ESAU MDA Q3 FY2026

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# ESAU MDA Q3 FY2026

Source: https://esgold.com/wp-content/uploads/2026/07/ESAU-MDA-Q3-FY2026.pdf
Published: 2026-07-01T00:00:00+00:00
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# ESAU MDA Q3 FY2026
Management’s Discussion and Analysis For the nine-month period ended March 31, 2026
ESGold Corp.
FORM 51-102F1
MANAGEMENT DISCUSSION AND ANALYSIS
FOR THE NINE-MONTH PERIOD ENDED MARCH 31, 2026
INTRODUCTION
This management’s discussion and analysis (“MD&A”) is the responsibility of management and covers the
nine-month period ended March 31, 2026 of ESGold Corp. and compares the financial results for the nine-
month period ended March 31, 2026 with those of the nine-month period ended March 31, 2025. The MD&A
takes into account information available up to and including May 28, 2026 and should be read together with
the consolidated audited financial statements and accompanying notes for the year ended June 30, 2025 which
are available on the SEDAR+ website at www.sedarplus.ca.
Throughout this MD&A the terms we, us, our, the Company and ESGold refer to ESGold Corp. All financial
information in this document is prepared in accordance with International Financial Reporting Standards
(“IFRS”) and presented in Canadian dollars unless otherwise indicated.
Additional information related to the Company is available for view on SEDAR+ at www.sedarplus.ca.
FORWARD-LOOKING STATEMENTS
This MD&A contains certain forward-looking statements and information relating to ESGold Corp. and its
operations that are based on the beliefs of its management as well as assumptions made by and information
currently available to the Company. When used in this document, the words "anticipate", "believe", "budget",
"estimate", "expect", "intends", "plans", "potential", and similar expressions, as they relate to the Company
or its management and operations, are intended to identify forward-looking statements.
These forward-looking statements or information relate to, among other things: the Company's future
financial and operational performance; the sufficiency of the Company's current working capital, anticipated
cash flow or its ability to raise necessary funds; the anticipated amount and timing of work programs; our
expectations with respect to future exchange rates; the estimated cost of and availability of funding necessary
for sustaining capital; forecast capital and non-operating spending; and the Company's plans and expectations
for its property, exploration and community relations operations.
These forward-looking statements and information reflect the Company's current beliefs as well as
assumptions made by, and information currently available to the Company and are necessarily based upon a
number of assumptions that, while considered reasonable by the Company, are inherently subject to
significant operational, business, economic, competitive, political, regulatory, and social uncertainties and
contingencies. These assumptions include cost estimates for exploration programs; cost of drilling programs;
prices for base and precious metals remaining as estimated; currency exchange rates remaining as estimated;
capital estimates; our expectation that work towards the establishment of mineral resource estimates and the
assumptions upon which they are based will produce such estimates; prices for energy inputs, labour,
ESGold Corp. 1
Management’s Discussion and Analysis For the nine-month period ended March 31, 2026
materials, supplies and services (including transportation); no labour-related disruptions at our operations;
no unplanned delays or interruptions in scheduled work; all necessary permits, licenses and regulatory
approvals for our operations being received in a timely manner and can be maintained; and our ability to
comply with environmental, health and safety laws, particularly given the potential for modifications and
expansion of such laws. The foregoing list of assumptions is not exhaustive.
Forward-looking statements and information involve known and unknown risks, uncertainties, assumptions,
and other factors which may cause the actual results, performance, or achievements of the Company to be
materially different from any future results, performance or achievements expressed or implied by the
forward-looking statements. Although the Company has attempted to identify important factors that could
cause actual results or events to differ materially from those expressed or implied in the forward-looking
statements (see "Risks and Uncertainties" in this MD&A), there may be other factors which could cause
results not to be as anticipated, estimated, described, or intended. Investors are cautioned against attributing
undue certainty or reliance on forward-looking statements or information.
Forward-looking statements and information contained herein are made as of the date of this MD&A. The
Company does not intend and disclaims any obligation to update or revise forward-looking statements or
information, whether as a result of new information, future events, or to reflect changes in assumptions or
circumstances or any other events affecting such statements or information, other than as required by
applicable law.
RESERVES AND RESOURCES
National Instrument 43-101 (“43-101”) of the Canadian Securities Administrators – Standards of Disclosure
for Mineral Projects – requires that each category of mineral reserves and mineral resources be reported
separately. Readers should refer to ESGold’s continuous disclosure documents available on SEDAR+ at
www.sedarplus.ca for this detailed information, which is subject to the qualifications and notes therein set
forth.
DESCRIPTION OF BUSINESS
The Company is a Canadian environmentally aware resource exploration and processing company focused
on building a strong asset base through exploration of undervalued projects in Canada. Management has
demonstrated expertise in advancing gold exploration projects into acquisition targets, most notably in the
province of Quebec. ESGold’s principal restoration and recovery project is the Montauban property (the
“Project” or “Montauban Project” or “Montauban Property”) situated in Quebec, just 80 kilometers west of
Quebec City. ESGold will use its expertise in early-stage exploration to create shareholder value by
attempting to prove out and develop the potential resource in these assets.
The Company is developing the Montauban Property to profitably extract residue minerals while restoring
and returning the property to environmentally safe standards. The Montauban Property comprises 265 mining
claims or 13,116 hectares in the Notre-Dame-de-Montauban municipality, Quebec. The Project is fully
permitted to operate 1000 metric tonnes per day through a Merrill-Crowe closed circuit process system for
processing tailings at the Montauban Property. The mill infrastructure in place includes a steel structure
building which has been expanded from its original 16,000 square feet to now 20,000 square feet, Quebec
Hydro power line and an all access road to the mill building and tailings piles. The sites mill engineering has
been completed by Alphard Engineering in Montreal.
The Company is also exploring turning tailings into green construction resources by using polymers to bond
processed tailings into various building materials, such as bricks, cinder blocks, paving stones, patio tiles,
parking columns and highway Jersey barriers for traffic lane demarcation.
The Company’s common shares are currently listed on the Canadian Securities Exchange with the trading
symbol CSE: ESAU.CN and the OTC Markets OTCQB with the trading symbol ESAUF.
ESGold Corp. 2
Management’s Discussion and Analysis For the nine-month period ended March 31, 2026
QUALIFIED PERSON
Mr. Andre Gauthier, BSC in Geology Eng., MSC, of Eval Minerals, a Qualified Person under National
Instrument 43-101 – Standards of Disclosure for Mineral Projects (NI 43-101) and a senior geoscientist, has
reviewed and approved the technical disclosure in this MD&A.
THE COMPANY
ESGold Corp. is an exploration stage company which was incorporated under the Canada Business
Corporations Act on October 22, 2004. On November 29, 2021, the Company was continued to the governing
jurisdiction of British Columbia and on July 14, 2022, the Company changed its name from Secova Metals
Corp. to ESGold Corp.
The Company’s registered office is 1500 - 1055 West Georgia Street, Vancouver, British Columbia, Canada,
V6E 4N7.
Exploration Summary
Montauban and Chavigny Townships, Quebec
On December 12, 2019, the Company and DNA Canada Inc. (“DNA”) entered into a purchase agreement
(“Purchase Agreement”) whereby the Company agreed to acquire mining claims and concessions located in
the Montauban and Chavigny townships, in the county of Portneuf, in the province of Quebec, as well as
buildings, immovables, and other assets and operating permits located on, or with respect to, the property.
The consideration to be paid to DNA consisted of the issuance of common shares of the Company in three
tranches:
(i) 1,500,000 common shares to be issued four months and one day following the closing;
(ii) 1,500,000 common shares to be issued eight months following the closing; and
(iii) 2,000,000 shares to be issued one year following the closing of the acquisition.
The 5,000,000 common shares as the total consideration were issued to DNA in their entirety on May 24,
2023. On July 24, 2023, an additional 926,210 common shares were issued for debt related to the acquisition
of Montauban, valued at $0.50 per common share for a total debt amount assumed of $463,105.
As part of the Purchase Agreement, the Company acquired some equipment and assumed liabilities totalling
$208,290, which was settled in cash. A nil balance of it is included in accounts payable and accrued liabilities
as at March 31, 2026 (June 30, 2025 - $Nil).
ESGold Corp. 3
Management’s Discussion and Analysis For the nine-month period ended March 31, 2026
Completion of the Montauban Project acquisition was conditional upon, among other things, receipt of all
necessary regulatory approvals, including approval of the TSX Venture Exchange (previously listed
exchange). The Company submitted the acquisition to the TSX Venture Exchange for approval and the
Company received approval on November 23, 2020. The acquisition of the Montauban Project was
completed in September 2021.
In November 2021, the Company engaged JPL GeoService Inc., a Quebec based company, to produce a NI
43-101 Technical Report and Mineral Resource estimate on the Montauban Project. The NI 43-101 Technical
Report was completed in February 2022 and is available for view on SEDAR+ at www.sedarplus.ca.
Technical Activities – Montauban Property
As of March 31, 2026, the Company had advanced the Montauban Project from a historical tailings-
reprocessing and remediation opportunity toward a broader, integrated gold-silver-polymetallic exploration
and development platform while simultaneously advancing construction planning and operational
preparation for the tailings processing project. The Company’s principal technical work has focused on three
parallel objectives: advancing the permitted tailings-processing project, improving geological understanding
of the hard-rock mineral system using various exploration techniques, including Ambient Noise Tomography
(“ANT”) and preparing a systematic 2026 exploration program to test priority targets in the vicinity of the
historical mine infrastructure, including the crown pillar sector.
The Montauban Project remains the Company’s principal restoration and recovery asset, located
approximately 80 kilometres west of Québec City. As of March 31, 2026, the property comprises of 265
mining claims covering approximately 13,116 hectares. The project is fully permitted to operate at 1,000
metric tonnes per day using a Merrill-Crowe closed-circuit process for tailings treatment. Existing sit

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