Mr. T. Barry Coughlan reports

QUADRO PROVIDES CLARITY TO SHAREHOLDERS

Further to its management information circular prepared and sent to shareholders in May, 2023, and the July, 31, 2023, audited annual financial statements, filed on SEDAR+ Nov. 28, 2023, Quadro Resources Ltd. has provided further clarification of information provided and, in certain circumstances, providing information omitted in error.

Summary compensation table

The attached table is the updated summary compensation table for the named executive officers of the company. Stock options were issued in fiscal 2021, not fiscal 2022 as previously disclosed.

Management and change-of-control contracts

There are management contracts with TBC Ventures Ltd. (Barry Coughlan, director, president and chief executive officer) and Thomas Wilson (director and chief financial officer), which were signed in January, 2020, and which automatically renew on a monthly basis. There are also change-of-control contracts with both parties dated Jan. 1, 2020.

Availability of audit committee charter

The company's audit committee charter is available for any shareholders who wish to review it.

Identify related parties

The following information is provided in relation to the management fees and consulting fees as mentioned under Note 9, Related Party Transactions, of the audited financial statements as of July 31, 2023.

• 9(d) Wayne Reid (through his company Eastrock Exploration Inc.), vice-president, exploration -- services were previously booked to geological consulting (Point 9 (c)) but reclassed to management services due to a more management-focused role rather than geological;
• 9(e) Pieter Bakker, director, as of 2023 annual general meeting.

Individual bankruptcies

Within the last 10 years prior to the date of the circular, Mr. Wilson, chief financial officer and proposed director, entered into a plan of arrangement. He informed the Institute of Chartered Accountants of British Columbia that he and the trustee both confirmed the balance of the consumer proposal has been paid. The compliance department of the TSX Venture Exchange completed a review and, notwithstanding his late PIF (personal information form) application, consented to Mr. Wilson serving as a director for the company. The amount was fully paid on Nov. 4, 2022.

About Quadro Resources Ltd.

Quadro is a publicly traded mineral exploration company with approximately 28.5 million shares issued and outstanding, of which management and advisers hold approximately 25 per cent. It is focused on exploring for gold in North America. The company's shares trade on the TSX-V under the symbol QRO. Quadro owns a 100-per-cent interest in the Staghorn property, which it has optioned to Tru Precious Metals Corp.; owns a 100-per-cent interest in the Long Lake property; and has an option to earn an initial 51-per-cent interest in the Tulks South property in Newfoundland.