New Target Mining Corp. — Management Reports 2026

Apr 2, 2026

NEW TARGET MINING CORP.

Management Discussion and Analysis

FOR THE THREE MONTHS ENDED JANUARY 31, 2026

April 1, 2026

The following discussion and analysis should be read in conjunction with the condensed interim financial statements for the three months ended January 31, 2026, and related notes included therein, prepared in accordance with IFRS Accounting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). All monetary amounts, unless otherwise indicated, are expressed in Canadian dollars. Additional regulatory filings for the Company can be found on the SEDAR+ website at www.sedarplus.ca.

New Target Mining Corp. (the “Company”) was incorporated under the Business Corporations Act (British Columbia) on July 28, 2020. On March 2, 2021 the Company became a reporting issuer. On April 15, 2021, the Company completed its initial public offering and was listed on the TSX Venture Exchange (TSX-V) under the symbol NEW. Effective November 3, 2023, the Company’s listing on the TSX-V was transferred to the NEX board of the TSX-V and currently trades under NEW.H. The Company is an exploration stage junior mining company currently engaged in the identification, acquisition and exploration of mineral properties in Canada.

Forward-Looking Statements

Certain statements contained in this document constitute “forward-looking statements”. When used in this document, the words “may”, “would”, “could”, “will”, “intend”, “plan”, “propose”, “anticipate”, “believe”, “forecast”, “estimate”, “expect” and similar expressions, as they relate to the Company or its management, are intended to identify forward-looking statements. Such statements reflect the Company’s current views with respect to future events and are subject to certain risks, uncertainties and assumptions. Many factors could cause the Company’s actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Forward-looking statements herein include, but is not limited to, statements relating to the timing, availability and amount of financings; expected use of proceeds; business objectives; the costs and timing relating to the potential acquisition of interests in mineral properties; the timing and costs of future exploration activities on the Company's future properties; success of exploration activities; permitting time lines and requirements for additional capital; and failure to maintain community acceptance (including First Nations). In making forward-looking statements herein, the Company has applied several material assumptions, including, but not limited to, any additional financing needed will be available on reasonable terms, that general business and economic conditions will not change in a materially adverse manner, and that all necessary governmental approvals for the future exploration will be obtained in a timely manner and on acceptable terms. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward looking statements. Such risks and other factors include, among others, risks related to the completion of financings and the use of proceeds; operations and contractual obligations; changes in exploration programs based upon results of exploration; future prices of metals; availability of third party contractors; availability of equipment; failure of equipment to operate as anticipated; accidents, effects of weather and other natural phenomena and other risks of the mineral exploration industry; environmental risks; community relations; and delays in obtaining governmental approvals or financing.

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.

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Overview and Going Concern

The Company is in the business of acquiring exploration and evaluation assets. The Company expects its current capital resources will not be sufficient to complete its business objectives through its current operating year and will be required to raise additional funds through future equity issuances. The Company’s ability to continue as a going concern is therefore dependent on its ability to raise additional funds through equity issuances. These material uncertainties may cast significant doubt on the entity’s ability to continue as a going concern.

The condensed interim financial statements for the period ended January 31, 2026 were prepared in accordance with the assumption that the Company will be able to realize its assets and discharge its liabilities in the normal course of business rather than through a process of forced liquidation. The continued operations of the Company are dependent on its ability to develop a sufficient financing plan, receive financial support from related parties, complete sufficient equity financings or generate profitable operations in the future. These material uncertainties may cast significant doubt on the entity’s ability to continue as a going concern. The financial statements do not include any adjustments to the amounts and classifications of assets and liabilities that might be necessary should the Company be unable to continue business.

Private Placement

On August 22, 2025, the Company completed a non-brokered private placement by issuing 10,000,000 units (“Units”) at a price of $0.05 per Unit for gross proceeds of $500,000. Each Unit consists of one common share of the Company and one share purchase warrant (a “Warrant”). Each Warrant entitles the holder to purchase one additional common share at an exercise price of $0.06 for a period of twelve months from the date of issuance. No finders’ fees were paid in connection with the private placement. As of January 31, 2026, the amount of $187,000 had not yet been received and has been classified as share subscription receivable. Subsequent to January 31, 2026, all of these funds have been received. All securities issued pursuant to the private placement are subject to a statutory hold period of four months and one day, in accordance with applicable securities laws.

Recent Appointments and Resignations

On April 22, 2025 the Company appointed Messrs. Jim Greig and John Alcock to the Board of Directors. Mr. Greig was also appointed as Chief Executive Officer and Mr. Alcock as Chief Financial Officer of the Company. Concurrently, Todd Hanas resigned as a director and Chief Executive Officer of the Company, and Dave Cross as a director and Chief Financial Officer of the Company. On May 27, 2025, Alan Hitchborn resigned as a director of the Company.

Results of Operations

The results of operations reflect the overhead costs incurred by the Company to maintain an administrative infrastructure to manage the acquisition, and financing activities of the Company. General and administrative costs can be expected to increase or decrease in relation to the changes in activity required as property acquisitions continues. The Company has not recorded, since the date of its incorporation, any revenues from its mineral exploration and development activities, nor does it expect to record any revenue over the course of the next 12 months.

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General and Administrative Expenses

Three Months Ended January 31, 2026 and 2025

The Company incurred a loss and comprehensive loss for the three months ended January 31, 2026 of $12,213 (2025 – $37,620) which consists of:

i) Filing and regulator fees of $1,619 (2025 - $Nil) increased due to additional fees paid to the TSX Venture Exchange and other filing fees the Company incurred during the current period.

Selected Annual Information

The following table provides a brief summary of the Company’s financial operations. For more detailed information, refer to the financial statements.

	Year ended October 31, 2025	Year ended October 31, 2024	Year ended October 31, 2023
Net loss	$ (114,337)	$ (162,242)	$ (439,015)
Basic and diluted loss per share	$ (0.01)	$ (0.01)	$ (0.04)
Total assets	$ 510,692	$ 46,690	$ 114,496

Significant fluctuations year over year included:

i) During the year ended October 31, 2025, the Company completed a non-brokered private placement increasing cash by $250,330, share subscription receivable by $205,000 and total assets to $510,692.

ii) During the year ended October 31, 2024, the Company did not have any significant fluctuations.

iii) During the year ended October 31, 2023, the Company wrote off its mineral property resulting in an impairment of $271,635.

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Summary of Quarterly Results

The following is a summary of the Company’s financial results for the eight most recently completed quarters which have been prepared using accounting policies consistent with IFRS:

	Three months ended January 31, 2026	Three months ended October 31, 2025	Three months ended July 31, 2025	Three months ended April 30, 2025
Interest Income	$ 1,878	$ 996	$ -	$ -
Deficit	1,138,919	1,126,706	1,110,422	1,087,651
Net Loss	(12,213)	(16,283)	(22,773)	(37,661)
Basic and Diluted Loss Per Share	(0.00)	(0.00)	(0.00)	(0.00)
	Three months ended January 31, 2025	Three months ended October 31 2024	Three months ended July 31, 2024	Three months ended April 30, 2024
---	---	---	---	---
Interest Income	$ -	$ -	$ -	$ -
Deficit	1,049,989	1,012,369	973,851	932,964
Net Loss	(37,620)	(38,518)	(40,887)	(42,778)
Basic and Diluted Loss Per Share	(0.00)	(0.00)	(0.00)	(0.00)

During the quarter ended January 31, 2026, net loss decreased to $12,213 compared to $16,283 for the quarter ended October 31, 2025. There was minimal change in expenditure between the quarters.

There was minimal change from quarter to quarter. See above table for details.

Liquidity and Capital Resources

At January 31, 2026, the Company had cash of $310,691 (October 31, 2025 - $292,032) and working capital of $168,259 (October 31, 2025 - $162,473).

The Company expects its current capital resources will be sufficient to meet its business objectives and day-to-day operations through its next quarter, and that its continuation as a going concern will be dependent on its ability to raise additional funds through equity issuances. There is no guarantee the Company will be successful in that regard. See “Overview and Going Concern” above.

During the three months ended January 31, 2026, the Company had the following cash flows:

i) Net cash used in operating activities of $17,340 (2025 - $14,659) which consists of the cash paid for expenses on the statement of loss and comprehensive loss.
ii) Net cash provided by financing activities of $36,000 (2025 - $Nil) which consists of the cash received from a private placement.

As of January 31, 2026, the amount of $187,000 had not yet been received and has been classified as share subscription receivable. Subsequent to January 31, 2026, all of these funds have been received.

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Risks and Uncertainties

The Company is in the mineral exploration and development business and, as such, is exposed to a number of risks and uncertainties that are not uncommon to other companies in the same business. Some of the possible risks include the following:

a) The industry is capital intensive and subject to fluctuations in metal prices, market sentiment, foreign exchange and interest rates. The recovery of the Company’s investment in exploration and evaluation assets and the attainment of profitable operations are dependent upon the discovery and development of economic ore reserves and the ability to arrange sufficient financing to bring the ore reserves into production.

b) The most likely sources of future funds for further acquisitions and exploration programs undertaken by the Company are the sale of equity capital and the offering by the Company of an interest in its properties to be earned by another interested party carrying out further exploration or development. If such exploration programs are successful, the development of economic ore bodies and commencement of commercial production may require future equity financings by the Company, which are likely to result in substantial dilution to the holdings of existing shareholders.

c) The Company’s capital resources are largely determined by the strength of the resource markets and the status of the Company’s projects in relation to these markets, and its ability to compete for the investor support of its projects.

d) The prices of metals greatly affect the value and potential value of its exploration and evaluation assets. This, in turn, greatly affects its ability to raise equity capital, negotiate option agreements and form joint ventures.

e) The Company must comply with health, safety, and environmental regulations governing air and water quality and land disturbances and provide for mine reclamation and closure costs. The Company’s permission to operate could be withdrawn temporarily where there is evidence of serious breaches of such regulations, 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 noncompliance with environmental laws or regulations.

f) The operations of the Company will require various licenses and permits from various governmental authorities. There is no assurance that the Company will be successful in obtaining the necessary licenses and permits to continue exploration and development activities in the future.

g) Although the Company has taken steps to verify title to exploration and evaluation assets in which it has an interest, these procedures do not guarantee the Company’s title. Such assets may be subject to prior agreements or transfers and title may be affected by such undetected defects.

Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, then actual results may vary materially from those described in any forward looking statement. The development and exploration activities of the Company are subject to various laws governing exploration, development, and labour standards which may affect the operations of the Company as 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.

Financial Risk Factors

The Company’s financial instruments consist of cash, accounts payable and accrued liabilities. The fair value of these financial instruments, other than cash, approximates their carrying values due to the short-term nature of these instruments. Cash is measured at fair value using level 1 inputs.

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The Company is exposed to a variety of financial risks by virtue of its activities including currency, credit, interest rate, liquidity and commodity price risk.

a) Foreign currency risk

As at January 31, 2026, the Company was not exposed to foreign currency risk.

b) Credit risk

Credit risk is the risk of loss associated with the counterparty's inability to fulfill its payment obligations. As at January 31, 2026, the Company had a $10,388 (October 31, 2025 - $9,993) receivable from government authorities in Canada. The Company also had a $187,000 share subscription receivable at January 31, 2026, which was subsequently collected. The Company believes it has no significant credit risk.

c) Interest rate risk

The Company has cash balances. The Company is satisfied with the credit ratings of its bank. As of at January 31, 2026, the Company did not hold any investments. The Company believes it has no significant interest rate risk.

d) Liquidity risk

Liquidity risk is the risk that the Company will not be able to meet its obligations as they come due. At at January 31, 2026, the Company had cash of $310,691 (October 31, 2025 - $292,032) and current liabilities of $342,487 (October 2025 - $348,219). This emphasizes that the Company's ability to continue as a going concern is dependent on management's ability to raise the required capital through future equity or debt issuances. See "Liquidity and Capital Resources" above. There is no guarantee that the Company will be able to raise capital. The Company manages its liquidity risk by forecasting cash flows from operations and anticipating any investing and financing activities. Management and the directors are actively involved in the review, planning, and approval of significant expenditures and commitments.

e) Price risk

The Company is exposed to price risk with respect to commodity and equity prices. Equity price risk is defined as the potential adverse impact on the Company's earnings due to movements in individual equity prices or general movements in the level of the stock market. Commodity price risk is defined as the potential adverse impact on earnings and economic value due to commodity price movements and volatilities. The Company closely monitors commodity prices of gold and other precious and base metals, individual equity movements, and the stock market to determine the appropriate course of action to be taken by the Company. Fluctuations may be significant. Much of this is out of the control of management and will be dealt with based on circumstances at any given time.

Related Party Transactions

Transactions with related parties and key management personnel are as follows:

	Nature of transactions	Three months ended January 31,
		2026	2025
Paid or accrued to the former CEO and director	Management fees	$ -	$ 18,000
Paid or accrued to a partnership in which the CFO has an interest	Professional fees	-	9,0000
Total		$ -	$ 27,000

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The amounts due to other related parties and key management personnel included in accounts payable and accrued liabilities are as follows:

	As at January 31, 2026	As at October 31, 2025
Due to the former CEO and director	$ 6,000	$ 6,000
Due to a partnership in which the former CFO has an interest	-	2,100
	$ 6,000	$ 8,100

The amounts due to related parties are unsecured, non-interest bearing and are due on demand.

Off Balance Sheet Arrangements

The Company is not a party to any off balance sheet arrangements or transactions.

Changes in Accounting Policies and Future Accounting Pronouncements

Please refer to the financial statements for the three months ended January 31, 2026 located on www.sedarplus.ca.

Contingencies

There are no contingent liabilities.

Management's Responsibility for Financial Statements

The information provided in this report, including the financial statements, is the responsibility of management. In the preparation of these statements, estimates are sometimes necessary to make a determination of future values for certain assets or liabilities. Management believes such estimates have been based on careful judgements and have been properly reflected in the financial statements.

Share capital – Outstanding at April 1, 2026

Common shares – 22,586,344 outstanding

Warrants – 9,400,000 outstanding (exercise price of $0.06)