GOLDEN MOUNTAIN PROJECT

Golden Mountain Property, Victoria, Australia

The Tallangalook property (EL006430), also known as the Golden Mountain Property, is held 100% through its wholly owned subsidiary, Currawong Resources P/L. An additional licence adjoining EL006430 has been granted and is known as the Merton licence (EL007308) and covers 498km2. Below is a summary of the project, for additional information please refer to the the Golden Mountain Technical Report, which is available under the Company's profile on the SEDAR website at www.sedar.com.

Fosterville South Exploration Ltd. Page 5 of 21

Management’s Discussion and Analysis Period ended March 31, 2021Property description and summary

The Golden Mountain Property is comprised of one tenement, an exploration license of 136km2 which was reduced to 102km2 on 8/5/2020. This goldfield lies at the northernmost part of the highly productive Woods Point -Walhalla gold belt that was emplaced during the Tabberabberan orogeny. The Tallangalook property has a key prospect known as the Golden Mountain, which has been drilled by 221 surface and underground drill holes to a maximum intercept depth of 344m. The Golden Mountain deposit is located at Tallangalook, 13 km NE of Bonnie Doon. The deposit has been worked from three open cuts and two levels of underground workings prior to 1938. These workings are located only 200m south of the Strathbogie Granite contact. The gold mineralisation occurs as a series of north-south faults, diagonal fracture sets as well as hosted by east west striking fault zones all within a contact metamorphic aureole on the margin of the Strathbogie granite. This granite is shallowly eroded or uncapped and appears to be important in the mineralisation of the Golden Mountain deposit with aplite and coarse- grained granitic dykes present throughout the deposit which are variably mineralised. High grade intersections occur at various parts of the deposit including some of the deepest parts of the drilling as well as within other near surface structures that have not been effectively drill tested. It is the aim of the company to assess the depth potential as well as some of the various prospective zones found in and near the deposit.

Property Location:

The Golden Mountain project is located in the central part of the State of Victoria, Australia, situated about 150 km northeast of Melbourne.

Minimum expenditures:

In order to retain the license, the Company will be required to incur certain exploration expenditures on a going forward basis. Under Victorian mining laws, a person is required to incur incur AUD$15,000 plus AUD $150 per km2 in Year 1, AUD $200 per km2 for each of Year 2, 3, and 4 and AUD $300 per km2 for each year thereafter. Based on the Golden Mountain Project being originally 136km2 and the age of the license, the Company will be required to incur exploration expenditures of AUD $42,200. Although the expenditure commitment per km2 increases over time this is offset by forced tenement area reductions in the 2nd and 4th years of 25% and 40% respectively, which results in the expenditure commitment remaining much the same annually.

Exploration plans:

The focus of the Company is to search within the property for gold deposits as intrusive related deposits as well as epizonal orogenic vein deposits. These epizonal deposits are associated with the Tabberabberan orogeny of the Mid-Devonian and have a characteristic metallogenic signature of Au-As-Sb mineralisation. The epizonal deposits of Central Victoria are distinctly different to the Early Devonian Bindian orogenic mesozonal gold mineralisation of the Ballarat and Bendigo goldfields found further west.

The Company has prepared a two-phase budget of AUD$2,155,335 (Year 1: AUD$1,218,926; Year 2: AUD$936,408) aimed at exploring a number of prospects within the Golden Mountain property.

A large contingent of this expenditure is aimed at drilling, particularly at the already established deposit of Golden Mountain as well as various satellite prospects established though previous mining or geochemistry.

The Company also plans to complete a regional exploration program, which has included the completion of a geochemistry review of the previous completed sampling, and an additional multielement stream sediment program. Further follow up is required on various stream sediment anomalous areas, with more detailed stream sediment sampling as well as soils sampling. This remains to be completed.

Private property access negotiations, stream sediment and soil sampling as well as historic gold prospect assessment are planned for the new Merton licence.