GREENRIDGE EXPLORATION INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS
FOR THE THREE AND SIX MONTHS ENDED FEBRUARY 28, 2025
(Expressed in Canadian dollars)

Introduction

The following management discussion and analysis ("MD&A"), dated April 28, 2025, should be read in conjunction with condensed interim consolidated financial statements of Greenridge Exploration Inc. (the "Company" or "Greenridge") and the accompanying notes for the three and six months ended February 28, 2025, and the audited statements of the Company for the year ended August 31, 2024. The financial statements for the period ended February 28, 2025 have been prepared in accordance with International Financial Reporting Standards. Except as otherwise disclosed, all dollar figures included therein and in the following MD&A are quoted in Canadian dollars. For further information on the Company reference should be made to the Company's public filings which are available on SEDAR+ at www.sedarplus.ca. This MD&A was approved and authorized for issuance on behalf of the Board of Directors on April 28, 2025.

Going Concern

The Company's financial statements have been prepared on the assumption that the Company will continue as a going concern, meaning it will continue in operation for the foreseeable future and will be able to realize assets and discharge liabilities in the ordinary course of operations. Different bases of measurement may be appropriate if the Company is not expected to continue operations for the foreseeable future. The Company's continuation as a going concern is dependent on its ability to generate future cash flows and/or obtain additional financing. These factors indicate the existence of a material uncertainty that may cast significant doubt about the Company's ability to continue as a going concern. Management intends to finance operating costs over the next twelve months with, loans from directors and companies controlled by directors and/or private placements of common shares. There is a risk that additional financing will not be available on a timely basis or on terms acceptable to the Company. These financial statements do not reflect any adjustments that may be necessary if the Company is unable to continue as a going concern.

Description of Business

Greenridge Exploration Inc. (the "Company") was incorporated in the Province of British Columbia on December 19, 2022. The Company changed its name from 1392210 B.C. Ltd. to Greenridge Exploration Inc. on April 28, 2023. The Company's principal business activities include the acquisition and exploration of mineral property assets in Canada.

The Company's subsidiary, ALX Resources Corp. ("ALX"), was incorporated in British Columbia with limited liability under the legislation of the Province of British Columbia.

On October 10, 2023, the Company filed a preliminary prospectus with the securities regulatory authorities in the provinces of Alberta, British Columbia and Ontario, to qualify the distribution of 2,793,005 common shares upon the exercise of 2,793,005 issued and outstanding special warrants, without payment, and list its issued and outstanding common shares on the Canadian Securities Exchange. On December 4, 2023, the Company filed a final prospectus.

On December 11, 2023, the Company's common shares were approved for listing on the Canadian Securities Exchange and began trading on December 13, 2023 under the ticker ("GXP").

On January 12, 2024, the Company's common shares began trading on the Frankfurt Stock Exchange under the ticker ("HW3").

On March 18, 2024, the Company closed a non-brokered private placement and issued 9,211,724 units at a price of $0.38 per unit for aggregate gross proceeds of $3,500,455. Each unit comprises one common share of the company and one transferable common share purchase warrant, with each warrant entitling the holder to acquire one additional share at an exercise price of $0.45 for a period of 24 months from the closing date. Finders' fees of $233,189 and 613,655 finders' warrants were paid to arm's-length parties in connection with the offering (each finder's warrant exercisable on the same terms as the warrants forming part of the units).

On August 2, 2024, the Company closed the first tranche of a non-brokered private placement, previously announced on July 2, 2024 and repriced on July 25, 2024, and has issued 853,180 flow-through units at a price of $0.88 per unit for aggregate gross proceeds of $750,798. Each unit comprises one common share of the company and one half transferable common share purchase warrant, with each whole warrant entitling the holder to acquire one additional share at an exercise price of $1.15 for a period of 36 months from the closing date. Finders' fees of $15,048 and 17,100 finders' warrants were paid to arm's-length parties in connection with the offering (each finder's warrant entitles the holder to acquire one common share at a price of $0.88 for a period of 36 months from the closing date). The Company allocated $750,713 to the Company's share capital, $85 to warrants reserve and $nil to flow through premium.

GREENRIDGE EXPLORATION INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS
FOR THE THREE AND SIX MONTHS ENDED FEBRUARY 28, 2025
(Expressed in Canadian dollars)

On October 10, 2024, the Company closed the second tranche of a non-brokered private placement, previously announced on July 2, 2024 and repriced on July 25, 2024, and has issued 1,708,100 flow-through units at a price of $0.88 per unit for aggregate gross proceeds of $1,503,128. Each unit comprises one common share of the company and one half transferable common share purchase warrant, with each whole warrant entitling the holder to acquire one additional share at an exercise price of $1.15 for a period of 36 months from the closing date. Finders' fees of $45,094 were paid to arm's-length parties in connection with the offering. The Company allocated $1,502,957 to the Company's share capital, $171 to warrants reserve and $nil to flow through premium.

On December 19, 2024, the Company closed its non-brokered private placement of flow-through units for aggregate gross proceeds of $4,947,434. The Company has issued 5,622,084 flow-through Units at a price of $0.88 per flow-through Unit, with each flow-through Unit comprised of one (1) common share of the Company issued on a flow-through basis under the Income Tax Act (Canada) and one half of one Common Share purchase warrant. Each Warrant entitles the holder to purchase one Common Share of the Company at a price of $1.15 for a period of 36 months from the date of issuance. The gross proceeds from the sale of the flow-through Shares will be used by the Company to incur eligible "Canadian exploration expenses" that will qualify as "flow-through mining expenditures" as such terms are defined in the Income Tax Act (Canada) related to the Company's projects in Canada. All Qualifying Expenditures will be renounced in favour of the subscribers of the FT Units effective December 31, 2024. In connection with the closing of the Offering, an aggregate of $167,923 was paid in cash and a total of 210,586 finder's warrants were issued as finder's fees. Each Finder's Warrant entitles the holder thereof to acquire one (1) Common Share at a price of $1.15 per Finder's Warrant Share for a period of 36 months from the date of issuance.

On December 30, 2024, the Company has acquired all of the issued and outstanding common shares of ALX by way of a court-approved plan of arrangement under the Business Corporations Act (British Columbia). The Company acquired all the outstanding common shares of ALX in consideration for the issuance of an aggregate of 11,226,143 common shares of the Company to the former ALX shareholders, based on the share exchange ratio of 0.045 common share of the Company for each ALX share held. As ALX meets the IFRS 3, Business Combinations, definition of a business, the acquisition has been accounted for as a business combination and measured at the fair value of consideration paid of $11,001,620. ALX is engaged in the acquisition, exploration, and development of mineral properties.

On January 15, 2025, the Company's common shares began trading on the OTCQB under the symbol "GXPLF".

Acquisition

The Company acquired all the outstanding common shares of ALX in consideration for the issuance of an aggregate of 11,226,143 common shares of the Company to the former ALX shareholders, based on the share exchange ratio of 0.045 common share of the Company for each ALX share held.

As ALX meets the IFRS 3, Business Combinations, definition of a business, the acquisition has been accounted for as a business combination and measured at the fair value of consideration paid of $11,001,620. ALX is engaged in the acquisition, exploration, and development of mineral properties.

In accordance with the acquisition method of accounting, the acquisition cost had been allocated on a preliminary basis to the identifiable underlying assets acquired and liabilities assumed, based upon their estimated fair values at the date of acquisition.

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GREENRIDGE EXPLORATION INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS
FOR THE THREE AND SIX MONTHS ENDED FEBRUARY 28, 2025
(Expressed in Canadian dollars)

The purchase price allocation for the acquisition of ALX is summarized as follows:

Purchase Consideration:	$, except number of shares
Number of Company shares issued	11,226,143
Closing share price as at the acquisition date	0.98
Share consideration	11,001,620
Total Purchase Consideration	11,001,620
Fair value of ALX's net assets acquired:
Cash	106,448
Marketable securities	96,619
Property and equipment	83,049
Exploration and evaluation assets	10,235,299
Non-cash working capital	14,050
Lease liability	(91,396)
Inter-company loan	(194,919)
Total fair value of ALX's net assets acquired	10,249,149
Excess of consideration over fair value of assets acquired	752,471

A value of $752,471 has been included in exploration and evaluation assets to reflect the difference between the fair value of the amount paid and the fair value of the net assets received from ALX.

Firebird Nickel

As a result of the ALX Resources acquisition, the Company assumed the option to acquire a 100% interest in the Firebird Nickel Project.

The Firebird Nickel Project ("Firebird") is located approximately 14 kilometres northwest of Stony Rapids, Saskatchewan. The project is prospective for nickel, copper, and cobalt. Included within the Firebird Nickel Project are the Axis Lake, Currie Lake, and Rea Lake claims. The vendors each retained a 2.0% net smelter returns royalty ("NSR") and the Company has the right to purchase up to half of the NSRs for a total of $5,000,000.

Electra Nickel Project

As a result of the ALX Resources acquisition, the Company assumed the option to acquire a 100% interest in the Electra Nickel Project, located near Thunder Bay, Ontario.

The TSX Venture Exchange approved the agreement on January 6, 2021 and this date is also deemed to be the "Anniversary Date" of the agreement. To earn its interest, the Company will pay a total of $135,000 in cash, issue 1,100,000 common shares, and incur $500,000 in exploration expenditures according to the following schedule:

A non-refundable $3,000 cash payment paid by the Company as a pre-option payment for an exclusive 45-day period during which the Company conducted due diligence on the Project (completed);
On the approval of TSX Venture Exchange: $7,000 in cash (paid) and 300,000 common shares (issued and valued at $25,500);
On or before 1st Anniversary Date: $15,000 in cash (paid) and 250,000 common shares (issued and valued at $21,250), and $100,000 in exploration expenditures (completed);
On or before 2nd Anniversary Date: $20,000 in cash (paid) and 200,000 common shares (issued and valued at $7,000), and an additional $100,000 in exploration expenditures (completed);
On or before 3rd Anniversary Date: $25,000 in cash (paid) and 150,000 common shares (issued and valued at $4,500), and an additional $100,000 in exploration expenditures (completed);
On or before 4th Anniversary Date: $30,000 in cash and 100,000 common shares, and an additional $100,000 in exploration expenditures;
On or before 5th Anniversary Date: $35,000 in cash and 100,000 common shares and an additional $100,000 in exploration expenditures.

GREENRIDGE EXPLORATION INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS
FOR THE THREE AND SIX MONTHS ENDED FEBRUARY 28, 2025
(Expressed in Canadian dollars)

The property is subject to a 2.5% NSR. At any time, the Company shall have the right to purchase up to 1.5% of the NSR in three increments for $500,000 per increment.

Flying Vee Nickel Project

As a result of the ALX Resources acquisition, the Company assumed the option to acquire a 100% interest in the Flying Vee Nickel Project.

Flying Vee is located approximately 25 kilometres north of Stony Rapids, Saskatchewan and ALX acquired a 100% interest by staking in April 2019. This project is prospective for nickel, copper, and cobalt.

Hydra Lithium Project

As a result of the ALX Resources acquisition, the Company assumed the option to acquire a 50% interest in the Hydra Lithium Project.

Forrestania Resources Limited (“Forrestania”) owns 50% interest in the Hydra Lithium Project (“Hydra”).

The Hydra Lithium Project is located in the James Bay region of northern Quebec, Canada. This project is prospective for lithium in lithium-cesium-tantalum type pegmatites.

Anchor Lithium Project

As a result of the ALX Resources acquisition, the Company assumed the option to acquire a 100% interest in the Anchor Lithium Project.

The Anchor Lithium Project is located in the central and western Nova Scotia, Canada and ALX has acquired a 100% interest by staking. This project is prospective for lithium in lithium-bearing pegmatites.

Cannon Copper Project

As a result of the ALX Resources acquisition, the Company assumed the option to acquire a 100% interest in the Cannon Copper Project.

The Company acquired the Canon Copper Project by staking, claims located in Kamichisitit Township, situated approximately 40 kilometres north of Iron Bridge, Ontario. This project is prospective for copper.

Weyman Property

On March 23, 2023, the Company entered into a property option agreement (“Weyman Option Agreement”) to acquire the right to earn up to 100% interest in and to seven contiguous mineral claims located in British Columbia known as the Weyman Property. Pursuant to the Weyman Option Agreement, the Company must satisfy the following:

(a) Paying an aggregate of $100,000 in cash as follows:

a. $15,000 on or before April 1, 2023 (paid);
b. $20,000 on or before December 23, 2023 (paid);
c. $20,000 on or before May 13, 2024 (paid);
d. $20,000 on or before December 13, 2024 (paid); and
e. $25,000 on or before May 13, 2025

(b) Issuing 200,000 common shares of the Company to the optionor on or before December 23, 2023 (issued);
(c) Incurring a minimum of $200,000 in expenditures on the property on or before December 13, 2025.

The Weyman Property is subject to 2% net smelter returns royalty (“NSR”). At any time, the Company shall have the right to purchase 1% of the NSR for $500,000.

GREENRIDGE EXPLORATION INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS
FOR THE THREE AND SIX MONTHS ENDED FEBRUARY 28, 2025
(Expressed in Canadian dollars)

Other Staked Energy Metals Properties

As a result of the ALX Resources acquisition, the Company assumed the option to acquire a 100% interest in the Draco VMS Project, Crystal Lithium Project, Reindeer Lithium Project and Lac Le Roux Property.

The Draco VMS Project is located in Grong district of Norway by staking. This project is prospective for copper-zinc-gold-silver.

The Crystal Lithium Project is located in northern Saskatchewan, Canada and acquired a 100% interest by staking.

This project is prospective for lithium in lithium-cesium-tantalum type pegmatites.

The Reindeer Lithium Project in northern Saskatchewan, the vendor retains 2.0% NSR. The Company is entitled to purchase one-half of the NSR (1.0%) from the vendor at any time within five years from closing of the transaction for $2,000,000.

The Company acquired 100% interest in the Lac Le Roux Property located in Quebec, Canada. The property is prospective for rare earth metals. The Company paid $5,000 for an exclusive 90-day due diligence period. Upon entering into an approved definitive agreement, ALX will pay and issue:

a. $20,000 in cash and issue $25,000 of common shares
b. $35,000 in cash and issue $50,000 of common shares within 12-months
c. incur $100,000 in exploration expenditures to earn a 100% interest. The definitive agreement is subject to the approval of TSX Venture Exchange.

Alligator Gold Project

As a result of the ALX Resources acquisition, the Company assumed the option to acquire a 100% interest in the Alligator Gold Project.

On February 18, 2021, the Company entered into an option agreement with Alligator Resources Ltd. ("Optionor"), whereby the Company may acquire up to an 80% interest in the Optionor's Alligator Gold Project, located in Saskatchewan, by incurring a total of $1,250,000 in exploration expenditures over four years, issuing 1,500,000 common shares of ALX and by making cash payments to the Optionor totaling $150,000, as outlined in the following summary:

ALX has acquired a 51% interest in the Alligator property (the "First Option") by funding $500,000 (completed) in exploration expenditures, making cash payment totaling $70,000 and issuing an aggregate of 750,000 common shares of ALX by December 31, 2022.
The Company may elect to pursue its right to acquire up to an 80% interest in the project (the "Second Option"). To earn an additional 29% interest in the Alligator property, the Company must:
On or before December 31, 2023, the Company shall make a cash payment of $35,000 (paid) and issue an additional 250,000 common shares (issued and valued at $7,500) of ALX;
On or before December 31, 2024, the Company shall make a cash payment of $45,000 and issue an additional 500,000 common shares of ALX; and
The Company shall incur additional expenditures of at least $750,000 at the property.

Upon the Company earning an 80% interest in the property ALX and the Optionor shall form a joint venture with the terms to be negotiated under a separate joint venture agreement.

Two of the claims comprising the property are subject to an underlying 2.5% NSR on the sale of valuable minerals from the project. At any time, the Company shall have the right to purchase 1.25% of the NSR for US$1,000,000.

Vixen Gold Project

As a result of the ALX Resources acquisition, the Company assumed the option to acquire a 100% interest in the Vixen Gold Project.

GREENRIDGE EXPLORATION INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS
FOR THE THREE AND SIX MONTHS ENDED FEBRUARY 28, 2025
(Expressed in Canadian dollars)

The Vixen Gold Project is located in Red Lake Mining District of Ontario from DG Resource Management Ltd. ("DG"), a private company controlled by a director of ALX. In accordance with the purchase agreement, DG retained a NSR of 2%. The Company may at any time acquire 1% of the NSR by paying $1,500,000.

On September 7, 2021 and as amended on September 15, 2023, the Company entered into an earn-in option agreement with First Mining Gold Corp. ("First Mining") for all claims within ALX's 100% owned Vixen Gold Project ("Vixen"). Details of the agreement are as follows:

For First Mining to acquire a 70% interest in Vixen (the "First Option") it must:
On closing, pay $250,000 in cash and issue $100,000 of common shares to ALX (received);
On or before September 15, 2022, pay $100,000 cash and issue $100,000 of common shares to ALX (received);
On or before September 15, 2023, issue $175,000 of common shares to ALX (received);
On or before September 15, 2024, issue $175,000 of common shares to ALX (received);
On or before September 15, 2025, issue $100,000 of common shares to ALX; and
On or before September 15, 2025, fund and incur $500,000 of Vixen exploration expenditures.
Upon First Mining acquiring a 70% interest in Vixen, it may elect to acquire up to an 100% interest in Vixen within two years (the "Second Option"). To earn an additional 30% interest, First Mining must pay $500,000 in cash and issue $500,000 of common shares to ALX. In the event that First Mining elects not to complete the Second Option of the earn-in, ALX and First Mining will enter into a 70%-30% joint venture agreement with respect to Vixen.
Under the agreement First Mining assumes the underlying NSR agreements. Further, ALX has been granted a 2% NSR on certain claims of which First Mining can repurchase 1% for $1,000,000.

Other Gold Properties

As a result of the ALX Resources acquisition, the Company assumed the option to acquire a 100% interest in the Sceptre Gold Project and Hummingbird Gold Project, located in Saskatchewan.

On October 5, 2021, ALX granted an option to Pegasus Resources Inc. ("Pegasus") to acquire an interest in four claims that form part of the Hummingbird Gold Project. Pegasus can earn a 70% interest by paying $50,000, issuing 70,000 common shares, and incurring $300,000 of exploration expenditures over three years. If Pegasus does not earn a 70% interest, the option will be terminated and ALX will retain a 100% interest. Pegasus can earn the remaining 30% interest by paying $200,000 and issuing 50,000 common shares by the 5th anniversary of the agreement date, otherwise a joint venture would be formed. To the end of the reporting period, ALX has received $50,000 and 45,000 common shares valued at $16,000.

As a result of the ALX Resources acquisition, the Company assumed the option to acquire by staking a 100% interest in the Blackbird Project located in the northern Saskatchewan, Canada.

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GREENRIDGE EXPLORATION INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS
FOR THE THREE AND SIX MONTHS ENDED FEBRUARY 28, 2025
(Expressed in Canadian dollars)

Energy Metals and Gold Properties

|---Energy Metals Properties---|---Gold Properties---

	Firebird Nickel Project	Electra Nickel Project	Flying Vee Nickel Project	Hydra Lithium Project	Anchor Lithium Project	Cannon Copper	Weyman Property	Staked Energy Metals Properties	Alligator Gold Project	Vixen Gold Project	Other Gold Properties	Total
Balance, August 31, 2023	-	-	-	-	-	-	29,127	-	-	-	-	29,127
Additions during the year:	-	-	-	-	-	-	-	-	-	-	-	-
Acquisition Option Payments	-	-	-	-	-	-	132,000	-	-	-	-	132,000
Claims maintenance	-	-	-	-	-	-	54,468	-	-	-	-	54,468
Field Work	-	-	-	-	-	-	137,948	-	-	-	-	137,948
Professional Fees	-	-	-	-	-	-	661	-	-	-	-	661
Reports	-	-	-	-	-	-	1,843	-	-	-	-	1,843
Balance, August 31, 2024	-	-	-	-	-	-	356,047	-	-	-	-	356,047
Additions during the period:
Acquired (Note 4)	1,187,285	866,596	233,674	915,136	1	158,544	-	170,077	1,465,732	1	60,624	5,057,671
Acquisition Claims	-	-	7,813	-	-	-	-	-	-	-	-	7,813
Acquisition Option Payments	-	-	-	-	-	-	20,000	-	-	-	-	20,000
Claims maintenance	-	-	-	-	-	-	(54,468)	-	-	-	-	(54,468)
Field Work	-	424	-	-	-	420	115,132	-	-	-	-	115,976
Professional Fees	-	-	-	-	-	2,845	-	-	-	-	-	2,845
Reports	-	117	350	-	-	117	95	-	-	117	350	1,145
Balance, February 28, 2025	1,187,285	867,137	241,837	915,136	1	161,926	436,806	170,077	1,465,732	118	60,974	5,507,029

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GREENRIDGE EXPLORATION INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS
FOR THE THREE AND SIX MONTHS ENDED FEBRUARY 28, 2025
(Expressed in Canadian dollars)

Nut Lake Property

On January 17, 2024, the Company entered into a property option agreement ("Nut Lake Option Agreement") to acquire the right to earn up to 100% interest in and to three mineral licenses located in the territory of Nunavut known as the Nut Lake Property. Pursuant to the Nut Lake Option Agreement, the Company must satisfy the following:

(a) Paying an aggregate of $40,000 in cash as follows:

a. $15,000 on or before January 22, 2024 (paid); and
b. $25,000 on or before March 3, 2024 (paid);

(b) Issuing an aggregate of 3,500,000 common shares of the Company to the optionors as follows:

a. 1,000,000 shares on or before March 3, 2024 (the "Nut Lake First Tranche Shares") (issued);
b. 1,000,000 shares on or before January 17, 2025 (the "Nut Lake Second Tranche Shares") (issued);
c. 750,000 shares on or before January 17, 2026 (the "Nut Lake Third Tranche Shares"); and
d. 750,000 shares on or before January 17, 2027;

Pursuant to the Nut Lake Option Agreement, the Nut Lake First Tranche Shares, Nut Lake Second Tranche Shares and Nut Lake Third Tranche Shares will all be subject to escrow, with the Nut Lake First Tranche Shares released over a 36-month period, the Nut Lake Second Tranche Shares released over a 24-month period and the Nut Lake Third Tranche Shares released over a 12-month period. All securities issued in connection with the Nut Lake Option Agreement will be subject to a statutory hold period of four months and one day. The Nut Lake Property is subject to 2% NSR.

On May 23, 2024, the Company acquired, through staking, a 100% interest in the Nut Lake uranium south claims located in the Thelon basin, Nunavut Territory. The new Claims cover an area of ~1,818 ha (18km²) making the Nut Lake Project (the "Project") now a total of ~5,854 ha (59km²). These claims are allocated in the Nut Lake Option Agreement's area of interest and are subject to the NSR above.

Gibbons Creek Property

As a result of the ALX Resources acquisition, the Company assumed the option to acquire a 100% interest in Gibbon's Creek Property, located in the Athabasca Basin.

ALX entered into a definitive agreement for its Gibbons Creek Property ("Gibbons") on May 7, 2024, (the "Effective Date"). Trinex Minerals Limited ("Trinex") can earn an initial 51% interest and up to a 75% participating interest in Gibbons in two stages over five years by making cash and common share payments to ALX of up to $1,350,000 and $2,250,000 respectively, and by incurring exploration expenditures totaling $5,500,000 as follows:

Option Stages	Cash Payments	Value of Share Payments	Annual Exploration Expenditures	Participating Interest Earned by Trinex
Upon signing the Letter Agreement (Feb 2024)	$50,000 (received)	-	-	-
Upon signing the Definitive Agreement	$50,000 (received)	$250,000 (received)	-	-
On or before 1st Anniversary	$150,000	$300,000	$1,000,000	-
On or before 2nd Anniversary	$200,000	$350,000	$1,000,000	-
On or before 3rd Anniversary	$250,000	$400,000	$1,000,000	51%
On or before 4th Anniversary	$300,000	$450,000	$1,250,000	-
On or before 5th Anniversary	$350,000	$500,000	$1,250,000	75%
TOTALS	$1,350,000	$2,250,000	$5,500,000	75%

GREENRIDGE EXPLORATION INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS
FOR THE THREE AND SIX MONTHS ENDED FEBRUARY 28, 2025
(Expressed in Canadian dollars)

Upon signing the definitive agreement, ALX has received $100,000 and 68,743,011 common shares of Trinex valued at $250,000. The common shares are subject to a 12-month escrow agreement restricting their sale. ALX also received a reimbursement from Trinex for a drill program completed prior to the definitive agreement equal to an agreed amount of $560,000.

Hook-Carter Property

As a result of the ALX Resources acquisition, the Company assumed the option to acquire a 20% interest in Hook-Carter Property. It is located in the Patterson Lake Corridor on the southwest side of the Athabasca Basin in Saskatchewan.

On November 4, 2019, under the terms of the definitive agreement, Denison Mines Corp. ("Denison") and ALX agreed to the formation of a deemed joint venture, and that the parties will make best efforts to execute a joint venture agreement prior to Denison's funding of the first $12,000,000 in expenditures.

On May 21, 2024 ALX amended its agreement for the Hook-Carter property with Denison. The Company can increase its interest from 20% to 25% by funding $3,000,000 in exploration over the next 30 months. Denison will not be obligated to fund any further exploration expenditures until completion of the Company earn-in period and then expenditures will be funded on a pro-rata basis. The Company and Denison must jointly approve all expenditures during the earn-in period. Furthermore, the Company is obligated to fund a minimum of $500,000 prior to March 31, 2025, and shall reasonably demonstrate, prior to June 30, 2025, that it has secured a further $750,000 committed to exploration expenditures at Hook-Carter.

Black Lake Project

As a result of the ALX Resources acquisition, the Company assumed the option to acquire a 40% interest in Black Lake Project with UEX Corporation.

Sabre Uranium Project

As a result of the ALX Resources acquisition, the Company assumed the option to acquire a 100% interest in Sabre Uranium Project.

The claims are located in the Athabasca Basin area of Saskatchewan, Canada.

Bradley Uranium Project

As a result of the ALX Resources acquisition, the Company assumed the option to acquire a 100% interest by staking in Bradley Uranium Project.

The claim is located approximately 30 kilometres northwest of Stony Rapids, Saskatchewan, Canada.

Javelin Uranium Project

As a result of the ALX Resources acquisition, the Company assumed the option to acquire a 100% interest by staking in Javelin Uranium Project.

The claims are located in the eastern margin of the Athabasca Basin of Saskatchewan, Canada.

McKenzie Lake Uranium Project

As a result of the ALX Resources acquisition, the Company assumed the option to acquire a 100% interest by staking in McKenzie Lake Uranium Project.

The claims are located in the eastern margin of the Athabasca Basin of Saskatchewan, Canada. The vendor will retain a 2% Net Smelter Royalty ("NSR") on the properties.

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GREENRIDGE EXPLORATION INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS
FOR THE THREE AND SIX MONTHS ENDED FEBRUARY 28, 2025
(Expressed in Canadian dollars)

Carpenter Lake Property

On January 13, 2014, the Company entered into an option agreement with Renegade Gold Inc. ("Renegade") to acquire a 60% interest in the Carpenter Lake property located in Northern Saskatchewan.

As of November 10, 2014, a joint venture was formed between ALX (60%) and Renegade (40%) for the further development of the property, with ALX serving as the operator. The property is subject to a royalty equal to 5% of gross revenues, which is owned by the original vendors.

Snook and Ranger Lake Properties

On June 19, 2024, the Company signed an asset transfer agreement ("Snook and Ranger Lake Option Agreement") dated June 19, 2024, with 15952506 Canada Inc. for the sale to the company of all of the vendor's right, title and interest to acquire a 100% interest in the Snook Lake and Ranger Lake uranium projects located 100 kilometres northeast of Sault Ste. Marie in Northwestern Ontario. The Ranger Lake uranium project consists of 942 mineral claims covering 20,782 hectares of uranium-prospective ground that occurs in the uranium mining district in the Elliot Lake region, Ontario. The Snook Lake uranium project consists of 237 mineral claims covering 4,899 hectares and is approximately 75 km north of Kenora in Northwestern Ontario.

In connection with the agreement, the company entered into an assignment and novation agreement with the vendor, Gravel Ridge Resources Ltd., and 1544230 Ontario Inc., whereby the company acquired the vendor's interests under two separate property option agreements with Gravel Ridge Resources Ltd. and 1544230 Ontario Inc. for two separate options to acquire the projects.

In connection with the assignment agreement, the company then entered into an amended and restated option agreement with the optionors to novate the original option agreements. Pursuant to the agreement, the company is required to issue to the vendor an aggregate of 1,850,000 common shares at a deemed price of $0.96 per share as follows:

a. 850,000 shares on or before August 1, 2024 (the "Snook and Ranger Lake First Tranche Shares") (issued); and
b. 1,000,000 shares on or before September 19, 2024 (the "Snook and Ranger Lake Second Tranche Shares") (issued)

Pursuant to the amended and restated option agreement, the company is required to make aggregate cash payments of $54,000 to the optionors in order to earn a 100% interest in the projects, as follows:

a. $24,000 on or before December 22, 2024 (paid subsequently); and
b. $30,000 on or before December 22, 2025.

The Snook and Ranger Lake properties are subject to a 1.5% NSR. At any time, the Company shall have the right to purchase 0.5% of the NSR for $500,000.

Pursuant to the agreement, the Snook and Ranger Lake First Tranche Shares and Snook and Ranger Lake Second Tranche Shares will all be subject to escrow, with both tranches released over a 36-month period.

All securities issued in connection with the agreement will be subject to a statutory hold period of four months and one day. No finders' fees were paid on the arm's-length agreement, assignment agreement and amended and restated option agreement. The agreement, the assignment agreement and the amended and restated option agreement are all non-related party transactions.

Condor

As a result of the ALX Resources acquisition, the Company acquired a 100% interest by staked claims in Condor in the Athabasca Basin area of Saskatchewan, Canada.

-10-

GREENRIDGE EXPLORATION INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS
FOR THE THREE AND SIX MONTHS ENDED FEBRUARY 28, 2025
(Expressed in Canadian dollars)

Cutlass

As a result of the ALX Resources acquisition, the Company acquired a 100% interest by staked claims in Cutlass in the Athabasca Basin area of Saskatchewan, Canada.

Other Uranium Properties

As a result of the ALX Resources acquisition, the Company assumed the option to acquire a 100% interest in various claims in the Athabasca Basin area of Saskatchewan, Canada. These staked claims are known as Edge, Sphere, and Vulcan.

-11-

GREENRIDGE EXPLORATION INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS
FOR THE THREE AND SIX MONTHS ENDED FEBRUARY 28, 2025
(Expressed in Canadian dollars)

Uranium Properties

	Nut Lake	Gibbons Creek	Hook-Carter	Black Lake	Sabre	Bradley Lake	Javelin	McKenzie Lake	Carpenter Lake	Snook Lake	Ranger Lake	Condor	Cutlass	Total
Balance, August 31, 2023
Additions during the year:
Acquisition Claims	4,455	-	-	-	-	-	-	-	-	-	-	-	-	4,455
Acquisition Option Payments	650,000	-	-	-	-	-	-	-	585,000	369,750	369,750	-	-	1,974,500
Claims maintenance	803,890	-	-	-	-	-	-	-	214,687	-	-	-	-	1,018,577
Field Work	572,205	-	-	-	-	-	-	-	359,921	-	-	-	-	932,126
Professional Fees	47,995	-	-	-	-	-	-	-	3,513	445	572	-	-	52,525
Reports	4,740	-	-	-	-	-	-	-	2,520	315	709	-	-	8,284
Balance, August 31, 2024	2,083,285	-	-	-	-	-	-	-	1,165,641	370,510	371,031	-	-	3,990,467
Additions during the period:
Acquisition (Note 4)	-	2,966,705	395,868	1,628,048	320,933	2,105	259,114	330,490	1	-	-	19,120	7,714	5,930,099
Acquisition Claims	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Acquisition Option Payments	360,000	-	-	-	-	-	-	-	-	492,000	492,000	-	-	1,344,000
Claims maintenance	(785,890)	-	-	-	-	17,205	-	-	(64,000)	-	-	-	-	(832,685)
Field Work	631,445	621	-	-	-	-	-	-	12,624	-	-	-	-	644,690
Professional Fees	6,272	-	-	-	-	-	-	-	-	-	-	-	-	6,272
Reports	60,131	1,453	928	928	928	928	928	928	4,533	95	95	1,856	928	74,653
Balance, February 28, 2025	2,355,243	2,968,778	396,796	1,628,975	321,861	20,237	260,042	331,418	1,118,800	862,605	863,126	20,976	8,642	11,157,496

-12-

GREENRIDGE EXPLORATION INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS
FOR THE THREE AND SIX MONTHS ENDED FEBRUARY 28, 2025
(Expressed in Canadian dollars)

A summary of the Company's exploration and evaluation assets is as follows:

	Energy Metals and Gold Properties	Uranium Properties	Total
	$	$	$
Balance, August 31, 2023	29,127	-	29,127
Additions during the year:
Acquisition Claims	-	4,455	4,455
Acquisition Option Payments	132,000	1,974,500	2,106,500
Claims maintenance	54,468	1,018,577	1,073,045
Field Work	137,948	932,126	1,070,074
Professional Fees	661	52,525	53,186
Reports	1,843	8,284	10,127
Balance, August 31, 2024	356,047	3,990,467	4,346,514
Additions during the period:
Acquisition	5,057,671	5,930,099	10,987,770
Acquisition Claims	7,813	-	7,813
Acquisition Option Payments	20,000	1,344,000	1,364,000
Claims maintenance	(54,468)	(832,685)	(887,153)
Field Work	115,976	644,690	760,667
Professional Fees	2,845	6,272	9,116
Reports	1,145	74,653	75,797
Balance, February 28, 2025	5,507,029	11,157,496	16,664,525

Selected Financial Data - Summary of Annual and Quarterly Results

A summary of the Company's financial information is as follows:

	Three months ended February 28, 2025	Three months ended November 30, 2024	Three months ended August 31, 2024	Three months ended May 31, 2024	Three months ended February 29, 2024	Three months ended November 30, 2023	From the Date of Incorporation December 19, 2022 to August 31, 2023
		$	$	$	$	$	$
Net loss and comprehensive loss	(412,297)	(490,549)	(791,329)	(1,580,187)	(397,531)	(81,012)	(14,575)
Basic and diluted loss per share	(0.01)	(0.01)	(0.03)	(0.06)	(0.02)	(0.01)	(0.00)
Working capital	6,639,232	1,414,479	661,246	2,871,797	347,716	547,642	630,763
Total assets	23,889,375	7,645,142	6,141,569	3,532,574	598,556	604,214	683,363
Total liabilities	522,966	252,437	1,128,809	92,049	61,719	26,784	23,473

-13-

GREENRIDGE EXPLORATION INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS
FOR THE THREE AND SIX MONTHS ENDED FEBRUARY 28, 2025
(Expressed in Canadian dollars)

A summary of the Company's financial performance is as follows:

	Three months ended February 28, 2025	Three months ended November 30, 2024	Three months ended August 31, 2024	Three months ended May 31, 2024	Three months ended February 29, 2024	Three months ended November 30, 2023	From the Date of Incorporation December 19, 2022 to August 31, 2023
		$	$	$	$	$	$
Consulting fees	121,851	73,500	77,175	74,550	46,200	-	-
Depreciation	6,921	-	-	-	-	-	-
Filing fees	21,382	14,451	2,363	4,081	47,696	18,806	-
Marketing and promotion	222,181	179,291	605,700	621,790	243,877	-	-
Office and miscellaneous	29,013	696	484	294	73	54	200
Professional fees	124,908	69,198	109,452	87,479	56,557	63,540	17,368
Project investigation costs	17,556	-	-	-	-	-	-
Share-based compensation	-	164,820	1	785,559	-	-	-
Transfer agent fees	19,680	2,735	3,516	6,269	585	-	-
Travel expenses	4,646	3,275	-	-	-	-	-
Exchange loss	(553)	(1,551)	(1,590)	(1,417)	(4,155)	(919)	-
Gain on sale of exploration and evaluation assets	148,355	-	-	-	-	-	-
Gain on settlement of debt	(921)
Interest income	4,781	18,968	8,952	1,252	1,612	2,307	2,993
Loss on sale of marketable securities	(5,190)	-	-	-	-	-	-
Part XII tax expense	(5,474)	-	-	-	-	-	-
Realized gain on sale of marketable securities	6,218	-	-	-	-	-	-
Recovery of office and general	8,625	-	-	-	-	-	-
Net loss and comprehensive loss	(412,297)	(490,549)	(791,329)	(1,580,187)	(397,531)	(81,012)	(14,575)
Loss per common share – basic and diluted	(0.01)	(0.01)	(0.03)	(0.06)	(0.02)	(0.01)	(0.00)

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

Liquidity and Capital Resources

As at February 28, 2025, the Group had cash of $6,095,042 (August 31, 2024 - $840,055) and $658,769 in term deposits (August 31, 2024 - $950,000). The term deposits are redeemable on demand, have a maturity date of March 19, 2025, and bear interest of a variable rate equal to the bank's prime rate less a spread of 2.95% per annum. The interest rate as of February 28, 2025 is 2.25% per annum, and interest income is calculated and paid at maturity or withdrawal. Interest income paid on term deposits during the three and six months ended February 28, 2025 was $4,781 and $23,749, respectively (2024 - $1,612 and $3,919).

As at February 28, 2025, the Company had a net working capital of $6,639,232 (August 31, 2024 - $661,246) and cash and cash equivalents of $6,753,811 (August 31, 2024 - $1,790,055).

Net cash used in operating activities during the six months ended February 28, 2025 was $1,500,932. The cash used in operating activities for the period consists primarily of the operating loss and an increase working capital related to operating activities. (2024 - $441,852, consisted primarily of the operating loss and prepaid expenses).

GREENRIDGE EXPLORATION INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS
FOR THE THREE AND SIX MONTHS ENDED FEBRUARY 28, 2025
(Expressed in Canadian dollars)

Net cash provided by investing activities during the six months ended February 28, 2025 was $131,312. The Company received $35,105 from the sale of marketable securities and cash of $106,448 from the acquisition of a subsidiary. The Company also incurred $10,241 in cash expenditures for mineral property expenditures. (2024 – used $69,994. The Company paid cash mineral property expenditures).

Net cash provided by financing activities during the six months ended February 28, 2025 was $6,333,376. The Company issued shares for cash, received cash for warrants, paid for costs related to the issuance of common shares, advanced a loan, repaid lease liabilities and repaid an amount due to a related party. (2024 – provided $262,045. The Company issued shares for cash, paid for costs related to the issuance of common shares, and repaid an amount due to a related party.)

Financings

During the year ended August 31, 2024, the Company issued the following shares:

1,720,135 share purchase warrants were exercised, and 1,720,135 common shares were issued for $0.20 per share for total proceeds of $344,027.
278,000 share purchase warrants were exercised, and 278,000 common shares were issued for $0.45 per share for total proceeds of $125,100.
99,000 common shares were issued for the exercise of 99,000 share purchase options at $0.75 per share for total proceeds of $74,250.
63,500 common shares were issued for the exercise of 63,500 share purchase options at $0.63 per share for total proceeds of $40,005.
2,793,005 issued and outstanding special warrants were exercised and converted into one unit. Each unit consists of one common share and one share purchase warrant exercisable at an exercise price of $0.20 for two years from the date the Company's shares commence trading on an exchange.
200,000 common shares, with a fair value of $92,000, were issued to the optionor of the Weyman property pursuant to the Weyman Option Agreement.
1,000,000 common shares, with a fair value of $610,000, to the optionors of the Nut Lake Property pursuant to the Nut Lake Option Agreement.
850,000 common shares, with a fair value of $739,500, to the optionors of the Snook Lake and Ranger Lake Properties.
500,000 common shares of the Company, with a fair value of $385,000, to the optionors of the Carpenter Lake Property.
On March 18, 2024, the Company closed a non-brokered private placement and issued 9,211,724 units at a price of $0.38 per unit for aggregate gross proceeds of $3,500,455. Each unit comprises one common share of the company and one transferable common share purchase warrant, with each warrant entitling the holder to acquire one additional share at an exercise price of $0.45 for a period of 24 months from the closing date. Finders' fees of $233,189 and 613,655 finders' warrants were paid to arm's-length parties in connection with the offering (each finder's warrant exercisable on the same terms as the warrants forming part of the units).
On August 2, 2024, the Company closed the first tranche of a non-brokered private placement, previously announced on July 2, 2024 and repriced on July 25, 2024, and has issued 853,180 flow-through units at a price of $0.88 per unit for aggregate gross proceeds of $750,798. Each unit comprises one common share of the company and one half transferable common share purchase warrant, with each whole warrant entitling the holder to acquire one additional share at an exercise price of $1.15 for a period of 36 months from the closing date. Finders' fees of $15,048 and 17,100 finders' warrants were paid to arm's-length parties in connection with the offering (each finder's warrant entitles the holder to acquire one common share at a price of $0.88 for a period of 36 months from the closing date). The Company allocated $750,713 to the Company's share capital, $85 to warrants reserve and $nil to flow through premium.

-15-

GREENRIDGE EXPLORATION INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS
FOR THE THREE AND SIX MONTHS ENDED FEBRUARY 28, 2025
(Expressed in Canadian dollars)

During the six months ended February 28, 2025, the Company issued the following shares:

351,350 share purchase warrants were exercised, and 351,350 common shares were issued for $0.20 per share for total proceeds of $70,270.
395,750 share purchase warrants were exercised, and 395,750 common shares were issued for $0.45 per share for total proceeds of $178,088.
1,000,000 common shares, with a fair value of $960,000, to the optionors of the Snook Lake and Ranger Lake Properties.
On October 10, 2024, the Company closed the second tranche of a non-brokered private placement, previously announced on July 2, 2024 and repriced on July 25, 2024, and has issued 1,708,100 flow-through units at a price of $0.88 per unit for aggregate gross proceeds of $1,503,128. Each unit comprises one common share of the company and one half transferable common share purchase warrant, with each whole warrant entitling the holder to acquire one additional share at an exercise price of $1.15 for a period of 36 months from the closing date. Finders' fees of $45,094 were paid to arm's-length parties in connection with the offering. The Company allocated $1,502,957 to the Company's share capital, $171 to warrants reserve and $nil to flow through premium.
On December 19, 2024, the Company closed its non-brokered private placement of flow-through units for aggregate gross proceeds of $4,947,434. The Company has issued 5,622,084 flow-through Units at a price of $0.88 per flow-through Unit, with each flow-through Unit comprised of one (1) common share of the Company issued on a flow-through basis under the Income Tax Act (Canada) and one half of one Common Share purchase warrant. Each Warrant entitles the holder to purchase one Common Share of the Company at a price of $1.15 for a period of 36 months from the date of issuance. The gross proceeds from the sale of the flow-through Shares will be used by the Company to incur eligible "Canadian exploration expenses" that will qualify as "flow-through mining expenditures" as such terms are defined in the Income Tax Act (Canada) related to the Company's projects in Canada. All Qualifying Expenditures will be renounced in favour of the subscribers of the FT Units effective December 31, 2024. In connection with the closing of the Offering, an aggregate of $167,923 was paid in cash and a total of 210,586 finder's warrants were issued as finder's fees. Each Finder's Warrant entitles the holder thereof to acquire one (1) Common Share at a price of $1.15 per Finder's Warrant Share for a period of 36 months from the date of issuance. The Company allocated $4,946,872 to the Company's share capital, $562 to warrants reserve and $nil to flow through premium.
On December 30, 2024, the Company has acquired all of the issued and outstanding common shares of ALX by way of a court-approved plan of arrangement under the Business Corporations Act (British Columbia). The Company acquired all the outstanding common shares of ALX in consideration for the issuance of an aggregate of 11,226,143 common shares of the Company to the former ALX shareholders, based on the share exchange ratio of 0.045 common share of the Company for each ALX share held. As ALX meets the IFRS 3, Business Combinations, definition of a business, the acquisition has been accounted for as a business combination and measured at the fair value of consideration paid of $11,001,620. ALX is engaged in the acquisition, exploration, and development of mineral properties.
On January 28, 2025, the Company settled an aggregate of $241,579 in debt through the issuance of 250,000 common shares of the company at a price of 97 cents per share. These shares have a fair value of $242,500, leading to a loss on debt settlement of $921. All securities issued in connection with the debt settlement are subject to a statutory hold period of four months and one day from the date of issuance.

-16-

GREENRIDGE EXPLORATION INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS
FOR THE THREE AND SIX MONTHS ENDED FEBRUARY 28, 2025
(Expressed in Canadian dollars)

Special Warrants

During the period from incorporation on December 19, 2022 to August 31, 2023, the Company received a total of $279,300 related to 2,793,005 special warrants of the Company priced at $0.10 per special warrant (the "Offering"). Each special warrant will be converted into one unit of the Company on the date that is the earlier of (i) the third business day after the date on which a receipt for a final prospectus, and (ii) the date that is one year following closing of the Offering. Each unit will consist of one common share of the Company and one share purchase warrant exercisable at an exercise price of $0.20 for two years from the date the Company's shares commence trading on an exchange.

On December 7, 2023, 2,793,005 issued and outstanding special warrants were exercised and converted into one unit of the Company. Each unit consists of one common share of the Company and one share purchase warrant exercisable at an exercise price of $0.20 for two years from the date the Company's shares commence trading on an exchange.

On December 11, 2023, the Company's common shares were approved for listing on the Canadian Securities Exchange and began trading on December 13, 2023.

During the six months ended February 28, 2025, the Company incurred $nil in costs (2024 - $1,447) to a third-party facilitator for their services with issuing special warrants.

Warrants

On March 18, 2024, the Company closed a non-brokered private placement, previously announced on February 5, 2024, and has issued 9,211,724 units at a price of $0.38 per unit for aggregate gross proceeds of $3,500,455. Each unit comprises one common share of the company and one transferable common share purchase warrant, with each warrant entitling the holder to acquire one additional share at an exercise price of $0.45 for a period of 24 months from the closing date. Finders' fees of $233,189 and 613,655 finders' warrants were paid to arm's-length parties in connection with the offering (each finder's warrant exercisable on the same terms as the warrants forming part of the units).

On August 2, 2024, the Company closed the first tranche of a non-brokered private placement, previously announced on July 2, 2024 and repriced on July 25, 2024, and has issued 853,180 flow-through units at a price of $0.88 per unit for aggregate gross proceeds of $750,798. Each unit comprises one common share of the company and one half transferable common share purchase warrant, with each whole warrant entitling the holder to acquire one additional share at an exercise price of $1.15 for a period of 36 months from the closing date. Finders' fees of $15,048 and 17,100 finders' warrants were paid to arm's-length parties in connection with the offering (each finder's warrant entitles the holder to acquire one common share at a price of $0.88 for a period of 36 months from the closing date). A value of $0.0001 was assigned to each half-Warrant comprising each flow-through unit.

On October 10, 2024, the Company closed the second tranche of a non-brokered private placement, previously announced on July 2, 2024 and repriced on July 25, 2024, and has issued 1,708,100 flow-through units at a price of $0.88 per unit for aggregate gross proceeds of $1,503,128. Each unit comprises one common share of the company and one half transferable common share purchase warrant, with each whole warrant entitling the holder to acquire one additional share at an exercise price of $1.15 for a period of 36 months from the closing date. Finders' fees of $45,094 were paid to arm's-length parties in connection with the offering. A value of $0.0001 was assigned to each half-Warrant comprising each flow-through unit.

On December 19, 2024, the Company closed its non-brokered private placement of flow-through units for aggregate gross proceeds of $4,947,434. The Company has issued 5,622,084 flow-through Units at a price of $0.88 per flow-through Unit, with each flow-through Unit comprised of one (1) common share of the Company issued on a flow-through basis under the Income Tax Act (Canada) and one half of one Common Share purchase warrant. Each Warrant entitles the holder to purchase one Common Share of the Company at a price of $1.15 for a period of 36 months from the date of issuance. In connection with the closing of the Offering, an aggregate of $167,923 was paid in cash and a total of 210,586 finder's warrants were issued as finder's fees. Each Finder's Warrant entitles the holder thereof to acquire one (1) Common Share at a price of $1.15 per Finder's Warrant Share for a period of 36 months from the date of issuance. A value of $0.0001 was assigned to each half-Warrant comprising each flow-through unit.

-17-

GREENRIDGE EXPLORATION INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS
FOR THE THREE AND SIX MONTHS ENDED FEBRUARY 28, 2025
(Expressed in Canadian dollars)

The Company acquired all the outstanding warrants of ALX in consideration for the issuance of an aggregate of 1,305,527 warrants of the Company to the former ALX shareholders, based on the share exchange ratio of 0.045 warrants of the Company for each ALX warrant held.

A summary of the Company's warrant activity is as follows:

	Number of warrants outstanding	Weighted average exercise price per share
Balance, August 31, 2023	2,793,005	$0.20
Issued	10,269,069	$0.47
Exercised	(1,998,135)	$0.23
Balance, August 31, 2024	11,063,939	$0.44
Issued	5,181,205	$1.20
Exercised	(1,826,145)	$0.28
Balance, February 28, 2025	14,418,999	$0.73

Warrants outstanding as at February 28, 2025:

Expiry Date	Number of warrants outstanding	Weighted Average Exercise Price	Weighted Average Remaining Life (years)
November 3, 2025	400,500	$1.67	0.68
November 3, 2025	45,225	$1.11	0.68
November 10, 2025	338,441	$1.11	0.70
November 17, 2025	137,813	$1.67	0.72
November 21, 2025	49,500	$1.67	0.73
November 21, 2025	5,940	$1.11	0.73
November 29, 2025	276,660	$1.11	0.75
November 30, 2025	51,448	$1.11	0.83
December 13, 2025	720,520	$0.20	0.79
March 15, 2026	8,073,584	$0.45	1.04
August 2, 2027	426,590	$1.15	2.42
August 2, 2027	17,100	$0.88	2.42
October 10, 2027	854,050	$1.15	2.61
December 19, 2027	3,021,628	$1.15	2.81
	14,418,999	$0.73	1.50

During the three and six months ended February 28, 2025, fair value of $562 and $733, respectively, (2024 - $nil and $nil) in connection with warrants issued as a part of private placements was allocated to reserves.

Options

The Company has a stock option plan, last approved on February 26, 2024, which reserves an aggregate number of securities for issuance up to 10% of the number of the outstanding common shares. Under the stock option plan, stock options can be granted for a maximum term of ten years. Further, the exercise price shall not be less than the price of the Company's common shares on the date of grant.

On March 5, 2024, granted an aggregate of 1,800,000 incentive stock options under the company's stock option plan, each with an exercise price of $0.63, to officers, directors and consultants of the company. These options vest immediately. Each option, upon payment of the exercise price, entitles the holder thereof to receive one share of the company. The options, and any shares issued upon the exercise of, will be subject to a hold period of four months, in accordance with the policies of the Canadian Securities Exchange.

-18-

GREENRIDGE EXPLORATION INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS
FOR THE THREE AND SIX MONTHS ENDED FEBRUARY 28, 2025
(Expressed in Canadian dollars)

On March 27, 2024, granted 250,000 stock options under the company's stock option plan, each with an exercise price of $0.75, to a consultant. These options vest immediately. Each vested option, upon payment of the exercise price, entitles the holder thereof to receive one common share of the company. The options, and any shares issued upon the exercise of, will be subject to a hold period of four months in accordance with the policies of the Canadian Securities Exchange.

On November 8, 2024, the Company granted 300,000 stock options under the company's stock option plan, each with an exercise price of 76 cents per share and a term of 2 years, to a consultant. Each vested option, upon payment of the exercise price, entitles the holder thereof to receive one common share of the company. The options, and any shares issued upon the exercise of, will be subject to a hold period of four months in accordance with the policies of the Canadian Securities Exchange.

A summary of the Company's option activity is as follows:

	Number of options outstanding	Weighted average exercise price
Balance, August 31, 2023	-	-
Issued	2,050,000	$0.64
Exercised	(162,500)	$0.70
Balance, August 31, 2024	1,887,500	$0.64
Issued	1,006,500	$1.34
Expired	(130,500)	$1.56
Balance, February 28, 2025	2,763,500	$0.85

Options outstanding as at February 28, 2025:

Expiry Date	Number of options outstanding	Number of options exercisable	Weighted Average Exercise Price	Weighted Average Remaining Life (years)
September 25, 2025	47,250	47,250	$2.22	0.57
February 26, 2026	155,250	155,250	$1.67	0.99
March 5, 2026	1,736,500	1,736,500	$0.63	1.01
March 15, 2026	6,750	6,750	$2.22	1.04
March 27, 2026	250,000	151,000	$0.75	1.07
January 4, 2027	150,750	150,750	$2.00	1.85
June 26, 2028	216,000	216,000	$1.11	3.33
	2,763,500	2,763,500	$0.85	1.31

A summary of the Company's assumptions used in the Black-Scholes option pricing model used to determine the fair value of options is as follows:

	November 8, 2024
Stock price	$0.77
Exercise price	$0.76
Risk-free interest rate	3.08%
Expected life of the option	2 years
Annualized volatility	147.36%
Dividend rate	0.00%

GREENRIDGE EXPLORATION INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS
FOR THE THREE AND SIX MONTHS ENDED FEBRUARY 28, 2025
(Expressed in Canadian dollars)

During the three and six months ended February 28, 2025, the Company incurred share-based compensation related to stock options of $nil and $164,820, respectively, in connection with options vested (2024 – $nil and $nil).

Escrowed Shares

Subject to certain exemptions permitted by the Canadian Securities Exchange, all securities of the Company held by principals of the Company are subject to an Escrow Agreement. Under the Escrow Agreement, 10% of the escrowed common shares will be released from escrow on the Listing Date, and an additional 15% will be released 6 months, 12 months, 18 months, 24 months, 30 months and 36 months, respectively, following the Initial Release.

Pursuant to the Carpenter Lake Option Agreement, the Carpenter Lake First Tranche Shares, Carpenter Lake Second Tranche Shares and Carpenter Lake Third Tranche Shares will all be subject to escrow, with the Carpenter Lake First Tranche Shares released over a 24-month period, the Carpenter Lake Second Tranche Shares released over an 18-month period and the Carpenter Lake Third Tranche Shares released over a 12-month period.

Pursuant to the Snook and Ranger Lake Option Agreement, the Snook and Ranger Lake First Tranche Shares and Snook and Ranger Lake Second Tranche Shares will all be subject to escrow, with both tranches released over a 36-month period.

As of February 28, 2025, 4,891,051 common shares and 91,050 warrants remain in escrow (August 31, 2024, 3,562,502 common shares and 113,813 warrants).

Use of Proceeds

On February 6, 2023, the Company issued 1,500,000 common shares at $0.005 per share for total proceeds of $7,500. On March 20, 2023, the Company issued 9,999,234 common shares at $0.02 per share for total proceeds of $199,985. On April 26, 2023, the Company issued 3,998,501 common shares at $0.05 per share for total proceeds of $199,925.

On August 31, 2023, the Company received a total of $279,300 related to 2,793,005 special warrants of the Company priced at $0.10 per special warrant, together (the "Offerings"). The Company intends to use the gross proceeds from the Offerings to advance the Company's Weyman Property exploration project, as well as for general working capital purposes, as estimated below.

	From the Date of Incorporation December 19, 2022 to August 31, 2023
	$
Total Proceeds	686,710

Expected allocation of net proceeds:
Complete recommended Phase 1 exploration program on the Property	256,555
Initial listing expenses	60,000
Payments under Property Agreement due within twelve months of the Listing Date	60,000
General and administrative costs for next 12 months	195,000
Share issuance costs	12,245
Mineral property payments made	29,127
Miscellaneous expenses paid	14,575
Unallocated working capital	59,208
TOTAL:	686,710

-20-

GREENRIDGE EXPLORATION INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS
FOR THE THREE AND SIX MONTHS ENDED FEBRUARY 28, 2025
(Expressed in Canadian dollars)

On March 18, 2024, the Company closed a non-brokered private placement, previously announced on February 5, 2024, and has issued 9,211,724 units at a price of 38 cents per unit for aggregate gross proceeds of $3,500,455. Each unit comprises one common share of the company and one transferable common share purchase warrant, with each warrant entitling the holder to acquire one additional share at an exercise price of 45 cents for a period of 24 months from the closing date. Finders' fees of $233,189 and 613,655 finders' warrants were paid to arm's-length parties in connection with the offering (each finder's warrant exercisable on the same terms as the warrants forming part of the units). The Company intends to use the gross proceeds from the Offerings to advance the Company's Weyman and Nut Lake Property exploration projects, as well as for general working capital purposes, as estimated below.

	March 18, 2024
	$
Total Proceeds	3,500,455

Expected allocation of net proceeds:
Finders' fees	233,189
Weyman property expenditures	256,000
Nut Lake property expenditures	500,000
General working capital purposes	2,511,266
TOTAL:	3,500,455

	August 2, 2024
	$
Total Proceeds	750,798

Expected allocation of net proceeds:
Finders' fees	15,048
Nut Lake property expenditures	411,906
Carpenter Lake property expenditures	200,000
General working capital purposes	123,844
TOTAL:	750,798

On October 10, 2024, the Company closed the second tranche of its non-brokered private placement of flow-through (FT) units for aggregate gross proceeds in this second tranche of $1,503,128. The company has issued 1,708,100 FT units at a price of $0.88 per FT unit, with each FT unit comprising one common share of the company issued on a flow-through basis under the Income Tax Act (Canada) and one-half of one common share purchase warrant. Each warrant entitles the holder to purchase one common share of the company at a price of $1.15 for a period of 36 months from the date of issuance. The gross proceeds from the sale of the FT shares will be used by the company to incur eligible Canadian exploration expenses that will qualify as flow-through mining expenditures as such terms are defined in the Income Tax Act (Canada) related to the company's projects in Canada. All qualifying expenditures will be renounced in favour of the subscribers of the FT units effective December 31, 2024. In connection with the second tranche closing, an aggregate of $45,094 was paid in cash as finders' fees. All securities issued in connection with the offering are subject to a statutory hold period of four months and one day. The Company intends to use the gross proceeds from the Offerings to advance the Company's Nut Lake and Carpenter Lake, as well as for general working capital purposes, as estimated below.

-21-

GREENRIDGE EXPLORATION INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS
FOR THE THREE AND SIX MONTHS ENDED FEBRUARY 28, 2025
(Expressed in Canadian dollars)

	October 10, 2024
	$
Total Proceeds	1,503,128

Expected allocation of net proceeds:
Finders' fees	45,094
Nut Lake property expenditures	1,000,000
Carpenter Lake property expenditures	202,863
General working capital purposes	255,171
TOTAL:	1,503,128

On December 19, 2024, the Company closed its non-brokered private placement of flow-through units for aggregate gross proceeds in this second tranche of $4,947,434. The Company has issued 5,622,084 flow-through Units at a price of $0.88 per flow-through Unit, with each flow-through Unit comprised of one (1) common share of the Company issued on a flow-through basis under the Income Tax Act (Canada) and one half of one Common Share purchase warrant. Each Warrant entitles the holder to purchase one Common Share of the Company at a price of $1.15 for a period of 36 months from the date of issuance. The gross proceeds from the sale of the flow-through Shares will be used by the Company to incur eligible "Canadian exploration expenses" that will qualify as "flow-through mining expenditures" as such terms are defined in the Income Tax Act (Canada) related to the Company's projects in Canada. All Qualifying Expenditures will be renounced in favour of the subscribers of the FT Units effective December 31, 2024. In connection with the closing of the Offering, an aggregate of $167,923 was paid in cash and a total of 210,586 finder's warrants were issued as finder's fees. Each Finder's Warrant entitles the holder thereof to acquire one (1) Common Share at a price of $1.15 per Finder's Warrant Share for a period of 36 months from the date of issuance. The Company intends to use the gross proceeds from the Offerings to advance the Company's project portfolio including its binding Arrangement Agreement to acquire 16 uranium projects and 13 lithium, nickel gold and copper properties across Canada.

	December 19, 2024
	$
Total Proceeds	4,947,434

Expected allocation of net proceeds:
Finders' fees	167,923
Uranium property expenditures	2,500,000
Copper property expenditures	350,000
Gold property expenditures	700,000
Nickel property expenditures	500,000
General working capital purposes	729,511
TOTAL:	4,947,434

Considering the current uncertainty as to the general market and competitive conditions, the Company continues to maintain its fiscally responsible approach to its mineral exploration activities. In particular, the Company continues to evaluate market conditions on an ongoing basis, with the goal of, among other things: (i) identifying the appropriate time to initiate certain business objectives, and (ii) exploring potential alternative, viable opportunities to further develop and expand the Company's business. As such, the Company notes that there may be circumstances where, for sound business reasons, the Company may be required to reallocate funds, including due to demands for shifting focus or investment in mining exploration and/or development activities, requirements for accelerating, increasing, reducing, or eliminating initiatives in response to changes in market, regulations and/or developments in the mining sector generally and in the price of copper, unexpected setbacks, and strategic opportunities, such as partnerships, strategic partners, joint ventures, mergers, acquisitions, and other opportunities.

Related Party Transactions

During the three months ended February 28, 2025, the Company incurred $37,500 in consulting expenses to Ridgeside, a company controlled by the CEO of the Company (2024 - $21,000).

During the three months ended February 28, 2025, the Company incurred $24,000 in consulting expenses to MSP Consulting Inc, a company controlled by a director of the Company (2024 - $16,800).

-22-

GREENRIDGE EXPLORATION INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS
FOR THE THREE AND SIX MONTHS ENDED FEBRUARY 28, 2025
(Expressed in Canadian dollars)

During the three months ended February 28, 2025, the Company incurred $13,000 in professional fees to Athena Chartered Professional Accountant Ltd., a company controlled by the CFO of the Company (2024 - $8,400).

During the three months ended February 28, 2025, the Company incurred $20,000 in consulting expenses to Warren Stanyer, a director of the Company (2024 - $nil).

During the six months ended February 28, 2025, the Company incurred $72,500 in consulting expenses to Ridgeside, a company controlled by the CEO of the Company (2024 - $21,000).

During the six months ended February 28, 2025, the Company incurred $48,000 in consulting expenses to MSP Consulting Inc, a company controlled by a director of the Company (2024 - $16,800).

During the six months ended February 28, 2025, the Company incurred $25,000 in professional fees to Athena Chartered Professional Accountant Ltd., a company controlled by the CFO of the Company (2024 - $8,400).

During the six months ended February 28, 2025, the Company incurred $20,000 in consulting expenses to Warren Stanyer, a director of the Company (2024 - $nil).

As of February 28, 2025, $22,679 (August 31, 2024 - $33,600) was owed to related parties. This amount is due on demand and carries no interest.

Certain directors and/or officers participated in various private placements

Off-Balance Sheet Arrangements

The Company has no off-balance sheet arrangements as at February 28, 2025 or at the date of this MD&A.

Proposed Transactions

As of the date of this MD&A, there is no firm offer that may result in a material transaction being considered by the Company. The Company continues to evaluate offers and assets that it may acquire in the future.

Subsequent Events

On March 7, 2025, the Company announced a undertake a non-brokered private placement of up to 3,330,000 units at a purchase price of $0.45 per unit to raise total gross proceeds of up to $1,485,000.

Each unit will consist of one common share of the company and one-half of one transferable common share purchase warrant. Each warrant will entitle the holder to shall acquire one additional share at an exercise price of $0.65 for a period of 36 months from the closing date. The company will use the proceeds from the placement toward exploration on the company's properties and for general working capital purposes.

Financial Instruments

(a) Categories of Financial Instruments and Fair Value Measurements

Financial instruments measured at fair value are classified into one of three levels in the fair value hierarchy according to the relative reliability of the inputs used to estimate the fair values. The three levels of the fair value hierarchy are:

Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities;
Level 2 – Inputs other than quoted prices that are observable for the asset or liability either directly or indirectly; and
Level 3 – Inputs that are not based on observable market data.

The fair value of the Company's financial instruments approximates their carrying amount due to their short-term maturities.

-23-

GREENRIDGE EXPLORATION INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS
FOR THE THREE AND SIX MONTHS ENDED FEBRUARY 28, 2025
(Expressed in Canadian dollars)

The fair value of the Company's financial instruments has been classified within the fair value hierarchy as at February 28, 2025 as follows:

	Level 1	Level 2	Level 3	Total
Financial Instrument	$	$	$	$
Cash and cash equivalents	6,753,811	-	-	6,753,811
Marketable securities	42,292	-	-	42,292
	6,796,103	-	-	6,796,103

(b) Management of Financial Risks

The Group is exposed in varying degrees to a variety of financial instrument related risks. The Board of Directors approves and monitors the risk management processes, inclusive of documented investment policies, counterparty limits, and controlling and reporting structures. The type of risk exposure and the way in which such exposure is managed is provided as follows:

Credit Risk

Credit risk is the risk that one party to a financial instrument will fail to discharge an obligation and cause the other party to incur a financial loss. The Group had no exposure to credit risk as the Group maintains all of its cash and cash equivalents in a major bank. Accordingly, the Group has assessed credit risk as low.

Liquidity Risk

Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Group's liquidity and operating results may be adversely affected if its access to the capital markets is hindered. The Group has no source of revenue and has obligations to meets its administrative overheads and to settle amounts payable to its creditors. The Group manages liquidity risk by maintaining adequate cash balances. The Group continuously monitors both actual and forecasted cash flows and matches the maturity profile of financial assets and liabilities. As at February 28, 2025, the Group had $6,753,811 in cash and cash equivalents to settle current liabilities of $506,798 and, as such, assessed liquidity risk as low.

Foreign Exchange Risk

Foreign exchange risk is the risk that the Group's financial instruments will fluctuate in value as a result of movements in foreign exchange rates. The Group is exposed to foreign currency risk to the extent that monetary assets and liabilities held by the Group are not denominated in its functional currency. The majority of monetary assets and liabilities held by the Group are denominated in its functional currency, so the Group has assessed foreign exchange risk as low. Therefore, the Group does not manage currency risk through hedging or other currency management tools.

The effect on net loss and comprehensive loss for the three months ended February 28, 2025 of a 10% change in Canadian dollar against the U.S dollar on the above-mentioned net financial liabilities of the Group is estimated to have an increase or decrease in foreign exchange gain or loss of $4,356.

Interest Rate Risk

Interest rate risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Group is exposed to interest rate risk through its term deposit, which carries a variable interest rate. However, this risk is minimal due to the short-term nature.

Market Risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market prices are comprised of two types of risk: interest rate risk and equity price risk.

GREENRIDGE EXPLORATION INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS
FOR THE THREE AND SIX MONTHS ENDED FEBRUARY 28, 2025
(Expressed in Canadian dollars)

Capital Management

The Group defines its capital as working capital and shareholders' equity. The Group manages its capital structure and makes adjustments to it based on the funds available to the Group in order to support future business opportunities. The Board of Directors does not establish quantitative return on capital criteria for management, but rather relies on the expertise of the Group's management to sustain future development of the business.

The Group is dependent upon external financing. In order to carry future activities and pay for administrative costs, the Group will spend its existing working capital and raise additional funds as needed. Management reviews its capital management approach on an ongoing basis and believes that this approach, given the relative size of the Group, is reasonable. The Group is not subject to externally imposed capital requirements. The Group did not institute any changes to its capital management strategy since inception.

Significant Accounting Estimates and Judgments

Apart from making estimates and assumptions as described below, the Company's management makes judgments in the process of applying its accounting policies that have a significant effect on the amounts recognized in the Company's financial statements. The significant judgments that the Company's management has made in the process of applying the Company's accounting policies, apart from those involving estimation uncertainties, that have the most significant effect include, but are not limited to:

The indicators of impairment of exploration and evaluation assets

Assets or "CGUs" are evaluated at each reporting date to determine whether there are any indications of impairment. The Company considers both internal and external sources of information when making the assessment of whether there are indications of impairment for the Company's exploration and evaluation assets.

Significant judgment is required when determining whether facts and circumstances suggest that the carrying amount of exploration and evaluation assets may exceed its recoverable amount. The retention of regulatory permits and licenses; the Company's ability to obtain financing for exploration and development activities and its future plans on the exploration and evaluation assets; current and future metal prices; and market sentiment are all factors considered by the Company.

The assessment of the Company's ability to continue as a going concern

The assessment of the Company's ability to continue as a going concern and to raise sufficient funds to pay for its operating expenditures, meet its liabilities for the subsequent year, and to fund planned contractual exploration programs, involves significant judgement based on historical experiences and other factors including expectation of future events that are believed to be reasonable under the circumstances.

Management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of expenses during the reporting period. Significant areas requiring the use of management estimates include:

The inputs used in the Black-Scholes option pricing model to calculate the fair value of options granted and vested in the period.

While management believes that these estimates are reasonable, actual results could differ from those estimates and could impact future results of operations and cash flows.

-25-

GREENRIDGE EXPLORATION INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS
FOR THE THREE AND SIX MONTHS ENDED FEBRUARY 28, 2025
(Expressed in Canadian dollars)

Outstanding Share Data

The Company has authorized an unlimited number of common shares with no par value.

Type of Equity Instruments	Number, as at February 28, 2025	Number, as at the Date of this MD&A
Common shares	55,698,752	55,698,752
Warrants	14,418,999	14,418,999
Options	2,763,500	2,763,500
Common shares in escrow	4,891,051	4,657,718
Warrants in escrow	91,050	91,050

Corporate Governance

The Company's Board of Directors substantially follows the recommended corporate governance guidelines for public companies to ensure transparency and accountability to shareholders. The current Board of Directors is comprised of 3 individuals, Mandeep Parmar, Warren Stanyer and Russell Starr. Both Warren Stanyer and Mandeep Parmar are neither executive officers nor employees of the Company and are unrelated in that they are independent of management.

Cautionary Statement Regarding Forward-Looking Statements

Certain statements in this MD&A are forward-looking statements or forward-looking information (collectively "forward-looking statements") within the meaning of applicable securities legislation. We are hereby providing cautionary statements identifying important factors that could cause the actual results to differ materially from those projected in the forward-looking statements. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance are not historical facts and may be forward-looking and may involve estimates, assumptions and uncertainties which could cause actual results or outcomes to differ materially from those expressed in the forward-looking statements.

Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or the negatives thereof or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.

Forward-looking statements are based on the reasonable assumptions, estimates, analysis and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances at the date that such statements are made, but which may prove to be incorrect. The Company believes that the assumptions and expectations reflected in such forward-looking information are reasonable. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect. By their nature, forward-looking statements involve numerous assumptions, inherent risks and uncertainties, both general and specific, which contribute to the possibility that the predicted outcomes may not occur or may be delayed.

Readers are cautioned that the foregoing lists of factors are not exhaustive.

The forward-looking statements in this MD&A are based on the reasonable beliefs, expectations and opinions of management on the date of this MD&A. Although we have attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There is no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information.

Risk Factors

An investment in the Company should be considered highly speculative, due to the Company's stage and the inherent uncertainty in resource exploration and development.

GREENRIDGE EXPLORATION INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS
FOR THE THREE AND SIX MONTHS ENDED FEBRUARY 28, 2025
(Expressed in Canadian dollars)

The Company is exposed to risks and uncertainties including and not limited to the following:

Exploration and Development

Resource exploration and development is a speculative business, characterized by a number of significant risks including, among other things, unprofitable efforts resulting not only from the failure to discover mineral deposits but also from finding mineral deposits that, though present, are insufficient in quantity and quality to return a profit from production.

The Company's projects are at an early stage of exploration. There is no assurance that the Company's mineral exploration and development activities will result in any discoveries of commercial bodies of minerals, metals or resources of value. The long-term profitability of the Company's operations will in part be directly related to the costs and success of its exploration and development programs, which may be affected by a number of factors.

The business of exploration for minerals and mining involves a high degree of risk. Whether a mineral deposit can be commercially viable depends upon a number of factors, including the particular attributes of the deposit, including size, grade and proximity to infrastructure; metal and uranium prices, which can be highly variable; and government regulations, including environmental and reclamation obligations. Few properties that are explored are ultimately developed into profitable, producing mines.

Substantial expenditures are required to establish the continuity of mineralized zones through drilling and to develop and maintain the mining and processing facilities and infrastructure at any site chosen for mining. No assurance can be given that funds required for any proposed development of the Company's properties can be obtained on a timely basis.

The marketability of any minerals acquired or discovered by the Company in the future may be affected by numerous factors which are beyond the control of the Company and which cannot be accurately predicted, such as market fluctuations, the proximity and capacity of milling facilities, mineral markets and processing equipment, and such other factors as government regulations, including regulations relating to royalties, allowable production, importing and exporting of minerals, and environmental protection, the combination of which may result in the Company not receiving an adequate return on investment capital.

There is no assurance that any regulatory authority having jurisdiction will approve the acquisition of any additional properties by the Company, whether by way of option or otherwise.

Financial Capability and Additional Financing

The Company has limited financial resources and has no assurance that additional funding will be available to it for further exploration and development of its projects. There can be no assurance that it will be able to obtain sufficient financing in the future to carry out exploration and development work on its projects. The ability of the Company to arrange additional financing in the future will depend, in part, on the prevailing capital market conditions as well as the business performance of the Company.

Mining Titles

There is no guarantee that the Company's title to or interests in the Company's property interests will not be challenged or impugned. The acquisition of title to mineral properties is a very detailed and time-consuming process. Title to the area of mineral properties may be disputed. There is no guarantee of title to any of the Company's properties. The Company's properties may be subject to prior unregistered agreements or transfers and title may be affected by undetected defects.

There can be no assurance that the Company's rights will not be challenged by third parties claiming an interest in the properties. In order to retain mining titles, the Company is obligated to perform certain annual work assessment requirements. A failure to perform adequate exploration work on specific mineral tenure claims is, in the absence of cash deposits, expected to result in the loss of such tenure.

-27-

GREENRIDGE EXPLORATION INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS
FOR THE THREE AND SIX MONTHS ENDED FEBRUARY 28, 2025
(Expressed in Canadian dollars)

Management

The success of the Company is currently largely dependent on the performance of its officers. The loss of the services of these persons could have a materially adverse effect on the Company's business and prospects. There is no assurance the Company can maintain the services of its officers or other qualified personnel required to operate its business. Failure to do so could have a material adverse effect on the Company and its prospects.

Conflicts of Interest

Certain directors and officers of the Company are, and are expected to continue to be, involved in the mining and mineral exploration industry through their direct and indirect participation in corporations, partnerships, joint ventures and other financial and/or mining interests which are potential competitors of the Company or otherwise adverse in interest. It is understood and accepted by the Company that certain directors and officers of the Company may continue to independently pursue opportunities in the mineral exploration industry. Situations may arise in connection with potential acquisitions, operational aspects, or investments where the other interests of these directors and officers may conflict with the interests of the Company. Directors and officers of the Company with conflicts of interest will be subject to the applicable corporate and securities legislation, regulation, rules and policies and the particulars of any agreements made between the Company and the applicable director or officer.

Dilution

If the Company raises additional funds through the sale of equity securities, shareholders may have their investment diluted. In addition, if warrants and options are issued in the future, the exercise of such options and warrants may result in dilution to the Company's shareholders. The Company intends to issue further equity in the future.

History of Losses and No Assurance of Profitable Operations

The Company has incurred a loss since incorporation. There can be no assurance that the Company will be able to operate profitably during future periods. If the Company is unable to operate profitably during future periods, and is not successful in obtaining additional financing, the Company could be forced to cease its exploration and development plans as a result of lacking sufficient cash resources. The Company has not paid dividends in the past and has no plans to pay dividends for the foreseeable future.

Uninsurable Risks

In the course of exploration, development and production of mineral properties, certain risks, and in particular, unexpected or unusual geological operating conditions may occur. These unexpected or unusual conditions may include rock bursts, cave-ins, fires, flooding and earthquakes. It is not always possible to fully insure against such risks and the Company may decide not to take out insurance against such risks as a result of high premiums or other reasons. Should such liabilities arise, they could reduce or eliminate any future profitability and result in increasing costs and a decline in the value of the securities of the Company.

Environmental and Safety Regulations and Risks

Environmental laws and regulations may adversely affect the operations of the Company. These laws and regulations set various standards regulating certain aspects of health and environmental quality. They provide for penalties and other liabilities for the violation of such standards and establish, in certain circumstances, obligations to rehabilitate current and former facilities and locations where operations are or were conducted. Furthermore, the permission to operate could be withdrawn temporarily where there is evidence of serious breaches of health and safety, or even permanently in the case of extreme breaches. Significant liabilities could be imposed on the Company for damages, clean-up costs or penalties in the event of certain discharges into the environment, environmental damage caused by previous owners of acquired properties or non-compliance with environmental laws or regulations.

-28-

GREENRIDGE EXPLORATION INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS
FOR THE THREE AND SIX MONTHS ENDED FEBRUARY 28, 2025
(Expressed in Canadian dollars)

Fluctuating Commodity Prices

The Company's revenues, if any, are expected to be in large part derived from the sale of commodities. The prices of commodities, including prices related to lithium and uranium, have fluctuated widely in recent years and are affected by factors beyond the control of the Company including, but not limited to, economic and political trends, currency exchange fluctuations, economic inflation and expectations for the level of economic inflation in the consuming economies, interest rates, global and local economic health and trends, speculative activities and changes in the supply due to new mine developments, mine closures, and advances in various production and technological uses for commodities being explored for by the Company. All of these factors, and other factors not detailed herein, may impact the viability of Company projects, and include factors which are not possible to predict with certainty.

Competitive Conditions

The mining industry is intensely competitive in all its phases, and the Company competes with other companies that have greater financial resources and technical capabilities. Competition in the mining industry is primarily for mineral properties which can be developed and produced economically; the technical expertise to find, develop, and produce such properties; the labor to operate the properties; and the capital for the purpose of financing development of such properties. Many competitors not only explore for and mine for metals, minerals and uranium, but also conduct refining and marketing operations on a world-wide basis and most of these companies have much greater financial and technical resources than the Company. Such competition may result in the Company being unable to acquire desired properties, recruit or retain qualified employees or acquire the capital necessary to fund its operations and develop its properties. The Company's inability to compete with other mining companies for these mineral deposits could have a material adverse effect on the Company's results.

Inadequate Infrastructure May Affect the Company's Operations

Mining, processing, development and exploration activities depend, to one degree or another, on adequate infrastructure. Reliable roads, bridges, power sources and water supply are important determinants, which affect capital and operating costs. Unusual or infrequent weather phenomena, sabotage, community, government or other interference in the maintenance or provision of such infrastructure could adversely affect the Company's operations, financial condition and results of operations.

-29-

AI assistant

Greenridge Exploration Inc. — Management Reports 2025

48500_rns_2025-04-28_e0bc1842-b075-45c0-a591-451e6944e877.pdf

Introduction

Going Concern

Description of Business

Acquisition

Firebird Nickel

Electra Nickel Project

Flying Vee Nickel Project

Hydra Lithium Project

Anchor Lithium Project

Cannon Copper Project

Weyman Property

Other Staked Energy Metals Properties

Alligator Gold Project

Vixen Gold Project

Other Gold Properties

Energy Metals and Gold Properties

Nut Lake Property

Gibbons Creek Property

Hook-Carter Property

Black Lake Project

Sabre Uranium Project

Bradley Uranium Project

Javelin Uranium Project

McKenzie Lake Uranium Project

Carpenter Lake Property

Snook and Ranger Lake Properties

Condor

Cutlass

Other Uranium Properties

Uranium Properties

Selected Financial Data - Summary of Annual and Quarterly Results

Liquidity and Capital Resources

Financings

Special Warrants

Warrants

Options

Escrowed Shares

Use of Proceeds

Related Party Transactions

Off-Balance Sheet Arrangements

Proposed Transactions

Subsequent Events

Financial Instruments

(a) Categories of Financial Instruments and Fair Value Measurements

(b) Management of Financial Risks

Credit Risk

Liquidity Risk

Foreign Exchange Risk

Interest Rate Risk

Market Risk

Capital Management

Significant Accounting Estimates and Judgments

The indicators of impairment of exploration and evaluation assets

The assessment of the Company's ability to continue as a going concern

The inputs used in the Black-Scholes option pricing model to calculate the fair value of options granted and vested in the period.

Outstanding Share Data

Corporate Governance

Cautionary Statement Regarding Forward-Looking Statements

Readers are cautioned that the foregoing lists of factors are not exhaustive.

Risk Factors

Exploration and Development

Financial Capability and Additional Financing

Mining Titles

Management

Conflicts of Interest

Dilution

History of Losses and No Assurance of Profitable Operations

Uninsurable Risks

Environmental and Safety Regulations and Risks

Fluctuating Commodity Prices

Competitive Conditions

Inadequate Infrastructure May Affect the Company's Operations

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Greenridge Exploration Inc. Management Reports 2025