Mr. Robert Klenk reports

JZR GOLD CLOSES SECOND TRANCHE OF PRIVATE PLACEMENT OF UNITS

JZR Gold Inc. has closed the second tranche of its previously announced non-brokered private placement offering of units and, pursuant thereto, issued 736,924 units at a price of 65 cents per unit for gross proceeds of $479,000. Each unit is composed of one common share in the capital of the company and one share purchase warrant. Each warrant shall entitle the holder to acquire one additional common share in the capital of the company at a price of 80 cents per share for a period of 12 months after the date of issuance of the warrants. The warrants are subject to an acceleration provision whereby, in the event the company's common shares have a closing price on the TSX Venture Exchange (or such other exchange on which the shares may be traded at such time) of greater than $1.20 per share for a period of 15 consecutive trading days at any time after four months and one day from the closing date of the offering, the company may accelerate the expiry date of the warrants by giving notice by news release to the holders thereof, and, in such case, the warrants will expire on the 30th day after the date on which the news release is disseminated by the company. Closing of the offering is subject to final acceptance by the exchange.

In connection with the offering, the company has paid finders' fees to certain registered brokerage firms, composed of an aggregate cash payment of $1,950 and an aggregate of 6,000 non-transferable compensation warrants, substantially upon the same terms and conditions as the warrants. The units, shares, warrants, compensation warrants, and any shares issued upon the exercise of the warrants or compensation warrants will be subject to a hold period of four months and one day from the date of issuance.

The company will use the net proceeds of the offering to further advance the development on the Vila Nova gold project located in the state of Amapa, Brazil, specifically, to finish testing the 800-tonne-per-day mill and to begin bulk sampling at the Vila Nova gold project in the fourth quarter of 2022, and for general working capital purposes.

The company also announces that it has granted an aggregate of 200,000 stock options to an executive officer of the company. The options may be exercised into common shares of the company at a price of 65 cents per share for a period of five years. The options are governed by the terms of the company's stock option plan currently in effect, and all options, and any common shares issued upon the exercise thereof, will be subject to a hold period of four months and one day from the date of grant of the options.

We seek Safe Harbor.