EX-99.2 3 tm2411145d1_ex99-2.htm EXHIBIT 99.2

Exhibit 99.2

Management’s Discussion and Analysis

For the three months ended March 31, 2024 and 2023

The following discussion is management’s assessment and analysis of the results and financial condition of New Found Gold Corp. (the “Company” or “NFG”) and should be read in conjunction with the accompanying unaudited condensed interim financial statements for the three months ended March 31, 2024 and March 31, 2023 and related notes. In addition, this MD&A should be read in conjunction with the audited annual financial statements and the related notes for the years ended December 31, 2023 and December 31, 2022. The financial data was prepared using accounting policies consistent with International Financial Reporting Standards (“IFRS”), as applicable to interim financial reports including International Accounting Standards 34 “Interim Financial Reporting” issued by the International Accounting Standards Board (“IASB”), and all figures are reported in Canadian dollars unless otherwise indicated. Please refer to the cautionary note regarding forward-looking statements and information within this Management’s Discussion & Analysis (“MD&A”) and the Risks Factors discussed in the Company’s most recent Annual Information Form on file with the Canadian provincial securities, regulatory authorities and Form 40-F on file with the U.S. Securities and Exchange Commission (the “SEC”).

This MD&A contains forward-looking information and forward-looking statements, within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and forward-looking information within the meaning of applicable Canadian securities legislation, (collectively, “forward-looking statements”), that involve numerous risks and uncertainties. The Company continually seeks to minimize its exposure to business risks, but by the nature of its business and exploration activities and size, will always have some risk. These risks are not always quantifiable due to their uncertain nature. Should one or more of these risks and uncertainties, including those described under the headings “Risks and Uncertainties” and “Cautionary Notes Regarding Forward-Looking Statements” materialize, or should underlying assumptions prove incorrect, then actual results may vary materially from those expressed or implied in forward-looking statements. The effective date of this report is May 9, 2024.

The technical content disclosed in this MD&A was reviewed and approved by Greg Matheson, P. Geo., Chief Operating Officer, and a Qualified Person as defined under National Instrument 43-101. Mr. Matheson consents to the publication of this MD&A, by NFG. The scientific and technical information in this MD&A relating to the Queensway Project is derived from, and in some instances is a direct extract from, and is based on the assumptions, qualifications and procedures set out in, the report entitled “January 2023 Exploration Update At New Found Gold Corp’s Queensway Gold Project in Newfoundland and Labrador, Canada” with an effective date of January 24, 2023, prepared by R. Eccles P.Geo of Apex Geoscience in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) (the “Queensway Technical Report”). Reference should be made to the full text of the Queensway Technical Report, which is available for review under the Company’s profile on SEDAR+ at www.sedarplus.ca.

Description of Business

The Company was incorporated on January 6, 2016, under the Business Corporations Act (Ontario). On June 23, 2020, the Company continued as a British Columbia corporation under the Business Corporation Act in the province of British Columbia. The Company’s head office is located at WeWork c/o New Found Gold Corp., 1600 – 595 Burrard Street, Vancouver, British Columbia V7X 1L4, and its registered office is located at Suite 3500, The Stack, 1133 Melville Street, Vancouver, British Columbia V6E 4E5. On August 11, 2020, the Company completed an initial public offering and listed on the TSX Venture Exchange under the symbol “NFG”. On September 29, 2021, the Company also listed its shares on the NYSE American stock exchange under the symbol “NFGC”.

The Company is a mineral exploration company engaged in the acquisition, exploration and evaluation of resource properties with a focus on gold properties located in Newfoundland and Labrador, Canada. The Company’s principal objective is to explore and develop the Queensway Project, which is located near Gander, Newfoundland and to identify other properties worthy of investment and exploration. For the purpose of NI 43-101, the Queensway Project is the Company’s only material property.

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Management’s Discussion and Analysis

For the three months ended March 31, 2024 and 2023

The Queensway Project is comprised of 96 mineral licenses, including 6,659 claims comprising 166,475ha of land located near Gander, Newfoundland. The Queensway Project is accessible by main access roads including the Trans-Canada Highway (“TCH”) that passes through the northern portion of the project and has high voltage electric transmission lines running through the project area. The Queensway Project is divided into two blocks, Queensway North (“QWN”) which is designated to the claim group north of Gander Lake and Queensway South (“QWS”) which is the property portion located south of Gander Lake.

As of the date of this MD&A, the Company’s Board of Directors consisted of the following: Collin Kettell (Executive Chairman), Vijay Mehta, Denis Laviolette, Ray Threlkeld and Douglas Hurst.

Additional information relating to the Company is available on the Company’s website at www.newfoundgold.ca.

Project Summary

Queensway Project, Newfoundland

Ownership

The Queensway project consists of licences that were acquired through 1) online map staking with the Government of Newfoundland, 2) the successful completion of a series of Option Agreements (9 Option Agreements), and 3) as part of a current Option Agreement announced on November 3, 2022. Some licences were acquired via a direct purchase agreement. The optioned lands also carry various net smelter royalties which are summarized in the table below. The current Option Agreement increased the property package by 551 individual claims totalling 13,775ha and added 6.1km of strike length on the Appleton Fault Zone. In 2022, NFG conducted additional map staking adding 4 new claims. By the end of Q3 2023, NFG increased the property package by 60 new claims expanding the Queensway project to 6,659 claims for a total of 166,475 ha.

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Management’s Discussion and Analysis

For the three months ended March 31, 2024 and 2023

Queensway Project mineral licence description and status (reported by blocks of contiguous licences/claims)

| A) | Queensway North Block

Licence No. |  | Title Holder |  | Location |  | No. of Claims |  | Area (km²) |  | Status |  | Issued Date |  | Renewal Date |  | Report Due Date |  | Annual Minimum Expenses Due |  | Expenses Due Date |  | NSR Royalty (%) |  | NSR Buyback Provision (%)
006821M |  | New Found Gold Corp. |  | Gander River, Central NL |  | 2 |  | 0.50 |  | Issued |  | 1999-05-17 |  | 2023-05-17 |  | 2023-07-17 |  | $ | 4,591.50 |  | 2026-05-17 |  | 2.5 |  | 1
007984M |  | New Found Gold Corp. |  | Glenwood, Central NL |  | 50 |  | 12.50 |  | Issued |  | 1998-11-13 |  | 2023-11-13 |  | 2025-01-13 |  |  | N/A |  | N/A |  | 0.4 |  | 0
022216M |  | New Found Gold Corp. |  | Glenwood, Central NL |  | 6 |  | 1.50 |  | Issued |  | 2014-06-12 |  | 2024-06-12 |  | 2024-08-12 |  | $ | 6,731.36 |  | 2032-06-12 |  | 1.6 |  | 1
022491M |  | New Found Gold Corp. |  | Gander Lake Area, Central NL |  | 12 |  | 3.00 |  | Issued |  | 2014-11-06 |  | 2024-11-06 |  | 2025-01-06 |  | $ | 13,227.96 |  | 2032-11-06 |  | 1.6 |  | 1
023720M |  | New Found Gold Corp. |  | Glenwood, Central NL |  | 4 |  | 1.00 |  | Issued |  | 2001-12-31 |  | 2024-01-01 |  | 2024-02-29 |  | $ | 7,657.67 |  | 2026-12-31 |  | 1 |  | 0
023721M |  | New Found Gold Corp. |  | Glenwood, Central NL |  | 2 |  | 0.50 |  | Issued |  | 2001-12-31 |  | 2024-01-01 |  | 2024-02-29 |  | $ | 1,522.60 |  | 2025-12-31 |  | 1 |  | 0
023804M |  | New Found Gold Corp. |  | Glenwood, Central NL |  | 12 |  | 3.00 |  | Issued |  | 2001-02-19 |  | 2023-02-20 |  | 2023-04-20 |  | $ | 12,313.65 |  | 2026-02-19 |  | 1.6 |  | 1
023860M |  | New Found Gold Corp. |  | Joe Batts Brook, Central NL |  | 11 |  | 2.75 |  | Issued |  | 2016-04-07 |  | 2026-04-07 |  | 2024-06-06 |  | $ | 10,953.23 |  | 2033-04-07 |  | 0.6 |  | 0
023861M |  | New Found Gold Corp. |  | Joe Batts Pond, Central NL |  | 16 |  | 4.00 |  | Issued |  | 2016-04-07 |  | 2026-04-07 |  | 2024-06-06 |  | $ | 15,931.97 |  | 2033-04-07 |  | 1 |  | 0
023862M |  | New Found Gold Corp. |  | Joe Batts Brook, Central NL |  | 4 |  | 1.00 |  | Issued |  | 2016-04-07 |  | 2026-04-07 |  | 2024-06-06 |  | $ | 3,982.99 |  | 2033-04-07 |  | 0.6 |  | 0
023863M |  | New Found Gold Corp. |  | Joe Batts Brook, Central NL |  | 11 |  | 2.75 |  | Issued |  | 2016-04-07 |  | 2026-04-07 |  | 2024-06-06 |  | $ | 10,953.23 |  | 2033-04-07 |  | 1 |  | 0
023864M |  | New Found Gold Corp. |  | Joe Batts Brook, Central NL |  | 3 |  | 0.75 |  | Issued |  | 2016-04-07 |  | 2026-04-07 |  | 2024-06-06 |  | $ | 2,987.24 |  | 2033-04-07 |  | 1 |  | 0
023866M |  | New Found Gold Corp. |  | Joe Batts Brook, Central NL |  | 4 |  | 1.00 |  | Issued |  | 2016-04-07 |  | 2026-04-07 |  | 2024-06-06 |  | $ | 1,966.33 |  | 2033-04-07 |  | 1 |  | 0.5
023874M |  | New Found Gold Corp. |  | Joe Batts Brook, Central NL |  | 8 |  | 2.00 |  | Issued |  | 2016-04-11 |  | 2026-04-13 |  | 2024-06-10 |  | $ | 7,965.98 |  | 2033-04-11 |  | 1.6 |  | 1
023875M |  | New Found Gold Corp. |  | Joe Batts Pond, Central NL |  | 3 |  | 0.75 |  | Issued |  | 2016-04-12 |  | 2026-04-13 |  | 2023-06-12 |  | $ | 2,700.00 |  | 2029-04-12 |  | 1.6 |  | 1
023881M |  | New Found Gold Corp. |  | Joe Batts Brook, Central NL |  | 7 |  | 1.75 |  | Issued |  | 2016-04-21 |  | 2026-04-21 |  | 2023-06-20 |  | $ | 6,300.00 |  | 2029-04-21 |  | 1.6 |  | 1
023916M |  | New Found Gold Corp. |  | Gander Lake Area, Central NL |  | 4 |  | 1.00 |  | Issued |  | 2016-05-05 |  | 2026-05-05 |  | 2024-07-04 |  | $ | 3,982.99 |  | 2033-05-05 |  | 1.6 |  | 1
023962M |  | New Found Gold Corp. |  | The Outflow, Central NL |  | 9 |  | 2.25 |  | Issued |  | 2016-05-19 |  | 2026-05-19 |  | 2024-07-18 |  | $ | 7,039.56 |  | 2033-05-19 |  | 1.6 |  | 1
023987M |  | New Found Gold Corp. |  | Joe Batts Pond Area, Central NL |  | 11 |  | 2.75 |  | Issued |  | 2016-06-07 |  | 2026-06-08 |  | 2024-08-06 |  | $ | 5,407.41 |  | 2033-06-07 |  | 1.6 |  | 1
024026M |  | New Found Gold Corp. |  | Joe Batts Pond Area, Central NL |  | 6 |  | 1.50 |  | Issued |  | 2016-06-30 |  | 2026-06-30 |  | 2024-08-29 |  | $ | 2,949.50 |  | 2033-06-30 |  | 1.6 |  | 1
024031M |  | New Found Gold Corp. |  | Joe Batts Pond Area, Central NL |  | 6 |  | 1.50 |  | Issued |  | 2016-06-30 |  | 2026-06-30 |  | 2023-08-29 |  | $ | 5,400.00 |  | 2029-06-30 |  | 1.6 |  | 1
024136M |  | New Found Gold Corp. |  | Gander River Area, Central NL |  | 25 |  | 6.25 |  | Issued |  | 2016-09-13 |  | 2026-09-14 |  | 2024-11-12 |  | $ | 30,000.00 |  | 2033-09-13 |  | 0.4 |  | 0
024138M |  | New Found Gold Corp. |  | Gander Lake, Central NL |  | 21 |  | 5.25 |  | Issued |  | 2016-09-15 |  | 2026-09-15 |  | 2024-11-14 |  | $ | 25,200.00 |  | 2033-09-15 |  | 1.6 |  | 1
024139M |  | New Found Gold Corp. |  | Gander Lake, Central NL |  | 30 |  | 7.50 |  | Issued |  | 2016-09-15 |  | 2026-09-15 |  | 2024-11-14 |  | $ | 36,000.00 |  | 2033-09-15 |  | 1.6 |  | 1
024140M |  | New Found Gold Corp. |  | Joe Batts Pond, Central NL |  | 2 |  | 0.50 |  | Issued |  | 2016-09-15 |  | 2026-09-15 |  | 2024-11-14 |  | $ | 2,400.00 |  | 2033-09-15 |  | 1.6 |  | 1
024141M |  | New Found Gold Corp. |  | Joe Batts Pond Area, Central NL |  | 2 |  | 0.50 |  | Issued |  | 2016-09-15 |  | 2026-09-15 |  | 2024-11-14 |  | $ | 2,400.00 |  | 2033-09-15 |  | 1.6 |  | 1
024264M |  | New Found Gold Corp. |  | Joe Batts Pond Area, Central NL |  | 4 |  | 1.00 |  | Issued |  | 2016-10-24 |  | 2026-10-26 |  | 2024-12-23 |  | $ | 4,800.00 |  | 2033-10-24 |  | 0.4 |  | 0
024265M |  | New Found Gold Corp. |  | Appleton, Central NL |  | 12 |  | 3.00 |  | Issued |  | 2016-10-24 |  | 2026-10-26 |  | 2024-12-23 |  | $ | 14,400.00 |  | 2033-10-24 |  | 0.4 |  | 0
024266M |  | New Found Gold Corp. |  | Joe Batts Pond, Central NL |  | 128 |  | 32.00 |  | Issued |  | 2016-10-24 |  | 2026-10-26 |  | 2024-12-23 |  | $ | 12,677.96 |  | 2032-10-24 |  | 0.4 |  | 0
024268M |  | New Found Gold Corp. |  | Millers Brook, Central NL |  | 56 |  | 14.00 |  | Issued |  | 2016-10-24 |  | 2026-10-26 |  | 2024-12-23 |  | $ | 37,446.05 |  | 2032-10-24 |  | 1.6 |  | 1
024997M |  | New Found Gold Corp. |  | Glenwood Area, Central NL |  | 21 |  | 5.25 |  | Issued |  | 2017-04-27 |  | 2027-04-27 |  | 2024-06-26 |  | $ | 10,323.24 |  | 2033-04-27 |  | 1.6 |  | 1
025008M |  | New Found Gold Corp. |  | Gander Lake, Central NL |  | 13 |  | 3.25 |  | Issued |  | 2017-05-04 |  | 2027-05-04 |  | 2024-07-03 |  | $ | 12,944.72 |  | 2033-05-04 |  | 1 |  | 0
026074M |  | New Found Gold Corp. |  | Joe Batts Brook, Central NL |  | 3 |  | 0.75 |  | Issued |  | 2018-05-31 |  | 2023-05-31 |  | 2024-07-30 |  | $ | 2,087.24 |  | 2033-05-31 |  | 2.2 |  | 1
030714M |  | New Found Gold Corp. |  | King's Point, Gander Lake |  | 8 |  | 2.00 |  | Issued |  | 2020-05-02 |  | 2025-05-02 |  | 2024-07-01 |  | $ | 6,710.45 |  | 2033-05-02 |  | 1 |  | 0
035198M |  | Suraj Amarnani |  | Fourth Pond |  | 168 |  | 42.00 |  | Issued |  | 2022-10-11 |  | 2027-10-11 |  | 2024-01-09 |  | $ | 33,600.00 |  | 2023-11-10 |  | 0 |  | 0
035681M |  | New Found Gold Corp. |  | The Outflow, Central NL |  | 4 |  | 1.00 |  | Issued |  | 2023-03-16 |  | 2028-03-16 |  | 2024-05-15 |  | $ | 800.00 |  | 2024-03-16 |  | 0 |  | 0

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Management’s Discussion and Analysis

For the three months ended March 31, 2024 and 2023

| B) | Queensway South Block

Licence No. |  | Title Holder |  | Location |  | No. of Claims |  | Area (km²) |  | Status |  | Issued Date |  | Renewal Date |  | Report Due Date |  | Annual Minimum Expenses Due |  | Expenses Due Date |  | NSR Royalty (%) |  | NSR Buyback Provision (%)
022236M |  | New Found Gold Corp. |  | Southwest Gander River, Central NL |  | 5 |  | 1.25 |  | Issued |  | 2014-06-12 |  | 2024-06-12 |  | 2023-08-11 |  | $ | 508.21 |  | 2023-06-12 |  | 1 |  | 0.5
022260M |  | New Found Gold Corp. |  | Southwest Gander River, Central NL |  | 1 |  | 0.25 |  | Issued |  | 2014-06-13 |  | 2024-06-13 |  | 2024-08-12 |  | $ | 436.83 |  | 2024-06-13 |  | 1 |  | 0.5
022342M |  | New Found Gold Corp. |  | Southwest Gander River, Central NL |  | 1 |  | 0.25 |  | Issued |  | 2014-08-25 |  | 2024-08-25 |  | 2024-10-24 |  | $ | 828.59 |  | 2025-08-25 |  | 1 |  | 0.5
023239M |  | New Found Gold Corp. |  | Pauls Pond, Central NL |  | 2 |  | 0.50 |  | Issued |  | 2015-08-12 |  | 2025-08-12 |  | 2024-10-11 |  | $ | 1,187.57 |  | 2025-08-12 |  | 1 |  | 0.5
023495M |  | New Found Gold Corp. |  | Northwest Gander River, Central NL |  | 5 |  | 1.25 |  | Issued |  | 2015-11-19 |  | 2025-11-19 |  | 2024-01-18 |  | $ | 2,448.69 |  | 2023-11-19 |  | 1 |  | 0.5
023498M |  | New Found Gold Corp. |  | Northwest Gander River, Central NL |  | 8 |  | 2.00 |  | Issued |  | 2015-11-19 |  | 2025-11-19 |  | 2024-01-18 |  | $ | 3,882.09 |  | 2023-11-19 |  | 1 |  | 0.5
024435M |  | New Found Gold Corp. |  | Greenwood Pond, Central NL |  | 7 |  | 1.75 |  | Issued |  | 2016-11-21 |  | 2026-11-23 |  | 2024-01-22 |  | $ | 1,428.47 |  | 2023-11-21 |  | 1 |  | 0.5
024436M |  | New Found Gold Corp. |  | Greenwood Pond, Central NL |  | 3 |  | 0.75 |  | Issued |  | 2016-11-21 |  | 2026-11-23 |  | 2024-01-22 |  | $ | 1,277.65 |  | 2024-11-21 |  | 1 |  | 0.5
024557M |  | New Found Gold Corp. |  | Bear Pond, Central NL |  | 250 |  | 62.50 |  | Issued |  | 2016-12-12 |  | 2026-12-14 |  | 2023-02-10 |  | $ | 105,663.21 |  | 2022-12-12 |  | 1 |  | 0
024558M |  | New Found Gold Corp. |  | Great Gull River, Central NL |  | 239 |  | 59.75 |  | Issued |  | 2016-12-12 |  | 2026-12-14 |  | 2023-02-10 |  | $ | 100,989.75 |  | 2022-12-12 |  | 1 |  | 0
024559M |  | New Found Gold Corp. |  | Northwest Gander River, Central NL |  | 256 |  | 64.00 |  | Issued |  | 2016-12-12 |  | 2026-12-14 |  | 2023-02-10 |  | $ | 116,036.32 |  | 2022-12-12 |  | 1 |  | 0
024560M |  | New Found Gold Corp. |  | Careless Brook, Central NL |  | 121 |  | 30.25 |  | Issued |  | 2016-12-12 |  | 2026-12-14 |  | 2024-02-12 |  | $ | 63,185.40 |  | 2023-12-12 |  | 1 |  | 0
024561M |  | New Found Gold Corp. |  | Eastern Pond, Central NL |  | 256 |  | 64.00 |  | Issued |  | 2016-12-12 |  | 2026-12-14 |  | 2023-02-10 |  | $ | 69,687.96 |  | 2022-12-12 |  | 1 |  | 0
024562M |  | New Found Gold Corp. |  | Hussey Pond, Central NL |  | 241 |  | 60.25 |  | Issued |  | 2016-12-12 |  | 2026-12-14 |  | 2023-02-10 |  | $ | 109,210.11 |  | 2022-12-12 |  | 1 |  | 0
024563M |  | New Found Gold Corp. |  | Eastern Pond, Central NL |  | 236 |  | 59.00 |  | Issued |  | 2016-12-12 |  | 2026-12-14 |  | 2023-02-10 |  | $ | 99,717.74 |  | 2022-12-12 |  | 1 |  | 0
024565M |  | New Found Gold Corp. |  | Gander Lake, Central NL |  | 12 |  | 3.00 |  | Issued |  | 2016-12-12 |  | 2026-12-14 |  | 2023-02-10 |  | $ | 1,509.68 |  | 2022-12-12 |  | 1 |  | 0
024566M |  | New Found Gold Corp. |  | Gander Lake, Central NL |  | 125 |  | 31.25 |  | Issued |  | 2016-12-12 |  | 2026-12-14 |  | 2023-02-10 |  | $ | 60,031.83 |  | 2022-12-12 |  | 1 |  | 0
024567M |  | New Found Gold Corp. |  | Gander Lake, Central NL |  | 106 |  | 26.50 |  | Issued |  | 2016-12-12 |  | 2026-12-14 |  | 2023-02-10 |  | $ | 50,830.46 |  | 2022-12-12 |  | 1 |  | 0
024568M |  | New Found Gold Corp. |  | Birch Pond, Central NL |  | 254 |  | 63.50 |  | Issued |  | 2016-12-12 |  | 2026-12-14 |  | 2023-02-10 |  | $ | 107,360.90 |  | 2022-12-12 |  | 1 |  | 0
024569M |  | New Found Gold Corp. |  | Southwest Gander River, Central NL |  | 221 |  | 55.25 |  | Issued |  | 2016-12-12 |  | 2026-12-14 |  | 2023-02-10 |  | $ | 106,523.78 |  | 2022-12-12 |  | 1 |  | 0
024570M |  | New Found Gold Corp. |  | Dennis Brook, Central NL |  | 117 |  | 29.25 |  | Issued |  | 2016-12-12 |  | 2026-12-14 |  | 2023-02-10 |  | $ | 49,185.49 |  | 2022-12-12 |  | 1 |  | 0
024571M |  | New Found Gold Corp. |  | Winter Brook, Central NL |  | 153 |  | 38.25 |  | Issued |  | 2016-12-12 |  | 2026-12-14 |  | 2023-02-10 |  | $ | 15,598.82 |  | 2022-12-12 |  | 1 |  | 0
025766M |  | New Found Gold Corp. |  | Pauls Pond, Central NL |  | 163 |  | 40.75 |  | Issued |  | 2016-12-12 |  | 2026-12-14 |  | 2023-02-10 |  | $ | 68,720.03 |  | 2022-12-12 |  | 1 |  | 0
030710M |  | New Found Gold Corp. |  | Little Dead Wolf Pond |  | 144 |  | 36.00 |  | Issued |  | 2020-05-02 |  | 2025-05-02 |  | 2024-07-01 |  | $ | 33,831.05 |  | 2024-05-02 |  | 1 |  | 0
030716M |  | New Found Gold Corp. |  | Third Berry Hill Pond |  | 224 |  | 56.00 |  | Issued |  | 2020-05-02 |  | 2025-05-02 |  | 2024-07-01 |  | $ | 46,121.42 |  | 2024-05-02 |  | 0 |  | 0
030722M |  | New Found Gold Corp. |  | Hunt's Pond |  | 149 |  | 37.25 |  | Issued |  | 2020-05-02 |  | 2025-05-02 |  | 2024-07-01 |  | $ | 35,005.74 |  | 2024-05-02 |  | 1 |  | 0
030726M |  | New Found Gold Corp. |  | Joe's Feeder Cove |  | 5 |  | 1.25 |  | Issued |  | 2020-05-02 |  | 2025-05-02 |  | 2024-07-01 |  | $ | 1,347.81 |  | 2027-05-02 |  | 1 |  | 0
030727M |  | New Found Gold Corp. |  | Dead Wolf Brook |  | 195 |  | 48.75 |  | Issued |  | 2020-05-02 |  | 2025-05-02 |  | 2024-07-01 |  | $ | 40,150.35 |  | 2024-05-02 |  | 1 |  | 0
030733M |  | New Found Gold Corp. |  | Rocky Brook |  | 173 |  | 43.25 |  | Issued |  | 2020-05-02 |  | 2025-05-02 |  | 2024-07-01 |  | $ | 35,620.56 |  | 2024-05-02 |  | 1 |  | 0
030737M |  | New Found Gold Corp. |  | Caribou Lake |  | 247 |  | 61.75 |  | Issued |  | 2020-05-02 |  | 2025-05-02 |  | 2024-07-01 |  | $ | 50,857.12 |  | 2024-05-02 |  | 1 |  | 0
030739M |  | New Found Gold Corp. |  | Great Gull River |  | 224 |  | 56.00 |  | Issued |  | 2020-05-02 |  | 2025-05-02 |  | 2024-07-01 |  | $ | 39,274.23 |  | 2024-05-02 |  | 1 |  | 0
030740M |  | New Found Gold Corp. |  | Ribbon Ponds |  | 1 |  | 0.25 |  | Issued |  | 2020-05-02 |  | 2025-05-02 |  | 2024-07-01 |  | $ | 192.39 |  | 2024-05-02 |  | 0 |  | 0
030741M |  | New Found Gold Corp. |  | Southwest Gander River Cove |  | 2 |  | 0.50 |  | Issued |  | 2020-05-02 |  | 2025-05-02 |  | 2024-07-01 |  | $ | 265.12 |  | 2025-05-02 |  | 1 |  | 0
030742M |  | New Found Gold Corp. |  | Steeles Brook |  | 32 |  | 8.00 |  | Issued |  | 2020-05-02 |  | 2025-05-02 |  | 2024-07-01 |  | $ | 5,610.61 |  | 2024-05-02 |  | 1 |  | 0
030745M |  | New Found Gold Corp. |  | Dead Wolf Brook |  | 101 |  | 25.25 |  | Issued |  | 2020-05-02 |  | 2025-05-02 |  | 2024-07-01 |  | $ | 20,795.83 |  | 2024-05-02 |  | 1 |  | 0
030746M |  | New Found Gold Corp. |  | Southwest Islands View |  | 3 |  | 0.75 |  | Issued |  | 2020-05-02 |  | 2025-05-02 |  | 2024-07-01 |  | $ | 672.68 |  | 2026-05-02 |  | 1 |  | 0
030747M |  | New Found Gold Corp. |  | Owl Pond |  | 37 |  | 9.25 |  | Issued |  | 2020-05-02 |  | 2025-05-02 |  | 2024-07-01 |  | $ | 7,618.27 |  | 2024-05-02 |  | 1 |  | 0
030748M |  | New Found Gold Corp. |  | Southwest Pond |  | 140 |  | 35.00 |  | Issued |  | 2020-05-02 |  | 2025-05-02 |  | 2024-07-01 |  | $ | 28,825.88 |  | 2024-05-02 |  | 1 |  | 0
030752M |  | New Found Gold Corp. |  | Miguel's Lake |  | 78 |  | 19.50 |  | Issued |  | 2020-05-02 |  | 2025-05-02 |  | 2024-07-01 |  | $ | 16,060.14 |  | 2024-05-02 |  | 1 |  | 0
030753M |  | New Found Gold Corp. |  | Gander Lake |  | 3 |  | 0.75 |  | Issued |  | 2020-05-02 |  | 2025-05-02 |  | 2024-07-01 |  | $ | 37.68 |  | 2025-05-02 |  | 1 |  | 0
030754M |  | New Found Gold Corp. |  | Little Gander Lake |  | 172 |  | 43.00 |  | Issued |  | 2020-05-02 |  | 2025-05-02 |  | 2024-07-01 |  | $ | 35,414.66 |  | 2024-05-02 |  | 0 |  | 0
030755M |  | New Found Gold Corp. |  | Rocky Brook |  | 30 |  | 7.50 |  | Issued |  | 2020-05-02 |  | 2025-05-02 |  | 2024-07-01 |  | $ | 6,176.98 |  | 2024-05-02 |  | 0 |  | 0
030756M |  | New Found Gold Corp. |  | Southwest Pond |  | 88 |  | 22.00 |  | Issued |  | 2020-05-02 |  | 2025-05-02 |  | 2024-07-01 |  | $ | 18,119.14 |  | 2024-05-02 |  | 1 |  | 0
030763M |  | New Found Gold Corp. |  | Rocky Brook |  | 45 |  | 11.25 |  | Issued |  | 2020-05-02 |  | 2025-05-02 |  | 2024-07-01 |  | $ | 9,265.46 |  | 2024-05-02 |  | 0 |  | 0
030765M |  | New Found Gold Corp. |  | Berry Hill Brook |  | 124 |  | 31.00 |  | Issued |  | 2020-05-02 |  | 2025-05-02 |  | 2024-07-01 |  | $ | 25,531.50 |  | 2024-05-02 |  | 0 |  | 0
030768M |  | New Found Gold Corp. |  | Gander Lake Prime |  | 149 |  | 37.25 |  | Issued |  | 2020-05-02 |  | 2025-05-02 |  | 2023-07-03 |  | $ | 39,040.07 |  | 2023-05-02 |  | 1 |  | 0
030771M |  | New Found Gold Corp. |  | Northwest Gander River |  | 37 |  | 9.25 |  | Issued |  | 2020-05-02 |  | 2025-05-02 |  | 2024-07-01 |  | $ | 7,618.27 |  | 2024-05-02 |  | 1 |  | 0
030783M |  | New Found Gold Corp. |  | Little Dead Wolf Brook |  | 41 |  | 10.25 |  | Issued |  | 2020-05-02 |  | 2025-05-02 |  | 2024-07-01 |  | $ | 9,632.45 |  | 2024-05-02 |  | 0 |  | 0
035087M |  | New Found Gold Corp. |  | Gander Lake Prime |  | 2 |  | 0.50 |  | Issued |  | 2022-10-13 |  | 2027-10-13 |  | 2023-12-12 |  | $ | 400.00 |  | 2023-10-13 |  | 0 |  | 0
035338M |  | New Found Gold Corp. |  | Gillingham's Pond |  | 53 |  | 13.25 |  | Issued |  | 2023-01-05 |  | 2028-01-05 |  | 2024-03-05 |  | $ | 10,600.00 |  | 2024-01-05 |  | 0 |  | 0
036670M |  | Alicia Moning |  | Careless Brook, Central NL |  | 6 |  | 1.50 |  | Issued |  | 2023-10-26 |  | 2028-10-26 |  | 2024-12-25 |  | $ | 1,200.00 |  | 2024-10-26 |  | 0 |  | 0

| C) | Twin Ponds Block

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | NSR
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Annual |  |  |  | NSR |  | Buyback
|  |  |  |  |  | No. of |  |  |  |  |  |  |  |  |  | Report Due |  | Minimum |  | Expenses Due |  | Royalty |  | Provision
Licence No. |  | Title Holder |  | Location |  | Claims |  | Area (km²) |  | Status |  | Issued Date |  | Renewal Date |  | Date |  | Expenses Due |  | Date |  | (%) |  | (%)
024270M |  | New Found Gold Corp. |  | Island Pond, Central NL |  | 107 |  | 26.75 |  | Issued |  | 2016-10-24 |  | 2026-10-26 |  | 2023-12-25 |  | $ | 13,350.26 |  | 2027-10-24 |  | 1.6 |  | 1
024274M |  | New Found Gold Corp. |  | Twin Ponds, Central NL |  | 77 |  | 19.25 |  | Issued |  | 2016-10-24 |  | 2026-10-26 |  | 2023-12-25 |  | $ | 7,295.39 |  | 2027-10-24 |  | 1.6 |  | 1
035048M |  | Suraj Amarnani |  | Twin Ponds |  | 42 |  | 10.50 |  | Issued |  | 2022-09-29 |  | 2027-09-29 |  | 2023-11-28 |  | $ | 8,400.00 |  | 2023-09-29 |  | 0 |  | 0

| D) | Ten Mile Duder Lake Block

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | NSR
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Annual |  |  |  | NSR |  | Buyback
|  |  |  |  |  | No. of |  |  |  |  |  |  |  |  |  | Report Due |  | Minimum |  | Expenses Due |  | Royalty |  | Provision
Licence No. |  | Title Holder |  | Location |  | Claims |  | Area (km²) |  | Status |  | Issued Date |  | Renewal Date |  | Date |  | Expenses Due |  | Date |  | (%) |  | (%)
035047M |  | Aidan ONeil |  | Ten Mile-Duder Lake |  | 209 |  | 52.25 |  | Issued |  | 2022-09-29 |  | 2027-09-29 |  | 2023-11-28 |  | $ | 41,800.00 |  | 2023-09-29 |  | 0 |  | 0
035050M |  | Josh Vann |  | Ten Mile Lake |  | 2 |  | 0.50 |  | Issued |  | 2022-09-29 |  | 2027-09-29 |  | 2023-11-28 |  | $ | 400.00 |  | 2023-09-29 |  | 0 |  | 0

| E) | South Pond Block

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | NSR
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Annual |  |  |  | NSR |  | Buyback
|  |  |  |  |  | No. of |  |  |  |  |  |  |  |  |  | Report |  | Minimum |  | Expenses Due |  | Royalty |  | Provision
Licence No. |  | Title Holder |  | Location |  | Claims |  | Area (km²) |  | Status |  | Issued Date |  | Renewal Date |  | Due Date |  | Expenses Due |  | Date |  | (%) |  | (%)
035197M |  | Aidan ONeil |  | South Pond |  | 130 |  | 32.50 |  | Issued |  | 2022-10-11 |  | 2027-10-11 |  | 2024-01-09 |  | $ | 26,000.00 |  | 2023-11-10 |  | 0 |  | 0
035209M |  | New Found Gold Corp. |  | South Pond |  | 2 |  | 0.50 |  | Issued |  | 2022-11-10 |  | 2027-11-10 |  | 2024-01-09 |  | $ | 400.00 |  | 2023-11-10 |  | 0 |  | 0

- 4 -

Management’s Discussion and Analysis

For the three months ended March 31, 2024 and 2023

| F) | Bellman’s Pond Block

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | NSR
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Annual |  |  |  | NSR |  | Buyback
|  |  |  |  |  | No. of |  |  |  |  |  |  |  |  |  | Report |  | Minimum |  | Expenses Due |  | Royalty |  | Provision
Licence No. |  | Title Holder |  | Location |  | Claims |  | Area (km²) |  | Status |  | Issued Date |  | Renewal Date |  | Due Date |  | Expenses Due |  | Date |  | (%) |  | (%)
030775M |  | New Found Gold Corp. |  | Bellman's Pond |  | 1 |  | 0.25 |  | Issued |  | 2020-05-02 |  | 2025-05-02 |  | 2024-07-01 |  | $ | 221.43 |  | 2024-05-02 |  | 0 |  | 0

| G) | Little Rocky Brook Block

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | NSR
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Annual |  |  |  | NSR |  | Buyback
|  |  |  |  |  | No. of |  |  |  |  |  |  |  |  |  | Report |  | Minimum |  | Expenses Due |  | Royalty |  | Provision
Licence No. |  | Title Holder |  | Location |  | Claims |  | Area (km²) |  | Status |  | Issued Date |  | Renewal Date |  | Due Date |  | Expenses Due |  | Date |  | (%) |  | (%)
030777M |  | New Found Gold Corp. |  | Little Rocky Pond, Gander River |  | 114 |  | 28.50 |  | Issued |  | 2020-05-02 |  | 2025-05-02 |  | 2024-07-01 |  | $ | 26,782.91 |  | 2024-05-02 |  | 0 |  | 0

- 5 -

Management’s Discussion and Analysis

For the three months ended March 31, 2024 and 2023

Queensway Project – Claim Groups

- 6 -

Management’s Discussion and Analysis

For the three months ended March 31, 2024 and 2023

Queensway Project – Queensway North mineral licences, and the separate licences of Twin Ponds, Ten Mile-Duder Lake, South Pond, Bellman’s Pond, and Little Rocky Brook

- 7 -

Management’s Discussion and Analysis

For the three months ended March 31, 2024 and 2023

Queensway Project – Queensway South mineral licences

- 8 -

Management’s Discussion and Analysis

For the three months ended March 31, 2024 and 2023

Queensway Project – Locations of Gold Prospects

- 9 -

Management’s Discussion and Analysis

For the three months ended March 31, 2024 and 2023

Environmental and Exploration Permitting

NFG is responsible for obtaining all permits in accordance with the laws of Newfoundland and Labrador to conduct exploration activities at the Queensway Property. Exploration activities require approval from the Mineral Lands Division of the province’s Department of Industry, Energy, and Technology. These specify the activities that are allowed in the area; they are typically valid for one year and can be renewed.

The different permits and licence requirements in the province of Newfoundland and Labrador can include:

| 1. | Exploration Approvals: An Exploration Approval Permit enables an exploration company to conduct prospecting, rock and soil geochemistry, line cutting, trenching, bulk sampling, airborne and/or ground geophysical surveys, fuel storage, ATV usage, diamond drilling, etc.

| 2. | Water Use Licence: Activities that require water to be drawn from surface waterways or from aquifers require a Water Use Licence. These are typically valid for five years and can be renewed. These permits are no longer needed for drilling and trenching activities.

| 3. | Licence to Occupy: Required if a camp location was to be used for a period longer than that which was allowed as part of the Exploration Approval Permit. This permit is obtained from the Provincial Department of Crown lands. These are typically valid for five years and can be renewed.

| 4. | Section 39 Permit: When field activities occur within a Protected Public Water Supply Area (PPWSA), restoration requirements and constraints on field activities are stipulated in a “Section 39 Permit” that is typically valid for one year and can be renewed.

| 5. | Section 48 Permit: If exploration activities include stream crossings and/or fording, or any work in and around any body of water, the Water Resources Management Division must be contacted to obtain a Section 48 Permit to Alter a Water Body under the Water Resources Act, 2002.

| 6. | Forestry Permits: NFG shall contact the nearest Forest Management District Office to obtain the following permits prior to commencing any activity as required.

| a. | A commercial harvesting permit before the start of the exploration program if trees must be cut for access to exploration sites on Crown lands.

| b. | An operating permit if operations are to take place on forest land during the forest fire season (May-September).

| c. | During the forest fire season, a permit to burn must be obtained to ignite a fire on or within 300 m of forest land. NFG has never needed this permit.

| 7. | Development Permit: Any activity that meets the definition of development under the Urban and Rural Planning Act, 2000, within a municipal planning area/boundary will require application and permit from the Municipality.

The table below summarizes the permits, licences, and approvals that have currently been granted to NFG:

| · | Exploration Approvals (prefixed with E).

| · | Water Use Licences (prefixed with WUL).

| · | PPWSA Section 39 Permits (prefixed with PRO).

| · | Section 48 Permits to Alter a Water Body (prefixed with ALT).

| · | Other environmental permits.

- 10 -

Management’s Discussion and Analysis

For the three months ended March 31, 2024 and 2023

Mineral licences 024557M, 024558M, 024561M, 024563M, 024568M, and 024570M, all of which lie in the south of Queensway South, are restricted from exploration activities from mid-May to early-July as this area is a spring habitat for Newfoundland caribou.

Mineral licence 035198M in Queensway North encloses two known archaeological sites and covers a portion of the Gander River which has high archaeological potential. As such, the Provincial Archaeology Office recommends a 100 m buffer along the Gander River, and 50 m buffers around the two known sites. The two known archaeological sites in UTM Zone 21N NAD83 are: 1) 662938 m Easting, 5435800.33 m Northing and 2) 670038.33 m Easting, 5439264.60 m Northing.

With respect to title, mineral licences: 035047M and 035197M, 035048M and 035198M, and 035050M are owned by Aidan O’Neil, Suraj Amarnani, and Josh Vann respectively. Hence, NFG mineral rights ownership of these licence areas and the mineral occurrences that may occur within them are subject to successful completion of conditions of a single Option Agreement in place.

- 11 -

Management’s Discussion and Analysis

For the three months ended March 31, 2024 and 2023

Project Infrastructure

The main access roads include the TCH that passes through the southern portion of the Appleton Fault Zone (“AFZ”) / Joe Batts Pond Fault Zone (“JBPFZ”) claim areas on the QWN, and the Northwest Gander (“NWG”) road that extends along the western portion of the property from the TCH just west of Glenwood, to the south and west of Gander Lake on QWS.

Gravel woods access roads originally built for the forestry industry, such as the AFZ access, the JBPFZ access, the JBP road and the roads to the east of the steel bridge across the NWG River and across the bridge to the east of the Southwest Gander River extend through most of the property, with areas in the extreme SE and SW the most difficult to access. The SW area is best accessed by woods roads from Route 360, the Baie D’Espoir highway, that leaves the TCH at Bishop’s Falls, approximately 70km to the west of Glenwood.

Transportation availability includes the international airport at Gander which has bush plane and helicopter bases, a helicopter base in Appleton and shipping through the ports of Lewisporte and Botwood, 25km and 70km to the west respectively, and north of the TCH, both with good harbours although problems with winter shipping due to sea and pack ice.

Electricity is available from the NL provincial grid, which has three transmission lines through the Queensway Project as follows:

| 1) | A 350 kV HVdc direct current line which passes through the approximate centre of QWS licences;

| 2) | Two 138 kV HVac transmission lines to the north of the TCH crossing the AFZ and JBPFZ trends on the QWN licences;

| 3) | And a 69 kV HVac transmission line that approximately parallels the TCH to the north across the AFZ and JBPFZ trends on the QWN licences and follows the TCH and secondary routes.

Historical Work

There has been over 29,200 metres of core in 238 holes drilled historically on the Queensway Project by Noranda, Rubicon and various operators from the mid 1980’s through to 2012. Historical core drilling has primarily occurred north of Gander Lake along the two principal fault structures the AFZ and JBPFZ; the exploration drilling has been spread out amongst individual zones with drilling along 5km of the AFZ targeting the Lotto, Powerline, Cokes, Keats, Dome, Trench 26, Road, Knob, Letha, and Grouse zones. Drilling at the JBPFZ has focussed along 3km targeting the Pocket Pond and H-Pond zones and one drill hole targeting the 798 Zone. Significantly lesser number of drill holes have also targeted zones south of Gander Lake including the Paul’s Pond showing, Aztec and A-Zone extension, and the Goose zone.

Throughout the 1980’s through mid-2000’s various operators and prospectors have completed surface geochemical sampling including tills, soils, and rock samples. This amounts to roughly 2,500 till samples, over 14,000 soil samples and 6,000 rock samples spread across the large district scale project with concentrations of work around the many showings in the Queensway license group. This work has identified a number of gold-in-soil or gold-in-till anomalies that have led to surface gold discoveries or have yet to be explained with follow up exploration. Several locations throughout the project have defined surface float samples containing high grade gold mineralization some of which have led to surface gold occurrences while other locations have not been adequately explored to trace them to source.

Various historical ground geophysical surveys have been conducted throughout the Queensway Project with most of this work concentrated either along the AFZ, JBPFZ, or in the region of the Paul’s Pond and Greenwood Pond showings in the QWS claim group. Over 50 different geophysical surveys including VLF, EM, MAG and IP have covered ground-based grids throughout the Queensway Project. Various anomalies have been identified and often limited follow up exploration has occurred.

- 12 -

Management’s Discussion and Analysis

For the three months ended March 31, 2024 and 2023

A significant number of surface trenches have been conducted at the project with over 330 trenches completed to date. Many of the historical trenches have targeted soil and till anomalies with only some of these reaching bedrock; often the trenches not reaching bedrock have left both soil and till anomalies unexplained and open for further interpretation and exploration.

Project Geology

The Queensway Project is located within the Exploits subzone of the Dunnage zone and lies just to the west of the Gander River Ultramafic Complex (“GRUC”) fault, which is the Dunnage-Gander zones boundary. See figure below:

Queensway Project – Geological context of the Queensway Project Geological map from Colman-Sadd et al., 1990.

- 13 -

Management’s Discussion and Analysis

For the three months ended March 31, 2024 and 2023

Queensway Project- Integrated geological map of lithology, shear zones and gold showings in Queensway North.

It mostly comprises Cambrian to Silurian meta-sedimentary rocks of the Davidsville group (Williams et al., 1988; Colman-Sadd et al., 1990; Valverde-Vaquero et al., 2006; van Staal, 2007; O’Reilly et al., 2010). The Davidsville group is divided into the Outflow Formation and the Hunt’s Cove Formation. The property south of Gander Lake also includes the boundary between the Davidsville and Indian Island groups. The latter mainly comprises Silurian siliciclastic rocks, intruded by the Mount Peyton Intrusive suite.

There are over 100 gold showings/occurrences on and around the Queensway Project however the most notable mineralized zones in the Queensway Project are the JBPFZ which includes the H-Pond, Pocket Pond, Glass, Logan, and Lachlan showings and the AFZ which includes the Dome, Little, Knob, Letha, Lotto, Grouse, Road, Bullet, Trench 26, Cokes, Powerline, Keats, and Bowater showings.

- 14 -

Management’s Discussion and Analysis

For the three months ended March 31, 2024 and 2023

A number of gold mineralized occurrences also occur within the QWS claim group including the Greenwood Pond, Hornet, North Pauls Pond, Aztec, Goose, Road Gabbro and LBNL showings.

Recent Exploration

Queensway Drill Program

On August 17, 2020, the Company announced it had initiated a 100,000m HQ-size diamond drilling program at the Queensway Project. The Company announced on January 6, 2021, that it had increased the drilling program started in 2020 to a total of 200,000m; this program was further expanded on October 15, 2021, to 400,000m, followed by another extension to 500,000m on January 3, 2023, and then to 650,000m on January 4, 2024. This program is ongoing, and the Company currently has 4 drills operating in Q1 2024.

In 2020, the Company completed 67 drill holes for a total of 13,593m that expanded the Keats zone and lead to the discovery of Lotto and Golden Joint zones.

In 2021, the Company completed an additional 424 drill holes totalling 115,852m largely focused on expanding Keats, Golden Joint, Lotto, 1744, and Pocket Pond zones.

In 2022, a total of 188,717m was completed in 677 holes that lead to the discoveries of Keats North, Keats West, Lotto North and further expanded Keats, Golden Joint, and Lotto zones in addition to continued systematic testing along the AFZ. The Company also completed a regional diamond drilling program designed to test high-priority targets at both Twin Ponds and QWS projects; both programs are the first phase of drilling completed by the Company. The QWS program targeted an area 50km south of the Keats Zone with a high concentration of gold anomalies surrounding the southern extension of the AFZ. This program generated encouraging results with twenty-seven holes returning significant gold mineralization and 10 holes across 4 targets containing visible gold. The exploration drilling program was designed to test a variety of targets in and around Paul’s Pond, Goose, Eastern Pond, and Greenwood #2 prospects and resulted in the discovery of the Paul’s Pond and Devil’s Pond trends.

In 2023, a total of 196,115m was completed in 1,001 holes that lead to several discoveries including Iceberg, Iceberg East, K2, Monte Carlo, Jackpot, and Honeypot. Drilling rapidly expanded on these new discoveries, in addition to extending Keats West, Golden Joint, and Keats. Notably the strike length of the Keats-Baseline Fault Zone was extended to 1.9km with the addition of Iceberg and Iceberg East. Regional exploration programs included the completion of a first pass drilling program on the newly optioned VOA ground that covers the northern extension of the AFZ testing 10 target areas, results are pending from this program. Follow-up drilling at QWS was also completed including the Paul’s Pond trend in addition to testing a number of new target areas, the results of this program are also pending. Other notable programs in 2023 include the completion of the 3D seismic acquisition by HiSeis and the excavation of the Keats trench. The Company has received the seismic data, consultant interpretations and targeting products and is actively working with it to guide deeper drilling programs. Trenching of the near-surface high-grade segment of the Keats zone finished in October 2023, along with preliminary mapping; a detailed sampling and mapping program is scheduled for early Q2.

The current drilling program is designed to test multiple exploration targets and zones along the 9.45km of the AFZ at Queensway North. The primary focus at Queensway North is on the expansion of known zones of mineralization and testing key discovery areas at depth utilizing the seismic data such as at Keats, Iceberg, Keats West, K2, Lotto, and Jackpot in addition to new targets generated by the seismic interpretation. Meters have been allocated to regional programs at QWS with the potential for a follow-up program at VOA pending the results of the first-pass program. Regional diamond drilling programs are testing drill-ready targets generated through grassroots exploration activities in addition to follow-up programs from previously completed drill programs.

- 15 -

Management’s Discussion and Analysis

For the three months ended March 31, 2024 and 2023

The majority of drilling to date has occurred along the northern segment of the AFZ with drill counts ranging from 4-15 and a project-wide year-to-date total of 544,674m has been completed in 2,311 holes.

Queensway Project summary of drillholes from diamond drilling programs

A) Queensway North

|  |  |  | 2019 |  |  | 2020 |  |  | 2021 |  |  | 2022 |  |  | 2023 |  |  | 2024 |  |  | 24-Apr |  |  | Total |
Prospect |  | Block |  | No. of Holes |  |  | Length (m) |  |  | No. of Holes |  |  | Length (m) |  |  | No. of Holes |  |  | Length (m) |  |  | No. of Holes |  |  | Length (m) |  |  | No. of Holes |  |  | Length (m) |  |  | No. of Holes |  |  | Length (m) |  |  | No. of Holes |  |  | Length (m) |
798 |  | QWN |  | - |  |  | - |  |  | - |  |  | - |  |  | 2 |  |  | 469 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 2 |  |  | 469 |
1744 |  | QWN |  | 2 |  |  | 522 |  |  | - |  |  | - |  |  | 23 |  |  | 7,066 |  |  | 3 |  |  | 1,398 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 28 |  |  | 8,986 |
Big Dave |  | QWN |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 24 |  |  | 7,792 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 24 |  |  | 7,792 |
Cokes |  | QWN |  | - |  |  | - |  |  | - |  |  | - |  |  | 11 |  |  | 3,395 |  |  | 19 |  |  | 5,313 |  |  | 38 |  |  | 6,243 |  |  | 7 |  |  | 665 |  |  | 75 |  |  | 15,616 |
Dome |  | QWN |  | 2 |  |  | 116 |  |  | 5 |  |  | 993 |  |  | 5 |  |  | 1,107 |  |  | 13 |  |  | 4,117 |  |  | 4 |  |  | 1,212 |  |  | - |  |  | - |  |  | 29 |  |  | 7,545 |
Everest |  | QWN |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 15 |  |  | 4,594 |  |  | 14 |  |  | 3,643 |  |  | - |  |  | - |  |  | 29 |  |  | 8,237 |
Gambit |  | QWN |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 3 |  |  | 552 |  |  | - |  |  | - |  |  | 3 |  |  | 552 |
Gander Outflow |  | QWN |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 2 |  |  | 1,345 |  |  | - |  |  | - |  |  | 10 |  |  | 1,760 |  |  | 12 |  |  | 3,105 |
Glass |  | QWN |  | 4 |  |  | 879 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 2 |  |  | 679 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 6 |  |  | 1,558 |
Golden Bullet |  | QWN |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 1 |  |  | 572 |  |  | 2 |  |  | 634 |  |  | - |  |  | - |  |  | 3 |  |  | 1,206 |
Golden Joint |  | QWN |  | - |  |  | - |  |  | - |  |  | - |  |  | 49 |  |  | 16,018 |  |  | 24 |  |  | 7,040 |  |  | 31 |  |  | 4,252 |  |  | - |  |  | - |  |  | 104 |  |  | 27,310 |
H Pond |  | QWN |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 4 |  |  | 1,373 |  |  | - |  |  | - |  |  | 4 |  |  | 1,373 |
Honeypot |  | QWN |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 10 |  |  | 2,611 |  |  | 28 |  |  | 5,099 |  |  | 8 |  |  | 1,292 |  |  | 46 |  |  | 9,002 |
Iceberg |  | QWN |  | - |  |  | - |  |  | - |  |  | - |  |  | 4 |  |  | 1,365 |  |  | 12 |  |  | 3,544 |  |  | 117 |  |  | 29,393 |  |  | - |  |  | - |  |  | 133 |  |  | 34,302 |
Iceberg Alley |  | QWN |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 1 |  |  | 353 |  |  | 27 |  |  | 3,673 |  |  | 9 |  |  | 1,899 |  |  | 37 |  |  | 5,925 |
Iceberg East |  | QWN |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 6 |  |  | 1,774 |  |  | 89 |  |  | 16,760 |  |  | 4 |  |  | 2,717 |  |  | 99 |  |  | 21,251 |
Jackpot |  | QWN |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 9 |  |  | 2,562 |  |  | 60 |  |  | 10,783 |  |  | 7 |  |  | 1,641 |  |  | 76 |  |  | 14,986 |
K2 |  | QWN |  | - |  |  | - |  |  | - |  |  | - |  |  | 5 |  |  | 1,129 |  |  | 17 |  |  | 4,477 |  |  | 103 |  |  | 17,426 |  |  | 23 |  |  | 4,438 |  |  | 148 |  |  | 27,471 |
K2 West |  | QWN |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 5 |  |  | 1,030 |  |  | - |  |  | - |  |  | 5 |  |  | 1,030 |
Keats |  | QWN |  | 2 |  |  | 469 |  |  | 41 |  |  | 8,370 |  |  | 194 |  |  | 51,252 |  |  | 85 |  |  | 24,181 |  |  | 38 |  |  | 7,661 |  |  | - |  |  | - |  |  | 360 |  |  | 91,935 |
Keats North |  | QWN |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 70 |  |  | 18,707 |  |  | 47 |  |  | 6,410 |  |  | - |  |  | - |  |  | 117 |  |  | 25,117 |
Keats West |  | QWN |  | - |  |  | - |  |  | - |  |  | - |  |  | 2 |  |  | 748 |  |  | 67 |  |  | 14,127 |  |  | 86 |  |  | 15,201 |  |  | 9 |  |  | 1,260 |  |  | 164 |  |  | 31,337 |
Keats South |  | QWN |  | - |  |  | - |  |  | - |  |  | - |  |  | 12 |  |  | 4,091 |  |  | 47 |  |  | 24,461 |  |  | 25 |  |  | 5,006 |  |  | 2 |  |  | 836 |  |  | 86 |  |  | 34,395 |
Kings Point |  | QWN |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 5 |  |  | 787 |  |  | - |  |  | - |  |  | 5 |  |  | 787 |
Knob |  | QWN |  | - |  |  | - |  |  | - |  |  | - |  |  | 14 |  |  | 2,667 |  |  | 24 |  |  | 3,621 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 38 |  |  | 6,289 |
Rocket |  | QWN |  | - |  |  | - |  |  | - |  |  | - |  |  | 2 |  |  | 492 |  |  | 29 |  |  | 6,064 |  |  | 5 |  |  | 769 |  |  | 6 |  |  | 950 |  |  | 42 |  |  | 8,275 |
Little Zone |  | QWN |  | - |  |  | - |  |  | 6 |  |  | 769 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 19 |  |  | 3,881 |  |  | 3 |  |  | 1,272 |  |  | 28 |  |  | 5,922 |
Lonely Mountain |  | QWN |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 3 |  |  | 567 |  |  | - |  |  | - |  |  | 3 |  |  | 567 |
Lotto |  | QWN |  | - |  |  | - |  |  | 13 |  |  | 3,032 |  |  | 45 |  |  | 13,405 |  |  | 34 |  |  | 8,444 |  |  | 4 |  |  | 1,018 |  |  | - |  |  | - |  |  | 96 |  |  | 25,899 |
Lotto North |  | QWN |  | - |  |  | - |  |  | - |  |  | - |  |  | 4 |  |  | 674 |  |  | 42 |  |  | 10,406 |  |  | 33 |  |  | 7,248 |  |  | 2 |  |  | 931 |  |  | 81 |  |  | 19,258 |
Monte Carlo |  | QWN |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 21 |  |  | 4,664 |  |  | 79 |  |  | 16,440 |  |  | 10 |  |  | 2,785 |  |  | 110 |  |  | 23,889 |
Pocket Pond |  | QWN |  | - |  |  | - |  |  | - |  |  | - |  |  | 42 |  |  | 9,677 |  |  | 4 |  |  | 1,052 |  |  | 8 |  |  | 1,789 |  |  | - |  |  | - |  |  | 54 |  |  | 12,518 |
Powerline |  | QWN |  | - |  |  | - |  |  | - |  |  | - |  |  | 3 |  |  | 595 |  |  | 9 |  |  | 1,832 |  |  | 44 |  |  | 8,269 |  |  | - |  |  | - |  |  | 56 |  |  | 10,696 |
Road |  | QWN |  | - |  |  | - |  |  | 2 |  |  | 429 |  |  | 1 |  |  | 284 |  |  | 3 |  |  | 819 |  |  | 9 |  |  | 2,121 |  |  | 12 |  |  | 2,135 |  |  | 27 |  |  | 5,789 |
TCH (Trans Canada Highway) |  | QWN |  | - |  |  | - |  |  | - |  |  | - |  |  | 2 |  |  | 449 |  |  | 25 |  |  | 8,161 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 27 |  |  | 8,609 |
TCW (Trans Canada West) |  | QWN |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 14 |  |  | 3,321 |  |  | 8 |  |  | 2,210 |  |  | - |  |  | - |  |  | 22 |  |  | 5,531 |
Whiskey Pocket |  | QWN |  | - |  |  | - |  |  | - |  |  | - |  |  | 4 |  |  | 969 |  |  | 5 |  |  | 1,921 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 9 |  |  | 2,891 |
|  | Totals |  | 10 |  |  | 1,985 |  |  | 67 |  |  | 13,593 |  |  | 424 |  |  | 115,852 |  |  | 637 |  |  | 179,954 |  |  | 938 |  |  | 181,451 |  |  | 112 |  |  | 24,584 |  |  | 2,188 |  |  | 517,419 |

B) Queensway South

|  |  |  | 2019 |  |  | 2020 |  |  | 2021 |  |  | 2022 |  |  | 2023 |  |  | 2024 |  |  | Q1 |  |  | Total |
Prospect |  | Block |  | No. of Holes |  |  | Length (m) |  |  | No. of Holes |  |  | Length (m) |  |  | No. of Holes |  |  | Length (m) |  |  | No. of Holes |  |  | Length (m) |  |  | No. of Holes |  |  | Length (m) |  |  | No. of Holes |  |  | Length (m) |  |  | No. of Holes |  |  | Length (m) |
Astronaut |  | QWS |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 2 |  |  | 718 |  |  | 8 |  |  | 2,117 |  |  | - |  |  | - |  |  | 10 |  |  | 2,835 |
Aztec |  | QWS |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 2 |  |  | 739 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 2 |  |  | 739 |
Bernards Pond |  | QWS |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 3 |  |  | 438 |  |  | - |  |  | - |  |  | 6 |  |  | 1,458 |  |  | 9 |  |  | 1,896 |
Devil's Trench |  | QWS |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 4 |  |  | 551 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 4 |  |  | 551 |
Eastern Pond |  | QWS |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 1 |  |  | 407 |  |  | 9 |  |  | 1,934 |  |  | - |  |  | - |  |  | 10 |  |  | 2,341 |
Golden Elbow |  | QWS |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 3 |  |  | 906 |  |  | - |  |  | - |  |  | 3 |  |  | 906 |
Goose |  | QWS |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 5 |  |  | 743 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 5 |  |  | 743 |
Greenwood |  | QWS |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 6 |  |  | 756 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 6 |  |  | 756 |
Mars |  | QWS |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 8 |  |  | 871 |  |  | 8 |  |  | 871 |
Nebula |  | QWS |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 2 |  |  | 448 |  |  | 4 |  |  | 690 |  |  | - |  |  | - |  |  | 6 |  |  | 1,138 |
Nova |  | QWS |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 4 |  |  | 1,103 |  |  | 7 |  |  | 1,118 |  |  | - |  |  | - |  |  | 11 |  |  | 2,221 |
Paul's Pond |  | QWS |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 4 |  |  | 1,352 |  |  | 3 |  |  | 900 |  |  | - |  |  | - |  |  | 7 |  |  | 2,252 |
Potato Trench |  | QWS |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 5 |  |  | 1,096 |  |  | 5 |  |  | 1,096 |
Till Raft |  | QWS |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 3 |  |  | 714 |  |  | - |  |  | - |  |  | 3 |  |  | 714 |
|  | Totals |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 33 |  |  | 7,255 |  |  | 37 |  |  | 8,379 |  |  | 19 |  |  | 3,425 |  |  | 89 |  |  | 19,059 |

C) VOA

|  |  |  | 2019 |  |  | 2020 |  |  | 2021 |  |  | 2022 |  |  | 2023 |  |  | 2024 |  |  | Q1 |  |  | Total |
Prospect |  | Block |  | No. of Holes |  |  | Length (m) |  |  | No. of Holes |  |  | Length (m) |  |  | No. of Holes |  |  | Length (m) |  |  | No. of Holes |  |  | Length (m) |  |  | No. of Holes |  |  | Length (m) |  |  | No. of Holes |  |  | Length (m) |  |  | No. of Holes |  |  | Length (m) |
69 Zone |  | VOA |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 4 |  |  | 972 |  |  | - |  |  | - |  |  | 4 |  |  | 972 |
BD Pond |  | VOA |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 1 |  |  | 350 |  |  | - |  |  | - |  |  | 1 |  |  | 350 |
Bigger Vein |  | VOA |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 2 |  |  | 700 |  |  | - |  |  | - |  |  | 2 |  |  | 700 |
Bigger Vein 2 |  | VOA |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 1 |  |  | 600 |  |  | - |  |  | - |  |  | 1 |  |  | 600 |
Fork in the Road |  | VOA |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 2 |  |  | 285 |  |  | - |  |  | - |  |  | 2 |  |  | 285 |
Hank1 |  | VOA |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 7 |  |  | 1,360 |  |  | - |  |  | - |  |  | 7 |  |  | 1,360 |
Hank2 |  | VOA |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 1 |  |  | 441 |  |  | 1 |  |  | 402 |  |  | 2 |  |  | 843 |
Hank3 |  | VOA |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 2 |  |  | 507 |  |  | - |  |  | - |  |  | 2 |  |  | 507 |
Home Pond |  | VOA |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 3 |  |  | 515 |  |  | - |  |  | - |  |  | 3 |  |  | 515 |
Karate Chop South |  | VOA |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 3 |  |  | 555 |  |  | - |  |  | - |  |  | 3 |  |  | 555 |
|  | Totals |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 26 |  |  | 6,285 |  |  | 1 |  |  | 402 |  |  | 27 |  |  | 6,687 |

D) Twin Ponds |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

|  |  |  | 2019 |  |  | 2020 |  |  | 2021 |  |  | 2022 |  |  | 2023 |  |  | 2024 |  |  | Q1 |  |  | Total |
Prospect |  | Block |  | No. of Holes |  |  | Length (m) |  |  | No. of Holes |  |  | Length (m) |  |  | No. of Holes |  |  | Length (m) |  |  | No. of Holes |  |  | Length (m) |  |  | No. of Holes |  |  | Length (m) |  |  | No. of Holes |  |  | Length (m) |  |  | No. of Holes |  |  | Length (m) |
Twin Ponds |  | TP |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 7 |  |  | 1,509 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 7 |  |  | 1,509 |
Property Total |  |  |  | 10 |  |  | 1,985 |  |  | 67 |  |  | 13,593 |  |  | 424 |  |  | 115,852 |  |  | 677 |  |  | 188,717 |  |  | 1,001 |  |  | 196,115 |  |  | 132 |  |  | 28,411 |  |  | 2,311 |  |  | 544,674 |

- 16 -

Management’s Discussion and Analysis

For the three months ended March 31, 2024 and 2023

Queensway Project – Knob to Everest plan map (April 17, 2024)

- 17 -

Management’s Discussion and Analysis

For the three months ended March 31, 2024 and 2023

Keats Zone Drilling

To date, the Company has focused significant drilling efforts at the Keats Zone where a discovery hole in late 2019 (NFGC-19-01 reporting 92.9 g/t Au over 19.00m) was drilled. In August 2020, as follow-up to the 2019 drill program, NFGC began incrementally stepping out with diamond drilling from NFGC-19-01 identifying a brittle fault zone known as the “Keats-Baseline” (“KBFZ”) that has an east-northeast strike (N55°E) and dips to the southeast at approximately 60°. This brittle fault zone lies to the east of the AFZ and runs slightly oblique to it. The KBFZ forms an extensive damage zone that controls the development of a complex network of brittle, high-grade gold vein arrays that are epizonal in character. Several significant gold assay intercepts have been encountered within multiple individual zones at Keats.

From 2021 to 2023 the Keats Zone steadily increased in both strike and depth extent; it is now defined over 575m of strike and a selection of highlight intervals with release dates are summarized in the table below. When connected through to the recent discoveries at Iceberg and Iceberg-East, that are also hosted by the KBFZ, this mineralized corridor spans a strike length of 1.9km, with a maximum tested vertical depth of 450m in the southern extents of the Keats Zone. Other notable additions include cross-cutting structures such as the 421 Zone located at the south end of Keats and the Umbra and Penumbra structures that link through to Keats North and likely play a key role in concentrating gold at the north end of Keats.

In 2023, exploration testing at depths greater than 400m vertical was largely postponed in anticipation of the 3-D seismic data that will assist with targeting deeper mineralization. The Company instead focussed on a shallow step-out program utilizing a barge-mounted drill situated on South Hermans Pond to reach the upper portions of the Keats Zone that was not reachable by land. Drilling extended the mineralization to surface and confirmed the near-surface continuation of the Keats Main Zone (reported on March 26, 2024).

Additional drilling results released in Q1 2024 (March 26, 2024), from both barge and on-land extensions of drill holes originally targeting the Keats Main Zone, expanded on a series of mineralized structures located between the Keats Main Zone and the AFZ. Within this domain of rock, there are several lower-grade structures that trend parallel to the AFZ but also contain domains of localized high-grade gold. This area of mineralization immediately east of the AFZ remains poorly tested at depth and will be a focus of future deep drilling efforts.

On November 17, 2023, the Company announced the completion of the Keats trench excavation and phase I mapping program. The trenching program was designed to expose nearly 200m of strike over a 70m wide area, roughly corresponding to the known surface expression of the Keats Main Zone. The Keats trench will provide critical geological information used to validate the current geological model. Before the Keats trench, the Keats Zone had only ever been observed in drill core and modelled in 3D, forming the basis of the Company’s geological model. As expected, the trench has revealed an extensive network of veins as well as the related Keats-Baseline Fault Zone and initial observations closely mirror the working model, but with added detail, including the presence of visible gold in areas where it was not previously identified by nearby drilling.

One particularly notable vein called the East-West Vein (“E-W Vein”) was uncovered over a 100m long surface expression, including a 25m segment that is host to a significant amount of visible gold. Through previous drilling, the E-W Vein has been intercepted over a strike length of 300m and down to a vertical depth of 150m, forming an important constituent of the Keats-Baseline Fault Zone. The phase II trench mapping and sampling program will commence in early Q2 2024, which will lend further validation to the geological model, as well as provide critical insights into the genesis of the Keats Zone and assist in future targeting along the Appleton Fault Zone.

In 2024, the Company has initiated deep drilling at Keats utilizing the seismic data exploring the down-dip extension of the KBFZ in addition to looking for new structures located between the KBFZ and the AFZ.

- 18 -

Management’s Discussion and Analysis

For the three months ended March 31, 2024 and 2023

2024 assay results have been reported in press releases dated March 26, 2024. All previous and 2024 press releases can be found through SEDAR+.

Highlighted assay values and drill hole locations from Keats drilling are shown in the tables below:

Hole No. | From (m) | To (m) | Length (m) | Au (g/t) | Zone | True Width (%) | Date Released
NFGC-19-01 | 95.00 | 115.50 | 20.50 | 86.17 | Keats Main | 40-70 | 01/28/2020
Including | 96.00 | 115.00 | 19.00 | 92.86 | Keats Main | 40-70 | 01/28/2020
Including | 105.00 | 111.00 | 6.00 | 285.2 | Keats Main | 40-70 | 01/28/2020
NFGC-20-26 | 44.70 | 73.85 | 29.15 | 11.8 | Keats Main | 70-95 | 11/16/2020
Including | 67.00 | 73.85 | 6.85 | 44.5 | Keats Main | 70-95 | 11/16/2020
Including | 73.50 | 73.85 | 0.35 | 824 | Keats Main | 70-95 | 11/16/2020
NFGC-20-74 | 44.00 | 46.00 | 2.00 | 32.27 | Keats Main | 70-95 | 04/07/2021
NFGC-20-74 | 81.70 | 85.75 | 4.05 | 45.59 | Keats Main | 70-95 | 04/07/2021
NFGC-21-80 | 49.45 | 88.50 | 39.05 | 25.8 | Keats Main | 70-95 | 03/10/2021
Including | 62.70 | 72.80 | 10.10 | 58.5 | Keats Main | 40-70 | 03/10/2021
Including | 78.65 | 88.50 | 9.85 | 39.5 | Keats Main | 70-95 | 03/10/2021
NFGC-21-80 | 93.15 | 95.45 | 2.30 | 41.6 | Keats Main | 70-95 | 03/10/2021
NFGC-21-118 | 211.15 | 224.80 | 13.65 | 61.8 | Keats Main | 40-70 | 03/16/2021
Including | 212.10 | 213.05 | 0.95 | 565 | Keats Main | 70-95 | 03/16/2021
NFGC-21-182 | 285.85 | 321.25 | 35.40 | 106.2 | Keats Main | Unknown | 05/21/2021
Including | 291.00 | 316.60 | 25.60 | 146.25 | Keats Main | Unknown | 05/21/2021
Including | 291.00 | 292.00 | 1.00 | 10.18 | Keats Main | Unknown | 05/21/2021
Including | 296.45 | 298.45 | 2.00 | 747.89 | Keats Main | Unknown | 05/21/2021
Including | 302.00 | 312.00 | 10.00 | 219.43 | Keats Main | Unknown | 05/21/2021
Including | 315.00 | 316.00 | 1.00 | 15.87 | Keats Main | Unknown | 05/21/2021
NFGC-21-204 | 244.45 | 252.50 | 8.05 | 21.36 | Keats Main | 40-70 | 06/15/2021
Including | 248.80 | 249.65 | 0.85 | 184.73 | Keats Main | 40-70 | 06/15/2021
NFGC-21-204 | 283.15 | 296.00 | 12.85 | 14.92 | Keats Main | 10-40 | 06/15/2021
Including | 284.10 | 285.00 | 0.90 | 134.96 | Keats Main | 10-40 | 06/15/2021
Including | 289.15 | 290.80 | 1.65 | 25.25 | Keats Main | 10-40 | 06/15/2021
Including | 291.80 | 292.65 | 0.85 | 12.05 | Keats Main | 10-40 | 06/15/2021
NFGC-21-360 | 260.80 | 266.00 | 5.20 | 61.5 | Keats Main | 40-70 | 10/14/2021
Including | 260.80 | 263.50 | 2.70 | 117.15 | Keats Main | 40-70 | 10/14/2021
NFGC-21-413A | 463.05 | 467.55 | 4.50 | 28.2 | Keats FW | 40-70 | 01/26/2022
Including | 463.05 | 465.00 | 1.95 | 61.62 | Keats FW | 40-70 | 01/26/2022
NFGC-23-1130 | 102.70 | 111.00 | 8.30 | 17.83 | 421 | 40-70 | 09/20/2023
Including | 102.70 | 103.35 | 0.65 | 66.96 | 421 | 40-70 | 09/20/2023
Including | 108.00 | 111.00 | 3.00 | 44.33 | 421 | 40-70 | 09/20/2023
NFGC-23-1182 | 185.45 | 194.35 | 8.90 | 11.5 | Keats S | Unknown | 07/24/2023
Including | 187.00 | 188.00 | 1.00 | 80.8 | Keats S | Unknown | 07/24/2023

Infill veining in secondary structures with multiple orientations crosscutting the primary host structures are commonly observed in drill core which could result in additional uncertainty in true width. As of March 1, 2023, composite intervals reported carry a minimum weighted average of 1 g/t Au diluted over a minimum core length of 2m with a maximum of 4m consecutive dilution when at depths above 200m vertical depth and 2m consecutive dilution when below 200m vertical depth. Prior to this date, all composites allowed for 2m consecutive dilution. Prior to February 18, 2022, all composite intervals were selected visually. Included high-grade intercepts are reported as any consecutive interval with grades greater than 10 g/t Au. Grades have not been capped in the averaging and intervals are reported as drill thickness.

Hole No. | Azimuth (°) | Dip (°) | Length (m) | UTM E | UTM N | Prospect
NFGC-19-01 | 302 | -44 | 199 | 658227 | 5427454 | Keats
NFGC-20-26 | 300 | -45 | 269 | 658151 | 5427444 | Keats
NFGC-20-74 | 300 | -45 | 238 | 658229 | 5427491 | Keats
NFGC-21-80 | 300 | -45 | 200 | 658239 | 5427486 | Keats
NFGC-21-118 | 300 | -45 | 660 | 658189 | 5427285 | Keats
NFGC-21-182 | 300 | -48 | 377 | 658182 | 5427196 | Keats
NFGC-21-204 | 297 | -56 | 412 | 658145 | 5427194 | Keats
NFGC-21-360 | 299 | -46 | 359 | 658011 | 5427180 | Keats
NFGC-21-413A | 296 | -57 | 515 | 658086 | 5427134 | Keats
NFGC-23-1130 | 300 | -45 | 203 | 657777 | 5427034 | Keats S
NFGC-23-1182 | 332 | -45 | 322 | 657775 | 5426945 | Keats S

- 19 -

Management’s Discussion and Analysis

For the three months ended March 31, 2024 and 2023

The latest drilling results are shown on the long section, plan map, and cross sections below:

Queensway Project – Keats area plan view map (March 26, 2024)

- 20 -

Management’s Discussion and Analysis

For the three months ended March 31, 2024 and 2023

Queensway Project – Long section of Iceberg, Keats Main and TCH zones, looking northwest (March 26, 2024)

- 21 -

Management’s Discussion and Analysis

For the three months ended March 31, 2024 and 2023

Queensway Project – Keats Trench plan view map with location of strong visible gold mineralization in the E-W Vein (November 17, 2023).

Queensway Project – Keats Cross-Section (B-B’), Looking NE, +/- 12.5m (October 18, 2022)

- 22 -

Management’s Discussion and Analysis

For the three months ended March 31, 2024 and 2023

Iceberg and Iceberg East Drilling

On March 1, 2023, the Company announced the discovery of a new zone, “Iceberg”. This zone is found along the highly prolific Keats-Baseline Fault Zone (“KBFZ”), the structure that is host to the Keats Main Zone. Iceberg shares a similar orientation to Keats Main and is comprised of a multitude of intersecting veins concentrating high-grade gold mineralization. The geological characteristics of Iceberg are nearly identical to those observed at Keats Main and the Company’s current interpretation is that Iceberg is the eastern continuation of Keats Main that has been displaced by faulting.

This new discovery has expanded rapidly, and step-out drilling has continued to intersect high-grade gold along strike to the east, which is an area now known as Iceberg East. Drilling reported on February 14, 2024, expanded the Iceberg-Iceberg East segment to over a strike length of 665m, spotlighting the continued strength of the gold system within the KBFZ that includes Keats, Iceberg, and Iceberg East – a corridor that now spans 1.9km in strike length. The high-grade gold mineralization at Iceberg-Iceberg East starts at surface and is currently extended to a vertical depth of 170m.

Results reported in Q1 2024 both expanded and infilled the eastern extent of Iceberg East in addition to near-surface gaps along strike, a selection of highlight intervals from this drilling are summarized in the table below (February 14, 2014). These intervals are all located nearly 500m east of the AFZ and start at vertical depths ranging between 30-50m.

Also reported in Q1 2024 (March 26, 2024) was a new zone, now named “Iceberg Alley”. This new zone was intersected as part of a targeted program following the eastern continuation of the Keats-Iceberg-Iceberg East corridor along the high-grade KBFZ. Based on the fault characteristics observed at Iceberg Alley, as well as the zone’s orientation, intensity, and width of the damage zone, the Company’s preliminary interpretation indicates that it is another displaced segment of the KBFZ, in a northward direction. Additional drilling is planned at Iceberg Alley to expand on this new discovery in addition to gaining a better understanding of its structural relationship to the KBFZ mineralization.

Drilling at Iceberg pivoted to infilling gaps, extending the high-grade to surface, and testing the opposing vein orientations to the main east-northeast striking orientation of the Keats-Baseline Fault Zone. Results of this program were reported on March 13, 2024, and a selection of highlight results from this program are summarized in the table below. The high-grade domain at Iceberg occurs where there is a confluence of high-grade gold veins and associated structures. These holes were drilled from the west to the east to better test this secondary set of gold veins that are partly controlling the high-grade mineralization in this segment of the Keats-Baseline Fault Zone (‘KBFZ’) and to gain a better understanding of their orientations and true widths.

The Company is pleased with the ongoing success and rapid expansion of both the Iceberg and Iceberg East zones; mineralization ranges in true width from 10-40m, intervals received have demonstrated good continuity of the high-grade along strike and to depth, and the KBFZ remains open in all directions. Exploration will continue to further define these domains of high-grade while also focussing on expansion drilling both along strike and to depth. Minimal exploration work has been completed below 200m vertical depth with the deepest drilling completed to date intersecting the structure and gold mineralization at 270m vertical. Exploration will utilize the seismic results to assist with targeting the structure at depth.

- 23 -

Management’s Discussion and Analysis

For the three months ended March 31, 2024 and 2023

2024 assay results have been reported in press releases dated February 14, 2024, and March 13, 2024. All previous and 2024 press releases can be found through SEDAR+.

Highlighted assay values and drill hole locations from Iceberg and Iceberg East drilling are shown in the tables below:

Hole No. | From (m) | To (m) | Length (m) | Au (g/t) | Zone | True Width (%) | Date Released
NFGC-23-1120 | 53.55 | 57.35 | 3.80 | 14.6 | Iceberg | 70-95 | 03/13/2023
Including | 55.75 | 56.70 | 0.95 | 54.5 | Iceberg | 70-95 | 03/13/2023
NFGC-23-1120 | 63.20 | 93.05 | 29.85 | 49.65 | Iceberg | 70-95 | 03/13/2023
Including | 63.70 | 64.75 | 1.05 | 56.11 | Iceberg | 70-95 | 03/13/2023
Including | 65.75 | 66.95 | 1.20 | 19.63 | Iceberg | 70-95 | 03/13/2023
Including | 67.55 | 68.55 | 1.00 | 31.9 | Iceberg | 70-95 | 03/13/2023
Including | 73.10 | 77.45 | 4.35 | 183.28 | Iceberg | 70-95 | 03/13/2023
Including | 78.85 | 80.35 | 1.50 | 31.13 | Iceberg | 70-95 | 03/13/2023
Including | 83.75 | 84.55 | 0.80 | 14.65 | Iceberg | 70-95 | 03/13/2023
Including | 85.55 | 86.40 | 0.85 | 25.5 | Iceberg | 70-95 | 03/13/2023
Including | 90.10 | 93.05 | 2.95 | 158 | Iceberg | 70-95 | 03/13/2023
NFGC-23-1141 | 109.25 | 129.60 | 20.35 | 6.88 | Iceberg | 40-70 | 04/04/2023
Including | 117.00 | 117.60 | 0.60 | 10.65 | Iceberg | 40-70 | 04/04/2023
Including | 121.40 | 121.80 | 0.40 | 73.1 | Iceberg | 40-70 | 04/04/2023
Including | 126.10 | 126.55 | 0.45 | 25.7 | Iceberg | 40-70 | 04/04/2023
Including | 128.60 | 129.60 | 1.00 | 66.3 | Iceberg | 40-70 | 04/04/2023
NFGC-23-1141 | 138.85 | 149.50 | 10.65 | 35.58 | Iceberg | 40-70 | 04/04/2023
Including | 138.85 | 140.35 | 1.50 | 232.4 | Iceberg | 40-70 | 04/04/2023
Including | 143.35 | 144.10 | 0.75 | 20.2 | Iceberg | 40-70 | 04/04/2023
NFGC-23-1141 | 205.35 | 212.00 | 6.65 | 10.47 | Iceberg | 10-40 | 04/04/2023
Including | 206.00 | 206.70 | 0.70 | 32 | Iceberg | 10-40 | 04/04/2023
Including | 209.50 | 211.10 | 1.60 | 24.55 | Iceberg | 10-40 | 04/04/2023
NFGC-23-1235 | 103.00 | 116.35 | 13.35 | 7.56 | Iceberg East | 70-95 | 02/14/2024
Including | 105.70 | 106.50 | 0.80 | 91.75 | Iceberg East | 70-95 | 02/14/2024
NFGC-23-1261A | 237.55 | 247.00 | 9.45 | 25.98 | Iceberg | 40-70 | 06/08/2023
Including | 237.55 | 238.50 | 0.95 | 10.11 | Iceberg | 40-70 | 06/08/2023
Including | 239.80 | 240.40 | 0.60 | 372.37 | Iceberg | 40-70 | 06/08/2023
NFGC-23-1274 | 80.70 | 88.25 | 7.55 | 15.45 | Iceberg East | 70-95 | 06/28/2023
Including | 81.35 | 84.20 | 2.85 | 28 | Iceberg East | 70-95 | 06/28/2023
Including | 87.30 | 88.25 | 0.95 | 29.6 | Iceberg East | 70-95 | 06/28/2023
NFGC-23-1306 | 141.95 | 146.75 | 4.80 | 33.07 | Iceberg | 40-70 | 07/05/2023
Including | 141.95 | 142.90 | 0.95 | 160.5 | Iceberg | 40-70 | 07/05/2023
NFGC-23-1306 | 153.15 | 157.45 | 4.30 | 39.23 | Iceberg | 70-95 | 07/05/2023
Including | 153.15 | 154.05 | 0.90 | 175 | Iceberg | 70-95 | 07/05/2023
NFGC-23-1306 | 162.00 | 188.25 | 26.25 | 1.26 | Iceberg | 40-70 | 07/05/2023
Including | 187.60 | 188.25 | 0.65 | 11.5 | Iceberg | 40-70 | 07/05/2023
NFGC-23-1306 | 204.15 | 224.40 | 20.25 | 9.72 | Iceberg | 40-70 | 07/05/2023
Including | 204.15 | 205.50 | 1.35 | 130.48 | Iceberg | 40-70 | 07/05/2023
NFGC-23-1312 | 94.75 | 122.55 | 27.80 | 14.54 | Iceberg | 70-95 | 07/05/2023
Including | 99.80 | 101.05 | 1.25 | 214.4 | Iceberg | 70-95 | 07/05/2023
Including | 104.95 | 105.95 | 1.00 | 66 | Iceberg | 70-95 | 07/05/2023
Including | 120.10 | 120.50 | 0.40 | 36.2 | Iceberg | 70-95 | 07/05/2023
NFGC-23-1312 | 127.30 | 132.60 | 5.30 | 34.59 | Iceberg | 70-95 | 07/05/2023
Including | 127.85 | 128.95 | 1.10 | 161.14 | Iceberg | 70-95 | 07/05/2023
NFGC-23-1475 | 62.00 | 92.55 | 30.55 | 4.28 | Iceberg East | 10-40 | 09/13/2023
Including | 66.00 | 66.45 | 0.45 | 15.85 | Iceberg East | 10-40 | 09/13/2023
Including | 67.10 | 67.80 | 0.70 | 19 | Iceberg East | 10-40 | 09/13/2023
Including | 70.10 | 71.05 | 0.95 | 76.46 | Iceberg East | 10-40 | 09/13/2023
NFGC-23-1541 | 85.85 | 96.40 | 10.55 | 46.81 | Iceberg East | 70-95 | 09/13/2023
Including | 88.55 | 89.20 | 0.65 | 20.13 | Iceberg East | 70-95 | 09/13/2023
Including | 90.45 | 94.85 | 4.40 | 104.01 | Iceberg East | 70-95 | 09/13/2023
NFGC-23-1625 | 33.45 | 47.70 | 14.25 | 5.55 | Iceberg East | 40-70 | 02/14/2024
Including | 38.15 | 39.15 | 1.00 | 48.6 | Iceberg East | 40-70 | 02/14/2024
NFGC-23-1746 | 50.80 | 58.15 | 7.35 | 42.8 | Iceberg | 40-70 | 03/13/2024
Including | 51.60 | 53.40 | 1.80 | 172.02 | Iceberg | 40-70 | 03/13/2024
NFGC-23-1914 | 29.00 | 41.80 | 12.80 | 13.86 | Iceberg | 70-95 | 03/13/2024
Including | 31.60 | 32.20 | 0.60 | 27.9 | Iceberg | 70-95 | 03/13/2024
Including | 33.85 | 35.40 | 1.55 | 69.1 | Iceberg | 70-95 | 03/13/2024
Including | 40.50 | 41.00 | 0.50 | 61.4 | Iceberg | 40-70 | 03/13/2024
NFGC-23-1914 | 51.25 | 53.65 | 2.40 | 14.69 | Iceberg | 40-70 | 03/13/2024
Including | 52.20 | 53.00 | 0.80 | 42.3 | Iceberg | 40-70 | 03/13/2024

Infill veining in secondary structures with multiple orientations crosscutting the primary host structures are commonly observed in drill core which could result in additional uncertainty in true width. As of March 1, 2023, composite intervals reported carry a minimum weighted average of 1 g/t Au diluted over a minimum core length of 2m with a maximum of 4m consecutive dilution when at depths above 200m vertical depth and 2m consecutive dilution when below 200m vertical depth. Prior to this date, all composites allowed for 2m consecutive dilution. Included high-grade intercepts are reported as any consecutive interval with grades greater than 10 g/t Au. Grades have not been capped in the averaging and intervals are reported as drill thickness.

| - 24 - |

Management’s Discussion and Analysis

For the three months ended March 31, 2024 and 2023

Hole No. | Azimuth (°) | Dip (°) | Length (m) | UTM E | UTM N | Prospect
NFGC-23-1120 | 300 | -45 | 191 | 658443 | 5427794 | Iceberg
NFGC-23-1141 | 300 | -45 | 297 | 658488 | 5427769 | Iceberg
NFGC-23-1235 | 300 | -45 | 198 | 658680 | 5427948 | Iceberg East
NFGC-23-1261A | 297 | -45.5 | 395 | 658447 | 5427649 | Iceberg
NFGC-23-1274 | 300 | -45 | 407 | 658750 | 5428022 | Iceberg East
NFGC-23-1306 | 300 | -45 | 290 | 658505 | 5427759 | Iceberg
NFGC-23-1312 | 300 | -45 | 260 | 658527 | 5427805 | Iceberg
NFGC-23-1475 | 220 | -67 | 180 | 658681 | 5428034 | Iceberg East
NFGC-23-1541 | 300 | -62 | 150 | 658615 | 5427931 | Iceberg East
NFGC-23-1625 | 300 | -73 | 83 | 658824 | 5428123 | Iceberg East
NFGC-23-1746 | 119 | -45 | 107 | 658456 | 5427887 | Iceberg
NFGC-23-1914 | 16 | -45 | 86 | 658534 | 5427895 | Iceberg

The latest drilling results from Iceberg are shown on the plan map, long-section, and cross-section below:

Queensway Project – Plan view map of Iceberg area (March 13, 2024)

| - 25 - |

Management’s Discussion and Analysis

For the three months ended March 31, 2024 and 2023

Queensway Project – Long section of Keats Main, Iceberg, and Iceberg East zones, looking northwest (March 13, 2024)

| - 26 - |

Management’s Discussion and Analysis

For the three months ended March 31, 2024 and 2023

Queensway Project – Keats West to Iceberg cross-section view, +/-12.5m, looking northwest (August 9, 2023)

Keats North Drilling

Reconnaissance drilling working in the highly prospective region between the Keats Main and Golden Joint zones (“Keats North”) intersected significant mineralization, now named the “515 Zone”, returning initial intercepts of 9.21 g/t Au over 2.15m and 43.9 g/t Au over 3.85m in NFGC-22-515 (reported on April 13, 2022) approximately 440m north of the Keats Main Zone. Following this discovery, reconnaissance drilling in this region identified additional near-surface high-grade gold mineralization with the intercept of 275 g/t Au over 2.15 m in NFGC-22-538 (reported on May 4, 2022) which occurs at a vertical depth of 22m adjacent to the AFZ and is approximately 65m north of the Keats Zone.

On August 2, 2022, the company announced results from continued exploration in the Keats North target region defining multiple high-grade veins that define a corridor over a strike length of approximately 630m x 150m wide linking up the north end of Keats with the 515 Zone. A selection of noteworthy intervals in these veins are summarized in the table below.

Exploration drilling throughout 2022 at the Keats North prospect successfully defined this complex network of gold-bearing veins and associated structures to depths of up to 200m vertical. These significant intervals along with many others occur largely within and around the Umbra, Penumbra, and Enigma structures, see figure below, however, others fall outside into new structural splays; these zones remain open at depth. Umbra and Penumbra structures strike north-south and can be traced through the Keats North prospect and play an important role in concentrating gold at Keats North and the northeast end of the Keats Main zone.

Deeper exploration drilling will focus on targeting these key structures at depth.

All previous and 2024 press releases can be found through SEDAR+.

- 27 -

Management’s Discussion and Analysis

For the three months ended March 31, 2024 and 2023

Highlighted assay values and drill hole locations from Keats North drilling are shown in the tables below:

Hole No. | From (m) | To (m) | Length (m) | Au (g/t) | Zone | True Width (%) | Date Released
NFGC-22-515 | 209.00 | 212.85 | 3.85 | 43.93 | Keats N | 10-40 | 04/13/2022
Including | 209.00 | 210.65 | 1.65 | 75.97 | Keats N | 10-40 | 04/13/2022
Including | 211.35 | 212.35 | 1.00 | 43.1 | Keats N | 10-40 | 04/13/2022
NFGC-22-538 | 32.45 | 34.60 | 2.15 | 275.04 | Keats N | 40-70 | 05/04/2022
Including | 33.10 | 33.90 | 0.80 | 738 | Keats N | 40-70 | 05/04/2022
NFGC-22-580 | 52.00 | 54.20 | 2.20 | 24.05 | Keats N | 70-95 | 08/02/2022
Including | 53.20 | 53.70 | 0.50 | 105.5 | Keats N | 70-95 | 08/02/2022
NFGC-22-586 | 48.00 | 50.00 | 2.00 | 40.59 | Keats N | 40-70 | 08/02/2022
Including | 49.45 | 50.00 | 0.55 | 147.5 | Keats N | 40-70 | 08/02/2022
NFGC-22-665 | 46.60 | 52.35 | 5.75 | 18.95 | Keats N | 40-70 | 09/01/2022
Including | 48.25 | 48.85 | 0.60 | 162.5 | Keats N | 40-70 | 09/01/2022
NFGC-22-728 | 249.20 | 251.20 | 2.00 | 116.93 | Keats N | 40-70 | 12/05/2022
Including | 250.15 | 250.80 | 0.65 | 358.07 | Keats N | 40-70 | 12/05/2022

Infill veining in secondary structures with multiple orientations crosscutting the primary host structures are commonly observed in drill core which could result in additional uncertainty in true width. As of March 1, 2023, composite intervals reported carry a minimum weighted average of 1 g/t Au diluted over a minimum core length of 2m with a maximum of 4m consecutive dilution when at depths above 200m vertical depth and 2m consecutive dilution when below 200m vertical depth. Prior to this date, all composites allowed for 2m consecutive dilution. Prior to February 18, 2022, all composite intervals were selected visually. Included high-grade intercepts are reported as any consecutive interval with grades greater than 10 g/t Au. Grades have not been capped in the averaging and intervals are reported as drill thickness.

Hole No. | Azimuth (°) | Dip (°) | Length (m) | UTM E | UTM N | Prospect
NFGC-22-515 | 299 | -45.5 | 281 | 658344 | 5428026 | Keats North
NFGC-22-538 | 300 | -45 | 386 | 658193 | 5427710 | Keats North
NFGC-22-580 | 300 | -45 | 110 | 658188 | 5427698 | Keats North
NFGC-22-586 | 300 | -45 | 332 | 658162 | 5427669 | Keats North
NFGC-22-665 | 300 | -45 | 159 | 658226 | 5427762 | Keats North
NFGC-22-728 | 300 | -45 | 260 | 658237 | 5427597 | Keats North

A selection of highlight drilling results is shown in the inclined 3-D image below for Keats North:

Queensway Project – Keats, Keats West, and Keats North inclined 3-D plan view map (December 5, 2022)

- 28 -

Management’s Discussion and Analysis

For the three months ended March 31, 2024 and 2023

Keats West Drilling

A combination of reconnaissance drilling and targeted drilling looking for the potential extension of the Penumbra vein in the hangingwall to the AFZ (west side) led to the discovery of the Keats West Zone intersecting significant mineralization in NFGC-22-533 reporting 8.70 g/t Au over 6.75m (reported on May, 4, 2022) followed by 17.9 g/t Au over 4.20m in NFGC-22-681 and 10.4 g/t Au over 10.50m in NFGC-22-686 (reported on September 27, 2022).

Ongoing exploration drilling at Keats West has uncovered a significant structure that is interpreted to be a thrust fault that dips gently to the south-southwest and hosts both low and high-grade gold mineralization over a considerable thickness with cumulative widths ranging from 10-50m. This fault zone occurs on the west side of the AFZ, is hosted by an interbedded sequence of black siltstone, siltstone, and greywacke, and consists of a series of stacked veins that contain the gold mineralization and represents an important new discovery for the Company. A selection of significant intervals are presented in the table below.

The mineralization style is epizonal and typical of the other gold prospects found along this segment of the AFZ. Drilling has quickly expanded this system now having intersected significant mineralization over an area that is 315m wide x 305m long, with mineralization starting at surface. All intercepts to date occur above 130m vertical depth and ongoing step-out and infill drilling continue to exhibit good continuity of both low and high-grade mineralization within the host structure.

Q1 2024 results from a step-out drilling program into the westernmost extent of the Keats West zone, intercepted significant gold mineralization. All three holes were reported on February 22, 2024 (see a selection of highlights in the table below) and hit the structure shallowly starting between 2m and 35m vertical depth, indicating strong near-surface continuity of high-grade gold mineralization over a strike length of 315m at Keats West.

Additional infill drilling at Keats West is planned to better define the continuity of grade and the controls on the gold mineralization within the host fault in addition to deeper drilling utilizing the seismic data.

- 29 -

Management’s Discussion and Analysis

For the three months ended March 31, 2024 and 2023

2024 assay results have been reported in press releases dated February 22, 2024. All previous and 2024 press releases can be found through SEDAR+.

Highlighted assay values and drill hole locations from Keats West drilling are shown in the tables below:

Hole No. | From (m) | To (m) | Length (m) | Au (g/t) | Zone | True Width (%) | Date Released
NFGC-22-686 | 100.50 | 111.00 | 10.50 | 10.36 | Keats W | 70-95 | 09/27/2022
Including | 101.30 | 102.55 | 1.25 | 43.84 | Keats W | 70-95 | 09/27/2022
Including | 103.05 | 103.45 | 0.40 | 88.2 | Keats W | 70-95 | 09/27/2022
NFGC-22-833 | 11.00 | 22.40 | 11.40 | 3.25 | Keats W | 40-70 | 03/21/2023
NFGC-22-833 | 30.00 | 65.00 | 35.00 | 2.41 | Keats W | 40-70 | 03/21/2023
NFGC-22-833 | 74.00 | 91.35 | 17.35 | 1.61 | Keats W | 40-70 | 03/21/2023
NFGC-22-945 | 78.10 | 100.60 | 22.50 | 10.05 | Keats W | 70-95 | 03/21/2023
Including | 88.15 | 88.80 | 0.65 | 12.55 | Keats W | 70-95 | 03/21/2023
Including | 90.00 | 91.00 | 1.00 | 12.95 | Keats W | 70-95 | 03/21/2023
Including | 93.70 | 94.85 | 1.15 | 14.24 | Keats W | 70-95 | 03/21/2023
Including | 95.65 | 96.00 | 0.35 | 16.1 | Keats W | 70-95 | 03/21/2023
Including | 99.95 | 100.60 | 0.65 | 221 | Keats W | 70-95 | 03/21/2023
NFGC-22-960 | 145.00 | 177.00 | 32.00 | 42.64 | Keats W | 10-40 | 11/28/2022
Including | 151.35 | 152.30 | 0.95 | 14.05 | Keats W | 10-40 | 11/28/2022
Including | 156.65 | 157.55 | 0.90 | 86.6 | Keats W | 10-40 | 11/28/2022
Including | 159.40 | 161.30 | 1.90 | 24.06 | Keats W | 10-40 | 11/28/2022
Including | 162.05 | 162.95 | 0.90 | 29.68 | Keats W | 10-40 | 11/28/2022
Including | 163.75 | 164.35 | 0.60 | 24.5 | Keats W | 10-40 | 11/28/2022
Including | 165.70 | 167.00 | 1.30 | 16.26 | Keats W | 10-40 | 11/28/2022
Including | 170.50 | 173.10 | 2.60 | 121.57 | Keats W | 10-40 | 11/28/2022
Including | 173.70 | 177.00 | 3.30 | 241.54 | Keats W | 10-40 | 11/28/2022
NFGC-22-1010 | 30.80 | 34.45 | 3.65 | 2.29 | Keats W | 40-70 | 07/19/2023
NFGC-22-1010 | 46.00 | 56.25 | 10.25 | 1.54 | Keats W | 40-70 | 07/19/2023
Including | 55.75 | 56.25 | 0.50 | 10.7 | Keats W | 40-70 | 07/19/2023
NFGC-22-1010 | 96.85 | 140.25 | 43.40 | 4.43 | Keats W | 40-70 | 07/19/2023
Including | 96.85 | 98.00 | 1.15 | 25.83 | Keats W | 40-70 | 07/19/2023
Including | 102.80 | 103.75 | 0.95 | 16.4 | Keats W | 40-70 | 07/19/2023
Including | 111.00 | 111.50 | 0.50 | 10.5 | Keats W | 40-70 | 07/19/2023
Including | 126.55 | 127.55 | 1.00 | 69.3 | Keats W | 40-70 | 07/19/2023
NFGC-22-1027 | 6.70 | 18.40 | 11.70 | 5.05 | Keats W | 70-95 | 07/19/2023
Including | 15.80 | 17.05 | 1.25 | 13.79 | Keats W | 70-95 | 07/19/2023
NFGC-22-1028 | 52.00 | 81.45 | 29.45 | 2.47 | Keats W | 70-95 | 12/06/2023
Including | 64.05 | 65.65 | 1.60 | 15.84 | Keats W | 70-95 | 12/06/2023
NFGC-22-1028 | 86.00 | 107.30 | 21.30 | 1.39 | Keats W | 70-95 | 12/06/2023
NFGC-22-1028 | 166.80 | 169.50 | 2.70 | 66 | Keats W | 70-95 | 12/06/2023
Including | 167.85 | 168.50 | 0.65 | 271.01 | Keats W | 70-95 | 12/06/2023
NFGC-22-1040 | 40.40 | 63.30 | 22.90 | 17.23 | Keats W | 70-95 | 04/25/2023
Including | 45.85 | 47.45 | 1.60 | 162.12 | Keats W | 70-95 | 04/25/2023
Including | 49.45 | 49.95 | 0.50 | 18.82 | Keats W | 70-95 | 04/25/2023
Including | 58.50 | 59.00 | 0.50 | 161.66 | Keats W | 70-95 | 04/25/2023
Including | 61.95 | 62.65 | 0.70 | 14.18 | Keats W | 70-95 | 04/25/2023
NFGC-22-1040 | 69.65 | 88.05 | 18.40 | 12 | Keats W | 70-95 | 04/25/2023
Including | 71.25 | 72.10 | 0.85 | 12 | Keats W | 70-95 | 04/25/2023
Including | 72.55 | 73.30 | 0.75 | 57.67 | Keats W | 70-95 | 04/25/2023
Including | 80.10 | 80.50 | 0.40 | 93.75 | Keats W | 70-95 | 04/25/2023
Including | 82.50 | 82.85 | 0.35 | 53.36 | Keats W | 70-95 | 04/25/2023
Including | 85.75 | 87.30 | 1.55 | 47.87 | Keats W | 70-95 | 04/25/2023
NFGC-23-1129 | 14.95 | 57.30 | 42.35 | 3.29 | Keats W | 70-95 | 09/27/2023
Including | 31.15 | 32.00 | 0.85 | 11.35 | Keats W | 70-95 | 09/27/2023
Including | 34.00 | 35.00 | 1.00 | 11.1 | Keats W | 70-95 | 09/27/2023
NFGC-23-1155 | 55.55 | 90.30 | 34.75 | 1.53 | Keats W | 10-40 | 04/25/2023
NFGC-23-1708 | 5.70 | 49.50 | 43.80 | 3.2 | Keats W | 70-95 | 02/22/2024
Including | 12.70 | 13.50 | 0.80 | 12.25 | Keats W | 70-95 | 02/22/2024
Including | 34.00 | 35.20 | 1.20 | 34.47 | Keats W | 70-95 | 02/22/2024
Including | 37.50 | 38.05 | 0.55 | 12.1 | Keats W | 70-95 | 02/22/2024
Including | 49.15 | 49.50 | 0.35 | 25.4 | Keats W | 70-95 | 02/22/2024
NFGC-23-1765 | 3.30 | 26.50 | 23.20 | 3.49 | Keats W | 70-95 | 02/22/2024
Including | 12.90 | 13.35 | 0.45 | 10.5 | Keats W | 70-95 | 02/22/2024
NFGC-23-1765 | 14.30 | 15.00 | 0.70 | 15.95 | Keats W | 70-95 | 02/22/2024

- 30 -

Management’s Discussion and Analysis

For the three months ended March 31, 2024 and 2023

Infill veining in secondary structures with multiple orientations crosscutting the primary host structures are commonly observed in drill core which could result in additional uncertainty in true width. As of March 1, 2023, composite intervals reported carry a minimum weighted average of 1 g/t Au diluted over a minimum core length of 2m with a maximum of 4m consecutive dilution when at depths above 200m vertical depth and 2m consecutive dilution when below 200m vertical depth. Prior to this date, all composites allowed for 2m consecutive dilution. Included high-grade intercepts are reported as any consecutive interval with grades greater than 10 g/t Au. Grades have not been capped in the averaging and intervals are reported as drill thickness.

Hole No. | Azimuth (°) | Dip (°) | Length (m) | UTM E | UTM N | Prospect
NFGC-22-686 | 70 | -60 | 206 | 658053 | 5427905 | Keats West
NFGC-22-833 | 120 | -45.5 | 221 | 658033 | 5428032 | Keats West
NFGC-22-945 | 58 | -47 | 237 | 657949 | 5427794 | Keats West
NFGC-22-960 | 120 | -45 | 378 | 657980 | 5427948 | Keats West
NFGC-22-1010 | 115 | -45 | 309 | 657920 | 5428041 | Keats West
NFGC-22-1027 | 115 | -45 | 210 | 657876 | 5428065 | Keats West
NFGC-22-1028 | 49 | -53 | 227 | 657992 | 5427768 | Keats West
NFGC-22-1040 | 56 | -53 | 206 | 657952 | 5427847 | Keats West
NFGC-23-1129 | 357 | -45 | 170 | 657989 | 5427886 | Keats West
NFGC-23-1155 | 203 | -61 | 179 | 658124 | 5427975 | Keats West
NFGC-23-1708 | 55 | -55 | 86 | 658098 | 5428023 | Keats West
NFGC-23-1765 | 65 | -67 | 68 | 657879 | 5428036 | Keats West

The latest drilling results for Keats West are shown in the images below:

Queensway Project – Keats West area plan map (February 22, 2024)

- 31 -

Management’s Discussion and Analysis

For the three months ended March 31, 2024 and 2023

Queensway Project – Keats West inclined 3-D view with main veins plotted only, looking south (February 22, 2024)

Queensway Project – Keats West cross-section (+/- 25m, looking southeast). (December 6, 2023)

- 32 -

Management’s Discussion and Analysis

For the three months ended March 31, 2024 and 2023

Cokes Drilling

At Cokes, a historic showing located 300m southwest of Keats West on the west side of the AFZ, the Company completed a first-pass program in 2021 which returned the highlight interval of 2.40 g/t over 23.70m in NFGC-21-157. Recently completed follow-up drilling successfully expanded the mineralized zone through a combination of grid and targeted drilling.

This program defined a low-angle and south-dipping gold mineralized structure that is very similar in orientation to the nearby Keats West Zone. Several significant intervals were received and are summarized in the table below, that together span a domain 65m wide by 90m long.

Additional drilling is required to understand the mineralizing controls in this area and to expand on this new discovery.

2024 assay results have been reported in press releases dated February 22, 2024. All previous and 2024 press releases can be found through SEDAR+.

Highlighted assay values and drill hole locations from Cokes drilling are shown in the tables below:

Hole No. | From (m) | To (m) | Length (m) | Au (g/t) | Zone | True Width (%) | Date Released
NFGC-21-157 | 10.00 | 33.70 | 23.70 | 2.4 | Cokes | 40-70 | 07/06/2021
Including | 20.60 | 24.75 | 4.15 | 6.43 | Cokes | 40-70 | 07/06/2021
NFGC-21-157 | 55.20 | 68.35 | 13.15 | 1.69 | Cokes | Unknown | 07/06/2021
NFGC-21-157 | 105.00 | 109.50 | 4.50 | 2.04 | Cokes | 10-40 | 07/06/2021
NFGC-23-1521 | 38.60 | 51.05 | 12.45 | 2.21 | Cokes | 40-70 | 02/22/2024
NFGC-23-1521 | 56.25 | 62.00 | 5.75 | 1.37 | Cokes | 40-70 | 02/22/2024
NFGC-23-1609 | 39.90 | 53.40 | 13.50 | 2.75 | Cokes | 10-40 | 02/22/2024
NFGC-23-1852 | 17.10 | 30.60 | 13.50 | 1.94 | Cokes | 70-95 | 02/22/2024
NFGC-23-1870 | 15.45 | 26.55 | 11.10 | 1.76 | Cokes | Unknown | 02/22/2024
NFGC-23-1870 | 36.60 | 45.15 | 8.55 | 2.54 | Cokes | Unknown | 02/22/2024
NFGC-23-1870 | 49.20 | 57.10 | 7.90 | 3.64 | Cokes | 70-95 | 02/22/2024
NFGC-23-1891 | 35.60 | 47.40 | 11.80 | 4.33 | Cokes | 70-95 | 02/22/2024

Infill veining in secondary structures with multiple orientations crosscutting the primary host structures are commonly observed in drill core which could result in additional uncertainty in true width. As of March 1, 2023, composite intervals reported carry a minimum weighted average of 1 g/t Au diluted over a minimum core length of 2m with a maximum of 4m consecutive dilution when at depths above 200m vertical depth and 2m consecutive dilution when below 200m vertical depth. Prior to this date, all composites allowed for 2m consecutive dilution. Prior to February 18, 2022, all composite intervals were selected visually. Included high-grade intercepts are reported as any consecutive interval with grades greater than 10 g/t Au. Grades have not been capped in the averaging and intervals are reported as drill thickness.

Hole No. | Azimuth (°) | Dip (°) | Length (m) | UTM E | UTM N | Prospect
NFGC-21-157 | 120 | -45 | 167 | 657642 | 5427535 | Cokes
NFGC-23-1521 | 75 | -45 | 251 | 657706 | 5427645 | Cokes
NFGC-23-1609 | 120 | -49 | 200 | 657706 | 5427643 | Cokes
NFGC-23-1870 | 334 | -45 | 95 | 657792 | 5427603 | Cokes
NFGC-23-1852 | 335 | -45 | 87 | 657734 | 5427674 | Cokes
NFGC-23-1891 | 37 | -69 | 143 | 657772 | 5427571 | Cokes

- 33 -

Management’s Discussion and Analysis

For the three months ended March 31, 2024 and 2023

Lotto Zone Drilling

The Company has reported several significant gold assay intervals from the Lotto Zone starting with its first drill hole NFGC-20-17 reporting 16.3 g/t Au over 2.20m, 41.2 g/t Au over 4.75m, and a third interval of 25.4 g/t Au over 5.15m (reported on October 2, 2020). Following this result, the Lotto Main vein has been systematically tested and expanded by subsequent highlight intercepts summarized in the table below.

The Lotto Zone is comprised of a north-south striking, steeply east-dipping vein (“Lotto Main Vein”) located approximately 200m east of the AFZ and drilling to date on the Lotto Main Vein has confirmed good continuity of a high-grade lens that is interpreted to plunge steeply to the northeast in addition to defining new corridors of high-grade gold contained within the vein.

Continued exploration drilling has expanded the Lotto Main Vein high-grade gold domain to 225m vertical depth and a strike length of 220m. This vein has been intersected at depths of up to 325m vertical and remains open at depth and along strike.

Other veins of note occur between the Lotto Main Vein and the AFZ in a region known as the Lotto Footwall (FW) these include “Sunday” and “Tuesday” veins. A selection of highlight intervals is summarized in the table below.

In 2024, utilizing the seismic data, exploration will continue to test the down-dip extension of the Lotto structure.

2024 assay results have been reported in press releases dated April 17, 2024. All previous and 2024 press releases can be found through SEDAR+.

Highlighted assay values and drill hole locations from Lotto drilling are shown in the tables below:

Hole No. | From (m) | To (m) | Length (m) | Au (g/t | Zone | True Width (%) | Date Released
NFGC-20-17 | 29.80 | 32.00 | 2.20 | 16.3 | Lotto Main | 40-70 | 01/14/2021
NFGC-20-17 | 35.25 | 40.00 | 4.75 | 41.2 | Lotto Main | 40-70 | 10/02/2020
Including | 35.25 | 36.90 | 1.65 | 108.7 | Lotto Main | 40-70 | 10/02/2020
NFGC-20-17 | 56.95 | 70.75 | 13.80 | 10.1 | Lotto Main | 40-70 | 10/02/2020
Including | 56.95 | 62.10 | 5.15 | 25.4 | Lotto Main | 40-70 | 10/02/2020
Including | 61.00 | 61.80 | 0.80 | 138.3 | Lotto Main | 40-70 | 10/02/2020
NFGC-20-44 | 238.55 | 245.05 | 6.50 | 18.1 | Sunday | 70-95 | 01/14/2021
Including | 242.10 | 245.05 | 2.95 | 38.7 | Sunday | 70-95 | 01/14/2021
NFGC-21-109 | 152.70 | 161.50 | 8.80 | 19.34 | Lotto Main | 70-95 | 03/23/2021
Including | 154.20 | 157.40 | 3.20 | 51.31 | Lotto Main | 70-95 | 03/23/2021
NFGC-21-201 | 196.65 | 208.15 | 11.50 | 150.28 | Lotto Main | 70-95 | 06/23/2021
Including | 197.25 | 198.85 | 1.60 | 30.17 | Lotto Main | 70-95 | 06/23/2021
Including | 205.00 | 207.45 | 2.45 | 683.14 | Lotto Main | 70-95 | 06/23/2021
NFGC-21-233 | 169.20 | 171.85 | 2.65 | 111.36 | Lotto Main | 40-70 | 09/08/2021
NFGC-21-311 | 294.65 | 297.45 | 2.80 | 76.81 | Lotto Main | 70-95 | 09/08/2021
Including | 294.65 | 296.55 | 1.90 | 112.51 | Lotto Main | 70-95 | 09/08/2021
NFGC-22-552 | 87.95 | 89.95 | 2.00 | 89.5 | Tuesday | 70-95 | 06/08/2022
Including | 88.35 | 88.75 | 0.40 | 442 | Tuesday | 70-95 | 06/08/2022
NFGC-22-673 | 206.15 | 210.00 | 3.85 | 151.87 | Lotto Main | 10-40 | 09/13/2022
Including | 206.15 | 208.90 | 2.75 | 211.71 | Lotto Main | 10-40 | 09/13/2022
NFGC-22-684 | 211.45 | 226.40 | 14.95 | 12.98 | Lotto Main | 10-40 | 09/13/2022
Including | 216.30 | 217.00 | 0.70 | 25.3 | Lotto Main | 10-40 | 09/13/2022
Including | 224.30 | 226.40 | 2.10 | 72.35 | Lotto Main | 10-40 | 09/13/2022

Infill veining in secondary structures with multiple orientations crosscutting the primary host structures are commonly observed in drill core which could result in additional uncertainty in true width. As of March 1, 2023, composite intervals reported carry a minimum weighted average of 1 g/t Au diluted over a minimum core length of 2m with a maximum of 4m consecutive dilution when at depths above 200m vertical depth and 2m consecutive dilution when below 200m vertical depth. Prior to this date, all composites allowed for 2m consecutive dilution. Prior to February 18, 2022, all composite intervals were selected visually. Included high-grade intercepts are reported as any consecutive interval with grades greater than 10 g/t Au. Grades have not been capped in the averaging and intervals are reported as drill thickness.

- 34 -

Management’s Discussion and Analysis

For the three months ended March 31, 2024 and 2023

Hole No. | Azimuth (°) | Dip (°) | Length (m) | UTM E | UTM N
NFGC-20-17 | 300 | -45 | 354 | 658931 | 5428990
NFGC-20-44 | 300 | -45 | 298 | 658956 | 5429030
NFGC-21-89 | 300 | -45 | 294 | 658968 | 5429052
NFGC-21-109 | 300 | -45 | 252 | 659012 | 5428912
NFGC-21-201 | 300 | -45 | 241 | 659058 | 5428890
NFGC-21-233 | 298 | -45.5 | 342 | 659024 | 5428935
NFGC-21-311 | 299 | -45.5 | 321 | 659107 | 5428914
NFGC-22-552 | 300 | -45 | 201 | 658833 | 5429014
NFGC-22-673 | 263 | -68 | 258 | 658990 | 5429097
NFGC-22-684 | 258 | -69 | 237 | 658983 | 5429072

- 35 -

Management’s Discussion and Analysis

For the three months ended March 31, 2024 and 2023

The latest results from the Lotto and Lotto North zones are shown in the long section, plan map, and Lotto cross-section below:

Queensway Project – Golden Joint to Honeypot area plan map (April 17, 2024)

- 36 -

Management’s Discussion and Analysis

For the three months ended March 31, 2024 and 2023

Queensway Project – Lotto- Lotto North zones long section, looking northwest (April 17, 2024)

- 37 -

Management’s Discussion and Analysis

For the three months ended March 31, 2024 and 2023

Queensway Project – Lotto cross-section, +/- 12.5m, looking northeast (September 13, 2022)

Lotto North Drilling

The Lotto North prospect is adjacent (north) to the Lotto prospect in QWN on the east side of the AFZ. Systematic grid drilling testing along the eastern side of the AFZ north of Lotto identified this new gold-bearing structural zone in November 2022 first reporting 33.8 g/t Au over 2.35m in NFGC-22-661, 37.4 g/t Au over 2.10m in NFGC-22-690 and 22.2 g/t Au over 2.20m in NFGC-22-717.

Continued exploration drilling at Lotto North has defined a series of AFZ-typical epizonal-style gold-bearing veins contained within a north-south striking brittle fault zone immediately north of the Lotto prospect. Drilling has expanded the Lotto North gold mineralization and host structure over a strike length of 340m and to a vertical depth of 200m where it starts at surface. The Lotto North structure remains open at depth and is likely the same structure that hosts the Lotto Main vein but has been offset by late faulting in this region. A selection of highlight intervals can be found in the table below.

When combined with the Lotto Main Zone, these high-grade gold-bearing structures have been drill-defined over a total strike length of 630m. Exploration is currently paused at Lotto North while the focus in early 2024 is expanding the Lotto Main Zone at depth utilizing the seismic data.

2024 assay results have been reported in press releases dated April 17, 2024. All previous and 2024 press releases can be found through SEDAR+.

- 38 -

Management’s Discussion and Analysis

For the three months ended March 31, 2024 and 2023

Highlighted assay values and drill hole locations from Lotto North drilling are shown in the tables below:

Hole No. | From (m) | To (m) | Length (m) | Au (g/t) | Zone | True Width (%) | Date Released
NFGC-22-646 | 71.80 | 80.30 | 8.50 | 4.72 | Lotto N | 40-70 | 01/10/2023
Including | 71.80 | 72.55 | 0.75 | 38.5 | Lotto N | 40-70 | 01/10/2023
NFGC-22-661 | 74.65 | 77.00 | 2.35 | 33.79 | Lotto N | 40-70 | 11/02/2022
Including | 74.95 | 75.30 | 0.35 | 225 | Lotto N | 40-70 | 11/02/2022
NFGC-22-690 | 69.45 | 71.55 | 2.10 | 37.36 | Lotto N | 70-95 | 11/02/2022
Including | 70.15 | 70.85 | 0.70 | 109 | Lotto N | 70-95 | 11/02/2022
NFGC-22-788 | 120.70 | 126.00 | 5.30 | 16.12 | Lotto N | 40-70 | 01/10/2023
Including | 122.00 | 123.55 | 1.55 | 49.63 | Lotto N | 40-70 | 01/10/2023
NFGC-22-895 | 174.65 | 179.20 | 4.55 | 7.2 | Lotto N | 70-95 | 05/10/2023
Including | 178.60 | 179.20 | 0.60 | 32.56 | Lotto N | 70-95 | 05/10/2023
NFGC-22-940 | 80.25 | 83.80 | 3.55 | 11.13 | Lotto N | 70-95 | 05/10/2023
Including | 82.15 | 82.80 | 0.65 | 51.7 | Lotto N | 70-95 | 05/10/2023

Infill veining in secondary structures with multiple orientations crosscutting the primary host structures are commonly observed in drill core which could result in additional uncertainty in true width. As of March 1, 2023, composite intervals reported carry a minimum weighted average of 1 g/t Au diluted over a minimum core length of 2m with a maximum of 4m consecutive dilution when at depths above 200m vertical depth and 2m consecutive dilution when below 200m vertical depth. Prior to this date, all composites allowed for 2m consecutive dilution. Included high-grade intercepts are reported as any consecutive interval with grades greater than 10 g/t Au. Grades have not been capped in the averaging and intervals are reported as drill thickness.

Hole No. | Azimuth (°) | Dip (°) | Length (m) | UTM E | UTM N | Prospect
NFGC-22-646 | 300 | -45 | 429 | 659079 | 5429391 | Lotto North
NFGC-22-661 | 285 | -45 | 396 | 659079 | 5429391 | Lotto North
NFGC-22-690 | 270 | -42 | 264 | 659083 | 5429446 | Lotto North
NFGC-22-788 | 240 | -45 | 261 | 659068 | 5429627 | Lotto North
NFGC-22-895 | 70 | -45 | 243 | 658848 | 5429213 | Lotto North
NFGC-22-940 | 90 | -45 | 135 | 658986 | 5429329 | Lotto North

Jackpot Drilling

On June 22, 2023, the Company announced the discovery of a new zone, “Jackpot” located 600m north of Lotto North and 280m east of the AFZ with the discovery hole of 95.7 g/t Au over 3.25m in NFGC-23-1292 at 20m vertical depth. This hole was drilled as part of a targeted program testing an area of interest between Lotto North and Everest.

Follow-up drilling designed to efficiently determine the orientation of the vein for continued expansion intercepted multiple near-surface high-grade intervals occurring at vertical depths ranging from 20-40m.

Continued expansion drilling has determined that Jackpot is an east-west striking, steeply south-dipping high-grade structure with characteristics similar to the neighbouring Lotto Zone. Additional results received indicate strong high-grade continuity and are presented in the table below.

Reported in Q1 were the outstanding assay results that were received from initial drilling designed to determine the extent of the near-surface high-grade mineralization at Jackpot, increasing the down-plunge extent of the high-grade domain to 155m. A selection of highlight intervals from this drilling can be found in the table below.

The Jackpot structure demonstrates strong continuity of gold mineralization that plunges to the southwest and covers an area averaging 75m wide and 250m long that remains open at depth. Data from the seismic program will guide a deeper drilling program in the future.

2024 assay results have been reported in press release dated April 17, 2024. All previous and 2024 press releases can be found through SEDAR+.

- 39 -

Management’s Discussion and Analysis

For the three months ended March 31, 2024 and 2023

Highlighted assay values and drill hole locations from Jackpot drilling are shown in the tables below:

Hole No. | From (m) | To (m) | Length (m) | Au (g/t) | Zone | True Width (%) | Date Released
NFGC-23-1292 | 27.45 | 30.70 | 3.25 | 95.71 | Jackpot | 70-95 | 06/22/2023
Including | 27.45 | 28.30 | 0.85 | 352.58 | Jackpot | 70-95 | 06/22/2023
Including | 29.80 | 30.70 | 0.90 | 12.37 | Jackpot | 70-95 | 06/22/2023
NFGC-23-1292 | 202.55 | 212.55 | 10.00 | 1.88 | Everest | 40-70 | 06/22/2023
NFGC-23-1423 | 20.40 | 23.10 | 2.70 | 146.67 | Jackpot | 70-95 | 09/05/2023
Including | 20.40 | 22.50 | 2.10 | 188.1 | Jackpot | 70-95 | 09/05/2023
Including | 21.40 | 21.80 | 0.40 | 699 | Jackpot | 70-95 | 09/05/2023
Including | 22.10 | 22.50 | 0.40 | 241 | Jackpot | 70-95 | 09/05/2023
NFGC-23-1425 | 36.90 | 41.00 | 4.10 | 118.73 | Jackpot | 40-70 | 09/05/2023
Including | 36.90 | 39.00 | 2.10 | 229.71 | Jackpot | 40-70 | 09/05/2023
NFGC-23-1447 | 59.20 | 62.05 | 2.85 | 51.93 | Jackpot | 70-95 | 10/18/2023
Including | 59.20 | 61.10 | 1.90 | 77.82 | Jackpot | 70-95 | 10/18/2023
NFGC-23-1488 | 108.20 | 117.65 | 9.45 | 3.01 | Jackpot | 40-70 | 10/18/2023
Including | 110.00 | 110.70 | 0.70 | 25.7 | Jackpot | 40-70 | 10/18/2023
NFGC-23-1505 | 76.75 | 79.75 | 3.00 | 18.93 | Jackpot | 70-95 | 10/18/2023
Including | 78.90 | 79.75 | 0.85 | 61.78 | Jackpot | 70-95 | 10/18/2023
NFGC-23-1523 | 79.25 | 86.00 | 6.75 | 18.23 | Jackpot | 70-95 | 11/14/2023
Including | 79.25 | 80.80 | 1.55 | 73.76 | Jackpot | 70-95 | 11/14/2023
NFGC-23-1627 | 156.85 | 160.50 | 3.65 | 11.27 | Jackpot | 70-95 | 04/17/2024
Including | 159.95 | 160.50 | 0.55 | 67.6 | Jackpot | 70-95 | 04/17/2024

Infill veining in secondary structures with multiple orientations crosscutting the primary host structures are commonly observed in drill core which could result in additional uncertainty in true width. As of March 1, 2023, composite intervals reported carry a minimum weighted average of 1 g/t Au diluted over a minimum core length of 2m with a maximum of 4m consecutive dilution when at depths above 200m vertical depth and 2m consecutive dilution when below 200m vertical depth. Prior to this date, all composites allowed for 2m consecutive dilution. Included high-grade intercepts are reported as any consecutive interval with grades greater than 10 g/t Au. Grades have not been capped in the averaging and intervals are reported as drill thickness.

Hole No. | Azimuth (°) | Dip (°) | Length (m) | UTM E | UTM N | Prospect
NFGC-23-1292 | 300 | -45 | 249 | 659421 | 5429886 | Jackpot
NFGC-23-1423 | 0 | -71 | 72 | 659418 | 5429888 | Jackpot
NFGC-23-1425 | 270 | -72 | 74 | 659417 | 5429884 | Jackpot
NFGC-23-1447 | 340 | -62 | 99 | 659393 | 5429840 | Jackpot
NFGC-23-1488 | 14 | -60 | 177 | 659394 | 5429803 | Jackpot
NFGC-23-1505 | 355 | -48 | 111 | 659372 | 5429801 | Jackpot
NFGC-23-1523 | 12 | -65 | 138 | 659413 | 5429830 | Jackpot
NFGC-23-1627 | 356 | -60 | 189 | 659369 | 5429743 | Jackpot

- 40 -

Management’s Discussion and Analysis

For the three months ended March 31, 2024 and 2023

The latest results from Jackpot Zone are shown in the long section below:

Queensway Project – Jackpot long section, looking north (April 17, 2024)

- 41 -

Management’s Discussion and Analysis

For the three months ended March 31, 2024 and 2023

Honeypot Drilling

On January 10, 2024, the Company announced the discovery of a new zone, “Honeypot”, located 230m north of Jackpot and 1.3km north of Lotto. This discovery was made as a result of a follow-up drill program testing a mineralized fault that was initially identified by grid drilling. A near-surface, brittle fault structure was intersected exhibiting characteristics similar to other epizonal high-grade, gold bearing faults that occur along this segment of the AFZ. Honeypot has a similar east-northeast striking and steeply dipping orientation to the neighbouring Jackpot Zone. Gold found at Honeypot is hosted within a primary fault that has been drill-defined over a strike length of 280m and to a depth of 190m. The high-grade domain shows good continuity and appears to strengthen at depth as demonstrated by several of the highlight intervals summarized in the table below.

Limited drilling has been completed in this area to date and ongoing drilling is targeting its expansion along strike and to depth. Honeypot will be an area of focus in the 2024 drill campaign.

2024 assay results have been reported in a press release dated January 10, 2024. All previous and 2024 press releases can be found through SEDAR+.

Highlighted assay values and drill hole locations from Honeypot drilling are shown in the tables below:

Hole No. | From (m) | To (m) | Length (m) | Au (g/t) | Zone | True Width (%) | Date Released
NFGC-23-1796 | 79.80 | 90.70 | 10.90 | 3.67 | Honeypot | 70-95 | 04/17/2024
Including | 80.35 | 80.90 | 0.55 | 25.6 | Honeypot | 70-95 | 04/17/2024
NFGC-23-1806A | 57.70 | 62.20 | 4.50 | 7.25 | Honeypot | 70-95 | 04/17/2024
Including | 57.70 | 58.60 | 0.90 | 12.05 | Honeypot | 70-95 | 04/17/2024
Including | 59.05 | 60.00 | 0.95 | 17.15 | Honeypot | 70-95 | 04/17/2024
NFGC-23-1810 | 122.85 | 130.50 | 7.65 | 26.35 | Honeypot | 70-95 | 01/10/2024
Including | 123.60 | 125.40 | 1.80 | 101.72 | Honeypot | 70-95 | 01/10/2024
Including | 126.30 | 126.75 | 0.45 | 24.06 | Honeypot | 70-95 | 01/10/2024
NFGC-23-1828 | 168.00 | 182.70 | 14.70 | 2.05 | Honeypot | 70-95 | 01/10/2024
NFGC-23-1908 | 191.05 | 200.10 | 9.05 | 1.41 | Honeypot | 40-70 | 01/10/2024
NFGC-23-1931 | 208.00 | 213.25 | 5.25 | 23.05 | Honeypot | 40-70 | 01/10/2024
Including | 208.75 | 209.20 | 0.45 | 71.42 | Honeypot | 40-70 | 01/10/2024
Including | 210.10 | 211.10 | 1.00 | 67.99 | Honeypot | 40-70 | 01/10/2024
Including | 211.80 | 212.80 | 1.00 | 11.39 | Honeypot | 40-70 | 01/10/2024
NFGC-24-2063 | 167.35 | 172.35 | 5.00 | 14.83 | Honeypot | Unknown | 04/17/2024
Including | 167.35 | 168.25 | 0.90 | 70.06 | Honeypot | Unknown | 04/17/2024

Infill veining in secondary structures with multiple orientations crosscutting the primary host structures are commonly observed in drill core which could result in additional uncertainty in true width. As of March 1, 2023, composite intervals reported carry a minimum weighted average of 1 g/t Au diluted over a minimum core length of 2m with a maximum of 4m consecutive dilution when at depths above 200m vertical depth and 2m consecutive dilution when below 200m vertical depth. Prior to this date, all composites allowed for 2m consecutive dilution. Included high-grade intercepts are reported as any consecutive interval with grades greater than 10 g/t Au. Grades have not been capped in the averaging and intervals are reported as drill thickness.

Hole No. | Azimuth (°) | Dip (°) | Length (m) | UTM E | UTM N | Prospect
NFGC-23-1796 | 351 | -63 | 116 | 659435 | 5430057 | Honeypot
NFGC-23-1806A | 293 | -57 | 92 | 659437 | 5430057 | Honeypot
NFGC-23-1810 | 297 | -50 | 170 | 659521 | 5430060 | Honeypot
NFGC-23-1828 | 299 | -45.5 | 230 | 659565 | 5430035 | Honeypot
NFGC-23-1908 | 300 | -58 | 219 | 659566 | 5430034 | Honeypot
NFGC-23-1931 | 301 | -63.5 | 240 | 659567 | 5430033 | Honeypot
NFGC-24-2063 | 282 | -71.5 | 200 | 659554 | 5430100 | Honeypot

- 42 -

Management’s Discussion and Analysis

For the three months ended March 31, 2024 and 2023

Results from Honeypot are shown in the long section below:

Queensway Project – Honeypot long section, looking north (April 17, 2024)

K2 Drilling

On January 10, 2023, the Company reported the intersection of broad gold mineralization west of the AFZ and in close proximity to the Zone 36 prospect during systematic drilling stepping north of Lotto North. This interval graded 3.63 g/t Au over 9.50m in NFGC-22-816. In light of the recent discovery at Keats West, the first major discovery made west of the AFZ, exploration drilling had shifted to targeting two structures identified in a lineament study that had orientations similar to the KBFZ. This work led to the discoveries of K2 and Monte Carlo announced on May 10, 2023. The K2 Fault is located 725m north of Lotto on the west side of the AFZ, adjacent to Zone 36.

- 43 -

Management’s Discussion and Analysis

For the three months ended March 31, 2024 and 2023

Ongoing exploration at K2 has identified a significant structural zone made up of multiple structures and crosscutting vein orientations, that currently has a defined mineralized footprint of 490m long x 395m wide. The gold mineralization begins at surface and has been drill-defined down to a maximum vertical depth of 250m, where it remains open and untested. Much of the gold at K2 is found in the “K2 Main” structure (shown in red in the figure below), a low-angle gold-bearing fault zone starting at surface that dips 30-40° to the southeast which shares a similar dip to Keats West and strike to the Keats-Baseline Fault Zone. This complex network of associated structures forms a mineralized damage zone that averages 65m in thickness.

The K2 structure is interpreted as the master structure whereas the previously discussed “Zone 36” is a related vein occurring in close proximity that was originally exposed in trenching.

One such vein constituent of the greater K2 structure is “Stibnite” vein that has returned several significant intervals, a selection of which are summarized in the table below. Stibnite is a near-surface high-grade vein that has been traced over a current strike length of 105m. This vein contains significant amounts of stibnite, an antimony-bearing sulphide mineral as reflected by the antimony assay results of 0.95% Sb over 12.95m in NFGC-23-1303, and 0.04% Sb over 3.90m in NFGC-23-1391. This is the first time this mineral association has been observed at Queensway North.

The network of cross-cutting veins form thick domains of gold mineralization which is well demonstrated by several highlight intervals hosted by the K2 Main structure including 5.58 g/t Au over 12.35m in NFGC-23-1733 located just 29m from surface, 3.23 g/t Au over 17.65m, 1.45 g/t Au over 17.25m and 1.60 g/t Au over 10.45m in NFGC-23-1552, located a further 220m down-dip, and 5.28 g/t Au over 10.75m in NFGC-23-1626 situated 230m along strike (all reported November 8, 2023).

K2 also indicates high-grade potential, and exploration is ongoing to test these high-grade gold-bearing cross-cutting-structures and where they interact with the main K2 Main structure.

Exploration will remain focused on expanding K2, which has been drill-defined to a maximum depth of 250m vertical, where it remains open and untested in addition to looking at areas of interest at depth below this structure.

2024 assay results have been reported in press releases January 31, 2024, and April 10, 2024. All previous and 2024 press releases can be found through SEDAR+.

- 44 -

Management’s Discussion and Analysis

For the three months ended March 31, 2024 and 2023

Highlighted assay values and drill hole locations from K2 drilling are shown in the tables below:

Hole No. | From (m) | To (m) | Length (m) | Au (g/t) | Zone | True Width (%) | Date Released
NFGC-22-898 | 176.00 | 187.00 | 11.00 | 3 | K2 | 40-70 | 05/10/2023
Including | 182.20 | 183.00 | 0.80 | 14.8 | K2 | 40-70 | 05/10/2023
NFGC-22-928 | 16.40 | 38.35 | 21.95 | 2.22 | K2 | 40-70 | 11/29/2023
Including | 27.50 | 28.50 | 1.00 | 19.71 | K2 | 40-70 | 11/29/2023
NFGC-22-928 | 46.45 | 58.00 | 11.55 | 1.92 | K2 | 70-95 | 11/29/2023
NFGC-22-986 | 43.70 | 62.50 | 18.80 | 1.44 | K2 | 10-40 | 05/10/2023
NFGC-23-1303 | 22.35 | 35.30 | 12.95 | 4.5 | K2 | 70-95 | 08/28/2023
Including | 23.20 | 24.35 | 1.15 | 21.12 | K2 | 70-95 | 08/28/2023
Including | 25.00 | 25.45 | 0.45 | 12.05 | K2 | 70-95 | 08/28/2023
NFGC-23-1426 | 29.05 | 51.00 | 21.95 | 1.77 | K2 | 70-95 | 11/29/2023
NFGC-23-1552 | 222.20 | 239.85 | 17.65 | 3.23 | K2 | 40-70 | 11/29/2023
Including | 227.55 | 228.30 | 0.75 | 25.2 | K2 | 40-70 | 11/29/2023
NFGC-23-1552 | 246.10 | 256.55 | 10.45 | 1.6 | K2 | 40-70 | 11/29/2023
NFGC-23-1552 | 266.05 | 283.30 | 17.25 | 1.45 | K2 | 10-40 | 11/29/2023
NFGC-23-1626 | 28.30 | 39.05 | 10.75 | 5.28 | K2 | 70-95 | 11/29/2023
Including | 37.65 | 39.05 | 1.40 | 30.88 | K2 | 70-95 | 11/29/2023
NFGC-23-1630 | 58.20 | 66.10 | 7.90 | 4.92 | K2 | 70-95 | 01/31/2024
Including | 58.20 | 58.55 | 0.35 | 26.5 | K2 | 70-95 | 01/31/2024
NFGC-23-1630 | 129.75 | 153.20 | 23.45 | 1.82 | K2 | 70-95 | 01/31/2024
NFGC-23-1636 | 264.60 | 281.00 | 16.40 | 2.79 | K2 | 70-95 | 11/29/2023
Including | 265.25 | 266.00 | 0.75 | 10.28 | K2 | 70-95 | 11/29/2023
Including | 270.70 | 271.50 | 0.80 | 10.18 | K2 | 70-95 | 11/29/2023
NFGC-23-1647 | 204.30 | 207.00 | 2.70 | 27.68 | K2 | Unknown | 04/10/2024
Including | 205.00 | 205.60 | 0.60 | 124.5 | K2 | Unknown | 04/10/2024
NFGC-23-1647 | 223.80 | 237.65 | 13.85 | 3.26 | K2 | 70-95 | 04/10/2024
Including | 223.80 | 224.55 | 0.75 | 24.5 | K2 | 70-95 | 04/10/2024
NFGC-23-1729 | 55.20 | 62.20 | 7.00 | 27.49 | K2 | 70-95 | 01/31/2024
Including | 55.20 | 55.70 | 0.50 | 370 | K2 | 70-95 | 01/31/2024
NFGC-23-1733 | 35.30 | 47.65 | 12.35 | 5.58 | K2 | 70-95 | 11/29/2023
Including | 35.30 | 36.20 | 0.90 | 19.95 | K2 | 70-95 | 11/29/2023
Including | 40.70 | 41.45 | 0.75 | 13.86 | K2 | 70-95 | 11/29/2023
Including | 46.75 | 47.65 | 0.90 | 29.47 | K2 | 70-95 | 11/29/2023
NFGC-23-1783 | 10.40 | 35.70 | 25.30 | 3.48 | K2 | 40-70 | 01/31/2024
Including | 10.40 | 11.00 | 0.60 | 12.5 | K2 | 40-70 | 01/31/2024
Including | 12.90 | 13.20 | 0.30 | 42.3 | K2 | 40-70 | 01/31/2024
NFGC-23-1783 | 55.00 | 57.40 | 2.40 | 21.96 | K2 | 70-95 | 01/31/2024
Including | 56.00 | 56.40 | 0.40 | 130.5 | K2 | 70-95 | 01/31/2024
NFGC-23-1786 | 29.45 | 41.70 | 12.25 | 8.69 | K2 | 70-95 | 01/31/2024
Including | 29.45 | 30.15 | 0.70 | 18.54 | K2 | 70-95 | 01/31/2024
Including | 30.75 | 31.40 | 0.65 | 90.69 | K2 | 70-95 | 01/31/2024
Including | 32.25 | 33.25 | 1.00 | 13.4 | K2 | 70-95 | 01/31/2024
NFGC-23-1904 | 72.35 | 90.80 | 18.45 | 3.14 | K2 | 10-40 | 01/31/2024
Including | 86.60 | 87.45 | 0.85 | 17.4 | K2 | 10-40 | 01/31/2024
NFGC-23-1904 | 145.30 | 162.05 | 16.75 | 1 | K2 | Unknown | 01/31/2024
NFGC-23-1951 | 179.00 | 194.65 | 15.65 | 1.71 | K2 | 70-95 | 04/10/2024
NFGC-23-1986 | 85.85 | 88.35 | 2.50 | 16.01 | K2 | 70-95 | 04/10/2024
Including | 85.85 | 86.15 | 0.30 | 130.14 | K2 | 70-95 | 04/10/2024
NFGC-23-1986 | 167.70 | 181.15 | 13.45 | 17.77 | K2 | 40-70 | 04/10/2024
Including | 172.15 | 174.30 | 2.15 | 93.96 | K2 | 40-70 | 04/10/2024
Including | 180.80 | 181.15 | 0.35 | 17.02 | K2 | 40-70 | 04/10/2024
NFGC-23-1997 | 233.15 | 237.75 | 4.60 | 12.69 | K2 | Unknown | 04/10/2024
Including | 233.15 | 234.10 | 0.95 | 32.36 | K2 | Unknown | 04/10/2024
Including | 234.65 | 235.15 | 0.50 | 27.1 | K2 | Unknown | 04/10/2024
NFGC-23-1997 | 243.40 | 290.60 | 47.20 | 1.23 | K2 | 70-95 | 04/10/2024
NFGC-23-2004 | 152.20 | 172.00 | 19.80 | 1.27 | K2 | 70-95 | 04/10/2024
NFGC-24-2010 | 53.70 | 74.00 | 20.30 | 2.9 | K2 | 70-95 | 04/10/2024
Including | 60.90 | 61.25 | 0.35 | 24.34 | K2 | 70-95 | 04/10/2024
Including | 62.00 | 62.35 | 0.35 | 10.54 | K2 | 70-95 | 04/10/2024

Infill veining in secondary structures with multiple orientations crosscutting the primary host structures are commonly observed in drill core which could result in additional uncertainty in true width. Composite intervals reported carry a minimum weighted average of 1 g/t Au diluted over a minimum core length of 2m with a maximum of 4m consecutive dilution when above 200m vertical depth and 2m consecutive dilution when below 200m vertical depth. Included high-grade intercepts are reported as any consecutive interval with grades greater than 10 g/t Au. Grades have not been capped in the averaging and intervals are reported as drill thickness.

- 45 -

Management’s Discussion and Analysis

For the three months ended March 31, 2024 and 2023

Hole No. | Azimuth (°) | Dip (°) | Length (m) | UTM E | UTM N | Prospect
NFGC-22-898 | 260 | -44 | 230 | 658965 | 5429766 | K2
NFGC-22-928 | 300 | -45 | 206 | 659051 | 5429922 | K2
NFGC-22-986 | 330 | -45 | 308 | 658965 | 5429767 | K2
NFGC-23-1303 | 345 | -60 | 227 | 658956 | 5430041 | K2
NFGC-23-1426 | 345 | -45 | 98 | 659082 | 5430012 | K2
NFGC-23-1552 | 300 | -45 | 338 | 659160 | 5429773 | K2
NFGC-23-1630 | 345 | -64 | 176 | 659018 | 5429881 | K2
NFGC-23-1626 | 345 | -45 | 130 | 658893 | 5429932 | K2
NFGC-23-1647 | 300 | -45 | 260 | 659100 | 5429749 | K2
NFGC-23-1636 | 300 | -47 | 296 | 659139 | 5429668 | K2
NFGC-23-1729 | 0 | -45 | 110 | 659064 | 5429990 | K2
NFGC-23-1733 | 0 | -45 | 110 | 659104 | 5429987 | K2
NFGC-23-1786 | 75 | -45 | 131 | 659091 | 5430008 | K2
NFGC-23-1783 | 20 | -50 | 95 | 659052 | 5430044 | K2
NFGC-23-1904 | 17 | -58 | 206 | 658913 | 5429819 | K2
NFGC-23-1951 | 48 | -46 | 245 | 658843 | 5429662 | K2
NFGC-23-1986 | 39 | -46 | 194 | 658867 | 5429772 | K2
NFGC-23-1997 | 60 | -45.5 | 302 | 658829 | 5429766 | K2
NFGC-23-2004 | 77 | -51 | 239 | 658829 | 5429765 | K2
NFGC-24-2010 | 13 | -45 | 167 | 658900 | 5429829 | K2

- 46 -

Management’s Discussion and Analysis

For the three months ended March 31, 2024 and 2023

Results from K2 are shown in plan map, 3-D view, cross-section, and long section below:

Queensway Project – K2 area plan map (April 10, 2024)

- 47 -

Management’s Discussion and Analysis

For the three months ended March 31, 2024 and 2023

Queensway Project – K2 inclined 3-D view, looking southeast (April 10, 2024)

Queensway Project – K2 3-D cross-section, +/-25m, looking southeast (January 31, 2024)

- 48 -

Management’s Discussion and Analysis

For the three months ended March 31, 2024 and 2023

Queensway Project – K2 long section, looking north (April 10, 2024)

Monte Carlo, Powerline, and Vegas Drilling

On May 10, 2023, the Company announced another new discovery on the west side of the AFZ a further 850m south of K2, a zone now named “Monte Carlo”. The discovery high-grade results of 12.3 g/t Au over 8.05m in NFGC-23-1151 and 13.0 g/t Au over 4.75m in NFGC-23-1145 were found to be hosted by an east-west striking brittle fault zone.

Targeted follow-up drilling has since intersected multiple high-grade gold intervals which are summarized in the table below. The Monte Carlo structure has a strike length of 520m with a depth extent of 160m vertical while the high-grade segment spans 185m of strike.

Exploration work at Monte Carlo has focussed on expanding the highest-grade segment of the fault down dip. Drilling is currently paused and likely to resume later in 2024 utilizing the seismic data to guide deeper drilling.

- 49 -

Management’s Discussion and Analysis

For the three months ended March 31, 2024 and 2023

On February 29, 2024, the Company introduced the discovery of a new zone now named “Vegas” which is located midway between the Monte Carlo and K2 zones on the west side of the AFZ. The high-grade highlight intercept from Vegas of 35.2 g/t Au over 16.85m in NFGC-23-1848 includes an elevated high-grade sample running 1,910 g/t Au over 0.30m that exhibits significant visible gold over a 3cm length. Vegas was discovered through reconnaissance grid drilling and subsequent, follow-up drilling has identified a high-grade segment of this moderately northeast-dipping fault that appears to link between the Monte Carlo and K2 structures. Additional drilling is planned to expand on this newly identified high-grade domain.

Also announced on February 29, 2024, the Company introduced the “Powerline” Zone which was discovered through reconnaissance grid drilling (West Grid) on the west side of the AFZ a further 800 metres south of Monte Carlo. Drilling encountered a broad gold mineralized shallowly northeast-dipping shear zone with characteristics similar to the neighbouring Keats West Zone. Powerline was first intercepted by grid drilling that returned the highlight intervals of 3.32 g/t Au over 7.00m and 1.85m over 6.30m in NFGC-23-1321. Targeted follow-up drilling intercepted 1.80 g/t Au over 10.55m in NFGC-23-1884, found 50m along strike of the initial discovery. Highly anomalous and low-grade mineralization has been defined over a current strike length of 350m at Powerline and testing has only occurred at shallow depths.

2024 assay results have been reported in press releases dated February 29, 2024. All previous and 2024 press releases can be found through SEDAR+.

Highlighted assay values and drill hole locations from Monte Carlo, Powerline and Vegas are shown in the tables below:

Hole No. | From (m) | To (m) | Length (m) | Au (g/t) | Zone | True Width (%) | Date Released
NFGC-22-1064 | 86.55 | 88.55 | 2.00 | 25.77 | Monte Carlo | 70-95 | 02/29/2024
Including | 87.40 | 87.90 | 0.50 | 92.51 | Monte Carlo | 70-95 | 02/29/2024
NFGC-23-1135 | 49.30 | 55.55 | 6.25 | 7.49 | Monte Carlo | 70-95 | 10/11/2023
Including | 49.30 | 49.65 | 0.35 | 40 | Monte Carlo | 70-95 | 10/11/2023
Including | 54.30 | 55.05 | 0.75 | 33 | Monte Carlo | 70-95 | 10/11/2023
NFGC-23-1145 | 61.80 | 66.55 | 4.75 | 13.04 | Monte Carlo | 70-95 | 05/10/2023
Including | 61.80 | 62.35 | 0.55 | 79.9 | Monte Carlo | 70-95 | 05/10/2023
Including | 64.15 | 64.55 | 0.40 | 20.1 | Monte Carlo | 70-95 | 05/10/2023
NFGC-23-1151 | 63.25 | 71.30 | 8.05 | 12.21 | Monte Carlo | 40-70 | 05/10/2023
Including | 65.00 | 65.60 | 0.60 | 51.3 | Monte Carlo | 40-70 | 05/10/2023
Including | 67.70 | 68.10 | 0.40 | 111 | Monte Carlo | 40-70 | 05/10/2023
NFGC-23-1321 | 46.00 | 53.00 | 7.00 | 3.32 | Powerline | 40-70 | 02/29/2024
NFGC-23-1673 | 59.45 | 66.70 | 7.25 | 6.87 | Monte Carlo | 40-70 | 02/29/2024
Including | 61.00 | 62.25 | 1.25 | 27.76 | Monte Carlo | 40-70 | 02/29/2024
NFGC-23-1683 | 36.20 | 38.25 | 2.05 | 23.52 | Monte Carlo | 70-95 | 10/11/2023
Including | 36.20 | 36.75 | 0.55 | 80.95 | Monte Carlo | 70-95 | 10/11/2023
NFGC-23-1683 | 51.55 | 54.25 | 2.70 | 18.85 | Monte Carlo | 70-95 | 10/11/2023
Including | 52.00 | 52.35 | 0.35 | 131.1 | Monte Carlo | 70-95 | 10/11/2023
NFGC-23-1690 | 166.75 | 168.75 | 2.00 | 91.86 | Monte Carlo | 40-70 | 10/11/2023
Including | 166.75 | 167.85 | 1.10 | 166.89 | Monte Carlo | 40-70 | 10/11/2023
NFGC-23-1848 | 89.70 | 106.55 | 16.85 | 35.24 | Vegas | 70-95 | 02/29/2024
Including | 97.40 | 97.70 | 0.30 | 1910 | Vegas | 70-95 | 02/29/2024
NFGC-23-1884 | 43.00 | 53.55 | 10.55 | 1.8 | Powerline | 40-70 | 02/29/2024

Infill veining in secondary structures with multiple orientations crosscutting the primary host structures are commonly observed in drill core which could result in additional uncertainty in true width. As of March 1, 2023, composite intervals reported carry a minimum weighted average of 1 g/t Au diluted over a minimum core length of 2m with a maximum of 4m consecutive dilution when at depths above 200m vertical depth and 2m consecutive dilution when below 200m vertical depth. Prior to this date, all composites allowed for 2m consecutive dilution. Included high-grade intercepts are reported as any consecutive interval with grades greater than 10 g/t Au. Grades have not been capped in the averaging and intervals are reported as drill thickness.

- 50 -

Management’s Discussion and Analysis

For the three months ended March 31, 2024 and 2023

Hole No. | Azimuth (°) | Dip (°) | Length (m) | UTM E | UTM N | Prospect
NFGC-22-1064 | 330 | -50 | 137 | 658589 | 5429172 | Monte Carlo
NFGC-23-1135 | 332 | -45 | 185 | 658657 | 5429192 | Monte Carlo
NFGC-23-1145 | 5 | -42 | 173 | 658659 | 5429192 | Monte Carlo
NFGC-23-1151 | 300 | -45 | 164 | 658657 | 5429196 | Monte Carlo
NFGC-23-1321 | 75 | -45 | 251 | 658152 | 5428428 | Golden Joint
NFGC-23-1673 | 0 | -70 | 110 | 658680 | 5429208 | Monte Carlo
NFGC-23-1683 | 0 | -45 | 80 | 658625 | 5429206 | Monte Carlo
NFGC-23-1690 | 25 | -45 | 219 | 658618 | 5429078 | Monte Carlo
NFGC-23-1848 | 200 | -75 | 146 | 658656 | 5429521 | Monte Carlo
NFGC-23-1884 | 30 | -54.5 | 75 | 658212 | 5428391 | Golden Joint

The latest results from Monte Carlo, Powerline, and Vegas zones are shown in the images below:

Queensway Project – Powerline to K2 plan view map (February 29, 2024)

- 51 -

Management’s Discussion and Analysis

For the three months ended March 31, 2024 and 2023

Queensway Project – Monte Carlo long section, looking northwest (February 29, 2024)

Queensway Project – 3D Cross-Section of AFZ West (looking east, +/- 35m) (February 29, 2024)

- 52 -

Management’s Discussion and Analysis

For the three months ended March 31, 2024 and 2023

Golden Joint Drilling

On June 30, 2021, the Company announced the discovery of a new high-grade zone in the footwall of the AFZ approximately 1km north of Keats named the “Golden Joint” with initial highlight intervals of 10.4 g/t Au over 4.85m in NFGC-21-171 and 430 g/t Au over 5.25m in NFGC-21-241. Continued step-out drilling at Golden Joint rapidly expanded the zone and selection of significant intervals are summarized in the table below.

The Golden Joint prospect is comprised of two sub-parallel vein systems (Main Zone and HW Zone) and is located between the Keats and Lotto zones. Golden Joint Main Zone, consists of an approximately north-south striking, steeply west-dipping quartz vein and associated brittle fault in the footwall to the AFZ, whereas the HW Zone forms a network of stock-work style veining that is largely constrained to a thick bed of greywacke and is more distal to the AFZ. The Golden Joint Main vein carries high-grade gold mineralization and has a vertical depth of 305 m, and a strike length of 250 m. The vein has been intersected at depths as great as 385 m and remains open down-dip.

Drilling to date at the Golden Joint Hanging Wall (“HW”) Zone, located immediately east of the Golden Joint Main Zone has extended the zone over a strike length of 185m and to a vertical depth of 150m. A selection of highlight intervals is summarized in the table below.

A drilling program at Golden Joint utilizing a barge drill was recently completed that was designed to test the upper 100m of the Golden Joint Zone that was not reachable from land. This program successfully expanded the Golden Joint Zone to surface and initial results received indicate strong continuity of high-grade gold to surface. The remainder of the program results were received in Q1 2024 reported on April 17, 2024.

Golden Joint is drill defined from surface down to a vertical depth of 385m, future exploration will focus on expanding mineralization to depth utilizing the seismic data, where it remains open.

2024 assay results have been reported in press release dated April 17, 2024. All previous and 2024 press releases can be found through SEDAR+.

Highlighted assay values and drill hole locations from Golden Joint drilling are shown in the tables below:

Hole No. | From (m) | To (m) | Length (m) | Au (g/) | Zone | True Width (%) | Date Released
NFGC-21-171 | 223.45 | 228.30 | 4.85 | 10.36 | Golden Joint Main | 40-70 | 06/30/2021
Including | 225.00 | 226.00 | 1.00 | 41.26 | Golden Joint Main | 40-70 | 06/30/2021
NFGC-21-225 | 136.9 | 139.00 | 2.10 | 64.94 | Golden Joint HW | 40-70 | 09/30/2021
Including | 136.9 | 137.65 | 0.75 | 135.66 | Golden Joint HW | 40-70 | 09/30/2021
Including | 138.00 | 139.00 | 1.00 | 34.52 | Golden Joint HW | 40-70 | 06/30/2021
NFGC-21-225 | 143.00 | 145.45 | 2.45 | 17.43 | Golden Joint HW | 70-95 | 09/30/2021
Including | 143.85 | 144.85 | 1.00 | 42.55 | Golden Joint HW | 70-95 | 09/30/2021
NFGC-21-274 | 164.65 | 166.75 | 2.10 | 33.1 | Golden Joint HW | 10-40 | 01/06/2022
Including | 164.65 | 165.80 | 1.15 | 48.41 | Golden Joint HW | 10-40 | 01/06/2022
NFGC-21-307B | 349.40 | 353.90 | 4.50 | 16.35 | Golden Joint Main | 40-70 | 09/30/2021
Including | 351.00 | 353.90 | 2.90 | 24.59 | Golden Joint Main | 40-70 | 09/30/2021
Including | 351.00 | 351.45 | 0.45 | 16.06 | Golden Joint Main | 40-70 | 09/30/2021
Including | 352.90 | 353.90 | 1.00 | 63.82 | Golden Joint Main | 40-70 | 09/30/2021
NFGC-21-322 | 271.65 | 275.90 | 4.25 | 15.32 | Golden Joint Main | 40-70 | 09/30/2021
Including | 272.35 | 274.75 | 2.40 | 25.78 | Golden Joint Main | 40-70 | 09/30/2021
NFGC-21-386 | 424.75 | 429.10 | 4.35 | 68.27 | Golden Joint Main | 70-95 | 01/06/2022
Including | 426.60 | 427.50 | 0.90 | 320.65 | Golden Joint Main | 70-95 | 01/06/2022
NFGC-21-401 | 450.15 | 454.00 | 3.85 | 85.77 | Golden Joint Main | 10-40 | 01/19/2022
Including | 450.15 | 450.70 | 0.55 | 594 | Golden Joint Main | 10-40 | 01/19/2022
NFGC-21-462 | 325.75 | 339.90 | 14.15 | 69.15 | Golden Joint Main | 10-40 | 03/24/2022
Including | 325.75 | 330.70 | 4.95 | 40.36 | Golden Joint Main | 10-40 | 03/24/2022
Including | 326.30 | 327.25 | 0.95 | 182.5 | Golden Joint Main | 10-40 | 03/24/2022
Including | 328.10 | 328.45 | 0.35 | 37.9 | Golden Joint Main | 10-40 | 05/31/2022
Including | 333.30 | 339.90 | 6.60 | 117.85 | Golden Joint Main | 10-40 | 03/24/2022
Including | 333.30 | 334.25 | 0.95 | 96.1 | Golden Joint Main | 10-40 | 03/24/2022
Including | 335.85 | 337.15 | 1.30 | 190.63 | Golden Joint Main | 10-40 | 03/24/2022
Including | 338.00 | 339.90 | 1.90 | 228.03 | Golden Joint Main | 10-40 | 03/24/2022
NFGC-22-766 | 206.85 | 209.30 | 2.45 | 50.3 | Golden Joint Main | 40-70 | 01/24/2023
Including | 207.20 | 208.15 | 0.95 | 129.5 | Golden Joint Main | 40-70 | 01/24/2023
NFGC-23-1123 | 150.55 | 152.70 | 2.15 | 26.55 | Golden Joint HW | 40-70 | 10/23/2023
Including | 150.55 | 150.85 | 0.30 | 190.24 | Golden Joint HW | 40-70 | 10/23/2023
NFGC-23-1482 | 15.90 | 18.00 | 2.10 | 24.01 | Golden Joint Main | 70-95 | 10/23/2023
Including | 17.00 | 17.35 | 0.35 | 140 | Golden Joint Main | 70-95 | 10/23/2023
NFGC-23-1482 | 44.70 | 47.35 | 2.65 | 66.16 | Golden Joint Main | 70-95 | 10/23/2023
Including | 45.95 | 46.80 | 0.85 | 194 | Golden Joint Main | 70-95 | 10/23/2023
NFGC-23-1535 | 116.50 | 123.90 | 7.40 | 16.54 | Golden Joint Main | 10-40 | 10/23/2023
Including | 116.50 | 117.10 | 0.60 | 165.13 | Golden Joint Main | 10-40 | 10/23/2023
Including | 122.15 | 122.75 | 0.60 | 13.09 | Golden Joint Main | 10-40 | 10/23/2023
Including | 123.50 | 123.90 | 0.40 | 29.08 | Golden Joint Main | 10-40 | 10/23/2023
NFGC-23-1585 | 85.95 | 88.60 | 2.65 | 67.48 | Golden Joint Main | 10-40 | 10/23/2023
Including | 85.95 | 87.60 | 1.65 | 107.98 | Golden Joint Main | 10-40 | 10/23/2023

- 53 -

Management’s Discussion and Analysis

For the three months ended March 31, 2024 and 2023

Infill veining in secondary structures with multiple orientations crosscutting the primary host structures are commonly observed in drill core which could result in additional uncertainty in true width. As of March 1, 2023, composite intervals reported carry a minimum weighted average of 1 g/t Au diluted over a minimum core length of 2m with a maximum of 4m consecutive dilution when at depths above 200m vertical depth and 2m consecutive dilution when below 200m vertical depth. Prior to this date, all composites allowed for 2m consecutive dilution. Prior to February 18, 2022, all composite intervals were selected visually. Included high-grade intercepts are reported as any consecutive interval with grades greater than 10 g/t Au. Grades have not been capped in the averaging and intervals are reported as drill thickness.

Hole No. | Azimuth (°) | Dip (°) | Length (m) | UTM E | UTM N | Prospect
NFGC-21-171 | 300 | -45 | 338 | 658546 | 5428356 | Golden Joint
NFGC-21-225 | 298 | -45.5 | 321 | 658545 | 5428328 | Golden Joint
NFGC-21-274 | 294 | -49 | 552 | 658616 | 5428373 | Golden Joint
NFGC-21-307B | 298 | -47 | 477 | 658593 | 5428358 | Golden Joint
NFGC-21-322 | 299 | -46 | 342 | 658570 | 5428313 | Golden Joint
NFGC-21-386 | 298.5 | -46.5 | 582 | 658634 | 5428306 | Golden Joint
NFGC-21-401 | 298.5 | -46.5 | 492 | 658612 | 5428318 | Golden Joint
NFGC-21-462 | 298 | -47.5 | 486 | 658590 | 5428331 | Golden Joint
NFGC-22-766 | 230 | -45 | 327 | 658523 | 5428283 | Golden Joint
NFGC-23-1123 | 32 | -45 | 240 | 658351 | 5428136 | Golden Joint
NFGC-23-1482 | 150 | -66 | 92 | 658404 | 5428350 | Golden Joint
NFGC-23-1535 | 88 | -60 | 149 | 658360 | 5428358 | Golden Joint
NFGC-23-1585 | 355 | -44 | 189 | 658502 | 5428380 | Golden Joint

- 54 -

Management’s Discussion and Analysis

For the three months ended March 31, 2024 and 2023

The latest results from the Golden Joint prospect are shown in the long section, plan map, and cross-section below:

Queensway Project – Golden Joint – Lotto North plan map (October 23, 2023)

- 55 -

Management’s Discussion and Analysis

For the three months ended March 31, 2024 and 2023

Queensway Project – Golden Joint – Lotto North long section, looking northwest (October 23, 2023)

- 56 -

Management’s Discussion and Analysis

For the three months ended March 31, 2024 and 2023

Queensway Project – Golden Joint cross-section, +/- 12.5m, looking northeast (February 16, 2023)

TCH, Knob (Rocket Vein) and Grouse Drilling

The Trans-Canada Highway (TCH) prospect is located between Keats and Knob.

On January 18, 2023, the Company announced results from its drilling at the TCH prospect where systematic reconnaissance grid drilling south of the Trans-Canada highway along the eastern side of the AFZ identified a new gold-bearing zone called “TCH (Trans Canada Highway)” with intercepts of 79.6 g/t Au over 2.00m in NFGC-22-863, 10.5 g/t Au over 2.45m in NFGC-22-642, and 1.02 g/t Au over 10.70m in NFGC-22-703. This structure is located in the footwall to the AFZ and has been intersected over a strike length of 190m and down to a vertical depth of 300m.

At the TCH prospect, mineralization has been identified in structures located in both the hangingwall (TCW) and footwall (TCH) of the AFZ. Epizonal-style veining is associated with significant brittle faulting and silicification in the siltstones.

Also announced on January 18, 2023, were results from targeted drilling at the Knob prospect which identified a new vein now called “Rocket” located 100m to the northeast. The highlight interval of 12.6 g/t Au over 4.45m in NFGC-22-704 was intersected at a vertical depth of 65m. Subsequent follow-up drilling expanded on this discovery intersecting 49.5 g/t Au over 2.30m in NFGC-22-704 48m along strike (reported on June 20, 2023).

- 57 -

Management’s Discussion and Analysis

For the three months ended March 31, 2024 and 2023

Further north, exploration at Knob-Quarry, targeting a series of approximately east-west striking structures similar in orientation to the KBFZ, identified significant gold mineralization hosted in and around the greywacke, a coarser-grained sedimentary rock that occurs at Queensway interbedded with the shales and adjacent to the AFZ, with highlight interval NFGC-22-906 returning 20.2 g/t Au over 3.35m (reported on June 20, 2023). This interval is located 150m from surface and 250m east of the AFZ.

The Knob zone is a historical discovery with mineralization hosted within an east-west striking structure largely constrained to greywacke which has been traced over a strike length of 160m and has seen minimal modern-day drilling. Limited drilling has been completed in the Knob prospect area due to other drilling priorities. No immediate follow-up work is scheduled at this time.

On September 20, 2023, the Company announced the results of a first pass program at the Grouse Zone located 2km south of Keats, a historic showing discovered by trenching and tested by limited drilling in the early 2000s. This initial program identified significant gold mineralization akin to the Knob Zone consisting of massive to stockwork-style quartz veins developed within and around a thick bed of greywacke hosted by an east-west striking fault zone located 300m east of the AFZ. Highlight intervals of this program include 3.56 g/t Au over 4.90m in NFGC-22-1005, 1.34 g/t Au over 9.70m in NFGC-22-1047, and 2.32 g/t Au over 5.55m in NFGC-22-1053, along with the presence of visible gold and several additional significant intervals. Mineralization has been identified over an area 100m along strike, starting near surface and reaching a depth of 80m.

The Grouse Zone is now the southernmost gold zone drilled at Queensway North. Measuring from Grouse north to the Everest Zone spans 6.1km of strike where high-grade gold mineralization has been identified through near-surface drilling, indicating that the gold mineralization footprint of the AFZ continues a full 2.7km south of Keats.

All previous and 2024 press releases can be found through SEDAR+.

- 58 -

Management’s Discussion and Analysis

For the three months ended March 31, 2024 and 2023

Highlighted assay values and drill hole locations from TCH and Rocket (Knob) drilling are shown in the tables below:

Hole No. | From (m) | To (m) | Length (m) | Au (g/t) | Zone | True Width (%) | Date Released
NFGC-21-142 | 81.00 | 86.00 | 5.00 | 5.12 | Knob | 10-40 | 05/31/2022
Including | 81.00 | 81.85 | 0.85 | 22.1 | Knob | 10-40 | 05/31/2022
NFGC-22-642 | 303.45 | 305.90 | 2.45 | 10.45 | TCH | 40-70 | 01/18/2023
Including | 303.80 | 304.35 | 0.55 | 14.46 | TCH | 40-70 | 01/18/2023
Including | 305.40 | 305.90 | 0.50 | 32.43 | TCH | 40-70 | 01/18/2023
NFGC-22-704 | 86.60 | 91.05 | 4.45 | 12.63 | Rocket | 70-95 | 01/18/2023
Including | 88.00 | 88.45 | 0.45 | 118.5 | Rocket | 70-95 | 01/18/2023
NFGC-22-863 | 427.10 | 429.10 | 2.00 | 79.62 | TCH | Unknown | 01/18/2023
Including | 427.10 | 427.80 | 0.70 | 226.46 | TCH | Unknown | 01/18/2023
NFGC-22-885 | 278.60 | 280.80 | 2.20 | 7.06 | TCH | 70-95 | 01/18/2023
Including | 279.50 | 280.20 | 0.70 | 22.01 | TCH | 70-95 | 01/18/2023
NFGC-22-906 | 192.95 | 196.30 | 3.35 | 20.15 | Knob | Unknown | 06/20/2023
Including | 192.95 | 193.25 | 0.30 | 215 | Knob | Unknown | 06/20/2023
NFGC-22-950 | 23.50 | 25.80 | 2.30 | 49.45 | Rocket | 70-95 | 06/20/2023
Including | 24.90 | 25.40 | 0.50 | 227 | Rocket | 70-95 | 06/20/2023
NFGC-22-1005 | 16.60 | 21.50 | 4.90 | 3.56 | Grouse | 70-95 | 09/20/2023
Including | 18.25 | 18.80 | 0.55 | 17.41 | Grouse | 70-95 | 09/20/2023
NFGC-22-1005 | 43.85 | 45.85 | 2.00 | 8.51 | Grouse | 10-40 | 09/20/2023
Including | 43.85 | 44.85 | 1.00 | 17.01 | Grouse | 10-40 | 09/20/2023
NFGC-22-1005 | 50.40 | 52.60 | 2.20 | 6.77 | Grouse | 10-40 | 09/20/2023
Including | 51.20 | 51.75 | 0.55 | 19.14 | Grouse | 10-40 | 09/20/2023

Infill veining in secondary structures with multiple orientations crosscutting the primary host structures are commonly observed in drill core which could result in additional uncertainty in true width. As of March 1, 2023, composite intervals reported carry a minimum weighted average of 1 g/t Au diluted over a minimum core length of 2m with a maximum of 4m consecutive dilution when at depths above 200m vertical depth and 2m consecutive dilution when below 200m vertical depth. Prior to this date, all composites allowed for 2m consecutive dilution. Prior to February 18, 2022, all composite intervals were selected visually. Included high-grade intercepts are reported as any consecutive interval with grades greater than 10 g/t Au. Grades have not been capped in the averaging and intervals are reported as drill thickness.

Hole No. | Azimuth (°) | Dip (°) | Length (m) | UTM E | UTM N | Prospect
NFGC-21-142 | 0 | -45 | 220 | 657138 | 5425717 | Knob
NFGC-22-642 | 300 | -45 | 500 | 657636 | 5426511 | TCH (Trans Canada Highway)
NFGC-22-704 | 100 | -50 | 107 | 657192 | 5425868 | Rocket
NFGC-22-863 | 300 | -45 | 472 | 657573 | 5426335 | TCH (Trans Canada Highway)
NFGC-22-885 | 120 | -70 | 329 | 657272 | 5426509 | TCW (Trans Canada West)
NFGC-22-906 | 165 | -45 | 335 | 657285 | 5425980 | Rocket
NFGC-22-950 | 120 | -45 | 185 | 657218 | 5425818 | Knob
NFGC-22-1005 | 200 | -45 | 128 | 656814 | 5425185 | Knob

- 59 -

Management’s Discussion and Analysis

For the three months ended March 31, 2024 and 2023

The latest results from the TCH, Knob (Rocket Vein) and Grouse are shown the plan map below:

Queensway Project – Knob to Keats Main South plan map (September 20, 2023)

- 60 -

Management’s Discussion and Analysis

For the three months ended March 31, 2024 and 2023

Queensway North – 3-D Seismic Program

On March 7, 2023, the Company announced the commencement of a 3-D seismic survey being conducted by HiSeis, an Australian-based leader in 3-D seismic technology, responsible for conducting similar surveys at numerous projects globally for the mining sector, including at Agnico Eagle’s Fosterville Mine. This is the first survey of its kind to be conducted on the island of Newfoundland and one of the first in North America. Its implementation will not only aid in the geologic understanding of the Queensway Project but of the entire central Newfoundland gold belt.

The survey was planned to cover an area 5.8km wide and spanning 8km of strike length along the AFZ and JBPFZ, encompassing known significant mineralized zones such as Keats, Keats West, Iceberg, Golden Joint and Lotto, as well as large areas that remain undrilled. This technology provides high-resolution penetration up to 3km below surface, with a coarser resolution to 8km depth.

Drilling completed by the Company to date has primarily focused shallowly on the first 200m from surface and within a 200m window on either side of the AFZ. By collecting seismic data across the known zones, the Company will be able to effectively train a 3-D dataset, with the goal of identifying similar-looking, prospective zones both outside of this narrow window and at depth.

On August 21, 2023, the Company reported that the seismic program acquisition phase had been completed and the program had moved into its final phase of data cleaning, compilation, and interpretation. The survey utilized approximately 20,000 energy source points spaced at 12.5m intervals along 260km of source lines, as well as approximately 25,000 geophone receiver stations, generating 3-D seismic data across a 47km2 grid. Source lines were spaced at 100m intervals and perpendicular receiver lines were constructed at 100m interims to optimize resolution from 200-1,000m in depth, with good resolution penetrating to 3,000m.

The Company is now in possession of the final data products as announced on March 4, 2024, and is currently working with the data. The preliminary seismic interpretation successfully outlines the presence of structures and geological features down to a depth of 2.5km that align with known gold-bearing structures closer to surface, and points to additional lineaments that could represent new and untested structures. A more detailed interpretation is now underway by HiSeis that will include the identification of priority targets. Ongoing interpretation and targeting will continue throughout the lifespan of the project as new data derived from drilling is used to continuously refine and validate the 3-D seismic interpretation for increased targeting effectiveness.

Based on the initial results of the seismic survey, the Company has initiated deep drilling aimed at collecting geological information that will be used to confirm the presence of structures identified in the seismic data and to further train and understand the dataset.

The details of the seismic program have been reported in press releases on March 7, 2023, June 26, 2023, August 21, 2023, and March 4, 2024, found through SEDAR+.

- 61 -

Management’s Discussion and Analysis

For the three months ended March 31, 2024 and 2023

Queensway Project – Region Covered by the Seismic Survey (March 2, 2024)

Queensway Project – Extents of the 3-D cube and 2-D seismic lines (March 4,2024)

- 62 -

Management’s Discussion and Analysis

For the three months ended March 31, 2024 and 2023

Queensway Project- Keats 3-D cube cross-section (Pre-SDM and Pseudo Relief, looking north), Top: With interpretation, Bottom: Without interpretation.

- 63 -

Management’s Discussion and Analysis

For the three months ended March 31, 2024 and 2023

Regional Exploration – Queensway South

Starting in June 2020, the Company initiated a field reconnaissance program within the QWS mineral licenses. The objective of this program was to conduct geological mapping, structural analysis, prospecting and the collection of C horizon till samples to be processed for gold grain analysis. This work has continued each field season through to 2023 and has evolved to include soil sampling and trenching. The goal of these field programs has been to aid in the development of drilling targets for testing in an inaugural diamond drill program which began in 2022.

Highlight results from these field activities include the results from the 2020 field program detailed till survey which were reported August 27, 2020, where the Company announced it had found a new fertile gold region 45km south of the current QWN drill targets.

The Eastern Pond target is comprised of two areas where recent till results have shown highly anomalous total gold grain counts including a high percentage of pristine gold grains and yielded several sub-crop samples up to 15.0 g/t Au.

One till sample yielded 216 gold grains, 163 (75%) of them classified as pristine. A second cluster of samples yielded up to 155 gold grains with 127 (82%) of these classified as pristine. The pristine morphology of these grains indicates that they have not travelled far from their bedrock source.

To date the Eastern Pond target is defined by sub-crop and till sample results over an approximately 4km of strike length. Five other gold in till anomalies have been discovered to date within QWS and warrant follow up exploration including Pauls Pond.

At Pauls Pond, an area located approximately 50km south of the Keats Zone, continued prospecting, till and soil sampling, and trenching identified an area with a high concentration of gold anomalies on both sides of the interpreted extension of the AFZ.

In August 2022, a diamond drill was mobilized to the Pauls Pond area to test drill-ready targets generated from the previous field programs, this was the first ever drilling program conducted by NFGC at QWS. This program consisted of 7,255m drilled in 33 holes over 7 target areas including Aztec, Bernards Pond, Devils Trench, Eastern Pond, Goose, Greenwood, and Paul’s Pond.

Twenty-seven of thirty-three drill holes hit significant gold mineralization while ten drill holes contained visible gold across four target areas in this initial drill program. Several new discoveries were made along an 18.5km corridor that were prioritized due to the amount of gold found in the surficial environment; specific targets tested occur on both sides of the AFZ and exhibit a combination of favourable characteristics including elevated Au-in-grab, till, and soil samples.

At Pauls Pond, seventeen drillholes were completed leading to three new discoveries: “Astronaut”, “Nova”, and “Nebula”, as well as the expansion of the historic “Goose” zone. Astronaut and Nova are parallel structures located west of the AFZ that have been traced over 1,600m and 250m of strike length, respectively. At Astronaut and Nova, eight out of nine holes drilled contained visible gold, including highlight interval of 19.0 g/t Au over 3.15m in NFGC-QS-22-20. The Company believes these two zones connect through to the Goose zone, which if confirmed would expand this mineralized corridor to 2.5km in strike length.

Nebula, the third discovery in the Pauls Pond area, is located on the east side of the AFZ and drill testing of a prominent Au-in-soil anomaly with two holes identified significant mineralization that is associated with a near-surface shear zone that returned an initial highlight result of 3.70 g/t Au over 4.30m in NFGC-QS-22-25.

- 64 -

Management’s Discussion and Analysis

For the three months ended March 31, 2024 and 2023

On the east side of the AFZ drill testing of two trenched Au-in soil and till anomalies led to two new discoveries, “Devils Pond” and “Devils Pond South”. These zones are located 12km apart and all drillholes at both targets intersected broad domains of highly anomalous gold including highlight intervals of 0.47 g/t Au over 8.00m and 0.37 g/t Au over 28.00m in NFGC-QS-22-15 at Devils Pond and 1.01 g/t Au over 8.80m in NFGC-QS-22-30 at Devils Pond South.

On July 26, 2023, the Company announced the commencement of a Phase II diamond drilling program consisting of approximately 10,000m to follow up on results of its inaugural 2022 program and test new targets along an 18.5km long stretch of the AFZ at QWS. Results of the 2023 program are pending.

All previous and 2024 press releases can be found through SEDAR+.

Highlighted assay values and drill hole locations from the Queensway South drilling are shown in the tables below:

Hole No. | From (m) | To (m) | Interval (m) | Au (g/t) | Zone
NFGC-QS-22-18 | 183.00 | 190.10 | 7.10 | 2.13 | Astronaut
Including* | 186.00 | 189.70 | 3.70 | 3.85
NFGC-QS-22-19 | 197.00 | 207.00 | 10.00 | 1.03 | Astronaut
Including* | 199.90 | 201.95 | 2.05 | 4.29
Including^ | 199.90 | 200.55 | 0.65 | 11.47
NFGC-QS-22-20 | 227.45 | 232.30 | 4.85 | 12.35 | Astronaut
Including* | 227.45 | 230.60 | 3.15 | 18.95
Including^ | 229.10 | 229.85 | 0.75 | 72.60
NFGC-QS-22-21 | 37.00 | 52.20 | 15.20 | 0.81 | Nova
Including* | 37.00 | 46.50 | 9.50 | 1.09
NFGC-QS-22-22 | 206.15 | 209.70 | 3.55 | 5.17 | Astronaut
Including* | 207.30 | 209.30 | 2.00 | 8.88
Including^ | 208.30 | 209.30 | 1.00 | 14.69
NFGC-QS-22-25* | 18.55 | 22.85 | 4.30 | 3.70 | Nebula
Including | 18.55 | 21.60 | 3.05 | 4.92
Including | 22.25 | 22.85 | 0.60 | 1.29
NFGC-QS-22-30 | 70.00 | 78.80 | 8.80 | 1.01 | Devils Pond South
Including* | 72.00 | 78.80 | 6.80 | 1.17

At Queensway South, host structures are interpreted to be steeply dipping and true widths are unknown at this time, additional drilling is required to assess the true width of intersected vein structures. Composite intervals reported carry a minimum weighted average of 0.25 g/t Au diluted over a minimum core length of 2m with a maximum of 4m consecutive dilution. Included high-grade intercepts are reported as any consecutive interval with grades greater than 1 g/t Au. *Composite intervals reported carry a minimum weighted average of 1 g/t Au diluted over a minimum core length of 2m with a maximum of 4m consecutive dilution. ^Included high-grade intercepts are reported as any consecutive interval with grades greater than 10 g/t Au. Grades have not been capped in the averaging and intervals are reported as drill thickness.

Hole No. | Azimuth (°) | Dip (°) | Length (m) | UTM E | UTM N | Prospect
NFGC-QS-22-18 | 125 | -45 | 335 | 636772 | 5391456 | Pauls Pond
NFGC-QS-22-19 | 125 | -45 | 290 | 636528 | 5391234 | Pauls Pond
NFGC-QS-22-20 | 125 | -45 | 383 | 636731 | 5391485 | Pauls Pond
NFGC-QS-22-21 | 125 | -45 | 275 | 636434 | 5391138 | Pauls Pond
NFGC-QS-22-22 | 125 | -45 | 272 | 636333 | 5391070 | Pauls Pond
NFGC-QS-22-25 | 135 | -45 | 218 | 638312 | 5392358 | Pauls Pond
NFGC-QS-22-30 | 115 | -45 | 101 | 634043 | 5385020 | Devils Pond South

- 65 -

Management’s Discussion and Analysis

For the three months ended March 31, 2024 and 2023

Queensway Project: Gold occurrences in rocks and tills and major prospects

- 66 -

Management’s Discussion and Analysis

For the three months ended March 31, 2024 and 2023

Regional drill targets at QWS

- 67 -

Management’s Discussion and Analysis

For the three months ended March 31, 2024 and 2023

Goose – Nebula plan view map

Regional Exploration – VOA Option

In November 2022, the Company entered into an option agreement which added approximately 6.1km of strike on the AFZ. Beginning in early 2023 a regional exploration program was launched which involved first-pass soil sampling, mapping, and prospecting with the intention of identifying drill-targets for testing in Q3 2023. A first phase of drilling was completed in early 2024 consisting of 6,687m in 27 holes testing 10 different target areas, the results of this program are pending.

Sampling, Sub-sampling and Laboratory

All drilling recovers HQ core. The drill core is split in half using a diamond saw or a hydraulic splitter for rare intersections with incompetent core.

A geologist examines the drill core and marks out the intervals to be sampled and the cutting line. Sample lengths are mostly 1.0 meter and adjusted to respect lithological and/or mineralogical contacts and isolate narrow (<1.0m) veins or other structures that may yield higher grades.

Technicians saw the core along the defined cutting line. One-half of the core is kept as a witness sample and the other half is submitted for analysis. Individual sample bags are sealed and placed into totes, which are then sealed and marked with the contents.

- 68 -

Management’s Discussion and Analysis

For the three months ended March 31, 2024 and 2023

New Found has submitted samples for gold determination by fire assay to ALS Canada Ltd. (“ALS”) and by photon assay to MSALABS (“MSA”) since June 2022. As of February 2024, gold analysis at ALS has been performed by photon assay. ALS and MSA operate under a commercial contract with New Found.

Drill core samples are shipped to ALS for sample preparation in Sudbury, Ontario, Thunder Bay, Ontario, or Moncton, New Brunswick. ALS is an ISO-17025 accredited laboratory for the fire assay method.

Drill core samples are also submitted to MSA in Val-d’Or, Quebec. MSA operates numerous laboratories worldwide and maintains ISO-17025 accreditation for many metal determination methods. MSA is an ISO-17025 accredited laboratory for the photon assay method.

At ALS for fire assay, the entire sample is crushed to approximately 70% passing 2mm. A 3,000-g split is pulverized. “Routine” samples do not have visible gold (VG) identified and are not within a mineralized zone. Routine samples are assayed for gold by 30-g fire assay with an inductively-couple plasma spectrometry (ICP) finish. If the initial 30-g fire assay gold result is over 1 g/t, the remainder of the 3,000-g split is screened at 106 microns for screened metallics assay. For the screened metallics assay, the entire coarse fraction (sized greater than 106 microns) is fire-assayed, and two splits of the fine fraction (sized less than 106 microns) are fire-assayed. The three assays are combined on a weight-averaged basis. Samples that have VG identified or fall within a mineralized interval are automatically submitted for screened metallic assay for gold.

Samples submitted to ALS beginning in February 2024, received gold analysis by photon assay whereby the entire sample is crushed to approximately 70% passing 2 mm mesh. The sample is then riffle split and transferred into jars. For “routine” samples that do not have VG identified and are not within a mineralized zone, one (300-500g) jar is analyzed by photon assay. If the jar assays greater than 0.8 g/t, the remaining crushed material is weighed into multiple jars and submitted for photon assay.

For samples that have VG identified, the entire crushed sample is riffle split and weighed into multiple jars that are submitted for photon assay. The assays from all jars are combined on a weight-averaged basis.

At MSA, the entire sample is crushed to approximately 70% passing 2mm. For “routine” samples that do not have VG identified and are not within a mineralized zone, the samples are riffle split to fill one 450g jar for photon assay. If the jar assays greater than 0.8 g/t, the remaining crushed material is weighed into multiple jars and submitted for photon assay.

For samples that have VG identified, the entire crushed sample is weighed into multiple jars and submitted for photon assay. The assays from all jars are combined on a weight-averaged basis.

All samples prepared at ALS or MSA are also analyzed for a multi-element ICP package (ALS method code ME-ICP61) at ALS Vancouver.

Drill program design, Quality Assurance/Quality Control, and interpretation of results are performed by qualified persons employing a rigorous Quality Assurance/Quality Control program consistent with industry best practices. Standards and blanks account for a minimum of 10% of the samples in addition to the laboratory’s internal quality assurance programs.

Quality Control data are evaluated on receipt from the laboratories for failures. Appropriate action is taken if assay results for standards and blanks fall outside allowed tolerances. All results stated have passed New Found’s quality control protocols.

New Found’s quality control program also includes submission of the second half of the core for approximately 2% of the drilled intervals. In addition, approximately 1% of sample pulps for mineralized samples are submitted for re-analysis to a second ISO-accredited laboratory for check assays.

The Company does not recognize any factors of drilling, sampling, or recovery that could materially affect the accuracy or reliability of the assay data disclosed.

- 69 -

Management’s Discussion and Analysis

For the three months ended March 31, 2024 and 2023

The assay data disclosed in this press release have been verified by the Company’s Qualified Person against the original assay certificates.

The Company notes that it has not completed any economic evaluations of its Queensway Project and that the Queensway Project does not have any resources or reserves.

Acquisition of Kingsway Project, Newfoundland

On April 21, 2024, the Company entered into a property purchase agreement with Labrador Gold Corp. (“LabGold”) to acquire a 100% interest in LabGold’s Kingsway Project, located near Gander, Newfoundland and Labrador, as well as certain related assets of LabGold (the “Transaction”). As consideration, the Company will issue to LabGold such number of common shares in New Found equal to $20,000,000 divided by the closing price of the Company’s shares on the TSX Venture Exchange (“TSX-V”) on the last trading day prior to the closing date of the Transaction. The Transaction is subject to customary closing conditions, including LabGold shareholders and the TSX-V final approvals.

The schedules below summarize the carrying costs of acquisition costs and exploration expenditures incurred to date for each exploration and evaluation asset that the Company is continuing to explore as at March 31, 2024 and December 31, 2023:

|  | Newfoundland |
Three months ended March 31, 2024 |  | Queensway $ |  |  | Other $ |  |  | Total $ |
Exploration and evaluation assets |  |  |  |  |  |  |  |  |  |  |  |
Balance as at December 31, 2023 |  |  | 9,014,478 |  |  |  | 78,709 |  |  |  | 9,093,187 |
Additions: |  |  |  |  |  |  |  |  |  |  |  |
Claim staking and license renewal costs |  |  | 2,400 |  |  |  | - |  |  |  | 2,400 |
Balance as at March 31, 2024 |  |  | 9,016,878 |  |  |  | 78,709 |  |  |  | 9,095,587 |
Exploration and evaluation expenditures |  |  |  |  |  |  |  |  |  |  |  |
Cumulative exploration expense - December 31, 2023 |  |  | 215,285,192 |  |  |  | 574,857 |  |  |  | 215,860,049 |
Assays |  |  | 2,605,635 |  |  |  | - |  |  |  | 2,605,635 |
Drilling |  |  | 5,946,537 |  |  |  | - |  |  |  | 5,946,537 |
Environmental studies |  |  | 355,144 |  |  |  | - |  |  |  | 355,144 |
Geochemistry |  |  | 103,927 |  |  |  | - |  |  |  | 103,927 |
Geophysics |  |  | 256,074 |  |  |  | - |  |  |  | 256,074 |
Imagery and mapping |  |  | 28,409 |  |  |  | 69 |  |  |  | 28,478 |
Metallurgy |  |  | 220,676 |  |  |  | - |  |  |  | 220,676 |
Office and general |  |  | 206,081 |  |  |  | - |  |  |  | 206,081 |
Other |  |  | 687,809 |  |  |  | - |  |  |  | 687,809 |
Permitting |  |  | 100,956 |  |  |  | - |  |  |  | 100,956 |
Property taxes, mining leases and rent |  |  | 81,466 |  |  |  | - |  |  |  | 81,466 |
Reclamation |  |  | 196,577 |  |  |  | - |  |  |  | 196,577 |
Salaries and consulting |  |  | 2,694,021 |  |  |  | - |  |  |  | 2,694,021 |
Seismic survey |  |  | 117,583 |  |  |  | - |  |  |  | 117,583 |
Supplies and equipment |  |  | 433,064 |  |  |  | - |  |  |  | 433,064 |
Travel and accommodations |  |  | 241,135 |  |  |  | - |  |  |  | 241,135 |
Trenching |  |  | 1,600 |  |  |  | - |  |  |  | 1,600 |
Exploration cost recovery |  |  | (115,500 | ) |  |  | - |  |  |  | (115,500 | )
|  |  | 14,161,194 |  |  |  | 69 |  |  |  | 14,161,263 |
Cumulative exploration expense – March 31, 2024 |  |  | 229,446,386 |  |  |  | 574,926 |  |  |  | 230,021,312 |

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Management’s Discussion and Analysis

For the three months ended March 31, 2024 and 2023

|  | Newfoundland |  |  |  |
Three months ended March 31, 2023 |  | Queensway $ |  |  | Other $ |  |  | Ontario $ |  |  | Total $ |
Exploration and evaluation assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance as at December 31, 2022 |  |  | 8,616,693 |  |  |  | 47,916 |  |  |  | 272,000 |  |  |  | 8,936,609 |
Additions: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Claim staking and license renewal costs |  |  | 2,400 |  |  |  | - |  |  |  | - |  |  |  | 2,400 |
Balance as at March 31, 2023 |  |  | 8,619,093 |  |  |  | 47,916 |  |  |  | 272,000 |  |  |  | 8,939,009 |
Exploration and evaluation expenditures |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cumulative exploration expense - December 31, 2022 |  |  | 121,302,318 |  |  |  | 539,998 |  |  |  | 3,428,034 |  |  |  | 125,270,350 |
Assays |  |  | 3,076,329 |  |  |  | 50 |  |  |  | - |  |  |  | 3,076,379 |
Drilling |  |  | 10,434,259 |  |  |  | - |  |  |  | - |  |  |  | 10,434,259 |
Environmental studies |  |  | 213,144 |  |  |  | - |  |  |  | - |  |  |  | 213,144 |
Geochemistry |  |  | 248,815 |  |  |  | - |  |  |  | - |  |  |  | 248,815 |
Geophysics |  |  | 209,436 |  |  |  | - |  |  |  | - |  |  |  | 209,436 |
Imagery and mapping |  |  | 40,033 |  |  |  | - |  |  |  | - |  |  |  | 40,033 |
Metallurgy |  |  | 15,756 |  |  |  | - |  |  |  | - |  |  |  | 15,756 |
Office and general |  |  | 238,206 |  |  |  | - |  |  |  | 144 |  |  |  | 238,350 |
Permitting |  |  | 13,493 |  |  |  | - |  |  |  | - |  |  |  | 13,493 |
Property taxes, mining leases and rent |  |  | 86,673 |  |  |  | - |  |  |  | 2,123 |  |  |  | 88,796 |
Reclamation |  |  | 252,027 |  |  |  | - |  |  |  | - |  |  |  | 252,027 |
Salaries and consulting |  |  | 2,706,338 |  |  |  | 9,714 |  |  |  | 8,000 |  |  |  | 2,724,052 |
Seismic survey |  |  | 2,580,660 |  |  |  | - |  |  |  | - |  |  |  | 2,580,660 |
Supplies and equipment |  |  | 1,185,869 |  |  |  | - |  |  |  | 480 |  |  |  | 1,186,349 |
Technical reports |  |  | 55,025 |  |  |  | - |  |  |  | - |  |  |  | 55,025 |
Travel and accommodations |  |  | 315,352 |  |  |  | 309 |  |  |  | - |  |  |  | 315,661 |
Exploration cost recovery |  |  | (45,450 | ) |  |  | - |  |  |  | - |  |  |  | (45,450 | )
|  |  | 21,625,965 |  |  |  | 10,073 |  |  |  | 10,747 |  |  |  | 21,646,785 |
Cumulative exploration expense – March 31, 2023 |  |  | 142,928,283 |  |  |  | 550,071 |  |  |  | 3,438,781 |  |  |  | 146,917,135 |

Overall Performance and Results of Operations

Total assets decreased to $79,032,718 at March 31, 2024, from $84,579,493 at December 31, 2023, primarily as a result of a decrease in cash of $3,632,606, investments of $305,754, sales taxes recoverable of $1,327,282 and investment in Kirkland Lake Discoveries Corp. of $399,864. The most significant assets at March 31, 2024 were cash of $50,252,203 (December 31, 2023: $53,884,809), investments of $3,290,838 (December 31, 2023: $3,596,592), exploration and evaluation assets of $9,095,587 (December 31, 2023: $9,093,187), investment in Kirkland Lake Discoveries Corp. of $2,461,386 (December 31, 2023: $2,861,250), property and equipment of $7,673,794 (December 31, 2023: $7,638,608) and secured notes of $2,553,200 (December 31, 2023: $2,454,300). Cash decreased by $3,632,606 during the three months ended March 31, 2024 primarily as a result of cash used in operating activities of $15,144,139, partially offset by gross proceeds from the issuance of common shares in the Company’s prospectus offerings of $11,878,079 net of share issue costs of $289,038.

- 71 -

Management’s Discussion and Analysis

For the three months ended March 31, 2024 and 2023

Three months ended March 31, 2024 and 2023

During the three months ended March 31, 2024, loss from operating activities decreased by $7,944,912 to $16,513,301 compared to $24,458,213 for the three months ended March 31, 2023. The decrease in loss from operating activities is largely due to:

| - | A decrease of $7,485,522 in exploration and evaluation expenditures. Exploration and evaluation expenditures were $14,161,263 for the three months ended March 31, 2024 compared to $21,646,785 for the three months ended March 31, 2023. The Company completed approximately 28,411 meters of drilling in 132 holes during the three months ended March 31, 2024 compared to completing approximately 50,324 meters of drilling in 216 holes of drilling at its Queensway project and commencing a 3D seismic program during the three months ended March 31, 2023.

| - | A decrease of $242,786 in professional fees. Professional fees were $381,692 for the three months ended March 31, 2024 compared to $624,478 for the three months ended March 31, 2023. The Company incurred lower costs for legal and accounting services during the three months ended March 31, 2024 compared to higher costs for legal and accounting services as a result of increased regulatory compliance during the three months ended March 31, 2023.

Other items

For the three months ended March 31, 2024, other income was $3,331,089 compared to $4,405,870 for the three months ended March 31, 2023. The $1,074,781 decrease is largely due to:

| - | A decrease of $2,047,680 in settlement of flow-through share premium. Settlement of flow-through share premium was $3,406,912 for the three months ended March 31, 2024 compared to $5,454,592 the three months ended March 31, 2023. The Company incurred $12,474,803 of qualifying Canadian exploration expenses and derecognized $3,406,912 of its flow-through share premium liability during the three months ended March 31, 2024.

| - | An increase of $399,864 in loss from equity investment. Loss from equity investment in Kirkland Lake Discoveries Corp was $399,864 for the three months ended March 31, 2024 compared to $Nil for the three months ended March 31, 2023. The increase is due to the Company’s share of comprehensive loss for the three months ended March 31, 2024 as 32.29% equity owner in Kirkland Lake Discoveries Corp. since May 25, 2023.

| - | An increase of $288,567 in Part XII.6 tax. Part XII.6 tax was $288,567 for the three months ended March 31, 2024 compared to $Nil for the three months ended March 31, 2023. The Company incurred $288,567 in Part XII.6 tax in respect of unspent flow-through proceeds renounced in year 1 under the Look-Back Rules, in accordance with the Income Tax Act of Canada during the three months ended March 31, 2024.

The decrease in other income was partially offset by:

| - | A decrease of $1,605,691 in unrealized losses on investments. Unrealized losses on investments were $305,754 for the three months ended March 31, 2024 compared to $1,911,445 in unrealized losses on investments for the three months ended March 31, 2023. The decrease is due to changes in the fair values of investments held at March 31, 2024.

The Company recorded loss and comprehensive loss of $13,182,212 or $0.07 basic and diluted loss per share for the three months ended March 31, 2024 (March 31, 2023: $20,052,343 or $0.11 basic and diluted loss per share).

- 72 -

Management’s Discussion and Analysis

For the three months ended March 31, 2024 and 2023

Summary of Quarterly Results

|  | 2024 |  |  | 2023 |  |  | 2022 |
|  | Mar. 31 $ |  |  | Dec. 31 $ |  |  | Sep. 30 $ |  |  | Jun. 30 $ |  |  | Mar. 31 $ |  |  | Dec. 31 $ |  |  | Sep. 30 $ |  |  | Jun. 30 $ |
Revenues |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |
Loss and comprehensive loss for the period |  |  | (13,182,212 | )(2) |  |  | (20,544,297 | )(3) |  |  | (23,357,516 | )(4) |  |  | (15,936,607 | )(5) |  |  | (20,052,343 | )(6) |  |  | (24,658,958 | )(7) |  |  | (18,627,388 | )(8) |  |  | (24,294,494 | )
Loss per Common Share Basic(1) |  |  | (0.07 | ) |  |  | (0.11 | ) |  |  | (0.13 | ) |  |  | (0.09 | ) |  |  | (0.11 | ) |  |  | (0.14 | ) |  |  | (0.11 | ) |  |  | (0.15 | )
Loss per Common Share Diluted(1) |  |  | (0.07 | ) |  |  | (0.11 | ) |  |  | (0.13 | ) |  |  | (0.09 | ) |  |  | (0.11 | ) |  |  | (0.14 | ) |  |  | (0.11 | ) |  |  | (0.15 | )

| (1) | Per share amounts are rounded to the nearest cent, therefore aggregating quarterly amounts may not reconcile to year-to-date per share amounts.

| (2) | Decrease in loss and comprehensive loss from prior quarter primarily driven by a decrease in exploration and evaluation expenditures of $6,323,876 and a decrease in impairment of equity investment of $1,000,237, partially offset by an increase in share-based compensation of $344,292.

| (3) | Decrease in loss and comprehensive loss from prior quarter primarily driven by a decrease in exploration and evaluation expenditures of $6,460,073 and a decrease in unrealized losses on investments of $1,525,529, partially offset by a decrease in settlement of flow-through share premium of $3,968,911 and an increase in impairment of equity investment of $1,000,237.

| (4) | Increase in loss and comprehensive loss from prior quarter primarily driven by an increase in exploration and evaluation expenditures of $1,984,071, an increase in salaries and consulting of $382,246, an increase in unrealized losses on investments of $1,052,805, partially offset by a decrease in gain on sale of exploration and evaluation assets of $4,217,935.

| (5) | Decrease in loss and comprehensive loss from prior quarter primarily driven by an increase in gain on sale of exploration and evaluation assets of $4,217,935, an increase in settlement of flow-through share premium of $1,478,775, a decrease in unrealized losses on investments of $1,382,266 and a decrease in professional fees of $382,614, partially offset by an increase in exploration and evaluation expenditures of $3,314,356.

| (6) | Decrease in loss and comprehensive loss from prior quarter primarily driven by a decrease in share-based compensation of $6,514,473 and an increase in settlement of flow-through share premium of $774,982, partially offset by an increase in unrealized losses on investments of $2,724,750 and an increase in exploration and evaluation expenditures of $489,264.

| (7) | Increase in loss and comprehensive loss from prior quarter primarily driven by an increase in exploration and evaluation expenditures of $1,438,747, an increase in share-based compensation of $6,148,741, partially offset by a decrease in realized losses on sale of investments of $1,037,858 and an increase in unrealized gains on investments of $1,104,121.

| (8) | Decrease in loss and comprehensive loss from prior quarter primarily driven by a decrease in net realized losses on disposal of investments of $2,599,368 and a decrease in unrealized losses on investments of $4,916,027, partially offset by an increase in exploration and evaluation expenditures of $2,438,298.

Liquidity and Capital Resources

As at March 31, 2024, the Company had cash of $50,252,203 to settle current liabilities of $14,538,865. As at March 31, 2024, the Company must also spend $33,025,621 of Qualifying CEE by December 31, 2024 to satisfy its remaining current flow-through share premium liability of $9,019,410.

The Company does not currently have a recurring source of revenue and has historically incurred negative cash flows from operating activities. As at March 31, 2024, the Company has a working capital surplus, calculated as current assets less current liabilities, of $42,477,237, consisting primarily of cash, and negative cash flow from operating activities of $15,144,139 for the three months ended March 31, 2024.

- 73 -

Management’s Discussion and Analysis

For the three months ended March 31, 2024 and 2023

The Company’s exploration and evaluation assets presently have no proven or probable reserves, and on the basis of information to date, it has not yet determined whether these properties contain economically recoverable resources. The recoverability of amounts shown for exploration and evaluation assets are dependent upon the existence of economically recoverable reserves, the ability of the Company to obtain necessary financing to complete the development of those reserves and upon future profitable production.

Although the Company presently has sufficient financial resources to cover its existing obligations and operating costs, the Company expects to require further funding in the longer term to fund its planned programs for the next year. Management is actively targeting sources of additional financing through alliances with financial, exploration and mining entities, or other business and financial transactions which would assure continuation of the Company’s operations and exploration programs. In order for the Company to meet its liabilities as they come due and to continue its operations, the Company is solely dependent upon its ability to generate such financing. These items cast significant doubt as to the Company’s ability to continue as a going concern.

The sources of funds currently available to the Company for its acquisition and exploration projects are solely from equity financing. The Company does not have bank debt or banking credit facilities in place as at the date of this report.

As at March 31, 2024, the Company had the following contractual obligations:

Contractual obligations |  | Total $ |  |  | 1 Year $ |  |  | 1-3 Years $ |  |  | 4-5 Years $ |  |  | After 5 Years $ |
Accounts payable and accrued liabilities |  |  | 5,450,827 |  |  |  | 5,450,827 |  |  |  | - |  |  |  | - |  |  |  | - |
Lease obligations |  |  | 329,068 |  |  |  | 85,347 |  |  |  | 23,898 |  |  |  | 25,522 |  |  |  | 194,301 |
Total contractual obligations |  |  | 5,779,895 |  |  |  | 5,536,174 |  |  |  | 23,898 |  |  |  | 25,522 |  |  |  | 194,301 |

Property Option Agreement

On November 2, 2022, the Company entered into a definitive property option agreement to acquire a 100% interest in five mineral licenses located near Gander, Newfoundland. Under the terms of this agreement, the Company may exercise the option by issuing an aggregate of 487,078 common shares in the capital the Company and making aggregate cash payments of $2,350,000 to the optionors as follows:

| · | $200,000 (paid) and 39,762 common shares (issued) on the later of (i) staking confirmation date as defined in the Option Agreement and (ii) the receipt of the TSX-Venture Exchange’s approval;
| · | $200,000 (paid) and 39,762 common shares (issued) on or before November 2, 2023;
| · | $250,000 and 69,583 common shares on or before November 2, 2024;
| · | $300,000 and 89,463 common shares on or before November 2, 2025;
| · | $600,000 and 129,224 common shares on or before November 2, 2026; and
| · | $800,000 and 119,284 common shares on or before November 2, 2027.

- 74 -

Management’s Discussion and Analysis

For the three months ended March 31, 2024 and 2023

At-the-Market Distributions (“ATM”) Program

In August 2022, the Company filed a prospectus supplement to its short form base shelf prospectus, pursuant to which the Company may, at its discretion and from time-to-time, sell common shares of the Company for aggregate gross proceeds of up to US$100,000,000. The sale of common shares is to be made through “at-the-market distributions” ("ATM"), as defined in the Canadian Securities Administrators’ National Instrument 44-102 Shelf Distributions, directly on the TSX Venture Exchange and the NYSE American stock exchange.

Assuming net proceeds of the maximum of US$100,000,000 (less commissions) on or before the expiry of the prospectus on August 22, 2024, the Company intends to use the net proceeds of the offering as follows:

Uses of Funds: | Intended Use of Proceeds (Estimated) $
Exploration and drilling at the Queensway Project and commissioning of mineral resource estimate | US$51,000,000 to US$85,000,000
General, corporate and administrative expenses | US$10,000,000 to US$15,000,000
Total Uses | US$100,000,000 (less commission)

Although the Company intends to use the net proceeds from the offering as set forth above, the actual allocation of the net proceeds may vary from those allocations set out above, depending on the amount raised, the time periods in which the proceeds are raised and future developments in relation to the Company’s projects and unforeseen events.

During the three months ended March 31, 2024, the Company sold 2,561,690 common shares of the Company under the ATM program at an average price of $4.64 per share for gross proceeds of $11,878,079 or net proceeds of $11,553,196, and paid an aggregate commission of $279,188.

As at March 31, 2024, the Company completed $37,408,094 of the ATM program and has used $10,239,544 for general, corporate and administrative expenses, and $11,255,142 for its Queensway project work programs. As at the date of this report, the Company has completed $46,917,714 of the ATM program.

Prior Financings

November 6, 2023 Financing – Net Proceeds of $53,028,996

On November 6, 2023, the Company completed a bought-deal prospectus offering of 7,725,000 flow-through common shares at a price of $7.25 per common share for gross proceeds of $56,006,250. The Company paid share issuance costs of $2,977,254 in cash, of which $2,357,908 was paid to the underwriters. The premium received on the flow-through shares issued was determined to be $15,295,500.

Uses of Funds: |  | Intended Use of Proceeds (Estimated) $ |  |  | Actual Use of Proceeds $ |  |  | Over/(Under)- Expenditure at March 31, 2024 $ |
Queensway Project work program |  |  | 56,006,250 |  |  |  | 22,980,629 |  |  |  | (33,025,621 | )
Total Uses |  |  | 56,006,250 |  |  |  | 22,980,629 |  |  |  | (33,025,621 | )

- 75 -

Management’s Discussion and Analysis

For the three months ended March 31, 2024 and 2023

Outstanding Share Data

During the three months ended March 31, 2024, the Company sold 2,561,690 common shares of the Company under the ATM program at an average price of $4.64 per share for gross proceeds of $11,878,079 or net proceeds of $11,553,196, and paid an aggregate commission of $279,188.

Subsequent to March 31, 2024, the Company sold 1,914,807 common shares of the Company under the ATM program at an average price of $5.09 per share for gross proceeds of $9,738,518 or net proceeds of $9,509,620, and paid an aggregate commission of $228,898.

Subsequent to March 31, 2024, 40,000 stock options were granted with an exercise price of $4.78 per share and an expiry date of May 6, 2029.

Subsequent to March 31, 2024, 12,000 stock options with an exercise price of $8.04 per share and 12,000 stock options with an exercise price of $5.68 per share were forfeited.

Subsequent to March 31, 2024, 75,000 stock options with an exercise price of $5.68 per share, 23,625 stock options with an exercise price of $6.79 per share and 7,500 stock options with an exercise price of $8.98 per share expired.

As at March 31, 2024, there were 189,434,702 common shares issued and outstanding. As at the date of this report, there were 191,349,509 common shares issued and outstanding.

As at March 31, 2024, there were 12,460,125 stock options and no warrants outstanding. As at the date of this report, there were 12,370,000 stock options and no warrants outstanding.

Related Party Transactions

All transactions with related parties have occurred in the normal course of operations and on terms and conditions that are similar to those of transactions with unrelated parties and are measured at the amount of consideration paid or received. A summary of the Company’s related party transactions with corporations having similar directors and officers is as follows:

|  | Three months ended March 31, |
|  | 2024 $ |  |  | 2023 $ |
Amounts paid to EarthLabs Inc. (i) for exploration and evaluation |  |  | 4,500 |  |  |  | 4,500 |
Amounts paid to Notz Capital Corp. (ii) for corporate development and investor relations |  |  | 43,585 |  |  |  | - |

| (i) | EarthLabs Inc. is a related entity having the following common director and officer to the Company: Denis Laviolette, Director and President.
| (ii) | Notz Capital Corp. is a related entity of the Executive Chairman and Chief Executive Officer.

There are no ongoing contractual commitments resulting from these transactions with related parties.

There were no amounts payable to these related parties as at March 31, 2024 or December 31, 2023.

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 executive and non-executive members of the Company’s Board of Directors and corporate officers.

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Management’s Discussion and Analysis

For the three months ended March 31, 2024 and 2023

|  | Salaries and Consulting $ |  |  | Share-based compensation $ |  |  | Three months ended March 31, 2024 $ |
Executive Chairman and Chief Executive Officer |  |  | 97,200 |  |  |  | - |  |  |  | 97,200 |
President |  |  | 68,040 |  |  |  | - |  |  |  | 68,040 |
Chief Financial Officer |  |  | 29,160 |  |  |  | - |  |  |  | 29,160 |
Chief Operating Officer |  |  | 63,180 |  |  |  | - |  |  |  | 63,180 |
Chief Development Officer |  |  | 84,240 |  |  |  | 33,478 |  |  |  | 117,718 |
Non-executive directors |  |  | 54,000 |  |  |  | - |  |  |  | 54,000 |
Total |  |  | 395,820 |  |  |  | 33,478 |  |  |  | 429,298 |

|  | Salaries and Consulting $ |  |  | Share-based compensation $ |  |  | Three months ended March 31, 2023 $ |
Executive Chairman and Chief Executive Officer |  |  | 97,200 |  |  |  | - |  |  |  | 97,200 |
President |  |  | 68,040 |  |  |  | - |  |  |  | 68,040 |
Chief Financial Officer |  |  | 29,160 |  |  |  | - |  |  |  | 29,160 |
Chief Operating Officer |  |  | 63,180 |  |  |  | - |  |  |  | 63,180 |
Chief Development Officer |  |  | 84,240 |  |  |  | 82,917 |  |  |  | 167,157 |
Non-executive directors |  |  | 54,000 |  |  |  | - |  |  |  | 54,000 |
Total |  |  | 395,820 |  |  |  | 82,917 |  |  |  | 478,737 |

As at March 31, 2024, there was $26,877 payable to key management personnel in respect of key management compensation and expense reimbursements included in accounts payable and accrued liabilities (December 31, 2023 - $18,888). The amounts are unsecured, non-interest bearing and without fixed terms of repayment.

Under the terms of their management agreements, certain officers of the Company are entitled to 18 months of base pay in the event of their agreements being terminated without cause.

Risks and Uncertainties

The risks and uncertainties described in this section are considered by management to be the most important in the context of the Company's business. The risks and uncertainties below are not inclusive of all the risks and uncertainties the Company may be subject to and other risks may exist. The Company is in the business of acquiring, exploring and evaluating gold properties. It is exposed to a number of risks and uncertainties that are common to other gold mining companies. The industry is capital intensive at all stages and is subject to variations in commodity prices, market sentiment, inflation and other risks.

Exploration Stage Company

The Company is an exploration stage company and cannot give any assurance that a commercially viable deposit, or “reserve,” exists on any properties for which the Company currently has or may have (through potential future joint venture agreements or acquisitions) an interest. Determination of the existence of a reserve depends on appropriate and sufficient exploration work and the evaluation of legal, economic, and environmental factors. If the Company fails to find a commercially viable deposit on any of its properties, its financial condition and results of operations will be materially adversely affected.

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Management’s Discussion and Analysis

For the three months ended March 31, 2024 and 2023

No Mineral Resources

Currently, there are no mineral resources (within the meaning of NI 43-101) on any of the properties in which the Company has an interest and the Company cannot give any assurance that any mineral resources will be identified. If the Company fails to identify any mineral resources on any of its properties, its financial condition and results of operations will be materially adversely affected.

Reliability of Historical Information

The Company has relied on, and the disclosure in the Queensway Technical Report is based, in part, upon, historical data compiled by previous parties involved with the Queensway Project. To the extent that any of such historical data is inaccurate or incomplete, the Company’s exploration plans may be adversely affected.

Mineral Exploration and Development

Resource exploration and development is a speculative business, characterized by a number of significant risks including, among other things, unprofitable efforts resulting not only from the failure to discover mineral deposits but from finding mineral deposits which, though present, are insufficient in quantity and quality to return a profit from production. The marketability of minerals acquired or discovered by the Company may be affected by numerous factors which are beyond the control of the Company and which cannot be accurately predicted, such as market fluctuations, the proximity and capacity of milling facilities, mineral markets and processing equipment and such other factors as government regulations, including regulations relating to royalties, allowable production, importing and exporting of minerals and environmental protection, the combination of which factors may result in the Company not receiving an adequate return of investment capital. There is no assurance that the Company’s mineral exploration and any development activities will result in any discoveries of commercial bodies of ore. The long-term profitability of the Company’s operations will in part be directly related to the costs and success of its exploration programs, which may be affected by a number of factors. Substantial expenditures are required to establish reserves through drilling and to develop the mining and processing facilities and infrastructure at any site chosen for mining. Substantial expenditures are required to establish ore reserves through exploration and drilling, to develop metallurgical processes to extract the metal from the ore and, in the case of new properties, to develop the mining and processing facilities and infrastructure at any site chosen for mining.

Although substantial benefits may be derived from the discovery of a major mineralized deposit, no assurance can be given that minerals will be discovered in sufficient quantities and grades to justify commercial operations or that funds required for development can be obtained on a timely basis.

Estimates of reserves, mineral deposits and production costs can also be affected by such factors as environmental permitting regulations and requirements, weather, environmental factors, unforeseen technical difficulties, unusual or unexpected geological formations and work interruptions. In addition, the grade of ore ultimately mined may differ from that indicated by drilling results. Short term factors relating to reserves, such as the need for orderly development of ore bodies or the processing of new or different grades, may also have an adverse effect on mining operations and on the results of operations. Material changes in ore reserves, grades, stripping ratios or recovery rates may affect the economic viability of any project.

Competition and Mineral Exploration

The mineral exploration industry is intensely competitive in all of its phases and the Company must compete in all aspects of its operations with a substantial number of large established mining companies with greater liquidity, greater access to credit and other financial resources, newer or more efficient equipment, lower cost structures, more effective risk management policies and procedures and/or greater ability than the Company to withstand losses.

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Management’s Discussion and Analysis

For the three months ended March 31, 2024 and 2023

The Company's competitors may be able to respond more quickly to new laws or regulations or emerging technologies or devote greater resources to the expansion of their operations, than the Company can. In addition, current and potential competitors may make strategic acquisitions or establish cooperative relationships among themselves or with third parties. Competition could adversely affect the Company's ability to acquire suitable new mineral properties or prospects for exploration in the future. Competition could also affect the Company's ability to raise financing to fund the exploration and development of its properties or to hire qualified personnel. The Company may not be able to compete successfully against current and future competitors, and any failure to do so could have a material adverse effect on the Company's business, financial condition or results of operations.

Additional Funding

The exploration and development of the Company’s mineral properties will require substantial additional capital. When such additional capital is required, the Company will need to pursue various financing transactions or arrangements, including joint venturing of projects, debt financing, equity financing or other means. Additional financing may not be available when needed or, if available, the terms of such financing might not be favorable to the Company and might involve substantial dilution to existing shareholders. The Company may not be successful in locating suitable financing transactions in the time period required or at all. A failure to raise capital when needed would have a material adverse effect on the Company’s business, financial condition and results of operations. Any future issuance of securities to raise required capital will likely be dilutive to existing shareholders. In addition, debt and other debt financing may involve a pledge of assets and may be senior to interests of equity holders. The Company may incur substantial costs in pursuing future capital requirements, including investment banking fees, legal fees, accounting fees, securities law compliance fees, printing and distribution expenses and other costs.

The ability to obtain needed financing may be impaired by such factors as the capital markets (both generally and in the gold and copper industries in particular), the Company’s status as a new enterprise with a limited history, the location of the Company’s mineral properties, the price of commodities and/or the loss of key management personnel.

Permits and Government Regulation

The future operations of the Company may require permits from various federal, state, provincial and local governmental authorities and will be governed by laws and regulations governing prospecting, development, mining, production, export, taxes, labour standards, occupational health, waste disposal, land use, environmental protections, mine safety and other matters.

Although Canada has a favorable legal and fiscal regime for exploration and mining, including a relatively simple system for the acquisition of mineral titles and relatively low tax burden, possible future government legislation, policies and controls relating to prospecting, development, production, environmental protection, mining taxes and labour standards could cause additional expense, capital expenditures, restrictions and delays in the activities of the Company, the extent of which cannot be predicted. Before development and production can commence on any properties, the Company must obtain regulatory and environmental approvals. There is no assurance that such approvals can be obtained on a timely basis or at all. The cost of compliance, with changes in governmental regulations, has the potential to reduce the profitability of operations. The Company is currently in compliance with all material regulations applicable to its exploration activities.

Limited Operating History

The Company has a limited operating history and its mineral properties are exploration stage properties. As such, the Company will be subject to all of the business risks and uncertainties associated with any new business enterprise, including under-capitalization, cash shortages, limitations with respect to personnel, financial and other resources and lack of revenues.

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Management’s Discussion and Analysis

For the three months ended March 31, 2024 and 2023

The current state of the Company’s mineral properties require significant additional expenditures before any cash flow may be generated. Although the Company possesses an experienced management team, there is no assurance that the Company will be successful in achieving a return on shareholders’ investment and the likelihood of success of the Company must be considered in light of the problems, expenses, difficulties, complications and delays frequently encountered in connection with the establishment of any business. There is no assurance that the Company can generate revenues, operate profitably, or provide a return on investment, or that it will successfully implement its plans.

An investment in the Company’s securities carries a high degree of risk and should be considered speculative by purchasers. There is no assurance that we will be successful in achieving a return on shareholders’ investment and the likelihood of our success must be considered in light of our early stage of operations. You should consider any purchase of the Company’s securities in light of the risks, expenses and problems frequently encountered by all companies in the early stages of their corporate development.

Title Risks

Although the Company has or will receive title opinions for any properties in which it has a material interest, there is no guarantee that title to such properties will not be challenged or impugned. The Company has not conducted surveys on all of the claims in which it holds direct or indirect interests. The Company’s properties may be subject to prior unregistered agreements or transfers or native land claims and title may be affected by unidentified or unknown defects. Title insurance is generally not available for mineral properties and the Company's ability to ensure that it has obtained secure claims to individual mineral properties or mining concessions may be constrained.

A successful challenge to the Company’s title to a property or to the precise area and location of a property could cause delays or stoppages to the Company’s exploration, development or operating activities without reimbursement to the Company. Any such delays or stoppages could have a material adverse effect on the Company’s business, financial condition and results of operations.

Laws and Regulation

The Company’s exploration activities are subject to extensive federal, provincial and local laws and regulations governing prospecting, development, production, exports, taxes, labour standards, occupational health and safety, mine safety and other matters in all the jurisdictions in which it operates. These laws and regulations are subject to change, can become more stringent and compliance can therefore become more costly. The Company applies the expertise of its management, advisors, employees and contractors to ensure compliance with current laws.

Uninsured and Underinsured Risks

The Company faces and will face various risks associated with mining exploration and the management and administration thereof. Some of these risks are not insurable; some may be the subject of insurance which is not commercially feasible for the Company. Those insurances which are purchased will have exclusions and deductibles which may eliminate or restrict recovery in the event of loss. In some cases, the amount of insurance purchased may not be adequate in amount or in limit. The Company will undertake intermittent assessments of insurable risk to help ensure that the impact of uninsured/underinsured loss is minimized within reason.

Risks may vary from time to time within this intermittent period due to changes in such things as operations operating conditions, laws or the climate which may leave the Company exposed to periods of additional uninsured risk. In the event risk is uninsurable, at its reasonable and sole discretion, the Company may endeavor to implement policies and procedures, as may be applicable and/or feasible, to reduce the risk of related loss.

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Management’s Discussion and Analysis

For the three months ended March 31, 2024 and 2023

Global Economy Risk

The volatility of global capital markets over the past several years has generally made the raising of capital by equity or debt financing more difficult. The Company may be dependent upon capital markets to raise additional financing in the future. As such, the Company is subject to liquidity risks in meeting its operating expenditure requirements and future development cost requirements in instances where adequate cash positions are unable to be maintained or appropriate financing is unavailable.

These factors may impact the ability to raise equity or obtain loans and other credit facilities in the future and on terms favourable to the Company and its management.

Our business, financial condition and results of operations may be negatively affected by economic and other consequences from Russia’s military action against Ukraine and the sanctions imposed in response to that action

In late February 2022, Russia launched a large-scale military attack on Ukraine. The invasion significantly amplified already existing geopolitical tensions among Russia, Ukraine, Europe, NATO and the West, including Canada. In response to the military action by Russia, various countries, including Canada, the United States, the United Kingdom and European Union issued broad-ranging economic sanctions against Russia. Such sanctions included, among other things, a prohibition on doing business with certain Russian companies, large financial institutions, officials and oligarchs; a commitment by certain countries and the European Union to remove selected Russian banks from the Society for Worldwide Interbank Financial Telecommunications, or SWIFT, the electronic banking network that connects banks globally; a ban of oil imports from Russia to the United States; and restrictive measures to prevent the Russian Central Bank from undermining the impact of the sanctions. Additional sanctions may be imposed in the future.

Such sanctions (and any future sanctions) and other actions against Russia may adversely impact, among other things, the Russian economy and various sectors of the economy, including but not limited to, financials, energy, metals and mining, engineering and defense and defense-related materials sectors; result in a decline in the value and liquidity of Russian securities; result in boycotts, tariffs, and purchasing and financing restrictions on Russia’s government, companies and certain individuals; weaken the value of the ruble; downgrade the country’s credit rating; freeze Russian securities and/or funds invested in prohibited assets and impair the ability to trade in Russian securities and/or other assets; and have other adverse consequences on the Russian government, economy, companies and region. Further, several large corporations and U.S. states have announced plans to divest interests or otherwise curtail business dealings with certain Russian businesses.

The ramifications of the hostilities and sanctions may not be limited to Russia, Ukraine and Russian and Ukrainian companies and may spill over to and negatively impact other regional and global economic markets (including Europe, Canada and the United States), companies in other countries (particularly those that have done business with Russia and Ukraine) and on various sectors, industries and markets for securities and commodities globally, such as oil and natural gas. Accordingly, the actions discussed above and the potential for a wider conflict could increase financial market volatility and cause severe negative effects on regional and global economic markets, industries, and companies. In addition, Russia may take retaliatory actions and other countermeasures, including cyberattacks and espionage against other countries and companies around the world, which may negatively impact such countries and companies. The extent and duration of the military action or future escalation of such hostilities, the extent and impact of existing and future sanctions, market disruptions and volatility, and the result of any diplomatic negotiations cannot be predicted. While we expect any direct impacts to our business to be limited, the indirect impacts on the economy and on the mining industry and other industries in general could negatively affect our business and may make it more difficult for us to raise equity or debt financing. In addition, the impact of other current macro-economic factors on our business, which may be exacerbated by the war in Ukraine – including inflation, supply chain constraints and geopolitical events – is uncertain. If these levels of volatility persist or if there is a further economic slowdown, the Company's operations, the Company's ability to raise capital could be adversely impacted.

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Management’s Discussion and Analysis

For the three months ended March 31, 2024 and 2023

Environmental Risks

The Company’s activities are subject to extensive laws and regulations governing environment protection. The Company is also subject to various reclamation related conditions. Although the Company closely follows and believes it is operating in compliance with all applicable environmental regulations, there can be no assurance that all future requirements will be obtainable on reasonable terms. Failure to comply may result in enforcement actions causing operations to cease or be curtailed and may include corrective measures requiring capital expenditures. Intense lobbying over environmental concerns by non-governmental organizations has caused some governments to cancel or restrict development of mining projects. Current publicized concern over climate change may lead to carbon taxes, requirements for carbon offset purchases or new regulation. The costs or likelihood of such potential issues to the Company cannot be estimated at this time.

The legal framework governing this area is constantly developing, therefore the Company is unable to fully ascertain any future liability that may arise from the implementation of any new laws or regulations, although such laws and regulations are typically strict and may impose severe penalties (financial or otherwise). The proposed activities of the Company, as with any exploration, may have an environmental impact which may result in unbudgeted delays, damage, loss and other costs and obligations including, without limitation, rehabilitation and/or compensation.

There is also a risk that the Company’s operations and financial position may be adversely affected by the actions of environmental groups or any other group or person opposed in general to the Company’s activities and, in particular, the proposed exploration and mining by the Company within the Province of Newfoundland and Labrador.

Social and Environmental Activism

There is an increasing level of public concern relating to the effects of mining on the nature landscape, in communities and on the environment. Certain non-governmental organizations, public interest groups and reporting organizations (“NGOs”) who oppose resource development can be vocal critics of the mining industry. In addition, there have been many instances in which local community groups have opposed resource extraction activities, which have resulted in disruption and delays to the relevant operation.

While the Company seeks to operate in a social responsible manner and believes it has good relationships with local communities in the regions in which it operates, NGOs or local community organizations could direct adverse publicity against and/or disrupt the operations of the Company in respect of one or more of its properties, regardless of its successful compliance with social and environmental best practices, due to political factors, activities of unrelated third parties on lands in which the Company has an interest or the Company’s operations specifically. Any such actions and the resulting media coverage could have an adverse effect on the reputation and financial condition of the Company or its relationships with the communities in which it operates, which could have a material adverse effect on the Company’s business, financial condition, results of operations, cash flows or prospects.

Dependence on Management and Key Personnel

The success of the Company is currently largely dependent on the performance of its directors and officers. The loss of the services of any of these persons could have a materially adverse effect on the Company’s business and prospects. There is no assurance the Company can maintain the services of its directors, officers or other qualified personnel required to operate its business. As the Company’s business activity grows, the Company will require additional key financial, administrative and mining personnel as well as additional operations staff. There can be no assurance that these efforts will be successful in attracting, training and retaining qualified personnel as competition for persons with these skill sets increase. If the Company is not successful in attracting, training and retaining qualified personnel, the efficiency of its operations could be impaired, which could have an adverse impact on the Company’s operations and financial condition.

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Management’s Discussion and Analysis

For the three months ended March 31, 2024 and 2023

First Nations Land Claims

Certain of the Company’s mineral properties may now or in the future be the subject of First Nations land claims. The legal nature of First Nations land claims is a matter of considerable complexity. The impact of any such claim on the Company’s material interest in the Company’s mineral properties and/or potential ownership interest in the Company’s mineral properties in the future, cannot be predicted with any degree of certainty and no assurance can be given that a broad recognition of First Nations rights in the areas in which the Company’s mineral properties are located, by way of negotiated settlements or judicial pronouncements, would not have an adverse effect on the Company’s activities.

Even in the absence of such recognition, the Company may at some point be required to negotiate with and seek the approval of holders of First Nations interests in order to facilitate exploration and development work on the Company’s mineral properties, there is no assurance that the Company will be able to establish practical working relationships with the First Nations in the area which would allow it to ultimately develop the Company’s mineral properties.

Claims and Legal Proceedings

The Company and/or its directors and officers may be subject to a variety of civil or other legal proceedings, with or without merit. From time to time in the ordinary course of its business, the Company may become involved in various legal proceedings, including commercial, employment and other litigation and claims, as well as governmental and other regulatory investigations and proceedings. Such matters can be time-consuming, divert management’s attention and resources and cause the Company to incur significant expenses.

Furthermore, because litigation is inherently unpredictable, the results of any such actions may have a material adverse effect on the Company’s business, operating results or financial condition.

On November 15, 2019, ThreeD Capital Inc. (“ThreeD”) and 1313366 Ontario Inc. (“131” and together with ThreeD, the “Plaintiffs”) each entered into share purchase agreements (the “Share Purchase Agreements”) with Palisades Goldcorp Ltd. (“Palisades”) under which Palisades agreed to purchase the 13,500,000 common shares owned by ThreeD and the 4,000,000 common shares owned by 131 for $0.08 per common share. The transactions closed on November 20, 2019. As a private company with restrictions on the transfer of its common shares, the Company had to approve the proposed transfer, which it did by a consent resolution of the Board.

On March 10, 2020, ThreeD and 131 filed a statement of claim in the Ontario Superior Court of Justice against Collin Kettell, Palisades and the Company (the “ThreeD Claim”). Pursuant to the ThreeD Claim, the Plaintiffs are challenging the validity of the sale of 17,500,000 common shares by the Plaintiffs to Palisades on November 20, 2019.

ThreeD and 131 claim that at the time of negotiation and execution of the Share Purchase Agreements, Palisades and Mr. Kettell were aware of positive drill results from the Company’s 2019 Drill Program and the results were not disclosed to ThreeD and 131 to their detriment. Palisades and Mr. Kettell strongly deny ThreeD and 131’s allegations. ThreeD and 131 have made specific claims for (a) recission of the Share Purchase Agreements on the basis of oppression or unfair prejudice; (b) or alternatively, damages in the amount of $21,000,000 for the alleged improper actions by ThreeD and 131, (c) a declaration that Palisades and Collin Kettell, as shareholder or director and/or officer of the Company, have had acted in a manner that is oppressive, unfairly prejudicial or unfairly disregarded their interests, (d) a declaration that Palisades and Collin Kettell engaged in insider trading contrary to section 138 of the Securities Act (Ontario), (e) unjust enrichment and (f) interests and costs. Palisades and Mr. Kettell refute each of the specific claims made by the Plaintiffs.

The Company filed a statement of defence in response to the ThreeD Claim on June 12, 2020, pursuant to which, among other things, the Company denies that it is a proper party to the ThreeD Claim and the allegations against it therein, including because no relief is claimed against the Company in paragraph 1 of the ThreeD Claim.

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Management’s Discussion and Analysis

For the three months ended March 31, 2024 and 2023

The action has now progressed through the production of documents and oral examinations for discovery stages. In early 2022, the Plaintiffs formally amended their statement of claim to increase the amount claimed to $229,000,000 and to advance a direct claim of oppressive conduct against the Company. While continuing to deny any and all liability to the Plaintiffs, the Company has amended its defence to include specific denials of the new allegations of oppressive conduct against it. The parties completed an additional round of examinations for discovery in January 2023, following which the plaintiffs set the action down for trial. The parties had a mediation meeting on October 3, 2023, but were unable to settle the case. A trial date has been set for January 2025.

The outcome of this claim cannot be determined at this time and therefore no amount has been accrued for in the financial statements for the three months ended March 31, 2024.

Conflicts of Interest

Most of the Company’s directors and officers do not devote their full time to the affairs of the Company. All of the directors and some of the officers of the Company are also directors, officers and shareholders of other natural resource or public companies, and as a result they may find themselves in a position where their duty to another company conflicts with their duty to the Company. Although the Company has policies which address such potential conflicts and the OBCA has provisions governing directors in the event of such a conflict, none of the Company’s constating documents or any of its other agreements contain any provisions mandating a procedure for addressing such conflicts of interest. There is no assurance that any such conflicts will be resolved in favour of the Company. If any such conflicts are not resolved in favour of the Company, the Company may be adversely affected.

Gold and Metal Prices

If the Company’s mineral properties are developed from exploration properties to full production properties, the majority of our revenue will be derived from the sale of gold. Therefore, the Company’s future profitability will depend upon the world market prices of the gold for which it is exploring. The price of gold and other metals are affected by numerous factors beyond the Company’s control, including levels of supply and demand, global or regional consumptive patterns, sales by government holders, metal stock levels maintained by producers and others, increased production due to new mine developments and improved mining and production methods, speculative activities related to the sale of metals, availability and costs of metal substitutes. Moreover, gold prices are also affected by macroeconomic factors such as expectations regarding inflation, interest rates and global and regional demand for, and supply of, gold as well as general global economic conditions. These factors may have an adverse effect on the Company’s exploration, development and production activities, as well as on its ability to fund those activities.

Negative Cash Flow from Operating Activities

The Company has no history of earnings and had negative cash flow from operating activities since inception. The Company’s mineral properties are in the exploration stage and there are no known mineral resources or reserves and the proposed exploration programs on the Company’s mineral properties are exploratory in nature. Significant capital investment will be required to achieve commercial production from the Company’s existing projects. There is no assurance that any of the Company’s mineral properties will generate earnings, operate profitably or provide a return on investment in the future. Accordingly, the Company will be required to obtain additional financing in order to meet its future cash commitments.

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Management’s Discussion and Analysis

For the three months ended March 31, 2024 and 2023

Going Concern Risk

The Company’s financial statements have been prepared assuming the Company will continue on a going-concern basis and do not include adjustments to amounts and classifications of assets and liabilities that might be necessary should the Company be unable to continue operations. The ability of the Company to continue as a going concern depends upon its ability to develop profitable operations and to continue to raise adequate financing. Management is actively targeting sources of additional financing through alliances with financial, exploration and mining entities, or other business and financial transactions which would assure continuation of the Company’s operations and exploration programs. In order for the Company to meet its liabilities as they come due and to continue its operations, the Company is solely dependent upon its ability to generate such financing. These items give rise to material uncertainties that cast significant doubt as to the Company’s ability to continue as a going concern.

Risks Associated with Acquisitions

If appropriate opportunities present themselves, the Company may acquire mineral claims, material interests in other mineral claims, and companies that the Company believes are strategic. The Company currently has no understandings, commitments or agreements with respect to any material acquisition, other than as described in this MD&A, and no other material acquisition is currently being pursued. There can be no assurance that the Company will be able to identify, negotiate or finance future acquisitions successfully, or to integrate such acquisitions with its current business. The process of integrating an acquired Company or mineral claims into the Company may result in unforeseen operating difficulties and expenditures and may absorb significant management attention that would otherwise be available for ongoing development of the Company’s business. Future acquisitions could result in potentially dilutive issuances of equity securities, the incurrence of debt, contingent liabilities and/or amortization expenses related to goodwill and other intangible assets, which could materially adversely affect the Company’s business, results of operations and financial condition.

Force Majeure

The Company’s projects now or in the future may be adversely affected by risks outside the control of the Company, including the price of gold on world markets, labour unrest, civil disorder, war, subversive activities or sabotage, fires, floods, explosions or other catastrophes, pandemics, epidemics or quarantine restrictions.

Infrastructure

Exploration, development and processing activities depend, to one degree or another, on adequate infrastructure. Reliable roads, bridges, power sources and water supply are important elements of infrastructure, which affect access, capital and operating costs. The lack of availability on acceptable terms or the delay in the availability of any one or more of these items could prevent or delay exploration or development of the Company’s mineral properties. If adequate infrastructure is not available in a timely manner, there can be no assurance that the exploration or development of the Company’s mineral properties will be commenced or completed on a timely basis, if at all.

Furthermore, unusual or infrequent weather phenomena, sabotage, government or other interference in the maintenance or provision of necessary infrastructure could adversely affect our operations.

Exploration operations depend on adequate infrastructure. In particular, reliable power sources, water supply, transportation and surface facilities are necessary to explore and develop mineral projects. Failure to adequately meet these infrastructure requirements or changes in the cost of such requirements could affect the Company’s ability to carry out exploration and future development operations and could have a material adverse effect on the Company’s business, financial condition, results of operations, cash flows or prospects.

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Management’s Discussion and Analysis

For the three months ended March 31, 2024 and 2023

Climate Change Risks

The Company acknowledges climate change as an international and community concern and it supports and endorses various initiatives for voluntary actions consistent with international initiatives on climate change. However, in addition to voluntary actions, governments are moving to introduce climate change legislation and treaties at the international, national, state/provincial and local levels. Where legislation already exists, regulation relating to emission levels and energy efficiency is becoming more stringent. Some of the costs associated with reducing emissions can be offset by increased energy efficiency and technological innovation. However, if the current regulatory trend continues, the Company expects that this could result in increased costs at some of its operations in the future.

The Company and the mining industry are facing continued geotechnical challenges, which could adversely impact the Company’s production and profitability. Unanticipated adverse geotechnical and hydrological conditions, such as landslides, floods, seismic activity, droughts and pit wall failures, may occur in the future and such events may not be detected in advance. Geotechnical instabilities and adverse climatic conditions can be difficult to predict and are often affected by risks and hazards outside of the Company’s control, such as severe weather and considerable rainfall. Geotechnical failures could result in limited or restricted access to mine sites, suspension of operations, government investigations, increased monitoring costs, remediation costs, loss of ore and other impacts, which could cause one or more of the Company’s projects to be less profitable than currently anticipated and could result in a material adverse effect on the Company’s business results of operations and financial position.

Information Systems and Cyber Security

The Company’s operations depend on information technology (“IT”) systems. These IT systems could be subject to network disruptions caused by a variety of sources, including computer viruses, security breaches and cyber-attacks, as well as disruptions resulting from incidents such as cable cuts, damage to physical plants, natural disasters, terrorism, fire, power loss, vandalism and theft.

The Company’s operations also depend on the timely maintenance, upgrade and replacement of networks, equipment, IT systems and software, as well as pre-emptive expenses to mitigate the risks of failures. Any of these and other events could result in information system failures, delays and/or increase in capital expenses. The failure of information systems or a component of information systems could, depending on the nature of any such failure, adversely impact the Company’s reputation and results of operations.

Although to date the Company has not experienced any material 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.

Critical Accounting Policies and Estimates

The Company prepares its financial statements using accounting policies consistent with IFRS as issued by the IASB.

The preparation of the financial statements requires management to make certain estimates, judgments and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and reported amounts of expenses during the reporting period. Actual outcomes could differ from these estimates.

- 86 -

Management’s Discussion and Analysis

For the three months ended March 31, 2024 and 2023

The financial statements include estimates which, by their nature, are uncertain. The impacts of such estimates are pervasive throughout the financial statements, and may require accounting adjustments based on future occurrences. Revisions to accounting estimates are recognized in the period in which the estimate is revised and future periods if the revision affects both current and future periods. These estimates are based on historical experience, current and future economic conditions and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

In preparing the condensed interim financial statements for the three months ended March 31, 2024 and 2023, the Company applied the critical judgments and estimates disclosed in Note 2 of its audited financial statements for the year ended December 31, 2023.

Financial Risk Management

The Company is exposed in varying degrees to a variety of financial instrument related risks. The Board approves and monitors the risk management processes.

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 is subject to the credit through its investment in Maritime secured notes, in which case the maximum exposure to the credit risk is the full value of the secured notes of $2,553,200 at March 31, 2024. Interest receivable on Maritime secured notes is collected quarterly. Sales taxes recoverable are due from the Canada Revenue Agency and the Company places its cash with financial institutions with high credit ratings, therefore in management’s judgment, credit risk related to sales taxes recoverable and cash is low.

There have been no changes in management’s methods for managing credit risk since December 31, 2023.

Liquidity risk

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. The Company has in place a planning and budgeting process to help determine the funds required to ensure the Company has the appropriate liquidity to meet its operating and growth objectives. The Company has historically relied on issuance of shares to fund exploration programs and may require doing so again in the future. As at March 31, 2024, the Company has total liabilities of $14,607,816 and cash of $50,252,203 which is available to discharge these liabilities (December 31, 2023 – total liabilities of $19,076,473 and cash of $53,884,809). As at March 31, 2024, the Company must spend another $33,025,621 of Qualifying CEE by December 31, 2024 to satisfy its remaining current flow-through liability of $9,019,410.

There have been no changes in management’s methods for managing liquidity risk since December 31, 2023.

Market risk

Market risk is the risk that changes in market prices, such as commodity prices, interest rates and foreign exchange rates will affect the Company’s net earnings or the value of financial instruments. The objective of the Company is to manage and mitigate market risk exposures within acceptable limits, while maximizing returns.

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Management’s Discussion and Analysis

For the three months ended March 31, 2024 and 2023

| (i) | Currency risk

Financial instruments that impact the Company’s net earnings or other comprehensive income due to currency fluctuation include cash accounts, secured notes, interest receivable, investments and accounts payable and accrued liabilities denominated in US dollars. The sensitivity of the Company’s net loss to changes in the exchange rate between the US dollar and the Canadian dollar at March 31, 2024 would change the Company’s net loss by $364,982 as a result of a 10% change in the exchange rate.

| (ii) | Interest rate risk

Interest rate risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate due to changes in market interest rates. As the Company deposits its cash into demand accounts with minimal interest rates, the interest rate risk is not significant. Interest receivable on secured notes is determined based on a floating interest rate and therefore subject to interest rate fluctuations, the interest rate risk is not material.

| (iii) | Commodity price risk

Commodity price risk is defined as the potential adverse impact on earnings and economic value due to commodity price movements and volatilities. The Company’s property has exposure to predominantly gold. Commodity prices, especially gold, greatly affect the value of the Company and the potential value of its property and investments.

| (iv) | Equity price risk

Equity price risk is the risk that the fair value of or future cash flows from the Company’s financial instruments will significantly fluctuate because of changes in market prices. The Company is exposed to market risk in trading its investments in unfavorable market conditions which could result in dispositions of investments at less than favorable prices. Additionally, the Company adjusts its investments to fair value at the end of each reporting period. This process could result in write-downs of the Company’s investments over one or more reporting periods, particularly during periods of overall market instability. The sensitivity of the Company’s net loss to changes in market prices at March 31, 2024 would change the Company’s net loss by $329,084 as a result of a 10% change in the market price of its investments.

There have been no changes in management’s methods for managing market risks since December 31, 2023.

Disclosure Controls and Procedures

The Company’s management, with the participation of its Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”), has evaluated the effectiveness of the Company’s disclosure controls and procedures. Based upon the results of that evaluation, the Company’s CEO and CFO have concluded that, as of March 31, 2024, the Company’s disclosure controls and procedures were effective to provide reasonable assurance that the information required to be disclosed by the Company in reports it files is recorded, processed, summarized and reported, within the appropriate time periods and is accumulated and communicated to management, including the CEO and CFO, as appropriate to allow timely decisions regarding required disclosure.

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Management’s Discussion and Analysis

For the three months ended March 31, 2024 and 2023

Internal Control over Financial Reporting

The Company’s management has determined that there have been no significant changes in the Company’s internal control over financial reporting during the quarter ended March 31, 2024, that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting. Any system of internal control over financial reporting, no matter how well designed, has inherent limitations. As a result, even those systems determined to be effective can only provide reasonable assurance regarding the preparation of financial statements.

Cautionary Notes Regarding Forward-Looking Statements

This MD&A contains forward looking statements which reflect management's expectations regarding the Company’s future growth, results from operations (including, without limitation, statements about the Company’s opportunities, strategies, competition, expected activities and expenditures as the Company pursues its business plan, the adequacy of the Company’s available cash resources and other statements about future events or results), performance (both operational and financial) and business prospects, future business plans and opportunities. Wherever possible, words such as “expects”, “plans”, “anticipates”, “believes”, “interpreted”, “intends”, “estimates”, “projects”, “aims”, “suggests”, “appears”, “indicate”, “often”, “target”, “future”, “likely”, “pending”, “potential”, “goal”, “objective”, “prospective”, “possibly”, “preliminary”, “initial”, and similar expressions or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative or grammatical variation thereof or other variations thereof, or comparable terminology have been used to identify forward-looking statements. These forward-looking statements include, among other things, statements relating to the Queensway Project and the Company’s planned and future exploration on the Queensway Project and its other mineral properties; the Company’s goals regarding exploration and potential development of its projects; the Company’s future business plans; expectations regarding the ability to raise further capital; the market price of gold; expectations regarding any environmental issues that may affect planned or future exploration and development programs and the potential impact of complying with existing and proposed environmental laws and regulations; the ability to retain and/or maintain any require permits, licenses or other necessary approvals for the exploration or development of its mineral properties; government regulation of mineral exploration and development operations in the Province of Newfoundland and Labrador; the Company’s compensation policy and practices; the Company’s expected reliance on key management personnel, advisors and consultants; effects of the conflict in Ukraine.

Forward-looking statements are not a guarantee of future performance and is based upon a number of estimates and assumptions of management in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances.

As of the date of this MD&A, without limitation, assumptions about: the ability to raise any necessary additional capital on reasonable terms to advance exploration and development of the Company’s mineral properties; future prices of gold and other metal prices; the timing and results of exploration and drilling programs; the demand for, and price of gold; that general business and economic conditions will not change in a material adverse manner; the Company’s ability to procure equipment and operating supplies in sufficient quantities and on a timely basis; the geology of the Queensway Project as described in the Queensway Technical Report; the accuracy of budgeted exploration and development costs and expenditures; future currency exchange rates and interest rates; operating conditions being favourable such that the Company is able to operate in a safe, efficient and effective manner; the Company’s ability to attract and retain skilled personnel; political and regulatory stability; the receipt of governmental, regulatory and third-party approvals, licenses and permits on favourable terms; obtaining required renewals for existing approvals, licenses and permits on favourable terms; requirements under applicable laws; sustained labour stability; stability in financial and capital goods markets; availability of equipment.

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Management’s Discussion and Analysis

For the three months ended March 31, 2024 and 2023

Furthermore, such forward-looking information involves a variety of known and unknown risks, uncertainties and other factors which may cause the actual plans, intentions, activities, results, performance or achievements of the Company to be materially different from any future plans, intentions, activities, results, performance or achievements expressed or implied by such forward-looking statements.

Such risks include, without limitation: the Company may fail to find a commercially viable deposit at any of its mineral properties; there are no resources or mineral reserves on any of the properties in which the Company has an interest; the Company’s plans may be adversely affected by the Company’s reliance on historical data compiled by previous parties involved with its mineral properties; mineral exploration and development are inherently risky; the mineral exploration industry is intensely competitive; additional financing may not be available to the Company when required or, if available, the terms of such financing may not be favourable to the Company; fluctuations in the demand for gold; the Company may not be able to identify, negotiate or finance any future acquisitions successfully, or to integrate such acquisitions with its current business; the Company’s exploration activities are dependent upon the grant of appropriate licenses, concessions, leases, permits and regulatory consents, which may be withdrawn or not granted; the Company’s operations could be adversely affected by possible future government legislation, policies and controls or by changes in applicable laws and regulations; there is no guarantee that title to the properties in which the Company has a material interest will not be challenged or impugned; the Company faces various risks associated with mining exploration that are not insurable or may be the subject of insurance which is not commercially feasible for the Company; the volatility of global capital markets over the past several years has generally made the raising of capital more difficult; compliance with environmental regulations can be costly; social and environmental activism can negatively impact exploration, development and mining activities; the success of the Company is largely dependent on the performance of its directors and officers; the Company’s operations may be adversely affected by First Nations land claims; the Company and/or its directors and officers may be subject to a variety of legal proceedings, the results of which may have a material adverse effect on the Company’s business; the Company may be adversely affected if potential conflicts of interests involving its directors and officers are not resolved in favour of the Company; the Company’s future profitability may depend upon the world market prices of gold; dilution from future equity financing could negatively impact holders of the Company’s securities; failure to adequately meet infrastructure requirements could have a material adverse effect on the Company’s business; the Company’s projects now or in the future may be adversely affected by risks outside the control of the Company; the Company is subject to various risks associated with climate change; other factors discussed under “Risk and Uncertainties”.

Although the Company has attempted to identify important factors that could cause actual actions, events, conditions, results, performance or achievements to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events, conditions, results, performance or achievements to differ from those anticipated, estimated or intended.

The Company cautions that the foregoing lists of important assumptions and factors are not exhaustive. Other events or circumstances could cause actual results to differ materially from those estimated or projected and expressed in, or implied by, the forward-looking statements contained herein. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking statements.

Forward-looking statements contained herein are made as of the date of this MD&A and the Company disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as and to the extent required by applicable securities laws.

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Management’s Discussion and Analysis

For the three months ended March 31, 2024 and 2023

Off-Balance Sheet Arrangements

The Company does not utilize off-balance sheet arrangements.

Proposed Transactions

There are no proposed transactions at the date of this report.

Additional Information

Additional information relating to the Company is available on SEDAR+ at www.sedarplus.ca.

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