 m (including 12.0 g/t Au over 1.0 m) and 4.38 g/t Au over 1.3 m (including 8.21 g/t Au over 0.7 m). These intercepts were 50–60 m step-outs, extending the mineralized system further along strike. ALJ-24-021 represents a 60 m step-out from ALJ-24-014 (9.94 g/t Au over 2.9 m; see news release dated November 28, 2024).
ALJ-25-025 and ALJ-25-027 also confirmed shallow mineralization, with intercepts of 1.20 g/t Au over 11.4 m (including 5.12 g/t Au over 1.5 m) and 2.37 g/t Au over 4.0 m with visible gold. These holes stepped out 85 m from ALJ-23-004 (3.65 g/t Au over 6.3 m; see news release dated February 15, 2024).

The Main Zone results reaffirm its role as a consistent, high-grade contributor, with stacked veining and strong associations to porphyry intrusions.

FW Zones and Discovery of FW3 Zone:

One of the most important outcomes of Phase 2 was the discovery of a new footwall zone (FW3):

ALJ-24-017 also extended an earlier FW intercept by 55 m, returning 1.51 g/t Au over 5.2 m including 4.68 g/t Au over 1.5 m, further confirming continuity in the footwall environment.

GFG Resources Inc.

Q32026 Management's Discussion and Analysis (in Canadian dollars, except as otherwise noted)
Page 13

ALJ-24-019 cut a 45 m thick interval of altered basalt and porphyry, returning assays of 7.26 g/t Au over 0.6 m, 4.20 g/t Au over 0.7 m, and 2.17 g/t Au over 1.5 m. This represents a new corridor of mineralization not previously tested at depth, interpreted as a porphyry-associated gold system with significant scale potential. The FW3 discovery is a 60 m step-out from the FW2 intercept in ALJ-23-004 (13.35 g/t Au over 3.6 m; see news release dated February 15, 2024).

FW3 represents a new target horizon for Aljo, with potential to deliver both additional high-grade lenses and broader zones of mineralization.

Aljo West and Northwest Zones:

Drilling also confirmed broader envelopes of mineralization in the Aljo West area, which may provide bulk-tonnage potential:

ALJ-25-023 intersected 0.54 g/t Au over 20.4 m, including 2.54 g/t Au over 0.7 m, extending mineralization 85 m down-dip.
ALJ-24-024 cut 0.69 g/t Au over 12.6 m, consistent with prior broad intercepts such as 1.39 g/t Au over 19.0 m and 1.86 g/t Au over 17.5 m including 4.98 g/t Au over 3.6 m in ALJ-23-011 (see news release dated February 15, 2024).

These results support the presence of lower grade but broad mineralized zones that could complement the higher-grade HW, Main, and FW3 intercepts.

Geological Interpretation and Significance

The Phase 2 drill program has confirmed that Aljo hosts a robust, multi-zonal gold system characterized by:

Strike length exceeding 600 m and confirmed vertical continuity from surface to over 300 m.
Stacked, multi-vein architecture across the HW, Main, and FW zones, with strong spatial associations to mafic-ultramafic contacts and porphyry intrusions.
Visible gold in multiple intercepts, confirming the high-grade nature of the system.
A new footwall discovery (FW3) that significantly expands the exploration footprint and underscores the scalability of the system.

These results collectively demonstrate that Aljo has potential to host a sizeable, high-grade, multi-zonal gold system with both near-surface and deeper mineralization.

On the back of these results, GFG initiated an ~3,000 m follow-up drill program in September 2025. The program will prioritize:

Expansion of the FW3 discovery both along strike and down-plunge.
Step-outs to further test depth and strike continuity of the HW and Main Zones.
Advancement of targets in the Aljo West and Northwest areas.

In parallel, the Company has advanced regional exploration across the Goldarm Property, including geophysics, geochemistry, and sonic till sampling, with a particular focus on a 4 km segment of the Pipestone Fault. This corridor remains underexplored but has demonstrated potential for large, high-grade systems, supported by recent regional discoveries.

Table 3: Aljo Gold Project Assay Results 2024 Phase 2

Hole ID	From (m)	To (m)	Length (m)	Au (g/t)	Zone	Visible Gold
ALJ-24-017	45.8	59.0	13.2	1.74	HW	☑
incl.	45.8	46.3	0.5	24.20	HW	☑
also incl.	54.5	55.0	0.5	5.72	HW	☑
and	71.5	74.5	3.0	1.74	HW
and	107.0	108.5	1.5	1.79	HW
and	170.3	171.3	1.0	2.24	HW
and	374.6	378.9	4.3	0.81	Main
and	392.0	393.0	1.0	3.07	FW
and	426.0	431.2	5.2	1.51	FW
incl.	426.0	427.5	1.5	4.68	FW

GFG Resources Inc.

Q32026 Management's Discussion and Analysis
(in Canadian dollars, except as otherwise noted)
Page 14

ALJ-24-018	115.5	120.7	5.2	4.13	HW	✓
incl.	118.5	120.7	2.2	8.98	HW	✓
and	183.2	186.0	2.8	2.16	HW
incl.	184.2	185.2	1.0	3.84	HW
and	214.1	227.8	13.8	0.43	Main
and	272.9	274.3	1.4	2.26	Main
incl.	273.4	274.3	0.9	3.33	Main
and	327.2	328.7	1.4	5.90	Main
ALJ-24-019	5.3	8.7	3.4	4.39	HW	✓
incl.	8.0	8.7	0.7	10.70	HW	✓
and	27.0	28.5	1.5	7.76	HW	✓
and	34.5	38.0	3.5	1.01	HW
and	42.3	49.3	7.0	1.07	HW
incl.	45.8	46.8	1.0	5.24	HW
and	58.3	61.7	3.5	0.76	HW
and	97.4	104.4	7.0	0.48	Main
and	133.3	135.5	2.2	1.94	Main	✓
and	140.0	140.5	0.5	8.00	Main	✓
and	182.5	183.5	1.0	1.27	Main
and	202.2	203.7	1.5	2.78	Main
incl.	203.0	203.7	0.8	5.11	Main
and	228.0	235.0	7.0	0.66	Main
incl.	231.2	231.9	0.7	4.16	Main
and	254.7	255.8	1.1	1.21	Main
and	364.0	366.6	2.6	0.55	FW3
and	383.3	384.2	0.8	1.52	FW3
and	387.0	388.5	1.5	2.17	FW3
incl.	387.0	387.7	0.7	4.20	FW3
and	391.5	392.1	0.6	7.26	FW3
ALJ-24-020	49.3	49.8	0.5	32.70	HW	✓
and	70.7	81.9	11.2	6.62	HW	✓
incl.	71.7	81.9	10.2	7.24	HW	✓
and	109.5	111.0	1.5	1.92	HW
and	129.5	133.3	3.8	2.67	HW	✓
incl.	132.2	132.7	0.5	16.40	HW	✓
and	137.5	142.0	4.5	0.85	HW
and	167.0	168.0	1.0	4.92	HW
ALJ-25-021	12.3	15.3	3.0	4.24	Main - West Ext	✓
incl.	13.3	14.3	1.0	12.00	Main - West Ext	✓
and	23.0	26.4	3.4	0.71	Main - West Ext
and	178.3	186.0	7.7	0.51	Main - West Ext
ALJ-25-022	15.2	16.5	1.3	4.38	Main - West Ext	✓
incl.	15.2	15.8	0.7	8.21	Main - West Ext	✓
and	43.3	46.8	3.5	0.71	Main - West Ext
and	61.5	64.0	2.5	0.85	Main - West Ext
ALJ-25-023	172.9	193.3	20.4	0.54	Northwest
incl.	177.5	178.2	0.7	2.54	Northwest
also incl.	185.0	186.5	1.5	1.87	Northwest
ALJ-25-024	4.8	9.0	4.2	0.53	Northwest
and	21.5	25.0	3.5	0.44	Northwest
and	37.1	49.6	12.6	0.69	Northwest
incl.	41.0	42.0	1.0	2.49	Northwest
ALJ-25-025	20.0	31.4	11.4	1.20	Main - West Ext
incl.	20.0	21.5	1.5	5.12	Main - West Ext
and	41.0	46.5	5.5	1.28	Main - West Ext
and	169.0	169.7	0.7	2.97	Main - West Ext

GFG Resources Inc.

Q32026 Management's Discussion and Analysis (in Canadian dollars, except as otherwise noted)

ALJ-25-026	18.0	19.0	1.0	1.23	Main - West Ext
and	34.5	41.2	6.7	0.63	Main - West Ext
and	87.6	119.5	32.0	0.31	Main - West Ext
and	125.9	126.8	0.9	8.56	Main - West Ext	✓
ALJ-25-027	43.5	47.5	4.0	2.37	Main	✓
incl.	46.0	47.5	1.5	5.92	Main	✓
and	50.9	52.4	1.5	1.37	Main	✓
and	57.6	62.0	4.4	0.52	Main	✓
and	68.0	72.5	4.5	1.12	Main	✓
incl.	72.0	72.5	0.5	7.83	Main	✓
and	78.8	81.2	2.4	2.62	Main	✓
incl.	78.8	79.4	0.6	7.52	Main	✓
and	136.1	136.6	0.5	4.25	Main	✓
and	152.5	157.0	4.5	0.47	Main
and	167.3	168.2	0.9	1.34	HW
ALJ-25-028	123.2	124.2	1.0	1.10	North

*Drill intercepts are presented using a 0.20 g/t Au cut-off and as drilled length with a minimum 1 gram-metre product. Composites include internal dilution of up to 3 m at grades less than 0.20 g/t Au. Included intervals are calculated using a 3 g/t cut-off at a minimum 1 gram-metre product unless otherwise stated. True width is estimated to be 30 to 90% drilled length.

Figure 5: Aljo Gold Project Plan View Map(1)

GFG Resources Inc.

Q32026 Management's Discussion and Analysis

(in Canadian dollars, except as otherwise noted)

Figure 6: Aljo Gold Project Target Cross Section $^{(2)}$

(1) Drill intercepts are historical and GFG's QP has not verified the laboratory accreditation, analytical method, sample size or QA/QC procedures utilized for the historic drill results. True widths have not been estimated.
(2) Historical drill intercepts are referenced from the 1989 Kingswood Explorations Ltd. assessment report # 42A09NW0568 authored by Ken Lapierre.

Phase 1 Drill Program

In June 2024, the Company completed 5 holes $(1,700\mathrm{m})$ focused on testing the downdip and lateral extensions of the historic Aljo Mine and completed step-out holes related to the Company's 2023 drill program. Drilling was successful in expanding known mineralized zones and identifying new zones of gold mineralization which host significant visible gold and tellurides (see Table 4 and Figures 7 and 8).

GFG Resources Inc.

Q32026 Management's Discussion and Analysis (in Canadian dollars, except as otherwise noted)

Commentary on Assay Results

Drilling at Aljo in 2024 continued to expand high-grade mineralization both below and beyond historical mine workings (see news releases dated February 15, 2024, and August 19, 2024).

ALJ-24-012 returned one of the best intercepts to date, grading 23.08 g/t Au over 7.6 m including 215.00 g/t Au over 0.8 m, 160 m down-dip of a historic 1988 intercept of 9.86 g/t Au over 8.0 m. The hole also confirmed continuity in the Footwall Zone with visible gold and strong sulphide veining, approximately 100 m down-dip of 2023 results of 13.35 g/t Au over 3.6 m.
ALJ-24-013 intersected nine zones of mineralization with assays up to 2.55 g/t Au over 1.5 m, correlating with the high-grade Main Zone intercepts of ALJ-24-012, and confirmed continuity in the Footwall Zone (1.20 g/t Au over 2.2 m).
ALJ-24-014 discovered three new high-grade veins northwest of the mine, highlighted by 9.94 g/t Au over 2.9 m, 10.40 g/t Au over 0.7 m, and 6.41 g/t Au over 1.1 m, with peak assays of 22.8 g/t Au. These results complement broader bulk-tonnage style intercepts drilled in 2023 to the west.
ALJ-24-015, drilled west of ALJ-24-014, intersected 1.36 g/t Au over 2.9 m including 3.57 g/t Au over 1.0 m, extending the northwest trend.
ALJ-24-016, 200 m east of the workings across the Kingswood Shear, intersected multiple narrow zones including 3.19 g/t Au over 0.6 m, extending the system eastward.

Table 4: Aljo Gold Project Assay Results 2024 Phase 1

Hole ID	From (m)	To (m)	Length (m)	Au (g/t)	Zone	Visible Gold
ALJ-24-012	8.0	16.0	8.0	0.86	HW	VG
and	19.2	27.5	8.4	0.81	HW	VG
and	72.3	79.3	7.1	13.94	HW	VG
incl.	73.3	79.3	6.0	15.92	HW	VG
and	100.0	113.3	13.3	1.71	HW	VG
incl.	112.4	113.3	0.9	19.20	HW	VG
and	223.9	231.5	7.6	23.08	Main	VG
incl.	225.3	226.1	0.8	215.00	Main	VG
and	251.4	265.8	14.5	0.40	Main	VG
and	440.6	444.0	3.4	0.81	FW	VG
ALJ-24-013	103.0	107.7	4.7	0.72	Main
and	165.5	174.9	9.3	0.53	Main
and	217.0	227.4	10.4	0.52	Main
and	231.0	238.5	7.5	0.71	Main
and	258.1	259.0	0.9	2.03	Main
and	266.5	269.5	3.0	0.53	Main
and	369.9	377.5	7.6	0.41	Main
and	393.8	400.0	6.3	0.53	Main
and	409.1	411.3	2.2	1.20	Main
ALJ-24-014	46.5	47.5	1.0	3.83	Aljo (New)
and	86.8	87.8	1.0	2.57	Aljo (New)
and	91.7	94.6	2.9	9.94	Aljo (New)	VG
and	177.6	183.2	5.6	2.07	Aljo West

GFG Resources Inc.

Q32026 Management's Discussion and Analysis (in Canadian dollars, except as otherwise noted)

incl.	182.1	183.2	1.1	6.41	Aljo West
and	229.6	236.8	7.2	1.31	Aljo West
incl.	236.1	236.8	0.7	10.40	Aljo West
and	279.0	280.0	1.0	2.14	Aljo West
ALJ-24-015	170.1	173.0	2.9	1.36	Aljo West
incl.	172.0	173.0	1.0	3.57	Aljo West
and	181.5	188.0	6.5	0.50	Aljo West
and	229.9	233.6	3.7	0.38	Aljo West
ALJ-24-016	88.8	90.0	1.2	1.02	Aljo East
and	163.7	165.7	2.0	1.70	Aljo East
incl.	163.7	164.3	0.6	3.19	Aljo East

*Drill intercepts are presented using a 0.20 g/t Au cut-off and as drilled length with a minimum 5 gram-metre product. Composites include internal dilution of up to 3 m at grades less than 0.2 g/t Au. Included intervals are calculated using a 3 g/t cut-off at a minimum 5 gram-metre product unless otherwise stated. True width is estimated to be 30 to 90% of drilled length.

Figure 7: Aljo Gold Project Plan View Map

GFG Resources Inc.

Q32026 Management's Discussion and Analysis (in Canadian dollars, except as otherwise noted)

Figure 8: Drill Core Photos from ALJ-24-012

Based on these latest high-grade drill intercepts including those from the Aljo HW Zone (see news release dated August 19, 2024), the Company engaged a structural geological consultant to review drillcore intercepts from Aljo and provide feedback on the overall geologic setting and describe the vein styles in detail. This work has lead to an increased understanding of structural controls on mineralization. Petrographic work on specific gold-bearing quartz veins and porphyry dykes was also prioritized in order to better delineate the different generations of veins and dykes. The geological model has also been advanced with help from recent drilling and review of historical drill logs. This work will allow for the mafic volcanic packages to be subdivided into different types including amygdaloidal and variolitic varieties. These distinguishing features have been shown to be key in different parts of the Timmins belt where locally, they can act as excellent host-rocks to gold mineralization.

Pen Gold and Dore Gold Properties Overview

Through four transactions and a series of staking programs, GFG acquired and consolidated two large, highly prospective land packages west and southwest of Timmins, Ontario. The northern consolidated land package, the Pen Gold Project, consisted of three transactions which included the West Porcupine property purchased from Probe, the Pen Gold property with the acquisition of Rapier, and the Sewell property purchased from Alamos. The southern consolidated land package, the Dore Gold Project, consists of the Swayze property acquired from Osisko, and land added through a regional staking program (see news releases dated December 11, 2017, February 28, 2018, May 10, 2018 and June 25, 2018).

The Pen Gold and Dore Gold projects host highly prospective geology in an underexplored area. Previous exploration work and drilling on the properties have identified several distinctive and prospective zones of gold mineralization and targets that will be the focus of upcoming exploration programs.

Pen Gold Project Overview

The Pen Gold property is located $50\mathrm{km}$ southwest of the prolific gold district and town of Timmins, Ontario (see Figure 1). The property represents a land package of approximately 475 square km and is situated between Newmont's Borden Gold project and the Pan American Silver's Timmins West Mine. The property covers an approximately 55-kilometre-long section of Archean greenstone that contains the interpreted western extension of the PDFZ within the same geological setting that hosts most of the gold deposits found in the Timmins Gold Camp.

GFG Resources Inc.

Q32026 Management's Discussion and Analysis (in Canadian dollars, except as otherwise noted)
Page 20

Geology

The Pen Gold Project is located in the Archean Superior Province of Northern Ontario. The Archean Superior Province is host to a variety of lithologies which range in age from 3.5 Ga to less than 2.76 Ga and form an east-west trending pattern of alternating terranes. It is divided into numerous subprovinces, bounded by linear faults and characterized by differing lithologies, structural/tectonic conditions, ages and metamorphic conditions.

The Abitibi Subprovince is a volcano-plutonic terrane comprising low metamorphic grade metavolcanic-metasedimentary belts. It contains lithologically diverse metavolcanic rocks with various intrusive suites and to a lesser extent chemical and clastic metasedimentary rocks. The individual greenstone belts within the Subprovince have been intruded, deformed and truncated by felsic batholiths. The east trending Abitibi and Swayze greenstone belts of the Abitibi Subprovince have historically been explored and mined for a variety of commodities.

The Pen Gold Project lies within the Abitibi Subprovince, proximal to its western boundary with the Kapuskasing Structural Zone and the Ivanhoe Lake Cataclastic Zone. It is situated at the northern limit of the Swayze Greenstone Belt and is thought to be the western extension of the Abitibi Greenstone Belt (see Figure 9).

Figure 9: Pen Gold Property Outline and Regional Geology Map

Muskego Gold Target

The Muskego target was outlined by base-of-till sampling on the west side of the Pen Gold Project (see Figures 10 - 11). The Muskego area is an expansive swamp and has no outcrop, which has impeded historic exploration efforts. Detailed geophysical and geochemical analyses and modelling has resulted in defining the Muskego area as a high-potential discovery area with several drill ready targets.

GFG Resources Inc.

Q32026 Management's Discussion and Analysis (in Canadian dollars, except as otherwise noted)

Figure 10: Muskego Sonic Bedrock Samples and Petrography

Figure 11: Muskego Regional Target

Recent Exploration - Pen Gold Project

In February, the Company launched its inaugural drill program to test several greenfield targets across the 30 square kilometre Muskego target area. To date, the Company has tested 5 targets with 10 holes totaling $2,685\mathrm{m}$ . The Company also completed 2 drillholes totaling 234 metres at the Chabot Target ("Chabot") target located within the southeastern region of the Pen Property on a block that was recently acquired from Pelangio (see news release dated March 21, 2025). This winter drill program focused on systematically testing the Muskego North Shear Zone (Alpha and Foxtrot targets), the southern Muskego Shear Zone (Charlie target), and interpreted extensions of the Destor-Porcupine Fault (Delta target), and Chabot. The results are encouraging, particularly at the Alpha and Chabot targets, where meaningful gold and base metal mineralization was intersected. This inaugural drill program at Muskego has confirmed the potential of the Muskego shear system where the mineralization is aligning with key structural and lithological controls.

GFG Resources Inc.

Q32026 Management's Discussion and Analysis (in Canadian dollars, except as otherwise noted)
Page 22

Technical Summary of Results (1)

Alpha Target (Muskego North Shear Zone)

The first five holes (MSK-25-001 to 005) focused on the Muskego North Shear Zone, host to a 2022 sonic bedrock sample that returned 5.18 g/t Au with associated pathfinder anomalism. Notably, hole MSK-25-004 intersected 1.00 g/t Au over 1.0 m in highly strained and brecciated chlorite-altered mafic volcanics at a depth of 64.7 m. This intercept projects well to the up-dip sonic sample location, confirming the presence of shear-hosted gold mineralization. Additional zones of stratabound and remobilized sulphides were observed across multiple holes, including anomalous base metal results such as 0.34% zinc over 0.75 m in MSK-25-001 and 0.3% zinc over 0.8 m within a 20.0 m interval of anomalous copper and zinc in MSK-25-004.

Foxtrot Target

Hole MSK-25-005 tested a gold-in-till anomaly 1.3 km east of the Alpha Target and intersected stratabound and remobilized sulphides with up to 0.3% zinc and 0.14% copper.

Bravo Target (Porcupine Basin Margin)

Drilling at the Bravo target tested the southern margin and core of the interpreted Porcupine sedimentary basin (holes MSK-25-006 and 007). Although sulphide mineralization was weak, thick sequences of feldspar porphyry intrusions and felsic tuffs were encountered, with up to 2% disseminated pyrite noted locally.

Charlie Target (Muskego South Shear Zone)

Follow-up drilling on 2022 sonic till anomalies at Charlie returned a highlight of 0.57 g/t Au over 0.65 m (MSK-25-008) and identified broad quartz-carbonate veining within altered and strained porphyry units in MSK-25-009. These structural features warrant additional work.

Delta Target (Destor-Porcupine Fault Zone)

Hole MSK-25-010 marked the first test of the Destor-Porcupine fault zone west of the historic Joburke Gold Mine. The hole intersected a rubbly fault zone from 100 to 159 m within strongly hematized, syenite-like porphyry and ultramafic rocks, validating the fault's presence and its potential for mineralization.

Chabot Target

Significant near-surface gold mineralization was intersected in hole PEN-25-100, which returned 3.90 g/t Au over 3.5 m from 15 m downhole, including 9.62 g/t Au over 1.0 m, with nearly 0.1% copper. A second zone at 110 m depth returned 2.6 g/t Au over 1.3 m with over 1% (2) zinc and nearly 0.1% copper. These intervals were encountered in sericite-altered felsic tuffs and porphyries and suggest a previously unrecognized style of gold mineralization outside the typical iron-formation host.

In addition to the winter program, the Company completed a sonic drill program focused on the western portion of the Muskego target area (see Figure 12). The purpose of the sonic drill program was to gain till and bedrock samples to generate additional drill targets in this underexplored region. Further, the Company completed a 54 line-kilometre IP survey over the main portion of the Muskego target. The IP survey will support exploration efforts by refining current targets and outlining new targets.

GFG Resources Inc.

Q32026 Management's Discussion and Analysis (in Canadian dollars, except as otherwise noted)

Figure 12: Muskego Target Plan View Map

(1) Drill intercepts are presented using a $1.0\mathrm{g / t}$ Au cut-off and as drilled length. Composites include internal dilution of up to $3m$ at grades less than $1.0\mathrm{g / t}$ Au. True width is estimated to be 70 to $90\%$ of drilled length. Sampling protocols, quality control and assurance measures and geochemical results related to historic drill core samples quoted in this news release have not been verified by the Qualified Person and therefore must be regarded as estimates.
(2)Full assay result is incomplete as overlimit assays remain pending.

Dore Gold Project Overview

The Dore Gold Project is located $40\mathrm{km}$ east of Newmont's Borden Gold project and $30\mathrm{km}$ northwest of IAMGOLD's Cote Lake gold project in Ontario. The land package consists of approximately 212 square km and covers a 12-kilometre-long section of Archean greenstone within the Swayze Greenstone Belt (see Figure 13).

Geology

The Dore Project is located within the central part of the Swayze Greenstone Belt that is part of the western extension of the Abitibi Subprovince, a Neo-Archean granitoid-greenstone belt. This greenstone belt is bounded and transected by major faults and large batholiths including the Kapuskasing Fault, the PDFZ, the Ridout Fault, the Kenogamissi batholith, and the Nat River and Ramsey granitoid complexes.

The Dore Gold property covers mafic and felsic volcanic packages along the Rundle Fault Zone and is located only a few km north of the Rideout Fault Zone that hosts the Cote Lake gold deposit.

GFG Resources Inc.

Q32026 Management's Discussion and Analysis (in Canadian dollars, except as otherwise noted)
Page 24

The western limit and central zone of the Dore Gold property is located within the Bret Lake synform, which is composed mainly of metasedimentary rocks and metavolcanic flows from the Swayze-Dore stratigraphic package. The rocks are a mixed group of felsic to intermediate pyroclastic and volcaniclastic rocks intercalated with epiclastic metasedimentary rocks of the Swayze series. Irregular feldspar-quartz porphyry stocks, dykes, and sills, and medium to coarse-grained diorite-gabbro intrude all rocks within the supra-crustal sequences. Northwest striking diabase dikes intrude all older lithologies. Known gold mineralization described for this area is related with shear zones; porphyritic intrusions, and quartz-carbonate-sericite veins with associated carbonatization, silicification, chloritization, and potassic alteration.

The eastern-most claims of the property package cover the central section of the Bret Lake synform at the contact with a large intrusive center that include dioritic and syenitic marginal intrusive phases. Quartz-carbonate-sericite gold mineralization is reported in close special relationship with the intrusive rocks.

Recent Exploration – Dore Gold Project

The Company carried out a widespread bulk till sample program late in 2023. A total of 215 samples were taken with an additional 45 samples collected during the summer of 2024. All grain counts and geochemical results have now been received and GFG is planning follow-up prospecting programs for the summer of 2025 to follow-up on anomalous gold grain counts in till up to 110 grains per 10kg sample. The goal is to develop these greenfield targets into drill targets for first drill testing late in 2025 or 2026.

Figure 13: Dore Gold Project

Montclerg Gold Project Overview

The Montclerg Gold Project is located 48 km east of the prolific Timmins Gold Camp and is surrounded by multiple current and historic gold mines. The Project consists of five patented mining claims and 110 unpatented mining claims that cover 10 km of the highly prospective Pipestone Deformation Zone (see Figures 1-2) which hosts multiple gold deposits and mines in one of the most prolific gold districts in the world.

GFG Resources Inc.

Q32026 Management's Discussion and Analysis (in Canadian dollars, except as otherwise noted)

Figure 14: Montclerg Gold Project Geology Map with Historic Drill Holes

The Montclerg Gold Project overlaps the Pipestone Deformation Zone, a major northern splay of the Porcupine Destor Deformation Zone ("PDFZ") and is within 10 km's of the Stock Mine and Mill and the Taylor Gold Mine. The two gold prospects at the Montclerg Gold Project, MC and CX, occur north and south of the Pipestone Deformation Zone, respectively, and are associated with east-northeast trending fault zones that bisect the metasedimentary, felsic volcanic, mafic volcanic and felsic porphyric rocks of the area.

MC Prospect

Since the discovery of gold at the MC prospect in 1938, and prior to the acquisition of the Project by GFG, a total of 19,730 m were drilled in 96 holes that sporadically test the trend over a 1.5 km strike length. The vast majority of holes, approximately 80, were drilled prior to 1967 and focused on depths of less than 150 m. These historic holes were not sampled completely with only the most intensely veined intervals assayed.

Drilling in 2016 demonstrated the existence of up to five separate gold zones at the MC prospect. Well-sampled drill core shows three upper zones with grades and thickness on the order of 1.5 g/t Au over 25.5 m⁽¹⁾. Two deeper zones were intersected in several drill holes that tested the mafic volcanic footwall deeper than 200 m vertical. The two deeper zones are higher grade and have returned up to 3.28 g/t Au over 2.4 m, 3.69 g/t Au over 7.4 m (including 9.23 g/t Au over 2.2 m) and 6.05 g/t Au over 2.0 m⁽¹⁾. Broadly spaced drilling indicates this footwall system extends over a strike length of 175 m.

CX Prospect

The CX prospect, occurring about 350 m south of the MC prospect, was first drilled in 1987. A total of 4,700 m has been drilled in 23 holes that test portions of the 1.2 km trend to depths of less than 200 m. The geology and character of mineralization is analogous to the Clavos gold deposit with the mineralization at CX also occurring in close proximity to a quartz-feldspar porphyry body that intruded along the contact of the metasedimentary and ultramafic rocks within the Pipestone Deformation Zone.

Both the MC and CX prospects have only been drilled sporadically along strike and have only been tested to shallow depths (<200 m vertical) (see Figure 14). They remain open at depth and along strike. Importantly, the deeper high-grade zones at the MC prospect demonstrate the high prospectivity of the footwall mafic volcanic rocks. See Table 6 below for a list of selected highlighted historic drill results⁽¹⁾.

Table 5: Select Highlighted Historic Drill Holes from the Montclerg Gold Project

Hole	From (m)	To (m)	Length (m)	Au (g/t)	Zone
MON-16-01	40.5	81.0	40.5	1.20	MC Central
and	54.0	79.5	25.5	1.53	MC Central
and	121.5	145.5	24.0	0.88	MC Central
and	294.6	297.0	2.4	3.28	MC Central
MAT-06-07	324.6	332.0	7.4	3.69	MC Central
incl.	324.6	326.9	2.2	9.23	MC Central

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and	369.3	371.3	2.0	6.05	MC Central
MON-07-01	48.6	60.0	11.3	1.76	MC West
and	65.4	73.7	8.3	1.92	MC West
and	126.0	134.0	8.0	2.66	MC West
CMX13	58.0	59.0	1.0	3.98	CX Central
and	63.0	69.0	6.0	1.20	CX Central
and	82.0	87.0	5.0	4.11	CX Central
and	85.0	86.0	1.0	16.95	CX Central

Drill intercepts are historical and presented using a 0.20 g/t Au cut-off and as drilled length. True width is estimated to be 50 to 90% of drilled length. GFG's QP has not verified the laboratory accreditation, analytical method, sample size or QA/QC procedures utilized for the historic drill results.

Potential quantity and grade are conceptual in nature. There has been insufficient exploration to define a Mineral Resource on the Project to date and it is uncertain if further exploration will result in the Project being defined as a Mineral Resource.

RESULTS OF OPERATIONS

The following financial data is derived from the Company's condensed interim consolidated financial statements for the nine months ended March 31, 2026 and 2025:

	March 31, 2026	March 31, 2025
Expenses	$1,742,345	$1,448,648
Net income before income taxes	$133,652	$2,172,318
Basic and diluted income per share	$0.00	$0.01
Total current assets	$5,775,728	$5,701,567
Total current liabilities	$1,394,422	$1,367,644
Working capital	$4,381,306	$4,333,923
Exploration and evaluation assets	$41,692,847	$35,825,667

Net income (loss)

For the three months ended March 31, 2026, the Company reported net income before taxes of $209,789, or $0.00 per share. This compares to the prior period's net loss before taxes of $375,674, or $0.00 per share. For the nine months ended March 31, 2026, the Company reported net income before taxes of $133,652, or $0.00 per share. This compares to the prior period's net income before taxes of $2,172,318, or $0.01 per share. Net income (loss) before taxes for the current and prior periods is comprised of the following significant items:

Expenses

For the three months ended March 31, 2026, the Company incurred total operating expenses of $753,454 versus $584,854 reported during the prior period.

For the nine months ended March 31, 2026, the Company incurred total operating expenses of $1,742,345 versus the $1,448,648 reported during the prior period.

Significant period over period expense variations are described below:

Directors' fees increased by $1,119, quarter over quarter, and increased by $5,595 for the first nine months of fiscal 2026 versus the prior year's comparable period. This was due to increased cash retainer fees which began during the third quarter of fiscal 2025;
Investor relations expenditures increased by $71,862, quarter over quarter, and increased by $83,445 for the first nine months of fiscal 2026 versus the prior year's comparable period. These results were due to increased salaries and

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added focus on trade shows;

Memberships and dues increased by $5,571, quarter over quarter, and increased by $9,560 for the first nine months of fiscal 2026 versus the prior year’s comparable period. These results were due to added conference and training costs reported during the current periods;
Professional fees decreased by $17,153, quarter over quarter, and decreased by $27,462 for the first nine months of fiscal 2026 versus the prior year’s comparable period. The decrease was due to higher legal fees reported during the first nine months of fiscal 2025, which related to the negotiation of a First Nations exploration agreement;
Office expenditures decreased by $3,243, quarter over quarter, and decreased by $12,286 for the first nine months of fiscal 2026 versus the prior year’s comparative period. These decreases were a result of higher IT expenditures reported during the first nine months of fiscal 2025;
Salaries and benefits increased by $132,259, quarter over quarter, and increased by $197,214 for the first nine months of fiscal 2026 versus the prior year’s comparable period. This increase was due to compensation increases reported during the current periods; and
Share-based compensation (non-cash item) decreased by $21,932, quarter over quarter, and increased by $18,064 for the first nine months of fiscal 2026 versus the prior year’s comparable period. These results were due to the timing of expensing the estimated fair value of stock options granted combined with differences in the fair value (Black Scholes) and volume of stock options granted during the periods.

Recovery of Premium on Flow-Through Shares (non-cash item)

For the three months ended March 31, 2026, the Company reported a recovery of premium on flow-through shares of $516,920 (March 31, 2025 - $136,185). For the nine months ended March 31, 2026, the Company reported a recovery of premium of flow-through shares of $1,045,922 (March 31, 2025 - $355,007). These flow-through shares issued in a non-brokered private placement were issued at a premium to the market price in recognition of the tax benefits accruing to subscribers. The flow-through premium is derecognized through income as the qualifying expenditures are incurred (see Note 11 to the Financial Statements).

Change in Fair Value of Investment (non-cash item)

For the three months ended March 31, 2026, the Company reported a change in fair value of investment of $428,393 (March 31, 2025 - $9,200). For the nine months ended March 31, 2026, the Company reported a change in fair value of investment of $689,533 (March 31, 2025 - $24,905). Pursuant to the sale of its Rattlesnake Hills property (see Note 6 to the Financial Statements), the Company received 306,122 common shares of TSX listed Roxmore Resources Inc. (formerly Axcap Ventures Inc.). The Company’s investment is recorded at fair value, using quoted market prices, and is marked to market at each reporting date. Unrealized gains or losses resulted from changes in fair value are recognized in earnings during the period in which they arise.

Deferred tax expense (non-cash item)

For the three months ended March 31, 2026, the Company reported deferred income tax expense of $590,000 (March 31, 2025 - $106,000). For the nine months ended March 31, 2026, the Company reported deferred income tax expense of $843,000 (March 31, 2025 - $180,100). The deferred income taxes were mainly associated with the difference between the book value of the Company’s exploration and evaluation assets and their cost base for tax purposes, as it was reduced as a result of flow-through financings which are typically used to fund the Company’s exploration programs on its Goldarm and Pen and Dore Projects.

Interest and Other Expense

Interest and other expense includes interest expense on the Company’s lease liability (see Note 12 to the Financial Statements), Part XII.6 tax on flow-through amounts raised but not spent and other miscellaneous expenditures. Also, the prior period’s balance included accretion expense on the Company’s asset retirement obligation. For the three months ended March 31, 2026, interest and other expense was $16,517 (March 31, 2025 - $2,172). For the nine months ended March 31, 2026, interest and other expense was $27,451 (March 31, 2025 - $10,032).

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Interest Income

Interest income includes interest earned on surplus cash placed on call with low-risk financial institutions. For the three months ended March 31, 2026, interest income was $35,153 (March 31, 2025 - $34,220). For the nine months ended March 31, 2026, interest income was $103,526 (March 31, 2025 - $72,917). The increase, period over period, was a result of higher surplus cash earning interest at declining rates.

Other Income

Other income includes accretion interest income reported on the unwinding of the discount on the promissory note receivable and, in the prior period, certain expense reimbursements received pursuant to the Rattlesnake Agreement. For the three months ended March 31, 2026, other income was $nil (March 31, 2025 - $32,162). For the nine months ended March 31, 2026, other income was $62,295 (March 31, 2025 - $110,753).

Gain on Sale of the Rattlesnake Property

On December 16, 2024, the Company sold its 100% owned Rattlesnake Property to Patriot for $1,700,000 in cash, a $1,000,000 noninterest-bearing promissory note, due and paid December 16, 2025, and 306,122 common shares (the Company was initially issued 3,061,224 shares which were subsequently consolidated on a 10:1 basis) of Roxmore Resources Inc. (formerly Axcap Ventures Inc. (the parent company of Patriot)) having an undiscounted value of $581,633. As part of the transaction, Patriot also assumed the asset retirement obligation of $288,095.

During the three and nine months ended March 31, 2026, the gain recognized on the sale of the Rattlesnake Property was $nil. For the three and nine months ended March 31, 2025, the Company reported a gain on the sale of $nil and $3,048,211, respectively.

Summary of Quarterly Results for the Last Eight Consecutive Quarters

Historical quarterly financial information derived from the Company's eight most recently completed quarters is as follows:

	Mar 31 2026	Dec 31 2025	Sept 30 2025	June 30 2025	Mar 31 2025	Dec 31 2024	Sept 30 2024	June 30 2024
Net income (loss) before taxes	$209,789	$89,604	$(165,741)	$(419,675)	$(375,674)	$2,489,299	$58,693	$(114,487)
Net income (loss) per share	$0.00	$0.00	$(0.00)	$(0.00)	$(0.00)	$0.01	$0.00	$(0.00)
Total assets	$47,619,478	$47,390,228	$43,538,153	$43,351,113	$41,570,201	$40,904,425	$34,953,127	$35,157,541
Total liabilities	$2,697,630	$2,273,772	$1,706,531	$1,335,491	$1,695,744	$922,693	$1,185,947	$1,450,275

The net income (loss) before taxes fluctuated over the eight quarters primarily because of variable non-cash recovery of premium on flow-through shares (see Note 11 to the Financial Statements). For the quarters ended March 31, 2026, December 31, 2025 and September 30, 2025, the net income (loss) before taxes was also impacted by the unrealized gain on the change in fair value of investment. For the quarters ended December 31, 2024, September 30, 2024 and June 30, 2024, the net income (loss) before taxes was impacted by the deposits received and gain on sale of the Rattlesnake Property.

Total assets have generally trended higher over the past eight quarters. The increase to total assets over the eight quarters was a result of exploration and evaluation spending, funded by equity issues. Any decline in total assets quarter over quarter was largely due to eligible private placement proceeds being spent on general and administrative costs. For the quarter ended December 31, 2024, the significant increase in total assets was due to proceeds received on the sale of the Rattlesnake Property (see Note 8 to the Financial Statements) combined with the cash received on the exercise of warrants (see Note 14 to the Financial Statements).

Fluctuations in total liabilities over the past eight quarters is due to the timing of trade payables, as they relate to exploration expenditures, and the recording of flow-through share premium liabilities (see Note 11 to the Financial Statements).

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LIQUIDITY AND CAPITAL RESOURCES

The Company has financed its operations to date through the issuance of common shares. The Company will continue to seek capital through various means including the issuance of equity. The Company has not pledged any of its assets as security for loans, or otherwise, and is not subject to any debt covenants.

The Company's liquidity and capital resources are as follows:

	March 31, 2026	June 30, 2025
Cash and cash equivalents	$4,211,755	$4,649,387
Total current assets	$5,775,728	$6,560,030
Total current liabilities	$1,394,422	$976,491
Working capital	$4,381,306	$5,583,539

At March 31, 2026, the Company had cash and cash equivalents of $4,211,755 (June 30, 2025 - $4,649,387) and working capital of $4,381,306 (June 30, 2025 - $5,583,539). The decrease in working capital was primarily a result of general administrative expense and exploration and evaluation expenditures incurred at the Goldarm Property and the Pen and Dore Gold Projects exceeding proceeds received from a November 2025 private placement (see Note 14 to the Financial Statements) and funds received on the settlement of the promissory note receivable (see Note 7 to the Financial Statements). As the Company currently has no source of recurring income or operating cash flow to fund projected levels of exploration activities and associated overhead costs, it is dependent upon and will continue to be dependent on equity or other forms of financing.

	Nine Months Ended March 31, 2026	Nine Months Ended March 31, 2025
Cash flow from (used in):
Operating activities	$(1,392,054)	$(1,260,866)
Investing activities	$(3,049,630)	$(1,180,914)
Financing activities	$4,004,052	$3,817,054
Increase (decrease) in cash	$(437,632)	$1,375,274
Cash and cash equivalents, beginning of period	$4,649,387	$2,147,401
Cash and cash equivalents, end of period	$4,211,755	$3,522,675

Operating Activities

During the nine months ended March 31, 2026, the Company's cash flow used in operating activities was $1,392,054 (March 31, 2025 - $1,260,866). This increase in net cash used in operating activities, period over period, was due to a $332,240 increase in cash used in operations prior to working capital changes, primarily a result of certain expenditure increases, which was partially offset by the $201,052 increase in cash as a result of changes in non-cash working capital items.

Investing Activities

Cash used in investing activities for the nine months ended March 31, 2026 was $3,049,630 (March 31, 2025 - $1,180,914). Cash expenditures for the current period were comprised of exploration expenditures at the Company's Goldarm Property and Pen and Dore Gold Projects of $4,335,212 (March 31, 2025 - $2,581,333). During the current period the Company received $1,000,000 from the settlement of the promissory note receivable (see Note 7 to the Financial Statements) as well as the reclamation bond release of $298,782, both payments were received pursuant to the sale of the Rattlesnake Property. In addition, during the current period the Company purchased certain equipment for $13,200. Also, during the nine months ended March 31, 2025, the Company received cash proceeds of $1,400,419, net of legal costs, from the sale of the Rattlesnake Property (see Note 8 to the Financial Statements).

The following is a continuity of the Company's exploration and evaluation expenditures:

	Ontario Pen & Dore	Ontario Goldarm	Total
Balance, June 30, 2024	$23,364,382	$9,098,125	$32,462,507

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Additions:
Acquisition and staking costs	4,500	253,604	258,104
Exploration expenses
Claim maintenance fees	8,323	20,787	29,110
Consulting	575,338	267,973	843,311
Salaries and benefits	298,847	530,144	828,991
Drilling	558,603	402,115	960,718
Geochemistry	294,955	257,209	552,164
Geophysics	308,318	-	308,318
General field expenses	361,974	352,014	713,988
	2,410,858	2,083,846	4,494,704
Ontario Junior Exploration Program Assistance	-	(200,000)	(200,000)
	2,410,858	1,883,846	4,294,704
Balance, June 30, 2025	25,775,240	10,981,971	36,757,211
Additions:
Acquisition and staking costs	-	750	750
Exploration expenses
Claim maintenance fees	10,400	10,050	20,450
Consulting	41,911	696,454	738,365
Salaries and benefits	63,271	656,141	719,412
Drilling	6,160	2,017,265	2,023,425
Geochemistry	28,907	256,125	285,032
Geophysics	-	35,101	35,101
General field expenses	27,186	1,085,915	1,113,101
	177,835	4,757,801	4,935,636
Balance at March 31, 2026	25,953,075	15,739,772	41,692,847

(1) The Goldarm Property is primarily comprised of the Montclerg Gold Project, the WWCC Project and the Aljo Gold Project.

Financing Activities

During the nine months ended March 31, 2026, the Company issued 19,961,566 common shares for proceeds, net of issue costs, of $4,037,303 pursuant to the closing of a non-brokered private placement (see Note 14 to the Financial Statements).

For the nine months ended March 31, 2025: the Company issued 28,557,907 common shares for proceeds, net of legal costs, of $3,711,029 (see Note 14 to the Financial Statements) pursuant to warrant exercises; and, the Company received $137,747 in proceeds on the issuance of stock options.

During the nine months ending March 31, 2026 and 2025, pursuant to disclosure requirements of IFRS 16 Leases, the Company reported lease payments of $33,251 and $31,722, respectively (see Note 12 to the Financial Statements).

RELATED PARTY TRANSACTIONS

Summary of key management personnel compensation:

Key management personnel include those persons having authority and responsibility for planning, directing, and controlling the activities of the Company as a whole. The Company has determined that key management personnel consist of members of the Company's Board of Directors and corporate officers.

	Three Months Ended		Nine Months Ended
	March 31, 2026	March 31, 2025	March 31, 2026	March 31, 2025
	$	$	$	$
Salaries and benefits capitalized to			244,883	155,969

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exploration and evaluation assets	107,544	59,298
Salaries and benefits(1)	339,974	162,648	733,293	455,389
Director fees	20,488	19,369	61,463	55,868
Share-based compensation	132,061	148,122	250,856	221,395
Share-based compensation capitalized to exploration and evaluation assets	21,823	25,383	41,019	36,128
	621,890	414,820	1,331,514	924,749

(1) Includes salaries and benefits reported within Investor relations.

Compensation of the Company’s key management personnel includes salaries, non-cash benefits and board retainers. Executive officers and members of the board of directors may also participate in the stock option program.

OFF-BALANCE SHEET TRANSACTIONS

The Company does not have any off-balance sheet arrangements at March 31, 2026, or as of the date of this report.

CRITICAL JUDGMENTS AND ESTIMATES

The preparation of the Company’s financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting year. Estimates and assumptions are continuously evaluated and are based on management’s experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. However, actual outcomes can differ from these estimates. Areas requiring a significant degree of estimation and judgment relate to Exploration and evaluation asset valuation, share-based transactions, functional currency determination and income tax provisions.

PROPOSED TRANSACTIONS

Unless otherwise disclosed, the Company does not have any proposed transactions that have been approved by the Board of Directors. It continues to review and evaluate potential exploration properties.

RISKS & UNCERTAINTIES

The securities of the Company are highly speculative due to the present stage of the Company’s business as well as the nature of the mineral exploration industry in general. The reader is cautioned that the following description of risks and uncertainties is not all-inclusive as it pertains to conditions currently known to management. There can be no guarantee or assurance that other factors will or will not adversely affect the Company.

Risks Inherent to Mineral Exploration

The Company is an exploration company focused primarily on the acquisition and exploration of mineral properties. There is no assurance that any of the Company’s projects can be mined profitably. Accordingly, it is not assured that the Company will realize any profits in the short to medium term, if at all. Any profitability in the future from the business of the Company will be dependent upon developing and commercially mining an economic deposit of minerals, which is subject to numerous risk factors. The exploration and development of mineral deposits involves a high degree of financial risk over a significant period of time that even a combination of management’s careful evaluation, experience and knowledge may not eliminate. While discovery of ore-bearing structures may result in substantial rewards, few properties that are explored are ultimately developed into producing mines. Major expenses may be required to establish reserves by drilling and to construct mining and processing facilities at a particular site. It is impossible to ensure that the current exploration programs of the Company will result in profitable commercial mining operations. The profitability of the Company’s operations will be, in part, directly related to the cost and success of its exploration programs, which may be affected by a number of factors. Substantial expenditures are

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required to establish mineral reserves that are sufficient to support commercial mining operations and to construct, complete and install mining and processing facilities on those properties that are actually developed.

Further, the terms “resource(s)” or “reserve(s)” cannot be used to describe any of the Company’s exploration properties due to the early stage of exploration at this time. Any reference to potential quantities and/or grade is conceptual in nature, as there has been insufficient exploration to define any mineral resource and it is uncertain if further exploration will result in the determination of any mineral resource. Any information, including quantities and/or grade, described in this MD&A should not be interpreted as assurances of a potential resource or reserve, or of potential future mine life or of the viability or profitability of future operations.

Financing/Dilution

The Company currently has no source of recurring income to fund projected levels of exploration activity and associated overhead costs. The Company is therefore dependent upon equity financing to fund its exploration plans. There can be no assurance that the Company will be able to obtain additional financing in the future on terms acceptable to the Company or at all. The inability to raise further funds through additional equity issuances or by other means, could result in delays or the indefinite postponement of planned exploration or, in certain circumstances, the loss of some or all of its property interests or cessation of all exploration activities. The occurrence of any of these events could have a material adverse effect upon the value of the Company’s securities. If additional financing is raised by the issuance of additional common shares, holders of shares previously issued will suffer immediate dilution.

Community Relationships

The Company's relationships with the communities in which it operates are critical to ensure the future success of its existing operations and the development of its projects. There is no reason to believe at this time that there are, or will be, issues related to Indigenous land claims or objections locally. While the Company is committed to operating in a socially responsible manner and working towards entering into agreements in satisfaction of such requirements, there is no guarantee that its efforts will be successful, in which case interventions by third parties could have a material adverse effect on the Company's business, financial position and operations.

History of Losses

The business of developing and exploring resource properties involves a high degree of risk and, therefore, there is no assurance that current exploration programs will result in profitable operations. The Company has not determined whether any of its properties contains economically recoverable reserves of mineralized material and currently has not earned any revenue from its projects; therefore, the Company does not generate cash flow from its operations. There can be no assurance that significant additional losses will not occur in the future. The Company's operating expenses and capital expenditures may increase in future years with advancing exploration, development and/or production from the Company's properties. The Company does not expect to receive revenues from operations in the foreseeable future and expects to incur losses until such time as one or more of its properties enters into commercial production and generates sufficient revenue to fund continuing operations. There is no assurance that any of the Company's properties will eventually enter commercial operation. There is also no assurance that new capital will become available, and if it is not, the Company may be forced to substantially curtail or cease operations.

Title

Although the Company has exercised due diligence with respect to title to properties in which it has interests, there is no guarantee that title to the properties will not be challenged or impugned. The Company’s mineral property interests may be subject to prior unregistered agreements or transfers or land claims, and title may be affected by undetected defects. In addition, the Company may be unable to operate its properties as permitted or to enforce its rights with respect to its properties. The failure to comply with all applicable laws and regulations, including a failure to pay taxes or to carry out and file assessment work, can lead to the unilateral termination of concessions by mining authorities or other governmental entities.

Permitting

The Company's exploration operations are subject to government legislation, policies and controls. For the Company to carry out its exploration activities, its various licences and permits must be obtained and kept current. There is no guarantee that the Company's licences and permits will be granted, or that once granted will be extended. In addition, the terms and conditions of such licences or permits could be changed and there can be no assurances that any application to renew any existing licences will be approved. There can be no assurance that all permits that the Company requires will be obtainable on reasonable terms, or at all. Delays or a failure to obtain such permits, or a failure to comply with the terms of any such permits that the Company has obtained, could have a material adverse impact on the Company. The Company will also have to obtain and comply with

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permits and licenses that may contain specific conditions concerning operating procedures, water use, waste disposal, spills, environmental studies, abandonment and restoration plans and financial assurances. There can be no assurance that the Company will be able to comply with any such conditions.

Health and Safety

The Company’s operations are subject to various health and safety laws and regulations that impose various duties on the Company’s operations relating to, among other things, worker safety and obligations in respect of surrounding communities. These laws and regulations also grant the relevant authorities broad powers to, among other things, close unsafe operations and order corrective action relating to health and safety matters. The costs associated with the compliance with such health and safety laws and regulations may be substantial and any amendments to such laws and regulations, or more stringent implementation thereof, could cause additional expenditure or impose restrictions on, or suspensions of, the Company’s operations.

Environment

Environmental legislation affects nearly all aspects of the Company’s operations. Compliance with environmental legislation can require significant expenditures and failure to comply with environmental legislation may result in the imposition of fines and penalties, clean-up costs arising out of contaminated properties, damages and the loss of important permits. There can be no assurances that the Company will be at all times in compliance with all environmental regulations or that steps to achieve compliance would not materially adversely affect the Company. Environmental laws and regulations are evolving in all jurisdictions where the Company has activities. The Company is not able to determine the specific impact that future changes in environmental laws and regulations may have on the Company’s operations and activities, and its resulting financial position; however, the Company anticipates that capital expenditures and operating expenses will increase in the future as a result of the implementation of new and increasingly strident environmental regulation. Further changes in environmental laws, new information on existing environmental conditions or other events, including legal proceedings based upon such conditions or an inability to obtain necessary permits, could require increased financial resources or compliance expenditures or otherwise have a material adverse effect on the Company.

Legal Proceedings

The nature of the Company’s business may subject it to numerous regulatory investigations, claims, lawsuits, and other proceedings. The result of these legal proceedings cannot be predicted with certainty. There can be no assurances that these matters will not have a material adverse effect on the Company.

Foreign Currency Risk

The Company has operations in Canada and the United States subject to foreign currency fluctuations. The Company’s operating expenses are incurred in Canadian and in United States dollars, and the fluctuation of the Canadian dollar in relation to United States dollar will have an impact upon the cash flows of the Company and may also affect the value of the Company’s assets and the amount of shareholders’ equity.

Information Systems Security Threats

The Company’s operations depend upon information technology systems which may be subject to disruption, damage or failure from different sources, including, without limitation, installation of malicious software, computer viruses, security breaches, cyber-attacks and defects in design.

Although to date the Company has not experienced any losses relating to cyber-attacks or other information security breaches, there can be no assurance that the Company will not incur such losses in the future. The Company’s risk and exposure to these matters cannot be fully mitigated because of, among other things, the evolving nature of these threats. As a result, cyber security and the continued development and enhancement of controls, processes and practices designed to protect systems, computers, software, data and networks from attack, damage or unauthorized access remain a priority. As cyber threats continue to evolve, the Company may be required to expend additional resources to continue to modify or enhance protective measures or to investigate and remediate any security vulnerabilities.

Key Management Personnel

The Company’s success depends to a certain degree upon key members for its management. It is expected that these individuals will be a significant factor in the Company’s growth and success. The loss of the service of members of the management team or certain key employees could have a material adverse effect on the Company.

GFG Resources Inc.

Q32026 Management's Discussion and Analysis (in Canadian dollars, except as otherwise noted)
Page 34

Potential Conflicts of Interest

The directors and officers of the Company may serve as directors and/or officers of other public and private companies and may devote a portion of their time to manage other business interests. This may result in certain conflicts of interest. To the extent that such other companies may participate in ventures in which the Company is also participating, such directors and officers of the Company may have a conflict of interest in negotiating and reaching an agreement with respect to the extent of each company's participation. The laws of British Columbia and Saskatchewan, Canada, require the directors and officers to act honestly, in good faith, and in the best interests of the Company and its shareholders. However, in conflict of interest situations, directors and officers of the Company may owe the same duty to another company and will need to balance the competing obligations and liabilities of their actions.

Substantial Volatility of Share Price

In recent years, the securities markets have experienced a high level of price and volume volatility, and the securities of many junior companies have experienced wide fluctuations in price which have not necessarily been related to the operating performance, underlying asset values or prospects of such companies. The price of the Company's common shares is also likely to be significantly affected by short-term changes in mineral prices or in the Company's financial condition or results of operations as reflected in its quarterly financial reports.

Competition

Significant and increasing competition exists for the limited number of mineral property acquisition opportunities available. As a result of this competition, some of which may be with large established mining companies with substantial capabilities and greater financial and technical resources than the Company, the Company may be unable to acquire additional attractive mineral properties on terms it considers acceptable.

Gold Price

The price of the Company's securities, its financial results, and its access to the capital required to finance its exploration activities may in the future be adversely affected by declines in the price of precious and base metals. Gold prices fluctuate widely and are affected by numerous factors beyond the Company's control such as the sale or purchase of gold by various dealers, central banks and financial institutions, interest rates, exchange rates, inflation or deflation, currency exchange fluctuation, global and regional supply and demand, production and consumption patterns, speculative activities, increased production due to improved mining and production methods, government regulations relating to prices, taxes, royalties, land tenure, land use, importing and exporting of minerals, environmental protection, and international political and economic trends, conditions and events. If these or other factors adversely affect the price of gold the market price of the Company's securities may decline.

FINANCIAL INSTRUMENT RISKS

The Company is exposed in varying degrees to a variety of financial instrument-related risks. The Board of Directors approves and monitors the risk management processes, inclusive of documented investment policies, counterparty limits, and controlling and reporting structures. The type of risk exposure and the way in which such exposure is managed is provided as follows:

Credit Risk

Credit risk is the risk that one party to a financial instrument will fail to discharge an obligation and cause the other party to incur a financial loss. The Company's primary exposure to credit risk is on its cash and cash equivalents held in bank accounts. The Company has deposited the cash and cash equivalents with a high credit quality financial institution as determined by rating agencies. The risk of loss is low.

Liquidity Risk

Liquidity risk is the risk that the Company will incur difficulties meeting its financial obligations as they are due. The Company's approach to managing liquidity is to ensure, as far as possible, that it will have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions without incurring unacceptable losses or risking harm to the Company's reputation. At March 31, 2026, the Company has current assets in excess of current liabilities of $4,381,306 which will be sufficient to fund 2026 Goldarm Property and Pen and Dore Gold exploration programs and general and administrative costs.

GFG Resources Inc.

Q32026 Management's Discussion and Analysis (in Canadian dollars, except as otherwise noted)
Page 35

Market risk

Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates and equity prices will affect the Company's income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimizing the return. The Company is not exposed to significant market risk.

Interest Rate Risk

Interest rate risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company is exposed to interest rate risk, from time to time, on its cash balances. Surplus cash, if any, is placed on call with financial institutions and management actively negotiates favorable market-related interest rates. The risk of loss is low.

Foreign Exchange Risk

Foreign exchange risk is the risk that fair value of future cash flows will fluctuate due to changes in foreign exchange rates. The Company classifies its fair value measurements in accordance with the three-level fair value hierarchy as follows:

Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities;
Level 2 – Inputs other than quoted prices included within level 1 that are observable for the asset or liability either directly or indirectly; and
Level 3 – Inputs that are not based on observable market data.

The carrying value of the Company's financial assets and liabilities are approximate to their fair values due to their short-term nature.

Capital Management

The Company manages its capital to ensure that there are adequate capital resources to safeguard the Company's ability to continue as a going concern through the optimization of its capital structure. The capital structure consists of shareholders' equity. The basis for the Company's capital structure is dependent on the Company's expected business growth and changes in business environment. To maintain or adjust the capital structure, the Company may issue new shares through private placement, incur debt or return capital to shareholders.

DISCLOSURE OF DATA FOR OUTSTANDING COMMON SHARES, OPTIONS and WARRANTS

At March 31, 2026, and the date of this report, the Company had:

	March 31, 2026	Date of this report
Common shares	302,489,739	304,205,295
Stock options	17,226,333	16,946,118
Warrants	16,747,309	16,747,309

The following table summarizes the period's stock options activities as follows:

	Nine Months Ended March 31, 2026		Year Ended June 30, 2025
	Number of options	Weighted average exercise price	Number of options	Weighted average exercise price
		$		$
Outstanding, beginning of period	15,287,573	0.15	12,393,962	0.14
Granted	3,530,000	0.145	4,387,000	0.19
Exercised	-	-	(908,929)	0.15
Expired	(1,591,240)	0.165	(584,460)	0.18
Outstanding, end of period	17,226,333	0.15	15,287,573	0.15

GFG Resources Inc.

Q32026 Management's Discussion and Analysis
(in Canadian dollars, except as otherwise noted)
Page 36

A summary of the stock options outstanding and exercisable at March 31, 2026 is as follows:

Exercise Price	Number Outstanding	Number Exercisable	Expiry Date
$
0.14	230,215	230,215	April 6, 2026
0.17	2,134,118	2,134,118	February 11, 2027
0.15	2,830,000	2,830,000	February 14, 2028
0.11	600,000	600,000	May 16, 2028
0.09	3,515,000	3,515,000	February 15, 2029
0.15	50,000	50,000	November 14, 2029
0.18	150,000	150,000	January 14, 2030
0.195	4,187,000	3,053,667	March 18, 2030
0.145	3,530,000	1,426,667	February 18, 2031
	17,226,333	13,989,667

The following table summarizes the period's warrant activities as follows:

	Nine Months Ended March 31, 2026		Year Ended June 30, 2025
	Number of warrants	Weighted average exercise price	Number of warrants	Weighted average exercise price
		$		$
Outstanding, beginning of period	11,041,590	0.28	30,632,859	0.16¹
Issued	5,705,719	0.24	11,041,590	0.28
Exercised	-	-	(28,557,907)	0.13
Expired	-	-	(2,074,952)	0.13
Outstanding, end of period	16,747,309	0.27	11,041,590	0.28

A summary of warrants outstanding as at March 31, 2026 is as follows:

Warrants Outstanding	Exercise Price	Expiry Date
	$
11,041,590	0.28	May 2, 2027
5,705,719	0.24	November 3, 2027

¹During the year ended June 30, 2025, the Company completed the modification of the terms for its warrants issued on October 6, 2022 and March 21, 2023, as follows:

Date of Issuance	Original Exercise Price	Amended Exercise Price	Original Expiry Date	Amended Expiry Date
October 6, 2022	$0.17	$0.13	October 6, 2024²	April 19, 2027
March 21, 2023	$0.18	$0.13	March 21, 2026²	April 19, 2027

² Subject to acceleration.

On November 7, 2024, the Company announced that it had elected to accelerate the expiry of the outstanding common share purchase warrants ("Warrants") originally issued on October 6, 2022, March 21, 2023 and April 19, 2024. This represented all the Company's 30,632,859 outstanding share purchase warrants. Pursuant to the terms of the Warrants, the Company could accelerate the expiry date of the Warrants if the closing price of the Company's common shares on the TSX-V equaled or exceeded $0.18 for 10 consecutive trading days (the "Acceleration Period"), to the date which is 30 days following the dissemination of the news release announcing the acceleration. The Company provided notice of the Acceleration Period and exercised its right to accelerate the expiry of the Warrants to 5:00 p.m. (Toronto Time) on December 9, 2024 (the "Accelerated Expiry Date"). Any Warrants

GFG Resources Inc.

Q32026 Management's Discussion and Analysis (in Canadian dollars, except as otherwise noted)
Page 37

remaining unexercised after the Accelerated Expiry Date expired.

During the year ended June 30, 2025, 28,557,907 warrants were exercised, with a value of $285,579, for proceeds, net of issue costs, of $3,711,029.

MANAGEMENT'S RESPONSIBILITY FOR FINANCIAL INFORMATION

The Company's Consolidated Financial Statements and the other financial information included in this management report are the responsibility of the Company's management and have been examined and approved by the Board of Directors. The financial statements were prepared by management in accordance with IFRS and include certain amounts based on management's best estimates using careful judgment. The selection of accounting principles and methods is management's responsibility.

Management recognizes its responsibility for conducting the Company's affairs in a manner to comply with the requirements of applicable laws and established financial standards and principles, and for maintaining proper standards of conduct in its activities.

The Board of Directors supervises the financial statements and other financial information through its audit committee, which is comprised of at least a majority of independent directors.

This Committee's role is to examine the financial statements and recommend that the Board of Directors approve them, to examine the internal control and information protection systems and all other matters relating to the Company's accounting and finances. To do so, the audit committee meets annually with the external auditors, with or without the Company's management, to review their respective audit plans and discuss the results of their examination. This committee is responsible for recommending the appointment of the external auditors or the renewal of their engagement.

Qualified Persons

Brian Skanderbeg, P.Geo. and M.Sc., President and CEO, is the Qualified Person for the information contained in this MD&A and is a Qualified Person within the meaning of NI 43-101. Mr. Skanderbeg has reviewed the sampling and QA/QC procedures and results thereof as verification of the sampling data disclosed above and has approved the information contained in this MD&A.

Sampling and Quality Control for the Pen, Dore and Goldarm Gold Projects

Drill core samples are being analyzed for gold by Activation Laboratories Ltd. in Timmins, Ontario. Gold analysis consists of the preparation of a 500-gram pulp and an assay of a 50-gram aliquot by Pb collection fire assay with an Atomic Absorption Spectrometry finish (Package 1A2-50. Samples assaying above 5 ppm Au are routinely re-run using a gravimetric finish (Package 1A3-50). Selected samples are also undergoing multi-element analysis for 59 other elements using a four-acid digestion and an ICP-MS finish (Package MA250) by Bureau Veritas Commodities Canada Ltd. in Vancouver, British Columbia. Quality control and assurance measures include the monitoring of results for inserted certified reference materials, coarse blanks and preparation duplicates of drill core.

For the Dore Gold Project, till samples were collected from hand-dug pits by experienced samplers at depths up to 1 m in a grid pattern with nominal spacing of 500 m by 1,000 m in areas of till cover. Geochemical samples (~2 kilograms) were sieved to minus 230 mesh and analyzed for gold and multi-element using an aqua regia digestion and ICP-ES/MS finish by Bureau Veritas Commodities Canada Ltd. in Vancouver in facilities accredited by the Standards Council of Canada. Gold grains were separated from bulk till samples (~10 kilograms) at IOS Services Geoscientifiques Inc. using their ArtPhot optical recognition methodology. Composition of separated gold grains were confirmed using a Scanning Electron Microscope. Comparison of geochemical results with accepted values for inserted certified reference materials confirms the accuracy of gold concentration results.

Till is a transported surficial media produced during active glaciation that is affected by subsequent surficial process that may affect the gold content and lead to further transport. As such the occurrence of a gold anomaly in till is not conclusive evidence of a mineral deposit existing within the Property.

Sampling protocol, quality control and assurance measures and geochemical results related to documented historic till, rock grab, and drill core samples have not been verified by the Qualified Person. However, the grades and locations of these samples have been cross referenced with available maps and reports and GFG believes them to be of reasonable accuracy.

GFG Resources Inc.

Q32026 Management's Discussion and Analysis (in Canadian dollars, except as otherwise noted)
Page 38

OTHER MD&A REQUIREMENTS

Additional information relating to the Company may be found on the Company’s website at www.gfgresources.com and on SEDAR+ at www.sedarplus.ca.

This MD&A has been approved by the Board on May 13, 2026.

GFG Resources Inc.

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GFG Resources Inc. — Management Reports 2026

47007_rns_2026-05-13_d0c69097-0d92-4a3f-a70d-d730e0992b37.pdf

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MANAGEMENT'S DISCUSSION AND ANALYSIS

HIGHLIGHTS FOR THE QUARTER AND OTHER SIGNIFICANT EVENTS

OUTLOOK

Aljo Gold Project – Resource Growth Focus

Goldarm Property – Regional Discovery Engine

Pen Property – Regional Target Advancement

Strategic Outlook

CORPORATE DEVELOPMENTS

Option and Earn-in Agreement

Financing

Sale of the Rattlesnake Property

CORPORATE PROFILE

PROJECTS OVERVIEW AND EXPLORATION ACTIVITIES

Ontario Properties

The Goldarm Property

Aljo Gold Project Overview

2025 Exploration Program

Second Half 2025 Drill Program

Commentary on Assay Results

HW Zone:

Main Zone:

FW Zones and Discovery of FW4 Zone:

2024 Exploration Program

Phase 2 Drill Program

Commentary on Assay Results

HW Zone:

Main Zone:

FW Zones and Discovery of FW3 Zone:

Aljo West and Northwest Zones:

Geological Interpretation and Significance

Phase 1 Drill Program

Commentary on Assay Results

Pen Gold and Dore Gold Properties Overview

Pen Gold Project Overview

Geology

Muskego Gold Target

Recent Exploration - Pen Gold Project

Technical Summary of Results (1)

Alpha Target (Muskego North Shear Zone)

Foxtrot Target

Bravo Target (Porcupine Basin Margin)

Charlie Target (Muskego South Shear Zone)

Delta Target (Destor-Porcupine Fault Zone)

Chabot Target

Dore Gold Project Overview

Geology

Recent Exploration – Dore Gold Project

Montclerg Gold Project Overview

MC Prospect

CX Prospect

RESULTS OF OPERATIONS

Net income (loss)

Expenses

Recovery of Premium on Flow-Through Shares (non-cash item)

Change in Fair Value of Investment (non-cash item)

Deferred tax expense (non-cash item)

Interest and Other Expense

Interest Income

Other Income

Gain on Sale of the Rattlesnake Property

Summary of Quarterly Results for the Last Eight Consecutive Quarters

LIQUIDITY AND CAPITAL RESOURCES

Operating Activities

Investing Activities

Financing Activities

RELATED PARTY TRANSACTIONS

Summary of key management personnel compensation:

OFF-BALANCE SHEET TRANSACTIONS

CRITICAL JUDGMENTS AND ESTIMATES

PROPOSED TRANSACTIONS

RISKS & UNCERTAINTIES

Risks Inherent to Mineral Exploration

Financing/Dilution

Community Relationships

History of Losses

Title

GFG Resources Inc. Management Reports 2026