Gabriel Resources : 2025 Fourth Quarter Report

About this update from Gabriel Resources Ltd.

GABRIEL RESOURCES LTD. MANAGEMENT'S DISCUSSION & ANALYSIS FOR THE YEAR ENDED DECEMBER 31, 2025 Table of Contents Overview 3 Arbitration updates 4 Rejection of Request for Extension of the Roșia Montană Exploitation License 6 Other Recent Developments 7 Outlook 8 Restatement of Prior Period Comparative Information 9 Result of Operations 10 Liquidity and Capital Resources 13 Commitments and Contingent Liabilities 15 Off-Balance Sheet Arrangements 16 Transactions Between Related Parties 16 Proposed Transactions 17 Critical Accounting Estimates 17 Changes in Accounting Policies including Initial Adoption 18 Financial Instruments and Other Instruments 18 Risks and Uncertainties 18 CEO/CFO Certification 24 Forward-Looking Statements 25 This Management's Discussion and Analysis ("MD&A") provides a comprehensive overview of material changes in the financial condition and operational results of Gabriel Resources Ltd. ("Gabriel" or the "Company") and its subsidiaries (collectively, the "Group") as at, and for the year ended December 31, 2025. The MD&A should be read in conjunction with the Group's consolidated financial statements and accompanying notes for the year ended December 31, 2025 (the "Financial Statements"). The Financial Statements have been prepared in accordance with International Financial Reporting Standards ("IFRS"). Unless otherwise stated, all monetary amounts presented in this MD&A are in Canadian dollars ("$"). This report is dated April 29, 2026, and the Group's public filings are accessible via the SEDAR+ website (https://www.sedarplus.ca). This MD&A contains forward-looking statements regarding the Group's objectives, strategies, financial condition, and operations within the Group. These statements involve known and unknown risks, uncertainties, and other factors that may result in actual outcomes differing materially from those anticipated. Such forward-looking statements are based on the beliefs, expectations, reasonable investigation, and opinions of Group management ("Management") as of the MD&A's date. All forward-looking statements, including those not explicitly identified herein, are subject to the cautionary language provided on page 24. Readers are advised to refer to this section when reviewing any forward-looking statements. OVERVIEW Gabriel is a Canadian entity listed on the TSX Venture Exchange ("Exchan...

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