IDEX Metals Corp. — Management Reports 2025

Dec 20, 2025

IDEX

METALS

IDEX Metals Corp.

(formerly known as Goodbridge Capital Corp.)

MANAGEMENT DISCUSSION AND ANALYSIS

FOR THE THREE MONTHS ENDED OCTOBER 31, 2025

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Table of Contents

INTRODUCTION ... 3
OVERVIEW ... 3
CORPORATE STRUCTURE ... 4
HIGHLIGHTS ... 4
EXPLORATION AND EVALUATION ASSETS ... 5
SELECTED INFORMATION ... 8
RESULT OF OPERATIONS ... 9
LIQUIDITY AND CAPITAL RESOURCES ... 11
OUTSTANDING SHARE DATA ... 12
RELATED PARTY TRANSACTIONS AND BALANCES ... 13
SUBSEQUENT EVENTS ... 13
FINANCIAL INSTRUMENTS ... 13
CRITICAL ACCOUNTING ESTIMATES ... 14
NEW ACCOUNTING STANDARDS ... 14
OFF-BALANCE SHEET FINANCING ARRANGEMENTS ... 14
OTHER MD&A REQUIREMENTS ... 14
FORWARD- LOOKING INFORMATION ... 14
RISKS AND UNCERTAINTIES ... 15

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IDEX Metals Corp. (formerly known as Goodbridge Capital Corp.)
Management Discussion and Analysis
For the Three Months Ended October 31, 2025
(Expressed in Canadian Dollars)

INTRODUCTION

This Management's Discussion and Analysis ("MD&A") is intended to assist readers in understanding IDEX Metals Corp. (formerly Goodbridge Capital Corp.) ("IDEX") and Idaho Silver Corp. (formerly known as IDEX Metals Corp.) ("ISC"), including our operations, financial performance, and the current and future business environment. This MD&A is provided as a supplement to the consolidated financial statements and accompanying notes prepared in accordance with International Financial Reporting Standards ("IFRS") for the three months ended October 31, 2025. This MD&A should be read in conjunction with the unaudited condensed consolidated interim financial statements of the Company and the notes relating thereto, for the three months ended October 31, 2025, which are prepared in accordance with IFRS and the annual management discussion and analysis for the year ended July 31, 2025. which are available on the SEDAR website at www.sedarplus.ca.

This MD&A is prepared as of December 19, 2025. All dollar amounts in this MD&A are expressed in thousands of Canadian dollars ("$") or "CA$"), unless otherwise specified. United States dollars are referred to as "US$".

OVERVIEW

IDEX was incorporated under the Business Corporations Act (British Columbia) on February 7, 2022, and classified as a capital pool company listed on the TSX Venture Exchange (the "Exchange").

On May 30, 2025, IDEX completed a transaction with ISC, which was incorporated under the Business Corporations Act (British Columbia) on May 19, 2021, and is engaged in mineral exploration. The transaction constituted a reverse takeover ("RTO") under the policies of the Exchange. For accounting purposes, the transaction has been treated as a reverse acquisition under IFRS 3 Business Combinations. ISC has been identified as the accounting acquirer and IDEX as the accounting acquiree. Although IDEX is the legal parent, the consolidated financial statements represent a continuation of the financial information of ISC, with comparative figures presented on that basis.

In this MD&A, the term "Company" collectively refers to both IDEX and ISC.

On June 10, 2025, the Company commenced trading on the Exchange under the ticker symbol "IDEX."

On August 15, 2025, the Company began trading on the OTCQB under the symbol "IDXMF".

The Company's head office, principal address, registered address and records office is 1188-1095 West Pender St. Vancouver BC, V6E 2M6.

Upon completion of the RTO, the Company is an exploration company principally engaged in identifying, acquiring and exploring high-value potential mineral assets in the State of Idaho.

For further information, refer to the "Exploration and Evaluation Assets" section.

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IDEX Metals Corp. (formerly known as Goodbridge Capital Corp.)
Management Discussion and Analysis
For the Three Months Ended October 31, 2025
(Expressed in Canadian Dollars)

CORPORATE STRUCTURE

Following is the corporate structure of the Company as of October 31, 2025 and the date of this MDA&:

	Country of incorporation	Reporting date
IDEX	Canada	March 31
ISC	Canada	July 31
Silver Rock Resources Inc. (“Silver Rock”)	US	July 31
1212242 B.C. LTD.*	Canada	July 31
Long Canyon Resources Inc.*	US	July 31

• Since the disposition of a 70% interest in 1212242 B.C. LTD. and Long Canyon Resources Inc. on November 16, 2022, the financial information of 1212242 B.C. LTD. and Long Canyon Resources Inc. has not been consolidated with the Company’s financial statements.

HIGHLIGHTS

Financings

• The Company completed a brokered private placement of 8,867,099 units at a price of $0.60 per unit, raising gross proceeds of $5,320,259. Each unit comprised one common share and one-half of one warrant. Each whole warrant entitles its holder to purchase one additional common share at an exercise price of $0.90 for a period of two years following the closing of the private placement.

In connection with the private placement, the Company paid finder’s fees in the amount of $204,419 and issued 511,030 finder’s warrants. Each finder’s warrant entitles its holder to purchase one additional common share at an exercise price of $0.60 for a period of two years following the closing of the private placement.

Exploration Activities

During the three months ended October 31, 2025, and up to the date of this MD&A, the Company advanced its maiden exploration program at the Freeze Project in Washington County, Idaho. Work included diamond drilling, surface geochemistry, geological mapping, and multiple geophysical surveys. These activities significantly improved the geological understanding of the Freeze Property and identified several new targets for follow-up.

The Company completed six drillholes totaling 2,282 metres at the Kismet Breccia Complex. All holes intersected copper mineralization, confirming and extending historical results from 1965. Drilling demonstrated that the Kismet breccia system is substantially larger than previously understood, now delineated over approximately 765 metres north–south and 135–150 metres east–west, and remaining open in all directions. Key outcomes from the 2025 drill program included:

• Broad intervals of near-surface copper mineralization, including long runs of oxide and sulfide assemblages in the first two holes.
• Expansion of the Kismet breccia footprint through step-out drilling to the north, east, and southeast.
• Identification of intrusive-hosted mineralization in hole KSMT25006, interpreted as a pyrite shell commonly associated with porphyry systems.
• Confirmation of multi-phase breccia architecture, with mineralization hosted in both clasts and matrix across multiple intrusive phases.

Surface exploration also resulted in the discovery of two new mineralized zones north of Kismet:

Page 4 of 15

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IDEX Metals Corp. (formerly known as Goodbridge Capital Corp.)
Management Discussion and Analysis
For the Three Months Ended October 31, 2025
(Expressed in Canadian Dollars)

• North Breccia Zone – a second mineralized breccia body located approximately 700 metres north of current drilling, displaying copper oxide and sulfide mineralization at surface.
• Frostfall Zone – a gold-bearing structural trend located 950 metres further north, returning grab samples up to 2.91 g/t Au.

These discoveries, combined with more than 2,300 soil and rock samples collected to date, support the presence of a broader metallogenic zonation across the Freeze Property, transitioning from copper-molybdenum in the south to copper-gold in the north.

Geophysical work completed during the period included a property-scale magnetotelluric (MT) survey, which identified three major high-resistivity intrusive bodies along an 11 × 4 kilometre NW-SE corridor. Kismet, North Breccia, and the CM prospect all occur along the flanks of these resistive features. The Company also initiated an Induced Polarization (IP) survey and planned an Extremely Low Frequency (ELF) conductivity survey to refine chargeability and conductivity targets. Integration of drill results with geophysical interpretations continues to support the potential for a large, multi-centre magmatic-hydrothermal system underlying the Freeze Project.

Operationally, the Company received approval from the U.S. Forest Service under a Categorical Exclusion, enabling expanded exploration on western claims and allowing future drilling at the CM prospect. This approval represents a significant milestone in advancing district-scale exploration across the property.

Assay results for drillholes KSMT25003 through KSMT25006, along with results from ongoing geophysical surveys, are expected to inform the design of an expanded Phase II drill program planned for the 2026 field season. The Company will continue to integrate geological, geochemical, and geophysical datasets to refine its exploration model and prioritize targets for follow-up drilling.

For detailed information on the Company’s exploration activities, including drill results, geophysical surveys, and property-scale discoveries, please refer to the press releases filed by the Company, which are available on sedarplus.ca.

EXPLORATION AND EVALUATION ASSETS

Title to exploration and evaluation assets involves certain inherent risks due to the difficulties of determining the validity of certain claims as well as the potential for problems arising from the frequently ambiguous conveyancing history characteristic of many exploration and evaluation assets. The Company has investigated title to all of its exploration and evaluation assets, and, to the best of its knowledge, title to all of its properties, are properly registered and in good standing.

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IDEX Metals Corp. (formerly known as Goodbridge Capital Corp.)
Management Discussion and Analysis
For the Three Months Ended October 31, 2025
(Expressed in Canadian Dollars)

Following is the list of projects for which accumulated exploration and evaluation costs were incurred as of October 31, 2025, and July 31, 2025. The Company is actively engaged in exploration activities on these projects. Except for the Amie Project, which was acquired through an agreement, the Company holds a 100% interest in the projects through staking:

Project	Location	Accumulated exploration and evaluation costs incurred as of
		October 31, 2025 $	July 31, 2025 $
Amie	Owyhee County, Idaho	450,785	450,785
Autunite Hill	Clark County, Idaho	-	-
Badger Creek	Butte County, Idaho	486	486
Basinger Canyon	Lemhi County, Idaho	-	-
Caribou	Bonneville County, Idaho	64,972	64,972
Deadman's Gulch	Shoshone County, Idaho	286,836	286,836
Demming	Owyhee County, Idaho	-	-
Fort Hall	Bannock County, Idaho	18,715	18,715
Foss	Butte County, Idaho	-	-
Freeze	Washington County, Idaho	3,449,365	1,251,756
Kismet	Washington County, Idaho	18,177	17,511
Kopper King	Bannock County, Idaho	-	-
Mineral Mountain	Lemhi County, Idaho	108,445	108,445
New Whitehorse	Lemhi County, Idaho	-	-
Silver Rock	Owyhee County, Idaho	40,749	40,749
South Creek	Butte County, Idaho	-	-
Squaw Creek	Lemhi County, Idaho	-	-
Viola project	Lemhi County, Idaho	34,343	34,343
Warm Springs	Butte County, Idaho	-	-
Worthing Kaufman	Lemhi County, Idaho	15,600	15,600
		4,488,473	2,290,198

Amie Project

On October 26, 2022, the Company entered into a mineral claim purchase agreement (the "Amie Purchase Agreement") with a vendor to acquire certain claims relating to the Amie Project by making a cash payment US$20,000 (paid (CA$27,495)). Upon execution of the Amie Purchase Agreement, the Company granted a 2.5% Net Smelter Royalty (the "NSR") for certain eligible claims to the vendor, of which 1% may be repurchased by the Company for US$1,000,000 on or before December 31, 2027. Most of the claims comprising the Amie Project were subsequently acquired through staking.

The Amie project is located 15 km south of the community of Oreana, Owyhee County, Idaho. The land package is comprised of 53 lode claims, totalling an area of 5 km². The project is 100% owned and is located entirely on Bureau of Land Management (BLM) land. The project is prospective for high-grade epithermal gold-silver mineralization and is located approximately 36 kilometers from Integra Resources' DeLamar project and the historic DeLamar mine. Historical workings have been located on the property by IDEX geologists, including 11 adits, 4 shafts and 46 test pits. Work to date has focused on ground truthing the geology and mineralization of historical workings and mineral showings.

Freeze Project

The Freeze project, located in Washington County, Idaho, is within 5 km of Hercules Silver's Leviathan Porphyry Copper Discovery. The land package is comprised of 153 lode claims, totalling an area of 12 km².

Page 6 of 15

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IDEX Metals Corp. (formerly known as Goodbridge Capital Corp.)
Management Discussion and Analysis
For the Three Months Ended October 31, 2025
(Expressed in Canadian Dollars)

The project is 100% owned and is located entirely on United States Forest Service (USFS) land. Work to date has identified a large copper-in-soil anomaly that has a 2 km strike length and occurs over a quartz eye porphyritic granodiorite intrusion. The property contains evidence of historical mining and exploration including workings such as historic pits, trenches, and dumps. No known drilling or geophysical surveys have been conducted on the property to date. Future work will consist of additional geochemical sampling, geological mapping, and an Induced Polarization (IP) survey over prospective geological targets.

Long Canyon Property

On November 16, 2022, the Company and USCM entered into a share purchase agreement (the “LGSPA”) to sell 70% of the Long Canyon Property, which was held by Long Canyon Resources Inc. through selling 70% issued and outstanding common shares of 1212242 B.C. LTD. and Long Canyon Resources Inc. The remaining 30% interest in Long Canyon Property is being held by the Company with a fair value of $140,058. The transaction was completed on December 15, 2022.

In exchange for the 70% interest in Long Canyon Property, USCM issued 1,000,000 common shares with a fair value of $276,801 and made a cash payment of $50,000 to the Company.

The Mineral Mountain Project

The Mineral Mountain Project (“Mineral Mountain”) is located in Lemhi County, Idaho, within five (5) kilometers of the historic lead-silver Leadville and Kimmel Mines, in the Junction Mining Distinct. Mineral Mountain has limited modern exploration and no known drilling.

Mineral Lease Agreement

On January 8, 2025, the Company, through Silver Rock Resources Inc., its wholly-owned subsidiary, entered into a lease agreement with the Idaho State Board of Land Commissioners (the “Land Board”) granting the Company the right to explore for and extract metallic minerals from state-owned mineral estate located in Idaho, USA.

The lease has an initial term of 20 years from September 1, 2025, with potential extensions subject to Idaho law and renegotiated terms.

Under the lease agreement, the Company is required to make the following payments:

Annual Rent

• January 8, 2025 US$42,042 (paid)
• March 1, 2026 US$84,085^

^ Annual rent is due each March 1 thereafter and increases by 3% cumulatively per year. The final payment will be prorated for six months.

Minimum Annual Royalty

• January 8, 2025 US$10,000 (paid)
• March 1, 2026 to March 1, 2029 US$20,000 per year
• March 1, 2030 to March 1, 2034 US$30,000 per year
• March 1, 2035 to March 1, 2039 US$70,000 per year
• March 1, 2040 to March 1, 2044 US$100,000 per year
• March 1, 2045 US$50,000

In addition, upon execution of the lease agreement, the Land Board is entitled to a 5% NSR on production of metallic minerals, which is credited against the minimum annual royalty.

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IDEX Metals Corp. (formerly known as Goodbridge Capital Corp.)
Management Discussion and Analysis
For the Three Months Ended October 31, 2025
(Expressed in Canadian Dollars)

Reclamation Deposit

During the year ended July 31, 2025, the Company made a reclamation deposit of $152,000 (US$108,852) as collateral for the Kismet project in the event of future operations.

During the three months ended October 31, 2025, the Company made a reclamation deposit of $4,162 (US$3,000) as collateral for the Freeze project in the event of future operations.

SELECTED INFORMATION

	For the three months ended
	October 31, 2025
("FY26")
$	October 31, 2024
("FY25")
$	October 31, 2023
("FY24")
$
Expenses	3,046,634	527,493	173,067
Other income (expenses)	(3,923)	50,000	-
Net loss	(3,050,557)	(477,493)	(173,067)
Loss and comprehensive loss	(3,042,576)	(472,007)	(162,394)
Basic and diluted loss per share	(0.06)	(0.01)	(0.01)
As at	October 31, 2025	July 31, 2025	July 31, 2024
	$	$	$
Working capital	4,313,326	2,048,528	418,533
Total assets	7,067,106	3,916,014	1,308,605
Total liabilities	1,381,988	704,651	348,933
Share capital	13,320,314	8,172,955	2,815,994
Deficit	9,441,123	6,390,560	2,586,416

Expenses increased in FY26 relative to FY25 and FY24, primarily due to higher exploration and evaluation expenditures as the Company advanced its project pipeline. The year-over-year increase also reflects higher other operating costs associated with the broader scale-up in operational activity following the completion of the RTO, including expanded support functions, additional compliance requirements, and ongoing corporate initiatives.

Working Capital increased at each reporting period end, driven primarily by the completion of private placements, which strengthened the Company's liquidity position and resulted in higher cash balances.

Total Assets increased across the reporting periods, reflecting higher cash balances resulting from private placements, as well as continued investment in exploration and evaluation assets.

Total Liabilities increased primarily due to changes in accounts payable and accrued liabilities, consistent with the level and timing of operating activities during the periods.

Share Capital and Deficit The increase in share capital as of each reporting date reflects financing activities completed during the periods presented. The accumulated deficit as of the reporting date is primarily attributable to net losses from operations incurred over the same periods.

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IDEX Metals Corp. (formerly known as Goodbridge Capital Corp.)
Management Discussion and Analysis
For the Three Months Ended October 31, 2025
(Expressed in Canadian Dollars)

RESULT OF OPERATIONS

| | October 31, 2025
("Q126") | July 31, 2025
("Q425") | April 30, 2025
("Q325") | January 31, 2025
("Q225") |
| --- | --- | --- | --- | --- |
| | $ | $ | $ | $ |
| Revenue | - | - | - | - |
| Net income (loss) | (3,050,557) | (2,180,657) | (969,734) | (176,260) |
| Basic and diluted earnings (loss) per share | (0.06) | (0.05) | (0.03) | (0.00) |
| | October 31, 2024
("Q125") | July 31, 2024
("Q424") | April 30, 2024
("Q324") | January 31, 2024
("Q224") |
| | $ | $ | $ | $ |
| Revenue | - | - | - | - |
| Net income (loss) | (477,493) | (630,699) | (205,776) | (823,162) |
| Basic and diluted earnings (loss) per share | (0.02) | (0.02) | (0.01) | (0.02) |

All of the Company's exploration and evaluation properties remain in the exploration stage. Since inception, the Company has not generated revenue and does not expect to do so in the near term. The increases in Q126 and Q425 expenditures primarily reflect higher exploration and evaluation activity as the Company advanced its project pipeline. They also reflect increased operating costs associated with the broader scale-up of activities following completion of the RTO, including expanded support functions, additional compliance requirements, and ongoing corporate initiatives. The Company's net loss continued to be driven by exploration and evaluation expenditures and professional fees, both of which fluctuate period-to-period based on the level and timing of business activities.

Operating Expenses

In Q126, operating expenses totaled $3,046,634, reflecting an increase of $2,519,141 compared to the $527,493 incurred in Q125. The detailed breakdown of operating expenses for both periods is as follows:

	For the three months ended
	October 31, 2025	October 31, 2024	Change
	$	$	$
Expenses
Consulting fees	117,500	-	117,500
Depreciation	9,648	-	9,648
Exploration and evaluation costs	2,198,275	387,959	1,810,316
Foreign exchange loss	55,857	13,568	42,289
General and administrative expenses	31,452	14,619	16,833
Management fees	60,000	30,000	30,000
Professional fees	78,649	70,071	8,578
Share-based payments	299,770	-	299,770
Shareholder information and investor relations	162,517	11,276	151,241
Transfer agent, regulatory and filing fees	15,068	-	15,068
Travel	17,898	-	17,898
Total expenses	3,046,634	527,493	2,519,141

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IDEX Metals Corp. (formerly known as Goodbridge Capital Corp.)

Management Discussion and Analysis

For the Three Months Ended October 31, 2025

(Expressed in Canadian Dollars)

Consulting fees primarily attributable to expanded corporate development initiatives. These initiatives included enhanced strategic advisory services, support for business development activities, and the engagement of specialized consultants to advance the Company's growth objectives.

Exploration and Evaluation Costs ("E&E Costs") E&E Costs primarily encompass expenses incurred on projects, excluding acquisition costs (refer to the section "Exploration and Evaluation Assets"). In Q126 and Q125, the majority of E&E Costs related to activities on the Freeze Project.

Foreign exchange loss (gain) primarily arises from the translation of the Company's US$-denominated financial assets and liabilities into Canadian dollars.

General and administrative expenses consist of insurance, rent-related lease agreements that are not required to be capitalized under IFRS, and other general office expenses.

Management and directors' fees are primarily related to compensation paid or accrued to the Company's Chief Executive Officer (CEO) (refer to the section "Related Party Transactions and Balances").

Professional fees primarily encompass accounting and legal expenses incurred to support operations and the Transaction. These fees also include compensation for the Company's Chief Financial Officer (CFO) (refer to the section "Related Party Transactions and Balances").

Share-based payments primarily involve the recognition of the fair value of options and restricted stock units (RSUs) granted during the vesting period. Previously recognized share-based payments for forfeited options and RSUs are reversed as a recovery on the date of forfeiture.

Shareholder information and investor relations are primarily encompassing costs incurred to enhance communication with investors and increase the Company's visibility among the investment community. The increase in these costs reflects the broader scale-up in operational activity following completion of the RTO.

Transfer agent, regulatory, and filing fees reflect the costs incurred to maintain the Company's public listing and compliance with applicable securities regulations.

Other income (expenses)

In Q126, other expenses totaled $3,923, compared to other income of $50,000 in Q125. The detailed breakdown of other income for both quarters is as follows:

	October 31, 2025	October 31, 2024	Change
	$	$	$
Other income (expenses)
Accretion of interest of lease obligation	(3,923)	-	(3,923)
Other income	-	50,000	(50,000)
Total other expenses	(3,923)	50,000	(53,923)

Accretion of interest on the lease obligation represents the non-cash expense recognized over the term of the Company's lease agreements. This expense reflects the unwinding of the discount applied to lease liabilities at initial recognition, in accordance with IFRS 16 – Leases.

Other income recorded in Q125 relates to a dividend payment of $50,000 received from 1212242 B.C. LTD for the Company's 30% ownership interest.

Page 10 of 15

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IDEX Metals Corp. (formerly known as Goodbridge Capital Corp.)
Management Discussion and Analysis
For the Three Months Ended October 31, 2025
(Expressed in Canadian Dollars)

LIQUIDITY AND CAPITAL RESOURCES

As of October 31, 2025, and July 31, 2025, the Company had working capital of $4,313,326 and $2,048,528, respectively, which included cash of $5,121,402 and $1,603,811, respectively.

Cash Flow

	FY26	FY25
	$	$
Cash flow used in operating activities	(1,461,738)	(149,510)
Cash flow used in investing activities	(226,830)	(346,368)
Cash flow provided by financing activities	5,206,159	200,000
Increase (decrease) in cash	3,517,591	(295,878)

Cash used in operating activities are determined based on the adjusted net loss, which accounts for items not affecting cash and the change in non-cash working capital.

Cash provided by (used in) investing activities primarily related to costs incurred on exploration and evaluation assets, offset by proceeds received from such assets.

During FY26, the Company incurred staking fees and acquisition costs totaling $222,668 across various projects, compared to $396,368 in FY25.

During FY26, the Company also made a reclamation deposit of $4,162 (US$3,000) as collateral for the Freeze Project in anticipation of potential future operations.

During FY25, 1212242 B.C. Ltd. declared and paid a dividend of $50,000 to the Company in respect of its 30% ownership interest.

Cash used in financing activities primarily related to the net proceeds from the issuance of common shares and promissory notes.

During FY26, the Company completed a brokered private placement of 8,867,099 units at a price of $0.60 per unit, raising gross proceeds of $5,320,259 and paying finders' fees of $204,419.

In addition, the Company received cash proceeds of $113,260 from the exercise of options and warrants.

The Company also incurred share issuance costs of $12,536 in connection with shares issued during FY26.

The Company expects to obtain financing in the future primarily through further equity financings. At present, the Company has no operations that generate cash flow, and its financial success depends on management's ability to discover economically viable mineral deposits and arrange the required funding through future equity issuances, asset sales, or a combination thereof. The mineral exploration process can take many years and is subject to factors beyond the Company's control. The Company relies on equity financings and the exercise of options and warrants to fund its exploration activities and corporate and overhead expenses. Many factors influence the Company's ability to raise funds, including the health of the resource market, the climate for mineral exploration investment, the Company's track record, and the experience and caliber of its management. Actual funding requirements may vary from those planned due to a number of factors, including the progress of exploration activities.

The Company's operations to date have been financed by issuing securities. Its ability to continue as a going concern depends on its ability to obtain additional financing to meet its obligations as they come due. If the Company were

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IDEX Metals Corp. (formerly known as Goodbridge Capital Corp.)
Management Discussion and Analysis
For the Three Months Ended October 31, 2025
(Expressed in Canadian Dollars)

unable to continue as a going concern, significant adjustments would be required to the carrying value of assets and liabilities, and to the balance sheet classifications currently used. There is no guarantee that the Company will be able to secure additional financings in the future on favorable terms. To date, the Company has not used debt or other means of financing for its exploration programs and has no plans to use debt financing at the present time. Based on the current working capital as of the date of this MD&A, it is expected that the current cash position will be sufficient to fund the Company's needs for at least the next twelve months.

OUTSTANDING SHARE DATA

As of October 31, 2025, the Company had 57,101,399 common shares issued and outstanding with a value of $13,320,314.

Common shares

FY26:

• The Company completed a brokered private placement of 8,867,099 units at a price of $0.60 per unit, raising gross proceeds of $5,320,259. Each unit comprised one common share and one-half of one warrant. Each whole warrant entitles its holder to purchase one additional common share at an exercise price of $0.90 for a period of two years following the closing of the private placement.

In connection with the private placement, the Company paid finder's fees in the amount of $204,419 and issued 511,030 finder's warrants. Each finder's warrant entitles its holder to purchase one additional common share at an exercise price of $0.60 for a period of two years following the closing of the private placement.

• 56,520 warrants were exercised for proceeds of $38,260.
• 500,000 stock options were exercised for proceeds of $75,000.
• The Company issued 35,000 common shares in settlement of restricted share units.
• The Company incurred share issuance costs of $12,536 in connection with the shares issued as discussed above.

Subsequent to October 31, 2025:

• 150,000 stock options were exercised for proceeds of $22,500.

Options

Subsequent to October 31, 2025:

• On November 13, 2025, the Company granted 125,000 stock options to its consultant. The options have an exercise price of $0.52 per share and are exercisable for a period of five years from the grant date. The options vest in tranches of one-fourth at three-month intervals following the grant date.

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IDEX Metals Corp. (formerly known as Goodbridge Capital Corp.)
Management Discussion and Analysis
For the Three Months Ended October 31, 2025
(Expressed in Canadian Dollars)

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

• 57,251,399 common shares;
• 11,408,146 warrants with exercise price ranging from $0.50 to $0.90 per share;
• 4,430,466 stock options with exercise ranging from $0.15 to $0.52 per share; and
• 4,645,000 RSUs.

RELATED PARTY TRANSACTIONS AND BALANCES

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

Total compensation of key company personnel for the three months ended October 31, 2025, and 2024 is as follows:

	For the three months ended
	October 31, 2025	October 31, 2024
	$	$
Management fees	60,000	30,000
Professional fees	39,000	53,820
Shareholder information and investor relations	18,900	-
Exploration and evaluation costs and project evaluation costs	45,000	36,000
Share-based compensation	261,862	-
	424,762	119,820

Related party balances

The balances due to the Company's directors and officer included in accounts payables and accrued liabilities were $13,650 as of October 31, 2025 (July 31, 2025 – $14,199). These amounts are unsecured, non-interest bearing and payable on demand.

SUBSEQUENT EVENTS

• 150,000 stock options were exercised for proceeds of $22,500.
• On November 13, 2025, the Company granted 125,000 stock options to its consultant. The options have an exercise price of $0.52 per share and are exercisable for a period of five years from the grant date. The options vest in tranches of one-fourth at three-month intervals following the grant date.

FINANCIAL INSTRUMENTS

In the normal course of business, the Company is inherently exposed to certain financial risks, including market risk, credit risk and liquidity risk, through the use of financial instruments. The timeframe and manner in which the Company manages these risks varies based upon management's assessment of the risk and available alternatives for mitigating risk. The Company does not acquire or issue derivative financial instruments for trading or speculative purposes. All transactions undertaken are to support the Company's operations. These financial risks and the Company's exposure to these risks are provided in various tables in note 11 of our unaudited condensed

Page 13 of 15

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IDEX Metals Corp. (formerly known as Goodbridge Capital Corp.)
Management Discussion and Analysis
For the Three Months Ended October 31, 2025
(Expressed in Canadian Dollars)

consolidated interim financial statements for the three months ended October 31, 2025. For a discussion on the significant assumptions made in determining the fair value of financial instruments, refer also to note 2 of the audited consolidated financial statements for the years ended July 31, 2025 and 2024.

CRITICAL ACCOUNTING ESTIMATES

The preparation of our financial statements requires management to use judgment and make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent liabilities at the date of the financial statements, and the reported amount of expenses during the period. Actual results could materially differ from these estimates. For a more detailed discussion of the critical accounting estimates and judgments, refer to note 2 of our annual audited financial statements for the years ended July 31, 2025, and 2024.

NEW ACCOUNTING STANDARDS

Certain new standards, interpretations, amendments, and improvements to existing standards were issued by the IASB or IFRIC, which are mandatory for accounting periods beginning on or after August 1, 2025. The Company does not expect that any new or amended standards or interpretations effective for annual periods beginning on or after August 1, 2025, will significantly impact the Company's results of operations or financial position.

OFF-BALANCE SHEET FINANCING ARRANGEMENTS

As of October 31, 2025, and the date of this MD&A, the Company did not have any off-balance sheet financing arrangements.

OTHER MD&A REQUIREMENTS

Management's responsibility for financial statements

Management is responsible for the preparation and fair presentation of these financial statements in accordance with IFRS, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

FORWARD-LOOKING INFORMATION

This MD&A may contain forward-looking statements based on assumptions and judgments of management regarding events or results that may prove to be inaccurate as a result of exploration or other risk factors beyond its control. Actual results may differ materially from the expected results.

Except for statements of historical fact, this MD&A contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. In particular, forward-looking information in this MD&A includes, but is not limited to, statements with respect to future events and is subject to certain risks, uncertainties and assumptions. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future

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IDEX Metals Corp. (formerly known as Goodbridge Capital Corp.)
Management Discussion and Analysis
For the Three Months Ended October 31, 2025
(Expressed in Canadian Dollars)

results, performance or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information.

Forward-looking information is based on the opinions and estimates of management at the date the statements are made, which are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors that could cause results to differ materially from those expressed in the forward-looking statements include, but are not limited to: general economic conditions in Canada, the United States and globally; industry conditions, including fluctuations in commodity prices; governmental regulation of the mining industry, including environmental regulation; geological, technical and drilling problems; unanticipated operating events; competition for and/or inability to retain drilling rigs and other services; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; stock market volatility; volatility in market prices for commodities; liabilities inherent in mining operations; changes in tax laws and incentive programs relating to the mining industry; and the other factors described herein under "Risks and Uncertainties" as well as in our public filings available at www.sedarplus.ca. Readers are cautioned that this list of risk factors should not be construed as exhaustive.

The forward-looking information contained in this MD&A is expressly qualified by this cautionary statement. We undertake no duty to update any of the forward-looking information to conform such information to actual results or to changes in our expectations except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information.

RISKS AND UNCERTAINTIES

The Company is engaged in the acquisition and exploration of mineral properties. As is typical within the mineral exploration sector, the Company is subject to a range of risks and uncertainties inherent to the industry:

• Capital Intensity: Mineral exploration and development are capital-intensive at all stages, requiring significant ongoing investment.
• Commodity Price Volatility: Fluctuations in global commodity prices directly impact project economics and investor sentiment.
• Market and Currency Risks: The Company is exposed to variations in market sentiment, exchange rates, and inflationary pressures, all of which may affect operating costs and financing capacity.
• Revenue Limitations: At present, the Company has no operating revenue other than interest income. Exploration activities are not expected to generate near-term cash flows.
• Financing Dependence: The Company will rely primarily on equity financing to fund exploration programs and property acquisitions. Access to capital markets and investor appetite remain critical to sustaining operations.

Risk Disclosure

For a comprehensive discussion of risk factors specific to the Company, reference should be made to the filing statement filed by IDEX on May 20, 2025, available on sedarplus.ca.