DFR Gold : December 31, 2023 – Annual Report (MDA)

Management's Discussion and Analysis of Financial Condition and Results of Operations

For the year ended December 31, 2023 Date of release April 29, 2024

(All amounts are expressed in United States dollars unless otherwise stated)

DFR GOLD INC.

Management's Discussion and Analysis

For the year ended December 31, 2023

(All amounts are expressed in U.S. dollars except where otherwise indicated)

1. INTRODUCTION

This Management Discussion and Analysis (''MD&A") for the year ended December 31, 2023, has been prepared as at April 29, 2024, and contains certain "forward-looking statements" under the Canadian securities laws. All statements, other than statements of historical fact included herein, including without limitation statements regarding potential mineralization, exploration results, plans and objectives of DFR Gold Inc. ("DFR Gold", "DFR" or "the Company" or together with its subsidiaries, "the Group"), are forward-looking statements that involve various risks, uncertainties and assumptions. The MD&A should be read in conjunction with the condensed consolidated financial statements of DFR.

The Company changed its name from Diamond Fields Resources Inc. to DFR Gold Inc. effective January 30, 2023.

1. Geopolitical and political situation

The geopolitical situation in Eastern Europe intensified on February 24, 2022, with Russia's invasion of Ukraine. More recently, the armed conflict in Israel and the Gaza Strip in the Mediterranean has entered a critical phase, and further exacerbated by the bombing by Iran. In addition to the human toll, the war is increasingly affecting economic and global financial markets and exacerbating ongoing economic challenges, including issues such as rising inflation and global supply-chain disruption. Additionally, the Countries where the Company conducts exploration in West Africa and the nearby region continue to experience civil unrest and/or warfare including civilians attacks.

Though the Company's activities have so far not been significantly affected by the situation in eastern Europe, Middle East and West Africa, management believes that the nature and duration of uncertain and unpredictable events, such as attacks on civilians and further military action in Burkina Faso, additional sanctions on Russia, instability and reactions to ongoing developments by global financial markets may have implications on the Company's activities and ability to raise finance.

The Company is continuously evaluating its direct and indirect exposures to the impacts of the local and regional events as well as consequences of the Russia-Ukraine conflict and Middle East conflict on its operation. Although the Company does not have direct exposure to Ukraine, Russia, Israel and the Gaza strip, it is likely to be affected by the overall economic uncertainty and any impact on the global economy and major financial markets arising from the war.

1. Material events following the end of the reporting period

The Company recorded the following material transaction following the end of the reporting period, as further described under note 14 of this report:

1. On February 9, 2024, the Company exercised its option (the "WUO Land 2 Option") to acquire the WUO Land 2 exploration permit in Burkina Faso for a payment of $300,000 pursuant to an option agreement between the option holder and the Company. The funding for exercising the WUO Land 2 Option was obtained through a loan from Spirit Resources SARL, an entity which, as at that date, held 39.1% of the Company's outstanding shares.
2. On February 22, 2024, the Company and M. Brian Kiernan who, as at that date, held 36.5% of the Company's outstanding shares, entered into an agreement pursuant to which M. Kiernan provided $500,000 loan to the Company;

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DFR GOLD INC.

Management's Discussion and Analysis

For the year ended December 31, 2023

(All amounts are expressed in U.S. dollars except where otherwise indicated)

1. INTRODUCTION (CONTINUED)

1. Material events following the end of the reporting period (continued)

1. 1. On February 29, 2024, the Company converted the principal amount of the unsecured convertible debentures originally issued to insiders on April 6, 2023, to an extent of $1,705,750 and interest thereon to an extent of $192,189 into equity.
2. Management's responsibility for financial reporting

The consolidated financial statements have been prepared by management who, when necessary, have made informed judgements and estimates of the outcome of events and transactions, with due consideration given to materiality. Management acknowledges its responsibility for the fairness, integrity and objectivity of all information in the consolidated financial statements.

As a means of executing its responsibility, management relies on the Company's system of internal control. This system has been established to ensure, within reasonable limits, that the assets are safeguarded, transactions are properly recorded and are executed in accordance with management's authorization. In addition, the system ensures that the accounting records provide a solid foundation from which to prepare the consolidated financial statements.

The Board of directors carries out its responsibility for the consolidated financial statements principally through its Audit Committee, consisting solely of non-management directors. This committee makes its recommendations to the Board of directors. Based on those recommendations, the Board of directors approves the consolidated financial statements.

1. Material uncertainty - reliance on shareholders' support

The Company reported a shareholders' deficit of $4,166,930 (2022: $1,099,926) and a working capital

deficiency of $2,093,043 (2022: working capital $1,323,739) including convertible debentures and interest thereon to an extent of $1,862,889 as at December 31, 2023, converted after the period end. These factors, combined with the loss for the year ended December 31, 2023 give rise to material uncertainties that raise doubt about the Company's ability to continue as a going concern.

2. OVERVIEW

1. Description of business

DFR Gold Inc., formerly Diamond Fields Resources Inc., announced changing its name to DFR Gold Inc. effective January 30, 2023. The Company was incorporated under the Canada Business Corporations Act on May 28, 2000 and is currently a temporary tax resident in United Kingdom. On June 28, 2022, the Company completed the acquisition and restructuring of Moydow Holdings Limited ("Moydow"), a BVI company owning a portfolio of gold assets in West Africa. Moreover, DFR sold its Namibian diamond assets on November 28, 2022, as such, the Group started reporting the results of Moydow as from June 28, 2022 and reporting the 2022 comparatives for Namibia as discontinued operations. The Company is actively engaged in the development of its existing assets whilst continuing assessing additional mineral projects around the world to identify new opportunities.

The Company is listed on the TSX Venture Exchange ("TSXV") as a Tier 2 mining issuer with trading symbol DFR.

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DFR GOLD INC.

Management's Discussion and Analysis

For the year ended December 31, 2023

(All amounts are expressed in U.S. dollars except where otherwise indicated)

2. OVERVIEW (CONTINUED)

1. Principal Assets

Approval of disclosure of technical information

Mr. Kieran Harrington PGeo EurGeol, Vice President, Exploration of DFR Gold Inc. and a Qualified Person as defined under Canadian National Instrument 43 101 - Standards of Disclosure for Mineral Projects ("NI 43 101"), has reviewed and approved the technical information contained in this report.

Cascades (Gold) - Burkina Faso.

The Company's 80% controlled subsidiary, Moydow Holdings Limited ("Moydow"), holds two exclusive options for the Cascades project, until May 2024, to purchase 100% of the license holder's interest in the WUO Land 1 and WUO Land 2 exploration licenses covering 304 km2 of ground in the Banfora greenstone belt in southwest Burkina Faso. The license area contains a mineralised corridor 30km long and 5km wide containing a number of auriferous quartz shears. The Company exercised its option to acquire the WUO Land 2 exploration permit on February 9, 2024.

Data for over 65,000 meters of historical drilling has been acquired by Moydow from previous option holders. The Company's subsidiary undertook a confirmatory twin and infill drilling campaign, consisting of 4,739 metres reverse circulation ("RC") drilling in 2021, following which a maiden resource statement was published. Moydow completed 4,975 meters of RC drilling program in August 2022, started prior to its acquisition by DFR, and further 5,641 meters of RC drilling in 2023. Combining the historic drilling data, and drilling performed from 2021 onwards, the Cascades project counts in excess of 80,000 meters of drilling. A NI 43-101 compliant technical report announced by the Company on October 25, 2021, and amended on April 20, 2022, reported:

• Indicated resource of 5.41 million tonnes at an average grade of 1.52 g/t AU for a total 264,000 ounces of gold; and,
• Inferred resource of 6.93 million tonnes at an average grade of 1.67 g/t Au for a total of 371,000 ounces of gold.

Kalaka (Gold) - Mali.

The Company acquired, on June 28, 2022, a 40% indirect interest in the Kalaka license in Mali (as part of the Moydow transaction). The Kalaka gold project is located 260km South-East of Bamako in South Mali, 80km south of the 8 million Ounces Morila gold mine owned by Barrick/AngloGold Ashanti and 85km northwest of the 6 million ounces Syama gold mine owned by Resolute. Previous works at Kalaka indicate a large, low-grade zone mineralization with multiple drill intersections. A drilling programme at Kalaka which commenced in July 2023 has ended in August 2023 achieving 705 meters of RC drilling.

Gurara, Nigeria (Gold).

The Company acquired, in June 2022, a 25.5% indirect interest in various gold exploration projects in Nigeria (as part of the Moydow transaction), where historically very little systematic, modern exploration has been undertaken. The projects are located within the gold-bearing ("Schist Belt") terrain of the Benin-Nigeria Shield, which has broad similarities to the Birimian of the Man Shield of West Africa.

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DFR GOLD INC.

Management's Discussion and Analysis

For the year ended December 31, 2023

(All amounts are expressed in U.S. dollars except where otherwise indicated)

2. OVERVIEW (CONTINUED)

1. Principal Assets (Continued)

Beravina (Zircon)

The Company through its Madagascar-based subsidiary, Compagnie Générale des Mines de Madagascar ("CGMM"), owns a Mining License (Permis d'Exploitation PE 8096) for the exploration and mining of the Beravina deposit, valid until June 22, 2055. The project is located in Western Madagascar within the Melaky region, covering 625 hectares and is approximately 220km east of the port of Maintirano, near a state road. A NI 43-101 compliant technical report filed by the Company on January 29, 2019, reported an Inferred Mineral Resource Estimate of 1.5 million tonnes grading 22.7% Zircon (ZrSiO4) (equivalent to 15.3% ZrO2).

1. Highlights

The Group posted net losses amounting to $4,214,394 (2022: $16,738,746), of which an extent of

$3,864,203 (2022: $16,617,268) is attributable to Equity Shareholders, for year ended December 31,

2023. The net loss is made up principally of: exploration and evaluation expenditures (arising mainly

as a result of the drilling on Cascades Project expensed) to an extent of $1,790,849 (2022: $15,150,212, of which $14,562,694 impairment of E&E asset), administrative expenses to an extent of $1,342,564 (2022: $1,434,682), share based compensation to an extent of $791,010 (2022: $284,038), interest expense to an extent of $144,816 (2022: income $9,822) and share of losses of associates $222,086 (2022: $500). DFR received annual income of $100,000 (2022: $142,389) pertaining to Namibian assets disposed in 2022.

Overall operation updates and performance

On May 25, 2023, DFR announced the completion of 5,641 meters of reverse circulating drilling (the "Drilling Program") on the Cascades Project in Burkina Faso, West Africa, started during the first quarter of 2023. The Drilling Program confirmed significant new zones with result potential.

Corporate activities

On April 6, 2023, DFR announced a private placement of unsecured 12.5% convertible debentures (the "Debentures"), with insiders and management, for gross total proceeds in an aggregate amount of US$1,705,750. The Debentures, together with interest thereon, have been converted into equity on February 29, 2024 (the "Maturity date"), subsequent to the Balance Sheet date.

On February 15, 2024, John McGloin stepped down as CEO and director of the Company, and on the same date Al Gourley and David Reading also stepped down as directors of the Company. Brian Kiernan who, as that date, held 36.5% interest in the Company and until then was the non-executive chairman, has assumed the role of Interim CEO, and Len Comerford has been appointed as a member of the Audit Committee in replacement of Al Gourley. The Board is now composed of five directors, namely; Brian Kiernan as Chairman, Interim CEO and President, Sybrand Van Der Spuy as COO, and, Len Comerford, Bertrand Boulle and Carlo Baravalle as non-executive directors and also members of the Audit Committee.

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DFR GOLD INC.

Management's Discussion and Analysis

For the year ended December 31, 2023

(All amounts are expressed in U.S. dollars except where otherwise indicated)

3. RESULTS OF OPERATIONS

Review of selected financial and operating results Selected year ends financial and non-financial information

		Years ended
		December 31	December 31
		2023	2022*
		$	$
Exploration and evaluation expenses*	(1,790,849)	(587,518)
Acquisition costs expensed	-	(14,562,694)
General and administrative expenses*	(1,342,564)	(1,434,682)
Share based compensation	(791,010)	(284,038)
Net Interest (expense) income	(144,816)	9,822
Foreign exchange (loss) gain	(23,069)	24,141
Share of loss of joint venture / associate	(222,086)	(500)
Loss from discontinued operation*	-	(45,666)
Gain from disposal of subsidiaries	100,000	142,389
Net loss for the period	(4,214,394)	(16,738,746)
Exchange difference on translation of	3,794
foreign operations	(18,597)
Total comprehensive loss	(4,210,600)	(16,757,343)
Loss attributable to:	(3,864,203)
-	Equity shareholders	(16,617,268)
-	Non-controlling interest	(350,191)	(121,478)
Weighted average number of shares	181,670,852
outstanding	131,303,835
Loss per share - basic and diluted	(0.02)	(0.13)

• Expenses pertaining to the Namibian projects for the comparative period have been reclassified to discontinued operations.

Evaluation and Exploration expenditures (''E&E'')

E&E to the extent of $1,790,849 (2022: $587,518) have been incurred for the year ended December

31, 2023, out of which expenditures on; Cascades project to an extent of $1,745,419 (2022: $460,227),

Beravina project to an extent of $16,845 (2022: $10,119) and desktop evaluation expenditures $28,585

($117,172). Out of the E&E, an extent of; $782,440 (2022: $219,921) is attributable to the drilling

campaign at Cascades, $881,740 (2022: $334,407) on support and logistics and, $115,909 ($33,190) on licences, surface rents, insurances and options fees for the year ended December 31, 2023. Costs to the extent of $197,660 recognised under 'other prospects' for the nine-months ended September 30, 2023, have been written back pursuant to an option agreement with Brian Kiernan which allows Brian Kiernan to pursue the project with a first right of refusal to buy back for the Company. During the preceding financial year, an extent of $14,562,694 was recorded as evaluation and exploration asset arising on the acquisition and first time consolidation of Moydow.

Evaluation and Exploration expenditures - Associates / Joint Venture (JV)

The Company incurred an extent of $222,086 (2022: $500) expenditures on associate / joint venture

operations year ended December 31, 2023, out of which $172,283 (2022: $nil) is attributable to Kalaka

project for general administrative purposes and a small drilling programme, $29,897 (2022: $nil) attributable to Gurara project and the balance on common costs attributable to both projects for the year ended December 31, 2023.

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DFR GOLD INC.

Management's Discussion and Analysis

For the year ended December 31, 2023

(All amounts are expressed in U.S. dollars except where otherwise indicated)

3. RESULTS OF OPERATIONS (CONTINUED)

Review of selected financial and operating results (Continued)

General and Administrative Expenses ("G&A")

The Company incurred $1,342,564 (2022: $1,434,682) on G&A for the year ended December 31, 2023,

consisting mainly of: salary / fees for officers (CEO, COO and CFO) to an extent of $680,000 (2022: $840,500), the lower salary/fees for officers for 2023 is attributable to no bonus awarded in 2023 compared to $200,000 bonus awarded (to CFO and COO) in 2022; other consultancy and professional fees to an extent of $467,020 (2022: $398,469), the increase being attributable to the under provision of audit fees in 2022 accounted for in 2023; investor relations costs to an extent of $124,884 (2022: $63,875), the increase mainly attributable to attending investor meetings and conferences in 2023 (Indaba, PDAC and Mines and Money); and, the remaining G&A costs to an extent of $70,660 (2022: $131,838) consisting of insurances, office expenses and regulatory costs is lower due to once off office expenses incurred for Burkina Faso and the costs incurred in relation to the Moydow transaction in 2022.

Share based compensation

The Company granted an aggregate of 17,050,000 new Stock Options (in September and December 2022), with an exercise price of C$0.20 per share, to directors and officers of the Company. The grant of options gave rise to share-based compensation ("SBC") to an extent of $1,075,048, out of which an extent of $284,038 has been expensed during the year ended December 31, 2022 and the balance amounting to $791,010 recognised in 2023.

Net interest expense

The net interest expense amounting to $144,816 (2022: income $9,822) for the year ended December 31, 2023 were incurred mainly as a result of the Company issuing convertible debentures aggregating $1,705,750 in April 2023, bearing interest at the rate of 12.5%, as more fully disclosed under section 6(ii) of this MD&A. Interest payable on debentures amounted to $157,139 (2022: $nil), partly offset by interest received on deposit/call account amounting to $12,323 (2022: $9,822) for the year ended December 31, 2023.

Loss from discontinued operations

The Company disposed of its previously owned Namibian subsidiaries (Diamond Fields (Namibia) (Pty) Ltd. and Namibian Diamond Company (Pty) Limited) on November 28, 2022. Costs incurred (mainly to keep the licences in good standing) for the comparative period amounted to $45,666.

4. REVIEW OF OPERATIONS Projects overview

DFR has a portfolio of exploration and development projects across Africa, with a focus on gold, including the highly prospective Cascades Project in Burkina Faso. The Company's portfolio and respective interest is summarised as follows:

Project	Interest
Cascades, Burkina Faso - Gold	80% (subject to conditions - see below)
Kalaka, Mali - Gold	40% participating interest - Joint Venture
Gurara, Nigeria - Gold	25.5% participating - Joint Venture
Beravina, Madagascar - Zircon	100%

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DFR GOLD INC.

Management's Discussion and Analysis

For the year ended December 31, 2023

(All amounts are expressed in U.S. dollars except where otherwise indicated)

4. REVIEW OF OPERATIONS (CONTINUED) Projects overview (continued)

The Company's interests are located in various regions of Africa as depicted below:

Cascades, Burkina Faso, NI43-101 amended resource statement (2022), indicated 264,000 Oz @1.52g/t Au inferred 371,000 Oz @1.67g/t Au

Kalaka, Mali, 40% interest. Very large 0.5g/t Au mineralization envelope

Gurara, Nigeria, 25.5%

interest. Prospective frontier stage gold projects.

Diamonds, Namibia* Income up to $100,000 annually until 2035 and 1% royalty

Beravina, Madagascar,

NI43-101 resource statement (2019), 1.5Mt @ 22.7% zircon

*DFR sold its diamond projects to JBDM Ltd. (a related party through common shareholding by Mr. Jean Raymond Boulle) in 2022 when it received an initial payment of $150,000 and pursuant to the agreement with JBDM, further annual payments of up to $100,000 until the year 2035 in addition to 1% on net sale royalty shall accrue. The first annual payment of $100,000 has been received in September 2023.

Exploration Projects

Cascades (Gold) - Burkina Faso

The Company announced on August 25, 2021, entering into definitive agreements (the "Definitive Agreements") to acquire Moydow Holdings Limited, pursuant to which upon closing on June 28, 2022, DFR has acquired an 80% interest in the Cascades project and Panthera Resources Plc. ("Panthera") will own a carried 20% interest on the condition that DFR invests $18,000,000 (the "Deemed Cost Base") in the project by September 30, 2026. Panthera shall have the right to acquire an additional 10% interest in Cascades by making a payment of up to $7,200,000 following the Trigger Date (defined as the earlier of DFR achieving the Deemed Cost Base or September 30, 2026), thereafter, all interests shall be participating. The Cascades gold exploration project comprising initially of an option for the WUO Land ("WUO Land 1") exploration license, broadened in geographic scope through the acquisition of an option to acquire the WUO Land 2 exploration license, which is contiguous to the WUO Land 1 license. Both option agreements relate to the Cascades project, same ultimate owner (the "License Holder") and are held in escrow with an appointed escrow agent in Ouagadougou, Burkina Faso. The project is located in the Banfora greenstone belt of the West African Birimian Supergroup in Comoé province, southwest Burkina Faso. Cascades is approximately 370km west-southwest of Ouagadougou, and 100km northeast of the Wahgnion gold mine, operated by Endeavour Mining.

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DFR GOLD INC.

Management's Discussion and Analysis

For the year ended December 31, 2023

(All amounts are expressed in U.S. dollars except where otherwise indicated)

4. REVIEW OF OPERATIONS (CONTINUED) Exploration Projects (Continued)

Cascades (Gold) - Burkina Faso (Continued)

The WUO Land 1 option agreement gives DFR exclusive rights until May 27, 2024 to purchase 100% of the License Holder's interest in the WUO Land 1 exploration license for a payment of USD 1,000,000. Moreover, an amount of USD 50,000 (which have all been paid) is payable annually to the License Holder until May 27, 2023. An additional payment of USD 1,000,000 will be made to the License Holder upon the successful definition and reporting of a resource of at least 1,000,000 ounces of gold (under JORC guidelines). In addition, the License Holder retains a 1% net smelter return royalty ("NSR") on all gold produced up to a total aggregate payment of USD 2,000,000. The WUO1 exploration permit (Permis de Recherche) was renewed for three years in 2021 and was due for renewal on March 5, 2024, the Company lodged a submission for renewal in December 2023, and the renewal process is ongoing as at that date of this MD&A.

The WUO Land 2 option agreement gives DFR exclusive rights to purchase 100% of the License Holder's interest in the WUO Land 2 exploration license for an aggregate payment of $500,000, out of which $200,000 has been paid and two payments of $150,000 each were due and payable in 2023 prior to exercising the WUO2 option. The License Holder and the Company have entered into an amendment agreement for WUO Land 2 in December 2022 pursuant to which: DFR has an option to pay $25,000 to the License Holder prior to December 31, 2022, to delay the first $150,000 payment until January 31, 2024; and, an option to pay the License Holder $25,000 by May 31, 2023 to delay the second $150,000 payment until May 31, 2024. DFR has paid the first $25,000 in December 2022 and has effected the second $25,000 payment in May 2023, therefore the two $150,000 payments will be due on January 31 and May 31, 2024 respectively. The Company paid $300,000 to the License Holder earlier this year and has exercised the WUO land 2 option, the license will be transferred in the Company's subsidiary's name upon submitting the annual activity report to the Burkina Faso authorities, currently in progress as at the date of this MD&A. The License Holder is also entitled to a net smelter royalty of 1% capped at $2,000,000 on the value of all minerals extracted from the tenement.

The WUO Land 2 exploration permit (Permis de Recherche) was granted for a three-year period on November 13, 2018, initially renewed and further renewed for another three-year period until November 12, 2024, and will be subject to a second renewal prior to the three-year term expiring.

Moydow has explored the area since August 2020 and has benefitted from exploration activities undertaken at Cascades by previous operators, High River Gold Mines Limited ("HRG") (now Nord Gold SE ("Nord Gold")) and Taurus Gold Limited ("Taurus") having executed an Exploration Data, Reports and Samples Purchase Agreement on October 9, 2020 with Nord Gold to purchase all of their historic data in consideration of a 0.5% Net Smelter Royalty (NSR) capped at USD 3,000,000.

Historic information includes over 65,000 metres ("m") of drilling (541 holes) completed across multiple drilling campaigns by HRG and Taurus, consisting of principally diamond and RC drilling. Mineralization has been intercepted in three main zones over a 14km strike length. Previous historical drilling and historical artisanal mining has demonstrated continuity of mineralization within two of the three zones over strike lengths of up to 9km. Historical ground IP surveys, acquired by the Company, highlight the opportunity for further extensions and additional zones. Prior to its acquisition by DFR, Moydow consolidated all the previous exploration data into a single database for the first time in the project's history. The database includes an extensive amount of information, including drilling and soil sampling data, ground and airborne geophysics and Lidar surveys.

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DFR GOLD INC.

Management's Discussion and Analysis

For the year ended December 31, 2023

(All amounts are expressed in U.S. dollars except where otherwise indicated)

4. REVIEW OF OPERATIONS (CONTINUED) Exploration Projects (Continued)

Cascades (Gold) - Burkina Faso (continued)

Moydow completed its inaugural exploration drilling program, which included 4,739m of reverse core (RC) drilling in 2021, comprising twin drilling of 23 holes in two areas of known, high grade mineralization, 2 infill holes as well as 4 exploration drill holes to test potential extensions. The results of the Moydow's drilling showed strong reproducibility of the HRG and Taurus drill data both in terms of location of mineralization and grade. Moreover, the brownfields exploration drilling showed good predictability of the location of mineralization in extensional drilling to the mineral resource. The HRG, Taurus and Moydow data was therefore taken as sufficiently accurate to be used in the estimation of the maiden mineral resource estimates (MRE) for Cascades. On October 25, 2021, the Company announced a maiden Mineral Resource prepared in accordance with National Instrument 43-101 for the Company's Cascades project, and amended on April 20, 2022, reporting:

• Indicated resource of 5.41 million tonnes at an average grade of 1.52 g/t Au for a total 264,000 ounces of gold; and
• Inferred resource of 6.93 million tonnes at an average grade of 1.67 g/t Au for a total of 371,000 ounces of gold.

The MRE for the Cascades Project has been prepared by Mr. Ivor W.O. Jones, M.Sc., FAusIMM, P.Geo, for Aurum Consulting, who is an independent Qualified person (QP) under NI 43-101 guidelines. The maiden Mineral Resource and its preparation have been detailed in a technical report,

entitled Diamond Fields Resources Inc. Cascades Project 2021-10,prepared in accordance with NI

43-101 and filed on SEDAR by the Company on December 3, 2021. On April 20, 2022, an amended technical report was filed clarifying that no exploration or drilling was done by DFR, no properties within close proximity to the project could be considered relevant to the project and that the qualified persons were independent from Moydow and Panthera Resources plc (which currently holds the remaining 20% interest in the project).

The MRE was estimated using ordinary kriging methodologies, standard estimation practices and constrained by an open-pit evaluation based on a $1,900 per ounce gold price and reported using a cutoff grade of 0.5 grams of gold per tonne ("g/t Au"). The MRE is based upon a total of 69,787m of drilling from 566 drill holes which includes the confirmatory, twin and infill drilling of 4739m for 31 holes (detailed above) undertaken by Moydow in 2021. Preliminary metallurgical results from historical metallurgical samples, supported by extensive LeachWELL (proprietary accelerated cyanide leach technique) data from Moydow drilling samples, indicate that gold is readily treatable by conventional cyanide leaching techniques after grinding to industry standard grind-sizes of approximately 80% passing 120 microns. Recoveries are in the range of 90% and 98% in the oxide zone and between 82% and 93% in the transition/sulfide zone. Moydow has estimated the amount of the resource that has been depleted by artisanal mining to be approximately 341,000 tonnes at 3 g/t Au.

Prior to the completion of its acquisition by DFR, Moydow started a drilling program at Cascades during the second quarter of 2022 (the "2022 Drilling Campaign") incorporating infill resource definition and step out drilling at the Daramandougou area (21 RC holes for an aggregate of 2,454 metres) and first-pass exploration drilling on two new previously untested targets in the then newly acquired Wuo Land 2 concession (as announced on 11 March 2022), namely the TT-13 and the Big South targets (22 holes).

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