Resource Centrix Holdings Inc. — Management Reports 2025

Dec 30, 2025

RESOURCE CENTRIX HOLDINGS INC.
(formerly AI CENTRIX RESOURCE HOLDINGS INC.)

MANAGEMENT DISCUSSION AND ANALYSIS
For the periods ended October 31, 2025 and 2024

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RESOURCE CENTRIX HOLDINGS INC. (formerly AI CENTRIX RESOURCE HOLDINGS INC.)
Management Discussion & Analysis
(Expressed in Canadian Dollars)
For the periods ended October 31, 2025 and 2024

1.1 Date and Subject of Report

This Management's Discussion and Analysis (this "MD&A" or "Report") of the financial condition of Resource Centrix Holdings Inc., formally AI Centrix Resource Holdings Inc. ("AI Centrix" or the "Company") and results of operations of the Company for the year ended January 31, 2025, has been prepared by management in accordance with the requirements under National Instrument 51-102 – Continuous Disclosure Obligations as at December 29, 2025. The Report should be read in conjunction with the audited financial statements and related notes thereto of the Company as at and for year ended January 31, 2025 (the "Financial Statements"). The Financial Statements are presented in accordance with International Financial Reporting Standards ("IFRS"), and AI Centrix' accounting policies are described in Note 3 of the Financial Statements. All dollar amounts in the Report are in Canadian dollars unless otherwise noted.

The Financial Statements, together with the MD&A, are intended to provide investors with a reasonable basis for assessing the performance and potential future performance of the Company and are not necessarily indicative of the results that may be expected in future periods. The information in the MD&A may contain forward-looking statements, and the Company cautions investors that any forward-looking statements made by the Company are not guarantees of future performance, as they are subject to significant risks and uncertainties that may cause projected results or events to differ materially from actual results or events. Please refer to the risks and cautionary notices of this MD&A. Additional information relating to the Company may be found on the Canadian System for Electronic Document Analysis and Retrieval ("SEDAR PLUS") (www.sedarplus.ca).

This MD&A contains forward-looking information which reflects management's expectations regarding the Company's growth, results of operation, performance and business prospects and opportunities. The use of words such as "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe", "outlook", "forecast" and similar expressions are intended to identify forward-looking statements.

Forward-looking statements in this MD&A include, but are not limited to the Company's expectation of future activities and results, of its working capital needs and its ability to identify, evaluate and pursue suitable business opportunities. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results of events to differ materially from those anticipated in these forward- looking statements. Readers should not put undue reliance on forward-looking information.

Historical results of operations and trends that may be inferred from the following discussions and analysis may not necessarily indicate future results from operations.

1.2 Overview and Description of Business

The Company was incorporated on February 19, 2021 under the laws of British Columbia, Canada. The Company is engaged in the acquisition, exploration and development of mineral resource properties located in Canada. On June 23, 2022, the Company changed its name to AI Centrix Resource Holdings Inc. On June 19, 2023, the Company changed its name to Resource Centrix Holdings Inc.

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RESOURCE CENTRIX HOLDINGS INC. (formerly AI CENTRIX RESOURCE HOLDINGS INC.)
Management Discussion & Analysis
(Expressed in Canadian Dollars)
For the periods ended October 31, 2025 and 2024

1.2 Overall Performance

• During the period ended October 31, 2025, the Company had minimal activity as it is currently evaluating its next phase of exploration activities surrounding its Sylvest mineral property interest. At present, the option is in good standing and the Company is determining what type of program to undergo as it continues exploration work on the mineral property asset.

Mineral Properties

On April 6, 2022 (the "Effective Date") and amended on April 4, 2023, April 6, 2024, July 1, 2024, September 13, 2024 and May 20, 2025, the Company entered into a mineral property option agreement (the "Option Agreement") whereby it has the option to acquire a 70% undivided interest over a six-year period in certain mineral claims in the Sylvest property, located in the Omineca Mining Division, British Columbia, Canada. Under terms of the Option Agreement, the Company must pay $3,045,000 in cash or a combination of cash and common shares as follows:

• $50,000 within 90 days of Effective Date (Paid on October 27, 2022)
• $50,000 on or before April 30, 2023 (Paid on April 18, 2023)
• $115,000 on or before May 29, 2024 (Paid on May 29, 2024)
• $15,000 on or before July 27, 2024 (Paid on July 8, 2024)
• $15,000 by September 13, 2024 (Paid on September 4, 2024)
• $100,000 on or before July 31, 2025 (Not Paid)
• $100,000 on or before January 31, 2026
• $300,000 on or before April 6, 2026
• $300,000 on or before April 6, 2027 and
• $2,000,000 on or before April 6, 2028

In addition to the payment of $3,045,000 by way of cash or common shares of the Company, the Company must also incur $6,430,000 of mineral property expenditures as follows:

• $40,000 within 90 days of the Effective Date (Met)
• $60,000 on or before the first anniversary of the Effective Date and extended to June 30, 2023 (Met)
• $80,000 on or before the second anniversary of the Effective Date and extended to August 30, 2024 (Met)
• $100,000 on or before August 31, 2025 (Not Met)
• $150,000 on or before October 31, 2025
• $1,000,000 on or before April 6, 2026
• $2,000,000 on or before April 6, 2027 and
• $3,000,000 on or before April 6, 2028

The following is the Company's Mineral property interests as at October 31, 2025:

	Sylvest Property	Total
Mineral Property Acquisition Costs
Balance, January 31, 2024	$ 100,000	$ 100,000
Additions	145,000	145,000
Balance, January 31, 2025 and October 31, 2025	$ 245,000	$ 245,000

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RESOURCE CENTRIX HOLDINGS INC. (formerly AI CENTRIX RESOURCE HOLDINGS INC.)
Management Discussion & Analysis
(Expressed in Canadian Dollars)
For the periods ended October 31, 2025 and 2024

1.2 Overall Performance (Continued)

The following table shows the activity by category of exploration:

Exploration Expenditures	October 31, 2025 ($)	October 31, 2024 ($)
Geophysical surveying	-	54,880
Geological consulting	-	-
Mineral Exploration Tax Credit	-	-
Total	-	54,880

The Company claims Mining Exploration Tax Credits ("METC") for eligible expenditures incurred on the Sylvest Property. The METC is subject to adjustments due to reassessments.

The balances and changes in METC receivable during the periods ended October 31, 2025 and January 31, 2025 are as follows:

	October 31, 2025	January 31, 2025
Balance, beginning	$ 46,595	$ -
Claimed	-	46,595
Collected	46,595-	-
Adjustments due to reassessments	-	-
METC receivable	$ -	$ 46,595

Equity Transactions

On April 1, 2025, the Company completed a 10 for 1 stock split of its issued and outstanding common shares of the Company. All number of shares and per share amounts have been retroactively restated in these MD&A to reflect this stock split.

During the period ended October 31, 2025, there were no equity based transactions that took place.

During the period ended October 31, 2025, there were no equity based transactions that took place, however the following private placement was announced:

Non-Brokered Equity and Convertible Debt Private Placement

On April 14, 2025, the Company announced a non-brokered equity and debt private placement financing. The equity private placement will consist of the issuance of up to 12,500,000 common shares at a price of $0.20 per share for proceeds of up to $2,500,000. The convertible debenture private placement will consist of the issuance of convertible debentures of up to $3,500,000 with a conversion price of $0.24 per share. The proceeds of the Financings will be used for general working capital purposes.

1.3 Results of Operations

For the nine months ended October 31, 2025 and 2024

For the nine months ended October 31, 2025, the Company incurred a loss and comprehensive loss of $125,498 as compared to a loss and comprehensive loss of $176,587 during the same period in the previous October 31, 2024 fiscal period. This represents a decrease in the loss and comprehensive loss of $51,089 during the nine month period ended October 31, 2025 versus the same period in the directly preceding year. The decrease in the loss and comprehensive loss during the six-month period ended October 31, 2025 is primarily attributed to exploration expense of $Nil (2024 - $54,880), professional and consulting fees of $107,180 (2024 - $77,803), general and administrative expense of $10,377 (2024 - $20,308), and financing costs of $3,135 (2024 - $9,369).

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RESOURCE CENTRIX HOLDINGS INC. (formerly AI CENTRIX RESOURCE HOLDINGS INC.)
Management Discussion & Analysis
(Expressed in Canadian Dollars)
For the periods ended October 31, 2025 and 2024

1.3 Results of Operations (Continued)

For the three months ended October 31, 2025 and 2024

For the three months ended October 31, 2025, the Company incurred a loss and comprehensive loss of $52,538 as compared to a loss and comprehensive loss of $35,577 during the same period in the previous fiscal year. This represents an increase in the loss and comprehensive loss of $16,961 during the three-month period ended October 31, 2025 versus the same period in the directly preceding year. The increase in the loss and comprehensive loss during the three-month period ended October 31, 2025 is primarily attributed to professional and consulting fees of $58,250 (2024 - $25,438). The increase in expense is primarily attributed to higher expense levels than in the previous year as the company was actively seeking advise on dealing with the existing property and seeking additional properties.

1.4 Summary of Quarterly Results

The following is a summary of financial information concerning the Company for the reported quarters:

2026 Quarterly Results	1st Quarter	2nd Quarter	3rd Quarter
Revenue	$ -	$ -	$ -
Income (loss) and comprehensive income (loss)	$ (38,323)	$ (34,637)	$ (52,538)
Basic and diluted gain (loss) per share	$ (0.00)	$ (0.00)	$ (0.00)
Total Assets	$ 376,738	$ 320,351	$ 269,812
Working Capital surplus (deficiency)	$ (81,118)	$ (115,755)	$ (52,784)
2025 Quarterly Results	1st Quarter	2nd Quarter	3rd Quarter
---	---	---	---
Revenue	$ -	$ -	$ -
Income (loss) and comprehensive income (loss)	$ (15,070)	$ (125,940)	$ (35,577)
Basic & diluted gain (loss) per share	$ (0.00)	$ (0.00)	$ (0.00)
Total Assets	$ 153,032	$ 344,868	$ 333,523
Working Capital surplus (deficiency)	$ 37,233	$ 110,968	$ 62,755
2024 Quarterly Results	1st Quarter	2nd Quarter	3rd Quarter
---	---	---	---
Revenue	$ -	$ -	$ -
Income (loss) and comprehensive income (loss)	$ (34,858)	$ (12,316)	$ (63,768)
Basic and diluted gain (loss) per share	$ (0.00)	$ (0.00)	$ (0.01)
Total Assets	$ 277,959	$ 465,941	$ 478,675
Working Capital surplus (deficiency)	$ 173,237	$ 365,563	$ 276,418

1.5 Liquidity and Capital Resources

As at October 31, 2025, the Company reported a working capital deficit of $52,784 consisting of cash of $626, prepaid expenses of $11,331, receivables of $12,855, less trade payables and accrued liabilities of $77,596 and loans payable of $115,510.

During the nine month's period ended October 31, 2025 the company generated a net loss and comprehensive loss of $125,498 (accumulated deficit of $777,887).

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RESOURCE CENTRIX HOLDINGS INC. (formerly AI CENTRIX RESOURCE HOLDINGS INC.)
Management Discussion & Analysis
(Expressed in Canadian Dollars)
For the periods ended October 31, 2025 and 2024

1.5 Liquidity and Capital Resources (Continued)

The continuation of the Company as a going concern is dependent upon its ability to raise additional capital or debt financing on reasonable terms in order to meet business objectives towards achieving profitable operations.

1.6 Off-Balance Sheet Arrangements

The Company does not utilize off-balance sheet arrangements.

1.7 Financial Instruments and Risk Management

Early Stage - Need for Additional Funds

The Company has no history of profitable operations and its present business is at an early stage. As such, the Company is subject to many risks common to such enterprises, including undercapitalization, cash shortages and limitations with respect to personnel, financial and other resources and the lack of revenues. There is no assurance that the Company will be successful in achieving a return on shareholders' investments and the likelihood of success must be considered in light of its early stage of operations. The Company has no source of operating cash flow and no assurance that additional funding will be available to it for further exploration and development of its projects when required. Although the Company has been successful in the past in obtaining financing through the sale of equity securities, there can be no assurance that the Company will be able to obtain adequate financing in the future or that the terms of such financing will be favorable, especially in today's volatile and uncertain financial markets. Failure to obtain such additional financing could result in the delay or indefinite postponement of further exploration and development of its properties.

Exploration and Development

Exploration for minerals is a speculative venture involving substantial risk. There is no certainty that the expenditures made by the Company will result in discoveries of commercial metal reserves. Mining and development risks always accompany anticipated rewards, and uncertainties always exist where mineral properties are concerned. Uncertainties include the size, grade and recovery of naturally occurring mineral deposits. Although exploration and development efforts can outline a mineral deposit with a degree of certainty, ultimate grade and tonnages are never fully known until mining has been completed. Metal prices are also a significant factor in the development decision for a mineral property, as a mine may not be economically feasible in a period of depressed prices. Factors beyond the control of the Company may affect the marketability of any minerals discovered. Pricing is affected by numerous factors such as international economic and political trends, global or regional consumption and demand patterns, and increased production by current producers.

Operating Hazards and Risks

Mining operations involve many risks, which even a combination of experience, knowledge and careful evaluation may not be able to overcome. In the course of exploration, development and production of mineral properties, certain risks, and in particular, unexpected or unusual geological operating conditions including rock bursts, cave-ins, fires, flooding and earthquakes may occur. Operations in which the Company has a direct or indirect interest will be subject to all the hazards and risks normally incidental to exploration, development and production of metals, any of which could result in damage to or destruction of mines and other producing facilities, damage to life and property, environmental damage and possible legal liability for any or all damage.

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RESOURCE CENTRIX HOLDINGS INC. (formerly AI CENTRIX RESOURCE HOLDINGS INC.)
Management Discussion & Analysis
(Expressed in Canadian Dollars)
For the periods ended October 31, 2025 and 2024

1.7 Financial Instruments and Risk Management (Continued)

Title Risks

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

Competition and Agreements with Other Parties

The mining industry is intensely competitive in all its phases. The Company competes with other companies that have greater financial resources and technical capacity. Competition could adversely affect the Company's ability to acquire suitable properties or prospects in the future. The Company may, in the future, be unable to meet its share of costs incurred under agreements to which it is a party, and it may have its interest in the properties subject to such agreements reduced as a result. Also, if other parties to such agreements do not meet their share of such costs, the Company may not be able to finance the expenditures required to complete recommended programs.

Environmental Regulations, Permits and Licenses

The Company's operations are subject to various laws and regulations governing the protection of the environment, exploration, development, production, taxes, labour standards, occupational health and safety, waste disposal, and other matters. Environmental legislation provides for restrictions and prohibitions on spills, releases or emissions of various substances produced in association with certain mining industry operations, such as seepage from tailings disposal areas, which would result in environmental pollution. A breach of such legislation may result in impositions of fines and penalties. In addition, certain types of operations require the submission and approval of environmental impact assessments. Environmental legislation is evolving in a direction of stricter standards, and enforcement, and higher fines and penalties for non-responsibility for companies including its directors, officers and employees. The cost of compliance with changes in governmental regulations has the potential to reduce the profitability for the Company and its directors, officers and employees. The Company intends to fully comply with all environmental regulations. Failure to comply with applicable laws, regulations, and permitting requirements may result in enforcement actions thereunder, including orders issued by regulatory or judicial authorities causing operations to cease or be curtailed, and may include corrective measures requiring capital expenditures, installation of additional equipment, or remedial actions. Parties engaged in mining operations may be required to compensate those suffering loss or damage by reason of mining activities and may have civil or criminal fines or penalties imposed for violations of applicable laws or regulations and, in particular, environmental laws.

Economic Conditions

Unfavorable economic conditions may negatively impact the Company's financial viability as a result of increased financing costs and limited access to capital markets.

Conflicts of Interest

The Company's directors and officers may serve as directors and officers or may be associated with other reporting companies or have significant shareholdings in other public companies. To the extent that such other companies may participate in business or asset acquisitions, dispositions, or ventures in which the Company may participate, the directors and officers of the Company may have a conflict of interest in negotiating and concluding terms respecting the transaction. If a conflict of interest arises, the Company will follow the provisions of the Business Corporations Act, British Columbia ("Corporations Act") in dealing with conflicts of interest. These provisions state, where a director/officer has such a conflict, that the director/officer must at a meeting of the board, disclose his interest and refrain from voting on the matter unless otherwise permitted by the Corporations Act. In accordance with the laws of the

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RESOURCE CENTRIX HOLDINGS INC. (formerly AI CENTRIX RESOURCE HOLDINGS INC.)
Management Discussion & Analysis
(Expressed in Canadian Dollars)
For the periods ended October 31, 2025 and 2024

1.7 Financial Instruments and Risk Management (Continued)

Province of British Columbia, the directors and officers of the Company are required to act honestly, in good faith and in the best interests of the Company.

Core Business

The Company's business is focused on the acquisition, exploration and development of mineral resource properties located in Canada. It will require significant risk and capital for the Company working towards establishing viable business in the sector, if ever. There can be no assurance that the Company ever becomes established or profitable in the sector, even with significant capital investment and business expertise.

Risks Related as a Going Concern

The ability of the Company to continue as a going concern is uncertain and dependent upon its ability to achieve profitable operations, obtain additional capital and receive continued support from its shareholders. Management of the Company will have to raise capital through private placements or debt financing and proposes to continue to do so through future private placements and offerings. The outcome of these matters cannot be predicted at this time.

Reliance on Key Personnel and Advisors

The Company relies heavily on its executive officers and directors, along with key business consultants. The loss of their services would have a material adverse effect on the business of the Company. There can be no assurance that executive officers and key business consultants engaged by the Company will continue to provide services in the employ of, or in a consulting capacity to, the Company or that they will not set up competing businesses or accept positions with competitors.

The Company's risk exposures and the impact on the Company's financial instruments are summarized below:

Foreign exchange risk

Foreign exchange risk is the risk that the value of a financial instrument will fluctuate due to changes in foreign exchange rates. The Company does not presently have exposure to foreign exchange volatility.

Credit risk

The Company currently holds its cash at large Canadian financial institutions. The Company does not have any asset-backed commercial paper. The Company intends to maintain cash deposits with a Schedule A financial institution, which from time to time may exceed federally insured limits. The Company has not experienced any significant credit losses and believes it is not exposed to any significant credit risk.

Interest rate risk

Interest rate risk is the risk the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. Financial assets and liabilities with variable interest rates expose the Company to cash flow interest rate risk. The Company does not hold any financial liabilities

with variable interest rates. The Company does maintain bank accounts which earn interest at variable rates but it does not believe it is currently subject to any significant interest rate risk.

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RESOURCE CENTRIX HOLDINGS INC. (formerly AI CENTRIX RESOURCE HOLDINGS INC.)
Management Discussion & Analysis
(Expressed in Canadian Dollars)
For the periods ended October 31, 2025 and 2024

1.7 Financial Instruments and Risk Management (Continued)

Liquidity risk

The Company's ability to continue as a going concern is dependent on management's ability to raise required funding through future equity issuances and through short-term borrowing. The Company manages its liquidity risk by forecasting cash flows from operations and anticipating any investing and financing activities. Management and the Board of Directors are actively involved in the review, planning and approval of significant expenditures and commitments.

1.8 Transactions with Related Parties

The Company entered into the following transactions with related parties:

As at October 31, 2025, the Company had a prepayment of $11,052 (October 31, 2024 - $14,552) for consulting services to be rendered by an officer of the Company, Derrick Gaon.

Refer to Note #8 in the Interim Financial Statements surrounding Loans Payable for additional related party transactions.

During the period ended October 31, 2025, the Company incurred consulting fees of $68,400 that were rendered by a company(ies) with a common officer, and/or a director or officer of the Company (October 31, 2024 - $18,938).

Included in accounts payable and accrued liabilities at October 31, 2025 is $3,900 (October 31, 2024 - $3,900) owing to a director and officer of the Company, Derrick Gaon.

Refer to Note 8 in the Interim Financial Statements surrounding Loans Payables as per related party loan transactions.

All related party transactions are in the normal course of operations and have been measured at the agreed to amount, which is the amount of consideration established and agreed to by the related parties.

1.9 Subsequent Events

Not applicable

1.10 Critical Accounting Estimates

Not applicable.

1.11 Changes in Accounting Policies including Initial Adoption

The financial information presented in this MD&A and the October 31, 2025 Interim Financial Statements have been prepared in accordance with IAS 34 Interim Financial Reporting Standards and by reference to any portion of the year end audited statements please note that they have been prepared in accordance with International Financial Reporting Standards. In addition, our significant accounting policies are set out in Note 3 of the audited financial statements of the Company, as at and for the period ended January 31, 2025.

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RESOURCE CENTRIX HOLDINGS INC. (formerly AI CENTRIX RESOURCE HOLDINGS INC.)
Management Discussion & Analysis
(Expressed in Canadian Dollars)
For the periods ended October 31, 2025 and 2024

1.12 Financial Instruments and Other Instruments

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Financial instruments measured at fair value are classified into one of three levels in the fair value hierarchy according to the relative reliability of the inputs used to estimate the fair values. The three levels of the fair value hierarchy are:

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

Level 2 – Inputs other than quoted prices that are observable for the asset or liability either directly or indirectly; and

Level 3 – Inputs that are not based on observable market data.

The Company's financial instruments as at October 31, 2025 are as follows:

	Level 1	Level 2	Level 3	Total
Financial Assets
Cash	$ 626	-	-	$ 626
	$ 626	-	-	$ 626

1.13 Other Requirements

Summary of Outstanding Share Data as of October 31, 2025:

Authorized: Unlimited number of common shares without par value.
Issued and outstanding: 94,198,510
Stock options outstanding: nil
Warrants outstanding: nil

As of the date of this MD&A (December 29, 2025) the Outstanding Share Data is as follows:

Authorized: Unlimited number of common shares without par value.
Issued and outstanding: 94,198,510
Stock options outstanding: nil
Warrants outstanding: nil

1.14 Additional Disclosures

Additional disclosures pertaining to the Company's material change reports, press releases and other information are available on the SEDAR Plus website at www.sedarplus.ca.

Dividends

The Company has no earnings or dividend record and is unlikely to pay any dividends in the foreseeable future.. Any future determination to pay dividends will be at the discretion of the board of directors and will depend on the Company's financial condition, results of operations, capital requirements and such other factors as the board of directors deem relevant

Nature of the Securities

The purchase of the Company's securities involves a high degree of risk and should be undertaken only by investors whose financial resources are sufficient to enable them to assume such risks. The Company's securities should not be purchased by persons who cannot afford the possibility of the loss of their entire investment. Furthermore, an investment in the Company's securities should not constitute a major portion of an investor's portfolio.

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RESOURCE CENTRIX HOLDINGS INC. (formerly AI CENTRIX RESOURCE HOLDINGS INC.)
Management Discussion & Analysis
(Expressed in Canadian Dollars)
For the periods ended October 31, 2025 and 2024

1.14 Additional Disclosures (Continued)

Proposed Transactions

There are currently no significant proposed transactions except for a proposed non-brokered private placement for $475,000 or as otherwise disclosed in this MD&A. Confidentiality agreements and non-binding agreements may be entered into from time to time, with independent entities to allow for discussions of the potential acquisition and/or development of certain business opportunities.

Approval

The Board of Directors oversees management's responsibility for financial reporting and internal control systems through an Audit Committee. This Committee meets or discusses periodically with management and annually with the independent auditors to review the scope and results of the annual audit and to review the financial statements and related financial reporting and internal control matters before the financial statements are approved by the Board of Directors and submitted to the shareholders of the Company. The Board of Directors of the Company has approved the financial statements and the disclosure contained in this MD&A. A copy of this MD&A will be provided to anyone who requests it.

Forward Looking Information

Certain statements in this document constitute "forward-looking statements" and are based on current expectations and involve risks and uncertainties, referred to above and or in the Company's financial statements, that could cause actual events or results to differ materially from estimated or anticipated events or results reflected in the forward-looking statements. Examples of such forward looking statements include statements regarding financial results and expectations for fiscal 2024, future anticipated results of developments including, but not limited to conclusions of economic evaluations, and the possibility that future business opportunities, development or business results will not be consistent with the Company's expectations, demand for healthcare technologies, currency exchange rates, political and operational risks inherent in developing healthcare technologies or healthcare development activities, legislative factors relating to operations, licenses, prices, taxes, royalties, tariffs are/or may be based on assumptions and/or estimates related to future economic, market and other conditions. This list is not exhaustive and should be considered carefully by prospective investors, who should not place undue reliance on such forward-looking statements.

Factors that could cause actual results, developments or events to differ materially from those anticipated include, among others, the factors described or referred to elsewhere herein including, without limitation, under the heading "Risks and Uncertainties" and/or the financial statements and include unanticipated and/or unusual events as well as actual results of planned business and programs and associated risk. Many of such factors are beyond the Company's ability to control or predict. Actual results may differ materially from those anticipated. Readers of this MD&A are cautioned not to put undue reliance on forward looking statements due to their inherent uncertainty.

Forward-looking statements are made based upon management's beliefs, estimates and opinions on the date the statements are made, which management believes are reasonable, and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as otherwise required by applicable law. These forward-looking statements should not be relied upon as representing management's views as of any date subsequent to the date of this MD&A. Additional information, including interim and annual financial statements, any management information circulars and other disclosure documents, may also be examined and/or obtained through the Internet by accessing the SEDAR PLUS website at www.sedarplus.ca