Gryphon Gold Corp. (GYPHQ)

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Five Qualified Persons as Defined by NI 43-101

The Pre-Feasibility Study was prepared in accordance with National Instrument 43-101 of the Canadian Securities Administrators ("NI 43-101") by
John R. Danio, P.E., Senior Associate at Telesto Nevada, Inc. and co-authored by Roger C. Steininger, Ph.D., CPG, Chief Consulting Geologist at the
Registrant, Jaye T. Pickarts, P.E., of Knight Piesold and Co., Steven D. Craig, CPG, Senior Consulting Geologist at the Registrant and Kim Drossulis,
Senior Mine Engineer at Telesto Nevada, Inc., each of whom is a Qualified Persons as defined by NI 43-101. As a company listed on the Toronto
Stock Exchange, the Registrant was required to prepare the Pre-Feasibility Study in accordance with NI 43-101, pursuant to Canadian securities laws
and the rules of the Toronto Stock Exchange.