Gold Runner Exploration Inc. — Management Reports 2026

Mar 31, 2026

Gold Runner Exploration Inc. (formerly Crestview Exploration Inc.)

Management Discussion & Analysis

For the Year ended November 30, 2025

Date: March 30, 2026

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Gold Runner Exploration Inc. (formerly Crestview Exploration Inc.) Management Discussion & Analysis

For the Year ended November 30, 2025

Table of Contents	Page No
Forward-looking information	3
Business of the Company	5
Mineral Exploration and Evaluation Assets	5
General Corporate Affairs	18
Financial Condition	18
Results of Operation for the Year ended November 30, 2025	21
Summary of Quarterly Results	22
Liquidity and Capital Resources	22
Off-Balance Sheet Arrangements	25
Transactions with Related Parties	25
Critical Accounting Estimates and Accounting Policies	26
Financial Risk Management, Objectives and Policies	27
Capital Management Policies and Procedures	27
Commitments and Contingencies	28
Controls and Procedures Over Financial Reporting	29
Disclosure of outstanding share data	29
Business risks	30

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Gold Runner Exploration Inc. (formerly Crestview Exploration Inc.) Management Discussion & Analysis

For the Year ended November 30, 2025

MANAGEMENT’S DISCUSSION AND ANALYSIS OF THE COMPANY’S FINANCIAL CONDITION AND RESULTS OF OPERATIONS

This management discussion and analysis (”MD&A”) of Gold Runner Exploration Inc. (formerly Crestview Exploration Inc.) (“Gold Runner”, or “the Company”, or “the Corporation”) follows rule 51-102 of the Canadian Securities Administrators regarding continuous disclosure.

The following MD&A is a narrative explanation, through the eyes of the management of Gold Runner, on how the Company performed during the three-month period and year ended November 30, 2025. It includes an analysis of the Company’s financial condition and operations for the three-month period and year ended November 30, 2025, as compared to the three-month period and year ended November 30, 2024.

This MD&A complements the audited consolidated financial statements for the year ended November 30, 2025, but does not form part of them. It is intended to help the reader understand and assess the significant trends, risks and uncertainties related to the results of operations and it should be read in conjunction with the Consolidated Financial Statements as at November 30, 2025 and related notes thereto.

The audited consolidated financial statements for the years ended November 30, 2025, and 2023 have been prepared in accordance with International Financial Reporting Standards (“IFRS”), as issued by the International Accounting Standard Board ("IASB"), applicable to the preparation of annual consolidated financial statements. The accounting policies applied in the financial statements are based on IFRS issued and effective as at November 30, 2025.

On March 31, 2025, the Board of Directors approved the annual consolidated financial statements and this MD&A for issuance.

All figures are in Canadian dollars unless otherwise stated. Additional information relating to the Company can be found on SEDAR at www.sedar.com.

READER ADVISORY

This MD&A contains certain forward-looking statements and forward-looking information (collectively referred to herein as “forward-looking statements”) within the meaning of applicable Canadian securities laws. All statements other than statements of present or historical fact are forward-looking statements. Forward-looking information is often, but not always, identified by the use of words such as “could”, “should”, “can”, “anticipate”, “expect”, “believe”, “will”, “may”, “projected”, “sustain”, “continues”, “strategy”, “potential”, “projects”, “grow”, “take advantage”, “estimate”, “well positioned” or similar words suggesting future outcomes. In particular, this MD&A may contain forward-looking statements relating to future opportunities, business strategies, mineral exploration, development and production plans as well as competitive advantages.

The forward-looking statements regarding the Company are based on certain key expectations and assumptions of the Company concerning anticipated financial performance, business prospects, strategies, regulatory developments, exchange rates, tax laws, the sufficiency of budgeted capital expenditures in carrying out planned activities, the

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Gold Runner Exploration Inc. (formerly Crestview Exploration Inc.) Management Discussion & Analysis

For the Year ended November 30, 2025

availability and cost of labour and services and the ability to obtain financing on acceptable terms, the actual results of exploration and development projects being equivalent to or better than estimated results in technical reports or prior activities, and future costs and expenses being based on historical costs and expenses, adjusted for inflation, all of which are subject to change based on market conditions and potential timing delays. Although management of the Company considers these assumptions to be reasonable based on information currently available to them, they may prove to be incorrect.

The technical details contained in this report are not compliant to the provisions of NI 43-101.

By their very nature, forward-looking statements involve inherent risks and uncertainties (both general and specific) and risks that forward-looking statements will not be achieved. Undue reliance should not be placed on forwardlooking statements, as a number of important factors could cause the actual results to differ materially from the beliefs, plans, objectives, expectations and anticipations, estimates and intentions expressed in the forward-looking statements, including among other things: inability of the Company to continue meeting the listing requirements of stock exchanges and other regulatory requirements, general economic and market factors, including business competition, changes in government regulations or in tax laws; general political and social uncertainties; commodity prices; the actual results of exploration, development or operational activities; changes in project parameters as plans continue to be refined; accidents and other risks inherent in the mining industry; lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting the Company; timing and availability of external financing on acceptable terms; conclusions of, or estimates contained in, feasibility studies, pre-feasibility studies or other economic evaluations; and lack of qualified, skilled labour or loss of key individuals; as well as those factors detailed from time to time in the Company's Annual Financial Statements and management's discussion and analysis of those statements, along with the Company’s annual information form, all of which are filed and available for review on SEDAR at www.sedar.com. Readers are cautioned that the foregoing list is not exhaustive.

The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this MD&A are made as of the date of this MD&A and the Company does not undertake and is not obligated to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise unless so required by applicable securities laws.

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Gold Runner Exploration Inc. (formerly Crestview Exploration Inc.) Management Discussion & Analysis

For the Year ended November 30, 2025

Overview of Business

Business of the Company

Gold Runner Exploration Inc. (formerly Crestview Exploration Inc.) (the “Company”) was incorporated under the Business Corporations Act of Canada on August 30, 2017. The Company is involved in the process of exploring, evaluating, and promoting its gold properties and other projects. The Company is domiciled in Canada. The address of the Company’s registered office is #1250 - 639 5th Avenue SW Calgary, Alberta, Canada T2P 0M9. The Company’s shares are currently traded on the Canadian Securities Exchange (“CSE”) under the symbol “CRS” and are also listed on the Frankfurt Stock Exchange with the ticker symbol “CE7”.

On April 19, 2019, the Company incorporated under the States of Nevada, USA, a wholly-owned subsidiary “Crestview Exploration LLC” that is not currently under operation.

Mineral Exploration and Evaluation Assets

Gold Runner Exploration is an experienced exploration company focused on the exploration of gold and silver properties located in the prolific and Geopolitically stable mining districts of North Western British Columbia and Nevada.

In British Columbia, Gold Runner recently acquired an option to acquire a 100% interest in the Golden Girl Property, located in the prolific Golden Triangle of North Western British Columbia comprising approximately 8,471 hectares, in proximity to numerous significant discoveries, including Goliath Resources Limited’s, Surebet discovery at Golddigger, and Juggernaut Exploration Ltd.’s Big One discovery, near Galore Creek.

This acquisition places the Company in a richly endowed, underexplored geologic terrane in the heart of the Golden Triangle, approximately 17 km from the past-producing Snip Gold Mine, which historically produced approximately 1 million ounces of gold, 390,000 ounces of silver and 249,276 kilograms of copper (at an average 127.5 grams per ton gold over 8 years). Eskay Creek, which lies approximately 60 km east of Golden Girl, produced approximately 3.3 million ounces of gold and 160,000 ounces of silver between 1994 and 2008 (with an estimated 3.3 million ounces of gold, 88 million ounces of silver in reserves). Golden Girl is also located approximately mid-way between Goliath Resources Limited’s Gold Digger/Surebet discovery and Juggernaut Exploration Ltd.’s Big One property, almost next door to Newmont’s Galore Creek. The reader is reminded that the information provided herein from neighbouring projects and properties is not necessarily indicative of resources and should not be relied upon for the

5

Gold Runner Exploration Inc. (formerly Crestview Exploration Inc.) Management Discussion & Analysis For the Year ended November 30, 2025

determination of mineralization or potential results of the Company’s properties.

High-grade mineralization at Golden Girl occurs in structurally controlled shear zones within sulphiderich veins, stockwork, and breccias, similar to the nearby Snip Gold Mine. Hydrothermal fluids took advantage of pre-existing structures to deposit gold-silver rich mineralization as well as sulphides such as chalcopyrite, galena and sphalerite associated with quartz-carbonate rich veins. Pervasive alteration associated with fluid infiltration is often observed surrounding the zones of strong gold-silver mineralization.

More than 95% of the Golden Girl property remains unexplored. Rapid glacial retreat and snowpack abatement over the last 35 years have revealed vast areas of new outcrop that have never seen historical surface exploration. The Company is planning additional prospecting, sampling and mapping in areas surrounding the known mineralized showings, as well as detailed work augmented by geophysical survey in areas around the known drill ready targets in preparation for the inaugural drill program.

The Golden Girl Property is strategically located near major regional infrastructure with year-round helicopter access from the Forrest Kerr Road (39 km east), as well as in close proximity to a maintained power line and an active air strip. The project exploration qualifies for the Critical Mineral Exploration Tax Credit (CMETC).

Table 1: Golden Girl Property Samples with assays >1 g/t AuEq.

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Gold Runner Exploration Inc. (formerly Crestview Exploration Inc.) Management Discussion & Analysis

For the Year ended November 30, 2025

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Gold Runner Exploration Inc. (formerly Crestview Exploration Inc.) Management Discussion & Analysis For the Year ended November 30, 2025

The Terms of the Option Agreement are as follows:

The Company paid $250,000 to B-All as the initial payment under the Option Agreement. In addition, the company issued to B-All 1,830,000 common shares of the Company and 1,830,000 common share purchase warrants (“Warrants”), with such Warrants being exercisable within five (5) years from the date of issuance at an exercise price of $1.14 per Warrant (the common shares and Warrants, shall herein be referred to as, the “Trigger Date Securities”);

• the Company will incur a minimum of $1,500,000 in exploration expenditures, prior to October 1, 2027;

• Upon each of the 1st through 6th anniversaries, the Company will pay $250,000 in cash to B-All no later than the respective anniversary (1st through 6th) of the Regulatory Approvals and issue 1,830,000 common shares at a deemed price equal to the closing price of the Company shares on the CSE on the last trading day prior to such issuance date and 1,830,000 common share purchase warrants (respective “First through Sixth Anniversary Warrants”) exercisable within 5 years from the date of issuance at an exercise price equal to the closing price of the shares on the CSE on the last trading day prior to such issuance date plus $0.01 per each respective anniversary warrant;

• the Company will incur a minimum of $3,000,000 in total exploration expenditures prior to October 1, 2029;

• the Company will issue to B-All, not later than the seventh anniversary of the Regulatory Approvals, 4,000,000 common shares at the closing price of the Company shares on the CSE on the last trading day prior to the date of issuance and 4,000,000 common share purchase warrants (“Seventh Anniversary Warrants”) exercisable within 5 years from the date of issuance at an exercise price equal to the closing price of the common shares of the Company on the CSE on the last trading day prior to the date of issuance plus $0.01 per Seventh Anniversary Warrant;

• the Company will incur a minimum of $10,000,000 in Exploration Expenditures (including the previous annual expenditure amounts) not later than the seventh anniversary of the Regulatory Approvals (for total exploration expenditures of a minimum of $10,000,000) and filing and registering a work/assessment report under the Mineral Tenure Act for 100% of such exploration expenditures and delivering and filing on SEDAR+, not later than the seventh anniversary of the Regulatory Approval Date, a National Instrument 43-101 Technical Report on the Property (the “Initial NI 43-101 Report”) which is based on the results of all exploration expenditures incurred on the Golden Girl Property prior to December 31 of the immediately preceding calendar year and includes a resource estimate of gold equivalent mineral reserves (proven and probable) and gold equivalent mineral resources (measured, indicated and inferred categories) (such resource estimate being herein referred to as the “Initial Resource” and each ounce of gold equivalent reserves and

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Gold Runner Exploration Inc. (formerly Crestview Exploration Inc.) Management Discussion & Analysis

For the Year ended November 30, 2025

resources set out in the Initial NI 43-101 Report and all other NI 43-101 technical reports published in respect of the Property or part thereof being herein referred to as an “Ounce”), and paying to the Syndicate within five (5) Business Days of the date of such delivery and SEDAR+ filing (in such names and amounts as shall be set out in the Syndicate List most recently provided by the Syndicate), USD $3.00 in respect of each Ounce contained in the Initial

Having met and satisfied all of the above, Gold Runner will have exercised the Option.

If the option is exercised and the Company acquires the Golden Girl Property, there are additional bonus payments in cash that may be provided by the Company to B-All, based on additional Ounces defined in future National Instrument 43-101 Technical Report filed by the Company, subject to certain extensions.

Upon exercise of the Option, a royalty will be reserved to the Syndicate and the Company will pay the Royalty to the Syndicate (in cash or in kind [i.e. gold] at the option of the Syndicate); provided that the Company shall have the option to reduce the royalty from four percent (4%) to three Percent (3%) by paying USD $2,000,000 to the Syndicate not later than 24 months after the date of exercise of the Option.

The Tuscarora Complex includes the Rock Creek, Dry Creek, and Falcon claim blocks for a total of 239 claims. The Rock Creek gold project is Gold Runner’s flagship asset, with 72 unpatented lode mining claims wholly owned and controlled by CRS. The Rock Creek property was acquired in 2017, and the company went public in 2019. Emboldened by the results coming out of Rock Creek, Gold Runner strategically expanded on the land position with claim staking at Dry Creek (43 claims), and later (September, 2022) with the acquisition of the Falcon silver-gold prospect (124 claims). These three claim blocks are all within close proximity and are targeting similar mineralization and likely the same underlying hydrothermal system. The Tuscarora Complex is situated in a region with proven “world class” gold deposits (including Midas, Jerritt Canyon, Betze-Post, Meikle, and Gold Quarry), where the potential of finding large, high-grade gold-silver deposits is favorable.

The Rock Creek Project

The Company's principal property is the Rock Creek Project, located approximately 12 miles northwest of the old mining town of Tuscarora, in Elko County, Nevada. In September 2017, the Company acquired a 100% undivided interest in 72 unpatented lode claims (the “Claims”) comprising the Rock Creek Project from Kingsmere Mining Ltd. (“Kingsmere”), an arm’s length party.

There are adjacent claims, but no adverse ownership. Other properties in the immediate vicinity but not controlled by the Company include private fee lands controlled by Barrick, situated between the Falcon Mine and the south edge of the Cow claims.

The Rock Creek property contains altered exposures of probable lower plate Paleozoic sedimentary rocks that may be correlative with the Devonian Rodeo Creek Formation. The bulk of the exposed Au-Ag-As-

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Gold Runner Exploration Inc. (formerly Crestview Exploration Inc.) Management Discussion & Analysis

For the Year ended November 30, 2025

Sb mineralization has been found in coeval intermediate to felsic volcanic rocks, which have been dated as Eocene (36 – 40 ma.) throughout most of the Tuscarora Mountains. Similar ages of mineralization have been determined for a number of typical Carlin-type mines within the Carlin trend, Getchell district, Jerritt Canyon district, and Battle Mountain-Eureka trend of gold.

The Tuscarora Mountains sit just north of the northern end of Carlin-trend mineralization, a cluster of major, large gold deposits. Mineralized Eocene dikes have been found in many of the mines within the Carlin trend, and the temporal and spatial correlation with Carlin-type gold mineralization suggests a genetic link.

The target concept for the Rock Creek Project is that high-level, epithermal gold-arsenic dominated, volcanic-hosted, Eocene-aged, precious metal mineralization represents the top of mineralizing hydrothermal plumes which had the potential to form high-grade Carlin-type (Meikle) deposits within favorable stratigraphic sections of lower plate sediments at depth. It is believed that detailed geologic, structural, stratigraphic, geochemical and geophysical studies can target the favorable areas which overlie permissive stratigraphy at a reasonable depth (<2500 ft.).

Historic exploration has been conducted by various companies on and nearby the property for volcanichosted, high-grade Au-Ag veins and bulk tonnage Au-Ag deposits. These previous efforts by Texas Gulf, Shell Oil, Phelps Dodge, Homestake Mining, Newman Mining, Western States Minerals, Pittston Nevada Gold, Teck, and others were focused on high-grade, epithermal, bonanza-type precious metal veins hosted within volcanic rocks, or at the volcanic-sediment contacts.

From the limited data available from previous exploration in the project area, it was apparent that areas of widespread alteration in the volcanics contained anomalous values in Au and Ag with locally high concentrations of As-Sb-Hg. Locally, sedimentary basement rocks were intercepted by shallow drilling in Rock Creek, which were altered and carried anomalous gold and pathfinder element concentrations.

The Rock Creek Project area is situated within a zone of “world class” gold endowment where the potential of finding a large, high-grade, gold mine is favorable. Past work has defined large (>1000 x 5000 ft.) areas of strongly argillized volcanic rocks which host numerous silicified breccia zones, and it is believed that the proposed exploration program offers an excellent opportunity to discover new Carlin-type mineralization beneath shallow volcanic cover on this property.

No resources have thus far been defined on the Rock Creek property, and all past mine development on nearby properties in this area is from the period of the late 1800’s through 1950’s.

The historic data for the property includes surface sampling, drilling, and an MMI survey, which provided very encouraging results, and is summarized in the amended technical report titled: “Amended Technical Report, Rock Creek Project, Rock Creek Mining District, Cow Claims Property, Elko, County, Nevada”

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Gold Runner Exploration Inc. (formerly Crestview Exploration Inc.) Management Discussion & Analysis For the Year ended November 30, 2025

By Fred T. Saunders, Dated May 7, 2019.

A two-phase exploration program has been proposed for the Rock Creek Project. The first phase is complete and includes data compilation, data acquisition, base map configuration, reconnaissance and detailed geologic mapping, additional soil and rock chip sampling, and obtaining geophysical surveys. Phase 1 was focused on defining the dominant mineralizing feeder structures with strong Au-As geochemical footprints, delineating the major sedimentary basement blocks and basement highs, and targeting Carlin-type mineralization at a reasonable depth for underground mining.

The Company acquired aeromagnetic data to assist in outlining the intrusive rocks believed to be related to the mineralization on the property. The aeromagnetic data has been used to guide sampling and will assist in delineating drill targets. The data indicates that the north portion of Rock Creek sits on the western margin of a large volcanic dome with small local intrusive dikes.

Rock Creek was initially mapped and sampled at a reconnaissance level, and has since been followed up with detailed mapping and a more extensive sampling program. To date, the company has taken over 200 grab and outcrop samples from across the property, primarily targeting surface exposures of epithermal quartz veins. Anomalous gold, silver, arsenic, and antimony was reported from samples across the property, including samples with economic mining grades, demonstrating the widespread nature of the mineralizing system.

The company conducted four survey lines of Hybrid-Source Magnetotellurics (HSAMT) geophysical measurements, penetrating to approximately 800 meters depth and providing strong indicators for targets at depth. The HSAMT results have been interpreted utilizing mapped formation and structure data to construct schematic, hypothesized cross-sections.

Work from the recent exploration seasons has been summarized and reported publicly in the Company’s news releases. Phase 2 will drill test the favourable targets identified in Phase 1, and is anticipated to commence in Summer, 2025.

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Gold Runner Exploration Inc. (formerly Crestview Exploration Inc.) Management Discussion & Analysis

For the Year ended November 30, 2025

Rock Creek Property

Rock Creek Property
	Closing Balance	Additions	Closing Balance	Additions	Closing Balance
Particulars	(November 30,	2024	(November 30,	2025	(November 30,
	2023)		2024)		2025)
Mining Claims	275,430	-	275,430	-	275,430
Claim Fees	117,038	20,855	137,893	20,741	158,634
Consultancy- Claims	5,644	1,261	6,905	171	7,076
Total Claim Expenses:	398,112	22,116	420,228	20,912	441,140
Consultancy	32,563	-	32,563	-	32,563
Geological Services	115,286	1,116	116,402	1,443	117,845
Technical report	11,220	337	11,557	-	11,557
Survey	81,784	1,167	82,951	-	82,951
Testing Fees	1,985	-	1,985	-	1,985
Exploration	127,731	6,572	134,303	-	134,303
Drilling	7,287	-	7,287	-	7,287
Others	8,658	3,109	11,767	1,875	13,642
Total Exploration Expenses	386,514	12,301	398,815	3,318	402,133
Impairment charge	(4,260)	-	(4,260)	-	(4,260)
Rock Creek Grand Total	780,366	34,417	814,783	24,230	839,013

The Falcon Mine Prospect

In August 2022, the Company entered into an option to purchase 100% interest in the Falcon Project, 87 unpatented lode mining claims and 6 patented claims associated with the historic Falcon mine located Elko County, Nevada. Under the terms of the agreement, the company shall pay a 1.5% Net Smelter Royalty (NSR) on production from the property and 200,000 CRS common shares and $500,000 (US$) payable as follows:

• US $10,000 Cash Payment within 10 days after the Effective Date (paid);

• US $40,000 Cash Payment and 20,000 CRS Shares on or before December 15, 2023 ($10,000 paid, US $15,000 paid in April 2024 and $15,000 paid in May 2024, 20,000 CRS Shares issued on January 15, 2024);

• US $75,000 Cash Payment and 30,000 CRS Shares on or before December 15, 2024 (shares issued at FMV of $9,000, the cash portion has been paid in December 2025);

• US $100,000 Cash Payment and 40,000 CRS Shares on or before December 15, 2025 (shares issued at FMV of $21,200, the cash portion will be paid on or before April 30, 2026);

• US $125,000 Cash Payment and 50,000 CRS Shares on or before December 15, 2026; and

• US $150,000 Cash Payment and 60,000 CRS Shares on or before December 15, 2027, upon which the Option Exercise will be complete.

In September and October 2022, the company staked an additional thirty-one claims. The property is located in the Tuscarora region, approximately 1.2 km to the south of Rock Creek, and a slightly shorter distance to the southwest of the Divide mine. The Carlin Trend lies about 20 miles south-southwest of the property and the Jerritt Canyon Mining District is about 20 miles to the east of the property.

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Gold Runner Exploration Inc. (formerly Crestview Exploration Inc.) Management Discussion & Analysis For the Year ended November 30, 2025

The claims cover the historic Falcon and Scorpion mines, reportedly active from the late 1800’s to the early 1900’s. The mines were focused on steep, approximately N-S quartz veins, with assays as high as 100 opt Ag reported. Though the total silver production from the operations is unknown, a 30 pound sample of “typical” Falcon vein material was reportedly submitted for metallurgical testing in 1965, which assayed 0.01 opt Au and 47.45 opt Ag and indicated “excellent gold and silver recoveries …” (McQuistion, F.W. and R.S. Shoemaker, 1978 – Report on the Falcon Silver Mine Elko County, Nevada).

The steep epithermal quartz veins hosting mineralization at Falcon are on trend with the approximately N- S quartz veins at Rock Creek. Like Rock Creek and Divide, the Falcon property is described as a shallow volcanic sequence overlying older metasedimentary rocks. The close proximity to, and similar geology with the Rock Creek and Divide prospects, indicate the widespread and prevalent nature of gold and silver in the region, and suggest we may be targeting the same hydrothermal system at all three prospects.

The company conducted one survey line of Hybrid-Source Magnetotellurics (HSAMT) at the Falcon property to verify and expand on a CSAMT program conducted at Falcon previous to Gold Runner’s acquisition. The HSAMT line was conducted slightly offset of an inherited CSAMT line and showed very strong congruity.

Most recently, the Company completed a first phase of a sampling program at the historic Falcon Min project. The sampling focused on the large vein hosting the historic Falcon Mine and Scorpion Mine. The Company was able to trace the vein at surface over a distance of approximately 1 kilometers from a prospect pit approximately 100 meters south of the Falcon mine entrance north towards Rock Creek. Thirty-nine samples were collected from vein outcroppings and float at intervals along the vein as well as along a road cut crossing this vein between the Falcon and Scorpion mine workings. The samples have been delivered to the lab for assay and analysis.

Thirty-nine samples were submitted for geochemical analysis with detectable gold or silver in all but one sample. Four samples had greater than 25 ppm silver, including samples FAL23_36 at 720 ppm Ag and FAL23_37 at 238 ppm Ag. Both of the highest two silver samples were taken from the Falcon mine area, both had elevated gold, arsenic, and antimony, and both had visible sulfides. Five samples had greater than 0.5 ppm gold, including sample FAL23_13 at 1.131 ppm Au. There appears to be a strong association between the gold and arsenic values. Samples were run by Paragon labs in Sparks, Nevada using their fire assay-atomic absorption method for gold and aqua-regia, ICP-OES for 35 elements including silver. Overlimit silver samples were run using fire assay with a gravimetric finish. Detection levels for gold and silver were 5 ppb and 0.2 ppm respectively.

These results are consistent with the expectation that the mineralization historically mined at Falcon represents only a small piece of a much larger system that appears to be continuous from the Falcon mine northward to and across Gold Runner’s Rock Creek property for over 8 km’s of strike length. This suggests a very expansive system or collection of systems and begs further exploration via geophysical work and

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For the Year ended November 30, 2025

Gold Runner Exploration Inc. (formerly Crestview Exploration Inc.) Management Discussion & Analysis

drilling. The Company is intent on continuing exploration at Falcon with a more extensive sampling and mapping program, and intends to conduct its first drill program on the neighboring Rock Creek prospect in the summer of 2025.

Falcon Project

Falcon Project
	Closing	Additions	Closing	Additions	Closing Balance
Particulars	Balance (November 30,	2024	Balance (November 30,	2025	(November 30, 2025)
	2023)		2024)
Mining Claims	25,342	66,570	91,912	9,000	100,912
Claim Fees	7,517	15,871	23,388	7,119	30,507
Consultancy - Claims	880	612	1,492	123	1,615
Total Claim Expenses:	33,739	83,053	116,792	16,242	133,034
Geological Services	20,452	2,735	23,187	451	23,638
Technical report	2,742	2,483	5,225	-	5,225
Survey	1,125	235	1,360	-	1,360
Exploration	24,445	1,083	25,528	-	25,528
Others	4,999	3,109	8,108	3,073	11,181
Total Exploration Expenses	53,763	9,645	63,408	3,524	66,932
Falcon Grand Total	87,502	92,698	180,200	19,766	199,966

The Cimarron Project

In February 2021 the Company entered into an option agreement with Nevada Select Royalty (“Nevada Select”). Gold Runner has the option to purchase 100% of 13 claims of the Cimarron Gold Prospect. Under the terms of the agreement, the Company shall pay a 2.5% Net Smelter Royalty (NSR) on the production from the property and any locatable land in a 1-mile Area of Interest and $200,000 (US$) as follows:

• Initial payment of:

• Payment on/ before 1st Anniversary:

• Payment on/ before 2nd Anniversary:

• Payment on/ before 3rd Anniversary:

• Payment on/ before 4th Anniversary:

US $25,000 (paid) US $35,000 (paid) US $51,000 (paid) US $49,000 (paid) US $45,000 (paid)**

*On February 15, 2023, the Company and Nevada Select Royalty Inc. (“Nevada Select”) agreed to amend the 2[nd] anniversary payment for the Cimarron Project option agreement from US $50,000 payable on or before second anniversary of the effective date as to US $30,000 payable on or before second anniversary of the effective date and US $21,000 payable 8 months after the effective date of amending agreement.

**On April 3, 2024, the Company and Nevada Select agreed to amend the 3[rd] anniversary payment for the Cimarron Project option agreement from US $45,000 payable on or before third anniversary of the effective date to US $5,000 payable on or before March 28, 2024 and US $40,000 payable on or before July 23, 2024, subject to a 10% deferral fee. US$44,000 was paid in April 2025.

***Effective November 30, 2024, the Company impaired all costs relating to the 13 Cimarron claims under option due to the non-payment of the 3rd and 4th anniversary payments on or before their due dates,

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Gold Runner Exploration Inc. (formerly Crestview Exploration Inc.) Management Discussion & Analysis

For the Year ended November 30, 2025

and incurred an impairment loss of $715,754.

However, during the current year, the Company made the final option payments and completed the acquisition of a 100% interest in the 13 unpatented lode claims under option.

On April 15, 2021, the Company staked an additional eighteen (18) claims at Cimarron on the nearest open ground to the NE, E, and SE.

During the year ended November 30, 2025, the Company entered into a joint venture agreement with Surface Metals in respect to spanning all 31 claims of the Cimarron Project. Surface acquired a 90% interest in the project by making total cash payments of USD $149,000 and issuing 333,333 common shares to Gold Runner. As a result of this transaction, the Company recognized a partial reversal of the previouslyrecognized impairment loss in the amount of $137,477.

The Company retains a 10% carried interest in the project, which will convert to a joint venture interest upon Surface funding and completing a Preliminary Economic Assessment.

Cimarron Project

Cimarron Project
	Closing	Additions	Closing Balance	Additions	Closing Balance
Particulars	Balance (November 30,	2024	(November 30, 2024)	2025	(November 30, 2025)
	2023)
Mining Claims	152,371	14,618	166,989	120,880	287,869
Claim Fees	37,647	10,237	47,884	-	47,884
Consultancy - Claims	2,355	668	3,023	-	3,023
Total Claim Expenses:	192,373	25,523	217,896	120,880	338,776
Geological Services	848	214	1,062	902	1,964
Technical report	1,111	1,804	2,915	-	2,915
Survey	18,279	-	18,279	-	18,279
Testing Fees	37,591	-	37,591	-	37,591
Exploration	67,812	744	68,556	-	68,556
Drilling	376,963	-	376,963	-	376,963
Storage	3,712	1,630	5,342	713	6,055
Others	16,182	3,109	19,291	347	19,638
Total Exploration Expenses	522,498	7,501	529,999	1,962	531,961
Sale of mineral property	-	-	-	(263,214)	(263,214)
Impairment charge	-	(715,754)	(715,754)	137,477	(578,277)
Cimarron Grand Total	714,871	(682,730)	32,141	(2,895)	29,246

15

Gold Runner Exploration Inc. (formerly Crestview Exploration Inc.) Management Discussion & Analysis For the Year ended November 30, 2025

The Dry Creek Prospect (formerly Divide Mine Prospect)

The company has terminated the option agreement which included the 12 Divide Mine claims and the 8 Castile Mountain claims. The company has retained 43 claims staked outside of the Divide Mine property, which are now collectively referred to as the Dry Creek prospect. No geological work has been conducted on the 43 Dry Creek claims to date, but observations made at the Divide Mine property will be instructive for Dry Creek going forward. Please find the summary of work conducted at Divide Mine and Castile Mountain below.

The 43 Dry Creek claims, staked in 2022 cover potential strike extension of the Divide Mine.

The property is located in the northwest portion of the Tuscarora Mining District. The property is located less than 0.5 km to the east of Rock Creek and may represent the same hydrothermal system being targeted at Rock Creek. The Carlin Trend lies about 22 miles south-southwest of the property and the Jerritt Canyon Mining District is about 18 miles to the east of the property.

Like Rock Creek, the Dry Creek sits on the eastern flank of a prominent upthrown block exposing sedimentary rocks surrounded by Eocene age volcanic rocks. The metasedimentary rocks exposed here are known to closely overlie favourable sedimentary gold mineralization host rocks in the region. Further, the age of the volcanic rocks is coincident with the age of gold and silver mineralization in the region; and there is a relationship with volcanism and mineralization. There is evidence on the property of igneous rock intrusions. Fault structures on the east edge of the host block provide conduits for multiple episodes of dikes as well as plumbing for the gold bearing mineral system.

Gold and silver mineralization occurs in banded quartz veins and quartz breccia veins deposited in northsouth and north-northeast oriented fissure systems. Additionally, historic drill logs described by Homestake mining indicate Carlin-style sulfide gold mineralization and geochemistry from a hole located just north of the claims.

The Company acquired aeromagnetic data to assist in outlining the intrusive rocks believed to be related to the mineralization on the property. The aeromagnetic data has been used to guide sampling and will assist in delineating drill targets.

The Company has conducted detailed geologic mapping at the 1:2,000 scale across the property, and has taken more than 50 grab and outcrop samples from across the property to date. The detailed mapping included lithological, structural, and alteration observations from across the property. The Tertiary volcanic package exposed in the NE portion of the property, in the area of the historic Divide mine, can be divided into three groups: 1) intra-caldera lithic-rich, rhyolitic ash-flow (which hosts mineralization); 2) poorly sorted breccia; and 3) small post-mineralization dacite dikes. The Paleozoic sedimentary package of siltstone, bedded chert, and orthoquartzite is exposed in the SW portion of the property.

16

Gold Runner Exploration Inc. (formerly Crestview Exploration Inc.) Management Discussion & Analysis

For the Year ended November 30, 2025

The gold and silver results have been very encouraging, with fourteen of the samples yielding greater than 0.1 g/t Au (including 7.67 g/t, 5.04 g/t, 3.29 g/t, and 2.14 g/t Au) and 13 samples yielding greater than 25 g/t Ag (including 970 g/t, 312 g/t, 287 g/t, 196 g/t, 187 g/t, and 142 g/t Ag). The sampling results also includes a 1.8-meter-wide chip-channel sample from a trench which ran 0.245 opt Au. Samples from the property also contain strong arsenic and minor copper oxides.

Three conceptual targets are envisioned at the property, including: 1) blind veins and ore shoots in the volcanic package; 2) along the unconformity between the Tertiary volcanic rocks and the underlying Paleozoic metasedimentary rocks; and 3) disseminated mineralization in favorable lithologies of the Paleozoic package.

Dry Creek Property (formerly Divide Mine)

Dry Creek Property (formerly Divide Mine)
	Closing Balance	Additions	Closing Balance	Additions	Closing Balance
Particulars	(November 30, 2023)	2024	(November 30,	2025	(November 30,
			2024)		2025)
Mining Claims	131,550	-	131,550	-	131,550
Claim Fees	35,520	12,461	47,981	12,514	60,495
Consultancy-Claims	979	592	1,571	103	1,674
Total Claim Expenses:	168,049	13,053	181,102	12,617	193,719
Geological Services	10,122	214	10,336	-	10,336
Technical report	2,066	1,014	3,080	-	3,080
Survey	15,331	565	15,896	-	15,896
Exploration	12,408	744	13,152	-	13,152
Drilling	4,786	-	4,786	-	4,786
Others	4,292	3,109	7,401	1,120	8,521
Total Exploration Expenses	49,005	5,646	54,651	1,121	55,772
Impairment charge	(166,063)	-	(166,063)	-	(166,063)
Dry Creek Grand Total	50,991	18,699	69,690	13,737	83,427

17

For the Year ended November 30, 2025

Gold Runner Exploration Inc. (formerly Crestview Exploration Inc.) Management Discussion & Analysis

General Corporate Affairs

Since its incorporation, the Company has not generated cash flow from its operations and has incurred significant operating losses. Such losses and negative operating cash flow are expected to continue since available funds will be used for the Company’s administrative expenses and to further explore its mineral properties.

The Company anticipates financing its 2026 exploration programs by equity financing in the capital markets by way of private placement either brokered or non-brokered or prospectus offering, as the case may be and depending on the financial conditions of the market at such time as the Company would be able to attract institutional funds to subscribe to its share capital. The Company further takes debt financing and JV partnerships into consideration to secure additional financing.

Financial Condition

Selected financial information

The following selected financial information is derived from the Company’s Consolidated Financial Statements for each of the three most recent financial years.

Consolidated Statement of Loss and Comprehensive Loss	2025	2024	2023
	$	$	$
Operating expenses:
Professional fees	251,881	195,641	270,391
Filing Fees	55,343	37,160	38,040
Director Fees	42,900	65,575	82,500
Marketing and Promotion	24,734	14,943	84,302
Interest and bank charges	15,215	6,974	1,256
Insurance	11,000	23,471	33,708
General Expenses	8,517	7,466	7,316
Travel	1,307	6,579	12,717
Meals and entertainment	333	1,511	2,492
Prospecting Costs	-	-	661
Share-based compensation	11,916	53,820	543
Loss before other items	423,146	413,140	533,926
Other items
Impairment of exploration and evaluation assets	(137,477)	715,754	308,789
Unrealized gain on marketable securities	(37,500)	-	-
Foreign exchange loss (gain)	12,668	(8,595)	10,413
Gain on settlement of debt	-	(664)	-
	(162,309)	706,495	319,202
Net loss and comprehensive loss for the year	260,837	1,119,635	853,128

18

Gold Runner Exploration Inc. (formerly Crestview Exploration Inc.) Management Discussion & Analysis

For the Year ended November 30, 2025

Consolidated Statement of Cash Flow:
	2025	2024	2023
	$	$	$
Total cash used in Operating Activities	(88,117)	(162,451)	(329,072)
Total cashgeneratedfrom(used in) Investing Activities	31,135	(161,423)	(191,513)
Total cashgeneratedfrom Financing Activities	446,904	326,518	479,056
Increase / (Decrease) in cash and cash equivalents	389,922	2,644	(41,529)
Cash and cash equivalents, beginning of theyear	7,824	5,180	46,709
Cash and cash equivalents, end of theyear	397,746	7,824	5,180

Consolidated Statement of Financial Position as at:	2025 $	2024 $	2023 $
Cash and cash equivalents	397,746	7,824	5,180
Amounts receivable	14,658	17,214	22,302
Prepaid expenses	4,320	3,836	3,172
Marketable Securities	93,333	-	-
Reclamation Bond	27,949	28,020	27,164
Exploration and evaluation assets	1,151,652	1,096,814	1,633,730
Total Assets	1,689,658	1,153,708	1,691,548
Accounts payable and accrued liabilities	490,240	447,038	326,421
Shareholder loan	196,967	69,698	-
Total Liabilities	687,207	516,736	326,421
Common Shares	2,494,295	2,359,943	2,198,033
Subscription receivable	(535,000)	-	-
Warrants	1,190,798	428,584	2,938,632
Contributed surplus	62,569	50,653	828,776
Deficit	(2,210,211)	(2,202,208)	(4,600,314)
Total Equity	1,002,451	636,972	1,365,127

The basic and diluted loss per share during the year ended November 30, 2025, is $0.068 (2024 - $0.325). During the year ended November 30, 2025, the Company realized a net loss and comprehensive loss of $260,837 as compared to a net loss and comprehensive loss of $1,119,635 during the year ended November 30, 2024 (a decrease in loss of $858,798). The main reasons behind the decrease are:

• a) Decrease in impairment loss of $853,231;

• b) Decrease in share-based compensation of $41,904;

• c) Increase in unrealized gain from marketable securities of $37,500

• d) Decrease in director fees of $22,675; and

• e) Decrease in insurance expenses of $12,471.

These decreases were partially off-set by increases in most other expense categories, most significant are the following:

19

Gold Runner Exploration Inc. (formerly Crestview Exploration Inc.) Management Discussion & Analysis

For the Year ended November 30, 2025

• a) Professional fees increased by $56,240;

• b) Filing fees increased by $18,183;

• c) Marketing and promotion increased by $9,791;

• d) Interest and bank charges increased by $8,241.

The consolidated financial statements for the year ended November 30, 2025, indicate cash and cash equivalents of $397,746 (2024 - $7,824); amounts receivable of $14,658 (2024 - $17,214), prepaid expenses of $4,320 (2024 - $3,836), and marketable securities of 93,333 resulting in total current assets of $510,057, an increase of $481,183 from $28,874 as at November 30, 2024.

The long-term assets are comprised of mineral exploration and evaluation assets of $1,151,652 as at November 30, 2025, a, increase of $54,838 from $1,096,814 as at November 30, 2024; and a reclamation bond of $27,949 as at November 30, 2025, compared to $28,020 as at November 30, 2024 (each representing US$20,000 at varying exchange rates). Total assets as at November 30, 2025, are $1,689,658, an increase of $535,950 from $1,153,708 as at November 30, 2024.

The Company’s current liabilities as at November 30, 2025, consist of accounts payable and accrued liabilities of $490,240 and a shareholder loan of $196,967, compared to accounts payable and accrued liabilities of $447,038 as at November 30, 2024.

As at November 30, 2025, equity attributable to shareholders of the Company is $1,002,451, an increase of $365,479 from $636,972 as at November 30, 2024. Equity as at November 30, 2025 is comprised of share capital of $2,494,295 less subscriptions receivable of $535,000 (2024 - $2,359,943), warrants reserve of $1,190,798 (2024 - $428,584), contributed surplus of $62,569 (2024 - $50,653), less accumulated deficit of $2,210,211 (2024 - $2,202,208).

The key movements in the Assets and Liabilities are as follows:

• a) The cash in the Company increased by $389,922 during the year as explained under “Cash Flows” below;

• b) Amounts receivable decreased by $2,556 during the year. Due to lower overall expenses, the recoverable sales taxes with these expenses also decreased.

• c) Exploration and evaluation assets increased by $54,838;

• d) Accounts payable and accrued liabilities increased by $43,202;

• e) Loan payable increased by $127,269.

20

For the Year ended November 30, 2025

Gold Runner Exploration Inc. (formerly Crestview Exploration Inc.) Management Discussion & Analysis

Results of Operation for the Year ended November 30, 2025

For the year ended November 30, 2025, the Company realized a net loss of $260,837 or $0.068 per share, compared to a net loss of $1,119,635 or $0.325 per share for the year ended November 30, 2024. The highlights of the operations for the year are as follows:

Particulars	November 30, 2025	November 30, 2024	Variation	Remarks
	$	$	$
Professional fees	251,881	195,641	56,240	During the year, the Company hired additional consultants with the goal to secure financingfor future operations.
Filing fees	55,343	37,160	18,183	Due to the name change, share consolidation as well as equity settlement for debts and the year-end financing, the Company incurred greater filingfees than in theprioryear.
Unrealized gain on marketable securities	37,500	-	37,500	The Company received 333,333 common shares from Surface Metals as a result of the Cimarron transaction. These shares have increased in value since they were received in April(50%)and October(50%)2025.
Impairment	(137,477)	715,754	(853,231)	Due to the difficulty during the past two years to raise financing, the Company was in arrears in making the option payments on its Cimarron project and had to write off the value of all optioned claims in 2024. Shortly after the year-end audit was filed, a sales and joint venture agreement was signed on the property, the Company received the funds to make the final option payment and a portion of the impairment could be reversed. No further impairment was recorded in the currentyear.
Director fees	42,900	65,575	(22,675)	During 2024, Director fees were reduced from prior levels and during the current year,director fees were further reduced.

The Company expects to continue incurring losses during this period of exploration and development. These losses are expected to be funded by equity financing.

The carrying value of the mineral exploration and evaluation assets are reviewed by the Company on a quarterly basis by reference to the project economics, including the timing of the exploration and evaluation work, the work programs and exploration results achieved by the Company. The Company does not believe that (a) any one of the triggers for impairment testing under IAS 36 has occurred as at November 30, 2025;

21

Gold Runner Exploration Inc. (formerly Crestview Exploration Inc.) Management Discussion & Analysis

For the Year ended November 30, 2025

(b) Sufficient information is present to asses any potential cash flow at this point in time; (c) There has been a change in any facts or circumstances that could reasonably trigger an impairment testing under IFRS 6.

Summary of Quarterly Results

Selected quarterly financial information

The following table sets out selected quarterly financial information of the Company for the eight most recent quarters.

recent quarters.
	Nov-25	Aug-25	May-25	Feb-25	Nov-24	Aug-24	May-24	Feb-24
Net and comprehensive income / (Loss)for the Quarter	(167,768)	(57,753)	48,037	(83,353)	(811,824)	(125,518)	(96,788)	(85,505)
Loss per share	(0.04)	(0.01)	0.01	(0.02)	(0.22)	(0.04)	(0.03)	(0.03)
Accumulated deficit	(2,210,211)	(2,039,799)	(2,038,638)	(2,208,051)	(2,202,208)	(1,532,064)	(1,657,861)	(2,230,838)
Total assets	1,689,658	1,276,835	1,207,992	1,172,587	1,153,708	1,848,497	1,815,817	1,740,159
Total liabilities	687,207	709,372	589,436	594,606	516,736	431,256	293,341	443,537
Total equity	1,002,451	567,463	618,556	577,981	636,972	1,417,241	1,522,476	1,296,622

• 1) The loss for the current quarter is lower compared to same quarter last year due to the impairment loss of $715,754 in 2024 related to the write-down of the Cimarron project and the reversal of impairment loss in the current quarter. Operating losses for the current quarter were similar to those for past quarters.

• 2) The loss for the current quarter was higher than during the preceding quarters in the same year, due to management fees, that were reduced throughout the year being retroactively reinstated to prior year levels thanks to the success in year-end financing.

22

Gold Runner Exploration Inc. (formerly Crestview Exploration Inc.) Management Discussion & Analysis

For the Year ended November 30, 2025

Results of Operation for the three months ended November 30, 2025

For the three months ended November 30, 2025, the Company realized a net loss of $811,824 or $0.02 per share, compared to a net loss of $436,468 or $0.01 per share per share for the three months ended November 30, 2024. The highlights of the operations for the quarters are as follows:

Particulars	November 30, 2025	November 30, 2024	Variation	Remarks
	$	$	$
Professional fees	152,763	42,261	110,502	During 2025, management was operating on reduced monthly fees due to the lack of financing in the Company. Due to the successful financing at the end of the year, management fees that would have been paid during the year at normal levels were retrospectively accrued.
Marketing and promotion	21,330	3,251	18,079	The Company increased its marketing and promotional activities in the last quarter of the year. Due to the year-end financing, it was able to do so and to attract more interest in the Company.
Filing Fees	16,347	6,176	10,171	Filing fees were higher during the last quarter of the current year due to the name change and share consolidation as well as debt settlement through equity and the year- end financing.

Liquidity and Capital Resources

Working Capital

Working Capital is a non- GAAP financial measure being the difference between current assets and current liabilities. Working capital deficit at November 30, 2025, of $177,150 represents a decrease of $241,013 from the levels of November 30, 2024 total of $418,164. This decrease in working capital deficit is mainly due to increased financing activities of the Company during the twelve months ended November 30, 2025. As a result of more financing available, the Company was able to raise more cash. However, since the financing only occurred at the end of the year, and some of the subscription payments did not arrive in the Company’s bank account until after the year-end, not the total magnitude of the financing is represented in working capital at the end of the year.

23

Gold Runner Exploration Inc. (formerly Crestview Exploration Inc.) Management Discussion & Analysis For the Year ended November 30, 2025

Capital Expenditures

The Company increased its Exploration and Evaluation of Assets by $185,246 less the value of the sale and joint venture agreement for the Cimarron project and impairment recoveries. $176,246 of the current year exploration and evaluation expenditures was incurred in cash, compared to $161,423 incurred in cash during the year ended November 30, 2024.

Capital Resources

Equity attributable to shareholders of the Company is $1,002,451, an increase of $365,479 from $636,972 as at November 30, 2024. Total equity is comprised of share capital of $2,494,295 less subscription receivable of $535,000 (November 30, 2024 - $2,359,943), warrants reserve $1,190,798 (November 30, 2024 - $428,584), contributed surplus of $62,569 (November 30, 2024 - $50,653), less accumulated deficit of $2,210,211 (November 30, 2024 - $2,202,208).

Management of the Company believes that it will be able to raise sufficient funds to pay its ongoing general and administrative expenses, to pursue exploration and to meet its liabilities, obligations and existing commitments for the ensuing twelve months as they fall due. In assessing whether the going concern assumption is appropriate, management takes into account all available information about the future, which consists of, but is not limited to, twelve months from the end of the reporting period. The Company’s ability to continue future operations and fund its exploration and evaluation expenditures is dependent on management’s ability to secure additional financing in the future, which may be completed in a number of ways, including, but not limited to, the issuance of debt or equity instruments. Management will pursue such additional sources of financing as required.

While management has been successful in securing financing in the past, there can be no assurance that it will be able to do so in the future or that these sources of funding or initiatives will be available to the Company or that they will be available on terms which are acceptable to the Company. If management is unable to obtain new funding, the Company may be unable to continue its operations, and amounts eventually realized for assets might be less than amounts reflected in these consolidated financial statements.

Cash Flows

During the year ended November 30, 2025, the Company used $88,117 (2024 - $162,451) of its cash and cash equivalents to meet the operating activities to pay its trade and other payables, fund its operations, and pay for the corporate operating expenses. The Company generated $31,135 (2024 – used $161,423) in its investing activities to continue with the exploration and evaluation of its mineral assets. During the year ended November 30, 2025, the Company generated $375,760 (2024 - $233,950) as

24

Gold Runner Exploration Inc. (formerly Crestview Exploration Inc.) Management Discussion & Analysis

For the Year ended November 30, 2025

proceeds from issuing units (common shares and share purchase warrants) and $71,144 (2024 - $92,568) as proceeds from loans .

Application of new and revised Accounting Standards

The Company has not adopted any new or revised accounting standards since its prior year-end on November 30, 2024.

Future changes in accounting policies not yet effective as at November 30, 2025

Certain new accounting standards and interpretations have been published that are not mandatory for the current period and have not been early adopted. These standards are not expected to have a material impact on the Company in the current or future reporting periods.

Off-Balance Sheet Arrangements

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

Transactions with Related Parties

Transactions with key management: Key management personnel of the Company comprise of the members of the board of directors, as well as the President and Chief Executive Officer (“CEO”), the Chief Financial Officer (“CFO”), and Vice President (“VP”) of Exploration. The compensation paid to key management is presented below for the years ended November 30, 2025 and 2023:

Key Managerial Personnel	Included in account	2025	2024
		$	$
Chief Executive Officer	Professional fees	93,929	86,075
Chief Financial Officer	Professional fees	61,425	58,575
VP of Exploration (resigned)	Exploration and evaluation assets	2,796	-
	Consulting fees	1,443	-
VP of Exploration (former)	Exploration and evaluation assets	-	28,211
Dimitrios Liakopoulos, Director	Director Fees	42,900	58,575
	Interest	5,555	-
Wei-Tek Tsai, Director	Director Fees	-	2,750
Donald McKenzie, Director	Director Fees	-	2,750
Andreas Becker, Director	Director Fees	-	1,500
	Interest	-	280
Total fees charged by related parties		208,048	238,716

25

Gold Runner Exploration Inc. (formerly Crestview Exploration Inc.) Management Discussion & Analysis

For the Year ended November 30, 2025

Amounts payable to Related Parties	2025	2024
(included in Accountspayable and accrued liabilities	$	$
Chief Executive Officer	21,518	61,254
Chief Financial Officer	1,496	38,004
VP of Exploration (resigned)	1,983	-
VP of Exploration (former)	15,763	17,904
Dimitrios Liakopoulos, Director	112,191	115,134
Wei-Tek Tsai, Director	15,500	15,500
Donald McKenzie, Director	-	2,000
Andreas Becker, Director	1,780	1,780
Former Chief Financial Officer	14,447	14,447
Total amountspayable to relatedparties	184,678	266,023

Additionally, a loan in the amount of USD 49,549 and other advances paid to the Company in the amount of $121,868 is due to Dimitrios Liakopoulos (Note 8).

Critical Accounting Estimates and Accounting Policies

IFRS Accounting policies

The Company’s material accounting policy information under IFRS are disclosed in Note 3 in the Annual Consolidated Financial Statements for the year ended November 30, 2025.

Use of estimates and judgements

Please refer to Note 4 of the Annual Consolidated Financial Statements for the year ended November 30, 2025, for an extended description of the information concerning the Company’s significant accounting judgement and estimates that have the most significant effect on the recognition and measurement of assets, liabilities, income and expenses.

Changes in accounting policies

The Company’s changes to accounting policies are disclosed in Note 3 in the Annual Consolidated Financial Statements for the year ended November 30, 2025.

26

Gold Runner Exploration Inc. (formerly Crestview Exploration Inc.) Management Discussion & Analysis

For the Year ended November 30, 2025

Financial Risk Management, Objectives and Policies

The Company is exposed to various risks in relation to its financial instruments. The main types of risks the Company is exposed to are credit risk and liquidity risk. The Company's main financial risk exposure and its financial risk management policies are as follows:

Credit risk

Credit risk relates to the risk that one party to a financial instrument will not fulfill some or all of its obligations, thereby causing the Company to sustain a financial loss. The Company's maximum exposure to credit risk is limited to the carrying amount of cash and cash equivalents and amounts receivable at the reporting date for the aggregate amounts of $412,404 at November 30, 2025 (November 30, 2024: $25,038). This amount excludes the Reclamation bond of $27,949 (USD $20,000).

The risk related to cash and cash equivalents is considered negligible as the Company is dealing with a reputable financial institution whose credit rating is excellent and the cash held in trust is accessible as and when required. The risk related to amounts receivable is considered negligible, as they consist exclusively of sales taxes receivable from the Government of Canada.

Liquidity risk

Liquidity risk is the risk that the Company will encounter difficulty in meeting obligations associated with financial liabilities that are settled by delivering cash or another financial asset. As at November 30, 2025, the Company had $490,240 (November 30, 2024 - $447,038) in accounts payable and accrued liabilities and cash of $397,746 (November 30, 2024 - $7,824) to settle short term liabilities.

Exchange rate risk

Foreign currency risk is the risk that the Company financial performance could be affected by fluctuations in the exchange rates between currencies. The Company’s exploration costs are denominated in U.S. dollars. Being a development stage Company, the Company has no revenues that would have offset the risk of the exchange rate. Currently, the Company has no hedging contracts in place and therefore has exposure to foreign exchange rate fluctuations. The strengthening of the U.S. dollar would increase the cost of developing the properties under exploration. Strengthening of the Canadian dollar would reduce its overall development cost thereby reducing the need for raising further funding to that extent.

27

Gold Runner Exploration Inc. (formerly Crestview Exploration Inc.) Management Discussion & Analysis

For the Year ended November 30, 2025

Capital Management Policies and Procedures

The Company’s objectives in managing capital is to safeguard its ability to continue its operations, to increase the value of the assets of the business and to provide an adequate return to owners. These objectives will be achieved by identifying the right exploration prospects, adding value to these projects and ultimately taking them through to production or sale and cash flow, either with partners or by the Company's own means. The Company manages its capital structure and makes adjustments to it in light of changes in economic conditions and the risk characteristics of the underlying assets.

In order to maintain or adjust the capital structure, the Company may issue new shares to improve its financial performance and flexibility. The company monitors capital on the basis of the carrying amount of equity. The Company is not subject to any externally imposed capital requirements.

Commitments and Contingencies

Pursuant to the active agreements in connection with the mineral property acquisitions, the Company is required to make certain annual payments and incur certain exploration expenditures, if it wishes to retain the properties. The commitments of the Company for the next 5 years are as follow:

						Common
Year	Golden Girl	Falcon Mine Claim	Falcon Mine Claim	Total	Common shares	share purchase
						warrants
	C$	US$	C$ (@1.3979)	C$
2026	-	225,000	314,528	314,528	50,000	-
2027	1,750,000	150,000	209,685	1,959,685	1,890,000	1,830,000
2028	250,000	-	-	250,000	1,830,000	1,830,000
2029	1,750,000	-	-	1,750,000	1,830,000	1,830,000
2030	250,000	-	-	250,000	1,830,000	1,830,000

28

Gold Runner Exploration Inc. (formerly Crestview Exploration Inc.) Management Discussion & Analysis

For the Year ended November 30, 2025

Controls and Procedures Over Financial Reporting

Venture issuers are not required to include representations relating to the establishment and maintenance of disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as defined in National Instrument 52-109 Certification of Disclosure in Issuer’s Annual and Interim Filings (“NI 52-109”). In particular, the Company’s certifying officers are not making any representations relating to the establishment and maintenance of:

• i) controls and other procedures designed to provide reasonable assurance that information required to be disclosed by the Company in its annual filings, interim filings or other reports filed or submitted under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

• ii) a process to provide reasonable assurance regarding the reliability of financial reporting and the preparation of Financial Statements for external purposes in accordance with the Company’s generally accepted accounting principles.

The Company’s certifying officers are responsible for ensuring that processes are in place to provide them with sufficient knowledge to support the representations they make. Investors should be aware that inherent limitations on the ability of the Company’s certifying officers to design and implement on a cost-effective basis DC&P and ICFR as defined in NI 52-109 may result in additional risks to the quality, reliability, transparency and timeliness of interim and annual filings and other reports provided under securities legislation.

Disclosure Of Outstanding Share Data

The following information relates to share data of the Company.

1. Capital stock

The capital stock of the Company consists only of fully paid common shares.

• a. Authorized

• Unlimited number of common shares, without par value, voting and participating.

• Unlimited number of preferred shares, without par value, non-participating. The directors will define the rights, privileges, restrictions and conditions of these shares upon issuance.

b. Issued

As at November 30, 2025, the Company had 9,205,175 common shares issued and outstanding. As at the date of this MD&A, the Company has 15,833,176 common shares issued and outstanding.

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Gold Runner Exploration Inc. (formerly Crestview Exploration Inc.) Management Discussion & Analysis

For the Year ended November 30, 2025

2. Warrants:

As at November 30, 2025, the Company had 5,768,680 warrants issued and outstanding. As at the date of this MD&A, the Company has 11,795,232 warrants issued and outstanding.

November 30, 2025 Expiry Date # of Warrants Exercise Price March 12, 2026 184,500 $ 1.00 March 28, 2026 272,000 $ 1.00 April 15, 2026 204,180 $ 1.00 November 28, 2027 48,000 $ 0.40 October 20, 2028 460,000 $ 0.50 November 28, 2030 4,600,000 $ 0.40 February 20, 2029 - - February 6, 2031 - -	March 30, 2026 # of Warrants Exercise Price - - - - 204,180 $ 1.00 31,650 $ 0.40 460,000 $ 0.50 4,600,000 $ 0.40 4,669,402 $ 1.50 1,830,000 $ 1.14
Total 5,768,680 $ 0.48	11,795,232 $ 0.96

3. Options:

As at November 30, 2025, the Company had 175,000 fully vested stock options issued and outstanding. As at the date of this MD&A, the Company has 1,425,000 fully vested stock options issued and outstanding.

November 30, 2025 Expiry Date # of Stock Options # of Stock Options exercisable Exercise Price	March 30, 2026 # of Stock Options # of Stock Options exercisable Exercise Price
May 10, 2029 165,000 165,000 $ 1.00 August 29, 2029 10,000 10,000 $ 1.00 February 27, 2031 - - -	165,000 165,000 $ 1.00 10,000 10,000 $ 1.00 1,250,000 1,250,000 $ 1.22
Total 175,000 175,000 $ 1.00	1,425,000 1,425,000 $ 1.19

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Gold Runner Exploration Inc. (formerly Crestview Exploration Inc.) Management Discussion & Analysis For the Year ended November 30, 2025

Business Risks

The Company is engaged in the exploration evaluation and development of mineral properties. These activities involve a high degree of risk which, even with a combination of experience, knowledge and careful evaluation, may not be overcome. Consequently, no assurance can be given that commercial quantities of minerals will be successfully found or produced.

The Company has no history of profitable operations and its present business is at an early stage. As such, the Company is subject to many common risks to such enterprises, including under-capitalization, cash shortages and limitations with respect to personnel, financial and other resources and the lack of revenues. There is no assurance that the Company will be successful in achieving a positive return on shareholders' investment. The Company has no source of operating cash flow and no assurance that additional funding will be available to it for further exploration and development of its projects when required. Although the Company has been relatively successful in the past in obtaining financing through the sale of equity securities, there can be no assurance that the Company will be able to obtain adequate financing in the future or that the terms of such financing will be favorable. Failure to obtain such additional financing could result in the delay or indefinite postponement of further exploration and development of its properties.

The Company has determined a project construction and operation plan based on best available knowledge and with certain assumptions that will enable it to initiate work and enter into contracts. Events outside the control of the Company, such as funding or permit approvals as examples, may adversely affect these plans and result in delays for construction and for start of operations.

The Company's property interests are located in remote, undeveloped areas and the availability of infrastructure such as surface access, skilled labour, fuel and power at an economic cost, cannot be assured. These are integral requirements for exploration, development and production facilities on mineral properties. Power will need to be generated on site. Due to its location, weather events may cause disruptions or other difficulties in operations.

Certain of the Company’s properties are located in the Elko County, Nevada, USA and therefore subject to its mining legislation, which may require that primary processing be done within the Province/ State in order to obtain mining rights. Furthermore, Provincial/ State and federal legislators may enact laws or budgets that have a negative impact on this project or on the mining industry as a whole.

Volatile market conditions for resource commodities, including iron ore, have resulted in a dramatic decrease in market capitalization and the inability of companies to acquire funding for their exploration and development properties. An extended period of poor macro-economic conditions could lead to an inability of the Company to finance future operations.

31

Gold Runner Exploration Inc. (formerly Crestview Exploration Inc.) Management Discussion & Analysis

For the Year ended November 30, 2025

Inflation has not been a significant factor affecting the cost of goods and services in Canada in recent years; however renewed exploration and development activity may result in a shortage of experienced technical staff, and heavy demand for goods and services needed by the mining community.

The mineral industry is intensely competitive in all its phases. Gold Runner competes with many other mineral exploration companies with greater financial resources and technical capacity.

The price of gold and other commodities reflects the aforementioned market volatility. The purchase of securities of the Company involves a high degree of risk and should be undertaken only by investors whose financial resources are sufficient to enable them to assume such risks. The Company's securities should not be purchased by persons who cannot afford the possibility of the loss of their entire investment. Furthermore, an investment in securities of the Company should not constitute a major part of an investor's portfolio.

In recent years securities markets have experienced extreme price and volume volatility. The market price of securities of many early-stage companies have experienced fluctuations in price which may not necessarily be related to the operating performance, underlying asset values or prospects of such companies. It may be anticipated that any market for the Company's shares will be subject to market trends generally and the value of the Company's shares on the Canada Exchange may be affected by such volatility.

In order to develop the Rock Creek Project to commercial production or to finance operations, additional third- party financing may be required and there is no assurance that such financing will be available on reasonable commercial terms, or at all.

The Company has limited financial resources and there is no assurance that additional funding will be available to it for further exploration work or the development of its projects or to fulfill its obligations under applicable agreements. Although the Company has been successful in the past to obtain financing through the sale of equity securities, there can be no assurance that the Company will be able to obtain adequate financing in the future or that terms of the financing will be favorable. Failure to obtain such additional financing could result in delay or indefinite postponement of further exploration and development of the property interests of the Company with possible dilution or loss of such interests.

The Company is conducting its exploration activities in the United States of America. There is a sovereign risk of investing in a foreign country, including the risk that the mining concessions may be susceptible to revision or cancellation by new laws or changes in direction by the government in question. These are matters over which the Company will have no control. Although management believes that the government and population of the United States of America support the development of natural resources and mining activities there is no assurance that future political and economic conditions in such country will not result in the adoption of different policies or attitudes respecting the

32

Gold Runner Exploration Inc. (formerly Crestview Exploration Inc.) Management Discussion & Analysis For the Year ended November 30, 2025

development and ownership of mineral resources. Any such changes in policy or attitudes may result in changes in laws affecting ownership of assets, land tenure and mineral concessions, taxation, royalties, rates of exchange, environmental protection, labour relations, repatriation of income and return of capital, which may affect both the Company’s ability to undertake exploration and, if warranted, development and mining activities in respect of current and future properties.

The acquisition of titles to mineral projects is a detailed and time-consuming process. Although the Company has taken precautions to ensure that the agreement of the Rock Creek Prospect is a valid and legally binding agreement and that title of the property can be transferred and properly recorded, by obtaining a legal opinion from local counsel, there can be no assurance that such title will ultimately be secured. Furthermore, there is no assurance that the interest of the Company in its property may not be challenged or impugned.

The success of the Company is very dependent upon the personal efforts and commitment of its existing management. To the extent that management's services would be unavailable for any reason, a disruption to the operations of the Company could result, and other persons would be required to manage and operate the Company.

In the normal course of the Company’s business, Gold Runner may become involved in, named as a party to, or be the subject of, various legal proceedings, including regulatory proceedings, tax proceedings and legal actions, related to the personal injuries, property damage, property tax, the environment and contract disputes. The outcome of outstanding, pending or future proceedings cannot be predicted with certainty and may be determined adversely to the Company and as a result, could have a material adverse effect on the Company’s business, financial condition, results of operations and cash flows.

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