Mr. Robert Klenk reports

JZR GOLD CLOSES NON-BROKERED PRIVATE PLACEMENT OFFERING OF UNITS

JZR Gold Inc. has completed its previously announced non-brokered private placement, as described in its news releases dated Oct. 2, 2023, and Oct. 23, 2023, pursuant to which it has issued an aggregate of four million units at a price of 20 cents per unit for gross proceeds of $800,000. Each Unit consists of one common share in the capital of the Company (each, a " Share ") and one common share purchase warrant (each, a " Warrant "). Each Warrant is exercisable into one additional Share (a " Warrant Share ") at a price of $0.40 per Warrant Share for a period of two (2) years from the date of issuance. The Units, Shares, Warrants, Finder's Warrants and Warrants Shares are collectively referred to as the "Securities". The Securities will be subject to a hold period of four months and one day from the date of issuance.

One insider of the Company subscribed for a total of 500,000 Units under the Offering, which is a "related party transaction" within the meaning of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (" MI 61-101 "). The Company has relied on the exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in Sections 5.5(a) and 5.7(1)(a) of MI61-101 in respect of any related party participation in the Offering, as neither the fair market value of the subject matter of, nor the fair market value of the consideration for, the transaction, insofar as it involved the related parties, exceeded 25% of the Company's market capitalization.

The Company paid cash finder's fees totaling $7,200 and issued 36,000 non-transferable warrants (the " Finder's Warrants ") to certain registered persons who acted as finders. Other than being non-transferable, the Finder's Warrants have the same terms as the Warrants.

The Company intends to use the net proceeds of the Offering to further facilitate the development of the Vila Nova Gold project located in Amapa State, Brazil (the " Vila Nova Gold Project ") and for general working capital purposes. It is expected that if any funds are allocated to the Vila Nova Gold Project, such funds will be advanced by way of one or more loans to ECO Mining Oil & Gaz Drilling and Exploration (EIRELI) (" ECO "), which is the operator of the Vila Nova Gold Project. The Company possesses a 50% net profit interest from all net profit generated from the Vila Nova Gold Project, which is not in production.

We seek Safe Harbor.