First Hydrogen Corp. — Management Reports 2025

Jul 30, 2025

FIRST HYDROGEN CORP.
Management's Discussion and Analysis
For the Year Ended March 31, 2025
Form 51-102F1

The following discussion is management's discussion and analysis of the results of operations and financial conditions of First Hydrogen Corp. (the "Company") and should be read in conjunction with the Company's audited consolidated financial statements for the years ended March 31, 2025 and 2024 that have been prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB") and interpretations of the International Financial Reporting Interpretations Committee ("IFRIC"). These audited financial statements can be found on SEDARplus at www.sedarplus.ca.

Additional information relating to the Company is available on SEDAR at www.sedarplus.ca.

All amounts are in Canadian dollars unless otherwise indicated.

The effective date of this MD&A is July 29, 2025.

Forward-Looking Statements

This MD&A includes "forward-looking information", or "forward-looking statements" as defined by applicable securities laws. The purpose of including forward-looking statements is to provide information about the current expectations and plans of management, enabling investors and others to gain a better understanding of the Company's business plans, financial performance, and condition.

All statements in this MD&A, except for statements of historical fact, pertaining to the Company's strategy, future operations, financial position, prospects, plans, feasibility study, and management's objectives, are considered forward-looking statements. These statements are typically identified by words such as "plan," "expect," "estimate," "intend," "anticipate," "target", "believe," or variations thereof, as well as statements indicating that certain actions, events, or results "may," "could," "would," "might," or "will" be taken, occur, or be achieved. Specifically, this MD&A contains forward-looking statements related to the Company's intentions concerning its business and operations, its expectations regarding capital raising and business growth, its growth strategy and opportunities, anticipated industry trends and challenges, the perceived value and potential of the Company's rights, and other development study results, budgets, strategic plans, market acceptance and other timelines, as well as government regulations and relations.

Forward-looking information is based on certain assumptions and other important factors that, if untrue, could significantly impact the Company's actual results, performance, or achievements in comparison to future results, performance, or achievements expressed or implied by such information or statements. There is no guarantee that such information or statements will prove to be accurate. Key assumptions underlying the Company's forward-looking information include its ability to raise additional financing when needed and on reasonable terms, achieve current development, and other objectives regarding demand for hydrogen-fuel-cell-powered light vehicle and other products, obtain necessary licenses, permits, and governmental approvals, attract and retain key personnel, as well as general business and economic conditions, including competitive conditions in the Company's market.

Readers are cautioned that the above list does not cover all factors and assumptions that may have been utilized. Additionally, forward-looking statements are subject to various risks and uncertainties that could have a significant adverse effect on the Company's business, financial condition, results of operations, and growth prospects. Some of the risks and uncertainties that could cause actual results to differ materially from the expressed forward-looking statements include revenue generation and future capital requirements, short or medium-term profitability, risks related to hydro-fuel cell development, electrolysis technology, green hydrogen production and distribution, and operating costs, challenges in funding and construction the production plant, obtaining resources from governmental authorities, compliance with environmental and safety regulations, access to equipment, maintenance, reliance on key personnel and

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FIRST HYDROGEN CORP.
Management's Discussion and Analysis
For the Year Ended March 31, 2025
Form 51-102F1

business relationships, growth strategy, obtaining insurance, occupational health and safety risks, adverse publicity, third-party risks, disruptions to business operations, reliance on technology and information systems, litigation risks, tax risks, unforeseen expenses, public health crises, climate change, general economic conditions, commodity prices and exchange rate risks, light commercial vehicle demand, share price volatility, public company obligations, competition risk, dividend policy, policies and legislation, force majeure, and technological changes.

While the Company believes that its expectations are based on reasonable assumptions and has made efforts to identify important factors that could cause actual actions, events, or results to differ materially from those described in forward-looking statements, there may be other factors that result in actions, events, or results not meeting the anticipated, estimated, or intended outcomes. Therefore, these risks should be carefully considered, although they are not exhaustive. If any of these risks or uncertainties materialize, actual results may vary materially from those anticipated in the forward-looking statements provided herein. Due to the inherent risks, uncertainties, and assumptions associated with forward-looking statements, readers should exercise caution and avoid undue reliance on them.

The forward-looking statements in this document are presented to assist investors in understanding the Company's expected financial and operational performance and results as of the periods covered in the Company's plans and objectives. They may not be suitable for other purposes. The assumptions mentioned above and described in greater detail in the "Risk and Uncertainties" section of this MD&A should be carefully considered by readers.

The Company disclaims 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 applicable law. The Company qualifies all of its forward-looking statements with these cautionary statements.

Overview

Description of the Business

First Hydrogen Corp. (the "Company") is a publicly listed company incorporated under the Business Corporations Act of British Columbia on June 20, 2007, as "Fitch Street Capital Corp". On June 11, 2021, the Company entered into definitive agreements with AVL Powertrain UK Limited and Ballard Power Systems Inc. to assist in the design and development of a fuel-cell powered vehicle that the Company will own the commercial rights for the vehicle design. To better define the Company's zero-emission initiative, on October 7, 2021, the Company changed its name to First Hydrogen Corp. The Company's trading symbol is "FHYD" trading on the Exchange.

Advances and investment in energy and automotive development from forward-looking businesses, such as First Hydrogen, will be fuelled by zero emission targets, government incentive schemes and infrastructure investment. First Hydrogen's strategy is to target Light Commercial Vehicle (the "LCV") sector to support fleet transition to zero emission transport and to target green hydrogen production and distribution to support its LCV strategy. In addition, the Company is reviewing complimentary products as part of its hydrogen-as-a-service offering, such as mobile refueling and green hydrogen production.

As part of its long-term strategy, First Hydrogen is also advancing plans to deploy Small Modular Reactors (SMRs) to provide a reliable, carbon-free energy source for high-volume green hydrogen production, supporting energy security and deep decarbonization of transport and industrial sectors.

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FIRST HYDROGEN CORP.
Management's Discussion and Analysis
For the Year Ended March 31, 2025
Form 51-102F1

Company Highlights from April 1, 2024 up to July 28, 2025

Automotive

In May 2024, the Company completed its fourth trial, this time with a large multinational logistics company, whose partners use commercial vans for parcel deliveries. The Company also started initial discussions with a countrywide industrial fleet operator based in Mexico. The Mexican fleet operator is interested in updating their fleet vehicles to hydrogen-powered fuel cells and as well as deploying a countrywide hydrogen refueling station infrastructure.

In June 2024, the Company announced the expansion into European and Mexican markets. The Company is in initial discussions with a country-wide industrial fleet operator in Mexico. The industrial operator is looking to convert and add FCEVs to their fleet, along with deploying a country-wide Hydrogen Refueling Stations (HRS) infrastructure.

The Company is seeking to add left-hand drive FCEV as demonstrators for the North American, South American and European markets. The European Union (EU) strives to become the first climate-neutral continent by 2050. First Hydrogen opened an office in Germany as part of our expansion into Europe.

Unpredictability around U.S trade policy – shifting tariff proposals, implantation, timelines, and counter measures – have forced the Company, and many other companies, to pause investment decisions and advancing various projects.

Energy

Germany has signed a Memorandum of Understanding (MOU) with Canada to help Germany diversify its energy sources from fossil fuels and move towards more sustainable energy. Germany expects its hydrogen demand to surge from 55 terawatt hours to between 95–130 terawatt hours by 2030, highlighting the significance of this partnership for both nations' energy futures. First Hydrogen is looking to expand into Germany and Europe, to offer its Hydrogen-As-A-Service (HAAS) model.

The Company seeks to apply small modular nuclear reactors (SMRs) for deployment in Canada and Europe for green hydrogen production. This initiative is expected to enhance First Hydrogen's ability to provide a stable, scalable, and cost-effective supply of green hydrogen, supporting global efforts to decarbonize key sectors such as transportation and industry. Nuclear energy is widely recognized as a green energy source by international bodies due to its ability to produce large amounts of electricity with minimal greenhouse gas emissions.

SMRs are compact, efficient nuclear energy systems that offer a scalable and low-carbon alternative to traditional energy sources. SMRS are much smaller than large-scale traditional nuclear reactor facilities, in some cases as small as 1/10th the size of traditional nuclear. First Hydrogen seeks to install these SMRs in areas where grid power is limited or non-existent to produce hydrogen for refueling stations.

The Company and Dr. Muhammad Taha Manzoor from the University of Alberta have agreed to collaborate on advancing SMR technology focusing on fuel reactor materials, SMR design and reactor design optimization based on growth of artificial intelligence (AI) data centres, which consume up to 10 times more energy than normal data centres. One Google search uses about as much electricity as turning on a household light for 17 seconds (https://www.rwdigital.ca/blog/how-much-energy-do-google-search-and-chatgpt-use/). Asking a Generative AI model like ChatGPT a single question is equivalent to leaving that

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FIRST HYDROGEN CORP.
Management's Discussion and Analysis
For the Year Ended March 31, 2025
Form 51-102F1

light on for 20 minutes (https://www.npr.org/2024/07/12/g-s1-9545/ai-brings-soaring-emissions-for-google-and-microsoft-a-major-contributor-to-climate-change).

Corporate Activities

German Office

The Company has engaged several international firms with expertise in renewable energy development, infrastructure construction, mergers and acquisitions, and fundraising to support its European expansion. First Hydrogen is in the process of establishing an office in Germany.

Private Placements

On July 9, 2024, the Company closed a private placement of convertible debentures for gross proceeds of $540,000. Each debenture unit consists of $1,000 in principal and is convertible into 1,851.85 common shares and 1,851.55 share purchase warrants, with each share purchase warrant exercisable to acquire one additional common share at an exercise of $0.80 per warrant share for a period of two years from the closing date.

Warrant – extension and repricing.

In April 2024, the Company amended the term of warrants expiring April 29, 2024 to April 29, 2025 and amended the exercise price to $1.10. The amended warrants will be subject to an accelerated expiry provision, such that, if for any 10 consecutive trading days during the unexpired term of the warrants, the closing price of the company's common shares on the TSX Venture Exchange exceeds $1.32, the exercise period of the warrants will be reduced to 30 days, starting the seven days after the last trading day above $1.32. These warrants expired unexercised.

In July 2024, the Company restructured the $2,673,800 of convertible debentures issued on November 22, 2023 by amending the conversion price of these convertible debentures. Prior to the debenture amendment, the debentures were convertible into common shares of the Company at a price of $1.45 per debenture unit. Each debenture unit consists of one common share in the capital of the Company and one additional share purchase warrant exercisable at $3.00.

The amended conversion price is now $0.54 per debenture. In connection with the debenture amendment, there will be no share purchase warrants issued upon conversion of the debenture.

Debenture interest

In February 2025, the Company settled $341,309 of accrued and owing interest by the issuance of 948,080 shares of the company. The shares were issued at deemed a price of $0.36 per share. The share issuance is subject to a four month and one day hold period.

Marketing Activities

The Company entered into an agreement for marketing services with Apaton Finance GmbH ("Apaton"). The marketing services included educational articles, market monitoring, and the dissemination of news related to the Company. The engagement began in July 2023 and is continuing on a month-to-month basis.

In May 2024, the Company engaged Martin City Studios LLC to produce two audio interviews (completed) with the Company and Ellis Martin. The interviews have been aired on Money Talk Radio and the Ellis Martin Report. Martin City Studios was paid US$6,500.

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FIRST HYDROGEN CORP.
Management's Discussion and Analysis
For the Year Ended March 31, 2025
Form 51-102F1

Board of Directors and Management

The Company accepted the resignation of Francois Morin on July 29, 2024.

Results of Operations for the Three Months ended March 31, 2025 and 2024

The Company incurred a net loss of $1,047,862 for the three-months period ended March 31, 2025, when compared to a net loss of $1,869,845 incurred during the same period in 2024.

Major expenses and their prior comparative period amount as follow:

• Advertising and marketing $40,513 (2024 - $347,312)
• Consulting and management fees $174,423 (2024 - $166,277)
• Interest expense $70,961 (2024 - $63,355)
• Accounting and legal $146,924 (2024 - $124,000)
• Research and development $15,956 (2024 - $162,701)
• Salaries and benefits $252,065 (2024 - $914,017)
• Stock-based compensation $18,608 (2024 - $261,815)
• Government grants $nil (2024 - $322,172)

The Company's net loss for the three-month period ended March 31, 2025, decreased by $818,533 compared to the same period in 2024. The more significant reduction in expenses is mainly attributed to lower development costs as the Company's two FCEVs have been completed, a reduction in UK staff, lower stock-based compensation and a reduction in marketing and advertising spending. The Company does not expect any Research and Development Tax Credits for 2025 (2024 - $322,172).

Advertising and marketing expenses, including costs for website hosting, dissemination of news releases, translation, and marketing services, were lower due to a reduction in spending.

Management and consulting expenses for the three months ended March 31, 2024, include feess incurred for the CEO and CFO of the company (see Related Party Transactions for amounts), administrative support, and directors' fees.

Results of Operations for the Years ended March 31, 2025 and 2024

The Company incurred a net loss of $5,066,816 for the year ended March 31, 2025, when compared to a net loss of $10,909,869 incurred during the same period in 2024.

Major expenses and their prior comparative period amount as follow:

• Accounting and legal $333,035 (2024 - $158,960)
• Advertising and marketing $329,451 (2024 - $2,595,334)
• Consulting and management fees $636,459 (2024 - $1,301,460)
• Financing costs $308,292 (2024 - $81,612)
• General and administrative $194,757 (2024 - $330,973)
• Interest expense $271,999 (2024 - $84,226)
• Research and development $148,497 (2024 - $1,028,554)
• Salaries and benefits $1,471,896 (2024 - $4,143,296)
• Stock-based compensation $862,042 (2024 - $1,020,944)
• Government grants $nil (2024 - $322,172)

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FIRST HYDROGEN CORP.
Management's Discussion and Analysis
For the Year Ended March 31, 2025
Form 51-102F1

The Company's net loss for the year ended March 31, 2025, has decreased by $5,843,053 compared to 2024. This reduction is mainly attributed to decreases of: 1) $2,671,400 in salaries through the reduction of UK staff, 2) $880,057 in research and development costs as the Company completed the two demonstrator vehicles, and 3) $2,265,883 in advertising and marketing costs. Cost reductions were offset by legal fees relating to employment reductions, financing costs and interest expenses due the outstanding debentures. The Company does not expect any Research and Development Tax Credits for 2025 (2024 - $322,172).

Advertising and marketing expenses, including costs for website hosting, dissemination of news releases, translation, and marketing services, were lower due to a reduction in spending. Consulting and management fees decreased quarter over quarter on projects for Quebec and North America projects.

Management and consulting expenses for the years ended March 31, 2025 and 2024, include amounts incurred for the CEO and CFO of the company (see Related Party Transactions for amounts), administrative support, and directors' fees, were lower as certain projects came to an end compared to the same period in 2024.

Expenses for year include the cost of vehicle trials with a large multi-national logistics company which used the FCEV for its parcel deliveries in London, UK, reduced salaries in the UK office as development of a demonstrator vehicle was completed and positioned the company for future expansion (FCEV vehicles, refueling and hydrogen production via small nuclear reactors) in Europe.

Liquidity

As at March 31, 2025, the Company had a working capital deficit of $5,988,423 (March 31, 2024 - $847,855).

Summary of Cash Flows

		2025	2024
Cash on hand, beginning of year	$	87,475	$ 394,816
Cash flow used for operations		(1,533,518)	(8,920,529)
Cash flow from financing activities		1,457,550	8,778,664
Cash flow using in investing activities		-	(165,478)
Cash on hand, end of year	$	11,507	$ 87,475

For the year ended March 31, 2025, cash used for operating activities was $1,533,518 compared to $8,920,529 for the same period in 2024. The decrease was due to completion of vehicle development of its FCEV, a reduction in salaries in the UK, and an overall reduction in spending including marketing and advertising, consulting, and general administration.

For the year ended March 31, 2025, no cash was used in investing activities compared to $165,478 for the same period in 2024. The Company made the initial deposits on two parcels of land in the Shawinigan, Quebec, in fiscal 2024, for the green hydrogen and vehicle assembly facilities. First Hydrogen is exploring the possibly of installing small nuclear reactors on site for power and hydrogen generation.

For the year ended March 31, 2025, cash flows provided by financing activities were $1,457,550 compared to $8,778,664 for the same period in 2024. During the year ended March 31, 2025, the Company received $240,000 from the exercise of stock options (2024 - $183,150), $720,750 in advances from officers and director of the Company (2024 -nil) and issued convertible debentures for net proceeds of $496,800 (2024 $2,553,175. During the year ended March 31, 2024, the Company completed a non-brokered private

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FIRST HYDROGEN CORP.
Management's Discussion and Analysis
For the Year Ended March 31, 2025
Form 51-102F1

placement for gross proceeds of $4,032,720 and received $2,553,175 from the exercise of share purchase warrants. The Company paid $450,277 in cash commission in relation to the non-brokered private placement and exercise of share purchase warrants.

The Company is dependent on additional funds raised thru the issuance of shares and debt to commercialize our hydrogen ecosystem, which includes hydrogen-fuel-cell-powered vehicles, refueling, and green hydrogen production. Immediate and longer-term funding is needed to advance our North American and European programs including constructing additional FCEVs, developing refueling and green hydrogen, further our SMR investment and to meet general and administrative expenses. No assurance can be given that any such funding will be available or that, if available, it can be obtained on terms favorable to the Company. The inability to raise adequate funds would affect our ability to continue as a going concern.

Summary of Quarterly Results

The following is a summary of the results from the eight previously completed financial quarters:

	Mar. 31, 2025	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024
Revenues	$nil	$nil	$nil	$nil
Net loss	(1,039,482)	(884,239)	(1,445,179)	(1,689,482)
Loss per share (basic and diluted)	(0.01)	(0.01)	(0.02)	(0.02)
Total assets	1,824,147	1,887,358	1,878,461	1,864,611
Equity	(5,407,925)	(5,111,116)	(4,261,147)	(3,445,443)
	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023
Revenues	$nil	$nil	$nil	$nil
Net loss	(1,869,845)	(2,829,039)	(3,480,283)	(2,734,152)
Income (Loss) per share (basic and diluted)	(0.03)	(0.04)	(0.05)	(0.04)
Total assets	2,152,546	2,612,228	3,268,495	4,849,254
Equity	(2,131,850)	(710,420)	1,504,891	2,977,042

Revenue: The Company has no revenue.

Net loss: Net losses from quarters ended June 2023 to September 2024 were due to the development of the Company's two FCEVs, generation 2 design of the Company's vehicle, the building of the Company's ecosystem in Europe and North America. The reduction in the net loss beginning in March 2024 quarter was due to the completion of the development of the FCEVs with the Company moving towards fleet trials in the following quarters. The Company will now focus on generating vehicle orders and/or conversations to hydrogen-powered-fuel cells with potential fleet operators, as well as building a left-hand drive model for North American and European markets, and progressing the use of small nuclear reactors for power and hydrogen generation.

Outstanding Share Data

As at	March 31, 2025	July 29, 2025
Common shares, issued and outstanding	73,679,895	74,673,413
Share purchase warrants, outstanding	3,925,522	-
Finder/Brokers' warrants	680,193	313,882
Stock options, outstanding	2,265,000^{1}	2,690,000^{2}

1 number of stock options exercisable 1,700,000
2 number of stock options exercisable 2,365,000

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FIRST HYDROGEN CORP.
Management's Discussion and Analysis
For the Year Ended March 31, 2025
Form 51-102F1

Convertible Debentures

On July 9, 2024, the Company closed the private placement of convertible debentures for gross proceeds of $540,000. Each debenture unit consists of $1,000 in principal and is convertible into 1,851.85 common shares and 1,851.55 share purchase warrants, with each share purchase warrant exercisable to acquire one additional common share at an exercise of $0.80 per warrant share for a period of two years from the closing date.

Related Party Transactions

During the year ended March 31, 2025, the Company incurred $72,000 (2024 - $72,000) in rent expense to a company owned by a director and CEO. These transactions have been recorded at the fair value which is the amount of consideration established and agreed to by the related parties.

As of March 31, 2025, the Company has $513,050 (2024 - $40,000) owing to a company owned by a director and CEO of the Company for management fees and rent. The balance has no set terms of repayment and does not bear interest.

As of March 31, 2025, the Company has $216,900 (2024 - $27,000) owing to company owned by an officer of the Company for management fees. The balance has no set terms of repayment and does not bear interest.

During the year ended March 31, 2025, the Company incurred a total of $30,000 in directors' fees (2024 - $33,000). As at March 31, 2025, an amount of $28,950 is due to directors (2024 - $nil).

As at March 31, 2025, the Company has received, from the CEO and CFO short-term loans, of $720,750 (March 31, 2024 – nil). The balance has no set terms of repayment and does not bear interest.

Key management personnel are persons responsible for planning, directing and controlling the activities of an entity and include executive and non-executive directors. Key management personnel compensation disclosed above comprised the following:

Key Management Compensation

	March 31, 2025	March 31, 2024
CEO	$ 420,000	$ 480,000
Former CFO	-	28,000
Interim CFO	144,000	54,000
Director fees	30,000	33,000
Director	-	173,525
Consulting fees	42,500	-
Salaries	-	250,029
Rent	72,000	72,000
Stock-based compensation	234,531	119,880
	$ 943,031	$ 1,210,434

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FIRST HYDROGEN CORP.
Management's Discussion and Analysis
For the Year Ended March 31, 2025
Form 51-102F1

Additional Disclosure for Venture Issuers without Significant Revenue

Additional disclosure concerning the Company’s research and development costs are provided below:

	For the years ended March 31,
	2025	2024
Consulting	$ 37,933	$ 12,419
Insurance – for vehicle trials	74,707	111,750
Legal and professional – agreements regarding fleet trials	-	60,123
Development, testing, trials – vehicle development, vehicle support, Gen-2 vehicle design, powertrain design, spare parts, vehicle testing	35,857	844,262
	$ 148,497	$ 1,028,554

During the year ended March 31, 2025, the reduction in research and development expenses reflect the completion of the two demonstrator vehicles. Costs during the period shifted to support and maintenance and vehicle trials with fleet operators.

Risk and Uncertainties

The Company is exposed to various risks that could materially and adversely affect its business, results of operations, financial condition, and trading prices of its common shares. These risks include, but are not limited to, those related to the development of the Company’s LCV, green hydrogen production and distribution, and refueling stations, as well as competition, additional funding requirements, insurance, currency fluctuations, conflicts of interest, and share trading volatility. The occurrence of any of these risks could have a material adverse effect on the Company’s business, operations or financial conditions.

Critical Accounting Estimates

The financial statements were prepared in accordance with IFRS which requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of expenses during the year. Significant areas requiring the use of management estimates relate to determination of impairment of assets, exploration and evaluation assets’ carrying values, useful lives for depreciation and amortization, and the value of deferred income tax assets and liabilities. Actual results could differ from these estimates.

Off-Balance-Sheet Arrangements

The Company does not have any off-balance sheet transactions.

Financial Instruments and Related Risks

All significant financial assets, financial liabilities and equity instruments of the Company are either recognized or disclosed in the financial statements together with other information relevant for making a reasonable assessment of future cash flows, interest rate risk and credit risk.

The Company’s financial instruments include cash and cash equivalents, receivables, and accounts payable and accrued liabilities. The carrying values of these financial instruments approximate their fair value due to their short-term maturity. The fair value of cash and cash equivalents are measured based on level 1 input of the fair value hierarchy.

Management believes that the Company is not exposed to significant interest rate risk, currency risk and credit risk.

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FIRST HYDROGEN CORP.
Management's Discussion and Analysis
For the Year Ended March 31, 2025
Form 51-102F1

Potential impact of U.S. trade policy

Ongoing changes, delays and announcements regarding new tariffs by the U.S. administration continue to contribute to economic uncertainty. These developments may impact the international trade. Any such tariffs and retaliatory measures may have an adverse effect on the Company as well impacting trade flows, investor sentiment and monetary flows. The Company continues to monitor and assess the tariff situation and its potential direct and indirect impacts on operations.

Subsequent events

a) 180,188 broker warrants with exercise prices of $2.85 and $4.50, expired unexercised.
b) 4,138,022 share purchase warrants, with exercise prices of $1.10 and $2.85, expired unexercised.
c) 450,000 incentive stock options were granted to consultants with an expiry date of May 20, 2030 and an exercise price of $0.50 per option.
d) 400,000 incentive stock options were granted to consultants with an expiry date of June 30, 2030 and an exercise price of $0.70 per option.
e) The Company received proceeds of $202,500 from the exercise of 425,000 incentive stock options.
f) The Company received two RDTC claims from the UK Government in the amount of £335,300.

APPROVAL

The Board of Directors oversees management's responsibility for financial reporting and internal control systems through an Audit Committee. This Committee meets periodically with management and annually with the independent auditors to review the scope and results of the annual audit and to review the financial statements and related financial reporting and internal control matters before the financial statements are approved by the Board of Directors and submitted to the shareholders of the Company. The Board of Directors of the Company has approved the condensed consolidated interim financial statements and the disclosure contained in this MD&A.

ADDITIONAL INFORMATION

Additional information related to the Company can be found on SEDAR at www.sedarplus.ca.

List of Directors and Officers

Balraj Mann CEO, and Director
Bob Dosanjh, Director
Nancy Zhao, Director
Edward Low, CFO

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