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Akwaaba Mining Ltd. — Management Reports 2026
Apr 20, 2026
46474_rns_2026-04-20_308fbd14-92bf-45c5-bacf-9eb2947874b1.pdf
Management Reports
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AKWAABA MINING LTD.
Management's Discussion & Analysis
For the year ended December 31, 2025
AKWAABA MINING LTD.
Management's Discussion and Analysis
For the year ended December 31, 2025
INTRODUCTION
The following Management's Discussion and Analysis ("MD&A") provides information that management considers to be relevant to an assessment and understanding of Akwaaba Mining Ltd. ("Akwaaba" or the "Company") financial condition as at December 31, 2025 and the results of its operations and cash flows for the year ended December 31, 2025 and follows the requirements of National Instrument 51-102 ("NI 51-102").
This discussion should be read in conjunction with the Company's audited financial statements and the related notes for year ended December 31, 2025 which have been prepared in accordance with International Financial Reporting Standards ("IFRS"). All dollar amounts included therein and in the following MD&A are expressed in Canadian Dollars unless otherwise noted.
We report in accordance with IFRS and the following disclosures, and associated consolidated financial statements, are presented in accordance with IFRS. This MD&A is prepared as at April 16, 2026 and includes certain statements that may be deemed "forward looking statements". We direct readers to the sections entitled "Risk Factors" and "Forward Looking Statements" in this MD&A.
Further information can be obtained from the Company's filings on the SEDAR website at www.sedarplus.ca.
HIGHLIGHTS
- On January 15, 2026 the Company entered into a loan agreement with Candel & Partners SAS; a private company beneficially owned by the CEO. The principal loan amount of $346,750 is unsecured and bears interest at the rate of 8% per annum, and matures on January 15, 2028.
- On January 30, 2025, the Company issued 2,264,368 shares at $0.12 per share to settle $271,724 of debt owed to Allan Green, a director of the Company, and Candel & Partners SAS, a private company beneficially owned by Allan Green. The Company incurred $17,084 in share issue costs in connection with the share issuance.
- On March 25, 2025, the Company completed a non-brokered private placement consisting of the issue and sale of 1,363,636 common shares at a price of $0.11 per share for gross proceeds of $150,000 and incurred $9,811 of share issue costs.
KUNSU PROPERTY
The Kunsu Prospecting License is located approximately 35 Km Southwest of Kumasi and 240 Km Northwest of Accra; the property is centred approximately on Latitude 6°48'00" North and Longitude 1°56.00" West (WGS84 Zone 30N). The property which is situated in close proximity to the Sefwi gold belt is strategically placed on the Asankragwa-Manso Nkwanta gold belt. The Kunsu concession is about 27 Km north of Asanko Gold's mine, and even closer to the Asanko Esaase gold prospect, all of which are inferred to be underlain by similar geology regionally as Kunsu.
Previous surficial sampling works on the Kunsu concession delineated four major NE-SW trending anomalous gold zones, these are:
- North Grid Anomaly, with strike length of about 3.5km;
- Central Grid Anomaly, with strike length of about 4km;
- South West Grid Anomaly, with strike length of about 0.5km;
- South East Grid Anomaly, with strike length of about 1km.
So far, all subsurface exploration works entailing drilling have been focused on parts of the North Grid Anomaly.
AKWAABA MINING LTD.
Management's Discussion and Analysis
For the year ended December 31, 2025
Following the entering into a Definite Agreement with Wonouo Investment Limited ("Wononuo") on February 15, 2019, the Company approved a 145 days follow-up stage exploration exercise which comprised geophysical survey, trenching and drilling works that focused on the North Grid zone of the property. The exercise was designed to in the end deliver to CAP information on the extent and prospectivity of gold mineralization and to provide reliable and sufficient data to define an inferred resource base.
The 145 days staged exploration exercise commenced on the 22nd February, 2019 and has to date covered the 5.8 km Induced Polarization (IP) geophysical survey at the North Grid zone, followed by 882 meters of trenches excavated on the geophysical defined targets. The trench results, as reported on 18th May, 2019, returned significant Au grade (> 100 ppb Au) intersections hosted within quartz vein lodes and provided compelling evidence of significant Au mineralization within the North Grid zone of the Kunsu property.
Due to the satisfactory results of this stage the Company prepared for a drilling exercise of 1,200 meters of RC drilling across the delineated mineralized zone at the North Grid anomaly. The drilling exercise commenced on 29th June, 2019 and ended on the 11th July 2019. A total of thirteen RC holes and 1,420 meters drilled covered this program. The drilling generated a total of 1558 samples including QC samples which were analyzed for Au. Gold mineralization zones >0.1g/t were intercepted in seven (7) out of the thirteen (13) drill holes. Gold grades from drill holes at the West North Grid zone are relatively low but moderate values were intercepted at the bottom of the holes. Gold grade continuity at the West Grid zone has not been established at this stage due to paucity of drill data. Deeper levels of the holes require further testing, as the possible feeder veins may be at depth. Results from drill holes from the East North Grid zone however, returned moderate to significant gold grades of compelling economic interest. The resource estimate tabulated in terms of minimum gold grades (Table 1) for the East North Grid zone, effective September 13, 2019, is classified as at this stage to be an Inferred Resource in accordance with NI 43-101 definitions.
Table 1: Mineral Resource Tabulation:
| Resource Type | Volume (m³) | Tonnage (t) | Density (t/m³) | Average grade (g/t) | Total Au (g) | Total Au (oz) | Category | Strike Length |
|---|---|---|---|---|---|---|---|---|
| Au≥0.3 g/t | ||||||||
| Oxide | 175,000 | 297,500 | 1.7 | 0.77 | 230,282 | 7,404 | Inferred | 150m |
| Fresh | 1,000,000 | 2,700,000 | 2.7 | 0.81 | 2,185,259 | 70,258 | ||
| Total | 1,175,000 | 2,997,500 | 0.81 | 2,415,540 | 77,662 | |||
| Au ≥ 0.5 | ||||||||
| Oxide | 75,000 | 127,500 | 1.7 | 1.33 | 169,243 | 5,441 | ||
| Fresh | 600,000 | 1,620,000 | 2.7 | 1.08 | 1,745,932 | 61,574 | ||
| Total | 675,000 | 1,747,500 | 1.1 | 1,915,176 | 61,574 | |||
| Au ≥ 1.0 | ||||||||
| Oxide | 62,500 | 106,250 | 1.7 | 1.42 | 151,246 | 4,863 | ||
| Fresh | 400,000 | 1,086,250 | 2.7 | 1.28 | 1,386,791 | 44,586 | ||
| Total | 462,500 | 1,186,250 | 1.3 | 1,528,038 | 49,449 | |||
| Au ≥ 1.5 | ||||||||
| Fresh | 200,000 | 540,000 | 2.7 | 1.53 | 828,446 | 26,635 |
AKWAABA MINING LTD.
Management's Discussion and Analysis
For the year ended December 31, 2025
All the samples collected were prepared and analyzed at the ALS Laboratories in Kumasi, Ghana. The ALS facility in Kumasi is a commercial laboratory and part of the ALS Group of laboratories that operates under a global quality management system accredited to ISO 9001:2008 with ISO/IEC 17025 certification. The samples were fine crushed to >70% passing 2mm. A 250g subsample is split by riffle splitter and pulverized to >85% passing 75mm. 50 g subsample is taken and fire-assayed with AAS finish.
A check sample analysis using similar procedures as ALS, and metallic screen fire assaying (MSFA) were completed at SGS Laboratory Services (GH) Limited located at Tarkwa, Ghana. SGS Laboratory Services GH. Ltd is accredited by SANAS and conforms to the requirements of ISO/IEC 17025:2005. In MSFA both undersize (-75 µm) and oversize (+75 µm) fractions are dried and weighed separately. The oversize fraction is fire-assayed in a single fusion to obtain the oversize gold (coarse fraction gold). The undersize fraction is fire-assayed in duplicate following ordinary fire assay protocols.
The metallic screen fire analysis on selected samples strongly suggests the presence of coarse gold at Kunsu. Gold grades in coarse fractions (+75 µm) of the samples average 71% higher, compared to the gold grades in the fine fractions (-75 µm) which is normally the size fraction used in standard fire assay techniques for gold analysis. It is therefore likely that any resource calculation based on the current assay values would be the conservative minimum gold content. The screen fire assay results are strong indications that analyzing the Au in coarse fractions (+75 µm) of the samples would likely provide a better gold grade representation, provide upgrade of gold values, and have positive implications on the project by way of upgrading the resource estimates.
TECHNICAL DISCLOSURE
The Company's technical disclosure has been reviewed and approved by Prosper Mackenzie Nude, PhD.MAIG, FSEG, who serves as a Qualified Person under the definition in National Instrument 43-101 ('NI 43-101').
SELECTED ANNUAL INFORMATION
| For the Years Ended | |||
|---|---|---|---|
| December 31, 2025 | December 31, 2024 | December 31, 2023 | |
| Expenses for the year | $152,232 | $180,830 | $206,001 |
| Net income (loss) for the year | (152,232) | (180,830) | (206,001) |
| Net income (loss) per share | (0.01) | (0.02) | (0.02) |
| Exploration expenditures | (150,856) | 397,028 | 110,419 |
| Total assets | 4,800,145 | 4,796,370 | 4,365,110 |
| Capitalized exploration costs | 4,529,548 | 4,680,404 | 4,283,376 |
| Total liabilities | 539,130 | 556,075 | 384,162 |
AKWAABA MINING LTD.
Management's Discussion and Analysis
For the year ended December 31, 2025
SUMMARY OF QUARTERLY RESULTS
Selected financial indicators for the past eight quarterly periods are shown in the following table:
| For the three months ended | ||||
|---|---|---|---|---|
| Dec. 31, 2025 | Sept. 30, 2025 | Jun. 30, 2025 | Mar. 31, 2025 | |
| Other income for the period | $ - | $ - | $ - | $ - |
| Expenses for the period | 37,104 | 22,191 | 54,166 | 38,771 |
| Net loss for the period | (37,104) | (22,191) | (54,166) | (38,771) |
| Net loss per share | (0.003) | (0.002) | (0.004) | (0.003) |
| Exploration expenditures | (16,016) | 82,781 | (218,040) | 419 |
| Exploration expenditures (net of translation adjustment) | 59,039 | 6,483 | 6,298 | 4,648 |
| Total assets | 4,800,145 | 4,637,871 | 4,583,462 | 4,877,506 |
| Capitalized exploration costs | 4,529,548 | 4,545,504 | 4,462,783 | 4,680,823 |
| Total liabilities | 539,130 | 269,797 | 267,109 | 289,357 |
| For the three months ended | ||||
| --- | --- | --- | --- | --- |
| Dec. 31, 2024 | Sept. 30, 2024 | Jun. 30, 2024 | Mar. 31, 2024 | |
| Other income for the period | $ - | $ - | $ - | $ - |
| Expenses for the period | 47,062 | 36,066 | 51,762 | 45,932 |
| Net loss for the period | (47,047) | (36,087) | (51,764) | (45,932) |
| Net loss per share | (0.004) | (0.003) | (0.005) | (0.004) |
| Exploration expenditures | 270,987 | (66,142) | 64,062 | 128,121 |
| Exploration expenditures (net of translation adjustment) | (19,729) | 8,195 | 6,436 | 23,189 |
| Total assets | 4,796,370 | 4,505,601 | 4,540,317 | 4,527,511 |
| Capitalized exploration costs | 4,680,404 | 4,409,417 | 4,475,559 | 4,411,497 |
| Total liabilities | 556,075 | 487,255 | 416,974 | 466,570 |
The Company is in the business of exploring and evaluating assets in Ghana, Africa and as a result has no revenues. Expenses consist of general corporate administrative costs not attributable to the exploration activities. All costs that are attributable to exploration activities are capitalized to the mineral concessions to which they relate.
Total liabilities decreased to $539,130 at December 31, 2025, from $556,075 at December 31, 2024.
RESULTS OF OPERATIONS
Net loss for the three months ended December 31, 2025 were $37,104 compared to $47,047 for the same period in the prior year.
Total expenses for the three months ended December 31, 2025 were $37,104 compared to $47,062 for the same period in the prior year.
AKWAABA MINING LTD.
Management's Discussion and Analysis
For the year ended December 31, 2025
Expenses for the three months ended December 31, 2025 included $16,274 in salaries and benefits for Vancouver employee for the three months ended December 31, 2025, consistent with $16,120 for the same period last year. Office and administrative expenses were $4,339 for the three months ended December 31, 2025, compared to $5,446 for the same period in the prior year. The Company incurred $3,520 for transfer agent, filing and regulatory costs for the three months ended December 31, 2025, lower than $9,376 for the same period in the prior year. The variance is due to timing of expenses.
The Company incurred $6,515 in Professional fees for the three months ended December 31, 2025, representing legal fees, lower than $9,018 for the same period in the prior year.
The Company incurred $1,065 for investor relations for the three months ended December 31, 2025 compared to $1,921 for the same period in the prior year.
Year ended December 31, 2025 compared to year ended December 31, 2024
Net loss for the year ended December 31, 2025 were $152,232, compared to $180,830 for the same period in the prior year.
Total expenses for the year ended December 31, 2025 were $152,232 compared to $180,822 for the same period in the prior year.
Expenses for the year ended December 31, 2025 included $72,832 in salaries and benefits for Vancouver employee, compared to $72,665 for the same period last year. The Company incurred $34,551 for Professional fees for the year ended December 31, 2025, compared to $50,051 incurred for the same period in the prior year.
For the year ended December 31, 2025, the Company incurred $18,713 for office and administrative expenses, compared to $19,880 incurred for the same period in the prior year. The Company incurred $16,229 for transfer agent, filing and regulatory costs for the year ended December 31, 2025, compared to $28,062 for the same period in the prior year. The Company incurred $4,516 for investor relations for the year ended December 31, 2025 compared to $2,982 for the same period in the prior year.
The Company recorded $Nil in foreign exchange loss during the year ended December 31, 2025, due to the translation of foreign currency denominated working capital items, compared to $8 for the same period in the prior year.
Exploration and Evaluation Asset Expenditures
Three months ended December 31, 2025 compared to three months ended December 31, 2024
Exploration and evaluation assets expenditures were $(16,016) during the three months ended December 31, 2025, compared to $270,987 for the three months ended December 31, 2024.
Excluding translation adjustments, exploration and evaluation assets expenditures for three months ended December 31, 2025 were $59,039 compared to $(19,729) incurred for the same period in the prior year.
AKWAABA MINING LTD.
Management's Discussion and Analysis
For the year ended December 31, 2025
Exploration and evaluation assets expenditures as summarized in the following table:
| Three months ended December 31, 2025 | Three months ended December 31, 2024 | |
|---|---|---|
| Legal fees | $ 6,266 | $ 6,579 |
| Field logistics | - | - |
| General and administrative | 52,773 | (26,308) |
| Translation adjustments | (75,053) | 290,716 |
| $ (16,016) | $ 270,987 |
During the three months ended December 31, 2025, the Company incurred $6,266 in legal fees, compared to $6,579 during the same period in the prior year, representing payments for the Company's legal representative in Ghana.
During the three months ended December 31, 2025, the Company recorded a translation adjustment of $(75,053) resulting from the strengthening of the Canadian dollar against the US dollar, compared to a translation adjustment of $290,716 for the same period in the prior year. The translation adjustments are related to the translation of exploration and evaluation assets from US dollars, the functional currency of the Ghana subsidiary, to Canadian dollars.
Year ended December 31, 2025 compared to year ended December 31, 2024
During the year ended December 31, 2025, exploration and evaluation assets expenditures totaled $(150,856) compared to $397,028 for the year ended December 31, 2024.
Excluding a translation adjustment, exploration and evaluation assets expenditures for year ended December 31, 2025 were $76,468, compared to $18,091 incurred for the same period in the prior year.
Exploration and evaluation assets expenditures as summarized in the following table:
| Year ended December 31, 2025 | Year ended December 31, 2024 | |
|---|---|---|
| Consulting fees | $ - | $ 4,955 |
| Legal fees | 25,452 | 25,222 |
| Field logistics | - | 3,909 |
| General and administrative | 51,016 | (15,995) |
| Translation adjustments | (227,324) | 378,937 |
| $ (150,856) | $ 397,028 |
During the year ended December 31, 2025, The Company incurred $25,452 in legal fees, compared to $25,222 during the same period in the prior year, representing accruals for the Company's legal representative in Ghana.
During the year ended December 31, 2025, The Company incurred $Nil in consulting fees and field logistics, compared to $4,955 and $3,909, respectively, during the same period in the prior year, which included expenditures for travel, food, accommodation and transportation costs related to the Kunsu project.
During the year ended December 31, 2025, the Company recorded a translation adjustment of $(227,324) resulting from the strengthening of the Canadian dollar against the US dollar, compared to a translation adjustment of $378,937
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AKWAABA MINING LTD.
Management's Discussion and Analysis
For the year ended December 31, 2025
for the same period in the prior year. The translation adjustments are related to the translation of exploration and evaluation assets from US dollars, the functional currency of the Ghana subsidiary, to Canadian dollars.
LIQUIDITY AND CAPITAL RESOURCES
As at December 31, 2025, the Company had cash and cash equivalents of $108,078 (December 31, 2024 - $17,963) to settle current liabilities of $539,130 (December 31, 2024 - $556,075). The Company expects to raise additional equity financing or related party debt financing in the coming period to meet its obligations.
As at December 31, 2025, the Company's cash and cash equivalents increased by $90,115 to $108,078 from $17,963 as at December 31, 2024. Cash of $237,329 (December 31, 2024- $220,314) was used for operating activities, $Nil was used in investing activities (December 31, 2024- $4,782), and $324,566 provided by financing activities (December 31, 2024- $206,733).
Net cash used in operating activities for the year ended December 31, 2025 was $237,329 (December 31, 2024- $220,314). The cash used during the period consists primarily of the loss of $152,232 (December 31, 2024- $180,830) which includes non-cash depreciation of $Nil (December 31, 2024- $727), and interest accrued of $Nil (December 31, 2024- $1,269).
Net cash used in investing activities for the year ended December 31, 2025 was $Nil (December 31, 2024- $4,782).
Net cash provided by financing activities for the year ended December 31, 2025 was $334,566 (December 31, 2024- $206,733) representing net proceeds from private placements and loans advanced from related parties.
OFF-BALANCE SHEET ARRANGEMENTS
The Company has no off-balance sheet arrangements.
RELATED PARTY TRANSACTIONS
As at December 31, 2025, $22,346 (December 31, 2024 - $25,753) was owing to directors of the Company, representing accrued directors' fees.
As at December 31, 2025, $344,931 (December 31, 2024 - $356,880) was owing to Allan Green, CEO, director and a majority shareholder of the Company and Candel & Partners SAS, a private company beneficially owned by the same director, representing loans received by the Company.
In addition to the loans from related parties discussed above, the Company entered into the following transactions with related parties and key management personnel:
| Year ended December 31, 2025 | Year ended December 31, 2024 | |
|---|---|---|
| Salaries and benefits paid to an officer of the Company (1) | $ 72,832 | $ 72,665 |
| Directors fees | 5,391 | 5,144 |
(1) Remuneration attributed to key management personnel is recorded in salaries and benefits.
AKWAABA MINING LTD.
Management's Discussion and Analysis
For the year ended December 31, 2025
CRITICAL ACCOUNTING ESTIMATES
The preparation of the consolidated financial statements in conformity with IFRS requires management to make certain estimates, judgments and assumptions that affect the reported amounts and disclosures of assets and liabilities at the date of the consolidated financial statements and the reported amounts of expenses during the year. Actual results could differ from those estimates and such differences could be significant.
PROPOSED TRANSACTIONS
The Company has no proposed transactions to report at this time.
MATERIAL ACCOUNTING POLICIES
There has been no material change to accounting policies during the year.
For a complete summary of the Company's material accounting policies, see Note 3 to the audited financial statements for the year ended December 31, 2025.
FINANCIAL INSTRUMENTS AND RISK FACTORS
The Company's financial instruments consist of cash, receivables, accounts payable and accrued liabilities and loans due to related parties.
The fair value of the Company's cash, receivables, accounts payable and accrued liabilities and due to related parties approximate carrying value due to their short terms to maturity. The Company classifies its financial instruments measured at fair value at one of three levels according to the relative reliability of the inputs used to estimate the fair value. The fair value hierarchy is as follows:
- Level 1 – quoted prices (unadjusted) in active markets for identical assets or liabilities;
- Level 2 – inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices); and
- Level 3 – inputs for the asset or liability that are not based on observable market data (unobservable inputs).
The Company's risk exposures and the impact on the Company's financial instruments are summarized below:
Credit risk
Credit risk is the risk that one party to a financial instrument will fail to discharge an obligation and cause the other party to incur a financial loss. The Company's credit risk is primarily attributable to cash and receivables. The Company's cash are held with a major Canadian chartered bank and management believes the risk of loss to be remote. Receivables consist of input tax credits receivable from the Government of Canada. The Company does not believe it is subject to significant credit risk in relation to its receivables.
Liquidity risk
Liquidity risk is the risk that the Company will not be able to meet its obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Company's objective in managing liquidity risk is to maintain sufficient readily available reserves in order to meet its liquidity requirements at any point in time. As at December 31, 2025, the Company had cash of $108,078 and current liabilities of $539,130. The Company intends to raise additional equity financing or related party debt financing in the coming period to meet its obligations.
AKWAABA MINING LTD.
Management's Discussion and Analysis
For the year ended December 31, 2025
Market risk
Market risk is the risk of loss that may arise from changes in market factors such as interest rates, foreign exchange rates, and commodity and equity prices.
a) Interest rate risk
Interest rate risk is the risk that the fair value of future cash flows of the Company's financial instruments will fluctuate due to changes in market interest rates. The Company is exposed to interest rate risk on its cash balances which earn interest at variable market interest rates, however, this exposure is considered to be minimal. The Company has no interest-bearing debt, and therefore, is not exposed to risk in the event of interest rate fluctuations.
b) Currency risk
The Company is exposed to the financial risk related to the fluctuation of foreign exchange rates. The Company's expenditures are predominantly in Canadian dollars, and US dollars. The Company has financial assets and liabilities denominated in US dollars as at December 31, 2025. Based on the Company's net exposure as at December 31, 2025, a 10% depreciation or appreciation of the Canadian dollar against the US dollar would result in an impact on profit or loss of $17,096.
c) Price risk
The Company is exposed to price risk with respect to commodity and equity prices. Equity price risk is defined as the potential adverse impact on the Company's earnings due to movements in individual equity prices or general movements in the level of the stock market. Commodity price risk is defined as the potential adverse impact on earnings and economic value due to commodity price movements and volatilities. The Company closely monitors commodity prices of gold, individual equity movements and the stock market to determine the appropriate course of action to be taken by the Company.
RISK FACTORS
This MD&A does not include all of the information required for full risk factors discussion and should be read in conjunction with the Company's annual financial statements for the year ended December 31, 2025.
INTERNAL CONTROLS
Internal controls over financial reporting are procedures designed to provide reasonable assurance that transactions are properly authorized, assets are safeguarded against unauthorized or improper use, and transactions are properly recorded and reported. A control system, no matter how well designed and operated, can provide only reasonable, and not absolute, assurance with respect to the reliability of financial reporting and financial statement preparation. Akwaaba has undertaken to put into place a system of internal controls appropriate for its size, and reflective of its operations. The Company's certifying officers are responsible for establishing and maintaining disclosure controls and procedures for the Company, and have concluded based on an evaluation as at December 31, 2025, that the disclosure controls and procedures for the Company are effective.
AKWAABA MINING LTD.
Management's Discussion and Analysis
For the year ended December 31, 2025
OUTSTANDING SHARE INFORMATION
Common shares, stock options and warrants issued and outstanding as at December 31, 2025 are described in detail in Note 8 to the audited consolidated financial statements for the year ended December 31, 2025.
Summarized balances as at December 31, 2025 and April 16, 2026 are as follows:
| December 31, 2025 | April 16, 2026 | |
|---|---|---|
| Common shares outstanding | 14,623,092 | 14,623,092 |
| Warrants exercisable | 350,000 | 350,000 |
| Fully-diluted | 14,973,092 | 14,973,092 |
AKWAABA MINING LTD.
Management's Discussion and Analysis
For the year ended December 31, 2025
FORWARD-LOOKING STATEMENTS
This MD&A contains "forward looking information" within the meaning of applicable Canadian securities legislation. Forward looking information may include, but is not limited to, information with respect to our planned exploration and evaluation activities including generating new targets, costs and timing of future exploration, results of future exploration and drilling, potential development plans in the future, timing and receipt of approvals, consents and permits under applicable legislation, our executive compensation approach and practice, the composition of our board of directors and committees, and adequacy of financial resources. Wherever possible, words such as "plans", "expects" or "does not expect", "budget", "scheduled", "estimates", "forecasts", "anticipate" or "does not anticipate", "believe", "intend" and similar expressions or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, have been used to identify forward looking information.
Forward looking information is subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those expressed or implied by the forward looking information, including, without limitation:
- risks related to commodity price fluctuations, including gold price volatility;
- risks related to the exploration and evaluation of our mineral property including general operating risks;
- risks related to the fact that we are a new company with no exploration and evaluation assets in production or development and no history of production or revenue;
- uncertainties related to title to our exploration and evaluation assets and surface rights;
- risks and uncertainties relating to the interpretation of drill results and the geology, grade and continuity of our mineral deposits;
- risks related to governmental regulations, including environmental regulations;
- increased costs and restrictions on operations due to compliance with environmental laws and regulations;
- increased costs affecting the mining industry;
- increased competition in the mining industry for properties, qualified personnel and management;
- risks related to some of our directors' and officers' involvement with other natural resource companies;
- risks related to the delay in obtaining or failure to obtain required permits, or non-compliance with permits that have been obtained;
- risks related to our ability to obtain adequate financing for our planned exploration and evaluation activities and to complete further exploration programs;
- risks related to general economic conditions;
- recent market events and conditions; and
- currency fluctuations.
This list is not exhaustive of the factors that may affect any of our forward-looking information. Although we have attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Forward-looking information involves statements about the future and is inherently uncertain, and our actual achievements or other future events or conditions may differ materially from those reflected in the forward-looking information due to a variety of risks, uncertainties and other factors. Our forward-looking information is based on the beliefs, expectations and opinions of management on the date the statements are made and we do not assume any obligation to update forward looking information, whether as a result of new information, future events or otherwise, other than as required by applicable law. For the reasons set forth above, prospective investors should not place undue reliance on forward looking information.
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AKWAABA MINING LTD.
Management's Discussion and Analysis
For the year ended December 31, 2025
APPROVAL
Management is responsible for all information disclosed in the consolidated financial statements. The Board of Directors of Akwaaba Mining Ltd. has approved the disclosures contained in this MD&A.
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