GFG Resources : Third 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 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] https://www.gfgresources.com TRADING SYMBOLS: TSX-V: GFG OTCQB:GFGSF 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 (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", "...

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