Management’s Discussion and Analysis For the year ended June 30, 2025

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# MD&A

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# MD&A
Management’s Discussion and Analysis For the year ended June 30, 2025
ESGold Corp.
FORM 51-102F1
MANAGEMENT DISCUSSION AND ANALYSIS
FOR THE THREE-MONTH PERIOD ENDED SEPTEMBER 30, 2025
INTRODUCTION
This management’s discussion and analysis (“MD&A”) is the responsibility of management and covers the
three-month period ended September 30, 2025 of ESGold Corp. and compares the financial results for the
three-month period ended September 30, 2025 with those of the three-month period ended September 30,
2024. The MD&A takes into account information available up to and including November 17, 2025 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.com.
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.com .
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,
materials, supplies and services (including transportation); no labour-related disruptions at our operations;
{00797845 v1}ESCold Corp. 1
Management’s Discussion and Analysis For the year ended June 30, 2025
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.com 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 mine property
(“Montauban Mine Property” or the “Montauban Project”)) 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 Mine Property to profitably extract residue minerals while
restoring and returning the mine property to environmentally safe standards. The Montauban Mine 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 Mine. The mill infrastructure in place includes a
steel structure building (16,000 square feet), Quebec Hydro power line and all access roads to the mill
building and tailings piles. The mill engineering has been completed by Alphard Engineering in Montreal.
The drill hole database from the Montauban Project contains 352 valid drill hole collars, with a total meterage
of 1,654.04 metres (“m”) and 1,170 assay intervals totalling 1,498.05 m. For the Montauban Mine tailings, a
total of 35 test pits and trenches totalling 77.44 m were excavated. A total of 112 samples (including Blanks
and Standards) were collected and sent to SGS laboratory in Quebec City for Au (gold), Ag (silver) and
multi-element analysis.
The Company is also exploring turning tailings into green construction resources by using polymer 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.
{00797845 v1}ESCold Corp. 2
Management’s Discussion and Analysis For the year ended June 30, 2025
The Company’s 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.
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 consulting
geoscientist, has reviewed and approved the technical disclosure in this MD&A.
THE COMPANY
ESGold Corp. is an exploration stage company 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 Eagle River Total
Balance, June 30, 2024 $ 6,911,930 $ 50,000 $ 6,961,930
Acquisition of project - - -
Asset retirement obligation - - -
- - -
Exploration and evaluation expenditures
Project management and travel 294,011 - 294,011
Exploration - -
294,011 - 294,011
Write-down of Eagle River project - (50,000) (50,000)
Balance, June 30, 2025 $ 7,205,941 $ - $ 7,205,941
Acquisition of project - - -
Asset retirement obligation - - -
- - -
Exploration and evaluation expenditures
Project management and travel 40,441 - 40,441
Exploration - -
40,441 - 40,441
Balance, September 30, 2025 $ 7,246,382 $ - $ 7,246,382
{00797845 v1}ESCold Corp. 3
Management’s Discussion and Analysis For the year ended June 30, 2025
Eagle River property, Quebec
During the year ended June 30, 2017, the Company acquired 1084409 B.C. Ltd., 1106632 B.C. Ltd., 1107136
B.C. Ltd., and 1106541 B.C. Ltd. which owns the Eagle River project located in the Windfall Lake gold
district, Quebec.
On December 15, 2020, the Company received an NI 43-101 Technical Report on the Eagle River Property
and it was the Company’s intention to execute Phase 1 of the proposed Exploration plan (“Phase 1”). The
initial Phase 1 program had an expected budget of $364,590. Phase 1 was expected to consist of a basal-till
sampling program, general prospecting, and a rock outcrop sampling program; up to 200 samples are
expected to be collected during a five-week field program. The work would be completed by a four-person
field crew based in fly-in camps; it is likely helicopter assistance would be required to access portions of the
property. All basal-till samples for Phase 1 would be collected by a worker-portable drill rig to reach the
basal till layer wherever possible. In November 2021, as part of Phase 1, the Company mobilized a Quebec
based drill contractor to commence additional overburden drilling, a program intended to provide a
preliminary characterization of the property overburden nd test basal till for potentially gold anomalism.
In October 2021, the Company entered into a purchase agreement with 9093-6725 Quebec Inc. and Randon
Ferderber to acquire a 100% interest in 10 claims totaling 565.3 hectares for cash consideration of $25,000
and a 2% net smelter royalty (“NSR”). The Company could buy back 1% of the NSRfor $1 million and the
remaining 1% NSR for $2 million. The claims of this property are adjacent to the Company’s current Eagle
River property holdings and would form part of the Company’s Eagle River property.
In November 2021, the Company also commissioned a revised NI 43-101 Technical Report on the Eagle
River Property to update for the additional work that were completed, title changes and the new claims that
were acquired in October 2021.
On June 30, 2024, the Company determined that the Eagle River property value was impaired and, as a result,
was written down to its fair value of $50,000. A write-off of $2, 207,025 was taken on the property at June
30, 2024. On June 30, 2025, the Company determined that the Eagle River property value was further
impaired and, as a result, was written down

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