Mr. Dragos Tanase reports

ISSUANCE OF INCENTIVE STOCK OPTIONS AND DEFERRED SHARE UNITS

Gabriel Resources Ltd. has granted an aggregate of 122,908 incentive stock options under the company's stock option plan and 99,176 deferred share units under the company's deferred share unit plan to certain directors of the company as non-cash directors' fees for the first quarter of 2020. All incentive stock options issued under the director grant are exercisable for a period of 10 years at 49 cents per share and vest immediately from the date of grant.

The option plan allows for the issuance of up to 10 per cent of the issued and outstanding share capital of the company in the form of incentive stock options. As of the date hereof, a total of 31,603,619 common shares of the company are reserved for issuance under the option plan, representing approximately 5.5 per cent of the issued and outstanding share capital. In total, 3,452,814 common shares of the company are currently reserved for issuance under the DSU plan.

We seek Safe Harbor.