Colibri Resource : Earnings Document

COLIBRI RESOURCE CORPORATION

Form 51-102F1

Management Discussion & Analysis

For the Three Month Periods Ended March 31, 2024 and 2023

105 Englehart St.

Suite 700

Dieppe, N.B E1A 8K2

[phone] [e-mail]

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Overview

The following Management Discussion and Analysis ("MD&A") for Colibri Resource Corporation ("Colibri") or ("the Company") prepared as of May 28, 2024, should be read together with the unaudited condensed consolidated interim financial statements for the three month period ended March 31, 2024 and related notes attached thereto, which were prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB") applicable to the preparation of interim financial statements, including IAS 31, Interim Financial Reporting.

This MD&A should be read in conjunction with the consolidated financial statements and the notes thereto for the year ended December 31, 2023 which were prepared in accordance with International Financial Reporting Standards ("IFRS") issued by the IASB.

All dollar amounts referred to in this discussion and analysis are expressed in Canadian dollars unless otherwise noted.

This MD&A contains forward-looking information. Please see "Forward-Looking Information" and "Risk and Uncertainties" for a discussion of the risks, uncertainties and assumptions relating to such information.

FORWARD-LOOKING INFORMATION

Forward-looking information is included in this MD&A, which involves known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Forward-looking information is identified by the use of terms and phrases such as "anticipate", "believe", "could", "estimate", "expect", "intend", "may", "plan", "predict", "project", "will", "would", and similar terms and phrases, including references to assumptions. Such information may involve but are not limited to comments with respect to strategies, expectations, planned operations or future actions.

Forward-looking information reflects current expectations of management regarding future events and operating performance as of the date of this MD&A. Such information involves significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not such results will be achieved. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking information, including, but not limited to, the following factors: financial health of the Company's subsidiary and the related cash flows, competitive and economic environment, seasonality and fluctuations in results, expansion, interest rates, foreign exchange, cash distributions are not guaranteed and will fluctuate with the performance of its subsidiary, and federal income tax changes in Mexico and Canada.

Although the forward-looking information contained in this MD&A is based upon what the Company's management believes to be reasonable assumptions, the Company cannot assure investors that actual results will be consistent with such information. Forward-looking information reflects management's current beliefs and is based on information currently available to the Company. Such information reflects current assumptions regarding future events and operating performance including, without limitation, a strong economy in Canada, stable interest rates and continued strength in the mining exploration industry in which the Company operates and speaks only as of the date of this discussion. The forward-looking information is made as of the date of this MD&A and the Company assumes no obligation to update or revise such information to reflect new events or circumstances.

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Description of the Business

The Company was incorporated on February 20, 2004 in the province of British Columbia. On August 5, 2005, the Company's common shares and purchase warrants began trading on the TSX Venture Exchange under the symbols CBI and CBI.WT respectively.

Through its subsidiary companies, Minera Bestep S.A. de C.V. (Minera), Yaque Minerales S.A. de C.V. (Yaque) and Coboro Minerales S.A. de C.V. (Coboro), the Company is engaged in the acquisition, exploration, and if warranted, development of gold, silver, copper, molybdenum and other metal deposits in Mexico. Minera, Yaque and Coboro have acquired a majority interest in four mineral properties and a minority interest in two mineral properties located in Sonora, Mexico. Sonora is the northernmost state in Mexico and borders the United States of America. All of the Company's property interests are located within or adjacent to, a free trade zone within the State, a fact that facilitates cross-border access and general business. The properties are characterized by ease of accessibility, well developed infrastructure, access to a ready and skilled labour pool and a large degree of common logistics due to their relative proximity to each other.

Additional information related to the Company is available for view on the Company's website at

www.colibriresource.comand on SEDAR athttp://www.sedar.com.

Overview

The Company holds a 100% interest in the Evelyn property, 100% interest in the Plomo properties, 49% interest in the Pilar properties, 100% in the Mezquite property, 25% interest in the Diamante properties, 50% of the Jackie property, and 100% of the Sun property.

The Company acquired 100% of the Pilar and Sun properties in August 2017. The Sun property was allowed to lapse during the 2020 fiscal year and was reacquired during the 2021 fiscal period.

The Company acquired two additional properties during the 2019 fiscal year, the El Mezquite Property and the Jackie Property, both located in Sonora, Mexico.

During the 2020 fiscal year, the Company entered into an agreement with Silver Spruce Resources Inc. ("Silver Spruce") whereby Silver Spruce acquired a four-year option to purchase a 50% interest in Yaque Minerales S.A. de C.V., a wholly owned subsidiary of the Company which owns a 65% interest in the El Mezquite property in Mexico.

Consideration for the option includes payment of an amount to acquire the remaining 35% interest in the El Mezquite property, payments required to maintain surface rights for the El Mezquite property, payment of 50% of the property taxes on the El Mezquite property, payment of 50% of the interest on an existing convertible debenture related to the purchase of Yaque Minerales, and payment of $500,000 prior to October 2023.

Silver Spruce was also required to incur US$600,000 in exploration and evaluation expenditures on the El Mezquite property during the period of the option, with no minimum annual amount.

During the 2020 fiscal year, Silver Spruce paid US$82,500 (CDN$109,000) as partial payment to acquire the 35% interest in the El Mezquite property.

During the 2021 fiscal year, the Company paid US$50,000 as partial payment to acquire the 35% interest in the El Mezquite property and another US$50,000 in January 2022 resulting in the Company owning a 100% interest in the El Mezquite property.

In September 2022, Silver Spruce terminated its option to acquire 50% interest in Yaque and therefore, the Company now owns 100% in the El Mezquite property.

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During the 2020 fiscal year, the Company entered into an option agreement with Silver Spruce Resources Inc. ("Silver Spruce") whereby Silver Spruce could earn a 50% interest in the Jackie property by cash payments of US$50,000 and the issuance of $50,000 Silver Spruce shares to the Company over a two-year period. In addition, Silver Spruce was required to carry out US$100,000 of exploration and evaluation expenditures of which US$50,000 of expenditures must be incurred during the first year of the option.

On April 19, 2022, Silver Spruce, having earned its 50% interest in the Jackie property, signed a joint venture agreement with the Company for the continued operation of the property.

During the 2019 fiscal year, the Company optioned the Pilar property to Tocvan Ventures Corp. and received as consideration 2,000,000 common shares of Tocvan, whose shares are listed on the Canadian Securities Exchange, and cash of $125,000. Tocvan can earn a 51% interest in the Pilar property by issuing another 3,000,000 common shares, making additional cash payments of $275,000 to the Company, and carrying out exploration and evaluation expenditures of $2,000,000, over a 60-month period. During the 2020 year, the Company received an additional 1,000,000 common shares of Tocvan valued at $465,000 and cash of $125,000 as partial consideration in connection with the option agreement. During the 2021 fiscal year, the Company received an additional 1,000,000 common shares of Tocvan valued at $910,000 and cash of $25,000 as partial consideration in connection with the option agreement. During fiscal 2022, the Company received an additional 1,000,000 common shares of Tocvan valued at $610,000 and cash of $75,000 as partial consideration in connection with the option agreement. During fiscal 2023, the Company received the final cash payment of $75,000. On September 19, 2023, Tocvan submitted the exercise notice to the Company for the majority ownership (51%) of the Pilar property. Tocvan had a six-month option period, till March 19, 2024, to purchase the remaining 49% for $2,000,000 cash payment and 2% NSR on the property. Also, pursuant to the property option agreement, Tocvan is obligated to issue to the Company fully paid and non assessable common shares of Tocvan in the event that the capitalization of Tocvan exceeds the threshold described in the agreement. Therefore, on December 19, 2023, Colibri received 525,000 shares of Tocvan valued at $210,000.

On March 19, 2024, Tocvan did not exercise its option to purchase the remaining 49% of the Pilar property. Colibri is presently negotiating a formal joint venture agreement with Tocvan to further explore the property. This property is expected to have a 43-101 complaint resource estimate before the end of calendar 2024.

During the 2021 fiscal year, the Company entered into an earn-in agreement whereby it could earn an initial 50% interest in the El Diamante property by making cash payment of US$100,000, paying one-half of the property tax and security costs and incurring the cost of 2,000 meters of drilling and related costs over a two- year period. Upon completion of its earn-in, the Company could either continue exploration and evaluation activities under a joint venture agreement with current owner of the property or acquire the remaining 50% of the property by payment of US$2.1 million or payment of US$1.4 million and granting of a 2%NSR. The El Diamante property is located in the State of Sonora, Mexico.

During the 2021 fiscal year, the Company entered into an agreement with Silver Spruce Resources Inc. ("Silver Spruce") whereby Silver Spruce can earn a 50% interest in the Company's interest in the El Diamante property by making a cash payment of US$75,000 and incurring 75% of the Company's costs with respect to the 2,000 meters of drilling and 50% of any other costs incurred by the Company with respect to the El Diamante property.

During Q4 of 2022, the Company along with Silver Spruce completed the 2,000 meters of drilling required in the agreement thereby jointly earning a 50% interest in the El Diamante. In April 2024, The Company announced that it had commenced a diamond drill program to test targets at the Diamante with its partner Silver Spruce Resources. Drilling is presently underway and results will be released in due course.

On March 16, 2023, the Company purchased 100% of the outstanding shares of Coboro Minerales de Mexico SA de CV ("Coboro") for $100,000. Coboro is the owner of the 4,260 Ha Plomo Gold Project in Caborca Gold Belt. For full details of this acquisition please see Colibri's news releases dated March 16, 2023 and March 21,

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2023. Subsequent to the acquisition of the "Plomo" project Colibri has begun to market the combined Evelyn and Plomo Projects as the "EP Gold Project."

Exploration Projects

Evelyn-Plomo (EP) Gold Project(s)

The Evelyn (506 Ha) and Plomo (4,260 Ha) project is 100% owned by Colibri and is currently considered to be a flagship exploration asset. The Company has been actively exploring the Evelyn claim since 2019 and has made several potentially material discoveries on the project by way of drilling, trenching, and sampling. The Plomo property, which is contiguous of the Evelyn lands, was acquired in early 2023 and is considered highly prospective to host one or more economically significant gold deposits. During Q1, 2024, the Company completed: a geological mapping and outcrop sampling on the Plomo property, an airborne magnetic survey of a large area on the Plomo which borders the Evelyn property, and applied for a drilling permit to test four targets. The sampling confirmed the historical sampling completed on the Plomo property, expanded the areas of known mineralization. In Q4 2023, the Company announced the results from a 2,200 meter - reverse circulation drilling program in 17 holes on the Evelyn property. The assay results from the drilling were considered positive by management and confirmed a potentially significant new discovery at the West Sahuaro Zone.

More details about the EP project are available at our website: www.colibriresource.com.

Diamante Gold and Silver Project

In February 2021, Colibri announced that it had reached an agreement with Bimsa Minera, a private Mexico based mineral exploration company to acquire up to 100% of the Diamante Gold & Silver project located adjacent to Colibri's Mezquite project in eastern Sonora. This promising project has hosted small scale historical mining activities however no records of past production are available. Historical samples taken by past owners indicate multiple areas of potentially high-grade gold & silver mineralization as well as base metals including zinc, copper and lead.

The two-year option agreement to earn an initial 50% of the project included a cash component of US$100,000 in favor of the vendor (paid) and a commitment by Colibri to drill at least 2,000 m and provide a comprehensive drilling report.

The Diamante claims were placed by the vendor into a new Mexican company called Minera Bimcol, S.A. de C.V, (BIMCOL). Fifty percent of the shares of BIMCOL are held by the vendor and the other 50% of the shares were held in escrow in favour of Colibri in anticipation of the Company earning its 50% stake in the new corporation.

In late April 2021, Colibri announced that it had agreed to partner with Silver Spruce Resources Inc. (TSX- Venture: SSE) to earn the initial 50% of the Diamante. Terms of the partnership included Silver Spruce paying US$75,000 to Colibri and agreeing to pay 75% of the exploration and drilling costs incurred to earn the 50% stake of BIMCOL. Upon earning 50% of Diamante, Colibri and Silver Spruce will each own 25% of the shares of BIMCOL through equal ownership of Yaque Minerales, a subsidiary holding the shares.

On January 31, 2023, Yaque Minerales earned the initial 50% of BIMCOL, from that date Yaque had up to six months to outright purchase the additional 50% of the new corporation by paying either US$2.1 million or by paying US$1.4 million and providing a 2% net smelter royalty in favour of the vendor. Yaque elected not to move forward with an outright purchase of the vendor's shares in BIMCOL and the two companies will move forward as equal joint venture partners on the project.

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During the first quarter of 2022, Colibri and Silver Spruce geologists conducted two field trips to the project with the goal of confirming historical sampling and mapping undertaken by previous owners of the project. New samples taken by the geologists confirmed many of the recorded observations and assay values as well as widened the areas of interest.

During Q2 and Q3 2022 Colibri and Silver Spruce announced the commencement and completion of the first ever known drill program at Diamante. Encouraging results were achieved. The reader is encouraged to read Colibri's news releases dated September 3rd, 2022 and September 29th, 2022 for further details.

During Q4 2022, Colibri and Silver Spruce geologists reviewed the data gathered during its exploration programs to date and prepared a comprehensive drilling report for its partners Bimsa Minera as the final step of its agreement to earn 50% of the project. This report was presented to its partner in January 2023.

During Q3 2023 Colibri (operator) and Silver Spruce completed exploration on the property which included geological mapping and the collection and analyses of 54 stream sediment samples and 60 outcrop samples. Analysis of the samples collected were largely completed during Q3 however some of the rock samples collected later in Q4 were analyzed in the first part of Q4 2023. The mapping and sampling resulted in the discovery of 2 new mineralized showings on the Diamante II concession. Results of the field work completed are reported in the Company's news release dated November 21, 2023. The Company is presently drilling at the Diamante project and results are expected to be released in due course over the next 45 to 60 days.

More details about the Diamante project are available at our website: www.colibriresource.com.

Pilar Gold and Silver Project

In September 2019, the Company entered into an agreement with Tocvan Ventures (CSE: TOC) whereby Colibri agreed to option up to 100% of the Pilar Gold & Silver Project located in Sonora Mexico. Tocvan had up to 5 years from the date of the agreement to earn an initial 51% of the project by satisfying certain terms. Upon completing the terms to earn its initial 51% of the project, Tocvan then had 6 months to decide if it will purchase the remaining 49% from Colibri outright or proceed forward as joint venture partners. For full details of this agreement please see Colibri's news release dated September 24th 2019.

During the second and third quarters of 2022, Colibri announced results of its partner's continued work on the project which included: drill program assay results and preliminary metallurgy results. Tocvan also announced exploration intentions for the balance of 2022 and the first half of 2023.

During Q4 of 2022, Colibri announced that Tocvan had entered into an agreement with a local mining company to complete a bulk sample of at surface or near surface mineralized material. Tocvan anticipates that the data collected will guide the future mine development plans at the Pilar.

Tocvan news releases in Q1 and Q2 of 2023 indicate that 1,400 tonnes of mineralized materials were removed for its bulk sample and initial grades of the said materials exceed its expectations in terms of head grade.

A Tocvan news release in early July 2023 indicated that the bulk sample leaching process had been completed with better than average results in terms of grade and recovery relative to that known for the area. On August 22, 2023 Tocvan released further results of the bulk sample heap leach which supports development of the processing flow sheet and optimization rapid recovery.

In September 2023, Tocvan fulfilled the terms to acquire the 51% ownership interest in Pilar which triggered a six month option to purchase the remaining 49%. In March 2024 the exclusive period lapsed and the two companies are presently negotiating an industry standard Joint Venture agreement to advance the project to a potential production decision.

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Tocvan is presently drilling infill and exploration holes at the Pilar project and have recently announced the results from 10 drill holes. Two of the exploration holes drilled to the east and northeast of the Main Zone have been considered potentially significant and indicate that the project could host several deposits of gold and silver.

More information about the results of the work completed at the Pilar Gold & Silver Project can be viewed at Colibri's website: www.colibriresource.com.

Jackie Gold & Silver Project

In November 2020, the Company announced that it had entered into an agreement with Silver Spruce Resources Inc. whereby Silver Spruce could earn 50% of Colibri's Jackie Gold & Silver Project located near the El Mezquite property. To the Company's knowledge, the Jackie property had no record of historical exploration. Terms of the agreement included a work commitment of US$100,000 to be spent over the course of two years with a minimum of US$50,000 to be spent in the first year. Pursuant to the agreement, Silver Spruce is required a cash payment of US$50,000 and $50,000 of Silver Spruce shares.

No field work took place at the Jackie property during 2023. Modelling of the information collected to date is ongoing and the Company and its partner are planning a near term trench sampling and/or drilling program.

More information about the results of the work completed at Jackie Gold & Silver Project can be viewed at Colibri's website: www.colibriresource.com.

El Mezquite

In June 2020, Colibri entered into an agreement with Silver Spruce Resources whereby Silver Spruce could earn up to 50% of the El Mezquite from the Company by spending US$600,000 on exploration expenditures, paying cash consideration of US$210,000 over 12 months, and a providing a 3 year $500,000 promissory note. In June 2021, Silver Spruce initiated a 2,485m drill program at the project and completed the program in July 2021. Results were announced in September 2021. Further details and results can be viewed on the Company's website: www.colibriresource.com.

During the first three quarters of 2022, no field activities at the Mezquite took place.

During the third quarter of 2022, Colibri was informed by Silver Spruce that it was withdrawing from its agreement to purchase 50% of the Mezquite Project.

During Q2 2023, Colibri completed a short field mapping and sampling program on the project.

Colibri is presently reviewing all data generated for the project and considering next steps.

More information about the results of the work completed at Mezquite Project can be viewed at Colibri's website: www.colibriresource.com.

Scientific and technical information regarding the mineral exploration properties presented in this section of the MD&A has been reviewed and approved by Jamie Lavigne, PGeo. Jamie Lavigne is a Director of Colibri and is a Qualified Person as defined in NI 43-101

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Quarterly Information

EP Project (Evelyn/Plomo) Q1, 2024

Drone magnetic survey

The airborne magnetic survey was flown with a nominal flight height of 35 m, a line spacing of 50 m and covered an area of 1,385 hectares. The survey was flown over the western part of the Plomo property adjacent to the Evelyn property and covered three of the previously prioritized target areas on the Plomo property. Survey equipment and parameters were very similar to the drone magnetic survey completed by the company over the Evelyn property in 2020 (506 hectares) and the two data sets have been merged and processed providing for seamless coverage over the highest-priority area of the EP project. Maps of total magnetic intensity and various maps of processed data have been received and included in the company's EP project GIS data set. An interpretation of the magnetic data, completed by an independent geophysicist and independent of other EP project geo-data, illustrates northwest-southeast- and northeast-southwest-oriented lineaments which characterize the Caborca gold belt structural fabric.

Geological mapping and outcrop sampling

Geological mapping was completed over selected areas on the EP project during January and included the collection and analyses of 64 outcrop samples and the collection of 23 rocks for thin-section petrography. The focus of the geological mapping was those areas that have been prioritized for drilling as well as selected strategic areas based on data compilation and interpretation to date. Outcrop sampling was completed to confirm the lithostructural setting of mineralization and included samples returning values of 3.3 grams per tonne Au, 2.87 g/t Au, 2.85 g/t Au and 2.6 g/t Au. Petrographic analyses of rock samples from the January mapping are in progress.

Interpretation of results

The newly acquired and merged magnetic coverage provides a very valuable input into the geo-data set and continued development of the EP project exploration model. Interpretation and reconciliation of the magnetic data with geological and structural mapping are continuing; however, some new and potentially key observations include: the wider recognition and potential importance of north-northeast-trending structures, the same trend orientation of the Main zone and Banco de Oro vein systems, which are the most developed historical mining sites on the property; the recognition of easterly trending lineaments on the Plomo property, their coincidence with mapped structures of the same trend orientation, their extrapolation and interpretation on the Evelyn side of the property, and their potential importance as a control on the occurrence of the San Perfecto target area mineralization and pointing to an earlier-stage exploration opportunity; combined with recently completed geological mapping, which included the recognition of a megacrystic potassium feldspar gneiss unit, the magnetic survey provides for the preliminary interpretation of a fault-bounded lithostructural domain on the northern part of the property, across the Evelyn-Plomo boundary, which is underlain by Proterozoic metamorphic rocks.

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Drill plan and next steps

Based on compilation and interpretation of historic and recent work, Colibri has identified 14 target areas on the EP property for continued exploration and has prioritized four of these for drilling. Colibri has submitted an application to SEMERNAT (Secretariat of Environment and Natural Resources) to drill 4,400 metres to test the four targets which include West Sahuaro, Banco de Oro, San Perfecto and Pavo Real.

Pilar

Colibri's partner Tocvan Ventures commenced a drilling program at Pilar in early April, 2024 and is presently still underway

Drilling objectives -- 7,000 metres:

1. Resource infill and expansion drilling:

1. Infill Drilling at Pilar Main zone where 2022 core drilling returned:
2. • 116.9 metres of 1.2 grams per tonne gold and seven g/t silver in drill hole JES-22-59;
   • 108.6 metres of 0.8 g/t Au and three g/t Ag in drill hole JES-22-62;

1. Expansion drilling to the southeast where past stepout drilling returned:
2. • 39.7 metres of one g/t Au and two g/t Ag in drill hole JES-21-50;
   • 13.7 metres of 0.6 g/t Au and 13 g/t Ag in drill hole JES-22-63;o Expansion drilling to the north where past drilling returned:
   • 29 metres of 0.7 g/t Au and two g/t Ag in drill hole JES-21-38;
   • 21 metres of 38.3 g/t Au and 38 g/t Ag in historic drill hole S-10.

Diamante

During Q1 2024, The company prepared pads and roads for a 10 hole - 1,050m drilling program at the Diamante Project to test areas of interest in Diamante I that were identified in a previous drilling program as well as new targets generated in Diamante II from work completed in Q4, 2023.

Exploration at Diamante in Q4,2023 was focused on the Diamante II concession and included property wide geological mapping, evaluation and sampling of historical showings, collection and analyses of 49 steam sediment samples, and assay of 60 outcrop samples. Highlights of the Q4 2023 work included the discovery of new mineralized showings in the southern and northern parts of the concession. Assays of 3.52 g/t Au and 121 g/t Ag from one showing and assays of 0.122 g/t Au and 197 g/t Ag from a second showing are on the southern part of the property in the area of Calton and Southern target areas which incudes a past sample of

39.8 /t Au and 109 g/t Ag. In the northern part of the Diamante II concession, samples returning assays of 0.818 g/t Au (5.07 g/t Ag) and 0.749 g/t Au (2.13 g/t Ag) are located approximately 250 metres northwest of the historical Mezquite-Raizudo showing which includes a sample which returned an assay of 5.64 g/t Au. A component of the field work completed to date has been geological mapping and evaluation of historical showings. Confirmation of the historical showings includes a sample which returned an assay of 3.34 g/t Au and 20 g/t Ag from the Calton target area.

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Annual Information

The following table provides a brief summary of the Company's condensed consolidated interim financial operations. For more detailed information, refer to the Condensed Consolidated Interim Financial Statements.

			For The Three		For The Three Month
		Month Period Ended		Period Ended March
			March 31, 2024	31, 2023
Total Revenue		$	-	$ -
Net (loss) income		(481,159)	(176,331)
Comprehensive (loss) income		(228,720)	184,707
Basic and diluted earnings (loss)		(0.00)	(0.00)
per share
Total assets		6,530,730	6,222,634
Total long-term liabilities		1,610,057	1,581,445
Cash dividends	-			-	-

The Company has no intention of paying dividends on its common shares as it anticipates that all available funds will be invested to finance the growth of its business.

Results of Operations

The preparation of financial statements in conformity with Canadian generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may be different from those estimates. Additional significant accounting policies are detailed in Note 3 of the condensed consolidated interim financial statements.

For The Three Month Period Ended March 31, 2024

Operations during the three months ended March 31, 2024 were focussed on exploration activities related to the Evelyn property and to managing exploration activities on behalf of optionees of the El Pilar and Diamante properties.

Net loss for the three month period ended March 31, 2024 was $481,159, which was a loss of $0.00 per share on both a basic and a fully diluted basis. Net loss for the three month period ended March 31, 2023 was $176,331. Q1 fiscal 2024 loss was attributed to general and administrative expenses of $477,356, unrealized loss on investment of $10,500 and expenses recovered of $(6,697).

The negative variance of $304,828 between Q1 of fiscal 2024 and Q1 of fiscal 2023 is mainly due to the accounting and audit fees, the interest and accretion expense, the share based compensation and the fair value adjustments on investments.

The increase of $32,048 in accounting and audit fees from $18,805 in 2023 to $50,853 for the current quarter is due to an increase in the audit fees.