55 North Mining Inc. — Management Reports 2026

Apr 14, 2026

Sensible Meats Inc.

Management’s Discussion and Analysis
For the three months ended February 28, 2026 and 2025

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SENSIBLE MEATS INC.

Management's Discussion and Analysis

For the three months ended February 28, 2026 and 2025

Management's Discussion and Analysis ("MD&A") is intended to help the reader understand the Sensible Meats Inc. ("SMI" or the "Company") condensed interim unaudited financial statements for the three months ended February 28, 2026 and 2025 ("financial statements"). The information provided herein should be read in conjunction with the Company's annual audited financial statements for the years ended November 30, 2025 and 2024 and related notes attached thereto, which have been prepared in accordance with International Financial Reporting Standards ("IFRS"). Except as otherwise disclosed, all dollar figures in this report are stated in Canadian dollars ("CAD"). The effective date of this report is April 14, 2026.

Management is responsible for the preparation and integrity of the financial statements, including the maintenance of appropriate information systems, procedures, and internal controls and to ensure that information used internally or disclosed externally, including the financial statements and MD&A, is complete and reliable. The Company's board of directors follows recommended corporate governance guidelines for public companies to ensure transparency and accountability to shareholders. The board's audit committee reviews with management on a quarterly basis the financial statements including the MD&A as well as other financial, operating, and internal control matters.

OUTLOOK

The Company has initiated a review process to explore and evaluate a broad range of strategic alternatives. The strategic review process will encompass an evaluation of the Company's current strategic direction, operations, market valuation and capital structure and will consider appropriate alternatives for the Company. The Company is no longer focused on the plant-based meat industry. During the strategic review process the Company continues to minimize costs to preserve the Company's assets.

OPERATING AND FINANCIAL SUMMARY

Since taking over the Company in May 2024, the new management team has increased shareholder equity from $6.6 million to over $8.5 million (29% increase). Total assets have increased from $6.7 million to $9.7 million (30% increase), while total liabilities have remained flat and immaterial. The Company is pre-revenue generating, and has not raised any equity or debt during this period; management used only what they inherited from the previous team and made sound, strategic decisions on behalf of all shareholders to achieve these results. This has been accomplished in the midst of a strategic review process, with the new management team and directors having volunteered to receive no salaries or share-based compensation.

For the three months ended February 28, 2026

• Net loss was $968,985 compared to a net gain of $591,408 in the previous comparable period
• Cash used in operating activities was $265,171 compared to $127,477 in the prior comparable period
• Due to a decline in the market value of Company's portfolio of publicly-traded investments from November 30, 2025 to February 28, 2026, the loss on marketable securities was $720,332 versus a gain of $691,137 in the prior comparable period

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SENSIBLE MEATS INC.

Management's Discussion and Analysis

For the three months ended February 28, 2026 and 2025

SUMMARY OF SELECTED RESULTS

The following table presents key items for the three months ended for and as at February 28, 2026 and 2025:

$ (except per share amounts)	Three months ended
	February 28 2026	February 28 2025
Net cash used in operating activities	265,171	127,477
Net income (loss)	(968,985)	591,408
Per share – basic & diluted	(0.02)	0.01
Net cash from (used in) investing activities	227,409	-
Working capital	8,538,822	6,899,219
Shareholders’ equity	8,538,822	6,899,219
Total assets	8,651,267	7,077,534

For the three months ended February 28, 2026, as compared to the respective prior period, the following items have significantly changed:

$	Note	Three months ended
		February 28 2026	February 28 2025
Office and administrative	1	$ 113,735	$ 35,707
Benefits	2	88,086	14,301
Gain (loss) on marketable securities	3	(720,332)	691,137

Note 1 – Office and administrative

There was increased activity with respect to evaluating various alternatives under the Company's strategic review process in the current period as compared to the prior comparable period.

Note 2 – Benefits

Beginning in February 2025, the Company began incurring costs for health and wellness benefits for certain people within the organization. The costs increased in the current period due to the program being fully operational, whereas it was only in operation for a short time in the prior period.

Given the pre-operational status of the Company, the current CEO and CFO have not been paid a salary or management fees since they started in May 2024.

Note 3 – Gain (loss) on marketable securities

Partnership Units

As at November 30, 2024, the Company held 4,500,000 class A limited partnership units in a private limited partnership. In December 2024, the Company redeemed 475,955 partnership units for proceeds of $500,000. On January 1, 2025, the remaining limited partnership 4,024,044 units held were rolled-back to 2,064,406 units. In January 2026, the Company redeemed 4,347 units for proceeds of $10,000.

The partnership's business is to use proprietary algorithms, developed from over a decade of metadata analysis and credit-provision knowledge, to purchase specific loans from a pool of active loans. Provisions of the loan purchases provides that if a loan becomes non-conforming (defined as sixty days of non-payment) that the loan is immediately replaced by a performing loan from within the pool and any lost interest is also reimbursed to the partnership.

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SENSIBLE MEATS INC.

Management's Discussion and Analysis

For the three months ended February 28, 2026 and 2025

Since purchasing the partnership units, the Company has recognized an approximately 12% annualized gain on the investment, in line with historical results of the Partnership since inception.

Publicly traded investments

During the year ended February 28, 2025 (none in 2024), the Company had the following transactions with publicly traded investments:

• In December 2024 the Company paid $500,000 to purchase 833,333 units of a Canadian public company that trades on the Canadian Securities Exchange. Each unit consisted of one common share and one warrant. Each warrant was exercisable at $0.75 per share until December 30, 2026.

During the year-ended November 30, 2025, the Company paid $625,000 to exercise all the warrants, and sold 742,900 shares for net proceeds of $1,086,949. As at February 28, 2026, the Company held 923,766 shares in this investment.

• In October 2025 the Company paid $483,850 to purchase 954,519 units of a second Canadian public company that trades on the TSX Venture Exchange. Each unit consisted of one common share and one warrant. Each warrant is exercisable at $0.80 per share until October 31, 2027.

During the year-ended November 30, 2025, the Company sold 70,000 shares for net proceeds of $54,247. During the three months ended February 28, 2026, the Company sold 295,000 shares for net proceeds of $217,409. As at February 28, 2026, the Company held 589,519 shares and 954,519 warrants in this investment.

Due to a decline in the market value of these publicly-traded investments from November 30, 2025 to February 28, 2026, there was a significant loss on marketable securities during the three months ended February 28, 2025, however the value of these investments is still significantly greater than their initial purchase price.

SUMMARY OF QUARTERLY RESULTS

The table below summarizes the quarterly results over the past eight fiscal quarters:

$ except per share	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024
Operating Expenses	(254,062)	(210,090)	(92,525)	(111,592)	(114,441)	(173,954)	(194,352)	(158,288)
Income (loss) and comprehensive income (loss)	(968,985)	1,670,481	1,055,497	(117,390)	591,408	(141,941)	(110,696)	(25,972)
Income (loss) per share – basic and diluted	(0.02)	0.03	0.02	(0.00)	0.01	(0.00)	(0.00)	(0.00)

Since new management started in May 2024, the Company has pivoted from the plant-based meat industry, to a strategic review scenario. The Company is focused on keeping costs as low as possible during the process, and also purchased marketable securities to attempt to generate revenue to offset these operating costs, until a new plan can be put in place.

SHARE CAPITAL

a) Common Shares

Authorized

• Unlimited number of voting common shares without par value.
• Unlimited number of non-voting common B shares without par value.
• Unlimited number of preferred shares issuable in one or more series at any time and from time to time.

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SENSIBLE MEATS INC.

Management's Discussion and Analysis

For the three months ended February 28, 2026 and 2025

Issued and outstanding

	#	$
Common shares
Balance, November 30, 2024 and 2025, and February 28, 2026	53,032,000	$ 11,744,265

b) Stock-based compensation

The Company has a rolling stock option plan (the "Plan") to provide incentives for the directors, officers, employees, and consultants of the Company. The maximum number of shares which may be set aside for issuance under the Plan is 10% of the issued and outstanding common shares of the Company. The exercise price of options granted under the Plan will be fixed by the Board at the time of grant, provided that such exercise price may not be less than the discounted market price of the common shares. The options granted under the Plan will vest and be exercisable on a basis determined by the board at the time of the grant and will be exercisable for a period not exceeding five years.

Stock option transactions are summarized as follows:

	Number	Weighted average exercise price
Balance, November 30, 2024	1,000,000	$ 0.43
Expired	(200,000)	0.50
Balance, November 30, 2025 and February 28, 2026	800,000	$ 0.41

Information about the stock options outstanding and exercisable on February 28, 2026, is as follows:

Number of Options Outstanding	Number of Options Exercisable	Exercise Price ($)	Expiry Date	Weighted Average Remaining Contractual Life (years)
300,000	300,000	0.25	May 15, 2026	0.21
500,000	500,000	0.50	June 8, 2027	1.27
800,000	800,000			0.87

c) Securities outstanding

As at April 14, 2026, the Company had 53,032,000 common shares and 800,000 stock options issued and outstanding.

TRANSACTIONS WITH KEY MANAGEMENT PERSONNEL AND RELATED PARTIES

Key management personnel

Key management personnel include directors and officers who have the authority and responsibility for the planning, directing, and controlling the activities of the Company.

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SENSIBLE MEATS INC.

Management's Discussion and Analysis

For the three months ended February 28, 2026 and 2025

The Company had the following transactions with key management:

	Three months ended February 28, 2026 $	Three months ended February 28, 2025 $
Benefits	58,483	11,333
Professional fees	3,681	5,526
Total	62,164	16,859

Related party transactions

The Company had the following transactions with related parties:

• Benefits
• During the three months ended February 28, 2026, the Company incurred $31,111 (three months ended February 28, 2025 - $3,267) for health benefits for the CEO.
• During the three months ended February 28, 2026, the Company incurred $25,983 (three months ended February 28, 2025 - $8,066) for health benefits for the CFO.

• During the three months ended February 28, 2026, the Company incurred $1,389 (three months ended February 28, 2025 - $Nil) for health benefits for a director.

• Professional fees

• During the three months ended February 28, 2026, the Company incurred $3,681 (three months ended February 28, 2025 - $5,526) in professional fees to a law firm where a director of the Company is a partner, and at February 28, 2026, $2,448 is included in accounts payable and accrued liabilities.

• Other

• As at February 28, 2026, $49,635 and $3,789 are due to the CEO and CFO respectively for expenses and are included in accounts payable and accrued liabilities.

FINANCIAL RISK MANAGEMENT

a) Credit risk

Credit risk is the risk of loss if a customer or third party to a financial instrument fails to meet its contractual obligations. Financial instruments that could potentially subject the Company to a concentration of credit risk are cash and receivables. The Company limits its exposure to credit loss by placing its cash with high credit quality financial institutions. The carrying amount of financial assets represents the maximum credit exposure.

b) Foreign exchange rate risk

Foreign exchange risk arises from fluctuations in the future cash flows of a financial instrument because of changes in foreign exchange rates. The Company is not subject to foreign exchange rate risk as predominately all its transactions are in Canadian dollars.

c) Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The observable impacts on the fair value and future cash flows of financial instruments that can be directly attributable to interest rate risk include changes in profit or loss from financial instruments whose cash flows are determined with reference to floating interest rates and potential changes in value of financial instruments whose cash flows are fixed in nature. The Company does not have any financial

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SENSIBLE MEATS INC.

Management's Discussion and Analysis

For the three months ended February 28, 2026 and 2025

instruments with floating interest rates.

d) Liquidity risk

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. The Company currently settles its financial obligations out of cash. The ability to do this relies on the Company raising debt or equity in a timely manner and by maintaining sufficient cash in excess of anticipated needs. As at February 28, 2026, all of the Company's financial liabilities are due within one year, and the Company has sufficient cash resources to fund the Company in the near-term.

LIQUIDITY AND CAPITAL RESOURCES

As of February 28, 2026, the Company had cash and cash equivalents totaling $1,278,449 (November 30, 2025 - $1,316,211), which is sufficient in the near-term as the Company goes through its strategic review process.

The Company manages its capital to maintain its ability to continue as a going concern and to provide returns to shareholders and benefits to other stakeholders.

The Company defines capital as share capital. The Company's targeted capital structure at February 28, 2025, is 100% shareholders' equity. Management believes that such a capital structure is the most suitable for an early-stage company. The Company, upon approval from its Board of Directors, will balance its overall capital structure through new share issues or by undertaking other financing activities as deemed appropriate under specific circumstances. There is no guarantee that the Company will be able to raise funding through equity raises in the future.

The Company is not subject to externally imposed capital requirements. There have been no changes to how the Company manages capital.

These financial statements have been prepared on a going concern basis, which assumes that the Company will be able to realize its assets and discharge its liabilities in the normal course of business. As at February 28, 2026, the Company has an accumulated deficit of $3,680,460 and the Company had a net loss of $968,985 for the three months ended February 28, 2026. These conditions indicate the existence of a material uncertainty that may cast significant doubt regarding the Company's ability to continue as a going concern.

CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS

The preparation of the financial statements in conformity with IFRS requires the Company's management to make judgments, estimates and assumptions that affect the application of accounting policies and reported amounts of assets, liabilities, revenues, and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised and in any future periods affected.

The most significant judgements in preparing the Company's financial statements include:

Going concern

The Company's ability to execute its strategy by funding future working capital requirements requires judgment. Estimates and assumptions are based on historical experience and other factors, such as expectations of future events that are believed to be reasonable under the circumstances. The factors considered by management are disclosed in Note 1 to the financial statements.

Marketable securities

The Company's assessment of the valuation of its marketable securities requires significant judgement because the certain investments do not trade in a public market. The Company conducts a valuation assessment at each reporting date, and may adjust the value should data and market conditions suggest a re-valuation is necessary.

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SENSIBLE MEATS INC.

Management's Discussion and Analysis

For the three months ended February 28, 2026 and 2025

CONTINGENCY

In September 2024, a claim was filed in BC small claims court by a terminated employee against the Company, seeking approximately $35,000 in total damages. The amount is related to a dispute with respect to amounts due under the employee's terminated employment contract. The Company is defending itself against the claim, stating that $Nil is due. Management is of the opinion that the outcome of the claim will not have a material adverse impact on the Company's financial position or results of operations.

OFF-BALANCE SHEET ARRANGEMENTS

As of the effective date of this report, the Company has no off-balance sheet arrangements.

EVALUATION OF INTERNAL CONTROLS OVER FINANCIAL REPORTING

The Company's Chief Executive Officer and Chief Financial Officer are responsible for establishing and maintaining internal control over financial reporting ("ICFR"). They have designed ICFR, or caused it to be designed under their supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with IFRS. The control framework Alpha's officers used to design the Company's ICFR is the Internal Control – Integrated Framework ("COSO Framework") published in 2013 by the Committee of Sponsoring Organizations of the Treadway Commission ("COSO").

Management of the Company, including our Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of the Company's ICFR as at February 28, 2026. Based on that evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that the ICFR are effective as of the end of the period, in all material respects.

The Company's Chief Executive Officer and Chief Financial Officer are required to disclose any change in the ICFR that occurred during our most recent interim period that has materially affected, or is reasonably likely to materially affect, the Company's ICFR. No material changes in the ICFR were identified during the period ended February 28, 2026 that have materially affected, or are reasonably likely to materially affect, our ICFR.

It should be noted that while the Chief Executive Officer and Chief Financial Officer believe that the Company's design of DC&P and ICFR provide a reasonable level of assurance that they are effective, they do not expect that the control system will prevent all errors and fraud. A control system, no matter how well conceived or operated, does not provide absolute assurance, but rather is designed to provide reasonable assurance that the objective of the control system is met. The Company's ICFR may not prevent or detect all misstatements because of inherent limitations. Additionally, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions or deterioration in the degree of compliance with the Company's policies and procedures.

RISKS AND UNCERTAINTIES

Investing in the Company's securities involves a high degree of risk. In addition to the risks identified in this MD&A, current and prospective investors should carefully consider all the risk factors noted in the Company's final prospectus, a copy of which is available on SEDAR at www.sedar.com, before purchasing common shares or any other securities of the Company that may be offered or that are issued and outstanding from time to time. The risks identified in the Company's prospectus remain unchanged and such risk factors identified are not a definitive list of all risk factors associated with an investment in the Company or in connection with the Company's operations. The occurrence of any of such risks, or other risks not presently known to the Company or that the Company currently believes are immaterial, could materially and adversely affect the Company's investments, prospects, cash flows, results of operations or financial condition, and the Company's ability to make dividend payments to shareholders. The value of the Common Shares, or any other securities of the Company that may be offered or issued and outstanding from time to time, could decline and investors may lose all or part of their investment. The market price of the Common Shares may be volatile and subject to wide fluctuations in response to numerous factors, many of which are beyond the Company's control. This volatility may affect the ability of holders of Common Shares to sell their securities for a profit or at all. Market price fluctuations

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SENSIBLE MEATS INC.

Management's Discussion and Analysis

For the three months ended February 28, 2026 and 2025

in the Common Shares may be due to the Company's operating results failing to meet expectations of securities analysts or investors in any year, downward revision in securities analysts' estimates, adverse changes in general market conditions or economic trends, acquisitions, dispositions or other material public announcements by the Company or its competitors, along with a variety of additional factors. Financial markets have historically, at times, experienced significant price and volume fluctuations that have particularly affected the market prices of equity securities of companies and that have often been unrelated to the operating performance, underlying asset values or prospects of such companies. Accordingly, the market price of the Common Shares may decline even if the Company's operating results, underlying asset values or prospects have not changed. Additionally, these factors, as well as other related factors, may cause decreases in asset values that are deemed to be other than temporary, which may result in impairment losses. There can be no assurance that continuing fluctuations in price and volume will not occur. If such increased levels of volatility and market turmoil continue, the Company's operations could be adversely impacted, and the trading price of the Common Shares may be materially adversely affected.

CAUTIONARY STATEMENT ABOUT FORWARD-LOOKING STATEMENTS

This MD&A contains "forward-looking information" that is based on expectations, estimates and projections as of the date of this MD&A. Often, but not always, such forward-looking information can be identified by the use of forward-looking words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "May", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information in this MD&A. Many of such risks and uncertainties are beyond the control of the Company. Please refer to the non-exhaustive list of risks and uncertainties included in this MD&A.

While the Company anticipates that subsequent events and developments may cause its views to change, it will not update this forward-looking information, except as required by law. This forward-looking information should not be relied upon as representing the views of the Company as of any date after the date of this MD&A. The Company has attempted to identify important factors that could cause actual actions, events, or results to differ materially from those current expectations described in forward-looking information. However, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended and that could cause actual actions, events, or results to differ materially from current expectations. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information.

ADDITIONAL INFORMATION

Additional information relating to the Company is available on its corporate website www.sensiblehotdogs.com, and SEDAR.