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| Nevada                   |   | 98-0418754                           |
|--------------------------|--------|--------------------------------------|
| (State of incorporation) |   | (I.R.S. Employer Identification No.) |

|   | Large Accelerated Filer  | o | Accelerated Filer         | o |
|--------|-------------------------------|---|---------------------------|---|
|   | Non-Accelerated Filer    | o | Smaller Reporting Company | x |

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Table of Contents

OF CONTENTS

|    |   |                                                                                        |   | PAGE   |
|--------------|--------|---------------------------------------------------------------------------------------------|--------|--------|
|         |   |                                                                                        |   |   |
| PART I       |   | FINANCIAL INFORMATION                                                                       |   | 3      |
|         |   |                                                                                        |   |   |
| ITEM 1. |   | FINANCIAL STATEMENTS (UNAUDITED)                                                            |   | 3      |
|         |   |                                                                                        |   |   |
| ITEM 2.      |   | MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |   | 9      |
|         |   |                                                                                        |   |   |
| ITEM 3.      |   | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK                                  |   | 11     |
|         |   |                                                                                        |   |   |
| ITEM 4.      |   | CONTROLS AND PROCEDURES                                                                     |   | 11     |
|         |   |                                                                                        |   |   |
| PART II      |   | OTHER INFORMATION                                                                           |   | 12     |
|         |   |                                                                                        |   |   |
| ITEM 1. |   | LEGAL PROCEEDINGS                                                                           |   | 12     |
|         |   |                                                                                        |   |   |
| ITEM 1.A.    |   | RISK FACTORS                                                                                |   | 12     |
|         |   |                                                                                        |   |   |
| ITEM 2. |   | UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS                                 |   | 12     |
|         |   |                                                                                        |   |   |
| ITEM 3. |   | DEFAULTS UPON SENIOR SECURITIES                                                             |   | 12     |
|         |   |                                                                                        |   |   |
| ITEM 4.      |   | [REMOVED AND RESERVED]                                                                      |   | 13     |
|         |   |                                                                                        |   |   |
| ITEM 5.      |   | OTHER INFORMATION                                                                           |   | 13     |
|         |   |                                                                                        |   |   |
| ITEM 6. |   | EXHIBITS                                                                                    |   | 13     |

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Table of Contents

– FINANCIAL 

CIA

|                                           | Index     |
|------------------------------------------------|-----------|
| Consolidated Balance Sheets                    | F–1 |
| Consolidated Statements of Operations          | F–2 |
| Consolidated Statements of Cash Flows          | F–3 |
| Notes to the Consolidated Financial Statements | F–4 |

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Table of Contents

GR

|                                                                                                   |   | November 30,2010$ |        |   | August 31,2010$ |   |
|--------------------------------------------------------------------------------------------------------|--------|-------------------|-------------|--------|-----------------|--------|
|                                                                                                   |   | (unaudited)       |        |   |            |   |
|                                                                                                   |   |              |        |   |            |   |
| ASSETS                                                                                                 |   |              |        |   |            |   |
|                                                                                                   |   |              |        |   |            |   |
| Current Assets                                                                                         |   |              |        |   |            |   |
|                                                                                                   |   |              |        |   |            |   |
| Cash                                                                                                   |   |              | 735         |   |            |   | 25 |   |
| Prepaid expenses and deposits                                                                          |   |              | 570         |   |            |   | 570 |   |
|                                                                                                   |   |              |        |   |            |   |   |   |
| Total Assets                                                                                           |   |              | 1,305       |   |            |   | 595 |   |
|                                                                                                   |   |              |        |   |            |   |   |   |
| LIABILITIES AND STOCKHOLDERS’ DEFICIT                                                            |   |              |        |   |            |   |   |   |
|                                                                                                   |   |              |        |   |            |   |   |   |
| Current Liabilities                                                                                    |   |              |        |   |            |   |   |   |
|                                                                                                   |   |              |        |   |            |   |   |   |
| Accounts payable                                                                                       |   |              | 23,523      |   |            |   | 23,523 |   |
| Loans payable (Note 3)                                                                                 |   |              | 26,695      |   |            |   | 26,382 |   |
| Due to related party (Note 4)                                                                          |   |              | 349,483     |   |            |   | 344,643 |   |
|                                                                                                   |   |              |        |   |            |   |   |   |
| Total Liabilities                                                                                      |   |              | 399,701     |   |            |   | 394,548 |   |
|                                                                                                   |   |              |        |   |            |   |   |   |
| Nature of Operations and Continuance of Business (Note 1)                                              |   |              |        |   |            |   |   |   |
|                                                                                                   |   |              |        |   |            |   |   |   |
| Stockholders’ Deficit                                                                            |   |              |        |   |            |   |   |   |
|                                                                                                   |   |              |        |   |            |   |   |   |
| Common stock, 100,000,000 shares authorized, $0.001 par value 38,775,000 shares issued and outstanding |   |              | 38,775      |   |            |   | 38,775 |   |
| Additional paid-in capital                                                                             |   |              | 22,984,342  |   |            |   | 22,984,342 |   |
| Accumulated deficit                                                                                    |   |              | (215,105    | )      |            |   | (215,105 | ) |
| Deficit accumulated during the exploration stage                                                       |   |              | (23,206,408 | )      |            |   | (23,201,965 | ) |
|                                                                                                   |   |              |        |   |            |   |   |   |
| Total Stockholders’ Deficit                                                                      |   |              | (398,396    | )      |            |   | (393,953 | ) |
|                                                                                                   |   |              |        |   |            |   |   |   |
| Total Liabilities and Stockholders’ Deficit                                                      |   |              | 1,305       |   |            |   | 595 |   |

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Table of Contents

DRAGON GROUP 

|                                  |   |         |       |   |         |   |       | Accumulated from    |   |
|---------------------------------------|--------|--------------|------------|--------|--------------|--------|------------|---------------------|--------|
|                                  |   | Three Months |       |   | Three Months |   |       | August 15, 2006     |   |
|                                  |   | Ended        |       |   | Ended        |   |       | (Date of Inception) |   |
|                                  |   | November 30, |       |   | November 30, |   |       | to November 30,     |   |
|                                  |   | 2010         |       |   | 2009         |   |       | 2010                |   |
|                                  |   | $            |       |   | $            |   |       | $                   |   |
|                                  |   |         |       |   |         |   |       |                |   |   |   |   |
| Revenue                               |   |         | –    |   |         |   | –    |                |   |   | – |   |
|                                  |   |         |       |   |         |   |       |                |   |   |   |   |
| Expenses                              |   |         |       |   |         |   |       |                |   |   |   |   |
|                                  |   |         |       |   |         |   |       |                |   |   |   |   |
| General and administrative            |   |         | 30         |   |         |   | 9,160      |                |   |   | 9,706,271 |   |
| Mineral exploration costs             |   |         | –    |   |         |   | –    |                |   |   | 72,850 |   |
| Mineral property costs                |   |         | –    |   |         |   | –    |                |   |   | 13,372,593 |   |
|                                  |   |         |       |   |         |   |       |                |   |   |   |   |
| Total Expenses                        |   |         | 30         |   |         |   | 9,160      |                |   |   | 23,151,714 |   |
|                                  |   |         |       |   |         |   |       |                |   |   |   |   |
| Loss Before Other Expense             |   |         | (30        | )      |         |   | (9,160     | )                   |   |   | (23,151,714 | ) |
|                                  |   |         |       |   |         |   |       |                |   |   |   |   |
| Other Expense                         |   |         |       |   |         |   |       |                |   |   |   |   |
|                                  |   |         |       |   |         |   |       |                |   |   |   |   |
| Interest expense                      |   |         | (4,413     | )      |         |   | (3,891     | )                   |   |   | (54,694 | ) |
|                                  |   |         |       |   |         |   |       |                |   |   |   |   |
| Net Loss From Continuing Operations   |   |         | (4,443     | )      |         |   | (13,051    | )                   |   |   | (23,206,408 | ) |
|                                  |   |         |       |   |         |   |       |                |   |   |   |   |
| Discontinued operations               |   |         | –    |   |         |   | –    |                |   |   | (215,105 | ) |
|                                  |   |         |       |   |         |   |       |                |   |   |   |   |
| Net loss                              |   |         | (4,443     | )      |         |   | (13,051    | )                   |   |   | (23,421,513 | ) |
|                                  |   |         |       |   |         |   |       |                |   |   |   |   |
|                                  |   |         |       |   |         |   |       |                |   |   |   |   |
| Net Loss Per Share, Basic and Diluted |   |         | –    |   |         |   | –    |                |   |   |   |   |
|                                  |   |         |       |   |         |   |       |                |   |   |   |   |
|                                  |   |         |       |   |         |   |       |                |   |   |   |   |
| Weighted Average Shares Outstanding   |   |         | 38,775,000 |   |         |   | 38,775,000 |                |   |   |   |   |

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AGON

|                                                                        |   |         |    |   |         |   |    | Accumulated from    |   |
|-----------------------------------------------------------------------------|--------|--------------|---------|--------|--------------|--------|---------|---------------------|--------|
|                                                                        |   | Three Months |    |   | Three Months |   |    | August 15, 2006     |   |
|                                                                        |   | Ended        |    |   | Ended        |   |    | (Date of Inception) |   |
|                                                                        |   | November 30, |    |   | November 30, |   |    | to November 30,     |   |
|                                                                        |   | 2010         |    |   | 2009         |   |    | 2010                |   |
|                                                                        |   | $            |    |   | $            |   |    | $                   |   |
|                                                                        |   |         |    |   |         |   |    |                |   |   |   |   |
| Operating Activities                                                        |   |         |    |   |         |   |    |                |   |   |   |   |
|                                                                        |   |         |    |   |         |   |    |                |   |   |   |   |
| Net loss from continuing operations                                         |   |         | (4,443  | )      |         |   | (13,051 | )                   |   |   | (23,206,408 | ) |
|                                                                        |   |         |    |   |         |   |    |                |   |   |   |   |
| Adjustments to reconcile net loss to net cash used in operating activities: |   |         |    |   |         |   |    |                |   |   |   |   |
|                                                                        |   |         |    |   |         |   |    |                |   |   |   |   |
| Shares issued for mineral property licenses                                 |   |         | – |   |         |   | – |                |   |   | 8,812,500 |   |
| Stock-based compensation                                                    |   |         | – |   |         |   | – |                |   |   | 6,975,491 |   |
|                                                                        |   |         |    |   |         |   |    |                |   |   |   |   |
| Changes in operating assets and liabilities                                 |   |         |    |   |         |   |    |                |   |   |   |   |
|                                                                        |   |         |    |   |         |   |    |                |   |   |   |   |
| Prepaid expenses and deposits                                               |   |         | – |   |         |   | (14,298 | )                   |   |   | (570 | ) |
| Accounts payable                                                            |   |         | – |   |         |   | 344     |                |   |   | 23,523 |   |
| Accrued interest on note payable                                            |   |         | 313     |   |         |   | 316     |                |   |   | 3,098 |   |
| Due to related party                                                        |   |         | 4,100   |   |         |   | 3,575   |                |   |   | 70,357 |   |
|                                                                        |   |         |    |   |         |   |    |                |   |   |   |   |
| Net Cash Used In Operating Activities                                       |   |         | (30     | )      |         |   | (23,114 | )                   |   |   | (7,322,009 | ) |
|                                                                        |   |         |    |   |         |   |    |                |   |   |   |   |
| Financing Activities                                                        |   |         |    |   |         |   |    |                |   |   |   |   |
|                                                                        |   |         |    |   |         |   |    |                |   |   |   |   |
| Proceeds from loans payable                                                 |   |         | – |   |         |   | – |                |   |   | 23,597 |   |
| Advances from related party                                                 |   |         | 740     |   |         |   | 19,617  |                |   |   | 288,774 |   |
| Proceeds from common stock issued                                           |   |         | – |   |         |   | – |                |   |   | 7,225,126 |   |
|                                                                        |   |         |    |   |         |   |    |                |   |   |   |   |
| Net Cash Provided by Financing Activities                                   |   |         | 740     |   |         |   | 19,617  |                |   |   | 7,537,497 |   |
|                                                                        |   |         |    |   |         |   |    |                |   |   |   |   |
| Discontinued Operations                                                     |   |         |    |   |         |   |    |                |   |   |   |   |
|                                                                        |   |         |    |   |         |   |    |                |   |   |   |   |
| Operating activities                                                        |   |         | – |   |         |   | – |                |   |   | (214,507 | ) |
| Investing activities                                                        |   |         | – |   |         |   | – |                |   |   | (318 | ) |
| Financing activities                                                        |   |         | – |   |         |   | – |                |   |   | – |   |
|                                                                        |   |         |    |   |         |   |    |                |   |   |   |   |
| Net Cash Provided by Discontinued Operations                                |   |         | – |   |         |   | – |                |   |   | (214,825 | ) |
|                                                                        |   |         |    |   |         |   |    |                |   |   |   |   |
| Decrease in Cash                                                            |   |         | 710     |   |         |   | (3,497  | )                   |   |   | 663 |   |
|                                                                        |   |         |    |   |         |   |    |                |   |   |   |   |
| Cash, Beginning of Period                                                   |   |         | 25      |   |         |   | 3,829   |                |   |   | 72 |   |
|                                                                        |   |         |    |   |         |   |    |                |   |   |   |   |
| Cash, End of Period                                                         |   |         | 735     |   |         |   | 332     |                |   |   | 735 |   |
|                                                                        |   |         |    |   |         |   |    |                |   |   |   |   |
| Non-cash Investing and Financing Activities                                 |   |         |    |   |         |   |    |                |   |   |   |   |
|                                                                        |   |         |    |   |         |   |    |                |   |   |   |   |
| Shares issued to settle related party debt                                  |   |         | – |   |         |   | – |                |   |   | 10,000 |   |
|                                                                        |   |         |    |   |         |   |    |                |   |   |   |   |
| Supplemental Disclosures                                                    |   |         |    |   |         |   |    |                |   |   |   |   |
|                                                                        |   |         |    |   |         |   |    |                |   |   |   |   |
| Interest paid                                                               |   |         | – |   |         |   | – |                |   |   | – |   |
| Income taxes paid                                                           |   |         | – |   |         |   | – |                |   |   | – |   |

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DRAGON GROUP 

| 1.   | Basis of Presentation |
|----------------|-----------------------|

| 2.   | Summary of Significant Accounting Policies |
|----------------|--------------------------------------------|

| 3.   | Loan Payable |
|----------------|--------------|

| 4.   | Related Party Transactions |
|----------------|----------------------------|

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| 5.   | Stock Options |
|----------------|---------------|

|                                                               |   | Number of Options |      |   | Weighted Average ExercisePrice$ |   |   | Weighted Average Remaining Contractual Life (years) |   |   | AggregateIntrinsicValue$ |   |
|--------------------------------------------------------------------|--------|-------------------|-----------|--------|---------------------------------|--------|--------|-----------------------------------------------------|--------|--------|--------------------------|--------|
|                                                               |   |              |      |   |                            |   |   |                                                |   |   |                     |   |
| Outstanding and exercisable, August 31, 2010 and November 30, 2010 |   |              | 2,500,000 |   |                            |   | 2.13   |                                                |   |   | 6.8                      |   |   |   | – |   |

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ON 

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SCL

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– OTHER 

A

  RISK 

ALES

PON

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TTER

OTHER 

EX

| ExhibitNumber |   | Description of Exhibit                                                                               |   | Filing                                                                                   |
|---------------|--------|------------------------------------------------------------------------------------------------------|--------|------------------------------------------------------------------------------------------|
| 3.01          |   | Articles of Incorporation                                                                            |   | Filed with the SEC on March 22, 2005 as part of our Registration Statement on Form SB-2. |
| 3.02          |   | Bylaws                                                                                               |   | Filed with the SEC on March 22, 2005 as part of our Registration Statement on Form SB-2. |
| 31.01         |   | Certification of Principal Executive Officer and Principal Financial Officer Pursuant to Rule 13a-14 |   | Filed herewith.                                                                          |
| 32.01         |   | CEO and CFO Certification Pursuant to Section 906 of the Sarbanes-Oxley Act                          |   | Filed herewith.                                                                          |

AT

|               |    | ASIAN DRAGON GROUP INC.                                                                         |
|-------------------------|--------------|-------------------------------------------------------------------------------------------------|
|                    |         |                                                                                       |
| Dated: January 19, 2011 |         | By:   /s/ John Karlsson                                                          |
|               |    | John Karlsson                                                                                   |
|               |    | Chief Executive Officer, Chief Financial Officer,President, Secretary, Treasurer & Director |

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