Astra Exploration Inc. — Management Reports 2025

Feb 21, 2025

ASTRA EXPLORATION INC.

Management’s Discussion and Analysis

For the three and nine months ended December 31, 2024 and 2023

(Expressed in Canadian dollars)

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ASTRA EXPLORATION INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS
For the three and nine months ended December 31, 2024 and 2023
(Expressed in Canadian dollars)

This Management's Discussion and Analysis ("MD&A") of the results of operations and financial condition of Astra Exploration Inc. (the "Company") and its subsidiaries should be read in conjunction with the Company's unaudited condensed interim consolidated financial statements as at and for the three and nine months ended December 31, 2024 and 2023 (the "Financial Statements"), which are prepared in accordance with International Financial Reporting Standards ("IFRS Accounting Standards") as issued by the International Standards Accounting Board including International Accounting Standards ("IAS") 34 Interim Financial Reporting. In addition, the MD&A should be read in conjunction with the audited financial statements for the years ended March 31, 2024 and 2023 (the "Annual Financial Statements"), as some disclosures from the Annual Financial Statements have been condensed or omitted.

In this MD&A, unless the context otherwise dictates, a reference to "us", "we", "our", or similar terms refers to the Company. All dollar amounts are presented in Canadian dollars ("$") or "CAD", the presentation currency of the Company, except where otherwise noted. The functional currency of the Company and its subsidiaries is disclosed in the notes to the Financial Statements. The first, second, third and fourth quarters of the Company's fiscal years are referred to as "Q1", "Q2", "Q3" and "Q4", respectively. The periods ended December 31, 2024 and 2023 are referred to as "YTD 2025" and "YTD 2024" respectively.

This MD&A is prepared by management and approved by the Board of Directors as of February 21, 2025 (the "MD&A Date"). This discussion covers the three and nine months ended December 31, 2024 and 2023 and the subsequent period up to the MD&A Date. Management is responsible for the preparation and integrity of the Company's financial statements, including the maintenance of appropriate information systems, procedures, and internal controls. Management is responsible for ensuring that information disclosed externally, including the information contained within the Company's financial statements and MD&A, is complete and reliable.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION

Certain statements in this document constitute forward-looking information under applicable securities legislation. Forward-looking information typically contains statements with words such as "anticipate", "believe", "estimate", "will", "expect", "plan", "intend", or similar words suggesting future outcomes or an outlook. Such statements involve a number of known and unknown risks, uncertainties, and other factors. Actual results, performance and achievements may be materially different from those expressed or implied by these forward-looking statements. Forward-looking information in this document includes, but is not limited to:

• our business plan and investment strategy; and
• general business strategies and objectives.

Such forward-looking information is based on a number of assumptions which may prove to be incorrect. Assumptions have been made with respect to the following matters, in addition to any other assumptions identified in this document:

• taxes and capital, operating, general & administrative and other costs;
• general business, economic and market conditions;
• the ability of the Company to obtain the required capital to finance its investment strategy and meet its commitments and financial obligations;
• the ability of the Company to obtain services and personnel in a timely manner and at an acceptable cost to carry out activities;
• the timely receipt of required regulatory approvals; and
• that the regulatory framework for permitting of mineral resource assets will remain relatively consistent.

Although the Company believes that the expectations reflected in such forward-looking information are reasonable, undue reliance should not be placed on them as there can be no assurance that such expectations will prove to be correct. Forward-looking information is based on expectations, estimates and projections that involve a number of risks and uncertainties which could cause actual results to differ materially than anticipated and described in the forward-looking information. The material risks and uncertainties include, but are not limited to:

• meet current and future commitments and obligations;
• general business, economic and market conditions;
• the uncertainty of estimates and projections relating to future costs and expenses;
• changes in, or in the interpretation of, laws, regulations or policies;
• the ability to obtain required regulatory approvals in a timely manner;
• the outcome of existing and potential lawsuits, regulatory actions, audits, and assessments; and
• other risks and uncertainties described elsewhere in this document.

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ASTRA EXPLORATION INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS
For the three and nine months ended December 31, 2024 and 2023
(Expressed in Canadian dollars)

The foregoing list of risks is not exhaustive. For more information relating to risks, see the section titled "Risk factors and uncertainties" herein. The forward-looking information contained in this document is made as of the date hereof and, except as required by applicable securities law, the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise.

DESCRIPTION OF BUSINESS

Astra Exploration Inc. (the "Company") was incorporated under the name Momentous Capital Corp. on July 31, 2020 under the Business Corporations Act (British Columbia). On January 18, 2022, Momentous Capital Corp. changed its name to Astra Exploration Inc. The head office, principal address, registered address, and records office of the Company is located at #1723-595 Burrard Street, Vancouver, BC, V7X1J1. The Company operates in one business segment, which is mineral property acquisition and exploration. Its properties are located in Chile and Argentina.

The Company's common shares are listed on the TSX Venture Exchange under the symbol "ASTR", OTCQB® Venture Market under the symbol "ATEPF", and Frankfurt Stock Exchange under the symbol "S3I".

Q3 2025 HIGHLIGHTS AND OVERALL PERFORMANCE

As at December 31, 2024, the Company had cash of $1,668,330 (March 31, 2024 - $53,868) and a working capital surplus of $1,674,374 (March 31, 2024 – working capital deficiency of $45,292).

On July 8, 2024, the Company entered into a binding letter agreement granting the option to acquire up to a 90% interest in the Manchuria epithermal gold-silver Project in Santa Cruz, Argentina, from Patagonia Gold Corp. On October 25, 2024, the Company received approvals from both the existing royalty holder and from the Santa Cruz Provincial authorities in relation to the Manchuria Project agreement. The Company has the exclusive option to acquire an initial 80% interest by fulfilling the following project expenditures, subject to the Company's right to extend the earn-in timeframe:

• US$150,000 expenditures by July 8, 2025.
• US$350,000 expenditures by July 8, 2026.
• US$1,500,000 expenditures by July 8, 2027.
• US$1,000,000 expenditures by July 8, 2028.

Upon earning 80%, the Company may then elect to purchase an additional 10%, for 90% total ownership, by making a cash payment of US$5,000,000 to Patagonia by July 8, 2030, subject to the Company's right to extend this period. Patagonia's interest will be carried until the publication of a 43-101 compliant resource totaling at least 1 million ounces of gold-equivalent in the indicated and inferred categories. Upon publication of the resource, each party will contribute their pro-rata amounts of expenditures from that point forward. If either the Company's or Patagonia's ownership is reduced to less than 10%, such ownership will automatically convert to a 1% NSR.

On November 7, 2024, the Company closed a private placement for aggregate proceeds of $1,999,990 by issuing 33,333,161 units at a price of $0.06 per unit. The proceeds will be used to fund a drill program on the Manchuria Project and for general working capital.

On December 23, 2024, the Company granted 5,785,000 options to directors, officers and consultants of the Company. These options have an exercise price of $0.13, an expiry date of December 23, 2029, and vest as follows: one-third immediately on grant date, one-third on each of the eighteen month and thirty-six-month anniversaries.

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ASTRA EXPLORATION INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS
For the three and nine months ended December 31, 2024 and 2023
(Expressed in Canadian dollars)

PAMPA PACIENCIA PROPERTY, CHILE

On May 13, 2021, the Company, through its Chilean subsidiary, Astra Exploration Chile SpA ("AEC"), acquired an 80% interest in Sociedad Contractual Minera Paciencia ("SCM"), a company holding a 100% interest in certain mineral rights for the Pampa Paciencia gold property located in Chile (the "Pampa Paciencia Property") for consideration comprised of the issuance of 5,820,834 common shares with a fair value of $1,164,167.

On November 15, 2022, the Company closed the acquisition of the remaining 20% of SCM for consideration of the issuance of 1,455,208 common shares, with a fair value of $218,281. After this acquisition, the Company holds 100% of SCM, resulting in a 100% interest in the Pampa Paciencia Property.

The Pampa Paciencia Property consists of eight exploitation claims, totaling 2,140 hectares. In March 2021, the Company applied for 3 additional exploration claims, covering 1,700 hectares along the western border of the property. On December 9, 2024, the Company concluded the process to convert the 3 additional exploration claims into 3 exploitation claims comprising 1,760 hectares.

The property lies within the Paleocene Mineral belt and contains gold-silver mineralization hosted in low sulphidation-style epithermal quartz veins and has potential for porphyry-related copper-molybdenum mineralization under cover at Dominador in the NE area of the property.

Two principal magmatic events occur at Pampa Paciencia related to the Dominador N-S regional fault: Cretaceous volcanic host rocks intruded by late Cretaceous and Paleocene intrusion events. These were all mineralized in the Paleocene and then partially covered by Miocene to Holocene alluvial and colluvial deposits.

Exploration work on Pampa Paciencia by previous operators includes geological mapping, rock chip and float sampling, ground geophysics, 2,629 metres ("m") of trenching and 3,209 m of drilling in 19 holes. This work resulted in the discovery of a low sulphidation epithermal vein system in the North Zone, with Au and Ag-rich shoots including select drill results returning 3.75 m grading 8.29 g/t AuEg (80:1). Given the relatively minimal amount of exploration, comparably small footprint of epithermal deposits, and extensive but shallow cover, management believes there is significant opportunity to discover more low sulphidation epithermal veins in the area. Additionally, sections containing previously intersected Au and Ag-rich mineralization are open along strike and at depth, which provide high quality drill targets.

As of the MD&A Date, the Company has conducted the following exploration activities:

• Detailed mapping and sampling of outcrop, subcrop, and float including systematic characterization of quartz textures, alteration and structure.
• Property-wide magnetic survey and increased resolution of existing ground magnetics by infilling the previous grid with new lines at 50 m or 25 m spacing.
• 1,119 m of trenching and channel sampling of veins or extensions.
• 2,982 m of reverse circulation drilling (Phase I program) to test new targets and extend known targets.
• 3,976 m of reverse circulation drilling (Phase II program) to test new targets and extend known targets.

The Company has received geochemical results from the Phase I drill program which was completed between February 19, 2022 and March 25, 2022. The program consisted of thirty holes and 2,982 m. A total of 1,233 samples, including blanks, duplicates and standards were sent to ALS Lab in Santiago, Chile.

Twenty-five holes targeted the Paciencia Vein System in the North Zone, represented by three segments of the same vein (from NW to SE): Paciencia Oeste - 9 holes, Paciencia - 12 holes and Paciencia Este - 3 holes. All 24 of these holes intersected thick (10 to 15 m true width) LSE mineralization represented by quartz veins, hydrothermal breccias and quartz and Fe-Mn oxide stockworks and veinlets, hosted in Cretaceous granitic rocks. Geochemical results demonstrate that Au and Ag mineralization concentrates at depth along the LSE vein in two zones: one in Paciencia Oeste 200 m long and 80 m deep, with an intersection of 25 m averaging 0.96 g/t AuEq (80:1) including 2 m containing 3.73 g/t AuEq in hole PPRC-22-24, and one in Paciencia/Paciencia Este veins 400 m long and 100 m deep, with an intersection of 2.85 g/t AuEq over 21 m including 3 m of 14.98 g/t AuEq in hole PPRC-22-12.

In addition to the Paciencia Vein System, two holes were drilled to test ground magnetic targets in blind areas in the North Zone. These holes intersected LSE mineralization, up to 14 m thick with anomalous Au and Ag values.

The last three holes were drilled in the Central Zone and targeted below a mineralized vein in andesitic rocks that reported high Au grade in a historical trench. The holes crosscut quartz veinlets, suggesting that the host rock of these veins in the Central Zone is likely not favorable for LSE mineralization.

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ASTRA EXPLORATION INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS
For the three and nine months ended December 31, 2024 and 2023
(Expressed in Canadian dollars)

The Phase II drill program consisted of 3,976 m of RC drilling. It was primarily focused on expanding mineralization at depth and along strike in the two defined mineralized shoots located in the Paciencia Vein System. Secondary targets consisted of other blind vein structures discovered with the Phase I drill program and newly interpreted vein structures from other geophysical targets, in particular those WNW, E-W to ENE-striking magnetic lineaments related with low magnetic regional anomalies. Drill samples were delivered to the AAA laboratory in Calama.

The drill program defined the extension of the two previously discovered mineralized shoots and discovered a third shoot of mineralization at depth in the Paciencia Oeste vein segment with nine metres averaging 4.5 g/t AuEq, including a high-grade zone with a three-metre interval of 12.7 g/t AuEq in hole PPRC-22-45. The Paciencia/Paciencia Este shoot is currently the largest, at approximately 400 metres along strike and approximately 170 metres vertical extension. The second shoot is defined in the Paciencia Oeste vein, with a defined 200 metres of strike (open to the east) and 130 metres vertical extension. A third shoot, discovered in this Phase II program, remains open in all directions with mineralization starting at a depth of 200 metres below surface. Estimated true width of each shoot is 10-15 metres.

The magnetic targets that were drilled intersected veins with low or no precious metal grades. Anomalous mineralization was intersected in the Tormenta vein (a splay of the Paciencia vein system to the west, with at least 300 metres of strike length) with 11 metres at 0.22 g/t AuEq at the intersection with Paciencia Oeste vein. These newly discovered veins are thick structures (estimated true thickness of 20 metres in PPRC-22-46 and 5 metres in PPRC-22-55) with potential to host additional mineralized shoots.

On March 22, 2023, the Company, through its Chilean subsidiary, AEC, filed an Environmental Impact Assessment ("EIA") regarding the Pampa Paciencia project. The permitting process went as expected and concluded on schedule. On January 8, 2024, the Company received approval of its EIA. Under the initial permit, the Company was limited to a maximum of 39 platforms, all of which were used in a small area representing less than ten percent of the project area. The new permit allows the Company to build up to 330 new drill platforms and includes provisions for extensive geophysical surveys.

Exploration activities at Pampa Paciencia during Q4 2023 and Q1 2024 were a combination of detailed studies of the mineralization and exploration at the Impaciencia and Dominador targets.

Veins were mapped in different pulses and grouped into events, identifying the ore-bearing ones, and making fluid inclusions that proved that a combination of boiling and fluid mixing was the main trigger for gold and silver precipitation. Average formation temperature of the main ore pulse was 227.1°C, with 4% NaCl salinity - conditions typical in the formations of LSE precious metals deposits.

At Impaciencia, a program consisting of ground penetration radar geophysics and trenching failed to intercept vein below the gravels, indicating that drilling is the best technique to explore the covered areas.

Astra geologists defined a north-south striking corridor of 1.7 km by 500 metres in the northeast claim area called Dominador, which is considered to be highly prospective for porphyry copper systems. The target contains subcrops of intrusion-hosted tourmaline-cemented hydrothermal breccias within a broader hydrothermally altered area, coincident with multiple geological and geophysical data layers.

DON MARIO PROPERTY - CERRO BAYO, CHILE

On March 9, 2021, the Company, through its Chilean subsidiary, AEC, closed an asset transfer agreement for 100% of the mining claims located in the Cerro Bayo Mining District, Maricunga Belt, Northern Chile (the "Don Mario Property - Cerro Bayo") for purchase consideration paid of US$102 and a 3% of net smelter returns from all minerals produced on the property (the "Asset Transfer Agreement").

On July 5, 2022, the Company, through its Chilean subsidiary, AEC, implemented the Asset Transfer Agreement by signing in Chile with Compañía Minera Don Mario SCM a Purchase and NSR Agreement by which AEC acquired all the claims comprising the Don Mario Property - Cerro Bayo.

The Don Mario Property - Cerro Bayo consists of 17 mining concessions totaling 4,480 hectares and duly registered under the name of Astra Exploration Chile SpA at the Mining Registrar of Copiapó. Cerro Bayo is located in Region III, Northern Chile, 120 km east of the city of Copiapó and 19 km east of the Maricunga (Refugio) mine (6 million ounces of Au).

The property lies within the Maricunga belt. It is related to a major NNE lineament that connects with Marte-Lobo projects to the north, and includes outcropping disseminated gold mineralization in a high sulphidation-style epithermal (HSE) system, that could have potential for porphyry style gold-copper mineralization below the HSE lithocap.

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ASTRA EXPLORATION INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS
For the three and nine months ended December 31, 2024 and 2023
(Expressed in Canadian dollars)

The Maricunga belt is characterized by Miocene structurally controlled Au-rich porphyries and high sulphidation systems. At Cerro Bayo, a Miocene dacitic porphyry intruding a pyroclastic sequence was defined. These rocks have vuggy and quartz and alunite alteration, together with hydrothermal brecciation and pervasive silicification mapped.

Exploration work on the Don Mario Property - Cerro Bayo by previous operators includes geological mapping, rock chip and soil grid sampling, and 1,660 m of RC drilling in 8 holes. This work was concentrated in the Cerro Bayo hill, representing about 10% of the property and resulted in the discovery of a disseminated HSE system. Results included surface Au anomalies up to 5.86 g/t in a geochemical grid and 25.3 g/t Au in selected samples, and drill results returning 20 m grading 0.41 g/t Au (BDH-01) and 32 m grading 0.38 g/t Au (BDH-08). Given the minimal amount of exploration, management believes there is significant opportunity to discover a disseminated gold HSE and/or porphyry system in the area. Previous exploration results at Cerro Bayo are historical in nature and have not been verified by the Company.

MANCHURIA PROPERTY - SANTA CRUZ, ARGENTINA

On July 8, 2024, the Company entered into an agreement with Patagonia Gold Corp. to acquire up to a 90% interest in the project of approximately 5575 hectares. On October 25, 2024, the Company announced that it received approvals from both the existing royalty holder and from the Santa Cruz Provincial authorities and has decided to proceed with the agreement. Manchuria is a low sulphidation-style epithermal deposit of high-grade gold and silver occurring in a series of parallel vein and veinlet structures.

Previous exploration consists of surface and trench samples, geophysics (ground mag, IP and CSAMT) and 22,200 metres of drilling (91% DDH) in 133 holes. Exploration activity concentrated at an elevated and altered 600 by 700 metres area exposing a dense group of NW to NNW trending parallel banded quartz-adularia veins with bonanza grades that can be divided into the Main and the Eastern Zones. This area is interpreted by Astra geologists as a Jurassic intrusion-related epithermal system with evidence of late and post-mineralization phreatic to phreatomagmatic breccias and is currently the only area drilled.

Drilling was concentrated at the Main Zone, where in 2019 Patagonia published a 43-101 resource (Table 1) which remains open in all directions. The Eastern Zone (900 by 250 metres) consists of a similar group of NW-trending parallel banded quartz-adularia veins with bonanza grades that were not explored in detail (only 8 of the 133 holes drilled at Manchuria) and could likely expand the near-surface resources. Additionally, to the east there are more NW-oriented trends with shallow LSE style mineralization, and to the south more evidence of post-mineral phreatic breccias with fragments of mineralization is present.

After relogging drill holes along 25 metres spaced cross sections, Company geologists interpret that the Main and Eastern Zones are characterized by a pyroclastic sequence with a lower unit composed by coarse to fine grained volcaniclastic rocks and an upper unit represented by thick rhyolitic flow tuffs. These pyroclastic deposits were intruded by andesitic cryptodomes and dikes and all these units are mineralized by shallow LSE fluids. The contact between the two pyroclastic units is represented by a layer with important amounts of carbonized wood representing the base of the rhyolitic flow tuffs. There is a post-mineral unit represented by a layer of breccias that covers (up to 100 metres) the mineralized system to the southwest.

LSE mineralization was mainly tested in the rhyolitic tuffs upper unit with several Au-Ag rich drill intersections that created the bulk disseminated resource published in the latest 43-101. However, there is strong evidence that there are high-grade precious metal intersections when faults and fluids cross-cut the lower unit, in particular at the carbon-rich level, and there is evidence of thicker and more continuous veins in the andesitic intrusions.

La Manchuria - Mineral Resource Summary (above a cut-off grade of 0.55 AuEq (g/t))

Resource Class	Domain	Tonnes	Grade (g/t)			Metal (oz)
			Au	Ag	AuEq	Au	Ag	AuEq
Indicated	Oxide	183,000	1.61	126	2.57	9,400	738,000	15,100
	Hypogene	291,000	3.21	131	4.14	30,000	1,231,000	38,800
	Total	474,000	2.59	129	3.53	39,500	1,969,000	53,900
Inferred	Oxide	1,045,000	1.10	34	1.32	36,900	1,137,000	44,500
	Hypogene	791,000	1.56	49	1.88	39,600	1,237,000	47,900
	Total	1,836,000	1.30	40	1.56	76,500	2,375,000	92,400

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ASTRA EXPLORATION INC.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the three and nine months ended December 31, 2024 and 2023

(Expressed in Canadian dollars)

QUALIFIED PERSON

The technical information contained in this MD&A has been reviewed and approved by Darcy Marud, P.Geo. of the Company who is a qualified person as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects. Mr. Marud is not independent by virtue of his position as a director of the Company.

RESULTS OF OPERATIONS

Q3 2025 compared to Q3 2024

	Q3 2025	Q3 2024
	$	$
Operating expenses
Consulting fees	26,939	-
Exploration and evaluation expenditures	122,504	27,340
General and administrative	9,726	9,401
Management fees	70,288	56,985
Marketing	48,420	37,138
Professional fees	36,812	29,694
Share-based compensation	222,975	9,800
Transfer agent and regulatory fees	20,183	11,844
Travel	8,357	13,101
	566,204	195,303
Foreign exchange gain (loss)	(5,546)	299
Loss and comprehensive loss	(571,750)	(195,004)
Loss per share - basic and diluted	(0.01)	(0.00)
Weighted average number of common shares - basic and diluted	70,575,977	47,652,871

Loss and comprehensive loss increased to $571,750 compared to $195,004 in the prior year comparable period. The primary drivers of this increase in loss and comprehensive loss were as follows:

• Consulting fees increased to $26,939 compared to $nil in the prior year comparable period due to advisory services related to the Manchuria Project option agreement completed in the current period.
• Exploration and evaluation expenditures increased to $122,504 compared to $27,340 in the prior year comparable period due to increased geological consulting expenses incurred for the Manchuria Property in the current period.
• Management fees increased to $70,288 compared to $56,985 in the prior year comparable period due to the voluntary decision of the CEO, CFO and geologist to not charge the Company for management services provided during November to December in the prior year period. In the prior year period, expenses were primarily related to consulting fees for shareholder communication activities.
• Professional fees increased to $36,812 from $29,694 in the prior year comparable period due to the voluntary decision of the Chilean management team to not charge the Company for professional services provided during November to December in the prior year period. In the prior year period, expenses were primarily related to legal and accounting services provided.
• Share-based compensation increased to $222,975 compared to $9,800 in the prior year comparable period due to vesting of stock options granted to directors, officers and consultants on December 23, 2024.

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ASTRA EXPLORATION INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS
For the three and nine months ended December 31, 2024 and 2023
(Expressed in Canadian dollars)

YTD 2025 compared to YTD 2024

	YTD 2025	YTD 2024
	$	$
Operating expenses
Consulting fees	55,521	-
Exploration and evaluation expenditures	230,280	320,543
General and administrative	24,523	71,524
Management fees	81,348	257,746
Marketing	106,322	147,566
Professional fees	115,606	159,213
Share-based compensation	239,925	52,757
Transfer agent and regulatory fees	29,178	19,847
Travel	27,231	36,623
	909,934	1,065,819
Foreign exchange loss	(8,572)	(4,530)
Loss and comprehensive loss	(918,506)	(1,070,349)
Loss per share - basic and diluted	(0.02)	(0.02)
Weighted average number of common shares - basic and diluted	57,293,331	47,652,871

Loss and comprehensive loss decreased to $918,506 compared to $1,070,349 in the prior year comparable period. The primary drivers of this decrease in loss and comprehensive loss were as follows:

• Exploration and evaluation expenditures decreased to $230,280 compared to $320,543 in the prior year comparable period due to decreased fieldwork expenses on Pampa Paciencia and partially offset by the spending on the Manchuria Project.
• General and administrative decreased to $24,523 compared to $71,524 in the prior year comparable period due to payments made in connection with an environmental impact assessment on the Pampa Paciencia Property in Chile, annual membership fees paid to the Chilean Canadian Chamber of Commerce and increased administrative work to support the operational activity in the prior year period.
• Management fees decreased to $81,348 compared to $257,746 in the prior year comparable period due the voluntary decision of the CEO, CFO and geologist to not charge the Company for management services provided during April to September 2024.
• Marketing decreased to $106,322 from $147,566 in the prior year comparable period due to decreased trade show attendance over the prior year comparable period.
• Professional fees decreased to $115,606 from $159,213 in the prior year comparable period due to the voluntary decision of the Chilean management team to not charge the Company for professional services provided during April to September 2024.

Partially offsetting the decrease in loss and comprehensive loss were increases to certain expenses as follows:

• Consulting fees increased to $55,521 compared to $nil in the prior year comparable period due to advisory services related to the Manchuria Project option agreement completed in the current period.
• Share-based compensation increased to $239,925 compared to $52,757 in the prior year comparable period due to vesting of stock options granted to directors, officers and consultants on December 23, 2024.

8

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ASTRA EXPLORATION INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS
For the three and nine months ended December 31, 2024 and 2023
(Expressed in Canadian dollars)

SUMMARY OF QUARTERLY RESULTS

Selected financial data during the last eight quarters are as follows:

	Q3 2025	Q2 2025	Q1 2025	Q4 2024
	$	$	$	$
Loss attributable to shareholders of the Company	571,750	100,744	246,012	133,011
Loss per share - basic and diluted	0.01	0.00	0.01	0.00
Total assets	1,688,364	53,236	148,963	91,014
Working capital (deficit)	1,674,374	19,573	111,842	(45,292)
	Q3 2024	Q2 2024	Q1 2024	Q4 2023
	$	$	$	$
Loss (income) attributable to shareholders of the Company	195,004	350,137	525,208	(312,411)
Loss (earnings) per share - basic and diluted	0.00	0.01	0.01	(0.01)
Total assets	91,758	325,462	668,536	1,226,238
Working capital	82,840	268,044	602,352	1,100,432

The quarterly trend in loss (income) and loss (earnings) per share is primarily driven by the Company's corporate costs and exploration and evaluation expenditures. The quarterly trend in total assets and working capital is primarily driven by movements in cash balance related to the Company's financing activities and spending on corporate costs and exploration and evaluation expenditures.

Income of $312,411 for Q4 2023 is the result of a reclassification for the acquisition of the remaining 20% non-controlling interest, completed on November 15, 2022.

LIQUIDITY, CAPITAL RESOURCES AND GOING CONCERN

The Company has financed its operations primarily through the issuance of common shares and units. The Company continues to seek capital through various means including the issuance of equity and debt.

The Company's 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 for the foreseeable future.

As at December 31, 2024, the Company had an accumulated deficit of $9,640,304 (March 31, 2024 - $8,721,798); a cash balance of $1,668,330 (March 31, 2023 - $53,868); and an accounts payable and accrued liabilities balance of $13,990 (March 31, 2024 - $101,214). As at December 31, 2024, the Company's working capital surplus was $1,674,374 (March 31, 2024 deficiency - $45,292).

In addition to the Company's accumulated deficit and historic working capital position, the Company has not generated revenues and does not anticipate generating revenues in the near future to meet its operating and administrative expenses. These circumstances cast significant doubt on the validity of the going concern assumption.

In order to continue as a going concern and to meet its corporate objectives, which primarily consist of investigating new potential properties and exploration work on those potential properties, the Company will require additional financing through debt or equity issuances or other available means.

Although the Company has previously been successful in obtaining financing, there is no assurance that it will be able to obtain adequate financing in the future or that such financing will be on terms advantageous to the Company. Factors that could affect the availability of financing include the progress and exploration results of the mineral properties, the state of international debt, equity and metals markets, and investor perceptions and expectations.

The Company's financial statements do not include adjustments that would be necessary should the Company be unable to continue as a going concern. These adjustments could be material.

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ASTRA EXPLORATION INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS
For the three and nine months ended December 31, 2024 and 2023
(Expressed in Canadian dollars)

	YTD 2025	YTD 2024
	$	$
Net cash used in operating activities	(748,693)	(1,108,064)
Net cash provided by financing activities	2,363,155	-
Change in cash	1,614,462	(1,108,064)
Cash, beginning of the period	53,868	1,165,529
Cash, end of the period	1,668,330	57,465

Cash used in operating activities is primarily driven by operating and exploration and evaluation expenses. Cash used in operating activities decreased in the current year due to management's cost saving initiatives and a decrease in exploration and evaluation expenditures following a curtailment of exploration activities of all properties.

During YTD 2025, cash provided by financing activities resulted from issuances of units and proceeds were used to fund exploration and evaluation activities and for general working capital purposes.

The Company had no cash flows from investing activities in either of the periods presented.

SOURCES AND USE OF PROCEEDS

On April 2, 2024, the Company closed a private placement for aggregate proceeds of $403,660 by issuing 3,105,076 units at a price of $0.13 per unit. Each unit consists of one common share and one-half of one common share purchase warrant. Each whole warrant entitles the holder to purchase one additional common share of the Company at a price of $0.18 per share until April 2, 2026. Total share issuance costs in connection with this private placement were $11,665 which included $8,989 of cash unit issuance costs and $2,676 related to 39,803 broker warrants, which were valued using the Black-Scholes option pricing and recognized in reserves. The proceeds will be used to fund a drill program on the ongoing exploration activities and for general working capital.

On November 7, 2024, the Company closed a private placement for aggregate proceeds of $1,999,990 by issuing 33,333,161 units at a price of $0.06 per unit. Each unit consists of one common share and one-half of one common share purchase warrant. Each whole warrant entitles the holder to purchase one additional common share of the Company at a price of $0.10 per share until November 7, 2025. Total share issuance costs in connection with this private placement were $7,664. The proceeds will be used to fund a drill program on the Manchuria Project and for general working capital.

OFF-BALANCE SHEET ARRANGEMENTS

The Company has no off-balance sheet arrangements as at December 31, 2024 or at the MD&A Date.

CONTINGENT LIABILITIES

The Company has no contingent liabilities as at December 31, 2024 or at the MD&A Date.

RELATED PARTY TRANSACTIONS

Key management personnel include those with the authority and responsibility of planning, directing and executing the activities of the Company. The Company has determined that its key management personnel consist of executive and non-executive members of the Company's Board of Directors and corporate officers. Unless otherwise noted, related party transactions were incurred in the normal course of operations and are measured at the exchange amount, being the amount established and agreed upon by the related parties.

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ASTRA EXPLORATION INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS
For the three and nine months ended December 31, 2024 and 2023
(Expressed in Canadian dollars)

A summary of the Company's key management remuneration is as follows:

	Three months ended December 31,		Nine months ended December 31,
	2024	2023	2024	2023
	$	$	$	$
Management fees	65,038	21,735	65,038	151,996
Share-based compensation	136,531	5,828	148,187	33,027
	201,569	27,563	213,225	185,023

During the three and nine months ended December 31, 2024, the Company incurred $6,000 and $18,000, respectively (2023 - $6,000 and $18,000, respectively) of professional fees with a related party for bookkeeping services.

As at December 31, 2024, $nil (March 31, 2024 - $38,488) is included in accounts payable and accrued liabilities were due to related parties. The amount due to the related parties has no specific terms of repayment, is unsecured, non-interest-bearing and have no fixed term of repayment.

During the three months ended December 31, 2024 and 2023, related party transactions with executive key management personnel included:

• Management fees of $50,038 (2023 - $16,735) provided by Transpect Solutions LLC, an entity controlled by Brian Miller, the Company's Chief Executive Officer.
• Management and professional fees of $15,000 and $6,000, respectively (2023 - $5,000 and $6,000, respectively) provided by Mahesh Liyanage Ltd, an entity controlled by Mahesh Liyanage, the Company's Chief Financial Officer.

During the nine months ended December 31, 2024 and 2023, related party transactions with executive key management personnel included:

• Management fees of $50,038 (2023 - $116,996) provided by Transpect Solutions LLC, an entity controlled by Brian Miller, the Company's Chief Executive Officer.
• Management and professional fees of $15,000 and $18,000, respectively (2023 - $35,000 and $18,000, respectively) provided by Mahesh Liyanage Ltd, an entity controlled by Mahesh Liyanage, the Company's Chief Financial Officer.

FINANCIAL INSTRUMENTS AND RISK MANAGEMENT

Fair value information

The Company's financial instruments consist of cash and accounts payable and accrued liabilities which are classified as and measured at amortized cost. The fair value approximates their carrying values due to the relatively short term to maturity of these instruments. The Company has no financial instruments classified as fair value through profit or loss.

Management of financial risks

The Company's financial instruments expose the Company to certain financial risks, including, liquidity risk, credit risk, and foreign currency risk.

Liquidity risk

Liquidity risk is the risk that the Company will encounter difficulty in meeting obligations associated with its financial liabilities. The Company manages liquidity risk by maintaining adequate cash and managing its capital and expenditures.

At December 31, 2024, the Company had cash of $1,668,330 (March 31, 2024 - $53,868) as well as accounts payable and accrued liabilities of $13,990 (March 31, 2024 - $101,214) with contractual maturities of less than one year. The Company had sufficient cash to meet its current liabilities as at December 31, 2024.

Credit risk

Credit risk is the risk of financial loss to the Company if a customer or counterparty fails to meet an obligation under contract. The Company's cash is exposed to credit risk. The Company reduces its credit risk on cash by placing these instruments with financial institutions of high credit worthiness. The Company's exposure to credit risk is equal to the carrying value of this balance.

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ASTRA EXPLORATION INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS
For the three and nine months ended December 31, 2024 and 2023
(Expressed in Canadian dollars)

Foreign currency risk

Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate due to changes in foreign exchange rates. The Company is exposed to foreign currency risk to the extent that it has monetary assets and liabilities denominated in foreign currencies (US$ and CLP).

A summary of the Company's financial assets and liabilities that are denominated in US$ is as follows:

	December 31, 2024	March 31, 2024
	$	$
Cash	14,510	29,857
Accounts payable and accrued liabilities	-	45,027

A summary of the Company's financial assets and liabilities that are denominated in CLP is as follows:

	December 31, 2024	March 31, 2024
	$	$
Cash	6,667	9,967
Accounts payable and accrued liabilities	1,205	77

A 5% change in the foreign exchange rates would result in an impact of approximately $999 to the Company's net loss.

Other price risk

Other price risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices (other than those arising from interest rate risk or currency risk), whether those changes are caused by factors specific to the individual financial instrument or its issuer or by factors affecting all similar financial instruments traded in the market. The Company is not exposed to significant price risk as at December 31, 2024.

CAPITAL MANAGEMENT

The Company's objective when managing capital is to safeguard the Company's ability to continue as a going concern such that it can provide returns for shareholders and benefits for other stakeholders. The management of the capital structure (share capital) is based on the funds available to the Company in order to support the acquisition, exploration and development of mineral properties and to maintain the Company in good standing with the various regulatory authorities. In order to maintain or adjust its capital structure, the Company may issue new shares, issue debt instruments or return capital to its shareholders. The Company monitors its capital structure and makes adjustments in light of changes in economic conditions and the risk characteristics of the underlying assets.

OUTSTANDING SHARE DATA

A summary of the number of the Company's issued and outstanding securities is as follows:

	December 31, 2024	MD&A Date
	#	#
Common shares	84,166,108	84,166,108
Share purchase warrants	27,274,831	27,274,831
Share purchase options	7,570,000	7,570,000

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ASTRA EXPLORATION INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS
For the three and nine months ended December 31, 2024 and 2023
(Expressed in Canadian dollars)

SIGNIFICANT ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

The preparation of financial statements requires management to make judgments, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities and expenses.

The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances and which form the basis of making judgments about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. The 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, if the revision affects only that period, or in the period of the revision and further periods if the revision affects both current and future periods.

In the preparation of these financial statements, the Company used the same significant accounting judgments and was subject to the same key sources of estimation uncertainty as in the Annual Financial Statements.

INTERNATIONAL FINANCIAL REPORTING STANDARDS

The Company's financial statements for the years ended March 31, 2024 and 2023 have been prepared in accordance with IFRS Accounting Standards as issued by the IASB and IFRIC, effective as of March 31, 2024. The Company's significant accounting policies are described in Note 3 of the Company's audited financial statements for the years ended March 31, 2024 and 2023.

Certain new standards, interpretations, amendments and improvements to existing standards were issued by IASB that are mandatory for future accounting periods which are not expected to have a material effect on the Company's financial statements. During the year ended March 31, 2024, the Company adopted new accounting standards which are described in Note 3 of the Annual Financial Statements.

As disclosed in Note 3 of the Financial Statements, during the nine months ended December 31, 2024, the Company adopted the following amendment to IAS 1:

Classification of liabilities as current or non-current - amendments to IAS 1

The amendments to IAS 1 specify the requirements for classifying liabilities as current or non-current. The amendments clarify:

• What is meant by a right to defer settlement
• That a right to defer must exist at the end of the reporting period
• That classification is unaffected by the likelihood that an entity will exercise its deferral right
• That only if an embedded derivative in a convertible liability is itself an equity instrument would the terms of a liability not impact its classification

In addition, an entity is required to disclose when a liability arising from a loan agreement is classified as non-current and the entity's right to defer settlement is contingent on compliance with future covenants within twelve months. The amendments have not had an impact on the classification of the Company's liabilities.

RISK FACTORS AND UNCERTAINTIES

Resource exploration is a speculative business and involves a high degree of risk. There is a significant probability that the expenditures made by the Company in exploring its properties will not result in discoveries of commercial quantities of minerals. A high level of ongoing expenditures is required to locate and estimate ore reserves, which are the basis for further development of a property. Capital expenditures to attain commercial production stage are substantial.

For a detailed listing of the risks and uncertainties faced by the Company, please refer to the Company's MD&A for the years ended March 31, 2024 and 2023.

OTHER INFORMATION

Additional information about the Company is available on the Company's website at https://astra-exploration.com/ and at www.sedarplus.ca.

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