Copper Quest Exploration Inc. — Management Reports 2025

Nov 29, 2025

COPPER QUEST EXPLORATION INC.
(formerly INTERRA COPPER CORP.)
MANAGEMENT'S DISCUSSION & ANALYSIS
For the Nine Months Ended September 30, 2025

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1

Contents

INTRODUCTION...2
FORWARD-LOOKING INFORMATION...2
DESCRIPTION OF BUSINESS...2
YEAR-TO-DATE CORPORATE HIGHLIGHTS...3
MINERAL PROPERTIES...3
QUALIFIED PERSON...6
SELECTED INFORMATION...6
SUMMARY OF QUARTERLY INFORMATION...6
RESULTS OF OPERATIONS...7
LIQUIDITY AND CAPITAL RESOURCES...7
OUTSTANDING SHARE DATA...8
RELATED PARTY TRANSACTIONS AND BALANCES...9
SUBSEQUENT EVENTS...10
OFF-BALANCE SHEET ARRANGEMENTS...10
CRITICAL ACCOUNTING ESTIMATES...10
NEW ACCOUNTING STANDARDS...10
COMMITMENTS...11
CONTINGENCIES...11
FINANCIAL INSTRUMENTS...11
RISKS AND UNCERTAINTIES...11
MANAGEMENT'S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS...11
ADDITIONAL DISCLOSURE FOR VENTURE ISSUERS WITHOUT SIGNIFICANT REVENUE...11

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Copper Quest Exploration Inc. (formerly Interra Copper Corp.)

Management's Discussion and Analysis

For the nine months ended September 30, 2025

INTRODUCTION

This Management Discussion and Analysis (the "MD&A") of Copper Quest Exploration Inc.'s (the "Company") financial position and results of operations for the nine months ended September 30, 2025 is prepared as at November XX, 2025. This MD&A should be read in conjunction with the unaudited condensed consolidated interim financial statements of the Company and the notes relating thereto, for the nine months ended September 30, 2025. The unaudited condensed consolidated interim financial statements have been prepared in accordance with International Financial Reporting Standards ("IFRS"). All financial amounts are stated in Canadian currency unless stated otherwise. Additional information relating to the Company is filed on SEDAR+ at www.sedarplus.ca.

FORWARD-LOOKING INFORMATION

Certain statements in this report are forward-looking statements, which reflect our management's expectations regarding our future growth, results of operations, performance and business prospects and opportunities including statements related to the development of existing and future property interests, availability of financing and projected costs and expenses. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations, or intentions of management regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance, or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur, or, if they do occur, what benefits we will obtain from them. These forward-looking statements reflect management's current views and are based on certain assumptions and speak only as of the date of this report. These assumptions, which include management's current expectations, estimates and assumptions about current mineral property interests, the global economic environment, the market price and demand for commodities and our ability to manage our property interests and operating costs, may prove to be incorrect. A number of risks and uncertainties could cause our actual results to differ materially from those expressed or implied by the forward-looking statements, including: (1) a downturn in general economic conditions, (2) a decreased demand or price of precious and base metals, (3) delays in the start of projects with respect to our property interests, (4) inability to locate and acquire additional property interests, (5) the uncertainty of government regulation and politics regarding mining and mineral exploration, (6) potential negative financial impact from regulatory investigations, claims, lawsuits and other legal proceedings and challenges, and (7) other factors beyond our control.

There is a significant risk that such forward-looking statements will not prove to be accurate. Investors are cautioned not to place undue reliance on these forward-looking statements. No forward-looking statement is a guarantee of future results. We disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Additional information about these and other assumptions, risks and uncertainties are set out in the below section entitled "Risks and Uncertainties".

DESCRIPTION OF BUSINESS

The Company is a junior mineral exploration company engaged in the acquisition, exploration, and evaluation of natural resource properties in British Columbia, Canada. The Company's current focus is on the Rip project located in central British Columbia, Canada, the Thane Property located in north-central British Columbia, Canada, and the Stars Copper Project located in British Columbia, Canada, the details of which are set out below.

The Company was incorporated under the laws of British Columbia on August 30, 2018, for the purposes of a plan of arrangement with Chemesis International Inc., a publicly traded company.

The Company's registered and records office is located at 2501 - 550 Burrard Street, Bentall 5, Vancouver, BC, V6C 2B5. On September 23, 2019, the common shares of the Company were approved for listing on the Canadian Securities Exchange (the "CSE") and commenced trading on September 24, 2019, under the symbol "IMCX". On March 3, 2025, the Company's trading symbol on the CSE changed to "CQX". On March 3, 2020, the common shares of the Company were listed on the Frankfurt Stock Exchange under the symbol "3MX". On February 26, 2021, the common shares of the Company were quoted on the OTCQB Marketplace under the symbol "IMIMF" in the United States.

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Copper Quest Exploration Inc. (formerly Interra Copper Corp.)

Management's Discussion and Analysis

For the nine months ended September 30, 2025

The Company's principal objective is to explore and develop its properties and to identify other properties worthy of investment and exploration.

The Company has not yet determined whether its property interests contain mineral resources or reserves that are economically recoverable. The recoverability of amounts shown for resource properties and related deferred exploration expenditures are dependent upon the discovery of economically recoverable reserves, confirmation of the Company's interest in the underlying mineral claims, the ability of the Company to obtain necessary financing to complete the development of the resource properties and upon future profitable production or proceeds from the disposition thereof.

The continuing operations of the Company are dependent upon its ability to develop a viable business and to attain profitable operations and generate funds therefrom. This indicates the existence of a material uncertainty that may cast significant doubt about the Company's ability to continue as a going concern. Management intends to finance operating costs by the issuance of common shares. If the Company is unable to continue as a going concern, the net realizable value of its assets may be materially less than the amounts on its statement of financial position.

YEAR-TO-DATE CORPORATE HIGHLIGHTS

• Completed the acquisition of 100% right, title, and interest in the Stars Property, an early-stage porphyry copper-molybdenum discovery, in central British Columbia.
• Completed Phase One drilling program at the Rip Project which confirmed that largely covered geophysical targets define a Cu-Mo mineralized porphyry system.
• The Company changed its name from Interra Copper Corp. to Copper Quest Exploration Inc.

MINERAL PROPERTIES

The Company is currently focused on its projects located in British Columbia, Canada: the Rip Project, the Thane Project, the Stellar Project and the Stars Copper Project.

Rip Project

On September 19, 2023, the Company entered into a non-binding letter of intent ("LOI") with ArcWest Exploration Inc. ("ArcWest") to earn up to an 80% ownership interest in the Rip Project, a copper-molybdenum project located in central British Columbia.

An option agreement (the "Rip Option Agreement") was entered on November 27, 2023 (the "Rip Execution Date") between the Company and ArcWest.

Under the terms of the Rip Option Agreement, the Company has a two-stage option to earn up to an 80% ownership interest in the Rip Project.

During the first stage (the "First Tier Earn-In"), the Company may earn up to a 60% ownership interest in the Rip Project by:

• Incurring exploration expenditures of $2,000,000 (the "First Tier Earn-in Expenditures") as follows:

	First Tier Earn-in Expenditures ($)
By December 31, 2024	300,000 (1)(2)
By December 31, 2025	500,000 (2)
By December 31, 2026	500,000
By December 31, 2027	700,000

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Copper Quest Exploration Inc. (formerly Interra Copper Corp.)

Management's Discussion and Analysis

For the nine months ended September 30, 2025

(1) A minimum of $25,000 was incurred by December 31, 2023, and $275,000 was incurred by December 31, 2024.
(2) These are the mandatory expenditure per the Rip Option Agreement.

• Making a total cash payment of $100,000 and issue 1,050,000 common shares of the Company (collectively the "First Tier Payments") as follows:

	Cash ($)		Common Shares (#)
Within 5 business days of the Rip Execution Date	-		200,000 (issued with fair value of $55,000)
By December 31, 2024	25,000	(1)	125,000 (issued with fair value of $10,625)
By December 31, 2025	25,000		175,000 (issued with fair value of $14,875)
By December 31, 2026	25,000		250,000
By December 31, 2027	25,000		300,000

(1) This is the mandatory payment per the Rip Option Agreement (paid).

During the First Tier Earn-In period, ArcWest will be the operator of the Rip Project, and the Company is responsible for paying ArcWest 7.5% of the exploration and evaluation expenditures incurred as the operator's fee.

During the second stage (the "Second Tier Earn-In"), the Company may acquire an additional 20% ownership interest in the Rip Project by:

• Completing and delivering a feasibility study to ArcWest on or before December 31, 2031; and
• Making the following annual payment of $250,000 (the "Second Tier Cash Payments") to ArcWest:

	$
On or before December 31, 2028	250,000
On or before December 31, 2029	250,000
On or before December 31, 2030	250,000
On or before December 31, 2031	250,000

The Company may extend the Second Tier Earn-In period for three years by:

• Incurring at least $2,000,000 in exploration expenditures per extension year; and
• Paying an additional $100,000 per extension year to ArcWest, in addition to the $250,000 annual fee required.

Outlook

In April 2024, the Company provided the details of the first phase exploration program at the Rip Project. The initial program was staged into 2 work phases comprising geophysics and drilling. A geophysical program comprised of airborne magnetics followed by a ground-based 3D Induced Polarization survey to define drill targets, commenced in late April. The Phase One drilling program has confirmed that largely covered geophysical targets define a Cu-Mo mineralized porphyry system.

Thane Project

The Thane Project comprises 50,904 acres (206 sq. kilometres) of contiguous claims located in the Quesnel Terrane of north-central British Columbia. The northern part of the Quesnel Terrane extends from south of the Mt. Milligan Mine northward to the Kemess Mine, with the Thane Project located midway between these two copper-gold porphyry deposits. This property includes several highly prospective mineralized areas identified to date, including the "Cathedral Area" and "Gail Area", on which the Company's exploration has been previously focussed on.

The Company has reclamation deposits of $Nil (2024 - $25,000) as collateral on the Thane Project after receiving $25,000 (2024 – $Nil) during the nine months ended September 30, 2025.

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Copper Quest Exploration Inc. (formerly Interra Copper Corp.)
Management's Discussion and Analysis
For the nine months ended September 30, 2025

Historical Exploration

On July 5, 2021, the Company mobilized crews to the Thane Property to commence geological mapping and geochemical sampling in addition to drill pad construction in preparation for a helicopter-supported diamond drill program. On July 19, 2021, Atlas Drilling Ltd. mobilized to the Thane Property and commenced drilling on July 20, 2021. A total of 2,783.24 metres of NQ core was drilled in twelve holes from nine drill pads with the last hole completed on August 21, 2021.

Geological mapping and geochemical sampling (rock and soil) was undertaken at the Pinnacle and Gail target areas. In preparation for induced polarization (IP) surveys, sampling was undertaken at the Mat showing.

On September 3, 2021, Peter E. Walcott & Associates Ltd. ("Walcott") mobilized to the property for seven days of IP pole-dipole surveying at the Pinnacle and Gail showings. Approximately 5 line-km of grid was surveyed using an a-spacing of 25 metres. Earlier in the summer, Walcott completed an 8.3 km² helicopter airborne magnetic survey at the Cathedral Area with a line-spacing of 100 metres.

All core, rock and soil samples were submitted to ALS Canada Ltd. for sample preparation and analysis. A total of 2,398 core samples were analyzed for multi-element ICP by a four-acid digestion with a MS finish, while multi-element ICP by aqua regia digestion with a MS finish was undertaken on the 182 soil samples and 73 rock samples. All samples were analyzed for gold by geochemistry methods and all over-limits were assayed. Sample preparation was undertaken at ALS's preparation facility in Kamloops, BC with analytical work undertaken at ALS' North Vancouver location.

During the year ended December 31, 2021, the Company negotiated the First Nation Agreement with Tsay Keh Dene First Nation that supports further exploration, site activities and cooperation at Thane, through 2024.

Exploration for 2024 included continued analysis of the extensive data set, remote sensing analysis and geological follow-up. Accretive Metals Advisory Services and ALS Goldspot used machine learning analysis to better define the current target areas and to identify new anomalous areas. The Company purchased high resolution satellite imagery and topographic data and acquired additional multispectral imagery data to support planned target development. Accretive Metals Advisory Services and Equity Exploration Consultants Ltd. followed up with prospecting over identified targets in September 2024.

Stars Copper Project

On October 7, 2024, the Company entered into a mineral claims purchase agreement with Aurwest Resources Corporation ("Aurwest") to acquire a 100% right, title, and interest in the Stars Property, an early-stage porphyry copper-molybdenum discovery, in central British Columbia. Pursuant to the purchase agreement, the Company will make a cash payment of $250,000 ($125,000 paid), issue 10,000,000 common shares of the Company (issued with a fair value of $750,000) and issue 2,500,000 warrants (issued with fair value of $94,650, exercisable at $0.15 per share for a period of 24 months). There is a 2% net smelter return royalty ("NSR") to an underlying third parties and the Company will have the right to repurchase at any time one percent of the NSR for consideration of $2,000,000.

For accounting purposes, the Company estimated the grant date fair value of warrants issued related to the acquisition of Stars Copper Project using the Black-Scholes option pricing model, assuming a risk-free interest rate of 2.91%, an expected life of 2 years, an expected volatility of 126% and an expected dividend yield of 0%.

Stellar Project

On December 10, 2024, the Company has entered into a mineral claims purchase agreement to acquire a 100% interest in the Stellar Project comprising 22 mineral tenures covering 5,388.66 ha within the Omineca Mining district of northern British Columbia.

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Copper Quest Exploration Inc. (formerly Interra Copper Corp.)

Management's Discussion and Analysis

For the nine months ended September 30, 2025

The acquisition of Stellar Project has been made pursuant to three separate transactions, specifically (i) 18 mineral claims totaling 5,256.79 ha (the "Stellar Claims"), which includes the Cassiopeia claims, previously staked by two arm's-length individuals; (ii) three mineral claims comprising the Jewelry Box area of 91.19 ha ("Jewelry Box Claims"), previously staked by an arm's-length individual; and (iii) the Sparkle claim comprising 37.68 ha ("Sparkle Claim"), previously staked by an arm's-length individual.

Nekash Project

On September 21, 2025, the Company entered into a mineral claims purchase agreement to acquire a 100% interest in the Nekash Project, a copper-gold porphyry project comprising 70 unpatented federal lode claims covering 585 ha, located in Idaho, United States.

In consideration for a 100% interest in the Nekash Project, the Company issued 4,250,000 common shares, subject to a 16-month escrowed leak out from the date of closing, with a fair value of $425,000. In connection with the acquisition, the Company issued 393,750 common shares with a fair value of $39,375 for the finder's fee.

QUALIFIED PERSON

The scientific and technical information contained in this MD&A has been reviewed and approved by Brian Thurston (P.Geo.), a Qualified Person as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects. Brian Thurston is not independent of the Company as he is the Chief Executive Officer and director.

SELECTED INFORMATION

As at	September 30, 2025	December 31, 2024	December 31, 2023
	$	$	$
Working capital	359,173	91,662	1,019,943
Total assets	603,825	702,898	1,516,784
Total liabilities	244,652	586,236	471,331
Share capital	23,819,328	22,372,182	20,314,489
Accumulated deficit	(27,004,936)	(25,199,266)	(21,713,629)

The increase in working capital during the nine months ended September 30, 2025, was mainly due to shares issued for cash.

The increase in share capital during the nine months ended September 30, 2025, was mainly due to shares issued for cash, mineral properties, and services.

SUMMARY OF QUARTERLY INFORMATION

	Three months ended
	September 30, 2025	June 30, 2025	March 31, 2025	December 31, 2024
	$	$	$	$
Interest income	255	-	1,519	-
Net loss	(890,757)	(235,684)	(679,229)	(1,807,098)
Comprehensive loss	(890,745)	(235,626)	(679,300)	(1,720,257)
Basic and diluted loss per share	(0.01)	(0.00)	(0.01)	(0.05)

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Copper Quest Exploration Inc. (formerly Interra Copper Corp.)

Management's Discussion and Analysis

For the nine months ended September 30, 2025

	Three months ended
	September 30, 2024
$	June 30, 2024
$	March 31, 2024
$	December 31, 2023
$
Interest income	-	28	-	-
Net loss	(490,576)	(645,333)	(542,630)	(8,600,777)
Comprehensive loss	(486,629)	(644,005)	(547,925)	(8,328,101)
Basic and diluted loss per share	(0.01)	(0.02)	(0.02)	(0.42)

The fluctuation in operating expenses and corporate costs is attributable to variations in various expense items, such consulting fees, management and directors' fees, marketing expenses, professional fees, shareholder information and investor relations and transfer agent, regulatory and filing fees, which occur due to the administrative, exploration and fundraising activities occurring during a particular period and to the availability of funds in those periods to pay for those activities. There is no seasonality to these variations, nor are they indicative of any trend.

All the Company's resource properties are in the exploration stage. The Company has not had revenue from inception and does not expect to have revenue in the near future. The Company's operating results are not seasonal in nature and have been mainly due to the amount of exploration activities in each quarter.

During the three months ended December 31, 2023, the Company recognized exploration and acquisition expenditures on the Mineral Properties of $7,865,233. The Company also recognized an impairment of value-added tax receivable of $106,906 during the three months ended December 31, 2023 (all other quarters - $nil).

RESULTS OF OPERATIONS

Nine Months Ended September 30, 2025 compared with the Nine Months Ended September 30, 2024

During the nine months ended September 30, 2025, the Company incurred a net loss of $1,805,670 representing an increase of $102,131 compared to $1,678,539 during the nine months ended September 30, 2024, which was mainly due to an increase in exploration and evaluation expenditures. The increase in operating expenses was partially offset by a decrease in marketing expenses to $60,907 (2024 - $158,726), a decrease in project care and maintenance costs to $Nil (2024 - $108,739), and consulting fees recovery of $31,644 (2024 - expense of $206,400). In addition, the Company recognized a loss on debt settlement of $4,000 (2024 - $78,636) related to issuing 200,000 common shares to settle a balance outstanding to a consultant.

Three Months Ended September 30, 2025 compared with the Three Months Ended September 30, 2024

During the three months ended September 30, 2025, the Company incurred a net loss of $890,757 representing an increase of $400,181 compared to $490,576 during the three months ended September 30, 2024, which was mainly due to an increase in exploration and acquisition expenditures. The increase in operating expenses was partially offset by a decrease in consulting fees to $26,334 (2024 - $126,400) and a decrease in share-based payments to $87,033 (2024 - $105,730) related to the vesting of stock options previously granted.

LIQUIDITY AND CAPITAL RESOURCES

Working capital and cashflow

As at September 30, 2025, the Company had a working capital of $359,173 (December 31, 2024 - $91,662), which included cash of $186,086 (December 31, 2024 - $221,929).

The Company's financial condition is contingent upon its ability to obtain necessary financing to explore suitable properties.

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Copper Quest Exploration Inc. (formerly Interra Copper Corp.)

Management's Discussion and Analysis

For the nine months ended September 30, 2025

Although the Company has been successful in the past in financing its activities through the sale of equity securities, there can be no assurance that it will be able to obtain sufficient financing in the future to carry out exploration and development work on any acquired properties. The ability of the Company to arrange additional financing in the future will depend, in part, on the prevailing capital market conditions and exploration success.

Operating activities

Cash used in operating activities consists primarily of cash spent on administrative overhead costs to support exploration and evaluation activities. During the nine months ended September 30, 2025, the Company used $977,320 of cash in operating activities.

Investing activities

During the nine months ended September 30, 2025, the Company received $25,000 of cash from investing activities related to the return of reclamation deposits on the Thane Project.

Financing activities

During the nine months ended September 30, 2025, the Company received $941,478 due to proceeds from private placements.

OUTSTANDING SHARE DATA

As of September 30, 2025, the Company had 71,243,806 common shares issued and outstanding (December 31, 2024 – 53,082,394) with a value of $23,819,328 (December 31, 2024 – $22,372,182).

During the nine months ended September 30, 2025

• On January 6, 2025, the Company issued 300,000 common shares with a fair value of $25,500 pursuant to the Rip Option Agreement.
• On March 10, 2025, the Company issued 235,294 common shares with a fair value of $28,235 for the Jewelry Box Claims and the Sparkle Claim.
• On March 10, 2025, the Company issued 200,000 common shares with a fair value of $24,000 to a consultant to settle $20,000 payables, resulting in a loss on debt settlement of $4,000.
• On July 22, 2025, the Company issued 4,250,000 common shares with a fair value of $425,000 for the acquisition of Nekash Project and 393,750 common shares with a fair value of $39,375 for the finder's fee.
• On August 19, 2025, the Company completed a non-brokered private placement of 8,711,834 units at a price of $0.075 for gross proceeds of $653,388. Each unit consists of one common share and one common share purchase warrant. Each whole warrant entitles its holder to purchase one additional common share at an exercise price of $0.15 for a period of 24 months. In addition, the Company incurred $20,077 share issuance costs.
• On September 19, 2025, the Company completed a non-brokered private placement of 4,070,534 units at a price of $0.075 for gross proceeds of $305,290. Each unit consists of one common share and one common share purchase warrant. Each whole warrant entitles its holder to purchase one additional common share at an exercise price of $0.15 for a period of 24 months. In addition, the Company incurred $33,565 share issuance costs.

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Copper Quest Exploration Inc. (formerly Interra Copper Corp.)

Management's Discussion and Analysis

For the nine months ended September 30, 2025

As at the date of this MD&A, the Company had the following common shares, options and warrants issued and outstanding:

• 73,243,806 common shares;
• 24,410,778 warrants with exercise prices ranging from $0.085 to $0.75; and
• 5,850,000 stock options with exercise prices ranging from $0.12 to $0.25.

RELATED PARTY TRANSACTIONS AND BALANCES

Key management personnel include persons having the authority and responsibility for planning, directing, and controlling the activities of the Company as a whole. The Company has determined that key management personnel consist of executive and non-executive members of the Company's Board of Directors and corporate officers.

The following table discloses the total compensation incurred to the Company's key management personnel during the nine months ended September 30, 2025 and 2024:

For the nine months ended
	September 30, 2025	September 30, 2024
	$	$
Brian Thurston, CEO (1)
Management fees	129,500	38,600
Share-based payments	14,154	23,208
	143,654	46,416
Dong Shim, CFO (2)
Management fees	27,000	6,000
Professional fees	27,000	6,000
Share-based payments	2,831	4,642
	56,831	16,642
Jason Nickel, Former COO and Director (3)
Management fees	-	55,786
Share-based payments	11,211	18,822
	11,211	74,608
Dr. Mark Cruise, Former Director (4)
Consulting fees	-	15,000
Share-based payments	10,464	19,331
	10,464	34,331
Janet Francis, Corporate Secretary (5)
Professional fees	34,083	35,312
Share-based payments	2,831	4,642
	36,914	39,954
Rick Gittleman, Former President and CEO (6)
Management fees	-	50,000
Share-based payments (recovery)	-	(5,541)
	-	44,459

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Copper Quest Exploration Inc. (formerly Interra Copper Corp.)

Management's Discussion and Analysis

For the nine months ended September 30, 2025

Paul Robertson, Former CFO (7)
Management fees	-	72,800
Share-based payments (recovery)	-	(1,385)
	-	71,415
Mike Ciricillo, Former Director
Share-based payments (recovery)	-	(3,116)
Rick Leveille, Former Director
Share-based payments (recovery)	-	(3,116)
TOTAL	259,074	336,985

1) Paid and/or payable to CanMex Consulting & Leasing which is controlled by Mr. Brian Thurston.
2) Paid and/or payable to Golden Tree Capital Corp. and SHIM & Associates LLP which are controlled by Mr. Dong Shim.
3) Paid and/or payable to JWolf Capital Corp. which is controlled by Mr. Jason Nickel.
4) Paid and/or payable to Cruise Geoservices Limited which is controlled by Mr. Mark Cruise
5) Paid and/or payable to Keystone Corporate Services Inc. which is controlled by Ms. Janet Francis.
6) Paid and/or payable to RMG Minerals LLC which is controlled by Mr. Rick Gittleman.
7) Paid and/or payable to Quantum Advisory Partners LLP, an accounting firm for which Mr. Paul Robertson is an incorporated partner.

As at September 30, 2025, $31,596 (December 31, 2024 – $23,866) was included in accounts payable and accrued liabilities for amounts due to related parties. The amounts due are unsecured, due on demand and are non-interest bearing.

Key management includes directors and officers of the Company. Other than the amounts disclosed above, there was no other compensation paid or payable to key management for employee services for the reported periods.

SUBSEQUENT EVENT

On October 23, 2025, the Company issued 2,000,000 common shares in relation to the exercise of 2,000,000 warrants with an exercise price of $0.085 per share.

OFF-BALANCE SHEET ARRANGEMENTS

As of September 30, 2025 and the date of this MD&A, the Company did not have any off-balance sheet financing arrangements.

CRITICAL ACCOUNTING ESTIMATES

The financial statements, including comparatives, have been prepared using accounting policies consistent with IFRS issued by the International Accounting Standards Board ("IASB") and interpretations of the International Financial Reporting Interpretations Committee ("IFRIC"). The financial statements have been prepared on a historical cost basis, except for financial instruments classified as financial instruments at fair value through profit and loss, which are stated at their fair value. In addition, the financial statements have been prepared using the accrual basis of accounting except for cash flow information.

NEW ACCOUNTING STANDARDS

Certain IFRS pronouncements that are mandatory for accounting years beginning on or after January 1, 2024 have been issued. The Company concludes that the effect of such amendments did not have a material impact and therefore did not record any adjustments to the financial statements.

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Copper Quest Exploration Inc. (formerly Interra Copper Corp.)
Management's Discussion and Analysis
For the nine months ended September 30, 2025

COMMITMENTS

The Company does not have any significant commitments except for the mineral property commitments noted above under Mineral Properties.

CONTINGENCIES

The Company's exploration activities are subject to various federal, provincial and international laws and regulations governing the protection of the environment. These laws and regulations are continually changing and generally becoming more restrictive. The Company conducts its operations so as to protect public health and the environment and believes its operations are materially in compliance with all applicable laws and regulations. The Company has made, and expects to make in the future, expenditures to comply with such laws and regulations.

The Company is, from time to time, involved in various claims, legal proceedings and complaints arising in the ordinary course of business. The Company does not believe that adverse decisions in any pending or threatened proceedings related to any matter, or any amount which it may be required to pay damages in any form by reason thereof, will have a material effect on the financial condition or future results of operations of the Company.

FINANCIAL INSTRUMENTS

In the normal course of business, the Company is inherently exposed to certain financial risks, including market risk, credit risk and liquidity risk, through the use of financial instruments. The timeframe and manner in which the Company manages these risks varies based upon management's assessment of the risk and available alternatives for mitigating the risk. The Company does not acquire or issue derivative financial instruments for trading or speculative purposes. All transactions undertaken are to support the Company's operations. These financial risks and the Company's exposure to these risks are provided in various tables in Note 8 of our unaudited condensed consolidated interim financial statements for the nine months ended September 30, 2025. For a discussion on the significant assumptions made in determining the fair value of financial instruments, refer also to Note 2 of the consolidated financial statements for the year ended December 31, 2024.

RISKS AND UNCERTAINTIES

For a detailed listing of the risk factors faced by the Company, please refer to the Company's MD&A for the years ended December 31, 2024 and 2023 and the Company's most recently available Annual Information Filing on SEDAR+ (www.sedarplus.ca)

MANAGEMENT'S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS

The accompanying consolidated financial statements of the Company and the MD&A have been prepared by and are the responsibility of management.

ADDITIONAL DISCLOSURE FOR VENTURE ISSUERS WITHOUT SIGNIFICANT REVENUE

Additional disclosure concerning the Company's exploration and evaluation assets and costs is provided in the Company's unaudited condensed consolidated interim financial statements for the nine months ended September 30, 2025 and the audited consolidated financial statements for the year ended December 31, 2024, which are available on SEDAR+ at www.sedarplus.ca.