RJK Explorations Ltd.

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INTERIM MANAGEMENT DISCUSSION AND ANALYSIS

of Financial Condition and Results of Operations for the three and nine months ended September 30, 2021

Dated: November 26, 2021

The following information should be read in conjunction with the Company's unaudited interim consolidated financial statements as at and for the three- and nine-month periods ended September 30, 2021 and September 30, 2020. The financial statements and related notes included therein were prepared in accordance with International Reporting Standards, unless otherwise stated. This discussion includes forward-looking statements that may differ materially from actual results achieved.

MANAGEMENT'S DISCUSSION AND ANALYSIS

INTRODUCTION

RJK Exploration Ltd. ("RJK" or the “Company”) is a mineral exploration company originally formed in 1922 and is engaged in the acquisition, exploration and development of early stage mineral resource properties. The Company’s current focus is on diamond exploration in the Cobalt area of Northern Ontario. The Company continues to evaluate and will acquire additional properties as venture capital and opportunities present themselves. The Company is a reporting issuer in Ontario, Alberta and British Columbia and trades on the TSX Venture Exchange as a Tier II reporting issuer under the symbol “RJX.A”.

This management discussion and analysis has been prepared from information available to RJK as at November 26, 2021 and should be read in conjunction with the September 30, 2021 unaudited condensed interim consolidated financial statements and related notes thereto which were prepared in accordance with International Financial Reporting Standards. All figures are in Canadian dollars unless stated otherwise.

These condensed interim consolidated financial statements include the financial statements of the Company and its wholly-owned subsidiary, RJK Minerals Inc., for the period from June 8, 2021 (date of incorporation) to September 30, 2021 (collectively the "Group"). RJK has incorporated RJK Minerals Inc. to look at gold, silver, cobalt and base metal opportunities.

FORWARD-LOOKING STATEMENTS

This document may contain or refer to forward-looking information. Such forward-looking information includes, among other things, statements regarding targets, estimates and/or assumptions in respect of future production, capital costs and future economic, market and other conditions, and is based on current expectations that involve a number of business risks and uncertainties. Factors that could cause actual results to differ materially from any forward-looking statement include, but are not limited to:

the grade and recovery of ore which is mined varying from estimates;
exploration and development costs varying significantly from estimates;
inflation;
fluctuations in commodity prices;
delays in the development of any project caused by unavailability of equipment, labour or supplies, climatic conditions or otherwise;
failure to raise additional funds required to finance the completion of a project; and
the results of legal claims made by or against the Company.

Forward-looking statements are subject to significant risks and uncertainties and other factors that could cause actual results to differ materially from expected results. Readers should not place undue reliance on forward-looking statements.

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INVOLVEMENT IN MINERAL PROPERTIES

On a quarterly and yearly basis, management reviews exploration costs to ensure deferred expenditures include only the costs and projects that are eligible for capitalization. There were no mineral property write-offs during the quarter- and year-to-date ended September 30, 2021, nor in the same periods ended September 30, 2020.

The impairment assessment of exploration and evaluation assets resulted in the write down of $408,986 in exploration and evaluation assets during the year ended December 31, 2020. $390,753 of this write down pertains to the Rolling Pond property in Newfoundland as it was decided in the final quarter of the year to not move forward with the final anniversary payment and work commitments required in the agreement in order to maintain full focus on the Cobalt diamond properties. The remaining write down of $18,234 is related to not continuing with the Cruz property option.

RJK NIPISSING DIAMOND PROJECTS

The Company has acquired through staking and mineral option agreements in excess of 10,500 hectares in the Cobalt and area mining camp. In addition, the company staked 222 mining claims comprising approximately 5,550 hectares in the Elk Lake and Temagami areas that management views have the potential to host kimberlite pipes.

BISHOP PROPERTY

During fall of 2019, the Company’s field crews collected 107 alluvial till samples which were processed by Overburden Drilling Management. The highest result was 322 total KIMs 37 of which were eclogitic garnets generally believed to originate deep within the mantle, and 94 G9 and G10 garnets, which traditionally are used to determine favourable kimberlite sources with diamond potential.

In March 2020, a 22.4 kg sample of the 2019 Paradis Pond drill core was sent to CF Mineral Research Ltd. (“CFM”). Project Manager, Peter Hubacheck P. Geo., relogged the four 2019 Paradis diamond drill cores reclassifying the core as tuffisitic kimberlite breccia and identified potential kimberlite indicator minerals leading to further investigative work leading to the decision to have the core analysed by CFM. A 22.4 kg sample was sent to CFM for heavy mineral separation, grain picking, microprobe analysis, and caustic fusion testing for diamonds. CFM reports the recovery of at least 18 natural diamonds, varying in colour, in a 22.4 kg (50 lb) drill core sample. Four of the stones that appear natural are -0.212+0.150 mm in size. One is light yellow; one is light green and two are white in colour. These are mostly partially crystalline chips and are clear with single tiny inclusions in two of the stones. Seven of the stones thought to be natural are -0.150+0.106 mm in size. Five of these are clear white broken fragments, one is clear white with broken dodecahedral crystal faces and one is a light brown diamond fragment. Kimberlite indicator minerals (KIMs) were also separated and tested, returning materially important results. A total of 28 KIM grain determinations were identified, that commonly derive from kimberlite sources, originating in the “diamond stability field.” From the heavy mineral concentrates, 164 grains were probed and classified into six diamond indicator minerals: chromite, high manganese ilmenite, peridotitic pyroxene, clinopyroxene, eclogitic garnet and peridotitic garnet. Of the 164 grains analysed by electron microprobe, twenty-three were G10 peridotitic garnets, three were diamond inclusion G11 garnets, one was a G1 eclogitic garnet and one was a diamond inclusion chromite, all formed in the diamond stability field along with the diamonds.

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This marks the Company’s first kimberlite discovery with the test results in this relatively small sample indicates the kimberlite chemistry is excellent and containing some 18 microdiamonds with a rare yellow and very rare green diamond.

Drilling resumed following a cease work period due to COVID-19 mandate. A total of 26 vertical and angled holes being drilled to date, resulting in the expansion of the Paradis Pond kimberlite, in addition to discovering 3 new kimberlites Robin’s Place, Gleeson, and HSM which are all located in Lorraine Township. Kimberlite drill intercepts from Paradis, Robin’s Place Gleeson, HSM, all lie within EM conductance anomalies to date. The total dimension of these kimberlites is still to be determined by drilling.

The Robin’s Place conductance anomaly was tested with two vertical drill holes. RP-20-1 intersected 33.6 meters of kimberlite before being lost due to difficult drilling conditions. Drill hole RP-20-2 was collared 180 meters to the southeast and intersected 24 meters of kimberlite. RP-20-1 is the thickest intersection of kimberlite drilled to date, which may represent a feeder zone originating from the Cross Lake Fault structure. This anomaly is approximately 450 meters in length and 300 meters in width representing a perimeter area of 10 hectares.

The Gleeson conductance anomaly was tested in two vertical drill holes aligned along a West to East fence and collared 600 meters apart within a larger conductance anomaly measuring approximately 1,400 meters in length by 600 meters in width representing a perimeter area of 40 hectares. Hole GL-20-1 and hole GL-20-2 intersected 5.8 meters and 14.1 meters of kimberlite under shallow overburden depths of 3 meters and metres, respectively.

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Drilling of the Paradis Pond kimberlite now shows that that body extends for some 1.2 kilometers in length and a minimum of 400 meters wide with an average thickness of 11 meters. Approximately 55% of this conductance anomaly has been tested by wide spaced drill holes within a perimeter area of 87 hectares measuring approximately 2,000 m in length and by widths varying from 400 meters to 600 meters. Additional in-fill drilling is required to further define the boundaries of each of the conductance anomalies.

In the vicinity of Paradis Pond, only three holes have not intersected kimberlite while testing geophysical anomalies outside of the EM conductance anomalies. All three kimberlite bodies discovered to date visually appear to have similar phase lithologies and deposited in similar geologic settings. Other untested conductance signatures are located within the company’s land holdings.

Robin’s Place and Gleeson kimberlites are located 200 meters south and 900 meters southeast of the Paradis Pond kimberlite. Kimberlite drill intercepts from Paradis, Robin’s Place and Gleeson all lie within conductance anomalies of 87, 10, and 40 hectares, respectively. To date, drill holes located outside these conductance zones have not intersected kimberlite.

Additional in-fill drilling is required to further define the boundaries of each of the conductance anomalies. All three kimberlite bodies discovered to date visually appear to have similar phase lithologies and deposited in similar geologic settings.

REVERSE CIRCULATION DRILLING PROGRAM

RJK contracted a reverse circulation (RC) drill for its Bishop kimberlite properties, beginning January 4, 2021. RC Drilling was used for both initial exploration of potential kimberlite targets and diamond sampling, thus reducing RJK’s overall discovery costs moving forward.

Previous small-diameter diamond drilling was meant to discover kimberlites and determine potential for diamonds. However, overall recovery of the kimberlite material was poor due to the soft nature of the Bishop kimberlites. RJK’s RC drill program recovered up to 100% of the unconsolidated kimberlite material, in a faster, more cost-effective manner, while also being easier to maneuver around the property in the winter. RJK mobilized the RC drill for the purpose of diamond sampling and recovery, testing the Paradis, Robin’s Place, Gleeson and HSM kimberlites bodies. The Company began RC drilling at Paradis

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Pond setting up a 16 hole test grid with 4m x 4m spacing in the vicinity of drill hole PP-20-04 based on positive kimberlite indicator minerals. The Gleeson, Robin’s Place, HSM and Gravel Pit bodies employed spacing of 200 m along fences transecting each of these kimberlites. This sampling methodology will achieve better representative samples while obtaining larger amounts of material for processing. The Company engaged labs specializing in the best diamond recovery processes. Additionally, RJK’s program was able to mobilize the RC drill to target areas that were previously too difficult to access with the small drill.

ACCELERATED PROPERTY OPTION PAYMENTS: BISHOP AND CAMILLERI

On February 19, 2021, there was an amendment to the original Bishop property option agreement (dated February 26, 2019). The amendment includes redefining the area of interest, as well as eliminated the required $1,000,000 work commitment as outlined in the original agreement. On March 22, 2021, the Company also accelerated its earn-in options on the Bishop property option and now own 100% interest in the Bishop claims. The accelerated payment made was for 500,000 Class A common shares, which were originally payable in Q1 of 2022. The Company also accelerated the payment terms of the on the Camilleri agreement (paid $20,000 and issued 200,000 Class A common shares in Q1 2021 rather than Q4 2021), and now owns 100% interest in those claims as well. Both properties are still subject to the Gross Overriding Royalty and Net Smelter Return royalties as outlined in their respective agreements.

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RJK discovered 3 new kimberlites using the RC drill, namely Lightning, Nicol and Gravel Pit.

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At Nicol, the first drill hole intersected 5 m of kimberlite under 2 m of overburden terminating in diabase bedrock at a depth of 7 m. A second hole intersected 4.4 m of kimberlite under 2 m of overburden. The intersections are located within an electromagnetic (EM) conductance target associated with Nicol Lake, with most of the target underlying the lake. Two holes failed to intersect kimberlite testing the margins of the anomaly.

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During March 2021, the RC drilling rig was remobilized completing 15 holes sampling the Paradis kimberlite in the area where most of the G10 Dia garnets were discovered.

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SPRING DIAMOND DRILLING PROGRAM

A diamond drill was mobilized completing 5 holes testing geophysical and geological structures up-ice of gold in basal till trains to help identify other metallic mineralized targets. In 2012, Hubacheck and Associates outlined a gold in basal till dispersion train containing 2 samples reporting 22 and 11 grains up to 6 pristine grains. A high magnetic terrain south of Nicol Lake hosted in Lorrain Granite and up-ice of the anomalous gold grains was drill tested as well as interpreted fault trends bounding this target area. On the west side of Nicol Lake, a drill hole was collared towards the center of Nicol Lake testing the theory of a deep-rooted kimberlite pipe structure. No kimberlite was discovered at deeper depths suggesting that the EM conductance signature has shallow depth extent. In addition, a large concentric magnetic high anomaly flanking the HSM kimberlite body was drill testing confirming the presence of Nipissing diabase. This hole also intersected kimberlite extending the eastern boundary of the HSM kimberlite. Detailed Logging indicates pyritic mineralization in several intervals from holes NL-21-02, PL-21-02 and GLH-21-01 which will be analysed for gold.

KON PROPERTY

In January 2020, the Company conducted 3 detailed drone magnetic survey grids totalling approximately 53 line kilometers covering prospective geological and geophysical trends over approximately 50 percent of the property.

The KON 1 target was identified by the RJK Explorations team as a Mag Low anomaly which warranted follow up given its proximity to the known kimberlite dike to the north on the Kon Claims. After completing a preliminary hole on the Kon kimberlite dike, a magnetic target 400 meters to the south to test the Kon 1 Mag Low was drill tested intersecting kimberlite within 11 meters of surface.

The vertical hole intersected a variegated assemblage of diatreme, epiclastic and hypabyssal kimberliterelated units over a depth of 100m. The upper portion of the hole from 11m to 36m consists of heterolithic

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kimberlite breccia characterized by pelletal lapilli textures. From 36m to 65.5m, a succession of clastsupported, fluidization breccias encapsulates brecciated granodiorite rafts. Underlying this unit, is a hypabyssal kimberlite containing globular granodioritic clasts from 65.5m to 68.7m. The lower portion of the hole from 68.7m to 100m is comprised of matrix- supported fluidization breccias with in-filling of bluish green kimberlite transitioning to a hypabyssal, ilmenite-rich kimberlite in contact with granodioritesyenite rocks. Two additional holes were drilled into KON 1 intersecting kimberlite.

In addition, a second sample consisting of 160kg from drill hole KON-20-02 was processed at Microlithics and the KIM results were sent to Dr Jim Renaud for micro-probing.

KIMBERLITE INDICATOR MINERAL (KIM) RESULTS

COBALT LORRAIN TWP. DIAMOND PROPERTIES – SAMPLING AND MINERAL PROCESSING SUMMARY

Dr Charles Fipke's lab, CF Mineral Research in Kelowna BC and Microlithics in Thunder Bay Ontario processed 12.2 tonnes of kimberlite recovered by bulk sampling, diamond drill coring and reverse circulation drilling methods from 7 kimberlite bodies over 10 months. A summary of kimberlite indicator mineral and diamond results are presented below:

Paradis Pond and Beaver Dam

From 156 kgs of drill core samples were selected from 4 drill holes (PP-20-03,04,08,09) and were processed by CFM for a concentrate weight of 341 g from which 179g were picked. A total of 1,914 grains were picked and 283 grains probed and classified into 6 diamond indicator minerals: 18 were diamond inclusion olivine/forsterite; 2 were G9 eclogitic garnets believed to originate between 150 km to 200 km depths; 8 were diamond inclusion clinopyroxenes; 17 kimberlite chromites including 7 high titanium chromites, 10 were G10 peridotitic garnets; 2 were diamond inclusion G11 garnets, Of importance is that 18 olivine/forsterite grains classify in all diamond inclusion fields and 2 G9 eclogitic and 16 high pressure megacrystic garnets are associated with diamond formation at depths of about 200 km or more. A total of 5 microdiamonds were recovered and all stones are described as: natural, white, chip with adamantine lustre, very strong colour emission with no inclusions. One diamond from holes PP-20-03/04 is described as an irregular crystal with fractured surface, weakly yellow with adamantine lustre, very strong colour emission with no inclusions. Of particular significance is the diamond bearing Paradis kimberlite may have originated in the upper mantle passing through both group 1 and group 2 eclogitic magma fields and therefore can assimilate both group 1 and group 2 eclogitic clinopyroxenes and garnets.

A 16 hole RC drilling campaign was initiated in the vicinity of drill hole PP-20-04 using a 16 m x 16 m testing array. RC drilling using 3.5” rod diameter recovered 1,070 kg which was processed by Microlithics using their DMS plant. A 36 kg concentrate was produced and then fired in a caustic fusion process to recover diamonds. No diamonds were recovered.

Paradis Dam

From A 864 kg RC samples, 717 g of heavy mineral concentrates were then picked for a weight of 179 g , of which 1,311 grains were picked and 243 grains probed and classified into 6 diamond indicator minerals: 2 were diamond inclusion olivine forsterites, 3 were G9 eclogitic garnets, 1 was a diamond inclusion G111 garnet, and 1 was a diamond inclusion chromite, all formed in the diamond stability field along with the diamonds. There were no microdiamonds recovered from the 864 kg RC drilling sample. Analysis of the 1,267 picro-ilmenite microcrysts indicate reducing conditions suitable for diamond preservation in the

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magmas of kimberlite and lamproite affinity with crystallization temperatures ranging from 669 C[o] to 1411 C[o] .

Nicol

From a 56 kg RC sample, a picking weight from 670 g of heavy mineral concentrates, 3,386 grains were picked and 171 grains probed and classified into 6 diamond indicator minerals: 14 were diamond inclusion olivine forsterites, 5 were G10-2 peridotitic garnets, 1 was a diamond inclusion G11 garnet, 4 were diamond inclusion clinopyroxenes and 5 were diamond inclusion chromites, all formed in the diamond stability field along with the diamonds. There were no microdiamonds recovered from the 56 kg RC drilling sample. Nicol’s Forsterite megacrysts suggest a very deep source, based on the Mg vs. Fe content of the olivine. Analysis of the 102 picro-ilmenite microcrysts indicate reducing conditions suitable for diamond preservation in the magmas of kimberlite and lamproite affinity with crystallization temperatures ranging from 1174 C[o] to 1318 C[o] .

Gleeson

A 1,536 kg RC sample was processed by Microlithics and a 54 kg core sample by CFM, for a a picking weight from 157 g of heavy mineral concentrates, 1,412 grains were picked and 193 probed and classified into 6 diamond indicator minerals: 8 were diamond inclusion olivine forsterites, 3 were G9 eclogitic garnets, 4 were diamond inclusion clinopyroxenes and 2 were diamond inclusion chromites, all formed in the diamond stability field along with the diamonds. There were 3 (.106 microns} microdiamonds recovered from the 54 kg drill core sample. Analysis of the 64 picro-ilmenite microcrysts indicate reducing conditions suitable for diamond preservation in the magmas of kimberlite and lamproite affinity with crystallization temperatures ranging from 669 C[o] .to 1411 C[o] . Refer to attached Cr2O3 / MgO plot.

A 20 hole RC drilling campaign was initiated over the Gleeson conductance anomaly utilizing a N/S and E/W drill fence array with 200 m spacing between holes. RC drilling using 3.5” rod diameter recovered 1,509 kg which was processed by Microlithics using their DMS plant. A 31 kg concentrate was produced and then fired in a caustic fusion process to recover diamonds. No diamonds were recovered.

Robin’s Place

A 1,119.7 kg RC sample was processed at Microlithics to a concentrate along with a 26 kg core sample by CFM for a picking weight of 104 g of heavy mineral concentrates. 1,673 grains were picked and 142 grains probed and classified into 6 diamond indicator minerals, 1 was a G9 eclogitic garnet, 10 were diamond inclusion clinopyroxenes, all formed in the diamond stability field along with the diamonds. There were 2 (.106 microns} microdiamonds recovered from the 26 kg drill core sample. Analysis of the 48 picroilmenite microcrysts indicate reducing conditions suitable for diamond preservation in the magmas of kimberlite and lamproite affinity with crystallization temperatures ranging from 788 C[o] .to 1098 C[o] . Refer to attached Cr2O3 / MgO plot. A 6 hole RC drilling campaign was initiated over the Robin’s Place conductance anomaly utilizing a N/S and E/W drill fence array with 200 m spacing between holes. RC drilling using 3.5” rod diameter recovered 1,131 kg which was processed by Microlithics using their DMS plant. A 16.5 kg concentrate was produced and then fired in a caustic fusion process to recover diamonds. No diamonds were recovered.

Lightning

A picking weight from 405 g of heavy mineral concentrates was taken from a 22 kg core sample. 1,609 grains were picked and 258 grains probed and classified into 6 diamond indicator minerals: 14 were diamond inclusion olivine forsterites, 5 were G9 eclogitic garnets, 12 were diamond inclusion

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clinopyroxenes, all formed in the diamond stability field along with the diamonds. There were no microdiamonds recovered from the 22 kg drill core sample. Analysis of the 1,267 picro-ilmenite microcrysts indicate reducing conditions suitable for diamond preservation in the magmas of kimberlite and lamproite affinity with crystallization temperatures ranging from 744 C[o] .to 1481 C[o] .

HSM

From a 2,522 kg RC sample, a picking weight from 935 g from 41 kg of heavy mineral concentrates, 1,272 grains were picked and 478 grains probed and classified into 6 diamond indicator minerals: 31 were diamond inclusion olivine forsterites, 22 were G9 eclogitic garnets, 1 was a diamond inclusion G11-1 garnet, and 1 was a diamond inclusion chromite, all formed in the diamond stability field along with the diamonds. There were no microdiamonds recovered from these concentrates. Analysis of the 127 picroilmenite microcrysts indicate reducing conditions suitable for diamond preservation in the magmas of kimberlite and lamproite affinity with crystallization temperatures ranging from 669 C[o] .to 1411 C[o] .

Gravel Pit

From a 1,266 kg RC sample, a picking weight from 538 g from 14 kg of heavy mineral concentrates, 1,156 grains were picked and 582 grains probed and classified into 6 diamond indicator minerals: 25 were diamond inclusion olivine forsterites, 37 were G9 eclogitic garnets, 6 were diamond inclusion G11-1 garnets, 5 were diamond inclusion clinopyroxenes and 1 was a diamond inclusion chromite, all formed in the diamond stability field along with the diamonds. There were no microdiamonds recovered from these concentrates. Analysis of the 333 picro-ilmenite microcrysts indicate reducing conditions suitable for diamond preservation in the magmas of kimberlite and lamproite affinity with crystallization temperatures ranging from 918 C[o] .to 1105 C[o] .

Discussion of Bulk Sampling Results

The indicator mineral geochemistry from all 7 kimberlite bodies indicates the kimberlite magma has incorporated lherzolitic peridotite enriched in olivine, orthopyroxene along with chromium and aluminum spinels and garnets. This region at the base of the lithosphere and upper mantle is conducive for the growth of large diamonds in the diamond stability field at depths of 150 km to 200 km. The high temperature ilmenite peridotites contain megacrysts favouring larger diamond overgrowths forming at temperatures ranging from 1200 C[o] to 1400 C[o] . The proto-kimberlite magma indicates an origin of deeper levels in the upper mantle as down to the Transition Zone, from 200 km to 400+ km, based on preliminary whole rock analysis. Samples taken from RC 4 RC drill holes from the Paradis, Robin’s Place, Gleeson and HSM kimberlites returned average compositions as follows: SiO2: 46.8%, CaO: 16.9%, Al2O3: 8.8%, Fe2O3: 3.2%, K2O: 1.9%, MgO: 4.3%. Na2O: 1.9%, Cr2O3: .04%, Mn2O3: .06%, TiO2: .29%. Oceanic and super-deep continental diamonds form in the mantle transition zone using subducted carbon, and brought to the lithospheric levels by mantle plumes. Lithospheric Diamonds and Diamonds of Mixed Origin (as rims over the super-deep diamonds) develop in the continental lithosphere. Geochemistry of RJK’s KIMs suggest possible origins as deep as the transition zone, based on temperature and pressure lab determinations. High quantities of olivine silicates suggest a very deep magma source, arguably where large diamonds originate.

Dr. Charles E. Fipke previously stated RJK’s Paradis Kimberlite hosts diamond inclusion lherzolite indicators such as those contained at the Victor diamond mine in Ontario and other diamond mines in Lesotho and elsewhere. This statement was also true for surrounding kimberlites, with emphasis on the Nicol Kimberlite body. The picro-ilmenite plots show similarities to the Yakutia Kimberlite Fields in Siberia showing peridotite magma affinity. Cr-poor ilmenites (0.04 to 0.23 wt%Cr2O3; 9.7 to 11.3 wt% MgO) occur

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as intergrowths with type II diamonds, and the Lorrain Kimberlite Field ilmenite plots display these same ranges. were also made to De Beers Victor Lherzolite Diamond Mine, which was unique in its chemistry, yielding exceptional quality diamonds, but also hosting very few microdiamonds. Victor lherzolitic garnet inclusions have unusually high MnO contents, with 88% exceeding the MnO cut-off >.36 weight% MnO for diamond facies garnets. The Lorrain Twp. kimberlite results suggest a certain level of diamond resorption (especially for any smaller stones), the kimberlite magma also has experienced a reducing environment conducive for diamond preservation based on picro-ilmenite geochemistry. The picroilmenite plots from the Lorrain Twp.

The following plots represent the entire micro-probe kimberlite indicator mineral results compiled for all 8 kimberlite bodies.

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Figure 1 : Garnets

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Figure 2: Eclogitic Garnets

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Figure 3: Eclogitic Garnets

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Figure 4 : Clinopyroxene

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Figure 5: Chromite

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Figure 6: Ilmenite

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Figure 7: Ilmenite

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Figure 8: Ilmenite

The Company entered into the original Kon option agreement on November 7, 2019, which agreed to pay the optionor an aggregate of $180,000 and 800,000 Class A Common Shares at set payment dates, with the final payment of $100,000 and 300,000 shares on or before the 2[nd] anniversary from closing. The option agreement was amended to defer certain cash payments and increase the cash amount payable pursuant to the option by $10,000, and to issue an additional 75,000 Class A Common Shares as consideration for amending the option agreement. No other terms of the option agreement were amended. The share issuance is subject to obtaining approval of the TSXV Venture Exchange.

FIRST COBALT OPTION PROPERTY

From May 28, 2019, to December 28, 2019, the Company engaged Zenmap Geomap Inc. of Timmins to conduct 2 drone magnetic survey grids [Nicol North & West, T2] totalling 40 line kilometers covering prospective geological and geophysical trends west and northwest of Nicol Lake. The Company completed four drill holes testing various geological and geophysical targets located up-ice of kimberlite indicator mineral trains in the Little Grassy Lake area. These holes did not intersect kimberlite.

KON PROPERTY: SPRING-SUMMER 2021 DRILLING PROGRAM

RJK has plans for follow-up drilling on KON 1, to test the dimensions of the kimberlite and to determine if there is a pipe or feeder zone. The diamond drill was mobilized during the week of April 18, 2021 testing 10 areas outlined by the project manager, Peter Hubacheck. The objectives will be to establish the 3D pipe

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geometry, the geology of the structure and correlate the kimberlite phases to optimize the microdiamond sampling program by discrete phases. RJK posted a video with principal geologist, Peter Hubacheck, explaining the Company’s in-depth analysis of the KON exploration program.

As of August 31, 2021, 14 drill holes have been completed. A brief description of the geological logging follows:

KON-21-01: This hole was planned to extend the KON kimberlite structure northward into the magnetic high rimming the main kimberlite discovery. The drill hole advanced through 6.5 m of glacial tills then intersected Huronian conglomerate from 6.5m to 18.5m, then mafic syenite to 32.5m followed by volcaniclastic kimberlite breccia from 32.5m to 72.1m. The kimberlite formation unconformably overlies a granodiorite-syenite package cored from 72.1m to 101.2m.

KON-21-02: This hole was planned to extend the KON kimberlite structure northwest into the magnetic high rimming the main kimberlite discovery. The drill hole advanced through 7.1m of glacial tills then followed by volcaniclastic kimberlite breccia from 7.1m to 42.1m. The kimberlite formation unconformably overlies a granodiorite-syenite package cored from 42.1m to 116.9m.

KON-21-03: This hole was planned to test a N/S trending magnetic low cross-cutting the magnetic high rimming the main kimberlite discovery. The drill hole advanced through 7.0 m of glacial tills then followed by a mafic syenite package from 7.0m to 130m. A silicified, pyritized alteration zone was intersected from 110m to 130m explaining the magnetic low target. Gold assays are pending from the silicified alteration zone.

KON-21-04: This hole was planned to test the center of the KON kimberlite structure. The drill hole advanced through 5.8 m of glacial tills then intersected volcaniclastic kimberlite breccia from 5.8 m to 120.1 m. The kimberlite formation unconformably overlies a granodiorite-syenite package cored from 120.1 m to 143.2 m.

KON-21-05: This hole was planned to extend the KON kimberlite structure eastward into the magnetic high rimming the main kimberlite discovery. The drill hole advanced through 16.5 m of glacial tills then mafic syenite to 94.7m followed by volcaniclastic kimberlite breccia from 94.7m to 250m. The kimberlite formation unconformably overlies a granodiorite-syenite package cored from 250m to 253m.

KON-21-06; This hole was planned to extend the KON kimberlite structure southward into the magnetic high rimming the main kimberlite discovery. The drill hole advanced through 8.1 m of glacial tills then followed by a granodiorite- mafic syenite complex from to 150.5m. This hole was interpreted to have traversed below the kimberlite sill geometry.

KON-21-07: This hole was planned to extend the KON kimberlite structure southward into the magnetic high rimming the main kimberlite discovery located closer to the magnetic low boundary than hole KON21-06. The drill hole advanced through 11 m of glacial tills then a granodiorite mafic syenite complex to 55.2m followed by hypabyssal kimberlite flow to 89.4m, then volcaniclastic kimberlite breccia to 141.3m, then a hypabyssal kimberlite flow to 155.2m. The kimberlite formation unconformably overlies a granodiorite-syenite package cored from 155.2m to 161.2m.

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KON-21-08: This hole was planned to extend the KON kimberlite structure southward into a magnetic low target south of the KON1 kimberlite discovery. The drill hole advanced through 22.2 m of glacial outwash sediments then intersected an unconsolidated volcaniclastic kimberlite breccia to 27.7m followed by a granodiorite- mafic syenite complex to 60m. This newly discovered kimberlite body has similar lithologic textures and composition as the Lorrain Twp. kimberlite discoveries.

KON-21-09: This hole was planned to test a large magnetic low target [KON 3], located south of the KON1 kimberlite discovery. The drill hole advanced through 0.75 m of glacial outwash sediments then intersected Huronian Coleman formation conglomerates to 98.4m followed by an altered, weakly pyritized mafic syenite complex to 123.2m.

KON-21-10: This hole was planned to test a large magnetic low target [KON 4], located 600 m east of the KON3 magnetic low target. The drill hole advanced through 13.1 m of glacial outwash sediments then intersected Huronian Coleman formation conglomerates to 95.4m followed by an silicified, pyritized mafic volcanic package to 162.7 m.

KON-21-11: This hole was planned to test a large magnetic low target [KON 5], located 600 m north of the KON1 kimberlite body straddling the Giroux Creek fault structure. The drill hole advanced through 0.2 m of glacial outwash sediments then intersected Huronian Coleman formation conglomerates to 71.8 m followed by a fault gouge zone to 73.0 m. The drill hole was abandoned at this depth, unable to core through the fault zone.

KON-21-12: This hole was planned to test a conductance EM anomaly overlying a large magnetic low target [KON 3], located south of the KON1 kimberlite discovery. The drill hole advanced through 2.5 m of glacial outwash sediments then intersected Huronian Coleman formation conglomerates to 5.05 m. No kimberlite was intersected in this hole.

KON-21-13: This hole was planned to test a conductance EM anomaly overlying a large magnetic low target [KON 3], located south of the KON1 kimberlite discovery. The drill hole advanced through 2.55 m of glacial outwash sediments then intersected Huronian Coleman formation conglomerates to 4 m. No kimberlite was intersected in this hole.

KON-21-14: This hole was planned to test a large magnetic low target [KON 3], located south of the KON1 kimberlite discovery. The drill hole advanced through 0.9 m of glacial outwash sediments then intersected Huronian Coleman formation conglomerates to 99 m followed by an altered , weakly pyritized mafic syenite-gabbro complex to 110m.

GEOPHYSICAL SURVEYS

The company completed drone magnetic surveys in the Criostal Lake area in the spring of 2021 as well as the Longfellow Lake area in the summer of 2021. Preliminary drill targets have been identified followed up by field ground truthing.

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MINERAL PROPERTY SUMMARY

Property	September 30, 2021	December 31, 2020
Cobalt Diamond Properties	$3,400,324	$1,988,008
Other	22,046	22,046
Total	$3,422,370	$2,010,054

EXPLORATION SUMMARY

There was $190,714 of deferred expenditures capitalized to Mineral Properties during the quarter ended September 30, 2021 ($1,412,316 year-to-date), which includes the $340,000 in non-cash costs relating to the fair value of the shares issued for the Bishop and Camilleri properties. On February 1, 2021, the Company issued 500,000 shares related to the property option agreement for the Bishop Nipissing Diamond Properties on the second anniversary of that agreement. The Company has accelerated the earnin options on the Bishop and Camilleri agreements and now owns a 100% interest in those respective properties, subject to Gross Overriding Royalties and Net Smelter Return royalties. The accelerated payments include 500,000 shares for the Bishop property originally due in 2022, and 200,000 shares and $20,000 on the Camilleri property, which were originally outlined to be paid later in 2021.

During the quarter ended September 30, 2020, the capitalized deferred exploration costs totaled $286,310 ($940,381 year-to-date in 2020), which includes $186,000 in non-cash costs associated with shares issued for the Bishop Nipissing Diamond property as well as the Rolling Pond property per their respective agreements. The decrease in dollars spent over the same period in the prior year is as a result of the timing of the exploration drilling program in the Cobalt area; there was more drilling conducted in Q3 of 2020.

OVERALL PERFORMANCE

The Company had a net and comprehensive loss for the quarter ended September 30, 2021 of $36,432 compared to a net and comprehensive loss of $59,082 for the same period in 2020. This resulted in a cumulative deficit of $30,668,648 and a basic loss per share of $0.001 for the three months ended September 30, 2021. In 2020, the basic and diluted loss per share was $0.001. The decrease in operating expenses in Q3 2021 over Q3 2020 is predominately related to additional professional fees and costs associated with the promotion of the Nipissing Diamond in 2020. The Company’s total assets were $3,875,884 as at September 30, 2021 and $2,620,082 as at September 30, 2020.

As the Company’s business primarily involves mining exploration, the Company does not currently have a source of revenue. The trend of losses from operations, therefore, is expected to continue for the foreseeable future. As is the case with resource properties of other junior exploration companies, it is not possible to determine the likelihood or estimated time frame for commercial production of any of the current exploration properties.

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SUMMARY OF QUARTERLY RESULTS

Quarter Ended	Expenses (Recoveries)	Net and Comprehensive Loss	Loss Per Share	Total Assets	Shareholder's Equity
September 30 June 30 March 31	$36,432 $65,025 $188,007	$36,429 $65,025 $187,906	$0.001 $0.001 $0.003	$3,875,884 $3,980,975 $4,028,401	$3,663,723 $3,700,152 $3,765,177
2020
December 31 September 30 June 30 March 31	$178,309 $59,082 $58,496 $118,689	$586,109 $59,082 $58,392 $118,653	$0.012 $0.001 $0.001 $0.002	$3,910,435 $2,620,082 $2,352,963 $2,064,990	$3,506,016 $2,155,596 $1,618,769 $1,660,326
2019
December 31	$122,428	$122,174	$0.003	$2,049,553	$1,570,543

There are currently 85,414 Class B shares outstanding, which are bifurcated as both a liability and equity. These shares have been classified as a compound financial instrument. The Company recognizes $170,828 ($170,828 – 2020) as a current liability and $256,242 ($256,242 – 2020) as equity. At any time, a holder of Class B shares may require the Company to redeem, in whole or any part of the Class B shares so held upon the payment of $2.00 for each share redeemed. Any holder of Class B shares is entitled, at the holder’s option, to convert any number of the Class B shares into Class A subordinate voting shares on a 1:1 basis. The Class B shares will be deemed to be converted into Class A subordinate voting shares under a take-over bid that is at a price above the market price of the Class A subordinate voting shares.

In a non-brokered private placement in December 2019, the Company issued 8,000,000 units to raise $1,000,000 to fund its Cobalt exploration program as well as for general corporate purposes. Each unit consisted of 1 Class C preferred share ("Royalty Share"), and one share purchase warrant exercisable for 1 Class A common share. The purchasers of the units ("Royalty Share Purchasers") have entered into an agreement with the Company to which the Company has granted the Royalty Share Purchasers the option to purchase a 2.5% gross overriding royalty on the Company's Bishop claims subject to the publication by the Company of a “bankable” feasibility study on the Bishop claims. Pursuant to the terms of the Royalty Shares and the Royalty Shareholders Agreement, the Royalty Shares include a voluntary conversion right with 25% of each Royalty Share Purchaser’s Royalty Shares being convertible into Class A Shares beginning six months after the Initial Closing, an additional 25% being convertible into Class A Shares beginning twelve months after the Initial Closing, an additional 25% being convertible into Class A Shares beginning eighteen months after the Initial Closing and the remaining 25% being convertible into Class A Shares beginning twenty-four months after the Initial Closing. The voluntary conversion period for all Royalty Shares ends five years after the Initial Closing. Each Royalty Share shall be a voting share. As at September 30, 2021, there are 6,850,000 Class C shares outstanding (December 31, 2020 – 7,650,000 Class C shares).

The Company closed a non-brokered private placement on July 7, 2020 and raised a total of $600,000 for the issuance of 3,600,000 Units of the Company at a price of $0.15 per Unit, and 300,000 flow-through shares at a price of $0.20 per flow through share. Each Unit consists of one common share of the Company and one common share purchase warrant. Each warrant entitles the holder to purchase one Common Share at a price of $0.25 for a period of one year from the closing date of the offering. A finder's fee of

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$4,000 cash and an aggregate of 20,000 non-transferable warrants were issued at a price of $0.20 and are exercisable for a period of one year from the closing date of the Offering.

EXPENSES

Expenses	September 30, 2021	September 30, 20202020
Shareholder Information Professional Fees Office and General Expenses Depreciation Stock based compensation	$68784 66,941 42,319 4,353 107,067	$87,613 67,093 35,425 11,865 34,436
Total Expenses	$289,464	$236,432

The 22% increase ($53,032) in the year-to-date net loss in the current year is predominantly due to the issuance of 500,000 options to officers, directors and consultants in Q1 2021 at a value of $107,067, whereas only 150,000 new options were issued in Q1 of 2020 at a value of $34,346.

RELATED PARTY TRANSACTIONS

The Company defines its officers (CEO and CFO) and directors as Key Management Personnel (“KMP”). During the three months ended September 30, 2021, officers and companies controlled by officers charged consulting fees totaling $19,500 ($19,500 for the same period in 2020). At the end of the period, there was $11,000 remaining payable to KMP ($197,941 as at September 30, 2020). Directors’ fees paid during the quarter ended September 30, 2021 totaled $NIL ($NIL at September 30, 2020). KMP, directors and consultants received $NIL in stock based compensation during the quarter ($NIL during the quarter ended September 30, 2020). There 85,414 Class B preferred shares outstanding are held by a related party. There are no post-employment benefits.

DISCLOSURE OF OUTSTANDING SHARE DATA AS AT NOVEMBER 26, 2021:

Class	Authorized	Issued
Class A Common Shares	Unlimited	68,069,334
Class B Preferred Shares	85,414	85,414
Class C Preferred Shares (Royalty Shares)	Unlimited	6,850,000

The Company has the following stock options and warrants outstanding as at November 26, 2021:

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Grant Date	No. of Securities	Exercise Price	Expiry Date
Options
December 2016 August 2018 February 2019 March 2019 June 2019 February 2020 September 2020 December 2020 February2021	500,000 1,000,000 1,500,000 1,000,000 950,000 150,000 60,000 450,000 500,000	$0.12 $0.20 $0.075 $0.10 $0.10 $0.235 $0.18 $0.18 $0.24	December 2021 August 2023 February 2024 March 2024 June 2024 February 2025 September 2025 December 2025 February2026
Total Options	6,110,000
Warrants
July2020	3,600,000	$0.25	July2023
Total Warrants	3,600,000
Class “C” Preferred Shares	6,850,000
Class "A" Common Shares	68,069,334
Fully Diluted	84,629,334

The Company received TSX Venture Exchange approval to extend the common share purchase warrants previously issued pursuant to the Company’s non-brokered private placement that closed on July 7, 2020. The Company originally issued a total of 3,600,000 Warrants exercisable at a price of $0.25 to purchase one common share in the capital of the Company for a period of one year. The Company has amended the outstanding Warrants to extend their term to July 7, 2023. The exercise price of the Warrants will remain unchanged at $0.25.

OFF-BALANCE SHEET ARRANGEMENTS

The Company currently has no off-balance sheet arrangements or obligations other than mineral production royalties should any of the current properties be taken into the production stage.

CRITICAL ACCOUNTING ESTIMATES

The Company makes estimates and assumptions about the future that affect the reported amounts of assets and liabilities. Estimates and judgments are continually evaluated based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In the future, actual experience may differ from these estimates and assumptions.

The effect of a change in an accounting estimate is recognized prospectively by including it in comprehensive income in the period of the change, if the change affects that period only, or in the period of the change and future periods, if the change affects both.

The Company utilizes three critical accounting estimates in the preparation of the financial statements. These estimates are as follows: (i) the estimate of recoverable value on its exploration and evaluation property, (ii) the value of stock-based compensation, (iii) the estimate of future income tax (recovery). All of these estimates involve considerable judgment and are, or could be affected by significant factors that

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are out of the Company’s control. Refer to Note 4 of the financial statements for a description of these estimates.

RISKS AND UNCERTAINTIES

Following are the risk factors which the Company’s management believes are most important in the context of the Company’s business. It should be noted that this list is not exhaustive and that other risk factors may apply. An investment in the Company may not be suitable for all investors.

CREDIT RISK

The Company is not exposed to major credit risk as its only receivable is from a government agency. Additionally, the majority of the Company's cash and cash equivalents are held with a high rated Canadian financial institution in Canada.

INTEREST RATE RISK

The Company invests its cash surplus to its operational needs in investment-grade short term deposit certificates issued by the bank where it keeps its Canadian Bank accounts. The Company periodically assesses the quality of its investments with this bank and is satisfied with the credit rating of the bank and the investment grade of its short-term deposit certificates. A change in the interest rate of 1% would cause interest income to change by less than $2,000.

FOREIGN CURRENCY RISK

The Company's exploration and evaluation activities are substantially denominated in Canadian dollars. The Company's funds are kept in Canadian dollars, with a major Canadian financial Institution.

The Company’s functional currency is the Canadian dollar and major purchases are transacted in Canadian dollars. Management believes that foreign currency risk derived from currency conversions is negligible and therefore does not hedge its foreign exchange risk. The Company believes that a change of 10% in F/X rates would have no material impact on the Company.

POLITICAL RISK

Currently, all the Company's properties are located in Canada, and accordingly, the Company is subject to risks normally associated with exploration and development of mineral properties in this country. The Company’s ability to conduct future exploration and development activities is subject to changes in government regulations and shifts in political attitudes over which the Company has no control.

EXPLORATION DEVELOPMENT AND OPERATING RISK

Mineral exploration involves many risks, which even a combination of experience, knowledge and careful evaluation may not be able to overcome. Operations in which the Company has a direct or indirect interest will be subject to all the hazards and risks normally incidental to exploration and development, any of which could result in work stoppages, damage to property, and possible environmental damage. None of the properties in which the Company has an interest have a known body of commercial ore. Development of the Company’s exploration and evaluation properties will follow upon obtaining

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satisfactory exploration results. Mineral exploration and development involves a high degree of risk and few properties that are explored are ultimately developed into producing mines. There is no assurance that the Company’s mineral exploration and development activities will result in discoveries of commercially viable bodies of ore. The long-term profitability of the Company’s operations will be in part directly related to the cost and success of its exploration programs, which may be affected by a number of factors. Substantial expenditures are required to establish reserves through drilling, to develop metallurgical processes to extract the metal from the resources and, in the case of new properties, to develop the mining and processing facilities and infrastructure at any site chosen for mining. Although substantial benefits may be derived from the discovery of a major mineralized deposit, no assurance can be given that minerals will be discovered in sufficient quantities to justify commercial operations or that the funds required for development can be obtained on a timely basis.

RJK’s business of exploring mineral resources involves a variety of operational, financial and regulatory risks that are typical in the mining industry. The Company attempts to mitigate these risks and minimize their effect on its financial performance, but there is no guarantee that the Company will be profitable in the future, and RJK’s common shares should be considered speculative.

COMPETITION

The Company competes with many companies that have substantially greater financial and technical resources than the Company for the acquisition of exploration and evaluation properties as well as for the recruitment and retention of qualified employees.

LAND TITLE

The Company has sought formal title opinions on its exploration and evaluation property interests in the Canada. However, this should not be construed as a guarantee of title to any of the property interests. Any of the Company’s properties may be subject to prior unregistered agreements or transfers or native land claims and title may be affected by undetected defects. The Company has no present knowledge of any material defect in the title of any of the properties in which the Company has or may acquire an interest.

LIQUIDITY AND CAPITAL RESOURCES

The September 30, 2021 unaudited condensed interim consolidated financial statements have been prepared in accordance with IFRS with the assumption that the Company will be able to realize its assets and discharge its liabilities in the normal course of business rather than through a process of forced liquidation. The activities of the Company, principally the acquisition and exploration of mineral properties, are financed through the completion of equity financings.

As at September 30, 2021, the Company had working capital of $201,083 (the same period in 2020 had a working capital of $134,754). The Company is in the exploration stage and, therefore, has no regular cash flow although the Company anticipates additional funds being raised from equity, debt or joint-venture financing and that it will have sufficient cash to fund its acquisition and exploration programs and operations. Historically, the Company has been successful in raising the necessary funds; however, there can be no assurance it can continue to do so in the future.

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COMMODITY PRICES

The price of the Company’s common shares, its financial results, exploration and development activities have been, or may in the future be, adversely affected by declines in the price of gold and/or other metals. Gold prices fluctuate widely and are affected by numerous factors beyond the Company’s control such as the sale or purchase of commodities by various central banks, financial institutions, expectations of inflation or deflation, currency exchange fluctuations, interest rates, global or regional consumptive patterns, international supply and demand, speculative activities and increased production due to new mine developments, improved mining and production methods and international economic and political trends. The Company’s revenues, if any, are expected to be in large part derived from mining and sale of precious and base metals or interests related thereto. The effect of these factors on the price of precious and base metals, and therefore the economic viability of any of the Company’s exploration projects, cannot accurately be predicted.

There are risks of volatility in world commodity prices and other risks that the Company cannot control. RJK does not have a hedging policy and has no present intention to establish one. Accordingly, RJK has no protection from declines in mineral resource prices.

FINANCING RISK

There can be no assurance that any funding required by the Company will become available, and, if so, that it will be offered on reasonable terms or that the Company will be able to secure such funding through third party financing or cost sharing arrangements. Furthermore, there is no assurance that the Company will be able to secure new mineral properties or projects, or that they can be secured on competitive terms.

SHARE PRICE FLUCTUATIONS

In recent years, the securities markets have experienced a high level of price and volume volatility, and the market price of securities of many companies, particularly those considered exploration stage companies such as RJK, have experienced wide fluctuations in price which have not necessarily been related to the underlying asset values or prospects of such companies. Price fluctuations will continue to occur in the future.

NO DIVIDENDS

Investors cannot expect to receive a dividend on their investment in the Corporation in the foreseeable future, if ever. Investors should not expect to receive any return on their investment in the Corporation’s securities other than possible capital gains.

OUTLOOK

RJK’s future profitability and long-term viability will depend largely on the market price of commodities. Market prices are volatile and are affected by numerous factors beyond the Company’s control, the aggregate effect of which is impossible for RJK to predict.

The Company has never had producing mineral properties. There is no assurance that commercial quantities of minerals will be discovered at any current property or other future properties or that the

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exploration programs thereon will yield positive results. Even if RJK discovers mineralization on its properties, extraction may not be economically viable.

RJK currently holds the permits it requires to carry out its current work programs, but the Company cannot assure that it will receive the necessary permits to carry out further exploration and to develop the properties.

Certification of Disclosure in the Issuers’ Annual and Interim Filings and other reports filed or submitted under Canadian laws and that material information is accumulated and communicated to management of the Company, including the President and Chief Executive Officer and the Chief Financial Officer, is appropriate to allow timely decisions regarding required disclosure.

INTERNAL CONTROL OVER FINANCIAL REPORTING

Internal controls over financial reporting are procedures designed to provide reasonable assurance that transactions are properly authorized, assets are safeguarded against unauthorized or improper use, and transactions are properly recorded and reported. A control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance with respect to the reliability of financial reporting and financial statement preparation.

REVIEW AND APPROVAL BY THE BOARD OF DIRECTORS

The Board of Directors, on the recommendation of the Audit Committee, approved the contents of this MD&A on November 26, 2021. This MD&A includes the Company's operating and financial results from the three and nine months ended June31, 2021 and 2020, and should be read in conjunction with the unaudited condensed interim consolidated financial statements and notes thereto for the periods ending September 30, 2021 and 2020. This MD&A should also be read in conjunction with the audited financial statements and notes thereto for the year ended December 31, 2020 appearing on SEDAR's website at www.sedar.com.

OFFICERS AND DIRECTORS

Officers and Directors	Position	Member of Audit Committee
Glenn Kasner Amanda Kasner, CPA, CA Diane McKean Robert Mackay Dan Mackie, P. Eng William MacRae, P. Geo	President & CEO, Director CFO, Director Corporate Secretary Executive Chairman Director Director	✓ ✓ ✓

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OTHER INFORMATION

Additional information relating to the Company is available on SEDAR at www.sedar.com or by contacting Glenn Kasner, CEO of the Company at: RJK Explorations Ltd. 4 Al Wende Avenue Kirkland Lake, Ontario P2N 3J5

(705) 568-7567

www.rjkexplorations.com

“Signed" Glenn C. Kasner - Chief Executive Officer on November 26, 2021. "Signed" Amanda Kasner, CA - Chief Financial Officer on November 26, 2021.

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AI assistant

RJK Explorations Ltd. — Interim / Quarterly Report 2021

42939_rns_2021-11-26_6e679a6d-5215-400d-8db6-048a248d5766.pdf

INTERIM MANAGEMENT DISCUSSION AND ANALYSIS

Dated: November 26, 2021