PRECORE GOLD CORP — Management Reports 2026

Apr 1, 2026

PRECORE GOLD CORP. (FOREMERLY DOUBLE DEUCE EXPLORATION CORP.)
Management Discussion and Analysis
For the six-month period ended January 31, 2026

The Management Discussion and Analysis ("MD&A"), prepared March 31, 2026 should be read in conjunction with the unaudited consolidated financial statements and notes thereto for the six-month period ended January 31, 2026 of Precore Gold Corp. (Formerly Double Deuce Exploration Corp.) ("Precore" or the "Company") which were prepared in accordance with International Financial Reporting Standards.

This management discussion and analysis may contain forward-looking information (as such term is defined under applicable securities laws) in respect of various matters including upcoming events. The results or events predicted in this forward-looking information may differ materially from the actual results or events. The Company disclaims any obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise.

DESCRIPTION OF BUSINESS

Precore Gold Corp. (Formerly Double Deuce Exploration Corp.) (the "Company") was formed on August 25, 2021 under the laws of British Columbia. The address of the Company's corporate office and its principal place of business is 200 - 551 Howe Street, Vancouver, British Columbia, Canada.

The Company changed name to Precore Gold Corp., effective March 17, 2025.

The Company's principal business activities include the acquisition and exploration of mineral property assets. As at January 31, 2026, the Company holds interests in early stage, mineral exploration properties and the Company had not yet determined whether the Company's mineral property assets contain deposits of minerals that are economically recoverable. The recoverability of amount shown for exploration and evaluation of assets is dependent upon the discovery of economically recoverable reserves, confirmation of the Company's interest in the underlying mineral claims, the ability of the Company to obtain the necessary financing to complete the development of and the future profitable production from the properties or realizing proceeds from their disposition.

The Company had a working capital of $889,727 and an accumulated deficit of $1,026,195 as at January 31, 2026, which has been funded by the issuance of equity. Management has assessed that cash on hand as at year-end is not sufficient to fund operations for the next 12 months in the absence of additional financing. The Company's ability to continue its operations and to realize its assets at their carrying value is dependent upon obtaining additional financing and generating revenues sufficient to cover its operating costs. While management has been successful in securing financing in the past, there is no assurance it will be successful in its efforts to do so in the future or on terms favorable to the Company. These factors, among others, indicate the existence of a material uncertainty that casts significant doubt about the Company's ability to continue as a going concern.

EXPLORATION PROJECTS

	Balance as at August 1, 2025	Additions	Balance as at January 31, 2026
	$	$	$
(a) Kimber property
Mining rights	42,000	-	42,000
Exploration and evaluation expenditures	179,964	-	179,964
	221,964	-	221,964
(b) Lake Big-Rush property
Mining rights	67,000	-	67,000
Exploration and evaluation expenditures	-	-	-
	67,000	-	67,000
(c) Arikepay property
Mining rights	270,000	250,000	520,000
Exploration and evaluation expenditures	-	245,602	245,602
	270,000	495,602	765,602
Summary
Mining rights	379,000	250,000	629,000
Exploration and evaluation expenditures	179,964	245,602	425,566
	558,964	495,602	1,054,566

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PRECORE GOLD CORP. (FOREMERLY DOUBLE DEUCE EXPLORATION CORP.)

EXPLORATION PROJECTS

	Balance as at August 1, 2024	Additions	Balance as at July 31, 2025
	$	$	$
(a) Kimber property
Mining rights	6,000	36,000	42,000
Exploration and evaluation expenditures	95,059	84,905	179,964
	101,059	120,905	221,964
(b) Lake Big-Rush property
Mining rights	-	67,000	67,000
Exploration and evaluation expenditures	-	-	-
	-	67,000	67,000
(c) Arikepay property	-	-	-
Mining rights	-	270 000	270,000
Exploration and evaluation expenditures	-	-	-
	-	270,000	270,000
Summary
Mining rights	6,000	373,000	379,000
Exploration and evaluation expenditures	95,059	84,905	179,964
	101,059	457,905	558,964

a) Kimber Property

On October 8, 2021, the Company entered into an option agreement (the "Agreement") with an arms-length party (the "Optionor"). Pursuant to the Agreement, the Company has the right to acquire 100% interest in four mineral claims known as Kimber property located in British Columbia, Canada (the "Claims") from the Optionor.

Pursuant to the terms of the Agreement, the Optionor has granted the Company the right to acquire all rights, title and interest in the Claims. In addition, the Claims are subject to a Net Smelter Return Royalty of 1.5% which can be purchased at any time for $1,500,000 by the Company.

The Company is required to make cash payments totalling $12,000 and issue 300,000 common shares of the Company as follows:

a. make a cash payment of $6,000 upon execution and delivery of this agreement (paid);
b. make a further cash payment of $6,000 on the date upon which the common shares of the Company are listed on a stock exchange in Canada (paid); and
c. issue 300,000 common shares to the Optionor on the date upon which the common shares of the Company are listed on a stock exchange in Canada (issued).

On November 15, 2025, the Company and the Optionor entered into an agreement to transfer all the mineral claims known as the Kimber property to the Company.

b) Lake Big Rush Property

On January 31, 2025, the Company entered into an option agreement (the "Agreement") with an arms-length party (the "Optionor"). Pursuant to the Agreement, the Company has the right to acquire 100% interest in 40 mineral claims covering approximately 2,214 hectares and is located on the Eeyou-Istchee Baie-James territory known as Lake Big Rush property in Quebec, Canada (the "Claims") from the Optionor.

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PRECORE GOLD CORP. (FOREMERLY DOUBLE DEUCE EXPLORATION CORP.)

EXPLORATION PROJECTS (continued)

b) Lake Big Rush Property (Continued)

Pursuant to the terms of the Agreement, the Optionor has granted the Company the right to acquire all rights, title and interest in the Claims. In addition, the Claims are subject to a Net Smelter Return Royalty of 2%, of which half (1%) can be purchased at any time for $1,000,000 by the Company.

The Company is required to make cash payments totalling $20,000, issue 500,000 common shares of the Company and incur $300,000 in mandatory exploration work expenditure as follows:

a. make a cash payment of $5,000 upon execution and delivery of this agreement (paid);
b. make a further cash payment of $5,000 on the date upon regulatory approval of the agreement (paid);
c. issue 400,000 common shares to the Optionor on the date upon regulatory approval of the agreement (issued);
d. make a further cash payment of $10,000 on or before the first anniversary of the Agreement date ($5,000 paid);
e. issue 100,000 common shares to the Optionor on or before the first anniversary of the Agreement date;
f. incur $100,000 in mandatory exploration expenditures before the first anniversary of the Agreement date;
g. incur $100,000 in mandatory exploration expenditures before the second anniversary of the Agreement date; and
h. incur $100,000 in mandatory exploration expenditures before the third anniversary of the Agreement date.

In addition, if the Company receives a positive preliminary economic assessment, the Company will pay an additional $10,000 cash and issue an additional 100,000 common shares.

c) Arikepay Property

On April 23, 2025 the Company entered into an option agreement (the "Agreement") with an arms-length party (the "Optionor"). Pursuant to the Agreement, the Company has the right to acquire 100% interest in the Arikepay property, consisting of three mineral claims covering approximately 1,800 hectares and located 40 km from the Pacific Ocean in the coastal region of the Arequipa department in southern Peru.

On May 9, 2025, the Company received the regulatory approval for the Agreement.

For the First Option for a 51% interest in the Arikepay property, the Company is required to issue 2,500,000 common shares of the Company and incur $5,500,000 in mandatory exploration work expenditures as follows:

a. issue 1,500,000 common shares to the Optionor on the date upon regulatory approval of the Agreement (issued);
b. issue 1,000,000 common shares to the Optionor within four months of issuance of initial shares (issued September 19, 2025);
c. incur $1,500,000 in exploration work expenditures within the first three years of the Agreement date; and
d. incur $4,000,000 in exploration work expenditures between the third and fifth anniversaries of the date of the Agreement date.

For the Second Option for an additional 24% interest (for a total of 75%) in the Arikepay property, the Company is required to make cash payments totalling $375,000, issue 1,000,000 common shares of the Company and incur $5,500,000 in mandatory exploration work expenditures as follows:

a. issue 1,000,000 common shares to the Optionor;
b. incur $5,500,000 in mandatory exploration work expenditures; and
c. paying annual cash payments to the Optionor of $75,000 during each of the five years following the fifth anniversary of the date of the Agreement.

The Company may earn the Third Option for an additional 5% interest (for a total of 80%) by identifying an inferred resource estimate on the Arikepay property (the "Maiden Resource Estimate") and preparing a technical report in accordance with the requirements of National Instrument 43-101.

For the Fourth Option for the remaining 20% interest (for a total of 100%) in the Arikepay property, the Company is required to make a cash payment of Cdn $1,000,000 or issue an equivalent number of common shares based on the prevailing market rate of the Company's common shares.

In addition, upon the exercise of the Fourth Option, the Company will also grant a 1.5% Net Smelter Returns Royalty to the Optionor in respect of the Arikepay Property.

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PRECORE GOLD CORP. (FOREMERLY DOUBLE DEUCE EXPLORATION CORP.)

EXPLORATION PROJECTS (continued)

c) Arikepay Property

On December 02, 2025, the Company announced the beginning of its brownfield exploration program following recent site visits to the Company's flagship, the Arikepay Project. The Company has completed the data compilation of all historical work previously done on the property. It has recovered and has in its possession all historical diamond drill hole ("DDH") core from the 2017 campaign and recovered some chip trays of the reverse circulation ("RC") 2012 campaign. The Company's technical team has also geo-located all the historical (DDH) drill collars and (RC) drill pads from the 2012 and 2017 campaign. The Company has set up a base camp in nearby town of El Toro to support the technical team and community outreach. With all this previous work, the Company has mapped out the 2026 drill program and has been diligently working on advancing its drilling permits that includes:

1. The FTA (Environmental Technical Sheet) for low environmental impact exploration activities;
2. CIRA: archeological base line study that includes existing permit with updated geolocation of future drill pad;
3. AUA: water use permit for exploration and drilling;
4. SBN: surface land permit that includes detailed mapped coordinates of drill pads, existing roads and future access roads to drill pads and campsite.

These efforts and permits mentioned, culminates in the granting of the Authorization to Initiate Activities (AIA). This permit will be for a period of 24 months and will include the maximum drill pads, which will be 20 pads in total.

SELECTED ANNUAL INFORMATION

	July 31, 2025	July 31, 2024	July 31, 2023
	$	$	$
Revenue	-	-	-
Net Loss	(381,503)	(239,011)	(52,265)
Basic and Diluted Loss Per Share	(0.02)	(0.02)	(0.01)
Total Assets	689,082	193,760	209,256

OPERATIONS

The six-month period ended January 31, 2026

During the six-month period ended January 31, 2026, the Company reported a net loss of $297,105 (2025 - $80,382). Included in the operating loss was $60,000 (2025 - $14,000) for management fees, $82,938 (2025 - $43,830) for professional fees and $67,117 (2025 - $nil) for travel and promotion expenses.

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PRECORE GOLD CORP. (FOREMERLY DOUBLE DEUCE EXPLORATION CORP.)

SUMMARY OF QUARTERLY RESULTS

	January 31, 2026	October 31, 2025	July 31, 2025	April 30, 2025
	$	$	$	$
Revenue	-	-	-	-
Net loss	(164,321)	(125,159)	(212,640)	(88,482)
Basic and diluted
Loss per share	(0.005)	(0.005)	(0.01)	(0.004)
	January 31, 2025	October 31, 2024	July 31, 2024	April 30, 2024
	$	$	$	$
Revenue	-	-	-	-
Net loss	(32,448)	(47,933)	(118,364)	(35,168)
Basic and diluted
Loss per share	(0.002)	(0.004)	(0.006)	(0.003)

LIQUIDITY AND CAPITAL RESOURCES

The Company's cash as of January 31, 2026 was $946,716 and receivables of $26,002. As at January 31, 2026, the Company had accounts payable of $198,130.

OFF-BALANCE SHEET ARRANGEMENTS

The Company has not entered into any off-balance sheet arrangements.

TRANSACTIONS WITH RELATED PARTIES

Parties are considered to be related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Related parties may be individuals or corporate entities. A transaction is considered to be a related party transaction when there is a transfer of resources or obligations between related parties.

The Company has incurred the following key management personnel cost from related parties:

	For the six-month period ended
	January 31, 2026	January 31, 2025
	$	$
Salaries	10,000	-
Management and consulting fees	60,000	14,000
Accounting fees	36,000	6,000
Total	96,000	20,000

Management fees and stock-based payments were incurred by the Chief Executive officer and Executive Chairman of the Company. Key management includes directors and key officers of the Company, including the Chairman, President, CEO and Chief Financial Officer ("CFO").

As at January 31, 2026, included in accounts payable and accrued expenses were $22,104 (2025 - $Nil) owing to the executive chairperson and a company controlled by the CFO. The amounts are unsecured, non-interest bearing and payable on demand.

COMMITMENTS

The Company does not have any significant commitments other than those disclosed for its exploration projects.

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PRECORE GOLD CORP. (FOREMERLY DOUBLE DEUCE EXPLORATION CORP.)

SUBSEQUENT EVENTS

On February 5, 2026, (see News Release dated February 5, 2026) the Company announced that it has amended the original Agreement with the Optionor to acquire a 100% undivided interest in the Lac Big-Rush Gold property. The Company decided to accelerate and amend the terms of the Agreement due to recent M&A transactions within the region, namely lamgold Corporation completing the acquisition of Northern Superior Resources Inc. to create the "Nelligan Mining Complexe" one of the largest pre-production gold camps in Canada. Precore's Lac Big-Rush Property is located along the east-west Faribault and Croteau inverse faults and shears, and is included in a gold bearing area, neighboring to the west of lamgold's Croteau Project, which hosts an Inferred near surface resource of 640,000 oz at 1.73 g/t, located a mere 300 meters from Precore Gold's property boundaries.

Pursuant to the Amended terms of the Agreement the Optionor as granted to the Company 100% undivided interest in the Lac Big-Rush by:

• Making a final cash payment in the amount of $20,000 (in lieu of $15,000);
• Issuance of a final 250,000 common shares (in lieu of 200,000 common shares);
• Optionor will retain a 2% Net Smelter Royalty (NSR) of which 1.5% (in lieu of 1%) can be purchased at any time for $1,000,000 by the Company;
• The Company will also receive 5 additional claims adjacent to its North-East existing boundaries;
• The Company will have no mandatory exploration expenses.

On March 6, 2026, 20,000 broker warrants were exercised for total proceeds of $2,000.

CRITICAL ACCOUNTING ESTIMATES

Refer to the unaudited consolidated financial statements for the six-month period ended January 31, 2026 for critical accounting estimates.

FINANCIAL INSTRUMENTS

International Financial Reporting Standards 7, Financial Instruments: Disclosures, establishes a fair value hierarchy that reflects the significance of the inputs used in making the measurements. The fair value hierarchy has the following levels:

Level 1 - quoted prices (unadjusted) in active markets for identical assets or liabilities;

Level 2 - inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and

Level 3 - inputs for the asset or liability that are not based on observable market data (unobservable inputs).

Fair Value of Financial Instruments

The Company's financial assets include cash and are classified as Level 1. The carrying value of these instruments approximates their fair values due to the relatively short periods of maturity of these instruments.

Assets measured at fair value on a recurring basis were presented on the Company's statements of financial position as at January 31, 2026 are as follows:

Fair Value Measurements Using
	Quoted Prices in Active Markets For Identical Instruments (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)	Total
	$	$	$	$
Cash	946,716	–	–	946,716

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PRECORE GOLD CORP. (FOREMERLY DOUBLE DEUCE EXPLORATION CORP.)

FINANCIAL INSTRUMENTS (continued)

Fair value

The fair value of the Company's financial instruments approximates their carrying value as at January 31, 2026 because of the demand nature or short-term maturity of these instruments.

Financial risk management objectives and policies

The Company's financial instruments include cash and accounts payable. The risks associated with these financial instruments and the policies on how to mitigate these risks are set out below. Management manages and monitors these exposures to ensure appropriate measures are implemented on a timely and effective manner.

(i) Currency risk

The Company's expenses are denominated in Canadian dollars and the Peruvian sol. The Company's corporate office is based in Canada.

Currency risk is the risk that a variation in exchange rates between the Canadian dollar, Peruvian sol and other foreign currencies will affect the Company's operations and financial results. The Company does not hold significant monetary assets or liabilities in foreign currencies and therefore is not exposed to significant risks arising from the fluctuation of foreign exchange rates.

(ii) Interest rate risk

The Company is exposed to interest rate risk on the variable rate of interest earned on bank deposits. The fair value interest rate risk on bank deposits is insignificant as the deposits are short-term.

The Company has not entered into any derivative instruments to manage interest rate fluctuations.

(iii) Credit risk

Credit risk is the risk of loss associated with the counterparty's inability to fulfill its payment obligations. Financial instruments that potentially subject the Company to concentrations of credit risks consist principally of cash. To minimize the credit risk the Company places these instruments with a high quality financial institution.

SHARE CAPITAL

Issued

The Company has 32,022,940 common shares issued and outstanding as at January 31, 2026 and 32,050,540 as at March 31, 2026.

Share Purchase Options

The Company has 1,100,000 stock options outstanding at January 31, 2026 and March 31, 2026.

Warrants

The Company had 6,665,915 share purchase warrants outstanding at January 31, 2026 and 6,658,315 as at March 31, 2026.

Broker warrants

The Company had 401,000 broker warrants outstanding at January 31, 2026 and March 31, 2026.

Escrow Shares

The Company has 2,508,750 common shares held in escrow as at January 31, 2026 and 2,508,750 as at March 31, 2026.