GFG Resources : Second Quarter 2026 Management Discussion & Analysis

About this update from Gfg Resources, Inc.

GFG Resources Inc. (An Exploration Stage Company) Management's Discussion & Analysis For the three and six months ended December 31, 2025 and 2024 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] https://www.gfgresources.com TRADING SYMBOLS: TSX-V: GFG OTCQB:GFGSF M ANAGEMENT ' S D ISCUSSION AND A NALYSIS This Management's Discussion and Analysis ("MD&A") dated as of February 17, 2026, is to assist readers in understanding GFG Resources Inc.'s ("GFG" or the "Company") financial and operating performance for the three and six months ended December 31, 2025 and 2024. This MD&A should be read in conjunction with the Company's condensed interim consolidated financial statements (unaudited) as at December 31, 2025 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 ( https://www.gfgresources.com ) or SEDAR+ ( https://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 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. 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 $0.18 per common share for gross proceeds of $1,581,774. 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 g/t Au over 51.5 m, continue to demonstrate strong grade and structural continuity within the HW and Main Zones, while deeper drilling and hole extensions are expanding the 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 m step-outs to the east, from 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. 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 Footwall ("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. Goldarm Property - Regional Discovery Engine In parallel, GFG is advancing a district-scale regional exploration program across priority corridors on the Goldarm Property. Late in 2025, the Company initiated a 90-hole sonic drilling program, of which 45 holes have been completed to date , focused on systematic base-of-till ("BOT") and top-of-bedrock sampling proximal to the Pipestone Fault, marking the beginning of a multi-year regional exploration campaign. This program is designed to evaluate gold potential across an ~15 kilometre ("km") strike length of the Pipestone and associated fault corridors using wide-spaced (0.5-2.0 km) sampling. In parallel with the initial phase of sonic drilling, GFG initiated an ~2,500-m diamond drilling program in early 2026 to test high-priority regional targets generated from its expanding target pipeline across the Goldarm Property. Regional exploration will balance tangible targets - such as McCristie, Fournier, Carr, and Nahanni, which host historical anomalous drilling and prospecting results that remain largely untested-with conceptual targets developed through integrated geological, structural, and geophysical analysis. GFG's targeting framework emphasizes proximity to: regional-scale faults and major lithological contacts; chemically and texturally receptive host rocks; late brittle faulting and offset geological panels; felsic to mafic porphyry dykes and sills; and large mafic-ultramafic bodies spatially associated with gold mineralization in the Timmins-Matheson camp. 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 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 3,061,224 common shares (subject to resale restrictions) 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 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. 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. Other Corporate Developments 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. 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: 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. 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. 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. 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 metre ("m") centers around high-grade intercepts 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 10.40g/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 5.3m, including 13.30 g/t Au over 0.5m. FW Zones and Discovery of FW4 Zone: The FW system continues to expand at depth, highlighting a growing secondary mineralized quarter, including: ALJ-25-018ext 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. 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 incl. and and and and and incl. and incl. and 7.7 19.5 30.5 50.5 127.8 131.5 190.0 197.0 335.0 339.3 389.0 22.0 20.5 45.0 58.8 128.8 132.2 199.0 198.0 341.5 340.0 390.5 14.3 1.0 14.5 8.3 1.0 0.7 9.0 1.0 6.5 0.7 1.5 1.46 9.36 0.58 0.52 2.74 6.65 1.15 3.55 1.15 4.13 4.22 HW HW HW HW Main Main Main Main FW3 FW3 FW4 ✓ ✓ ✓ ALJ-25-030 (2) incl. also incl. also incl. also incl. 11.5 15.5 26.0 31.5 46.5 82.5 18.5 27.0 32.8 47.5 71.0 3.0 1.0 1.3 1.0 1.05 7.51 3.26 4.97 4.09 HW HW HW HW HW ✓ ✓ also incl. also incl. and and and and and 70.5 77.5 97.5 113.4 176.0 209.5 224.0 72.5 78.5 99.0 114.5 177.0 212.0 225.0 2.0 1.0 1.5 1.1 1.0 2.5 1.0 6.39 5.00 2.83 1.01 1.00 1.28 1.88 HW HW HW HW Main Main Main ✓ ALJ-25-018ext incl. 568.0 569.0 570.0 570.0 2.0 1.0 2.57 4.63 FW FW ALJ-25-031 and and and and and 124.8 133.1 251.9 268.9 297.6 325.6 126.3 134.6 252.7 270.4 298.1 326.4 1.5 1.5 0.8 1.5 0.5 0.8 1.18 4.67 1.97 2.51 1.27 11.40 HW HW Main Main Main Main ALJ-25-032 incl. and and and and 29.5 29.5 89.3 130.0 146.9 167.0 34.0 30.0 92.0 131.0 147.7 168.0 4.5 0.5 2.7 1.0 0.8 1.0 3.68 17.40 2.80 2.86 4.92 1.40 HW HW HW Main Main Main ✓ ✓ ✓ ALJ-25-033 incl. 25.2 27.2 31.0 27.7 5.8 0.5 2.03 10.40 HW HW ✓ ✓ ALJ-25-034 and 62.4 74.0 63.6 75.0 1.2 1.0 1.27 1.08 HW HW ALJ-25-035 and incl. and incl. 147.3 159.9 159.9 171.2 175.0 150.4 162.0 160.9 186.5 175.9 3.1 2.1 0.9 15.3 0.9 0.98 10.45 22.90 1.51 6.98 HW HW HW HW HW ✓ ✓ ✓ ✓ ALJ-25-036 (3) incl. 291.3 321.0 342.8 326.0 51.5 5.0 1.01 6.36 HW HW ALJ-25-037 incl. and and incl. 132.0 142.0 156.2 170.9 171.9 148.0 144.0 158.2 172.7 172.7 16.0 2.0 2.0 1.8 0.8 1.23 7.23 1.07 2.40 5.00 East HW East HW East HW East HW East HW ALJ-25-038 (3) and and and incl. 5.2 65.2 93.8 123.0 124.9 8.2 72.3 96.2 128.3 125.4 3.0 7.1 2.4 5.3 0.5 1.15 1.28 3.21 2.23 13.30 East Main East Main East Main East Main East Main (1) 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. (2) Includes a single 8.5 m interval below 0.2 g/t Au cut-off (3) Includes a single 5 m interval below 0.2 g/t Au cut-off. Figure 3: Aljo Gold Project Plan View Map (1) Figure 4: Aljo Gold Project Cross Section (1) (1) Drill intercepts are presented using a 0.2 g/t Au cut-off and as drilled length. 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 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. 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. 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 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 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) 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 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). 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 and and incl. and incl. and incl. and and 8.0 19.2 72.3 73.3 100.0 112.4 223.9 225.3 251.4 440.6 16.0 27.5 79.3 79.3 113.3 113.3 231.5 226.1 265.8 444.0 8.0 8.4 7.1 6.0 13.3 0.9 7.6 0.8 14.5 3.4 0.86 0.81 13.94 15.92 1.71 19.20 23.08 215.00 0.40 0.81 HW HW HW HW HW HW Main Main Main FW VG VG VG VG VG VG VG VG VG VG ALJ-24-013 and and and and and and and and 103.0 165.5 217.0 231.0 258.1 266.5 369.9 393.8 409.1 107.7 174.9 227.4 238.5 259.0 269.5 377.5 400.0 411.3 4.7 9.3 10.4 7.5 0.9 3.0 7.6 6.3 2.2 0.72 0.53 0.52 0.71 2.03 0.53 0.41 0.53 1.20 Main Main Main Main Main Main Main Main Main ALJ-24-014 and and and 46.5 86.8 91.7 177.6 47.5 87.8 94.6 183.2 1.0 1.0 2.9 5.6 3.83 2.57 9.94 2.07 Aljo (New) Aljo (New) Aljo (New) Aljo West VG incl. and incl. and 182.1 229.6 236.1 279.0 183.2 236.8 236.8 280.0 1.1 7.2 0.7 1.0 6.41 1.31 10.40 2.14 Aljo West Aljo West Aljo West Aljo West ALJ-24-015 incl. and and 170.1 172.0 181.5 229.9 173.0 173.0 188.0 233.6 2.9 1.0 6.5 3.7 1.36 3.57 0.50 0.38 Aljo West Aljo West Aljo West Aljo West ALJ-24-016 and incl. 88.8 163.7 163.7 90.0 165.7 164.3 1.2 2.0 0.6 1.02 1.70 3.19 Aljo East Aljo East 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 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. 2023 Exploration Program - Aljo Gold Project Phase 2 Drill Program As part of the 15-hole Phase 2 drill program at its Goldarm property, the Company completed a total of eight holes at the Aljo Gold Project during the fourth quarter of 2023. The program focused on step-out and in-fill drilling at Montclerg and tested a spectrum of targets at Aljo located within the Goldarm Property east of Timmins, Ontario (see Table 5 and Figure 9). Commentary on Assay Results ALJ-23-004 intersected broad anomalous gold from surface to 265 m, including multiple high-grade intervals such as 3.65 g/t Au over 6.3 m and 18.40 g/t Au over 1.1 m. The hole ended in strong mineralization, returning 13.35 g/t Au over 3.6 m including 32.94 g/t Au over 1.4 m, demonstrating significant upside below historic workings. ALJ-23-005 tested the down-dip extension of prior high-grade results, intersecting several mineralized intervals including 0.36 g/t Au over 14.1 m. ALJ-23-009 confirmed high-grade potential near the north shaft, yielding 20.30 g/t Au over 0.5 m in quartz-carbonate veining along the mafic-ultramafic contact. ALJ-23-011 returned strong results northwest of the mine with 1.39 g/t Au over 19.0 m, 1.86 g/t Au over 17.5 m, and 4.98 g/t Au over 3.6 m with visible gold, further linking gold mineralization to porphyry dykes beyond the immediate mine area. Holes ALJ-23-006, 007, 008 and 010 intersected anomalous grades up to 2.27 g/t Au over 1.2 m along a major mafic-ultramafic contact that remains highly prospective; historic work in this corridor included grab samples up to 276 g/t Au. These results confirm the high-grade nature of Aljo, extend mineralization outside of historic workings, and reinforce the strong potential for new discoveries along multiple structural corridors. Table 5: Highlighted Assay Results from the 2023 Phase 2 Hole ID From (m) To (m) Length (m) Au (g/t) Zone ALJ-23-004 6.5 20.8 14.3 0.95 Aljo Mine and 34.0 42.9 8.9 1.14 incl. 34.0 35.5 1.5 3.44 and 45.7 54.9 9.2 0.94 and 58.2 67.0 8.8 0.67 and 89.7 97.8 8.1 0.68 and 125.7 132.0 6.3 3.65 incl. 130.9 132.0 1.1 18.4 and 142.0 143.2 1.2 7.17 incl. 142.7 143.2 0.5 16.2 and 157.2 159.1 1.9 4.42 and 262.7 264.7 1.9 4.29 incl. 264.2 264.7 0.5 14.8 and 350.5 354.0 3.6 13.35 incl. 350.5 351.9 1.4 32.94 ALJ-23-005 173.9 188.0 14.1 0.36 Aljo Mine ALJ-23-009 59.7 60.2 0.5 20.3 Aljo North Shaft ALJ-23-011 4.5 15.6 11.1 0.57 Aljo Mine and 19.7 37.2 17.5 0.33 and 59.6 78.6 19.0 1.39 incl. 59.6 60.4 0.8 9.11 and 86.2 103.7 17.5 1.86 incl. 88.4 92.0 3.6 4.98 also incl. 95.8 97.5 1.7 4.43 Drill intercepts are presented using a 0.20 g/t Au cut-off and as drilled length with a minimum 0.5 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. True width is estimated to be 50 to 90% of drilled length. Holes ALJ-23-006, 007, 008 and 010 did not return significant gold assays. Figure 9: Aljo Gold Project Plan View Map 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 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. 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 10). Figure 10: 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 11 - 12). 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. Figure 11: Muskego Sonic Bedrock Samples and Petrography Figure 12: 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 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. 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 13). 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. Figure 13: Muskego Target Plan View Map (1) Drill intercepts are presented using a 1.0 g/t Au cut-off and as drilled length. Composites include internal dilution of up to 3 m at grades less than 1.0 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 km east of Newmont's Borden Gold project and 30 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 14). 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. 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 14: 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 . Figure 15: 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 15). 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 6: 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 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. 2023 Exploration Program - Montclerg Gold Project Phase 2 Drill Program The Company completed its 15-hole Phase 2 drill program at its Goldarm property during the fourth quarter of 2023. In the Phase 2 drill program the Company completed a total of 3,613 m from 15 holes (seven at the Montclerg Gold Project and eight at the Aljo Gold Project). The program focused on step-out and in-fill drilling at Montclerg and tested a spectrum of targets at Aljo located within the Goldarm Property east of Timmins, Ontario (see Table 7 and Figures 16 to 18). The consistency of the results from both step-out and infill drilling demonstrate not only the strong continuity of the system but also the significant expansion potential at depth and along strike. In addition to strong results, the infill drilling has been critical in confirming the geometry and coherence of these mineral systems at shallow depths. Table 7: Highlighted Assay Results from the 2023 Phase 2 Hole ID From (m) To (m) Length (m) Au (g/t) Zone MTC-23-058 100.9 102.9 2.0 1.6 Undefined and 385 394.2 9.2 0.79 Lower Footwall and 397.4 398.3 0.9 2.99 Lower Footwall and 405.6 409.9 4.3 0.65 Lower Footwall MTC-23-059 424.2 437.0 12.8 4.79 Lower Footwall incl. 428 432.3 4.3 10.05 and 435.6 436.5 0.9 4.97 Lower Footwall MTC-23-060 63.1 88.0 24.9 1.05 Upper Main and 95.7 137.5 41.8 0.92 Lower Main and 141.6 145.1 3.5 1.05 Lower Main and 249.5 250.0 0.5 1.95 Lower Footwall and 252.6 255.8 3.2 0.97 Lower Footwall MTC-23-061 98.6 100.5 1.9 5.11 Upper Main incl. 98.6 100.0 1.4 6.79 and 141.5 152.2 10.7 1.34 Upper Footwall incl. 151.1 152.2 1.1 5.61 and 253.1 255.6 2.5 4.45 Lower Footwall incl. 253.1 255.0 1.9 5.63 and 271.8 275.2 3.3 3.15 Lower Footwall incl. 272.4 273.1 0.8 10.4 MTC-23-062 27 39.8 12.8 1.16 Upper Main and 46.5 53.9 7.4 0.79 Upper Main and 72.4 85.2 12.8 3.09 Upper Main incl. 74 76.9 2.9 9.76 and 109.5 113.6 4.1 2.41 Upper Footwall incl. 111.1 111.9 0.9 8.2 MTC-23-063 73.4 79.2 5.8 3.38 Upper Footwall incl. 77.4 79.2 1.8 8.18 MTC-23-064 121.8 123.6 1.8 1.84 Undefined and 371.3 376.6 5.3 0.66 Lower Footwall Drill intercepts are presented using a 0.20 g/t Au cut-off and as drilled length with a minimum 0.5 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. True width is estimated to be 50 to 90% of drilled length. Figure 16: Montclerg Gold Project Cross Section Map Commentary on Assay Results MTC-23-058 intersected 0.79 g/t Au over 9.2 m within a broader altered package, confirming increased thickness of the Lower Footwall Zone below 350 m. MTC-23-059 returned the strongest result from the Lower Footwall Zone to date, grading 4.79 g/t Au over 12.8 m including 10.05 g/t Au over 4.3 m, a 150 m step-out from earlier high-grade intercepts. MTC-23-060 infilled the Main Zone, yielding broad intervals of 1.05 g/t Au over 24.9 m and 0.92 g/t Au over 41.8 m, while also defining the upper extent of the Lower Footwall Zone. MTC-23-061 delivered multiple zones, highlighted by 4.45 g/t Au over 2.5 m and 3.15 g/t Au over 3.3 m in the Lower Footwall Zone, demonstrating up-dip continuity. MTC-23-062 intersected 3.09 g/t Au over 12.8 m including 9.76 g/t Au over 2.9 m near surface in the Upper Main Zone, one of the highest-grade intercepts drilled in this bulk-tonnage style system, and 2.41 g/t Au over 4.1 m in the Upper Footwall Zone. MTC-23-063 returned 3.38 g/t Au over 5.8 m including 8.18 g/t Au over 1.8 m, successfully extending the Upper Footwall Zone closer to surface. MTC-23-064 intersected 0.66 g/t Au over 5.3 m in the Lower Footwall Zone, 150 m east of MTC-23-058, and a hangingwall zone of 1.84 g/t Au over 1.8 m, confirming the system extends beyond current limits. Collectively, the 2023 program demonstrates that Montclerg hosts broad zones of bulk-tonnage style mineralization in the Main Zone together with higher-grade shoots in the Footwall Zones. Results such as 4.79 g/t Au over 12.8 m in MTC-23-059 confirm that the system remains open at depth and laterally, supporting continued resource growth potential. Figure 17: Montclerg Gold Project Plan View Map Figure 18: Montclerg Gold Project MC Central Plan View Map Phase 1 Drill Program The Company completed its 13-hole 2023 Phase 1 drill program at the Montclerg Gold Project during the second quarter -final assay results were received in September 2023 (see Table 8 and Figures 19 & 20). The Phase 1 drill program was designed to complete infill drilling to confirm continuity in the MC Central area and drill significant step-out holes up to one km to the east. Overall, the drill program was successful in proving continuity along strike and at depth in the MC Central and proving the potential for additional discoveries over a km east of MC Central. Table 8: Final Assay Results from the 2023 Phase 1 Drill Program Hole ID From (m) To (m) Length (m) Au (g/t) Zone MTC-23-052 379.4 380.0 0.6 1.09 Undefined MTC-23-053 63.5 64.3 0.8 1.27 Upper Footwall MTC-23-055 72.0 74.8 2.8 1.70 Upper Footwall MTC-23-056 83.5 84.5 1.0 1.09 Upper Main and 129.0 130.0 1.0 0.29 and 143.0 176.0 33.0 0.92 Main Zone and 189.4 191.4 2.0 1.56 and 195.4 197.0 1.6 0.69 and 202.9 205.8 2.9 0.60 and 216.2 217.3 1.1 1.22 and 226.3 227.7 1.4 0.56 and 262.8 263.8 1.0 4.05 Lower Footwall and 277.0 280.3 3.3 0.23 and 295.0 297.2 2.2 3.49 Lower Footwall incl. 295.5 296.6 1.1 5.78 MTC-23-057 254.5 256.8 2.3 2.25 and 346.0 348.7 2.7 10.21 Lower Footwall incl. 346.0 347.5 1.5 16.20 and 375.5 376.7 1.2 2.42 Lower Footwall MTC-23-045 177.4 182.9 5.5 2.00 New Zone and 220.6 227.3 6.7 1.23 New Zone

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