Group Eleven Resources : 2023 Fourth Quarter Management Discussion & Analysis

Group Eleven Resources Corp.

Management Discussion and Analysis

For the Year Ended December 31, 2023

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CONTENTS
General	3
Overview	3
2023 Highlights	3
Report on Operations	4
Summary of Annual Results	10
Summary of Quarterly Results	10
Liquidity and Capital Resources	10
Financial Instruments	11
Contractual Obligations	12
Subsequent Events	12
Off-Balance Sheet Arrangements	13
Related Party Transactions	13
Disclosure Controls and Procedures	15
Outstanding Share Data	15
Risks and Uncertainties	15
Qualified Person	17
Forward Looking Information	17

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General

This Management's Discussion and Analysis ("MD&A" or "Report") of the financial condition of Group Eleven Resources Corp. ("Group Eleven" or "the Company") and results of operations of the Company for the year ended December 31, 2023 (the "Period") has been prepared by management in accordance with the requirements under National Instrument 51-102 as at April 22, 2024 (the "Report Date"). The Report should be read in conjunction with the Company's audited consolidated financial statements for the years ended December 31, 2023 and 2022, and the notes thereto (collectively, the "Financial Statements"), which have been prepared using accounting policies consistent with International Financial Reporting Standards as issued by the International Accounting Standards Board ("IFRS") and within which the Company's accounting policies are described in Note 2. All dollar amounts in the Report are in Canadian dollars unless otherwise noted.

Overview

Group Eleven is a mineral exploration company, focused on its recent Ballywire zinc-lead-silver discovery in Ireland. The Company holds 36 Prospecting Licenses ("PLs") in Ireland, comprising over 1,063 square kilometres on three main properties which are highly prospective for Irish Type zinc-lead deposits. Ireland is host to some of the world's largest zinc deposits. The Company's common shares are listed on the TSX Venture Exchange ("TSX-V") under the symbol ZNG and on the OTC under the symbol GRLVF.

2023 Highlights

Exploration:

As detailed below, drill results and interpretation of geophysical data have raised the profile of Group Eleven's 100% owned Ballywire project in 2023 and to date in 2024. With a 2.6km-long footprint, a 6km-long prospective trend and some of the highest silver values ever attained in Ireland, Ballywire is increasingly showing signs of a major zinc-lead-silver discovery.

• On January 31, 2023, the Company announced it was conducting follow-up drilling at the Ballywire prospect (PG West project) and provided results of drilling at the Stonepark and PG West projects.
• On March 2, 2023, the Company announced results of a 60-metrestep-out hole at the Ballywire prospect (PG West project).
• On April 25, 2023, the Company announced that drilling extended the zone of known semi- massive sulphides at the Ballywire prospect by 115m and that re-processed geophysical data shows four gravity-high anomalies over 6km by 2km at the prospect.
• On June 21, 2023, the Company announced results of the latest three drillholes at Ballywire.
• On July 25, 2023, the Company announced the addition of a second drill at Ballywire.
• On September 7, 2023, the Company announced assay results from two step-out drillholes at Ballywire.
• On October 17, 2023, the Company announced the identification of high-priority drill targets based on new gravity data at Ballywire.
• On November 21, 2023, the Company announced drill results from five step-out drillholes at Ballywire.
• On January 11, 2024, the Company announced a two-rigstep-out drill program at Ballywire.
• On January 30, 2024, the Company announced that the mineralized footprint at Ballywire was extended by 50 metres to the north at Ballywire, and also announced additional germanium assays and expanded its ground position at Stonepark.

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• On April 4, 2024, the Company announced further drill results, extending mineralization along the Ballywire trend to 2.6 km by way of four step-out holes targeting previously undrilled gravity- high anomalies located 530m and 930m east of the Ballywire discovery area.

Corporate:

• During the year ended December 31, 2023, the Company closed private placements on total gross proceeds of $4,500,000 as follows:

Closing Date	May 26, 2023	December 22, 2023	Total
Gross Proceeds ($)	$1,500,000	$3,000,000	$4,500,000
Shares Issued (#)	16,666,666	25,000,000	41,666,666
Warrants Issued (#)	8,333,333	12,500,000	20,833,333
Warrant exercise price ($)	$0.150	$0.180
Warrant expiry date	May 26, 2026	December 22, 2025
Finders' Fees
Cash ($)	$9,234	$23,412	$32,646
Finders' Warrants (#)	102,600	195,100	297,700
Finder's Warrants exercise price ($)	$0.150	$0.180
Finder's Warrants expiry date	May 26, 2026	December 22, 2025

• On June 12, 2023, a total of 1,714,284 deferred share units were issued to three independent directors as settlement of remuneration owed for directorship services ($20,000 per director per year) provided in fiscal years 2020 and 2022.
• On October 13, 2023, the Company granted stock options allowing for the purchase of up to, in the aggregate, 1,435,000 common shares at $0.11 per share until October 13, 2028, to employees, consultants, directors and officers of the Company.

Report on Operations

During the year ended December 31, 2023, the Company followed-up drilling at the Ballywire prospect (PG West project) and provided results of drilling at the Stonepark project and the Ballywire prospect (PG West project).

PG West (Limerick Region, Ireland)

The PG West project, including the Gortdrum and Denison prospects, as well as the nearby Tullacondra prospect, comprises 22 PLs covering 650 square kilometres and is contiguous with the Company's Stonepark project, covering additional prospective stratigraphy in the Limerick region. The PG West project encompasses the Pallas Green Corridor, a 25km-long trend containing Glencore's Pallas Green deposit in the north and the Company's Carrickittle, Ballywire and Denison prospects to the south. The recently acquired Tullacondra prospect (3 PLs; 84 square kilometres) is located approximately 20km south of the PG West project.

On January 31, 2023, the Company announced that follow-up drilling at the Ballywire prospect, consisting of five drillholes totalling approximately 1,500m (as announced on Nov 22, 2022) was ongoing at a steady pace. The Company also released the results of regional drilling at PG West. These drillholes provided further evidence for a hypothesized structural trend approximately 40-50km long, located along the Coonagh Castle Fault, extending SW along the southern boundary of the Limerick Volcanic Complex (as intersected by drilling at the Carrickittle West prospect on the neighbouring Stonepark project).

On March 2, 2023, the Company announced that it intersected a wide zone of zinc-lead-silver mineralization 60m to the east of the discovery hole (G11-468-03) at the Ballywire prospect. G11-468- 06 intersected 6.04m of 12.4% Zn+Pb (8.6% Zn and 3.8% Pb) and 68 g/t Ag, including 2.48m of 29.2%

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Zn+Pb (20.4% Zn and 8.8% Pb) and 160 g/t Ag, within a wider zone of 10.08m of 8.6% Zn+Pb (6.1% Zn and 2.6% Pb) and 46 g/t Ag (true widths estimated to be 75-90% of intersected width).

Two additional drillholes were also released: (i) G11-468-04 stepped out 110m north of the discovery hole, intersecting a 9.46m wide mineralized zone including massive and semi-massive sulphides over 0.88m grading 12.5% Zn+Pb (10.4% Zn and 2.2% Pb) and 27 g/t Ag, within a wider zone of 2.86m of 4.3% Zn+Pb (3.5% Zn and 0.7% Pb) and 9 g/t Ag (true widths estimated to be 80-100% of intersected widths); and (ii) G11-468-05,stepping-out 120m NW from the discovery hole, also retuned mineralization, albeit at lower grades (4.15m of 0.38% Zn+Pb and 2 g/t Ag).

On April 25, 2023 the Company announced that G11-468-07, a 115m step-out to the south of discovery hole G11-468-03, intersected 44.06m of 1.0% Zn+Pb (0.64% Zn and 0.33% Pb) and 7 g/t Ag, including 2.58m of 3.2% Zn+Pb (2.4% Zn and 0.8% Pb) and 15 g/t Ag; and 0.48m of 8.0% Zn+Pb (5.0% Zn and 3.0% Pb) and 25 g/t Ag; and 2.49m of 4.6% Zn+Pb (2.5% Zn and 2.1% Pb) and 21 g/t Ag, including 0.44m of 13.1% Zn+Pb (10.2% Zn and 2.9% Pb) and 37 g/t Ag (semi-massive sulphide); and 1.87m of 73 g/t Ag, 0.24% Cu and 0.70% Zn+Pb (0.4% Zn and 0.3% Pb). True widths are estimated to be 60-80% of intersected widths. This zone of mineralization doubles the down-dip extent of massive to semi-massive sulphides at the immediate Ballywire discovery area from approx. 110m to 225m.

The Company also announced that re-processing of data from a historic gravity survey identified four gravity-high anomalies occurring over 6km by 2km, encompassing the Ballywire discovery area and the wider prospect.

On June 21, 2023, the Company announced results from three drillholes. Hole G11-468-10, extending known mineralization by 75m downdip, intersected mineralization over 67.0m (grading 0.9% Zn+Pb and 4 g/t Ag), containing three higher grade intervals. The best interval returned 4.1m of 3.6% Zn+Pb (1.4% Zn and 2.2% Pb), 22 g/t Ag and 0.12% Cu, including 0.6m of massive to semi-massive sulphide grading 5.3% Zn+Pb (2.5% Zn and 2.8% Pb), 73 g/t Ag and 0.29% Cu.

Hole G11-468-08, extending known mineralization by 60m across strike, intersected mineralization over 15.0m (grading 1.1% Zn+Pb and 4 g/t Ag), containing 2.4m of 3.5% Zn+Pb (3.2% Zn and 0.4% Pb) and 10 g/t Ag, including 0.2m of semi-massive sulphide grading 27.1% Zn+Pb (25.3% Zn and 1.8% Pb) and 70 g/t Ag.

Hole G11-468-11, drilled 47m downdip of discovery hole G11-468-03 and 70m up-dip of G11-468-07 (2.5m of 4.6% Zn+Pb and 21 g/t, announced April 25, 2023), intersected: (i) 4.6m of massive sulphide (predominantly pyrite) grading 26 g/t Ag, 252 ppm cobalt (Co) and 583 ppm nickel (Ni), including 1.2m of 23 g/t Ag, 543 ppm Co and 1,130 ppm Ni (starting at 256.7m downhole; true width is 50-60% of intersected widths; dip of hole is -90°); and (ii) 4.8m of 2.0% Zn+Pb (1.5% Zn and 0.6% Pb) and 7 g/t Ag.

The Company also announced that re-assay of certain key intervals from previously released drillholes, G11-468-01 and -06, returned high-grade germanium, in line with levels announced on Nov 22, 2022 from G11-468-03.

On July 25 2023, the Company provided a drill progress update, stating that two drillholes have been completed: (i) hole G11-468-12 was an 80m step-out to the east (along strike) of G11-468-06 which intersected 6.0m of 8.6% Zn and 3.8% Pb, or 12.4% Zn+Pb, and 68 g/t Ag; and (ii) hole G11-468-09 (previously stopped at 171m) was extended by 375m. Also, a second drill rig was added at Ballywire in mid-July 2023, and the Company drilled hole G11-468-13 (stepping 50m north and up-dip of G11- 468-12) and G11-3552-02 (stepping 150m south and downdip of G11-468-12). Fieldwork in the second half of 2023 is focused on the Ballywire area, predominantly consisting of step-out drilling (at least

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4,000m) over an area of 1.0km x 1.5km NE of the current discovery.

On September 7, 2023, the Company announced assay results from two recent step-out drillholes at Ballywire. Hole G11-468-12 intersected the most extensive alteration and highest silver and copper grades discovered to date on the property, including: (i)10.5m of 14.7% Zn+Pb, 399 g/t Ag and 0.31% Cu from 292.0m downhole, including 1.4m of 33.2% Zn+Pb, 923 g/t Ag and 1.00% Cu, in a broader interval of 18.8m of 10.2% Zn+Pb, 257 g/t Ag and 0.22% Cu (true width unknown), interpreted to be an important, steeply dipping feeder zone below the Waulsortian limestone, and (ii) 4.3m of 8.8% Zn+Pb, 149 g/t Ag and 0.31% Cu from 266.4m downhole, including 0.58m of 30.3% Zn+Pb, 990 g/t Ag and 2.22% Cu, in a broader interval of 8.3m of 5.7% Zn+Pb, 86 g/t Ag and 0.17% Cu (true width is 90 to 100% of reported interval), at the base of the Waulsortian limestone. This includes part of a wider interval of 66.9 m of 4.1% Zn+Pb, 86 g/t Ag and 0.09% Cu. This hole represents an 80-metrestep-out to the east (along strike) from G11-468-06 (which intersected 6.0m of 12.4% Zn+Pb and 68 g/t Ag. Ballywire strike length was extended to 550m from G11-468-01 (3.3 m of 12.5% Zn+Pb and 48 g/t Ag) to G11-468-12, open in both directions to the east and west; whereas downdip extent totals 510m (open to north and south).

On October 17, 2023, the Company announced results of a ground gravity survey carried out during June 2023 at Ballywire. Detailed ground gravity surveying and modelling over the central portion (2.0km by 2.5km) of the Ballywire discovery area identified a previously unknown gravity anomaly associated with known high-gradeZn-Pb-Ag mineralization. Modelling of the survey data also identified gravity anomalies located 870m and 1,275m east along strike from the discovery area that have yet to be drill-tested. Separately, five drillholes in total have been completed along three sections located 0m, 80m and 160m east of drillhole G11-468-12. Drilling continues and assays on all outstanding holes are expected in due course.

On November 21, 2023, the Company announced drill results from five step-out drill holes at Ballywire. Drillhole G11-3552-03 (160m easterly step-out) returned 11.2m of 8.9% Zn+Pb (5.6% Zn and 3.3% Pb) and 83 g/t Ag, including 4.7m of 9.7% Zn+Pb (3.7% Zn and 6.0% Pb) and 79 g/t Ag (true width of 90- 100%). Drillhole G11-468-13 (50m northerly step-out) returned 9.7m of 7.5% Zn+Pb (4.3% Zn and 3.2% Pb) and 43 g/t Ag, in a wider interval totaling 30.4m of 4.3% Zn+Pb (3.0% Zn and 1.4% Pb) and 25 g/t Ag, including 5.6m of 9.8% Zn+Pb (4.8% Zn and 5.1% Pb) and 60 g/t Ag (true width estimated to be 90-100% of drilled interval). Drillhole G11-468-15 (80m easterly step-out, 50m north of G11-468-14) returned 4.9m of 11.8% Zn+Pb (2.6% Zn and 9.2% Pb) and 85 g/t Ag (true width of 90-100%). Drillhole G11-468-14 (80m easterly step-out) returned 10.2m of 4.4% Zn+Pb (0.7% Zn and 3.7% Pb) and 19 g/t Ag, including 3.0m of 8.0% Zn+Pb (0.8% Zn and 7.2% Pb) and 38 g/t Ag (true width of 70-90%). Based on above, known high-grade mineralization grew by 160m to the east, expanding strike-length by 29% from 550m to 710m.

On January 11, 2024, the Company announced it had mobilized two drill rigs to focus on the gravity- high anomalies along strike from the discovery area, spanning a strike area of approximately 2.9 kilometres, and stepouts from high-grade intersections.

On January 30, 2024, the Company announced that drill results from drillhole G11-3552-04 (50m step- out north of drill hole G11-3552-03) returned 2.5m of 4.4% Zn+Pb (3.4%Zn and 1.1%Pb) and 21g/t Ag (starting at a depth of 225m), including 0.8m of 6.5% Zn+Pb (4.8% Zn and 1.7% Pb) and 35 g/t Ag; 2.7m of 3.5% Zn+Pb (1.9% Zn and 1.6% Pb) and 23 g/t Ag (starting at a depth of 253m), including 0.4m of 14.2% Zn+Pb (9.6% Zn and 4.6% Pb) and 84 g/t Ag. Additionally, the Company reported further elevated germanium grades from the re-assay of previously announced high-gradeZn-Pb-Ag mineralized intervals.

The Company incurred $1,301,754 in exploration expenditures at PG West during the Period, primarily on drilling at Ballywire, as well as on data compilation and project supervision.

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Stonepark Project (Limerick Region, Ireland)

Following the acquisition of one PL in December 2023, the Stonepark project now comprises 7 PLs covering an area of 200.7 square kilometres. The Company holds a 76.56% interest in TILZ Minerals Ltd. ("TILZ"), the legal entity that holds the licences encompassing the Stonepark project. The remaining 23.44% equity interest in TILZ is held by Limerick Zinc Limited ("Limerick"), a subsidiary of Arkle Resources PLC ("Arkle"), an Ireland-based company focused on zinc and gold exploration. The interest in TILZ is consolidated, with the acquisition value of the project reflected in exploration and evaluation assets and ongoing exploration costs reflected as expenses on the Consolidated Statements of Loss and Comprehensive Loss in the Company's Financial Statements. The carrying value ascribed to Arkle's 23.44% interest in TILZ is captured as non-controlling interest in the Financial Statements.

Stonepark hosts three main zones of mineralization: Stonepark North, Stonepark and Stonepark West, located several kilometres west of Glencore's Pallas Green deposit. These zones of mineralization host a Mineral Resource Estimate ("MRE") of 5.1 million tonnes grading 11.3% Zn and Pb combined (8.7% Zn and 2.6% Pb) in the Inferred Mineral Resource category. The details and supporting information for the MRE are filed on www.sedar.com and in the NI 43-101 Independent Report on the Zinc-Lead Exploration Project at Stonepark, County Limerick, Ireland, with an effective date of April 26, 2018.

On January 31, 2023, the Company announced the results of four drillholes (totaling 504m) drilled at the Stonepark Project. At the southern portion of the property, drillholes G11-449-01 and -02 (drilled 100m apart) intersected trace mineralization (cm-scale blebs of sphalerite and 4.0m of 0.24% Zn+Pb, respectively). This was unusual given the drillholes did not intersect the target horizon (Waulsortian limestone), instead encountering sub-Waulsortian lithologies and a mineralized intrusive dyke. This hydrothermal activity can be interpreted as evidence of a fault structure nearby. Together with re-assessed historic drilling and outcrop geology, the presence of a major structure in the area is now hypothesized, potentially representing the SW continuation of the Coonagh Castle Fault. In the northern portion of the property, two other drillholes also provided useful information supporting the presence of a 10km-long prospective trend from the Stonepark zinc deposit and extending to the SW.

The Company spent $84,146 during the Period on the Stonepark project, primarily on drilling, data compilation and project supervision.

Ballinalack Project (Ireland)

The Ballinalack project ("Ballinalack") consists of 5 PLs covering 169.0 square kilometres and is located approximately 50km west of the Tara Zinc-Lead Mine (Boliden AB), near Navan. The Company holds a 60% interest in Ballinalack Resources Limited ("BRL"), the legal entity that owns the licences comprising Ballinalack. The remaining 40% of BRL is owned by Shenzhen Zhongjin Lingnan Nonfemet Company Limited ("Nonfemet"), one of the largest zinc producers in China. The interest in BRL is consolidated, with the acquisition value of the project reflected in exploration and evaluation assets and ongoing exploration expenditures reflected on the Statements of Loss and Comprehensive Loss in the Company's Financial Statements. The carrying value ascribed to Nonfemet's 40% interest in BRL is captured as non-controlling interest in the Financial Statements.

Ballinalack hosts a MRE of 5.4 million tonnes grading 8.7% Zn and Pb combined (7.6% Zn and 1.1% Pb) in the Inferred Mineral Resource category. The details and supporting information of the MRE are filed on www.sedar.com and in the NI 43-101 Independent Report on Base Metal Exploration Project at Ballinalack, County Westmeath, Ireland, with an effective date of January 11, 2019.

The Company incurred minimal costs during the Period.

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Silvermines (Ireland)

Silvermines is comprised of 2 PLs covering a total of 43.0 square kilometres. The Silvermines project is considered highly prospective for Irish Type zinc-lead deposits. The Cooleen prospect (e.g. 7.3m of 16.0% Zn+Pb in drillhole NX-11) has seen limited exploration activity over the past 20 years (the PLs were released from long-term moratorium in May 2015). The project is located adjacent to the historic Silvermines Zinc-Lead Mine which produced approximately 10.8 million tonnes grading 7.4% Zn and 2.7% Pb between 1968 and 1982 (Boland et al, 1992).

On January 31, 2023, the Company announced that it drilled 164m at Silvermines in 2022. A reconnaissance drillhole was drilled at the Cooleen prospect, located about 1km E from the historic Silvermines Zinc-Lead mine. The drillhole attempted to test a prospective newly-modelled fault, however, encountered bad ground (numerous cavities) and was abandoned. A second attempt nearby encountered similar problems. The cavities likely corroborate evidence of a nearby fault structure.

The Company incurred no expenditures at the project during the Period.

Exploration and Evaluation Assets Expenditures

Exploration and evaluation expenditures incurred by the Company, excluding acquisition costs, have been expensed in the Statements of Loss and Comprehensive Loss in the Company's Financial Statements, the details of which follow:

	Year ended	From acquisition to
	December 31, 2023	December 31, 2023
	($)	($)
PG West Project	1,301,754	4,459,556
Stonepark Project	84,146	1,674,325
Ballinalack Project	2,649	1,087,386
Silvermines Project	-	707,941
Tralee Project	-	357,148
General exploration	157	532
Total Cumulative	1,388,706	8,286,888
Expenditures

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Operating expenditures

	Year Ended December 31,	Three Months Ended December 31,
	2023	2022	2023	2022
	($)	($)	($)	($)
Exploration expenditures	1,388,706	1,518,827	488,102	435,329
Professional fees and salaries and benefits	783,396	692,728	257,755	272,305
Marketing and investor relations	142,625	73,312	74,342	9,755
General and administrative	169,469	153,520	47,095	44,085
Depreciation	3,808	5,651	2,123	1,857
Foreign exchange loss (gain)	(26,413)	8,642	(10,831)	(135,939)
Interest income	(11,210)	(2,289)	(3,855)	(1,079)
Share based payments	101,189	76,285	62,410	15,174
	2,551,570	2,526,676	917,141	641,487
Write off of accounts payable	(5,008)	-	-	-
Gain on extinguishment of government loan	(10,000)	-	(10,000)	-
Loss for the period	2,536,562	2,526,676	907,141	641,487

For the year ended December 31, 2023 ("2023") as compared with the year ended December 31, 2022 ("2022")

Loss for 2023 increased as compared with the loss for 2022 mainly due to professional fees, marketing and investor relations expenditures, and share based payments on vesting of stock options. As the Company's functional currency is the Canadian dollar, fluctuations in the Euro gave rise to a foreign exchange gain for 2023 of $26,413 as compared with a loss of $8,642 in 2022. Exploration expenditures in 2023 were incurred primarily at the Ballywire prospect, PG West project. In 2022, exploration expenditures were incurred at Carrickittle and Tullacondra prospects (at and near the Company's PG West) and at the Stonepark project. The Company recognized share-based expense of $101,189 in 2023 as compared with $76,285 in 2022 on vesting of stock options. At December 31, 2023, cash was at $3,357,077 on closing of a private placement on December 22, 2023 for gross proceeds of $3,000,000.

For the three months ended December 31, 2023 ("Q4/23") as compared with the three months ended December 31, 2022 ("Q4/22")

The loss for Q4/23 increased as compared with the loss for Q4/22 in relation to exploration expenditures in Q4/23 of $488,102 on drilling at the Ballywire prospect, PG West project, as compared with $435,329 in Q4/22 at Carrickittle and Tullacondra prospects and at the Stonepark project. The Company entered into agreement with marketing and investor relations providers in Q4/23, and fluctuations in the Euro gave rise to a foreign exchange gain in Q4/23 of $10,831 as compared with a gain of $135,939 in Q4/22. The Company recognized share-based expense of $62,410 in Q4/23 as compared with $15,174 in Q4/22 on vesting of stock options.

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Summary of Annual Results

		December 31,
	2023	2022	2021
	($)	($)	($)
Cash	3,357,077	1,120,804	943,686
Total Assets	12,342,550	10,109,460	9,927,831
Share capital	24,623,688	20,490,423	18,088,060
Deficit	(17,577,435)	(15,092,128)	(12,690,402)

For the year ended December 31, 2023, the loss and comprehensive loss was $9,886 higher than the year ended December 31, 2022, primarily driven by an increase in professional fees ($62,680 higher in 2023) and entering into agreement with marketing and investor relations providers ($69,313 higher in 2023). For the year ended December 31, 2022, the loss and comprehensive loss was $481,016 higher than the year ended December 31, 2021, primarily driven by an increase in exploration activity ($528,411 higher in 2022). Exploration focused on drilling at the Carrickittle prospect (PG West project), the Tullacondra prospect (located near the PG West project), the Stonepark project and the Ballywire prospect (PG West project; see "Report on Operations" in this MD&A). For the year ended December 31, 2021, the loss and comprehensive loss was $74,277 higher than the year ended December 31, 2020, primarily driven by an increase in exploration activity ($122,877 higher in 2021) and higher salary and benefits costs as a result of rate changes ($66,396 higher in 2021). Exploration focused on the Limerick area, including follow up drill at Zones 2, 3, and 4 at PG West property as well as at Gortdrum, an area with significant historical findings but never previously drilled by the Company. The Company also completed drill programs at the Ballywire (zinc) and Denison (copper-silver) prospects. A number of successful intersections were encountered, particularly at Ballywire and Denison, significantly expanding the Company's pipeline of prospective target areas. On May 26, 2023 and December 22, 2023, the Company closed non-brokered private placements for gross proceeds of $1,500,000 and $3,00,000, respectively, resulting in a cash ending balance increase at December 31, 2023 of $3,357,077. On February 23, 2022, the Company closed a non-brokered private placement for gross proceeds of $2,499,800, resulting, in a cash ending balance increase at December 31, 2022 of $1,120,804 (2021: $943,686).

Summary of Quarterly Results

The table below presents selected financial data for the Company's eight most recently completed quarters.

		2023					2022
	Dec 31	Sept 30	Jun 30	Mar 31		Dec 31	Sept 30	Jun 30	Mar 31
	($)	($)	($)	($)	($)	($)	($)	($)
Comprehensive Loss	907,141	535,132	507,415	586,874	641,487	691,753	724,076	469,360
Basic and Diluted Loss per Share	0.01	0.00	0.00	0.00	0.00	0.00	0.00	0.00

The Company's expenses fluctuate from period to period primarily as a result of changes in the level of exploration activity during the period and, therefore, lack some degree of comparability. Exploration activity will vary depending on the availability of funding, primarily sourced from equity financing, and property expenditure requirements needed to maintain the PLs in good standing.

Liquidity and Capital Resources

The Company had cash of $3,357,077 at December 31, 2023 as compared to $1,120,804 at December 31, 2022. During the Period the Company continued exploration at the PG West and Stonepark project areas within the Limerick region.

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