MineHub Technologies — Management Reports 2025

Jun 28, 2025

MINEHUB TECHNOLOGIES INC.
Management's Discussion and Analysis
For the three months ended April 30, 2025 and 2024

This Management Discussion and Analysis ("MD&A") dated June 24, 2024 is an overview of the activities of MineHub Technologies Inc. (together with its consolidated subsidiaries, referred to herein as the "Company", "MineHub"). All references in this MD&A to "Q1 FY2026" are to the three months ended April 30, 2025 and to "Q1 FY2025" are to the three months ended April 30, 2024. All references in the MD&A to "Fiscal 2026" are to the year ended January 31, 2026 and to "Fiscal 2025" refers to the year ended January 31, 2025.

ADVISORY

In order to better understand the MD&A, it should be read in conjunction with the Company's condensed consolidated interim financial statements and related notes for the three months ended April 30, 2025 and 2024 and audited consolidated financial statements and related notes for the years ended January 31, 2025 and 2024. The results reported herein have been prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB") and are presented in Canadian dollars. All quarterly information disclosed in this MD&A is unaudited.

On March 1, 2024, the Company consolidated its common shares on the basis of one post-consolidation share for every two pre-consolidation shares. All references to the number of shares and per share amounts have been retrospectively restated to reflect the consolidation.

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

FORWARD LOOKING STATEMENTS AND ESTIMATES

This MD&A contains statements that are considered "forward-looking information" within the meaning of applicable Canadian securities legislation ("forward-looking statements") with respect to MineHub including, but not limited to, statements with respect to MineHub's future operational plans, the timing of such plans and anticipated customers. Forward-looking statements are statements that are not historical facts are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although MineHub believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, are subject to risks and uncertainties, and actual results or realities may differ materially from those in the forward-looking statements. Such material risks and uncertainties include, but are not limited to, the Company's ability to raise sufficient capital to fund its operations, applications and for general working capital purposes, changes in economic conditions or financial markets, changes in laws or regulations that could have an impact on the Company's operations, dependence on its key management personnel and market competition. Other risk factors are identified in the "Risks and Uncertainties" section of the Company's MD&A for the year ended January 31, 2025, available on the Company's SEDAR+ profile at www.sedarplus.ca. There may be other risk factors not presently known that management believes are not material that could also cause actual results or future events to differ materially from those expressed in such forward-looking statements. Although the Company has attempted to identify risk factors that could cause actual actions, events or results to differ materially from those disclosed in the forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Also, many of the factors are beyond the control of the Company. Accordingly, readers should not place undue reliance on forward-looking statements or information. The forward-looking information is made as of the date included herein, and the Company assumes no obligation to publicly update or revise such forward-looking information. Forward-looking statements are based on the reasonable beliefs, estimates and opinions of MineHub's management on the date the statements are made. However, except as required by law, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors should change.

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MINEHUB TECHNOLOGIES INC.
Management's Discussion and Analysis
For the three months ended April 30, 2025 and 2024

COMPANY OVERVIEW

The Company was incorporated on February 19, 2018 under the laws of British Columbia and has its registered office at 2501-550 Burrard Street, Vancouver, BC, Canada. The Company's head office is located at 918-1030 West Georgia Street, Vancouver, BC, Canada. The Company's common shares are listed on the TSX Venture Exchange ("TSX-V") under the ticker MHUB and in November 2021 quoted on the OTCQB under the ticker MHUBF.

The Company's principal business is the development and operation of a digital supply chain platform for the commodity markets. MineHub provides enterprise-grade digital solutions that connect buyers, sellers, laboratories and financiers within physical commodities supply chains in a digitally integrated workflow. The Company generates revenue from software as a service ("SaaS") subscriptions as well as professional services. However, the Company is in the early stages of commercialization and has recorded losses in each of its three most recently completed fiscal periods, with losses expected to continue until such time as its platform is fully commercialized. As of the date of this MD&A, MineHub employs approximately 25 employees and full-time contractors globally.

OPERATIONAL HIGHLIGHTS

MineHub strives to amplify the value delivered to customers by enhancing the offering of features and functionality available on its platform. The Company added the following functionality to its platform so far in Fiscal 2026:

• On February 19, 2025, the Company announced the launch of its Document Uploader feature, which simplifies and automates document management to optimize information sharing and reconciliation of shipment-related documents.
• On May 1, 2025, the Company announced the launch of its Trade Insights Dashboard, a powerful analytics tool designed to drive operational efficiency, transparency and data-driven decision-making for MineHub's paying customers.

BUSINESS OUTLOOK

MineHub is well-positioned to accelerate growth through a phased execution plan that balances immediate priorities with long-term market expansion:

Core Market Execution:

• Land & Expand: Execute on the existing pipeline for MineHub's Core Platform in copper and aluminum markets, while driving volume expansions with current customers to maximize recurring revenue.
• Regional Momentum: Capitalize on strong interest in China and India, where regulatory and operational complexity amplifies the need for MineHub's solutions.

Adjacent Market Penetration:

• Pipeline Development: Accelerate outreach in steel, nickel, and scrap metals, where preliminary customer interest validates diversification beyond core verticals.
• AI-Driven Sales: Deploy AI tools to streamline pipeline growth and shorten sales cycles, prioritizing high-potential sectors.

Strategic Collaboration:

• Partnership Leverage: Deepen integrations with Surecomp (trade finance) and Abaxx (commodities exchange and clearing) to unlock cross-selling opportunities and new revenue streams.
• ESG Accountability: Enhance end-to-end visibility tools to meet tightening sustainability reporting mandates.

New Market Testing:

• Targeted Campaigns: Pilot entry into new markets with focused sales efforts.
• Customer Diversification: Expand outreach to brokers, trading intermediaries, and banks—complementing traditional mining and manufacturing clients.

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MINEHUB TECHNOLOGIES INC.
Management's Discussion and Analysis
For the three months ended April 30, 2025 and 2024

Long-Term Growth Levers:

• M&A Opportunities: Evaluate strategic opportunities that include niche platforms that align with MineHub's mission to become the comprehensive digital backbone of global commodity supply chains.

RESULTS OF OPERATIONS AND FINANCIAL SUMMARY

Select Financial Information	Q1 FY2026	Q1 FY2025
Revenue	$ 362,022	$ 775,745
Cost of sales	276,845	309,501
Gross margin	85,177	466,244
Operating expenses
Research and development	688,324	874,067
Sales and marketing	321,065	221,331
General and administrative	519,332	502,379
Stock-based compensation	119,406	85,315
Amortization	19,928	26,820
Total operating expenses	1,668,055	1,709,912
Net loss from operations	(1,582,878)	(1,243,668)
Total other income (expenses)	(213,189)	(34,515)
Net and comprehensive loss	$ (1,796,067)	$ (1,278,183)
Adjusted EBITDA (1)	$ (1,443,544)	$ (1,131,533)

(1) Adjusted EBITDA is a non-IFRS measure as described in the Non-IFRS Financial Measures section of this MD&A.

Revenue decreased by $413,723 in Q1 FY2026 compared to the prior year. Professional services revenue decreased by $302,238 as the Company completed a non-recurring project and recognized the remainder of the deferred revenue related to the project in Q1 FY2025. SaaS revenue decreased by $111,485 as a result of volume decreases with a customer affected by Russian aluminum sanctions as well as SaaS revenue connected to the professional services contract, which was discontinued when the project concluded.

Gross margin for Q1 FY2026 decreased by $381,067 compared to the prior year as a result of lower revenue and a shift in revenue mix. The gross margin percentage of 60% for Q1 FY2025 was unusually high due to the significant professional services revenue recognized in the quarter, while the gross margin percentage of 24% for Q1 FY2026 is unusually low due to the decline in SaaS revenue.

Research and development expenses decreased by $185,743 in Q1 FY2026 compared to Q1 FY2025 as a result of personnel cost savings.

Sales and marketing expenses for Q1 FY2026 were $99,734 higher than the prior year as additional resources have been allocated to drive the Company's go to market strategy forward.

General and administrative expenses did not vary significantly compared to the prior year.

Stock-based compensation relates to the valuation of stock options granted to directors, officers, employees and consultants.

Amortization expense decreased $6,892 compared to the prior year as intangible assets were fully depreciated partway though Q1 FY2026 whereas Q1 FY2025 includes a full quarter of depreciation.

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MINEHUB TECHNOLOGIES INC.
Management's Discussion and Analysis
For the three months ended April 30, 2025 and 2024

Total other expenses for Q1 FY2026 were $213,189 compared to $34,515 in Q1 FY2025. The variance was primarily due to the $175,703 loss on investment recorded in Q1 FY2026, which did not occur in Q1 FY2025.

Net loss for Q1 FY2026 was $1,796,067 compared to $1,278,183 in Q1 FY2025. The change in net loss is primarily due to reduced revenue and the loss on investment, partially offset by research and development expense reductions.

Adjusted EBITDA decreased by $312,011 in Q1 FY2026 compared to the prior year as a result of revenue reductions.

SUMMARY OF QUARTERLY RESULTS

Quarter ended	Revenue	Net loss	Net loss per share	Adjusted EBITDA (1)
April 30, 2025	$ 362,022	$ (1,796,067)	$ (0.02)	$ (1,443,544)
January 31, 2025	386,391	(1,557,352)	(0.02)	(1,483,221)
October 31, 2024	402,211	(1,811,022)	(0.02)	(1,479,470)
July 31, 2024	455,566	(1,594,198)	(0.02)	(1,410,642)
April 30, 2024	775,745	(1,278,183)	(0.02)	(1,131,533)
January 31, 2024	641,482	(1,247,791)	(0.02)	(1,300,268)
October 31, 2023	650,977	(1,398,409)	(0.03)	(1,480,134)
July 31, 2023	375,071	(1,526,077)	(0.03)	(1,952,059)

(1) Adjusted EBITDA is a non-IFRS measure as described in the Non-IFRS Financial Measures section of this MD&A.

Revenue was impacted by the timing and scope of professional services revenue with incremental revenues in the quarters ended October 31, 2023, January 31, 2024 and April 30, 2024. There is inherent variability in contract revenue for professional services. The variances in the quarterly net losses were further impacted by non-recurring other income recorded in the quarters ended July 31, 2023 and October 31, 2023, as well as fluctuations in the market value of short-term investments over the last three quarters. Adjusted EBITDA varied with revenue, and operating expenses have decreased since the earliest quarters shown above due efficiencies realized after the March 2023 acquisition of Waybridge Technologies Inc.

CAPITAL RESOURCES AND LIQUIDITY

The Company's activities have primarily been funded to date through the issuance of common shares pursuant to private placements and various loans. As at April 30, 2025, the Company had cash of $359,080 and working capital of $362,613.

The Company used $1,521,632 of cash towards operating expenses during the three months ended April 30, 2025, compared with $2,036,997 in the comparative period of Fiscal 2025.

During the three months ended April 30, 2025, the Company generated proceeds of $635,828 from its short term investments.

During Q1 FY2026, the Company entered into a $750,000 short-term loan and repaid $100,000 of a short-term loan. The Company also received proceeds of $332,684 from warrant and stock option exercises. During the three months ended April 30, 2024, the Company used $495,000 of cash to repay a convertible promissory note.

The Company will need additional funding for its project, corporate and overhead expenses in the near future. As at April 30, 2025, the Company has generated modest revenues but has incurred losses since inception, with losses expected to continue until such time as its platform is fully commercialized. Management is continually assessing the Company's cash needs and potential sources of financing but recognizes there may be some difficulty obtaining such financing due to the current market conditions. There can be no certainty that such

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MINEHUB TECHNOLOGIES INC.
Management's Discussion and Analysis
For the three months ended April 30, 2025 and 2024

additional funds may be raised when required.

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 cash on hand, loans from directors and companies controlled by directors and/or private placements of common stock. There is a risk that additional financing will not be available on a timely basis or on terms acceptable to the Company. Additional information can be found in Note 1 of the condensed consolidated interim financial statements for the three months ended April 30, 2025.

TRANSACTIONS WITH RELATED PARTIES

For the three months ended April 30, 2025 and 2024, the Company had no transactions with related parties as defined in IAS 24 – Related Party Disclosures, except those pertaining to transactions with key management and director personnel in the ordinary course of their employment, or as disclosed below.

Key management and director compensation is as follows:

	Three Months Ended April 30,
	2025	2024
Aggregate compensation	$ 196,089	$ 147,131
Stock-based compensation	33,910	30,112
	$ 229,999	$ 177,243

At April 30, 2025, included in accounts payable and accrued liabilities is $81,600 (at January 31, 2025 - $61,850) due to directors and officers or companies controlled by directors and officers. These amounts are unsecured, non-interest bearing and have no fixed payment terms.

NON-IFRS FINANCIAL MEASURES

In addition to results reported in accordance with IFRS, the Company discloses Adjusted EBITDA as a supplemental indicator of its financial performance.

Readers are cautioned that non-IFRS definitions are not recognized measures under IFRS, do not have standardized meanings prescribed by IFRS, and should not be construed to be alternatives to revenues or net earnings determined in accordance with IFRS, or as indicators of performance, liquidity or cash flows. The Company's method of calculating these measures may differ from methods used by other entities and accordingly MineHub's measures may not be comparable to similarly titled measures used by other entities or in other jurisdictions. The Company uses these measures because it believes they provide useful information to both management and investors with respect to the operating and financial performance of the Company.

Adjusted EBITDA

The Company defines Adjusted EBITDA as net income (loss) excluding the impact of interest and financing costs (net of interest income), foreign exchange (gain) loss, income taxes, depreciation and amortization, stock-based compensation, other (income) expense and transaction costs associated with non-recurring events such as the Waybridge acquisition. The Company believes Adjusted EBITDA is a useful measure as it provides information to management about the operating and financial performance of the Company and its ability to generate operating cash flow to fund future working capital needs, as well as fund future growth. Adjusted EBITDA may also be used by investors and analysts for the purpose of valuing the Company.

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MINEHUB TECHNOLOGIES INC.
Management's Discussion and Analysis
For the three months ended April 30, 2025 and 2024

	Q1 FY2026	Q1 FY2025
Net loss	$ (1,796,067)	$ (1,278,183)
Stock-based compensation	119,406	85,315
Amortization	19,928	26,820
Interest expense and accretion	8,434	23,796
Foreign exchange (gain) loss	29,494	11,232
Other income	(442)	(513)
(Gain) loss on investment	175,703	-
Adjusted EBITDA	$ (1,443,544)	$ (1,131,533)

OUTSTANDING SHARE DATA

The authorized capital of the Company consists of an unlimited number of common shares.

At the effective date of this MD&A, the Company had 87,837,949 common shares, 6,000,937 stock options, expiring between September 1, 2025 and January 15, 2030, and 19,991,627 purchase warrants outstanding. If all stock options and warrants were exercised, a total of 113,830,513 common shares would be issued and outstanding.

FINANCIAL INSTRUMENTS AND OTHER INSTRUMENTS

Financial instruments carried on the statement of financial position include cash, receivables, trade payables and short-term loans. The fair value of the remaining instruments approximates their carrying value. The Company does not have any hedging activities.

OFF-BALANCE SHEET ARRANGEMENTS

The Company does not have any off-balance sheet arrangements which may affect the Company's current or future operations or conditions.

CHANGES IN ACCOUNTING POLICIES INCLUDING INITIAL ADOPTION

Accounting standards or amendments to existing accounting standards that have been issued but have future effective dates are either not applicable or are not expected to have a significant impact on the Company's financial statements.

DISCLAIMER

The information contained within this MD&A, by its very nature, is not a thorough summary of all matters and developments concerning the Company. This information should be considered together with all the disclosure documents of the Company. The information contained herein is not a substitute for a detailed investigation or an analysis of any issue related to the Company. No securities commission or regulatory authority has reviewed the accuracy or adequacy of the information presented. Further, certain data included in this document may be historical in nature. Consequently, it may not have been verified by the Company's technical staff, and therefore it should not be relied upon.

APPROVAL

The Board of Directors of the Company has approved the disclosure contained in this MD&A.