Edison Lithium Corp. — Management Reports 2026

Jan 27, 2026

EDISON
LITHIUM CORP.

MANAGEMENT'S DISCUSSION & ANALYSIS
For The Year Ended September 30, 2025

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EDISON LITHIUM CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

This Management's Discussion and Analysis ("MD&A") is intended to help readers understand the significant factors that affect the performance of Edison Lithium Corp. and its subsidiaries (the "Company"), and those that may affect future performance. The MD&A has been prepared as of January 27, 2026, and should be read in conjunction with the Company's audited consolidated financial statements for the year ended September 30, 2025, and the related notes thereto. These financial statements were prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB").

The Company's significant accounting policies are set out in Note 3 of the September 30, 2025 and 2024 audited consolidated financial statements. All dollar amounts are expressed in Canadian Dollars (the functional currency of the Company) unless otherwise indicated. Note that additional information relating to the Company is available on SEDAR+ at www.sedarplus.ca.

Forward-Looking Statements

Certain statements contained in this document constitute "forward-looking statements". When used in this document, the words "may", "would", "could", "will", "intend", "plan", "propose", "anticipate", "believe", "forecast", "estimate", "expect" and similar expressions, as they relate to the Company or its management and operations, are intended to identify forward-looking statements. Such statements reflect the Company's current views and beliefs with respect to future events and are subject to certain risks, uncertainties and assumptions. Many factors could cause the Company's actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. The Company does not intend, and does not assume any obligation, to update any such factors or to publicly announce the result of any revisions to any of the forward-looking statements contained herein to reflect future results, events or development except as may be required by law or regulation.

INTRODUCTION

Edison Lithium Corp. (the "Company" or "EDDY") was incorporated on November 8, 2009 under the Business Corporations Act of British Columbia. The Company's primary business activity is mineral property exploration and development. On September 5, 2018, the Company's name was changed from Power Americas Minerals Corp. to Edison Cobalt Corp. On July 29, 2021, the Company's name was changed from Edison Cobalt Corp. to Edison Battery Metals Corp. On November 24, 2021, the Company changed its name to Edison Lithium Corp.

On August 3, 2011, the Company's common shares were listed for trading on the TSX Venture Exchange ("TSX-V" or the "Exchange") under the symbol "EDDY", and subsequently on the Frankfurt Stock Exchange under the symbol "VV00". The Company's head office and registered and records office is located at 214 – 257 12th Street East, North Vancouver, BC, Canada. The Company maintains a business office in Toronto at 120 Carlton Street, Suite 219, Toronto, ON, Canada.

Since 2021, the Company's focus has been on lithium, through the Company's Argentine subsidiary, Resource Ventures S.A. ("ReVe") which owns substantial land holdings in the "Lithium Triangle". Certain strategic mineral claims within ReVe may be sold to augment the Company's treasury to facilitate other attractive acquisitions, such as in July 2023 and April 2024 when the Company entered into an asset purchase agreement to acquire Sodium dispositions in the province of Saskatchewan. These acquisitions will broaden our base in industrial metals and get our primary focus back to Canada.

With these recent acquisitions, the Company shifted focus to Sodium/alkali dispositions in the Province of Saskatchewan and looks forward to additional news in their exploration and development efforts.

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PROPOSED SPIN-OUT OF COBALT ASSETS - Update

The Company decided to put on hold the proposed spinout of its cobalt assets in northeastern Ontario referred to as Kittson Cobalt Property (the "Spin-Out") into a newly incorporated subsidiary Edison Cobalt Corp. ("SpinCo").

The proposed Spin-Out was approved by the Company's shareholders at its Shareholders' Meeting which took place on February 26, 2024. However, timing of the Spin-Out and a proposed private placement faced challenges due to market conditions which presently are not seen as favourable.

PROPOSED SALE OF RESOURCE VENTURES S.A. - Update

On September 4, 2024, the Company entered into a non-binding letter of purchase (the "LOP") with Mava Gasoil LLC ("Mava") pursuant to which Mava would acquire 100% of the Company's interest in Resource Ventures S.A. ("ReVe") in consideration of a cash purchase price of US$3,500,000. The Company received a deposit of US$100,000 on December 27, 2024. On April 28, 2025, an addendum to the LOP was signed whereby the closing date was moved to June 30, 2025. On August 19, 2025, the Company announced that it had terminated the proposed sale of its subsidiary ReVe to Mava Gasoil as a result of Mava's inability to raise the necessary funds to complete the transaction.

VOLUNTARY CHANGE IN ACCOUNTING POLICY

In the prior year the Company had an accounting policy to capitalize acquisition and exploration costs. Management of the Company has reviewed its accounting policy and has determined that the financial statements would be more relevant to the economic decision-making needs of users if the expenditures for property acquisition, evaluation, and exploration were expensed in full. As such, the current year is presented under the new policy and the prior year has been restated to also conform to the new policy.

PROPERTIES

Lexi Property, Salar de Antofalla ("Antofalla"), Argentina

The Company acquired a 100% interest in the Lexi Property through the acquisition of ReVe on July 2, 2021. Lexi Property is located in the Province of Catamarca, Argentina and is comprised of 26 mining claims.

On January 10, 2023, the Company accepted an offer for the sale of one of its claims in the Lexi Property. On February 10, 2023, the Company received a non-refundable deposit of $66,939 (US$50,000) related to this sale, which was recorded as a reduction of acquisition costs associated with the project. The agreement expired on November 30, 2023.

On August 11, 2023, the Company accepted an offer to sell an additional mineral claim associated with the Lexi properties for US$425,000 cash consideration. On August 15, 2023, the Company received a non-refundable deposit of $67,300 (US$50,000) related to this sale, which was recorded as a reduction of acquisition costs associated with the project. The remaining US$375,000 which was expected to be paid within 12 months contingent on pre closing conditions, including satisfactory due diligence by the purchaser, was received on July 31, 2024. As a result, a gain on the sale of the property, net of tax, was recognized in the amount of $317,791.

During the year ended September 30, 2025, the Company spent $79,660 in exploration costs associated with the Lexi Property (September 30, 2024 - $102,601).

Due to a voluntary change in accounting policy the Lexi Property has now been reclassified from Non-current Assets and property expenditures are being presented as expenses (refer to Note 2 of the September 30, 2025 and 2024 audited consolidated financial statements for more details).

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Pinac Property, Salar de Pipanaco ("Pipanaco"), Argentina

The Company acquired 100% interest in the Pinac Property through the acquisition of ReVe on July 2, 2021. Pinac Property is located in the Province of Catamarca, Argentina and is comprised of 11 mining claims.

During the year ended September 30, 2023, the Company recognized an impairment charge on the Pinac Property of $123,380.

Thomas Edison Mine and Kittson Cobalt Property, Northeastern ON

The Company holds a 100% interest in the Lake Kittson Cobalt Property ("Kittson Property"), located in the Kittson and Coleman Townships of Larder Lake Mining Division in Northeastern Ontario. The Kittson Property currently consists of 72 unpatented mining claims, and a single patented claim. This property is the subject of the proposed spin-out which is currently on hold.

During the year ended September 30, 2025, the Company spent $Nil in exploration costs associated with the Kittson Property (September 30, 2024 - $2,013).

Alkali Dispositions, Saskatchewan

In July, 2023, the Company entered into an asset purchase agreement with Globex Mining Enterprises Inc. to acquire a 100% interest in five prime sodium brine properties located in Ceylon Lake, Freefight Lake, and the north and south areas of Cabri Lake, in the Province of Saskatchewan, for a cash payment of CAD$35,000 which has been paid, and the issuance of 156,250 shares. Currently, the Company has decided to let three claims expire while there is continued interest in exploring the remaining two claims.

On April 8, 2024, the Company entered into an asset purchase agreement with Globex Mining Enterprises Inc., pursuant to which the Company acquired the rights to alkali disposition A-4593 located in Whiteshore Lake in the Province of Saskatchewan for a cash payment of $200,000 which was paid on April 12, 2024, the issuance of 416,667 shares having an aggregate value of $50,000 upon TSX Exchange approval which occurred on May 1, 2024, as well as a 2% Gross Metal Royalty.

During the year ended September 30, 2025, the Company spent $4,550 in exploration costs and exploration costs with the Alkali Dispositions (September 30, 2024 - $263,028).

Due to a voluntary change in accounting policy the Akali Dispositions have now been reclassified from Non-current Assets and property expenditures are being presented as expenses (refer to Note 2 of the September 30, 2025 and 2024 audited consolidated financial statements for more details).

OUTLOOK

Argentine Properties

On September 4, 2024, the Company entered into a non-binding Letter of Purchase ("LOP") with Mava Gasoil LLC ("Mava") pursuant to which Mava would acquire 100% of the shares of ReVe from the Company.

The terms of the agreement include:

• Mava will acquire the ReVe Shares with all the Lexi Property individualized mining concessions for an aggregate purchase price of US$3,500,000 (the "Purchase Price");
• Excluded from the LOP are the individualized mining concessions of the Pinac Property and the Lexi XXX mining property which had already been sold;
• Within five (5) banking days of the effective signature by the Company and Mava of the LOP, Mava would pay a deposit of US$100,000 (the "1st Payment"). The Company has received the 1st Payment on December 27,

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2024;

• Within forty-five (45) banking days following the effective signature by the Company and Mava of the LOP, Mava would pay the remaining amount of the Purchase Price (the "Closing Payment"); and
• On April 28, 2025, an addendum to the LOP was signed whereas the closing date was moved to June 30, 2025. The parties anticipated closing of the Proposed Transaction to occur on or about September 30, 2025, but the transaction was terminated on August 19, 2025. As a result, the deposit of USD$100,000 (CAD$144,195) was forfeited and has been recognized as Other income.

As a result, management is now exploring alternative strategies for the Argentine properties.

Canadian Properties

The Company decided to put on hold the Spin-Out of its Kittson Cobalt Property in northeastern Ontario into a new subsidiary, Edison Cobalt Corp due to poor market conditions.

Regarding the sodium dispositions in Saskatchewan, the Company has filed a NI 43-101 compliant Technical Report entitled "Alkali Mineral Dispositions, Saskatchewan" dated and effective September 17, 2024. The report was independently prepared by Lynn I. Kelley, P. Geo., and is available on the Company's website. The report is with respect to alkali dispositions, as held by Edison Saskatchewan Resources Corp. ("Edison Saskatchewan"), a wholly-owned subsidiary of the Company, in Saskatchewan, Canada. The Company plans to complete an exploration program on the properties in 2026, as recommended in the technical report.

Announced Financing

On December 17, 2025, the Company announced a non-brokered private placement of up to 12,000,000 units (the "Units" and each, a "Unit") at a price of $0.05 per Unit for gross proceeds of up to $600,000. Each Unit will comprise one common share of the Company and one common share purchase warrant, whereby each warrant will entitle the holder to acquire one additional share at a price of $0.08 per share for a period of two years from the date of issuance.

SELECTED FINANCIAL INFORMATION

	September 30, 2025	September 30, 2024
Current assets	366,722	1,106,637
Total assets	366,722	1,106,637
Current liabilities	87,790	339,866
Shareholders' equity	278,932	766,771
Net loss for year ended Sep 30, 2025 and 2024	(487,836)	(1,392,389)
Loss per share, basic and diluted	(0.03)	(0.07)
Weighted average number of shares outstanding	18,970,583	18,595,810
Exploration and evaluation expenditures	84,210	367,247

RESULTS OF OPERATIONS

The net operating expenses for the year ended September 30, 2025 decreased to $764,686 compared to $1,809,706 in 2024. The decrease was primarily due to a significant decrease in accounting, audit and legal expenses as prior year captures expenses towards the potential Spin-out of the Kittson Property which is now on hold. There was also a significant decrease in exploration and evaluation expenses as prior year included the cost of acquiring additional Alkali disposition whereas the current year there are no asset acquisitions just expenses. In addition, there were also decreases in advertising and promotions as well as consulting fees all reflecting the Company's more cautious approach to spending.

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	Three months ended Sep 30,		Net change	Year ended Sep 30,		Net change
	2025 $	2024 $	$	2025 $	2024 $	$
Accounting, audit and legal	45,831	83,190	37,359	198,456	484,269	285,813
Advertising and promotion	219	11,312	11,093	4,621	165,760	161,139
Consulting fee	19,959	54,905	34,946	94,240	135,915	41,675
Management and directors' fees	78,000	78,000	-	334,000	312,000	(22,000)
Office and sundry	16,739	(565)	(17,304)	42,424	57,978	15,554
Share-based compensation	-	154,791	154,791	-	164,791	164,791
Transfer agent and filing fees	5,062	6,168	1,106	6,735	53,691	46,956
Exploration and evaluation expenses	84,210	-	(84,210)	84,210	367,247	283,037
Exploration and project investigation costs	-	17,000	17,000	-	68,055	68,055
Operating expenses	250,020	404,801	154,781	764,686	1,809,706	1,045,020

Accounting, audit and legal fees decreased $285,813 to $198,456 for the year ended September 30, 2025, compared to $484,269 in 2024. The decrease was mainly due to higher legal fees in 2024 relating to the legal work incurred towards the sale of ReVe and the Spin Out of Kittson. The sale of ReVe was terminated and the Spin Out of the Kittson cobalt property is currently on hold.

Advertising and promotion decreased $161,139 to $4,621 for the year ended September 30, 2025, compared to $165,760 in 2024. The decrease was due to lower marketing activities during the year as the Company prioritized preserving cash over spending on marketing and promotion.

Consulting fees decreased $41,675 to $94,240 for the year ended September 30, 2025, compared to $135,915 in 2024. The decrease was due to less activity by the Company in support of corporate and business development.

Share based compensation decreased $164,791 to $Nil for the year ended September 30, 2025, compared to $164,791 in 2024. The decrease was due to a stock option grants in 2023, where a remaining group of options vested in 2024.

Transfer agent and filing fees expenses decreased $46,956 to $6,735 for the year ended September 30, 2025 compared to $53,691 in 2024. The decrease was for the same reason as explained above, higher expenses in 2024 related to the potential sale of ReVe and the Spin Out of the Kittson property.

Exploration and evaluation expenses decreased $283,037 to $84,210 for the year ended September 30, 2025 compared to $367,247 in 2024. In 2024, the Company paid $250,000 to acquire an additional alkali disposition whereas current year there were no property acquisitions just property expenses.

Exploration and project investigation costs decreased $68,055 to $Nil for the year ended September 30, 2025 compared to $68,055 in 2024. In 2024 expenses were incurred to conduct due diligence on a potential new project in Indonesia that was subsequently rejected.

RESULTS OF OPERATIONS – QUARTERLY

Results for the last eight quarters ending September 30, 2025:

	September 30, 2025	June 30, 2025	March 31, 2025	December 31, 2024
	$	$	$	$
Net loss	(24,118)	(117,487)	(229,624)	(116,608)
Loss per share, basic and diluted	(0.00)	(0.01)	(0.01)	(0.01)
	September 30, 2024	June 30, 2024	March 31, 2024	December 31, 2023
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	$	$	$	$
Net loss	(129,947)	(462,489)	(354,062)	(446,286)
Loss per share, basic and diluted	(0.01)	(0.02)	(0.02)	(0.02)

An analysis of the quarterly results over the last eight quarters shows substantial variances which can be attributed to the Company's incurring varying exploration, professional, office and general costs during these periods, resulting from

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various levels of activity as well as well as reflects a number of non-recurring items.

LIQUIDITY AND CAPITAL RESOURCES

As of September 30, 2025, the Company had a cash and cash equivalents of $297,885 (September 30, 2024 - $999,731) and a working capital of $278,932 (September 30, 2024 - $766,771).

The Company expects to incur losses for the foreseeable future and there can be no assurance that the Company will ever make a profit. To achieve profitability, the Company would need to advance one or more of its properties through further exploration in order to bring the property to a stage where the Company could attract the participation of a major resource company, which would have the expertise and financial capability to place such property into commercial production or undertake the very significant risks of doing so itself. This magnitude of advancement is a long and arduous process and very unpredictable as to ultimate outcome. For the foreseeable future, the Company's share value is likely to be based more on its prospects, discoveries and acquisitions than on any near-term expectation of achieving profitability.

The Company's ability to continue as a going-concern is dependent upon its ability to advance exploration properties to the development stage and achieve profitability by taking the property to production or from the sale of one or more of its properties. In the meantime, the Company is dependent upon raising equity financing or obtaining short-term loans to continue to advance its property interests and fund ongoing operations. The consolidated financial statements are prepared on a going concern basis, which implies that the Company will realize its assets and discharge its liabilities in the normal course of business. The consolidated financial statements do not reflect adjustments to the carrying value of assets and liabilities that would be necessary if the Company were unable to continue as a going concern.

RELATED PARTY TRANSACTIONS

Key management personnel include those people who have 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 members of the Company's Board of Directors and corporate officers. The remuneration of directors and key management personnel and reimbursable expenses, made during the year ended September 30, 2025 and 2024 is set out below:

For the year ended September 30,	2025	2024
Management and directors' fees	334,000	312,000
Exploration Fees	-	9,274
Corporate Secretarial Fees	7,770	35,675
Share based compensation	-	154,792
Legal Fees	80,583	75,467
	422,353	587,208

As at September 30, 2025, the Company has $5,516 outstanding payable balance (September 30, 2024 – $8,885) due to officers of the Company in relation to the above remuneration.

Financial Instruments and Related Risks

The Company may be exposed, in varying degrees, to a variety of financial instrument related risks. The Company's Board of Directors monitors and approves its risk management practices.

The Company's most significant areas of financial risk and risk management are as follows:

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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 primary exposure to credit risk is attributable to cash, short-term investments, and amounts receivable. To limit its exposure to credit risk, the Company holds its cash and short-term investments with high-credit quality financial institutions in Canada. Amounts receivable primarily consist of sales tax and interest receivable. The Company believes that the credit risk inherent in amounts receivable is low.

Interest Rate Risk

The Company has no current exposure to interest rate risk. The fair value of cash is not affected by changes in short term interest rates.

Liquidity Risk

Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities that are settled by delivering cash or another financial asset. The Company's financial liabilities are all due on demand. The Company attempts to manage liquidity risk by maintaining sufficient cash balances to satisfy current and planned expenditures. The Company may from time to time have to issue additional shares to ensure there is sufficient capital to meet long term objectives.

Foreign currency exchange risk

Foreign currency risk is the risk that the fair values of future cash flows of a financial instrument will fluctuate because of change in foreign exchange rates. As at September 30, 2025, the Company has a surplus of financial assets over financial liabilities denominated in Argentinian Peso, consisting of cash, accounts payable and accrued liabilities, in the sum of $59,113 (September 30, 2024 – $168,223). Based on these net exposures, a 10% appreciation or depreciation of the Argentine Peso against the Canadian Dollar would not have a material impact on the Company's results.

Financial Instruments

Financial instruments recorded at fair value on the condensed interim consolidated statement of financial position are classified using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. The fair value hierarchy has the following levels:

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities;

Level 2 - Inputs other than quoted prices that are observable for assets or liabilities, either directly or indirectly; and

Level 3 - Inputs for assets and liabilities that are not based on observable market data.

The fair value of cash, amounts receivable, which are primarily comprised of sales tax and accrued interest receivables, short-term investments, accounts payable and accrued liabilities, and due to related parties approximate fair value due to the short-term nature of the financial instruments.

Management of Capital and Business Prospects

The Company's objective when managing capital is to maintain its ability to continue as a going concern and fund its Exploration and Evaluation expenditures and other activities in order to provide returns for shareholders and benefits for other stakeholders.

The Company includes equity, which is comprised of issued capital stock, warrants, contributed surplus and deficit, in the definition of capital. Management adjusts the capital structure in the light of its cash and other available resources as necessary in order to support the discovery, acquisition, development and potentially mining of economically viable precious and base metal mineral resources. The Company is not subject to externally imposed capital requirements (beyond the modest requirements of the Exchange with which the Company is in compliance) and there has been no change with respect to the overall capital risk management strategy in the periods under review. Management reviews its capital management approach on an ongoing basis and believes that this approach, given the relative size of the Company, is appropriate.

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The properties in which the Company currently has an interest are in the exploration stage. As such the Company is dependent on external financing to fund its activities. In order to carry out its planned exploration programs and pay for management and administrative costs, the Company will spend its ongoing working capital and raise additional amounts as needed.

Critical Accounting Estimates, Assumptions and Judgements

The preparation of consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results may differ from these estimates.

Areas of significant judgement, assumptions and estimates in the consolidated financial statements are:

• Classification of expenditures as exploration and evaluation expenditures or operating expenses
• Classification of discontinued operations
• Assessment of the Company's ability to continue as a going concern
• Whether there are indicators of impairment of the Company's exploration and evaluation assets

Changes in Accounting Standards

The consolidated financial statements have been prepared in accordance with the principles of International Financial Reporting Standards ("IFRS") as set out in CPA Canada Handbook - Accounting. The consolidated financial statements therefore comply with IFRS as issued by the International Accounting Standards Boards ("IASB") and interpretation of the International Financial Reporting Interpretations Committee ("IFRIC").

Accounting standards issued but not yet effective

At the date of the approval of the interim condensed consolidated financial statements, a number of standards and interpretations were issued but not yet effective. The Company considers that these new standards and interpretation are either not applicable or are not expected to have a significant impact on the Company's audited consolidated financial statements.

RISK FACTORS

Purchasing securities of the Company must be considered highly speculative due to the nature of the Company's business and its present stage of development. A purchase of such securities involves a high degree of risk and should be undertaken only by purchasers whose financial resources are sufficient to assume such risk. The principal risks and uncertainties are summarized below. These do not necessarily comprise all of those that are potentially faced by the Company and are not intended to be presented in any assumed order of priority.

Management

The Company is dependent upon the personal efforts and commitment of its management, which is responsible for the development of future business. Further, management is comprised of a relatively small number of key officers and consultants, the loss of any of whom could have an adverse effect on the Company's performance.

Additional Financing

In order to execute the anticipated growth strategy, the Company will require some additional equity and/or debt financing to support on-going operations, to undertake capital expenditures, and/or to undertake acquisitions or other business combination transactions. There can be no assurance that additional financing will be available to the Company when needed or on terms which are acceptable.

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Environmental Risks

The Company may be liable for environmental contamination and natural resource damages relating to properties that they currently own or operate or at which environmental contamination occurred while or before they owned or operated the properties.

No Mineral Resources

The Company is in the exploration stage and sufficient work has not been done to define a mineral resource or mineral reserve. There is no assurance given by the Company that continuing work on the property(ies) will lead to defining the mineralization with enough confidence and in sufficient quantities to report it as a mineral resource or a mineral reserve.

Regulatory Requirements

Failure to comply with applicable laws, regulations and permitting requirements may result in enforcement actions including orders issued by regulatory or judicial authorities causing operations to cease or be curtailed, and may include corrective measures requiring capital expenditures, installation of additional equipment or remedial actions.

Title to Property

There may be challenges to title to the mineral properties in which the Company holds a material interest. If there are title defects with respect to any properties, the Company might be required to compensate other persons or perhaps reduce its interest in the affected property.

ESG Risk Factors

The Company intends to put increasing attention on the needs and wishes of the communities surrounding the property(ies). There is no guarantee that the local community will support activity, and as such, may take actions to have the Company cease operations in the area.

Factors Beyond the Company's Control

The potential profitability of mineral properties is dependent upon many factors beyond the Company's control. For instance, world prices and markets for minerals are unpredictable, highly volatile, and potentially subject to governmental fixing, pegging and/or controls and respond to changes in domestic, international, political, social and economic environments. Profitability also depends on the costs of operations, including costs of labour, equipment, electricity, environmental compliance or other production inputs. Such costs will fluctuate in ways the Company cannot predict and are beyond the Company's control, and such fluctuations will impact on profitability and may eliminate profitability altogether.

SHARE CAPITAL DATA

The Company is authorized to issue an unlimited number of common shares without par value.

As at the date of this MD&A, issued and outstanding share data are as follows:

Common shares	18,970,583
Stock options (average exercise price $0.25)	1,312,500
Share purchase warrants (average exercise price $0.20)	4,000,000
	24,283,083

OFF-BALANCE SHEET ARRANGEMENTS

The Company has no off-balance sheet arrangements.

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ADDITIONAL INFORMATION

Additional information relating to Edison Lithium Corp. may be found on SEDAR+ at www.sedarplus.ca and on the Company's website at www.edisonlithium.com.

The Company invites comments and questions from readers, which may be addressed to info@edisonlithium.com.

On behalf of the Board

"Nathan Rotstein", Chief Executive Officer

January 27, 2025