Galleon Gold : Annual Information Form

ANNUAL INFORMATION FORM

FOR THE YEAR ENDED NOVEMBER 30, 2023

DATED APRIL 1, 2024

Table of Contents

PRELIMINARY INFORMATION .......................................................................................................................................................... 3

CAUTIONARY STATEMENTS .............................................................................................................................................................. 3

Forward-Looking Information .......................................................................................................................................................................... 3

Material Risks .................................................................................................................................................................................................. 3

A Note for US Investors Regarding Estimates of Measured, Indicated and Inferred Mineral Resources ............................................................ 4

GLOSSARY OF TECHNICAL TERMS ..................................................................................................................................................... 5

CURRENCY AND EXCHANGE RATES .................................................................................................................................................. 9

METRIC EQUIVALENTS ..................................................................................................................................................................... 9

CORPORATE STRUCTURE .................................................................................................................................................................. 9

Name, Incorporation and Address .................................................................................................................................................................... 9

Subsidiaries .................................................................................................................................................................................................... 10

Canadian Reporting Issuer History ................................................................................................................................................................. 10

Changes to Capital ......................................................................................................................................................................................... 10

Stock Exchange Listings .................................................................................................................................................................................. 10

GENERAL DEVELOPMENT OF THE BUSINESS ................................................................................................................................... 10

Overview ....................................................................................................................................................................................................... 10

Three-Year History ......................................................................................................................................................................................... 11

MATERIAL PROPERTIES .................................................................................................................................................................. 16

West Cache Gold Property, Ontario ................................................................................................................................................................ 16

Neal Property, Idaho ...................................................................................................................................................................................... 39

OTHER PROJECTS ........................................................................................................................................................................... 52

RISK FACTORS ................................................................................................................................................................................ 53

DIVIDEND POLICY ........................................................................................................................................................................... 60

CAPITAL STRUCTURE ...................................................................................................................................................................... 60

MARKET FOR SECURITIES ............................................................................................................................................................... 61

Trading Price and Volume .............................................................................................................................................................................. 61

Prior Sales ...................................................................................................................................................................................................... 61

ESCROWED SECURITIES AND SECURITIES SUBJECT TO CONTRACTUAL RESTRICTION ON TRANSFER ............................................... 61

DIRECTORS AND EXECUTIVE OFFICERS ........................................................................................................................................... 61

INFORMATION ON THE AUDIT COMMITTEE ................................................................................................................................... 64

LEGAL PROCEEDINGS AND REGULATORY ACTIONS ........................................................................................................................ 66

INTERESTS OF MANAGEMENT AND OTHERS IN MATERIAL TRANSACTIONS ................................................................................... 67

TRANSFER AGENT AND REGISTRAR ................................................................................................................................................ 67

MATERIAL CONTRACTS .................................................................................................................................................................. 67

INTERESTS OF EXPERTS .................................................................................................................................................................. 67

ADDITIONAL INFORMATION .......................................................................................................................................................... 68

SCHEDULE "A" ................................................................................................................................................................................ 69

PRELIMINARY INFORMATION

In this annual information form ("Annual Information Form" or "AIF"), references to the "Company" or "Galleon Gold" mean Galleon Gold Corp. and its subsidiaries, unless the context otherwise requires or indicates. The information in this document is presented as of November 30, 2023, unless otherwise indicated.

All references to dollar amounts and to "$" or "dollar" in this document are to Canadian dollars, unless otherwise indicated.

Financial Statements

This AIF should be read in conjunction with the audited financial statements and the annual management's discussion and analysis of Galleon Gold Corp. for the year ended November 30, 2023. These documents are available under the Corporation's profile on SEDAR + atwww.sedarplus.ca, as well as on the Company's website at galleongold.com under the heading "investors/Financial Statements".

CAUTIONARY STATEMENTS

Forward-Looking Information

Certain statements in this AIF that are not supported by historical facts are forward-looking. These forward-looking statements are found most particularly in the sections entitled "General Development of the Business" and "Description of the Mining Properties" of this AIF. The use of words such as "believe", "expect", "may", "will", "should", "could", "might", "intend", "project", "anticipate", "estimate", "forecast", "targeting", "plan", "continue" "potential" "budget" and similar terms (including negative variations) indicate statements regarding an outlook.

By nature, forward-looking statements are subject to risks, uncertainties and other factors that may result in actual results materially differing from those anticipated or implied by such forward-looking statements. There are many factors that may cause such a material disparity, including unstable gold and metal prices, the impact of fluctuations in foreign exchange markets and interest rates, poor reserve estimates, environmental risks, unexpected geological situations, unfavourable mining conditions, changing regulations and governmental policies, failure to obtain required permits and approval from government authorities, failure to obtain required financing, or any other risks related to mining and development. See the section entitled "Risk Factors" in this AIF for more details on such factors.

Even though the Company believes that the assumptions relating to the forward-looking statements are plausible, it is unwise to rely unduly on such statements, which were valid only as of the date of this AIF. The Company does not intend and is not obliged to update or revise any forward-looking statement, whether or not such statement warrants revision based on new information, new situations or any other new factor, except if required by applicable laws.

Material Risks

Galleon Gold's future actual results could differ materially from those anticipated. The Company has established a process for identifying, assessing and managing risks that could affect its operations. The following risk factors could cause actual results to differ materially from those projected in the forward-looking statements:

•  resource exploration and development risks

•  risks and hazards inherent in mining and processing

•  risks associated with general economic conditions

•  risks related to the COVID-19 pandemic and other natural disasters, terrorist acts, health crises and other disruptions 3

•  the receipt of regulatory approvals, permits and licenses

•  volatility in the price of minerals

•  risks related to the limited financial performance history of the Company

•  the Company's reliance on one material project

•  shortages of critical resources, such as skilled labour and supplies, consumables, and equipment

•  risks related to the Company's compliance with environmental laws and liability for environmental contamination

•  risks associated with the Company's community relationships, anti-development, or anti-mining non-governmental organizations

•  risks associated with labour disputes and unions

•  negative publicity with respect to the Company or the mining industry in general

•  inherent safety hazards and risk to the health and safety of the Company's employees and contractors

•  lack of availability of infrastructure

•  risks related to the early exploration and development stage of the Company

•  the imprecision of mineral resource estimates

•  risks associated with engineering designs and specifications, and the capital and operating cost estimates based on them

•  dependence on key management personnel

•  volatility in the market price of the Company's shares

•  risks associated with the performance of the Company's contractors and equipment suppliers

•  the potential influence of the Company's largest shareholders and shareholder activism

•  measures required to protect endangered species and natural habitats

•  the cost of compliance or failure to comply with applicable laws

•  risks associated with the outbreaks of viruses or other contagions or epidemic diseases

•  the reliance of the Company on its information systems and the risk of cyber-attacks on those systems

•  the ability to obtain adequate insurance

•  uncertainty as to reclamation and decommissioning

•  the uncertainty regarding risks posed by extreme weather events and climate change

•  the potential for litigation

•  limits of disclosure and internal controls

•  risks related to the competitive nature of the business of the Company

Many of these uncertainties and contingencies can affect the Company's actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, the Company. The risk factors listed above are discussed in more detail later in this AIF in the section entitled "Risks Factors".

The Company believes that the expectations reflected in this forward-looking information are reasonable as of the date of this AIF, but no assurance can be given that these expectations will prove to be correct. Readers are cautioned not to place undue reliance on forward-looking statements, and the Company disclaims any obligation to update or revise forward-looking statements if circumstances or management's beliefs, expectations, or opinions should change, except as required by law.

A Note for US Investors Regarding Estimates of Measured, Indicated and Inferred Mineral Resources This AIF was prepared in accordance with Canadian standards for reporting of mineral resource estimates, which differ in some respects from United States standards. In particular, and without limiting the generality of the foregoing, the terms "inferred mineral resources," "indicated mineral resources," and "mineral resources" used or referenced in this AIF are Canadian mineral disclosure terms as defined in 4

accordance with National Instrument 43-101 ("NI 43- 101") under the guidelines set out in the Canadian Institute of Mining, Metallurgy and Petroleum Standards for Mineral Resources and Mineral Reserves, Definitions and Guidelines, May 2014 (the "CIM Standards"). Until recently, the CIM Standards differed significantly from standards in the United States. The U.S. Securities and Exchange Commission (the "SEC") has adopted amendments to its disclosure rules to modernize the mineral property disclosure requirements for issuers whose securities are registered with the SEC under the U.S. Securities Exchange Act of 1934, as amended (the "Exchange Act"). These amendments became effective February 25, 2019 (the "SEC Modernization Rules") with compliance required for the first fiscal year beginning on or after January 1, 2021. The SEC Modernization Rules replace the property disclosure requirements for mining registrants that were included in SEC Industry Guide 7, which will be rescinded from and after the required compliance date of the SEC Modernization Rules. As a result of the adoption of the SEC Modernization Rules, the SEC now recognizes estimates of "measured mineral resources", "indicated mineral resources" and "inferred mineral resources". In addition, the SEC has amended its definitions of "proven mineral reserves" and "probable mineral reserves" to be "substantially similar" to the corresponding definitions under the CIM Standards that are required under NI 43-101. Investors are cautioned that while the above terms are "substantially similar" to the corresponding CIM Definition Standards, there are differences in the definitions under the SEC Modernization Rules and the CIM Definition Standards. Accordingly, there is no assurance any mineral reserves or mineral resources that the Company may report as "proven mineral reserves", "probable mineral reserves", "measured mineral resources", "indicated mineral resources" and "inferred mineral resources" under NI 43-101 would be the same had the Company prepared the mineral reserve or mineral resource estimates under the standards adopted under the SEC Modernization Rules. Readers are cautioned that "inferred mineral resources" have a great amount of uncertainty as to their existence, and great uncertainty as to their economic feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or other economic studies, except in limited circumstances. The term "resource" does not equate to the term "reserves". Readers should not assume that all or any part of measured or indicated mineral resources will ever be converted into mineral reserves. Readers are also cautioned not to assume that all or any part of an inferred mineral resource exists or is economically mineable.

GLOSSARY OF TECHNICAL TERMS

The following is a glossary of certain mining terms used in this AIF.

"Ag" means silver.

"Alteration" means any change in the mineral composition of a rock brought about by physical or chemical means.

"Assaying" is a laboratory examination that determines the content or proportion of a specific metal (e.g. gold) contained within a sample. The technique usually involves firing and smelting.

"Au" means gold.

"Bulk Sample" means the collection and removal of a reasonable quantity of representative mineralized material for the purpose of testing the quality, grade, continuity and recovery in accordance with standard mining industry practice.

"Composite" means combining more than one sample result to give an average result over a larger distance.

"Cu" means copper.

"Cut-off grade" means the grade of mineralization, established by reference to economic factors, above 5

which material is included in mineral deposit reserve/resource calculations and below which the material is considered waste. Cut-off grade may be either an external cut-off grade which refers to the grade of mineralization used to control the external or design limits of an open pit based upon the expected economic parameters of the operation, or an internal cut-off grade which refers to the minimum grade required for blocks of mineralization present within the confines of an open pit to be included in mineral deposit estimates.

"Diamond drill" means a machine designed to rotate under pressure an annular diamond-studded cutting tool to produce a more or less continuous solid, cylindrical sample of the material drilled.

"Dip" means the angle that a structural surface, a bedding or fault plan, makes with the horizontal, measured perpendicular to the strike of the structure.

"Disseminated" means where minerals occur as scattered particles in the rock.

"Exploration" means the prospecting, mapping, geophysics, compilation, diamond drilling and other work involved in searching for ore bodies.

"Fault" means a fracture or break in rock along which there has been movement.

"Felsic" is an adjective describing an igneous rock having mostly light-colored minerals and rich in silica, potassium and sodium.

"ft" means foot.

"g/t Au" means grams of gold per metric tonne (2,204 lbs).

"Grade" means the amount of valuable mineral in each ton of mineralized material, expressed as troy ounces (or grams) per ton or tonne of gold or as a percentage of copper and other base metals.

"ha" means hectares.

"Hydrothermal" means the products or the actions of heated waters in a rock mass such as a mineral deposit precipitating from a hot solution.

"Indicated resources" is that part of a Mineral Resource for which quantity, grade or quality, densities, shape and physical characteristics can be estimated with a level of confidence sufficient to allow the appropriate application of technical and economic parameters, to support mine planning and evaluation of the economic viability of the deposit. The estimate is based on detailed and reliable exploration and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes that are spaced closely enough for geological and grade continuity to be reasonably assumed.

"Inferred resources" is that part of a Mineral Resource for which quantity and grade or quality can be estimated on the basis of geological evidence and limited sampling and reasonably assumed, but not verified, geological and grade continuity. The estimate is based on limited information and sampling gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes.

"Intrusion/ Intrusive" means molten rock that is intruded (injected) into spaces that are created by a combination of melting and displacement.

"IP/RES" means induced polarization/resistivity survey.

"LiDAR" means Light Detection and Ranging. Lidar is a method for determining ranges by targeting an object with a laser and measuring the time for the reflected light to return to the receiver.

"m" means metre(s).

"m3" means cubic metre(s). "Ma" means millions of years. "Mag" means magnetometer survey.

"Measured Resources" is that part of a Mineral Resource for which quantity, grade or quality, densities, shape, and physical characteristics are so well established that they can be estimated with confidence sufficient to allow the appropriate application of technical and economic parameters, to support production planning and evaluation of the economic viability of the deposit. The estimate is based on detailed and reliable exploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes that are spaced closely enough to confirm both geological and grade continuity.

"Metallurgical Tests" are scientific examinations of rock/material to determine the optimum extraction of metal contained. Core samples from diamond drill holes are used as representative samples of the mineralization for this test work.

"MET holes" means metallurgical holes.

"Mineral" means a naturally formed chemical element or compound having a definitive chemical composition and usually a characteristic crystal form.

"Mineral deposit, deposit or mineralized material" means a mineralized body, which has been physically delineated by sufficient drilling, trenching, and/or underground work, and found to contain a sufficient average grade of metal or metals to warrant further exploration and/or development expenditures. Such a deposit does not qualify as a commercially minable ore body or as containing ore reserves, until final legal, technical, and economic factors have been resolved.

"Mineral Resource" is a concentration or occurrence of diamonds, natural solid inorganic material, or natural solid fossilized organic material including base and precious metals, coal, and industrial minerals in or on the Earth's crust in such form and quantity and of such a grade or quality that it has reasonable prospects for economic extraction. The location, quantity, grade, geological characteristics and continuity of a Mineral Resource are known, estimated or interpreted from specific geological evidence and knowledge.

"Mineralization" means rock containing an undetermined amount of minerals or metals.

"National Instrument 43-101" or "NI 43-101" means National Instrument 43-101 - Standards of Disclosure for Mineral Projects.

"NSR" means net smelter returns royalty.

"Open pit mining" means the process of mining an ore body from the surface in progressively deeper steps. Sufficient waste rock adjacent to the ore body is removed to maintain mining access and to maintain the stability of the resulting pit.

"Ore" means a natural aggregate of one or more minerals which, at a specified time and place, may be mined and sold at a profit, or from which some part may be profitably separated.

"Ounce (oz)" means a Troy ounce.

"Outcrop" means the part of a rock formation that appears at the surface of the ground. "oz/T (opt)" means Troy ounces per short ton (2,000 lbs).

"P&E" means P&E Mining Consultants Inc.

"PEA" means a preliminary economic assessment.

"Porphyry" means igneous rock containing conspicuous pheocrysts in fine-grained or glassy groundmass. "ppb" means parts per billion.

"ppm" means parts per millions.

"Pre-feasibility Study" is a comprehensive study of a range of options for the technical and economic viability of a mineral project that has advanced to a stage where a preferred mining method, in the case of underground mining, or the pit configuration, in the case of an open pit, is established and an effective method of mineral processing is determined. It includes a financial analysis based on reasonable assumptions on mining, processing, metallurgical, economic, marketing, legal, environmental, social and governmental considerations and the evaluation of any other relevant factors which are sufficient for a Qualified Person, acting reasonably, to determine if all or part of the Mineral Resource may be classified as a Mineral Reserve.

"Preliminary economic assessment" means a study, other than a pre-feasibility or feasibility study, that includes an economic analysis of the potential viability of mineral resources.

"" means rocks, rock layers and textures formed by explosive or aerial ejection of ash, fragments, and glassy material from a volcanic vent.

"QA/QC" or "QC" means quality assurance/quality control or quality control.

"Qualified Person" means a qualified person under National Instrument 43-101 who is an engineer or geoscientist with at least five years of experience in mineral exploration, mine development or operation or mineral project assessment, or any combination of these; has experience relevant to the subject matter of the mineral project and the technical report; and is a member or licensee in good standing of a professional association.

"Quartz" means a crystallized form of silica, stable at an ordinary temperature that is found in nature as crystals prismatic, transparent or opaque, more or less colourless (rock crystal, quartzite, etc.) or as a constituent of igneous rocks (granite, pegmatite, etc.).

"QFP" means quartz feldspar porphyry.

"Royalty" means a metal royalty payment, gross or net, based upon contained minerals in concentrate or minerals recovered by a refinery or smelter, as defined by contract.

"Sampling" means taking a sample of rock or material in order to test and assay its mineral composition.

"Sedimentary" pertains to rocks formed by the accumulation of sediments, formed by the erosion of other rocks.

"Shear zone" means a zone in which shearing has occurred on a large scale so that the rock is crushed and brecciated.

"Strike" means a direction of the line formed by the intersection of strata surfaces with the horizontal plane, which is always perpendicular to the dip direction.

"Strike length" means the longest horizontal dimensions of a body or zone of mineralization.

"Ton" means a short ton (2,000 pounds).

"t" means metric tonne (s).

"T" means imperial ton (s).

"Tonne" means a metric tonne (2,204.6 pounds). "tpd" means tonnes per day.

"Vein" means an epigenetic mineral filling of a fault or other fracture in a host rock often composed of quartz and other sulphide or precious metals.

"Volcanics" means those originally molten rocks, generally fine grained, that have reached or nearly reached the Earth's surface before solidifying.

"Zn" means zinc.

CURRENCY AND EXCHANGE RATES

All dollar amounts in this AIF are expressed in Canadian dollars unless otherwise indicated. The exchange rate as published by the Bank of Canada for the conversion of one Canadian dollar into U.S. dollars on November 30, 2023 was C$1.00 = US$0.7363.

METRIC EQUIVALENTS

The following table sets forth the factors for converting Imperial measurements into metric equivalents:

To convert from Imperial	To Metric	Multiply By
Acres	Hectares	0.405
Feet	Meters	0.305
Miles	Kilometres	1.609
Meters	Feet	3.281
Tons	Tonnes	0.907
Ounces (troy)/ton	Grams/Tonne	34.28570
Grams	Ounces (Troy)	0.03215
Tonnes (metric)	Pounds	2,205
Tonnes (metric)	Short Tons	1.1023
CORPORATE STRUCTURE
Name, Incorporation and Address

Galleon Gold Corp. ("Galleon Gold", the "Company") was incorporated under the Company Act (British Columbia) on April 29, 1987 as Nevada Star Resource Corp., and the Company changed its name to Pure Nickel Inc. on March 27, 2007. On April 7, 2009, Galleon Gold was continued under the Canada Business Corporations Act (CBCA). The Company changed its name from Pure Nickel Inc. to Galleon Gold Corp. on December 18, 2019 and its wholly owned subsidiary amalgamated with Explor Resources Inc. ("Explor"), on December 23, 2019.

The Company's registered and principal office is located at 161 Bay Street, Suite 2700, Toronto, Ontario M5J 2S1. The Company's telephone number is [phone] and website address iswww.galleongold.com.

Subsidiaries

Figure 1 below sets out Galleon Gold's organizational structure as at the date of this AIF and the jurisdictions in which the Company was incorporated or continued.

Galleon Gold Corp.

(Canada)

100%

Golden Trove LLC

(Idaho)

Figure 1: Galleon Gold's Organizational Structure

Canadian Reporting Issuer History

The Company became a reporting issuer in British Columbia and Alberta in April 1987 and in Ontario in March 2007. Galleon Gold became a reporting issuer in Quebec in December 2019.

Changes to Capital

The authorized capital consists of an unlimited number of common shares. See the heading "Capital Structure" on this AIF.

Stock Exchange Listings

Toronto Venture Stock Exchange ("TSXV")

The voting common shares of Nevada Star Resources Corp. were listed and posted for trading on the Toronto Stock Exchange in April 1987 under the symbol NEV. When the name of the Company was changed to Pure Nickel Inc., the common shares traded on the TSX Venture Stock Exchange under the symbol NIC. When the name of Pure Nickel Inc. was changed to Galleon Gold Corp., the voting common shares were listed and posted for trading on the TSX Venture Exchange under the symbol GGO.

Frankfurt Stock Exchange

The common shares of Galleon Gold Corp. are posted for trading on the Frankfurt Stock Exchange under the symbol: "3H90".

GENERAL DEVELOPMENT OF THE BUSINESS

Overview

The Company is engaged in the business of exploration and development of mineral properties. Galleon Gold holds mining properties located in the Province of Ontario and the State of Nevada. The West Cache Gold project (the "West Cache Gold Project" or "West Cache" or "Property") is located in mining division

10