POWER METALS CORP. — Management Reports 2024

Oct 31, 2024

POWER METALS CORP. FORM 51-102F1 MANAGEMENT DISCUSSION AND ANALYSIS NINE MONTHS ENDED AUGUST 31, 2024

This management discussion and analysis of financial position and results of operations (“MD&A”) is prepared as of October 30, 2024 and should be read in conjunction with the unaudited condensed interim financial statements for the period ended August 31, 2024 of Power Metals Corp. (“Power Metals” or the “Company”) with the related notes thereto. All dollar amounts included therein and in the following MD&A are expressed in Canadian dollars except where noted. Readers may also want to refer to the November 30, 2023 audited financial statements and the accompanying notes.

Forward looking statements

Certain statements contained in this document constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words “could”, “intend”, “expect”, “believe”, “will”, “projected”, “estimated” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company's current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially.

Additional information related to the Company is available for view on SEDAR+ at www.sedarplus.ca.

Description of Business

The Company is an exploration company engaged in the acquisition and exploration of resource properties. The Company is a reporting issuer in British Columbia, Alberta and Ontario. The Company trades on the TSX Venture Exchange under the symbol "PWM".

Risks and Uncertainties

The Company's principal activity is resource exploration and development. Companies in this industry are subject to many and varied kinds of risks, including but not limited to, environmental, fluctuating resource price, social, political, financial and economical. Additionally, few exploration projects successfully achieve development due to factors that cannot be predicted or foreseen. While risk management cannot eliminate the impact of all potential risks, the Company strives to manage such risks to the extent possible and practicable.

The risks and uncertainties described in this section are considered by management to be the most important in the context of the Company's business. The risks and uncertainties below are not listed in order of importance nor are they inclusive of all the risks and uncertainties the Company may be subject to as other risks may apply.

• Any resource property interests of the Company are or will be, in the near term, in the exploration stage only and consequently, exploration of the Company's resource property interests may not result in any discoveries of commercial levels of resources. If the Company’s efforts do not result in any discovery of commercial resource level, the Company will be forced to look for other exploration projects or cease operations.

• The Company's current assets and activities are subject to extensive Canadian federal, provincial, territorial and local laws and regulations. The costs associated with compliance with these laws and regulations are substantial and possible future laws and regulations, changes to existing laws and regulations or more stringent enforcement of current laws and regulations by governmental authorities, could cause additional expenses, capital expenditures, restrictions on or suspensions of the Company's operations and delays in the development of its properties.

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POWER METALS CORP. FORM 51-102F1 MANAGEMENT DISCUSSION AND ANALYSIS NINE MONTHS ENDED AUGUST 31, 2024

• In the ordinary course of business, the Company is required to obtain and renew governmental permits for existing operations and any ultimate development, construction and commencement of new resource or mining operations. The Company may not be able to obtain or renew permits that are necessary to its operations, or the cost to obtain or renew permits may exceed what the Company believes it can recover from a given resource property once in production. Any unexpected delays or costs associated with the permitting process could delay the development or impede the operation of a resource or mine, which could adversely impact the Company's operations and profitability.

• The Company competes with many companies possessing greater financial resources and technical abilities than itself for the acquisition of resource properties including mineral concessions, claims, leases, other mineral interests, and equipment required to conduct its activities as well as for the recruitment and retention of qualified employees.

• Substantial expenditures are required to be made by the Company to establish mineral reserves and the Company may not either discover minerals in sufficient quantities or grade to be economically feasible, or may not have the necessary required funds. Estimates of mineral reserves and mineral resources can also be affected by environmental factors, unforeseen technical difficulties and unusual or unexpected geological formations. Material changes in mineral reserve or mineral resource estimates, grades, stripping ratio or recovery rates may affect the economic viability of any project.

• The lack of available infrastructure may adversely affect the Company's operations and profitability. If adequate infrastructure is not available in a timely manner, there can be no assurance that the development of the Company's projects will be commenced or completed on a timely basis, if at all; the Company’s operations will achieve anticipated results; or the construction costs and ongoing operating costs associated with the development of the Company's advanced stage exploration projects will not be higher than anticipated. In addition, unusual or infrequent weather phenomena, sabotage, government or other interference in the maintenance or provision of such infrastructure could adversely affect the Company's operations and profitability.

• The Company currently has limited insurance covering its assets or operations and as a consequence, could incur considerable costs. As a result of having limited insurance, the Company could incur significant costs that could have a materially adverse effect upon its financial condition and even cause the Company to cease operations. To date, the Company has not experienced any material losses due to hazards arising from its operations.

• Although the Company has sought and received such representations as it has been able to achieve from vendors in connection with the acquisition of or options to acquire an interest in its mining or resource properties and has conducted limited investigations of legal title to each such property, the resource and /or mining properties in which the Company has an interest may be subject to prior unregistered agreements or transfers or native land claims and title may be affected by undetected defects.

• The price of cesium, lithium, tantalum or other metals may adversely affect the economic viability of any of the Company's resource and/or mineral properties. The price of cesium, lithium and tantalum is affected by numerous factors beyond the control of the Company including producer hedging activities, the relative exchange rate of the U.S. dollar with other major currencies, demand, political and economic conditions and production levels. In addition, the price of cesium, lithium and tantalum have been volatile over short periods of time due to speculative activities. The price of other metals and mineral products that the Company may explore for have the same or similar price risk factors.

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POWER METALS CORP. FORM 51-102F1 MANAGEMENT DISCUSSION AND ANALYSIS NINE MONTHS ENDED AUGUST 31, 2024

• The Company is authorized to issue an unlimited number of common shares without par value. It is the Company's intention to issue more common shares. Sales of substantial amounts of common shares (including shares issuable upon the exercise of stock options and the exercise of warrants), or the perception that such sales could occur, could materially adversely affect prevailing market prices for the common shares and the ability of the Company to raise equity capital in the future.

• The Company's future performance on the development of any mineral properties is dependent on key personnel. The loss of the services of any of the Company's executives or directors could have a material adverse effect on the Company's business.

• The Company does not generate sufficient cash flow from operations to adequately fund its future exploration activities and has relied principally upon issuance of securities and loans from related parties to fund its exploration and administrative expenditures. The Company may also seek to option out its properties in order to generate cash flows. These conditions raise substantial doubt regarding the Company's ability to continue as a going concern.

• The Company’s business may be affected by changes in political and market conditions, such as interest rates, availability of credit, inflation rates, changes in laws, and national and international circumstances. Recent geopolitical events and potential economic global challenges such as the risk of higher inflation and energy crises, may create further uncertainty and risk with respect to the prospects of the Company’s business.

Exploration Projects

Case Lake

Case Lake Property is located in Steele and Case townships, 80 km east of Cochrane, NE Ontario close to the Ontario-Quebec border. The Case Lake pegmatite swarm consists of six spodumene dykes: North, Main, South, East and Northeast Dykes on the Henry Dome and the West Joe Dyke on a new tonalite dome. Case Lake has the advantage of year-round road access. The Case Lake Property is 10 km x 9.5 km in size and consists of 475 cell claims which are 100% owned by Power Metals. In June 2019, Power Metals completed its option agreement requirements with a third party and the cell claims ownership was 100% transferred to Power Metals on Ontario government’s Mining Lands Administration System (MLAS).

The Case Lake pegmatite swarm occurs along a subprovincial boundary between the metasedimentary Opatica Subprovince to the north and greenstone Abitibi Subprovince to the south. The Opatica Subprovince consists of the granitic Case Batholith, and the Abitibi Subprovince consists of the Scapa metasedimentary rocks (metagraywacke and garnet schist) and the Steele volcanic rocks (amphibolite) in the Case Lake area. The Case Batholith is an extensive 50 by 85 km ovoid granitic complex.

The lithium mineralization is hosted by spodumene in pegmatite dykes. The pegmatite dykes consist of muscovitealbite-K-feldspar-quartz-spodumene pegmatite zones with aplite border zone. The North, Main, South and West Joe Dykes are hosted by biotite tonalite laccolith offshoots from the Case Batholith. The East and Northeast Dykes are hosted by fine-grained biotite-garnet metasedimentary rocks.

Power Metals has conducted three exploration programs on the Case Lake Property:

• 2017 summer drill program

• 2018 winter drill program

• 2018 summer drill and mapping program

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POWER METALS CORP. FORM 51-102F1 MANAGEMENT DISCUSSION AND ANALYSIS NINE MONTHS ENDED AUGUST 31, 2024

2017 summer drill program

The 2017 summer drill program consisted of 5405.08 m and 50 drill holes. The drill holes intersected the North, Main, South and new Dykes. The drill holes had 30 m spacing along section and 30 m between sections. The hole length ranged from 60-150 m, azimuth of 150°C and dip 45°C. The assay highlights on Main Dyke include:

• PWM-17-08: 1.94 % Li2O, 323.75 ppm Ta over 26.0 m

• PWM-17-09: 1.23 % Li2O,148.0 ppm Ta over 16.0 m

• PWM-17-10: 1.74 % Li2O, 245.96 ppm Ta over 15.06 m

• up to 3.29 % Li2O over 1.0 m in PWM-17-08

• PWM-17-40: 2.07 % Li2O, 213.96 ppm Ta over 18.0 m

• PWM-17-40: 2.81 % Li2O, 143.33 ppm Ta over 7.0 m

• PWM-17-50: 1.31 % Li2O, 106.62 ppm Ta over 6.0 m

• PWM-17-50: 1.48 % Li2O, 179.35 ppm Ta over 11.0 m

The 2017 drill program extended the Main Dyke spodumene pegmatite zone 250 m to the west of the historic drill holes. Drilling has also shown the Main Dyke Zone is typically 32-35 m wide close to surface and consists of multiple spodumene pegmatite dykes at depth.

Drilling also discovered two new spodumene pegmatite dykes located between the Main Dyke and the South Dyke. The dykes have similar mineralogy to the Main Dyke with aplite border zone, spodumene granite and quartz + spodumene core zone. The first new dyke was intersected in holes PWM-17-42 and PWM-17-43 and then targeted to intersect it again in holes PWM-17-44 and PWM-17-49. This new dyke is located 20-40 m down hole from the Main Dyke and 35-40 m vertical depth from the surface. The second new spodumene pegmatite dyke was intersected in holes PWM-17-42 and PWM-17-49. It is located 50 m down hole from the Main Dyke and 50-80 m vertical depth from surface.

Assay highlights for the first new dyke include:

• PWM-17-49: 1.61% Li2O and 143.8 ppm Ta over 3.0 m

• PWM-17-49: 2.13% Li2O and 265.0 ppm Ta over 1.0 m

As a result of drilling on the Main Dyke, Power Metals identified that the Main, North, South, East, and Northeast pegmatite Dykes are not hosted by the Case Batholith as previously thought, but by a single laccolith (i.e., dome). The Case Batholith is a 50 x 85 km ovoid granitic complex characterized by a gravity low. Power Metals has identified that the Batholith has multiple laccolith domes along its margins. The domes are visible in Google Earth images as white outcrops and are topographic highs. A total of nine domes have been identified on the Case Lake Property and are exploration targets for additional pegmatites dykes.

Prospecting discovered high-grade very coarse grained spodumene mineralization at the surface at the Northeast Dyke and spodumene mineralization on the East Dyke. The mineralogy of the newly discovered spodumene mineralization on the Northeast Dyke is similar to that in the Main Dyke with spodumene chip assay results ranging from 6.04% to 7.14% Li2O. The East Dyke, which was previously thought to be barren, was discovered to contain a mineralized zone containing up to 10% fine to coarse grained spodumene ranging in size from 0.5-6 cm and grading up to 2.56% Li2O.

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POWER METALS CORP. FORM 51-102F1 MANAGEMENT DISCUSSION AND ANALYSIS NINE MONTHS ENDED AUGUST 31, 2024

2018 winter drill program

The Northeast Dyke is located 900 m northeast of the Main Dyke, along the same strike as North and Main Dykes and within the same tonalite dome as North and Main Dykes. The Northeast Dyke has a pair of parallel pegmatite dykes (i.e., north and south outcrops) similar to North and Main Dykes. The Northeast Dyke is likely emplaced along the same deep-seated structure as North and Main Dykes.

Megacrysts of spodumene were discovered on the Northeast Dyke in the fall of 2017 and this discovery was followed up with a drill program in January 2018. The 2018 winter drill program consisted of 3020.0 m and 33 drill holes. The drill holes ranged in length from 44-209 m.

Assay highlights include:

• 1.09 % Li2O and 118 ppm Ta over 6.0 m, from 25.0 to 31.0 m, PWM-18-71

• Including 1.51 % Li2O, 140 ppm Ta and 2.52 % Cs2O over 1.0 m, from 25.0 to 26.0 m, PWM-18-71

2018 summer drill and mapping program

The 2018 summer drill program consisted of 4571 m and 44 drill holes. The drill holes range in length from 20 to 303 m. The drilling targets included: infill drilling on the Main Dyke, follow up drilling on the new dykes between Main and South Dykes found at the end of the 2017 drill program, East Dyke extension and discovery of West Joe Dyke.

Drill hole PWM-18-84 was a longitudinal hole designed to test the continuity of the Main Dyke along strike and down dip. The two high grade intervals for PWM-18-84 listed below are separated by a quartz core.

Assay highlights include:

• 1.42 % Li2O, 158 ppm Ta over 19.17 m, from 2.00 to 21.17 m, PWM-18-84, Main Dyke

• 1.17 % Li2O, 193 ppm Ta over 27.16 m, from 54.84 to 82.00 m, PWM-18-84, Main Dyke

Four separate spodumene pegmatite dykes were intersected in drill holes PWM-18-85, 86 and 87 in close proximity to the Main Dyke. Thus, they will add to a future resource on the Main Dyke.

Assay highlights on the new dykes include:

• 1.92 % Li2O over 1.05 m, from 68.62 to 69.67 m, PWM-18-85

• 1.58 % Li2O over 0.67 m, 63.63 to 64.30 m, PWM-18-86

• 1.83 % Li2O over 0.97 m, 30.43 to 31.40 m, PWM-18-87

The new dykes between the Main and South Dykes are open along strike.

In July/August 2018, Power Metals completed 10 drill holes, 987.63 m (PWM-18-100 to 109) to extend the East Dyke by 320 m westward from known outcrop. The East Dyke now has a total strike length of 1.1 km. This was the first drill hole on the East Dyke, as it was not drilled historically.

West Joe Dyke

In August 2018, Power Metals geologist discovered West Joe spodumene pegmatite, 790 m west of Little Joe Lake, 1.6 km southwest of the western edge of the Main Dyke and 3.0 km southwest of the Northeast Dyke. Two days after the discovery, spodumene was intersected in drill hole PWM-18-111 at West Joe. Power Metals drilled 18 holes, 1195.73 m (PWM-18-111 to 127) on West Joe Dyke.

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POWER METALS CORP. FORM 51-102F1 MANAGEMENT DISCUSSION AND ANALYSIS NINE MONTHS ENDED AUGUST 31, 2024

Drilling on the West Joe Dyke intersected exceptionally high-grade lithium intervals:

• 3.88% Li2O, 925 ppm Ta over 1.0 m, from 11.0 to 12.0 m, PWM-18-111

• 3.43% Li2O, 264 ppm Ta over 1.05 m, from 7.63 to 8.07 m, PWM-18-111B

• 3.07% Li2O, 611 ppm Ta, 2.31% Cs2O over 1.0 m, from 46.68 to 47.68 m, PWM-18-116

• 3.88% Li2O, 232.0 ppm Ta over 0.82 m, from 42.18 to 43.00 m, PWM-18-124

• 3.20% Li2O, 468.93 ppm Ta over 2.10 m, from 26.60 to 28.70 m, PWM-18-123

• 2.85% Li2O, 207.0 ppm Ta over 0.30 m, from 20.20 to 20.50 m, PWM-18-123

Longitudinal drill hole PWM-18-123 intersected high-grade Lithium (Li) and Tantalum (Ta) mineralization:

• 0.72% Li2O and 126.43 ppm Ta over 20.43 m, from 0.07 to 20.50 m

• 1.75% Li2O and 385.38 ppm Ta over 10.91 m, from 23.42 to 34.33 m

These two high grade intervals were separated by 2.92 m of tonalite. This is a total of 31.34 m of high-grade Li and Ta mineralization in longitudinal drill hole PWM-18-123.

Drill hole PWM-18-124 had similar excellent results:

• 1.45% Li2O and 481.38 ppm Ta over 17.00 m, 1.00 to 18.00 m

• 1.87% Li2O and 518.19 ppm Ta over 14.30 m, 37.50 to 51.80 m

Also, for a total of 31.30 of high-grade Li and Ta mineralization in this longitudinal hole.

Power Metals drilled holes PWM-18-123 and 124 parallel to the West Joe Dyke to confirm the down dip continuity.

In addition to Lithium and Tantalum mineralization, West Joe Dyke also contains Cesium (Cs) mineralization as shown by the presence of pollucite in drill core and exceptionally high-grade Cs intervals:

• 14.70% Cs2O over 1.0 m, 13.0 to 14.0 m, PWM-18-126

• 12.40% Cs2O over 1.0 m, 10.0 to 11.0 m, PWM-18-112

• 6.74% Cs2O over 5.0 m, 11.0 to 16.0 m, PWM-18-126

Pollucite is rare in pegmatites in Ontario, as it has only been identified in five pegmatite localities in the province: Power Metals owned Case Lake, Tot Lake and Marko’s pegmatites and two other localities. The presence of pollucite in drill core is spatially associated with high-grade Lithium and Tantalum mineralization and should indicate very low iron contents in the spodumene.

Elevated Cs assays and pollucite has been previously identified in drill hole PWM-18-49 in the first new dyke below Main Dyke:

• 2.00% Cs2O over 2.0 m interval, from 32.45 to 34.45 m

• Elevated Cs assays has also been identified in drill hole PWM-18-71 in the Northeast Dyke:

• 2.52% Cs2O over 1.0 m interval, from 25.0 to 26.0 m

The presence of Cesium mineralization in West Joe, Main and Northeast Dykes along the same strike suggests a common origin for these dykes and the possibility of more Li-Cs-Ta mineralization to be found.

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POWER METALS CORP. FORM 51-102F1 MANAGEMENT DISCUSSION AND ANALYSIS NINE MONTHS ENDED AUGUST 31, 2024

Mapping

From May to September 2018, Power Metals also completed a mapping program on 8 of the 9 tonalite domes in search of spodumene pegmatites similar to the Main Dyke on the Henry Dome. Exploration mapping highlights include:

• Identified spodumene in pegmatite on Dome 9.

• Discovery of West Joe Dyke on a new dome, not previously identified.

• Completed DGPS survey to ± 20 cm accuracy of all 127 Power Metals drill holes on the Property.

• Three new spodumene occurrences were identified along the South Dyke. This is the first time that spodumene has been found on the 320 m long South Dyke.

Dome 9 occurs 2.7 km northeast of the Main Dyke and 1.6 km northeast of the Northwest Dyke. A beryl pegmatite 3 m wide with pale green beryl crystals 7 x 11 cm long was found in the central part of the dome. A 10 m wide pegmatite dyke with lepidolite, blocky K-feldspar and yellow muscovite was discovered near the beryl dyke. Seven other pegmatite dykes were also found on Dome 9. All of the pegmatite dykes found to date on Dome 9 have a strike similar to that of the Main Dyke in the Henry Dome.

Case Lake exploration targets

West Joe, North, Main and Northeast Dykes occur along a SW-NE trend and have the same spodumene mineralization (Figure 1). Dome 9 is on the same strike as the spodumene pegmatites (Figure 2). This entire 5.0 km long corridor is an exploration target for addition spodumene pegmatites.

Proposed drilling along this corridor would target: West Joe Dyke, between West Joe and Main Dykes, between Main and Northeast Dykes, Dome 9 and East Dyke. West Joe Dyke is a three-commodity pegmatite: Li-Cs-Ta. North, Main and Northeast Dykes are two commodity pegmatites: Li-Ta, although Main and Northeast Dykes have trace Cs mineralization which should be further explored. Once access to Dome 9 is improved with a trail, Dome 9 should be stripped to look for spodumene pegmatites.

Cesium at Case Lake

In January of 2020, Power Metals Corp. formed a Strategic Review Committee responsible for reviewing several options regarding the Company’s Case Lake Property. These options include the continuation of further drilling and development at Case Lake, a potential joint-venture with a strategic partner or the potential sale of the property. This decision came at a time when the Company began to see a lot of interest around the Cesium discovery at the West Joe Dyke.

The Company conducted stripping and channel sampling programs at the property this Spring/Summer with the purpose of exposing, sampling and assaying Cesium mineralization on surface outcrops at West Joe Dyke and to find more Cs-bearing pegmatite dykes nearby.

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POWER METALS CORP. FORM 51-102F1 MANAGEMENT DISCUSSION AND ANALYSIS NINE MONTHS ENDED AUGUST 31, 2024

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Figure 1 Case Lake Property showing the location of West Joe Dyke, Main Dyke, East and Northeast Dyke drilling.

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POWER METALS CORP. FORM 51-102F1 MANAGEMENT DISCUSSION AND ANALYSIS NINE MONTHS ENDED AUGUST 31, 2024

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Figure 2 Case Lake geology map showing the location of 9 domes and spodumene discovery on Dome 9.

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POWER METALS CORP. FORM 51-102F1 MANAGEMENT DISCUSSION AND ANALYSIS NINE MONTHS ENDED AUGUST 31, 2024

Case Lake Expansion

During the year ended November 30, 2020, the company staked an additional 107 cell claims to expand Case Lake Property, Cochrane, northeastern Ontario. The staking added 4 additional granitic domes to the Case Lake Property bringing the total to 14 domes. Each dome has the potential to host Li-Cs-Ta pegmatite dykes close to surface. The new domes are Abbotsford, Joe Creek, Kenning Lake and Circle Lake.

The highlight of the staking is the acquisition of the Abbotsford dome in Abbotsford township. The Abbotsford dome is located on the east end of the 12 km long mineralization trend from West Joe Dyke to Main Dyke to Northeast Dyke to Dome 9. The Abbotsford dome has excellent access with the Trans limit Road next to it as well as several logging trails within in it. The dome also has abundant outcrop.

The Joe Creek dome is located west of the Case Lake Property, and Kenning Lake and Circle Lake domes are located northwest of the Case Lake Property. The staking of these three domes is part of Power Metals regional exploration plan. All three domes have excellent road access which include logging trails. All three domes have abundant outcrop and are topographic highs.

The claims were staked following our exploration model first described in Power Metals press release dated Nov. 6, 2017. The Li-Cs-Ta pegmatites at Case Lake are hosted by biotite tonalite domes (laccoliths) within the Case Lake Batholith. The dome shape was confirmed by the 2017 drill program. Main, North, East, South and Northeast spodumene pegmatite dykes are exposed on surface and are hosted by the Henry Dome (also known as Dome 8). The West Joe Li-Cs-Ta pegmatite dyke is exposed on surface and is hosted by a new dome (Dome 10). Case Lake Property had 9 identified domes plus the new dome for West Joe. The new staking adds 4 more granitic domes to the Case Lake Property. Each of the newly staked domes have the potential to host Li-Cs-Ta pegmatites.

Power Metals discovered West Joe spodumene pegmatite dyke at the end of the 2018 drill program. Power Metals built a drill trail to access claims on the west side of Little Joe Lake which lead to the discovery. There has been no historic exploration around West Joe Dyke. Power Metals drilled 18 drill holes for a total of 1195.7 m on West Joe Dyke. Cesium ore mineral, pollucite, was intersected in six drill holes at a vertical depth of 5 to 40 m. While the high-grade Lithium and Tantalum (Li and Ta) mineralization at West Joe were obvious to the geologists in the field, the grade of the Cs mineralization was not realized until assays were received after the drill program was completed. Power Metals were drilling West Joe to target Li mineralization and now want to change the focus to the Cs mineralization. Power Metals is fortunate that all three commodities (LiCs-Ta) occur in the same pegmatite dyke.

An additional 8 cell claims were staked to connect the Crossover Road to West Joe Dyke. These claims will give Power Metals the ability to build a shorter access trail about 1.8 km long to West Joe Dyke as opposed to the current 4.5 km long access trail from the Crossover Road. An additional 13 claims were staked to connect the Case Lake Property to Dome 7 on Tomlinson Road for land management.

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POWER METALS CORP. FORM 51-102F1 MANAGEMENT DISCUSSION AND ANALYSIS NINE MONTHS ENDED AUGUST 31, 2024

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Figure 3 Geology map of Case Lake showing the location of granitic domes.

West Joe Dyke contains Cesium (Cs) mineralization as shown by the presence of pollucite in drill core and exceptionally high-grade Cs intervals:

• 14.70% Cs2O over 1.0 m, 13.0 to 14.0 m, PWM-18-126

• 12.40% Cs2O over 1.0 m, 10.0 to 11.0 m, PWM-18-112

• 6.74% Cs2O over 5.0 m, 11.0 to 16.0 m, PWM-18-126

Elevated Cs assays and pollucite has been previously identified in drill hole PWM-18-49 in the first new dyke below Main Dyke:

• 2.00% Cs2O over 2.0 m interval, from 32.45 to 34.45 m

Elevated Cs assays has also been identified in drill hole PWM-18-71 in the Northeast Dyke:

• 2.52% Cs2O over 1.0 m interval, from 25.0 to 26.0 m

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POWER METALS CORP. FORM 51-102F1 MANAGEMENT DISCUSSION AND ANALYSIS NINE MONTHS ENDED AUGUST 31, 2024

2022 Drill Program

On April 13, 2022, Power Metals announced that it had received an exploration permit for drilling on its 100% owned Case Lake property. The exploration permit is valid for three years and Power Metals has begun planning a first phase of a 5,000-meter drill program and geological mapping program to commence in late spring 2022. The program will consist of approximately 50 shallow drill holes at Case Lake focusing on the Company’s Li-Cs-Ta West Joe Dyke. The objective of this program is to expand the lithium-cesium-tantalum mineralization previously discovered at West Joe during the Company’s 2018 drill program.

Concurrently to planning and commencing the 2022 drill program, Power Metals also announced as of April 27, 2022 that the Company will begin the process to acquire an Advanced Exploration Permit on its 100% owned Case Lake property from Ontario’s Ministry of Northern Development, Mines, Natural Resources and Forestry. The Advanced Exploration requirements will be completed concurrently with the 5,000-meter upcoming drill program. The permit will allow for excavation of surface material up to 10,000 tonnes to be used for as a bulk sample for metallurgical testing by Sinomine.

On July 12, 2022, Power Metals provided an update on drill program at the Company's 100% owned Case Lake Property. The Company completed an initial 8 drill holes on the Case Lake lithium property and has intersected substantial spodumene (lithium ore mineral) mineralization in every hole. A total of 4 drill holes (PWM-22-128 to 131) were completed for a total of 256 m on the West Joe Dyke. A total of 4 drill holes (PWM-22-132 to 135) were completed for a total of 435 m on the Main Dyke. The purpose of each drill hole was to infill on known mineralization to aid in a future resource estimate. These holes are part of Power Metals' fully-funded 5,000 meter 2022 summer drill program at Case Lake.

West Joe Dyke drill holes PWM-22-128 to 131 are along section following the West Joe Dyke down dip. These holes intersected spodumene (Li) and lepidolite (Li):

• 17.56-24.40 m, interval 6.84 m, spodumene and lepidolite, PWM-22-128, spodumene is up to 9 x 3 cm in size (Figure 1)

• 23.88-25.84 m, interval 1.96 m, spodumene, PWM-22-129, spodumene is up to 5 x 2 cm in size

• • 36.51-43.02 m, interval 6.51m, spodumene, PWM-22-129, including 0.7 m with about 20 volume % spodumene

• 54.21-57.18 m, interval 2.97 m, spodumene, PWM-22-130, including 0.29 m with about 25 volume % spodumene (Figure 2)

• 61.83-64.09 m, interval 2.26 m, spodumene, PWM-22-131, including 1.3 m with about 10-15 volume % spodumene

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Purple lepidolite (Li) vein at 19.9 m, PWM-22-128, West Joe Dyke (CNW Group/POWER METALS CORP)

Figure 1 Purple lepidolite (Li) vein at 19.9 m, PWM-22-128, West Joe Dyke

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POWER METALS CORP. FORM 51-102F1 MANAGEMENT DISCUSSION AND ANALYSIS NINE MONTHS ENDED AUGUST 31, 2024

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White spodumene at 55 m in the top row and white coarse-grained cleavelandite in the second row, PWM-22-130, West Joe Dyke (CNW Group/POWER METALS CORP)

Figure 2 White spodumene at 55 m in the top row and white coarse-grained cleavelandite in the second row, PWM22-130, West Joe Dyke

Main Dyke drill holes PWM-22-132 to135 intersected wide zones of spodumene pegmatite on the Main Dyke:

• 2.05-27.64 m, interval 25.59 m, PWM-22-132, including 9.5 m of 10 volume % spodumene

• 37.42-65.41 m, interval 27.99 m, PWM-22-133, including 6.6 m of 15 volume % spodumene

• 19.65-25.5 m, interval 5.85 m, PWM-22-134 with 15 volume % spodumene (Figure 3)

• 25.5-28.1 m, interval 2.6 m, PWM-22-134, quartz core with coarse-grained white spodumene (Figure 3)

• 28.1-36.2 m, interval 8.1 m, PWM-22-134, including 5.75 m of 25 volume % spodumene

• 40.76-48.37 m, interval 7.61 m, PWM-22-134, including 2.74 m of 25 volume % spodumene

• 6.33-32.53 m, interval 26.2 m, PWM-22-135, including 13.45 m of < 15 volume % spodumene

Visual mineral estimates of spodumene content does not necessarily indicate Li2O % grade in assays. Drill core samples from PWM-22-132 have been cut and submitted to SGS Cochrane lab for preparation and assay. Assays are pending and will be disclosed once received.

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Abundant green spodumene in top core box and white and green spodumene in bottom box, last row is quartz core with coarse-grained spodumene, boxes 5 and 6, 20-29 m, PWM-22-134, Main Dyke. (CNW Group/POWER METALS CORP)

Figure 3 Abundant green spodumene in top core box and white and green spodumene in bottom box, last row is quartz core with coarse-grained spodumene, boxes 5 and 6, 20-29 m, PWM-22-134, Main Dyke.

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POWER METALS CORP. FORM 51-102F1 MANAGEMENT DISCUSSION AND ANALYSIS NINE MONTHS ENDED AUGUST 31, 2024

Drill holes PWM-22-132 to 135 also intersected the new spodumene dyke below the Main Dyke:

• 56.02-57.95 m, interval 1.93 m, PWM-22-132

• 85.07-85.8 m, interval 0.73 m, PWM-22-133

• 47.14-47.81 m, interval 0.67 m, PWM-22-135

Quality Control

The drill core was sampled so that 1 m of the Case Batholith tonalite host rock was sampled followed by 1 m long samples of the pegmatite dyke and 1 m of the Case Batholith. The sampling followed lithology boundaries so that only one lithology unit is within a sample, except for the < 20 cm pegmatite veins in tonalite which were merged into one sample. The drill core samples were delivered to SGS preparation lab in Cochrane by Power Metals' geologists. The core will be prepared at SGS Garson and analyzed at SGS Burnaby, British Columbia which has ISO 17025 certification. Every 20 samples included one external quartz blank, one external lithium standard and one core duplicate. The ore grade Li2O% was prepared by sodium peroxide fusion with analysis by ICP-OES with a detection limit of 0.002% Li2O.

On August 19, 2022, Power Metals provided an update on drill program at the Company's 100% owned Case Lake Property. The drill holes intersected high-grade Li, Cs and Ta (Lithium, Cesium and Tantalum) mineralization on the West Joe Dyke and Li and Ta mineralization on the Main Dyke.

The lithium mineralization is mainly spodumene, but also lepidolite at West Joe and is spodumene on the Main Dyke. Cesium mineralization is pollucite at West Joe and Ta mineralization is Ta-oxides at West Joe and Main Dykes.

Assay highlights on West Joe Dyke include (Table below):

• 1.11% Li2O (lithium), 2.15% Cs2O (cesium) and 365.46 ppm Ta (tantalum) over 6.84 m, PWM-22-128 (Figure 1)

• 1.28% Li2O, 6.53% Cs2O and 324.0 ppm Ta over 1.0 m, PWM-22-128

• 1.75% Li2O, 0.06% Cs2O and 221.0 ppm Ta over 1.0 m, PWM-22-129

• 1.74% Li2O, 0.01% Cs2O, 197.0 ppm Ta over 0.79 m, PWM-22-130. Table 1 Assay highlights for West Joe Dyke, drill holes PWM-22-128 to 131.

Table 1 Assay highlights for West Joe Dyke, drill holes PWM-22-128 to 131.

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Drill holes are oriented perpendicular to the strike length of the pegmatite, so mineralization is close to true width.

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Figure 1 - Pollucite-spodumene-Ta-oxides West Joe Dyke pegmatite, Case Lake

Drill hole PWM-22-131 intersected biotite-rich metasedimentary host rock with elevated Li, Rb and Cs contents from 45.89-47.30 m, 1.41m interval with 0.49% Li2O, 3094 ppm Rb and 0.47% Cs2O. This metasomatized host rock can be used as a pathfinder to locate blind pegmatites on the property.

Assay highlights on Main Dyke include (Table 2):

• 1.71% Li2O and 240.77 ppm Ta over 12.0 m, PWM-22-132 (Figure 2)

• • 1.20% Li2O and 218.68 ppm Ta over 19.0 m, PWM-22-133.

Table 2 Assay highlights for Main Dyke, drill holes PWM-22-132 and 133.

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Drill holes are oriented perpendicular to the strike length of the pegmatite, so mineralization is close to true width.

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Figure 2 - Spodumene pegmatite, Main Dyke, drill hole PWM-22-132.

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POWER METALS CORP. FORM 51-102F1 MANAGEMENT DISCUSSION AND ANALYSIS NINE MONTHS ENDED AUGUST 31, 2024

Power Metals' 2022 summer drill program is for 5,000 m and over 2,000 m has been completed to date. This press release reports assays received to date from drill hole PWM-22-128 to 131 on the West Joe Dyke and drill holes PWM-22-132 and 133 on the Main Dyke. The purpose of each drill hole was to infill on known mineralization to aid in a future resource estimate.

Drill hole collar coordinates are given in Table 3.

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Quality Control

The drill core was sampled so that 1 m of the Case Batholith tonalite host rock was sampled followed by 1 m long samples of the pegmatite dyke and 1 m of the Case Batholith. The sampling followed lithology boundaries so that only one lithology unit is within a sample, except for the < 20 cm pegmatite veins in tonalite which were merged into one sample. The drill core samples were delivered to SGS preparation lab in Cochrane by Power Metals' geologists. The core was prepared at SGS Garson and analyzed at SGS Burnaby, British Columbia which has ISO 17025 certification. Every 20 samples included one external quartz blank, one external lithium standard and one core duplicate. The ore grade Li2O% was prepared by sodium peroxide fusion with analysis by ICP-OES with a detection limit of 0.002% Li2O. The ore grade Cs2O% was prepared by acid digestion with analysis by AAS with a detection limit of 0.01% Cs. A QA/QC review of the standards and blanks for this drill program indicate that they passed and the drill core assays are accurate and not contaminated.

On September 8, 2022, Power Metals provided an update on drill program at the Company's 100% owned Case Lake Property. Two drill holes have intersected high-grade Li and Ta (Lithium and Tantalum) mineralization on the Main Dyke.

The lithium mineralization is spodumene on the Main Dyke. Coarse-grained green spodumene and fine-grained white spodumene occur in the inner intermediate zone of the Main Dyke with quartz and feldspars.

Assay highlights on Main Dyke include (Table 1):

• 1.58% Li2O and 143.1 ppm Ta over 15.0 m, PWM-22-134 (Figure 1)

• 3.08% Li2O and 74.4 ppm Ta over 1.0 m, PWM-22-134

• 1.86% Li2O and 130.7 ppm Ta over 19.0 m, PWM-22-135 (Figure 2)

• 3.68% Li2O and 84.0 ppm Ta over 1.0 m, PWM-22-135

• 3.01% Li2O and 546.5 ppm Ta over 2.0 m, PWM-22-135.

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Drill holes are oriented perpendicular to the strike length of the pegmatite, so mineralization is close to true width.

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Figure 1 Spodumene pegmatite, 26.9-53.0 m, drill hole PWM-22-134, Main Dyke, Case Lake Property.

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Figure 2 Spodumene pegmatite, 1.31 – 23.18 m, drill hole PWM-22-135, Main Dyke, Case Lake Property.

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POWER METALS CORP. FORM 51-102F1 MANAGEMENT DISCUSSION AND ANALYSIS NINE MONTHS ENDED AUGUST 31, 2024

Exploration drill hole PWM-22-136 is located 514 m east of the Li-Cs-Ta West Joe Dyke along strike. This exploration hole intersected the outermost pegmatite zones with high grade Ta mineralization (193 and 215 ppm Ta) (Table 1). Additional drill holes will be drilled around it to try to find the lithium mineralization which should be associated with the Ta mineralization to expand the lithium mineralization at West Joe.

Power Metals 2022 summer drill program is for 5000 m and over 2700 m has been completed to date. This press release reports assays received to date from drill hole PWM-22-134 and 135 on the Main Dyke and exploration drill hole PWM-22-136 514 km east of West Joe Dyke. The purpose of each drill hole on the Main Dyke was to infill on known mineralization to aid in a future resource estimate. The purpose of the exploration hole is to expand the lithium mineralization at West Joe. Assays pending will be released once received. Drill hole collar coordinates are given in Table 2.

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Quality Control

The drill core was sampled so that 1 m of the Case Batholith tonalite host rock was sampled followed by 1 m long samples of the pegmatite dyke and 1 m of the Case Batholith. The sampling followed lithology boundaries so that only one lithology unit is within a sample, except for the < 20 cm pegmatite veins in tonalite which were merged into one sample. The drill core samples were delivered to SGS preparation lab in Cochrane by Power Metals' geologists. The core was prepared at SGS Garson and analyzed at SGS Burnaby, British Columbia which has ISO 17025 certification. Every 20 samples included one external quartz blank, one external lithium standard and one core duplicate. The ore grade Li2O% was prepared by sodium peroxide fusion with analysis by ICP-OES with a detection limit of 0.002% Li2O. A QA/QC review of the standards and blanks for this drill program indicate that they passed and the drill core assays are accurate and not contaminated.

On October 13, 2022, Power Metals provided an update on drill program at the Company's 100% owned Case Lake Property.

Highlights Include (Table 1):

• 24.07% Cs2O, 0.63% Li2O, 34.2 ppm Ta over 1.0 m, 15.0 to 16.0 m, PWM-22-143

• 20.36% Cs2O, 2.28% Li2O, 15.7 ppm Ta over 1.0 m, 14.0 to 15.0 m, PWM-22-143

• 22.22% Cs2O, 1.46% Li2O, 25.1 ppm Ta over 2.00 m, 14.0 to 16.0 m, PWM-22-143

• 7.65% Cs2O, 1.45% Li2O, 247.1 ppm Ta over 7.09 m, 11.96 to 19.05 m, PWM-22-143 (Figure 1).

• 1.94% Cs2O, 2.20% Li2O, 466.0 ppm Ta over 8.98 m, 20.97 to 29.95 m, PWM-22-144

• 2.71% Cs2O, 4.75% Li2O, 396.0 ppm Ta over 2.00 m, 24.00 to 26.00 m, PWM-22-144

• 3.66% Cs2O, 1.05% Li2O, 1440.0 ppm Ta over 1.00 m, 48.00 to 49.00 m, PWM-22-147

Drilling on the West Joe Dyke has intersected multiple pollucite intervals with up to 24.07% Cs2O at a shallow depth of 15.00 m in drill hole PWM-22-143. Pollucite is the only ore mineral of Cs. The West Joe pollucite zone is characterized by secondary lepidolite (Li) and muscovite along fractures in massive white pollucite. The pollucite zone is enclosed within the inner intermediate zone consisting of coarse-grained pale green spodumene (Li), coarsegrained white K-feldspar enriched in Rubidium (Rb), and Ta-oxide minerals.

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POWER METALS CORP. FORM 51-102F1 MANAGEMENT DISCUSSION AND ANALYSIS NINE MONTHS ENDED AUGUST 31, 2024

SGS Burnaby, British Columbia analytical lab was so surprised by the exceptionally high cesium assays that they assayed the samples multiple times and further sent the samples to SGS Lakefield, Ontario which confirmed the numbers and signed off on the assay certificate. Dr. Julie Selway, former VP of Exploration, reassured SGS that the cesium results were to be expected because pollucite was visible in the drill core.

Table 1 Assay highlights for West Joe Dyke, drill holes PWM-22-141 to 147.

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Drill holes are oriented perpendicular to the strike length of the pegmatite, so mineralization is close to true width.

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Figure 1 Pollucite-spodumene-Ta-oxides, PWM-22-143, West Joe Dyke pegmatite, Case Lake.

The pollucite zone at West Joe differs from the other three global cesium mines in that at West Joe spodumene is the dominant lithium mineral whereas at the other cesium mines petalite and lepidolite are the dominant lithium minerals.

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POWER METALS CORP. FORM 51-102F1 MANAGEMENT DISCUSSION AND ANALYSIS NINE MONTHS ENDED AUGUST 31, 2024

The primary use of the cesium mined at Tanco, Manitoba is for cesium formate brines used for high pressure, high temperature well drilling for oil and gas. Cesium bromide is used in infrared detectors, optics, photoelectric cells, scintillation counters and spectrometers (USGS Mineral Commodity Summaries 2022). Cesium isotopes are used in atomic resonance frequency in standard atomic clocks which play a vital role in aircraft guidance systems, global positioning satellites and internet and cellular telephone transmissions (USGS Mineral Commodity Summaries 2022).

West Joe Dyke was discovered for its spodumene (Li) mineralization in August 2018. Drilling on the Dyke lead to the discovery of cesium mineralization in the fall of 2018 with six drill holes intersecting pollucite in drill core (i.e., PWM-18-111, 112, 116, 123, 124 and 126). The best assay was 6.74% Cs2O over 5.00 m, 11.00 to 16.00 m interval including 14.70% Cs2O over 1.00 m, 13.00 to 14.00 m interval from drill hole PWM-18-126 (PWM press release dated Nov. 13, 2018). Summer 2022 drilling has intersected pollucite in five drill holes (i.e., PWM-22-128, 143, 144, 145 and 147). Cesium assays of 6.53% Cs2O, 1.28% Li2O and 324.0 ppm Ta over 1.0 m were previously disclosed in a press release dated Aug. 19, 2022.

Power Metals 2022 summer drill program is for 5000 m and over 2700 m has been completed to date. This press release reports assays received to date from drill holes PWM-22-141 to 147 on the West Joe Dyke. The purpose of each drill hole was to infill on known mineralization to aid in a future resource estimate. Drill hole collar coordinates are given in Table 2.

Table 2 West Joe, Case Lake drill hole collar coordinates. NAD 83, Zone 17. Trimble R2 GPS survey with 2 cm accuracy in the horizontal.

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Quality Control

The drill core was sampled so that 1 m of the Case Batholith tonalite host rock was sampled followed by 1 m long samples of the pegmatite dyke and 1 m of the Case Batholith. The sampling followed lithology boundaries so that only one lithology unit is within a sample, except for the < 20 cm pegmatite veins in tonalite which were merged into one sample. The drill core samples were delivered to SGS preparation lab in Cochrane by Power Metals' geologists. The core was prepared at SGS Garson and analyzed at SGS Burnaby, British Columbia which has ISO 17025 certification. Every 20 samples included one external quartz blank, one external lithium standard and one core duplicate. The ore grade Li2O% was prepared by sodium peroxide fusion with analysis by ICP-OES with a detection limit of 0.002 % Li2O. A Quality Control review of the standards, blanks and core duplicates indicated that they all passed. The ore grade Cs2O% for > 10000 ppm Cs was prepared by alkaline metal digestion with analysis by FAAS with a detection limit of 0.002 % Cs. Ore grade cesium was analyzed by SGS Lakefield, Ontario which also has ISO 17025 certification.

2023 Exploration Program

On May 15, 2023, Power Metals commenced its 2023 field exploration program on its 100% owned Case Lake Property in northeastern Ontario. The program includes high-resolution airborne magnetic and LiDAR surveys, which will be followed by field-based prospecting and mapping programs.

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POWER METALS CORP. FORM 51-102F1 MANAGEMENT DISCUSSION AND ANALYSIS NINE MONTHS ENDED AUGUST 31, 2024

2023 FIELD EXPLORATION HIGHLIGHTS

• High-resolution airborne magnetic survey with focus on identification of structural corridors that host Lithium-Cesium-Tantalum (LCT) pegmatites will be completed by Precision GeoSurveys Inc. by the third week of this month.

• Detailed remote sensing survey that include acquisition of high-resolution aerial imagery and LiDAR data will be completed by KBM Resources Group later this month.

• Power Metals will mobilize field exploration crew that will focus on prospecting and geological mapping in June.

• The company is fully budgeted for 15,000-meter drill program that is expected to start late in the summer.

In addition to initiation of the field exploration programs, Power Metals is actively working on desktop compilation of historical and recent exploration data to generate quality prospects and targets at the Case Lake Property. The Company is also developing an exploration strategy in collaboration with a highly experienced team that the Company is able to access through its relationship with Winsome Resources.

On June 8, 2023, Power Metals completed high-resolution airborne magnetic and LiDAR surveys on its 100% owned Case Lake Property. The two surveys were completed in May 2023 and will be followed by field-based prospecting and mapping programs that are expected to start later this month. The Company has drilled a total of 15,700 meters of core between 2017 and 2022 and is fully-funded for an upcoming 15,000-meter drill program. The Company had in excess of $10 million in the treasury.

HIGHLIGHTS OF THE AIRBORNE SURVEYS

• The overall magnetic map of the area indicates good magnetic contrast between different lithologies that can be used to identify cryptic lithologic contacts and structural corridors that have potential to act as traps for Lithium-Cesium-Tantalum (LCT) pegmatites (Figures 1 & 2).

• The magnetic survey shows high-resolution details of strong magnetic contrasts at or near known pegmatite deposits at Case Lake.

• The magnetic survey also shows linear structural features that enhance understanding of the geology of The Property and will contribute to identification of new targets. One of these structures occurs north of the West Joe and Main pegmatites and trends northeast for more than 2 kms.

• The magnetic survey was flown by Precision GeoSurveys Inc. over an area of 134 Km2 using 50m-line spacing for total of 2962 line kms.

• The Company is in the process of mobilizing afield exploration crew that will focus on prospecting and geological mapping.

In addition to completion of the airborne magnetic survey, Power Metals was able to acquire high resolution aerial imagery and LiDAR data in May 2023. The Company is progressing well with desktop compilation of historical and recent exploration data to generate quality targets and is fully budgeted for a 15,000-meter drill program that is expected to start late in the summer.

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On September 13, 2023, Power Metals announced discovery of new pegmatites north of known pegmatite deposits at its 100% owned Case Lake Property ("The Property") in northeastern Ontario. The new pegmatites were identified during the company's ongoing 2023 field exploration program that started in summer of 2023. The 2023 field exploration program is focusing on prospecting, sampling and geological mapping of existing and new pegmatite prospective areas that were identified using compilation and interpretation of geological maps, drilling, and recently acquired high resolution magnetic and LiDAR surveys.

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POWER METALS CORP. FORM 51-102F1 MANAGEMENT DISCUSSION AND ANALYSIS NINE MONTHS ENDED AUGUST 31, 2024

KEY EXPLORATION HIGHLIGHTS

• The new pegmatite dikes occur about 1.5 km north of the Northeast dike in close proximity to Dome Nine. Field observations and assay results of samples collected in 2023 confirm presence of 10-to-15-meter wide spodumene bearing pegmatites with Lithium content as high as 1.12% Li2O (Figures 1 to 4).

• The 2023 field program confirmed presence of spodumene about 300 meters southeast of the Main Zone in the western part of the East dike (Figures 2 to 4).

• A new pegmatitic tonalite was identified approximately 1.3 km southwest of the West Joe Zone in metavolcanic units in an area where historical geological maps reported trenches with pegmatites and quartz veins that contain molybdenum (Figures 2 to 4).

• In addition to previously identified tonalitic domes that are prospective for Lithium-CesiumTantalum (LCT) pegmatites on the property, compilation of historical & recently acquired LiDAR & magnetic data identified nine pegmatite prospective new areas (Figure 5).

• These areas were identified based on presence of pegmatitic tonalites, lineaments , and their similar magnetic and LiDAR signatures compared to the signature of areas that host LCT mineralization at Case Lake.

• The Company is progressing well with the 2023 field exploration program and is prioritizing the highlighted results to generate drill ready targets. Power Metals is fully budgeted for 15,000- meter drill program that is expected to start later in the fall.

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Figure 1 - Case Lake property map showing spodumene bearing LCT pegmatite dikes & regional distribution of pegmatite bearing tonalitic domes.

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• Figure 2 - Case Lake property map showing Li2O (%) in samples collected between 2017-2022 and 2023.

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Figure 3 - Case Lake property map showing Rb (ppm) in samples collected between 2017-2022 and 2023.

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POWER METALS CORP. FORM 51-102F1 MANAGEMENT DISCUSSION AND ANALYSIS NINE MONTHS ENDED AUGUST 31, 2024

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Figure 4 – Outcrop photos taken during the 2023 field exploration program at Case Lake. Figure 4A to 4C show photos taken from spodumene bearing new pegmatite in Dome Nine. Figure 4D show spodumene in the western part of the East Dike. Figures 4E was taken from new pegmatitic tonalite hosted in mafic metavolcanics in the southern part of the property. Figure 4F was taken from a new pegmatite that occurs about 500 meters north of the Northeast Dike.

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Figure 5 - Map showing distribution of tonalitic domes and newly identified pegmatite prospective areas at Case Lake property.

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POWER METALS CORP. FORM 51-102F1 MANAGEMENT DISCUSSION AND ANALYSIS NINE MONTHS ENDED AUGUST 31, 2024

On October 19, 2023, Power Metals provided an update for its ongoing field exploration program at its 100% owned Case Lake Property (the "Property") in northeastern Ontario. Power Metals have been able to finalize key exploration activities that include completion of high resolution airborne magnetic and LiDAR surveys, compilation and interpretation of historic and recent exploration data, and execution of field exploration program that have identified new spodumene bearing pegmatites in the Property. The company is finalizing its 2023 field exploration program and advancing well with target generation process that will be followed with a drill program later this fall.

==> picture [201 x 256] intentionally omitted <==

Figure 1 - Case Lake property map showing spodumene bearing LCT pegmatite dikes & regional distribution of pegmatite bearing tonalitic domes.

Power Metals is also pleased to announce that it has engaged SGS Canada to carry out metallurgical testing on Lithium – Tantalum – Cesium (LCT) pegmatite samples from the Main, North, and West Joe dikes at Case Lake. Results of the metallurgical testing will provide important information related to recovery of Lithium – Tantalum and Cesium metals and will be used in economic study Power Metals plans to complete in 2024.

KEY EXPLORATION HIGHLIGHTS

• Power Metals continuing to progress with its 2023 field exploration program and target generation process at Case Lake.

• Prospecting and grab sampling completed in the fall of 2023 identified several new pegmatites southeast and north of new spodumene bearing pegmatites identified earlier in the summer at Dome Nine (Figures 1 & 2). Prospecting along strike in the far east of the East dike also identified new pegmatite outcrops.

• Sampling of Lithium – Cesium – Tantalum bearing mineralized outcrops for metallurgical testing at SGS has started at the Main and North dikes. The company plans to sample pollucite-rich sections of the West Joe dike later in the fall.

During the year ended November 30, 2023, the Company received $1,500,000 pursuant to sale of 2% gross overriding revenue royalty.

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POWER METALS CORP. FORM 51-102F1 MANAGEMENT DISCUSSION AND ANALYSIS NINE MONTHS ENDED AUGUST 31, 2024

2024 Drill Program

On February 22, 2024, the Company announced that it has engaged Major Drilling to complete an exploration drill program at its 100% owned Case Lake Property in northeastern Ontario. The objective of the program is to delineate and extend Lithium – Cesium – Tantalum (LCT) mineralization at Case Lake where previous drilling campaigns completed by the Company have intersected high grade Lithium and Cesium mineralization at Case Main and West Joe deposits.

On February 29, 2024, the Company announced that it has mobilized a diamond drill rig to commence its winter 2024 exploration drill program at its 100% owned Case Lake Property in northeastern Ontario. A total of 4,000 meters of drilling is planned to delineate and extend Lithium – Cesium – Tantalum (LCT) mineralization along geological strike and down-dip of known mineralization in the Property. The Company has completed several successful drill campaigns that intersected high grade Lithium and Cesium mineralization at Case Main and West Joe deposits between 2017 and 2022.

On April 2, 2024, the Company provided an exploration update on its ongoing winter 2024 drill program at its 100% owned Case Lake property. The 2024 program at Case Lake with major drilling is progressing well with the first 1,323 meters for twelve diamond drill holes completed of the planned 4,000-meter program. Drilling will continue throughout the month of April with the extended colder weather in NE Ontario to complete the program with additional targets to be tested at the Main Zone and West Joe deposits as the company is stepping out on the known mineralization across the Case Lake property.

On September 10, 2024, the Company provided an exploration update on its ongoing Phase II 2024 drill program. The second program of 2024 at Case Lake with Major Drilling is progressing with the first 841 meters for eleven (11) diamond drill holes completed of the planned 2,500-meter program. The Phase II drilling program is currently ahead of schedule, we anticipate the program to be completed in early October at Case Lake to test several highpriority cesium targets.

WEST JOE

Phase II drilling at West Joe continues to delineate and extend pollucite and spodumene mineralization at West Joe. PWM-24-207 to PWM-24-213 intersected 2-20% pollucite and 2-15% spodumene in consistent pegmatites that are 2-8m thick (Figure 2). Exploration holes PWM-24-214 to PWM-24-217 also intersected similar pegmatites with spodumene mineralization and will await final assay results to confirm cesium and/or pollucite mineralization. The first batch of samples from West Joe have been submitted to SGS Canada for analysis.

The Company commenced Phase II drilling at West Joe in late August and has completed eleven (11) diamond drill holes to date for a total of 841 meters. West Joe (Figure 1) is a highly-fractionated cesium rich pegmatite system that has displayed known pollucite mineralization, associated to high-grade cesium. Previous drilling completed between 2017 and 2024 identified high-grade cesium mineralization that contains up to 24.7% Cs2O. Target areas at West Joe currently remain open at depth and along strike to the east, and additional drilling is planned to test the down plunge extension of West Joe to the east in September before the drill moves to Main Zone to test cesium-rich targets, with the remaining 1,700 meters of drilling to be completed in approximately 14 holes.

METALLURGICAL TEST WORK The Company has continued to advance its Metallurgical test work with SGS Laboratories in Canada, currently over 80kg of material has been sent to SGS to commence the test work in the production of cesium chemicals. At the same time the Company has dispatched over 60kg of material to Tomra Australia to conduct ore sorting and mineral separation on cesium from West Joe (Figure 3). This metallurgical test work will continue into October as the Company continues to de-risk the cesium mineralization of West Joe.

On October 7, 2024, the Company announced high-grade cesium and lithium results from the first round of exploration drillhole assays received from the summer 2024 drill program at its 100% owned Case Lake Project

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POWER METALS CORP. FORM 51-102F1 MANAGEMENT DISCUSSION AND ANALYSIS NINE MONTHS ENDED AUGUST 31, 2024

("CLP") in northeastern Ontario. Exploration drilling at West Joe has continued to intercept shallow high-grade mineralization up to 22.58% Cs2O (cesium oxide) hosted in pollucite, along with spodumene mineralization in the first three (3) drillholes of 29 (twenty-nine) completed at the CLP. Drill hole PWM-24-207 hosts individual grades up to 22.58% Cs2O, along with a pollucite rich zone of 3 meters @ 15.86% Cs2O (Figure 1-2). Due to these spectacular numbers the Company has planned for an additional 2,500 meters of drilling once remaining assays have been received. These grades continue to highlight the worldclass potential of the project with the following highlights:

WEST JOE HIGHLIGHTS:

• PWM-24-207: 8.65 m at 1.60% Li2O, 5.74% Cs O and 378 ppm Ta from 16.35m

• Including 3.0m @ 1.67 % Li2O, 15.86% Cs O and 119 ppm Ta from 18.35m

• o Including 1.0m @ 1.72 % Li2O, 22.58% Cs O and 130 ppm Ta from 18.35m

• PWM-24-208: 7.02 m at 1.25% Li2O,1.77% Cs O and 355 ppm Ta from 16.38m o Including 3.0m @ 0.77% Li2O, 3.98% Cs O and 457 ppm Ta from 19.00m

• PWM-24-208: 7.02 m at 1.25% Li2O,1.77% Cs O and 355 ppm Ta from 16.38m

• PWM-24-209: 5.71m at 1.19% Li2O,1.42% Cs O and 287 ppm Ta from 20.07m o Including 2.5m @ 1.37 % Li2O, 3.18% Cs O and 456 ppm Ta from 22.50m

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The Phase II 2024 drill program at CLP was designed to delineate and expand on known cesium mineralization with drilling that targeted West Joe and Main Zone. The Company has continued to test extensions along strike and at depth for Phase II. The first three exploration holes (PWM-24- 207 to PWM-24-209) intersected consistent highgrade cesium characterized by pollucite mineralization in 5.7 to 8.7 meters thick pegmatites at West Joe.

Drill core from PWM-24-207 displays a high level of fractionation with strong pollucite mineralization of 10.10% to 22.58% Cs2O in individual samples. PWM-24-207 has also displayed the continuation of the mineralized zone from previously drilled PWM-24-191 (Figure 2) with highgrade pollucite. Similar styles of fractionation and pollucite mineralization are present in PWM-24- 208 and PWM-24-209 with grades that ranging from 1.35% to 7.51% Cs2O was intersected in drillholes.

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POWER METALS CORP. FORM 51-102F1 MANAGEMENT DISCUSSION AND ANALYSIS NINE MONTHS ENDED AUGUST 31, 2024

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DRILLING

The Company has completed a total of twenty-four (24) exploration diamond drillholes for 2,474 meters. A further five (5) metallurgical diamond drillholes have also been completed for 150 meters at the end of the program. In total twenty-nine (29) diamond drillholes for 2,620 meters have been completed for the drill program that was concluded ahead of schedule for the Phase II program. Assay results shall continue through until mid-November.

The Company has also commenced planning to advance an additional drill program (Phase III), that shall commence in the coming weeks at the CLP. The Company is incredibly buoyant after a very successful Phase II drilling program and with the increased levels of interest from global cesium chemical specialists over the past three months we will look to commence Phase III. The program will target drilling 2,500 meters of diamond drilling once remaining assay results have been received from the currently completed program at CLP.

CANADIAN GOVERNEMENT

Further to the Company recently receiving approval for the Ontario Junior Exploration Program ("OJEP") grant from the Ontario Government we also have a current application for the Critical Minerals Innovation Fund ("CMIF") with the Ontario Government for test work for cesium at the CLP. The CMIF grant is up to $500,000 to projects that help strengthen Ontario's critical mineral sector. In addition to both the OJEP and CIMF funding the Canadian Government has recently updated its "Critical Minerals Strategy 2024" which features cesium on the critical minerals list. The Company will continue to advance its level of engagement with the Ontario Government on the development of the CLP in northeastern Ontario.

On October 22, 2024, the Company announced that initial test work on ore sorting has been successfully completed with Tomra (Sydney, Australia) and has produced a high-grade cesium oxide product in preparation for chemical production test work. Metallurgical holes utilized for the ore sorting were drilled earlier this year as part of the summer 2024 drill program at the Company's 100% owned Case Lake Project ("CLP") in northeastern Ontario. Phase I of metallurgical drilling at West Joe was conducted on 4 (four) drill holes to target intercept shallow styles of mineralization between 1.65% Cs2O through 18.55% Cs2O (cesium oxide) hosted in pollucite. Along with cesium these holes included known spodumene mineralization zones up to 3.08% Li O and exceptionally high-grade tantalum mineralization zones up to 3,236ppm at the CLP (Table 1).

The Company also expects to announce several assay results in the coming weeks from our Phase II 2024 drilling program at Case Lake. Additionally, the "Cesium Advisory Committee" anticipates an update in the very near future on the Company's next steps in development of the CLP.

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POWER METALS CORP. FORM 51-102F1 MANAGEMENT DISCUSSION AND ANALYSIS NINE MONTHS ENDED AUGUST 31, 2024

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TOMRAORE SORTING:

The Company has conducted a two stage process on ore sorting on the 60kg of test material. Successful separation resulting in a high-grade cesium oxide was achieved and will form the basis of mining studies moving into the production of cesium oxide and metallurgical test work on chemical production with SGS Lakefield. Core samples were crushed and screened at 8mm - 32mm, sorted with 2 (two) stages of sorting conducted:

• Test 1: Ejected very high density/grade concentrate (Figure 1)

• Test 2: Was run on the waste from Test 1 and ejected all minor high-density inclusions for recovery (Figure 2)

• Test 3: Was conducted on the <12.5mm material that was screened at 6mm

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POWER METALS CORP. FORM 51-102F1 MANAGEMENT DISCUSSION AND ANALYSIS NINE MONTHS ENDED AUGUST 31, 2024

METTALURGICAL HOLES:

Phase I of metallurgical drilling consisted of 4 (four) HQ (63.5mm) diamond drill holes into known mineralization zones at West Joe. Drilling consisted of shallow targets to provide a series of ore sorting and mineral separation on the unique West Joe Project. Targeting cesium oxide of a highgrade nature through to the Company's proposed cutoff grade at the lower end of the scale. In conjunction to the ore sorting and separation of cesium oxide material the metallurgical holes also included high-grade spodumene and tantalum (Table 1) which could provide additional streams of income alongside the cesium oxide production. Cesium oxide concentrate will now be shipped to SGS Lakefield for analysis to produce product grades.

Table 1 – Drill Collar Table

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Decelles and Mazerac Properties

During the year ended November 30, 2023, the Company entered into purchase and sale agreement with Winsome Resource Limited to acquire a 100% interest in Winsome’s Decelles and Mazerac projects located in Quebec. To earn the interest, the Company will issue 17,650,000 common shares of the Company. The transaction is subject to the approval of the TSX Venture exchange.

Agreement with Sinomine Resource Group Ltd.

On December 15, 2021, the Company entered into an agreement (the "Sinomine Agreement") with Sinomine (Hong Kong) Rare Metals Resources Co Limited ("Sinomine") which provides for an equity financing and an agreement to negotiate an offtake agreement with Sinomine. As a result of the agreement, the Company issued to Sinomine 7,500,000 units at $0.20 per unit for gross proceeds of $1,500,000. Each unit consists of one common share of the Company and one share purchase warrant. Each warrant entitles the holder to purchase one common share for a period of three years at a price of $0.40.

On March 16, 2022, the Company entered into the formal off-take agreement with Sinomine on all lithium, cesium and tantalum produced from the Company's Case Lake Property. Sinomine will pay the Company for all lithium and tantalum at 95% of the market value of such resources and pay for all cesium in accordance with an agreed upon grade scale schedule established between the two parties. The agreement remains in effect for a period of three years from closing date and continues thereafter as long as Sinomine holds not less than 2.5% of the Company’s shares on a nondiluted basis. Sinomine is also provided with an option to participate in future financings and share issuances to retain its minimum 2.5% share holdings. In the event of default under the agreement by either party, such party will be liable a total of $8,000,000.

On December 2, 2022, the Company announced that Winsome Resource Limited acquired shares in the Company currently owned by Sinomine. Winsome has also agreed to acquire Sinomine's offtake rights for the lithium, cesium

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POWER METALS CORP. FORM 51-102F1 MANAGEMENT DISCUSSION AND ANALYSIS NINE MONTHS ENDED AUGUST 31, 2024

and tantalum from the highly prospective Case Lake Project as a response to the Canadian Government forcing the divestment of Chinese companies in critical mineral companies.

Under the terms of the agreement, for a total cash consideration of CAD$2,000,000 (AUD$2,120,000) (CAD $0.27 per share of the Company) Winsome acquired Sinomine's total interests in the Company and the Case Lake Project, including:

• 7,500,000 common shares; and

• 7,500,000 share purchase warrants, which can be converted into shares on a one-for-one basis at $0.40 per share, expiring on March 16, 2025.

Winsome has also agreed to assume all of Sinomine's rights and obligations under the offtake agreement.

Agreement with Outside The Box Capital Inc. (“OTBC”)

On March 27, 2024, the Company entered into a marketing and distribution services agreement (the “Marketing Agreement”) with an arm’s length marketing firm, Outside The Box Capital Inc. (“OTBC”) of Oakville Ontario, to provide marketing services, including digital marketing services through various social media channels to broaden media distribution awareness about the Company.

The Marketing Agreement will have a term of six months starting on March 27, 2024, and the Company paid OTBC a cash fee of US$300,000 plus applicable taxes and also granted to OTBC 200,000 stock options having an exercise price of $0.405 per common share and shall vest over a period of 12 months in four equal tranches, the first of which will vest 3 months after the date of grant. The stock options shall be subject to the terms and conditions of the Company’s current stock option plan.

Liquidity and Going Concern

The Company has financed its operations to date primarily through the issuance of common stock. The Company continues to seek capital through various means including the issuance of equity.

The financial statements are prepared on a going concern basis which assumes that the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future.

As at August 31, 2024, the Company had an accumulated deficit of $39,185,756 (November 30, 2023 - $38,347,871). In addition, the Company has not generated revenues from operations. These circumstances lend substantial doubt as to the ability of the Company to meet its obligations as they come due, and accordingly, the appropriateness of the use of accounting principles applicable to a going concern.

Although the condensed interim financial statements have been prepared using with IFRS accounting standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”) applicable to a going concern, the above noted conditions raise significant doubt regarding the Company’s ability to continue as a going concern.

In order to continue as a going concern and to meet its corporate objectives, the Company will require additional financing through debt or equity issuances or other available means. Although the Company has been successful in the past in obtaining financing, there is no assurance that it will be able to obtain adequate financing in the future or that such financing will be on terms advantageous to the Company.

The Company has a working capital of $1,871,199 at August 31, 2024 compared to working capital of $4,259,000 to November 30, 2023.

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POWER METALS CORP. FORM 51-102F1 MANAGEMENT DISCUSSION AND ANALYSIS NINE MONTHS ENDED AUGUST 31, 2024

Net cash used in operating activities for the period ended August 31, 2024 was $1,762,662 compared to $1,514,137 in the period ended August 31, 2023 and consists primarily of the operating loss adjusted for changes in non-cash working capital items (see “Results of Operations” for information on operating loss differences for both years).

Net cash used in investing activities for the period ended August 31, 2024 was $2,539,963 compared to $2,035,628 cash provided by in the period ended August 31, 2023 due to expenditures on exploration properties.

Net cash provided by financing activities for the period ended August 31, 2024 was $428,990 compared to $6,636,965 for the period ended August 31, 2023, as a result of proceeds from options exercised.

Share Capital & Reserves

During the period from December 1, 2023 to October 30, 2024, the Company:

• i) granted 3,000,000 incentive stock options to officers, directors, employees and consultants of the Company. The options are valued at $574,302, exercisable at a price of $0.27 per share expiring on February 12, 2029. The options were fully vested on the grant date.

• ii) issued 1,248,000 common shares upon exercise of options for gross proceeds of $319,740, and accordingly, the Company reallocated $245,660 of its share-based payment reserve to share capital.

• iii) granted 200,000 stock options to an arm’s length marketing firm. The options are valued at $37,328, exercisable at a price of $0.405 per share expiring on March 27, 2026. The options shall vest over a period of 12 months in four equal tranches, the first of which will vest 3 months after the date of grant.

• iv) granted 100,000 incentive stock options to consultants of the Company. The options are valued at $11,999, exercisable at a price of $0.26 per share expiring on July 15, 2026. The options were fully vested on the grant date.

• v) granted 100,000 incentive stock options to a consultant of the Company. The options are valued at $17,189, exercisable at a price of $0.39 per share expiring on October 15, 2026. The options were fully vested on the grant date.

Results of Operations

Three months ended August 31, 2024 and 2023

During the three months ended August 31, 2024, the Company recorded a net income and comprehensive income of $125,638 (2023 – loss of $1,515,996). Significant expenses during the period ended August 31, 2024 include the following:

• Consulting of $115,272 (2023 – $182,607) decreased due to fewer consultants hired during the current period.

• Filing fees of $2,219 (2023 - $9,441) decreased due to fewer share activities in the current period.

• Flow-through premium recovery of $265,979 (2023 - $85,759) increased due to higher exploration expenditures spent during the current period.

• Management fees of $51,053 (2023 – $117,641) decreased due to reallocation of new CEO’s fees into exploration expenditures during the current period.

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POWER METALS CORP. FORM 51-102F1 MANAGEMENT DISCUSSION AND ANALYSIS NINE MONTHS ENDED AUGUST 31, 2024

• Marketing, promotion and communication of $249,496 (2023 – $46,726) increased due to the Company’s efforts to enhance awareness of progress on the projects in the current period.

• Professional fees of $39,342 (2023 – $167,502) decreased due to lower legal fees incurred during the current period

• Travel of $22,189 (2023 – $81,985) decreased due to less trips taken in the current period.

• Unrealized gain on the marketable securities of $326,961 (2023 – loss of $15,647) increased due to rise in fair value of marketable securities held by Company in the current period.

Nine months ended August 31, 2024 and 2023

During the nine months ended August 31, 2024, the Company recorded a loss and comprehensive loss of $837,885 (2023 – $2,285,488). Significant expenses during the period ended August 31, 2024 include the following:

• Consulting of $398,095 (2023 – $332,022) increased due to increased general activities during the current period.

• Filing fees of $48,010 (2023 - $86,947) decreased due to fewer share activities in the current period.

• Flow-through premium recovery of $1,228,434 (2023 - $189,195) increased due to higher exploration expenditures spent during the current period.

• Marketing, promotion and communication of $489,591 (2023 – $97,606) increased due to the Company’s efforts to enhance awareness of progress on the projects in the current period.

• Office and miscellaneous expense of $128,335 (2023 – $132,471) increased due to the new lease agreement that the Company entered into during the current period.

• Professional fees of $148,117 (2023 – $235,264) decreased due to lower legal fees incurred during the current period.

• Share-based compensation of $612,828 (2023 – $986,569) decreased due to fewer options granted and vested in the current period.

• Unrealized gain on the marketable securities of $156,629 (2023 – loss of $172,388) increased due to rise in fair value of marketable securities held by Company in the current period.

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POWER METALS CORP. FORM 51-102F1 MANAGEMENT DISCUSSION AND ANALYSIS NINE MONTHS ENDED AUGUST 31, 2024

Selected Quarterly Information

The following selected financial data has been prepared in accordance with IFRS and should be read in conjunction with the Company’s audited financial statements. All dollar amounts are in Canadian dollars.

Exploration and evaluations assets	Interest Income	Income (Loss) Basic and Diluted Income (Loss)/Share
August 31, 2024 $ 7,875,595 May 31, 2024 $ 7,303,489 February 29, 2024 $ 5,439,416 November 30, 2023 $ 5,314,756 August 31, 2023 $ 4,619,193 May 31, 2023 $ 4,415,496 February 28, 2023 $ 5,690,510 November 30, 2022 $ 5,654,769	$ 30,451 $ 20,350 $ 67,813 $ 66,065 $ 60,559 $ - $ - $ -	$ 125,638 $ 0.00 $ (46,020) $ (0.00) $ (917,503) $ (0.01) $ (20,120) $ (0.00) $ (1,515,996) $ (0.01) $ (475,438) $ (0.00) $ (294,054) $ (0.00) $ (2,336,345) $ (0.02)

During the three months ended August 31, 2024, the Company had an income $125,638, which was primarily attributable to flow-through premium recovery of $265,979 and unrealized gain on marketable securities of $326,961.

During the three months ended May 31, 2024, the Company incurred a loss of $46,020, which was primarily attributable to management fees of $187,916, consulting fees of $191,108, marketing and promotion of $178,764 and office and miscellaneous of $85,304, offset by flow-through premium recovery of $757,467.

During the three months ended February 29, 2024, the Company incurred a loss of $917,503, which was primarily attributable to management fees of $115,485, consulting fees of $91,715, share-based compensation of $574,302 and unrealized loss on marketable securities of $92,938.

During the three months ended November 30, 2023, the Company incurred a loss of $20,120, which was primarily attributable to management fees of $119,422, consulting fees of $25,764, travel of $15,962 and unrealized loss on marketable securities of $146,266, offset by flow-through premium recovery of $258,249.

During the three months ended August 31, 2023, the Company incurred a loss of $1,515,996, which was primarily attributable to management fees of $117,641, consulting fees of $182,607, professional fees of $167,502, travel of $81,985, share-based compensation of $986,569 and unrealized loss on marketable securities of $15,647.

During the three months ended May 31, 2023, the Company incurred a loss of $475,438, which was primarily attributable to consulting fees of $118,295, management fees of $122,864, professional fees of $31,554, filing fees of $65,356 and unrealized loss on marketable securities of $127,526.

During the three months ended February 28, 2023, the Company incurred a loss of $294,054, which was primarily attributable to management fees of $89,338, professional fees of $36,208, travel of $36,997 and unrealized loss on marketable securities of $29,215.

During the three months ended November 30, 2022, the Company incurred a loss of $2,336,345 which was primarily attributable to write-off of exploration properties of $1,915,226 and marketing, promotion and communication of $185,080.

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POWER METALS CORP. FORM 51-102F1 MANAGEMENT DISCUSSION AND ANALYSIS NINE MONTHS ENDED AUGUST 31, 2024

Financial Instruments and Risk

Fair values

Financial instruments measured at fair value are classified into one of three levels in the fair value hierarchy based on the degree to which the inputs used to determine the fair value are observable. The three levels of the fair value hierarchy are:

• Level 1 – quoted prices (unadjusted) in active markets for identical assets or liabilities;

• Level 2 – inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly; and

• Level 3 – inputs for the asset or liability that are not based on observable market data (unobservable inputs).

The carrying value of its financial assets and liabilities approximates their fair value as at August 31, 2024 due to their short term maturity except for investments in marketable securities which are carried at fair value and measured at Level 1 inputs for the public Company shares and level 2 for the shares held in the of the fair value hierarchy. The Company’s risk exposures and the impact on the Company’s financial instruments are summarized below:

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 Company’s exposure to credit risk is in its cash and receivables. Cash is held with major banks in Canada, which are high credit quality financial institutions as determined by rating agencies. As at August 31, 2024, the Company had $294,855 (November 30, 2023 – $119,801) receivable from government authorities in Canada. The Company believes it has no significant credit risk.

Liquidity risk

The Company’s approach to managing liquidity risk is to ensure that it will have sufficient liquidity to meet liabilities when due. As at August 31, 2024, the Company had a cash and cash equivalents balance of $2,977,866 (November 30, 2023 – $6,851,501) to settle current liabilities of $2,275,830 (November 30, 2023 – $3,420,363). All of the Company’s financial liabilities have contractual maturities of 30 days or due on demand and are subject to normal trade terms.

Market risk

Market risk is the risk of loss that may arise from changes in market factors such as interest rates, foreign exchange rates, and commodity and equity prices.

• (a) Interest rate risk

The Company has cash and cash equivalents balances and interest-bearing debt. The Company is satisfied with the credit ratings of its banks. Due to the short-term nature of the Company’s financial instruments, fluctuations in market rates do not have a significant impact on estimated fair values as of August 31, 2024.

• (b) Foreign currency risk

As at August 31, 2024, the Company has a minimal balance of cash in US dollar and does not believe that the foreign currency risk related to the balance is significant. The Company is exposed to the risk that the fair value or future cash flows of investments denominated in other currencies will fluctuate due to changes in

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POWER METALS CORP. FORM 51-102F1 MANAGEMENT DISCUSSION AND ANALYSIS NINE MONTHS ENDED AUGUST 31, 2024

exchange rates. When the value of the Canadian dollar falls in relation to foreign currencies, then the value of foreign investments rise. When the value of the Canadian dollar rises, the value of foreign investments fall.

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 Balances and Transactions

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

	Nature of transactions	August 31, 2024 August 31, 2023
	Key management personnel: Chairman and Director Management fees Chairman and Director Share-based compensation Chairman and Director Rent (included within office and miscellaneous) CEO Geological and consulting (i) CEO Share-based compensation A company controlled by former CEO Consulting fees Former CEO Share-based compensation A company controlled by CFO and Director Management fees A company controlled by CFO and Director Professional fees A company controlled by CFO and Director Share-based compensation Former VP Exploration and a company controlled by former VP Exploration Geological and consulting (i) A company controlled by VP Exploration Consulting fee (i) A company controlled by VP Exploration Share-based compensation Directors Consulting fee Directors Share-based compensation Total	$ 244,454 $ 225,344 47,859 118,388 30,473 49,530 135,417 - 191,434 - 45,000 75,530 19,143 147,985 110,000 104,500 93,500 54,900 38,287 78,925 34,795 74,505 144,000 64,000 19,143 147,985 18,000 - 38,287 59,194
		$1,209,792 $1,200,256

i) Capitalized in exploration and evaluation assets.

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POWER METALS CORP. FORM 51-102F1 MANAGEMENT DISCUSSION AND ANALYSIS NINE MONTHS ENDED AUGUST 31, 2024

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

	August 31, 2024 November 30, 2023
Due to a company controlled by the CFO and Director Due to a company controlled by former CEO Due to a company controlled by VP Exploration Due to former VP Exploration and a company controlled by former VP Exploration	$ 26,883 $ 18,400 - 15,750 - 22,892 8,674 6,882
	$ 35,557 $ 63,924

The amounts due to related parties are unsecured non-interest bearing and are due on demand. The amounts advanced to key management personnel included in prepaids are as follows:

	August 31, 2024 November 30, 2023
Advances to the Chairman and Director Advances to a company controlled by the CFO and Director Advances to a director	$ 39,076 $ 69,549 - 14,860 2,000 -
	$ 41,076 $ 84,409

Off-Balance Sheet Arrangements

The Company has not engaged in any off-balance sheet arrangements such as obligations under guarantee contracts, a retained or contingent interest in assets transferred to an unconsolidated entity, any obligation under derivative instruments or any obligation under a material variable interest in an unconsolidated entity that provides financing, liquidity, market risk or credit risk support to the Company or engages in leasing or hedging services with the Company.

Capital Management

The Company’s objective when managing capital is to safeguard the entity’s ability to continue as a going concern.

In the management of capital, the Company monitors its adjusted capital which comprises all components of equity (i.e. share capital, reserves and deficit).

The Company sets the amount of capital in proportion to risk. The Company manages the capital structure and makes adjustments to it in the light of changes in economic conditions and the risk characteristics of the underlying assets. In order to maintain or adjust the capital structure, the Company may issue common shares through private placements. The Company is not exposed to any externally imposed capital requirements.

No changes were made to capital management during the period ended August 31, 2024.

Changes in Management

On February 13, 2024, the Company appointed Mr. Haydn Daxter as CEO to replace Mr. Gerry Brockelsby.

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POWER METALS CORP. FORM 51-102F1 MANAGEMENT DISCUSSION AND ANALYSIS NINE MONTHS ENDED AUGUST 31, 2024

New Or Revised Standards and Amendments To Existing Standards Not Yet Effective

Please refer to the unaudited condensed interim financial statements for the period ended August 31, 2024 on www.sedarplus.ca.

Critical Accounting Estimates and judgements

The Company's significant accounting policies are summarized in Note 3 of its condensed interim financial statements for the period ended August 31, 2024. The preparation of the condensed interim financial statements in accordance with IFRS requires management to select accounting policies and make estimates and judgments that may have a significant impact on the financial statements.

The Company regularly reviews its judgements and estimates; however, actual amounts could differ and, accordingly, materially affect the results of operations.

Outstanding Share Data

As at October 30, 2024, the Company had the following securities issued and outstanding:

Number Exercise Price Expiry Date

Common Shares Options Warrants Total diluted at October 30, 2024

148,506,010 2,876,045 $0.30 August 23, 2025 200,000 $0.405 March 27, 2026 100,000 $0.26 July 15, 2026 900,000 $0.22 August 18, 2026 100,000 $0.39 October 15, 2026 2,000,000 $0.29 March 24, 2027 300,000 $0.20 May 30, 2027 3,852,000 $0.255 June 15, 2028 2,900,000 $0.27 February 12, 2029 13,228,045 7,500,000 $0.40 January 20, 2025 177,975 $0.40 February 14, 2025 7,500,000 $0.40 March 16, 2025 15,177,975 176,912,030

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