RT Minerals Corp. — Management Reports 2025

Apr 1, 2025

RTM RT MINERALS CORP.

Suite 1100 - 1199 West Hastings Street, Vancouver, British Columbia, V6E 3T5, Canada www.rtmcorp.com

RT MINERALS CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

FOR THE YEAR ENDED NOVEMBER 30, 2024

This report provides a discussion and analysis of the financial condition and results of operations ("Management's Discussion and Analysis") to enable a reader to assess material changes in financial condition between November 30, 2024 and November 30, 2023 and results of operations for the years ended November 30, 2024 and November 30, 2023, as well as forward-looking statements relating to the potential future performance. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those implied by the forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statements were made, and readers are advised to consider such forward-looking statements in light of the risks as set forth below. This Management's Discussion and Analysis has been prepared as of March 31, 2025 ("Report Date"). This Management's Discussion and Analysis is intended to supplement and complement the audited consolidated financial statements and notes thereto for the year ended November 30, 2024 (collectively the "Financial Statements"). You are encouraged to review the Financial Statements in conjunction with your review of this Management's Discussion and Analysis. Certain notes to the Financial Statements are specifically referred to in this Management's Discussion and Analysis and such notes are incorporated by reference herein.

Additional information relating to the Company may be found on SEDAR at www.sedarplus.ca.

1. CORE BUSINESS

RT Minerals Corp. is a junior resource company engaged in the acquisition, exploration and evaluation of mineral properties in Canada for hosting critical minerals, gold and base metals.

The Company was incorporated on March 9, 2007 under the Business Corporations Act of British Columbia and is currently a reporting issuer in British Columbia, Alberta and Ontario. The Company's common shares were approved for listing on the TSX Venture Exchange ("TSXV") and commenced trading on August 5, 2011 under the symbol "RTM". The Company is also listed on the OTC Pink Market under the symbol "RTMFF" with DTC eligibility for trading in the United States.

The consolidated financial statements include the accounts of the Company and its 100% wholly owned and dormant subsidiaries, Catharine Gold Inc. and RT Minerals Corp (Guyana) Inc. ("RTMG"). Intercompany balances and transactions, including unrealized income and expenses arising from inter-company transactions, are eliminated on consolidation.

Effective at the opening of markets on March 17, 2023, the Company consolidated its common shares (the "Shares") on the basis of one (1) post-consolidated Share for every ten (10) pre-consolidated Shares held (the "Consolidation"). The new CUSIP number is 74976W609 and the new ISIN number is CA74976W6099. Prior to the Consolidation, the Company had 60,044,654 common shares issued and outstanding and immediately following the Consolidation it had 6,004,465 common shares issued and outstanding.

As a result of the Share Consolidation, the number of shares, warrants, options presented in these financial statements and the calculated weighted average number of common shares issued and outstanding for the purpose of earnings per share calculation are based on the post-consolidation shares for all periods presented.

On April 26, 2023, the Company completed a non-brokered private placement consisting of 892,857 units priced at $0.84 for total proceeds of $750,000. Each unit consists of one common share and one-half of a

---

RT MINERALS CORP.
MANAGEMENT'S DISCUSSION AND ANALYSIS
FOR THE YEAR ENDED NOVEMBER 30, 2024
PAGE 2

common share purchase warrant, with each whole warrant exercisable at a price of $1.12 per share for a 12-month period. Finder's fees of $21,474, a corporate finance fee of $2,500 and 25,474 finder's warrants exercisable at $1.12 per common share for a 12-month period were paid on a portion of the Offering. All securities issued are restricted from trading until August 27, 2023.

On June 28, 2023, the Company completed a non-brokered private placement consisting of 71,429 units priced at $1.40 for total proceeds of $100,000. Each unit consists of one common share and one-half of a common share purchase warrant, with each whole warrant exercisable at a price of $1.68 per share for a 12-month period. All securities issued are restricted from trading until October 29, 2023.

On February 20, 2024, the Company completed a non-brokered private placement of 714,286 common shares at $0.42 per share for gross proceeds of $300,000. The common shares are subject to a hold period of 4 months from the date of issuance. The Company incurred share issuance costs of $10,317.

On September 13, 2024, the Company closed a non-brokered private placement of 5,380,731 units of the Company at $0.09 per unit for gross proceeds of $484,266. Each Unit consists of one common share and one common share purchase warrant. Each warrant is exercisable into one common share at a price of $0.12 per warrant for 24 months from the date of issuance.

As of the date of this report, the Company has acquired a 100% interest in several mineral properties located in northeastern Ontario by way of map staking and vendor agreements:

• Case Batholith Properties – Lithium, Cesium;
• Nordica Property - Copper, Nickel, Cobalt, Chromium, Palladium;
• Timmins Property - Base Metals

The Company had entered into a property option agreement to acquire a 100% interest, subject to a 2% net smelter returns royalty, in the Link-Catharine RLDZ Gold Property located 25 kilometres south southeast of the town of Kirkland Lake, Ontario. On September 29, 2023, the Company has elected to terminate the option agreement on the Link-Catharine RLDZ Gold Property.

On October 18, 2022, the Company completed the sale of 100% interest in the Norwalk Gold Property to Kingsview Minerals Ltd. ("Kingsview"), a company that trades on the Canadian Securities Exchange, for proceeds of $50,000 and 128,571 shares of Kingsview valued at $216,000.

See Section 6 below for more information on the properties.

On December 13, 2023, the Company announced the appointment of William Elston as President and CEO to replace Doug Andrews. Doug Andrews remained as a director and holds the position of VP of Exploration of the Company. On January 16, 2024, the Company announced the appointment of Chris Thomas and Alson Niu to the Board of Directors and Doug Andrews resigned as director and VP of Exploration. On February 21, 2024, the Company announced the appointment of Ryan Torres to the Board of Directors and as CFO, Mark Lofthouse resigned as director and Matt Anderson resigned as CFO. On March 14, 2024, the Company announced the appointment of Jia Qian to the Board of Directors and Alson Niu as CEO, William Elston resigned as President, CEO and director.

On March 14, 2024, the Company announced the appointment of Jia "Tony" Qian as director and the appointment of Alson Niu as CEO of the Company following the resignation of William Elston as CEO and director.

On June 5, 2024, the Company consolidated its issued and outstanding share capital on a basis of one post consolidated share for each 14 pre-consolidated shares.

On June 8, 2024, 35,714 warrants with an exercise price of $1.68 have expired without being exercised.

On October 21, 2024, the Company entered into a definitive agreement, with 1502493 B.C. Ltd. and its shareholders to acquire 100% of the issued and outstanding shares of 1502493. Through this transaction, RT Minerals will acquire full interest in the Rogue property, a highly prospective area for mineral exploration.

---

RT MINERALS CORP.
MANAGEMENT'S DISCUSSION AND ANALYSIS
FOR THE YEAR ENDED NOVEMBER 30, 2024
PAGE 3

Under the terms of the agreement, RT Minerals will issue an aggregate of 3.5 million common shares at a deemed price of $0.10 per share to the shareholders of 1502493 in exchange for all outstanding shares of 1502493. The transaction was completed on January 13, 2025.

2. FINANCIAL CONDITION

The Company has not generated revenue from operations since inception. The Company has accumulated losses of $20,569,020 since inception and expects to incur further losses in the development of its business, all of which may cast significant doubt about the Company’s ability to continue as a going concern. The Company’s ability to continue as a going concern is dependent upon its ability to raise financing and generate future profitable operations. As the Company is in the exploration stage, the recoverability of costs incurred to date on exploration properties is dependent upon the existence of economically recoverable reserves, the ability of the Company to obtain the necessary financing to complete the exploration and development of its properties and upon future profitable production or proceeds from the disposition of the properties. The Company will periodically have to raise funds to continue operations, and although it has been successful in doing so in the past, there is no assurance it will be able to do so in the future.

Industry and economic factors continue to affect the Company’s performance. Generally weakening capital market conditions make it a challenge to raise equity financing to fund the Company’s acquisition and exploration activities. These conditions are expected to continue over the next twelve months.

The Company had a working capital deficiency of $50,531 at November 30, 2024 compared to working capital of $111,574 at November 30, 2023.

Cash was $265,980 at November 30, 2024 compared to $93,599 at November 30, 2023. The Company’s sources and uses of cash are discussed in section 4 “Cash Flows” below.

Amounts receivable of $26,532 at November 30, 2024 (2023 - $2,196) consist of GST input tax credits.

Prepaid expenses of $31,481 at November 30, 2024 (2023 - $5,366) relate to ordinary operating expenses.

Exploration and evaluation assets of $85,136 at November 30, 2024 (2023 - $211,889) consist of acquisition and exploration expenditures on the Company’s mineral properties, which are discussed in section 6 “Major Operating Milestones” below.

Trade and other payables of $263,802 at November 30, 2024 (2023 - $150,130) are unsecured.

Due to related parties of $3,318 at November 30, 2024 (2023 - $11,805) includes amounts owing to directors and officers for unpaid salaries, consulting fees and expenses, which are unsecured, non-interest bearing and payable on demand.

Current loan payable of $107,404 at November 30, 2024 (2023 - $50,800) was unsecured, bore interest at 15% (2023 - 8%) per annum and payable on demand.

Non-current loan payable consists of a loan of $35,371 from the Canadian government’s Canada Emergency Business Account.

3. FINANCIAL PERFORMANCE

The Company is engaged in acquisition, exploration and evaluation activities in Canada.

Because the Company is in the exploration stage, it did not earn any revenue and its expenses relate to the costs of operating a public company of its size. Net loss for year ended November 30, 2024 was $835,458 compared to net loss of $1,938,370 for the year ended November 30, 2023; or $0.25 loss per share compared to $1.88 loss per share for the 2023 comparative year.

3.1 Other Income and Expenses

Loan interest expense and accretion was $15,161 for the year ended November 30, 2024 (2023 - $7,736).

The Company had unrealized loss of $Nil on short-term investment in Kingsview shares during the year ended November 30, 2024 (2023 - $98,423).

---

RT MINERALS CORP.
MANAGEMENT'S DISCUSSION AND ANALYSIS
FOR THE YEAR ENDED NOVEMBER 30, 2024
PAGE 4

The Company realized a gain of $22,829 in settlement of debt during the year ended November 30, 2024 (2023 - $24,325).

The Company had a fair value adjustment on loan of $9,018 during the year ended November 30, 2024 (2023 - $Nil).

The Company recorded impairment expense of $128,503 during the year ended November 30, 2023 (2023 - $1,497,249).

3.2 Total Expenses for the year ended November 30, 2024

The Company recorded a net loss of $835,458 ($0.26 per share) for the year ended November 30, 2024 as compared to a net loss of $1,938,370 ($1.88 per share) for the year ended November 30, 2023. Total expenses for the year ended November 30, 2024 were $723,641 compared to total expenses of $359,287 recorded for the 2023 comparative year. The expenses with the greatest variances are discussed below:

• Accounting and audit of $119,267 (2023 - $69,500) increased due to higher accounting and audit fees incurred during the current year.
• Advertising and promotion of $42,857 (2023 - $Nil) increased due to advertising cost incurred during the current year and none was incurred in the comparative year.
• Consulting fees of $348,329 (2023 - $49,309) increased due to the Company being more active during the current year.
• Depreciation of $428 (2023 - $214) increased due to the higher depreciation expense incurred during the current year.
• Filing fees of $18,150 (2023 - $23,900) relate to corporate costs of being a listed entity of the TSX Venture Exchange.
• General exploration of $Nil (2023 - $4,900) relates to the geological review of various mineral properties prior to their acquisition.
• Investor communication of $8,959 (2023 - $64,669) relates to advertising costs including general marketing and website redesign and maintenance.
• Legal fees of $20,509 (2023 - $5,987) increased due to the higher legal fees incurred during the current year.
• Management fees of $106,445 (2023 - $44,750) relate to director and officer fees for which the Company incurred higher fees in the current year.
• Office expenses of $41,730 (2023 - $21,863) consist of bank charges and interest, IT and web, meals and entertainment, office rent and storage, office supplies and expenses and telephone expenses.
• Salaries and benefits of $Nil (2023 - $44,150) consist of salaries and severance paid to the former CFO.
• Transfer agent fees of $16,919 (2023 - $16,930) decreased due to costs related to the share consolidation.
• Travel expenses of $48 (2023 - $13,115) consist of travel undertaken to evaluate potential business opportunities.

4. CASH FLOWS

The Company is still in the exploration and development stage and as such does not earn any revenue. Total cash used in operating activities was $646,018 for the year ended November 30, 2024 compared to $440,510 for the 2023 comparative year.

Cash used in investing activities was $1,750 for the year ended November 30, 2024 and consist of $1,750 in expenditures on exploration and evaluation assets. In comparison, cash of $112,406 was used in investing activities during the 2023 comparative year that consisted of $164,844 in expenditures on exploration and

---

RT MINERALS CORP.
MANAGEMENT'S DISCUSSION AND ANALYSIS
FOR THE YEAR ENDED NOVEMBER 30, 2024
PAGE 5

evaluation assets, $54,577 in proceeds from sale of investments and $2,139 spent on the purchase of equipment.

Cash provided by financing activities was $820,149 for the year ended November 30, 2024 and consists of proceeds from private placement of $784,266, share issue costs of $10,317, receipt of cash loan of $97,000, and repayment of loan of $50,800. Cash provided by financing activities was $645,285 for the 2023 comparative year and consisted of proceeds from private placement of $850,000, less share issue costs of $25,462, repayments to related parties of $62,041 the receipt of a cash loan of $29,480 and the repayment of the loan.

5. SELECTED ANNUAL INFORMATION

The table below presents selected financial data for the Company’s annual financial statements for each of the three most recently completed financial years. The financial data provided is prepared in accordance with IFRS and is presented in Canadian dollars.

	November 30, 2024 $	November 30, 2023 $	November 30, 2022 $
Total revenue	-	-	-
Net and comprehensive loss for the year	(835,458)	(1,938,370)	(1,502,275)
Loss per share, basic and diluted	(0.26)	(1.88)	(3.11)
Total assets	410,626	314,975	1,661,718
Total long term liabilities	35,371	40,000	40,000
Cash dividends declared per share	-	-	-

Various factors contribute to the year to year variations in financial position and financial performance.

The 2024 net loss of $835,458 includes impairment expense of $128,503 from the termination of properties.

The 2023 net loss of $1,938,370 includes impairment expense of $1,497,249 from the termination of the option agreement on the Catharine RLDZ Gold property, realized loss of $98,423 on disposal of its short-term investment in Kingsview shares, and gain of $24,325 on settlement of debts.

The 2022 net loss of $1,502,275 includes loss on sale of exploration and evaluation assets of $1,156,036 from sale of the Norwalk property and unrealized loss in investments of $63,000 on 1,800,000 common shares of Kingsview Minerals Ltd. the Company received from the sale of the Norwalk property.

The majority of total assets are comprised of expenditures on the Company’s exploration and evaluation assets.

---

RT MINERALS CORP.
MANAGEMENT'S DISCUSSION AND ANALYSIS
FOR THE YEAR ENDED NOVEMBER 30, 2024
PAGE 6

6. MAJOR OPERATING MILESTONES

The Company is in the mineral exploration stage and as such has no revenues. Mineral interests in the form of exploration and acquisition costs totalled $85,136 as at November 30, 2024 (2023 - $211,889).

Total costs incurred on exploration and evaluation assets are summarized as follows:

	Link-Catharine $	Blakelock $	Case Batholith $	Galna-Moody $	Ireland $	Kendrey $	Kenoga-ming $	McQuib-ban $	Milligan $	Nordica $	Pharand $	Sheba $	Timmins $	Total $
Balance, November 30, 2022	1,485,783	2,086	-	-	2,900	-	-	3,014	2,800	-	-	-	2,650	1,499,233
Exploration costs
Administration	-	-	-	-	-	-	-	-	-	841	-	-	-	841
Drilling	9,123	-	-	-	-	-	-	-	-	-	-	-	-	9,123
Geology	93	1,575	4,000	1,093	3,124	124	1,843	62	-	13,406	31	2,000	5,780	33,131
Reports	2,250	-	-	-	-	-	-	-	-	-	-	-	-	2,250
	11,466	1,575	4,000	1,093	3,124	124	1,843	62	-	14,247	31	2,000	5,780	45,345
Acquisition costs	-	-	63,482	107	-	2,113	2,249	-	-	34,009	4,639	55,850	2,111	164,560
Impairment	(1,497,249)	-	-	-	-	-	-	-	-	-	-	-	-	(1,497,249)
Balance, November 30, 2023		3,661	67,482	1,200	6,024	2,237	4,092	3,706	2,800	48,256	4,670	57,850	10,541	211,889
Exploration costs
Administration	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Drilling	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Geology	-	-	-	-	-	-	-	-	-	1,125	-	-	625	1,750
Reports	-	-	-	-	-	-	-	-	-	-	-	-	-	-
	-	-	-	-	-	-	-	-	-	1,125	-	-	625	1,750
Acquisition costs	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Impairment	-	(3,661)	(6,562)	(1,200)	(6,024)	(2,237)	(4,092)	(3,076)	(2,800)	(29,631)	(4,670)	(57,850)	(6,700)	(128,503)
Balance, November 30, 2024	-	-	60,920	-	-	-	-	-	-	19,750	-	-	4,466	85,136

---

RT MINERALS CORP.
MANAGEMENT'S DISCUSSION AND ANALYSIS
FOR THE YEAR ENDED NOVEMBER 30, 2024
PAGE 7

6.1 Link-Catharine RLDZ Property (Gold; Kirkland Lake, Ontario)

On September 28, 2020, the Company signed an option agreement to acquire a 100% interest, subject to a 2% retained royalty, in the Link-Catharine RLDZ gold property located 25 kilometres south-south-east of the town of Kirkland Lake, Ontario. The Company may earn its interest in the property by paying total consideration of $200,000 ($15,000 paid on October 7, 2020; $20,000 paid on October 7, 2021; and $25,000 paid on September 21, 2022), issuing 13,929 common shares (1,786 issued on October 7, 2020 with a fair value of $22,500; 1,786 issued on October 7, 2021 with a fair value of $15,000; and 1,786 issued on September 26, 2022 with a fair value of $3,750) and incurring $1,000,000 in exploration expenditures over a five year period, including $100,000 incurred within four months of the TSXV acceptance date (incurred).

On September 28, 2023, the Company elected to terminate the option agreement on the Link-Catharine RLDZ Gold Property and accordingly the Company recorded impairment expense of $1,497,249 during the year ended November 30, 2023.

During the year ended November 30, 2023, the Company expended $11,466 (2022 - $350,000) in exploration costs on the Link-Catharine property that consists of drill core storage, assessment reporting and permit application. During the year ended November 30, 2022, the Company expended $28,945 in acquisition costs.

During the year ended November 30, 2024, the Company expended $Nil (2023 - $11,466) in exploration costs on the Link-Catharine property that consists of drill core storage, assessment reporting and permit application.

6.2 Milligan Property (Gold; Timmins, Ontario)

The Company acquired a 100% royalty-free interest in the Milligan property by way of staking in October 2022. The property contains sixteen claim blocks and is located in Milligan Township approximately 75 km northeast of Timmins, Ontario. These mineral claims cover the southeast on-strike extension of the volcanic stratigraphy hosting the Eastford Lake gold discovery of 142.2 grams per tonne gold ("g/t Au") over 3.0 metres ("m") announced by Explor Resources in 2009. The property contains two holes, each with gold intercepts of up to 1.95 g/t Au; one hole contains 1.52 g/t Au over 1.2m and the other hole contains 1.85 g/t Au over 1.0m (MNDM Assessment File 20000000182, 2009). The claims cover the favourable projected belt of altered volcanics that correlate with low magnetic signature. The low magnetic signature can be traced across the entire claim block for 3.0 km and the corridor remains open along strike. Several deep undrilled magnetic low anomalies identified from past geophysical surveys within the corridor have been identified on the property (MNDM Assessment File 20000000182, 2009).

During 2024 management decided to focus on other properties, and wrote off this property and recorded impairment expense of $2,800 during the year ended November 30, 2024. The Company fully impaired the Milligan property as at November 30, 2024.

6.3 Blakelock Property (Gold; Cochrane, Ontario)

The Company acquired a 100% royalty-free interest in the Blakelock property by way of staking in September 2022. This property contains nine claim blocks and is located in Blakelock Township approximately 75 km northeast of Cochrane, Ontario. The property is targeting a massive east-west trending magnetic high intrusive complex that was drilled in 1967. Two drill holes penetrated several 2.0 – 8.0m lenses of massive sulphides (pyrite, pyrrhotite and minor chalcopyrite) with no assays having been recorded (MNDM Assessment File 42H09SE0037, 1967). Future plans subject to financing include diamond drilling stronger magnetic anomalies within the complex and extensively assaying 50.0+ metres of historic core with reported massive sulphide intervals within highly altered metasediments.

During the year ended November 30, 2024, the Company spent $Nil (2023 - $1,575) in exploration costs on the Blakelock property.

---

RT MINERALS CORP.
MANAGEMENT'S DISCUSSION AND ANALYSIS
FOR THE YEAR ENDED NOVEMBER 30, 2024
PAGE 8

During 2024 management decided to focus on other properties, and wrote off this property and recorded impairment expense of $3,661 during the year ended November 30, 2024. The Company fully impaired the Blakelock property as at November 30, 2024.

6.4 McQuibban Property (Gold; Cochrane Ontario)

The Company acquired a 100% royalty-free interest in the McQuibban property by way of staking in September 2022. This property containing nineteen claim blocks is located in McQuibban Township approximately 50 km north of Cochrane, Ontario. Past drilling of two drill holes have been reported on the property (MNDM Assessment File 20000003818, 2007). The holes were targeting a strong 3.0 km long east-west trending inferred oxide facies banded iron formation. The strong magnetic signature of the iron formation transects the entire property. One of the drill holes intersected the iron formation and encountered a gold mineralized interval of 5.47 g/t Au over 1.2 m. Several stronger magnetic anomalies have been identified along the entire 3.0 km strike length of the iron formation. Future diamond drilling subject to financing will target the strongest magnetic responses in an attempt to extend and thicken the gold mineralization.

During 2024 management decided to focus on other properties, and wrote off this property and recorded impairment expense of $3,076 during the year ended November 30, 2024. The Company fully impaired the McQuibban property as at November 30, 2024.

6.5 Timmins Property (Base Metals; Timmins, Ontario)

The Company acquired a 100% royalty-free interest in the Timmins property by way of staking in October 2022 and March 2023 and is located in Timmins Township approximately 50 km southeast of Timmins, Ontario. As at November 30, 2024, there are 14 claim blocks remained in the Timmins property. Several past drill programs were conducted on and adjacent to the property (MNDM Assessment File 42A07SE2004, 1998). Two drill holes encountered up to 150 m thick intervals of intensely fractured black siltstone / argillite sedimentary sequences containing several strongly anomalous zones of disseminated and semi-massive base metal sulphides. Copper (0.45%), lead (0.45%), and zinc (1.4%) mineralization is reported in veins, fault gouge and fracture fillings. Associated chert interbeds, matrix silicification and indications of hydrothermal alteration suggests close proximity to a potential base metal mineralizing source. Additional geophysical programs are planned to trace out mineralized fault systems and argillite sequences for a distance of 1.5 – 2.0 km southeast along strike. Several geophysical targets have been identified on the property and diamond drilling subject to financing is planned to intercept potential base metal mineralization.

During the year ended November 30, 2024, the Company spent $Nil (2023: $2,111) in acquisition costs and $625 (2023: $5,780) in exploration costs on the Timmins property that includes permitting.

During the year ended November 30, 2024, the Company recorded impairment expense of $6,700.

6.6 Ireland Property (Rare Earth Element; Smooth Rock Falls, Ontario)

The Company acquired a 100% royalty-free interest in the Ireland property by way of map staking (MLAS) in November 2022. The property is comprised of 52 claims covering an inferred carbonatite complex (the "Ireland Complex") located in Ireland Township, 45 km northeast of Smooth Rock Falls, Ontario. The Ireland Complex is approximately 4.0 km long, 2.8 km wide, is oval shaped and is positioned along a southern extensional splay fault contained within the Kapuskasing Structural Trend. The Kapuskasing Structural Trend contains several well documented carbonatite complexes that contain niobium, iron, titanium and rare earth element ("REE") resources within various assemblages of carbonatite rocks.

Observations from existing magnetic signatures over the Ireland Complex resemble that of the magnetic signature which is coincident with the REE Niobec Mine ("Niobec") in Quebec¹, which is owned and operated by Magris Performance Materials Inc. At Niobec, the central and inner core magnetic low

---

RT MINERALS CORP.
MANAGEMENT'S DISCUSSION AND ANALYSIS
FOR THE YEAR ENDED NOVEMBER 30, 2024
PAGE 9

signature contains the niobium and REE mineralization. Magnetic data covering the Ireland Complex suggests the potential development of an outer circular high magnetic, magnetite rich pyroxenite ring. This ring transitions into an inner ring of a calcite-sovite carbonatite to a central low magnetic signature inner core of dolomitic rauhaugite carbonatite. It is this area and location that represents an exploration target for REE.

There is no known drilling on the Ireland Complex to date. There have been past limited geochemical exploration programs conducted over the Ireland Complex which have indicated elevated concentrations of the REE consisting of cerium (Ce), gadolinium (Gd), lanthanum (La), neodymium (Nd), praseodymium (Pr), samarium (Sm), and titanium (Ti) (MNDM-Assessment file technical report 20000004588). These specific REE and titanium suggest an association with, or the occurrence of, a carbonatite intrusive prospective for containing REE mineralization.

The entire Ireland Complex is covered by thick glacial overburden. Future initial drilling pending financing will start with the main focus on confirming the carbonatite complex. Drilling will include the testing of the outer high magnetic ring for titanium, copper and iron, and testing the inner core (low magnetic signature) for REE mineralization.

¹The Ireland Complex and carbonatite target owned by the Company is an exploration target with no resources or reserves and is not known to host like-mineralization as is present at Niobec.

During 2024 management decided to focus on other properties, and wrote off this property and recorded impairment expense of $6,024 during the year ended November 30, 2024. The Company is no longer exploring this property and fully impaired the Ireland property as at November 30, 2024.

6.7 Case Batholith Property (Lithium; Cochrane, Ontario)

In February 2023, the Company acquired by map staking (MLAS) 90 claim blocks within the boundaries of the Case Batholith in northern Ontario and entered into two separate property purchase agreements to acquire an additional 113 claim blocks (the "Vendor Claims") within the Case Batholith, for an aggregate land holding of 203 mineral claims.

The staked claims are located in Case Twp (20 claims); Heighington Twp (61 claims); and Seguin-Kenning Twps (9 claims). The Vendor Claims are located in Agassiz Twp (29 claims); Bragg-Sangster Twp (19 claims); Seguin-Challies Twp (14 claims); and Potter Twp (51 claims).

In the first property purchase agreement, the Company issued 17,857 common shares with a fair value of $23,750 and paid $4,100 to acquire 100% interest in 78 claims (including 16 claims comprising the separate Kenogaming and Pharand I properties), of which the 14 Seguin-Challies Township claims are subject to a 2% NSR royalty that the Company may purchase 1% of the NSR for $1,000,000 at any time.

In the second property purchase agreement, the Company issued 17,857 common shares with a fair value of $23,750 and paid $3,000 cash to acquire 100% interest in 51 Potter Township claims, which are subject to a 2% NSR royalty that the Company may purchase 1% of the NSR for $1,000,000 at any time.

The Case Batholith properties occur within the boundaries of the Case Batholith and are centered on Heighington Township, 85 km northeast of Cochrane, Ontario. The staked claims are situated 12 km north of the Power Metals Corp. ("Power Metals") Case Lake lithium/cesium discovery in Steel Township, Ontario and the Vendor Claims are located to the northwest of the Power Metals discovery. The Power Metals discovery contains significant lithium and cesium mineralization within pegmatitic lithologies throughout northeast trending dyke and isolated laccolith (dome) complexes. It is these lithologies of the Case Batholith that RT Minerals now owns and will be subject to future exploration by the Company.

The entire Case Batholith complex is an oval-shaped complex that is approximately 150 km long and 60 km wide. The Case Pegmatite systems, associated with the batholith and its margins, appear to reside within

---

RT MINERALS CORP.
MANAGEMENT'S DISCUSSION AND ANALYSIS
FOR THE YEAR ENDED NOVEMBER 30, 2024
PAGE 10

the five largest known lithium-cesium bearing complexes in the geologic region of the Superior Province of Ontario.

The entire Case Batholith complex is virtually unexplored. Excluding the Case Lake discovery of Power Metals, at the extreme southeastern edge of the Case Batholith, only one significant borehole has penetrated the Case Batholith during 2007 exploration for gold. This hole was drilled by Lake Shore Gold Corp., drill hole LA-07-01, located immediately northeast of the Company's Ireland property in Ireland Township. This hole contained anomalously high cesium ("Cs") values within igneous assemblages (samples 135279 to 135281, Cs - 76ppm over 1m, 42ppm over 0.70m, and 56 ppm over 0.50m, all within 90m of surface - MNDM files 20000003914 /20005893).

On July 20, 2023, the Company has staked an additional 190 claims.

As at November 30, 2024, there were 195 active claims remained in the Case Batholith property.

During the year ended November 30, 2024, the Company spent $Nil (2023: $63,482) in acquisition costs and $Nil (2023: $4,000) in exploration costs on the Case Batholith property.

During the year ended November 30, 2024, the Company recorded impairment expense of $6,562.

6.8 Kenogaming, Pharand I and Pharand II Properties (Nickel, Chromium, Cobalt; Timmins, Ontario)

The Kenogaming property consists of 8 claim blocks located within the Kenogaming Twp. The Company acquired 2 of the claim blocks by map staking (MLAS) and acquired an additional 6 claim blocks (the "Vendor Claims") by way of the property purchase agreement described under Section 6.8 "Case Batholith" above.

During the year ended November 30, 2024, the Company spent $Nil (2023 - $2,249) in acquisition costs and $Nil (2023 - $1,843) in exploration costs on the Kenogaming property that includes permitting.

The Pharand I and II properties consists of 30 claim blocks (approximately 644 hectares) located within the Pharand Twp. The Company acquired 20 of the claim blocks by map staking (MLAS) and acquired an additional 10 claim blocks (the "Vendor Claims") by way of the property purchase agreement described under Section 6.8 "Case Batholith" above.

During the year ended November 30, 2024, the Company spent $Nil (2023 - $4,639) in acquisition costs and $Nil (2023 - $31) in exploration costs on the Pharand I and II properties that includes permitting.

The Kenogaming and Pharand Townships are located in the Northern Swayze Greenstone Belt, within the Abitibi sub-province of the Superior Province, southwest of Timmins, Ontario. The claims are located within the Hanrahan assemblage which is confined to the southeastern part of the Northern Swayze Greenstone Belt. The Hanrahan assemblage consists predominantly of calc-alkaline intermediate and felsic volcanic rocks that have been intruded by extensive ultramafic and gabbroic sills (cumulate- textured ultramafic bodies). The cumulate ultramafic bodies are the specific targets comprising the Kenogaming, Pharand I and Pharand II prospects. The ultramafic cumulates are fine to medium grained massive rocks that are strongly magnetic, locally serpentinized and talcose, and may contain fuchsite mica.

Differentiation within the ultramafic bodies is observed as serpentine units grade upwards from olivine orthocumulates into gabbroic zones and spinifex- textured pyroxenites. Rare spherical structures filled with serpentine and sulphides suggest evidence for an extrusive origin for some of the massive cumulate - textured ultramafic rocks.

Throughout the Swayze Greenstone Belt, several nickel occurrences are associated with the cumulate - textured ultramafic rocks (MNDM files R297). The documentation of large ultramafic bodies with nickel mineralization in western Kenogaming Township is a strong indication of good potential for Komatiite -

---

RT MINERALS CORP.
MANAGEMENT'S DISCUSSION AND ANALYSIS
FOR THE YEAR ENDED NOVEMBER 30, 2024
PAGE 11

hosted nickel mineralization similar to the nickel discoveries in Crawford and Reid Townships near Timmins, Ontario (MNDM files 20000018167).

Nickel, chromium, cobalt and platinum group elements in assay results are of specific interest for the Kenogaming - Pharand claims.

The Kenogaming prospect consists of 8 claims located in eastern Kenogaming Township. In 1979, after completion of a localized magnetic/HLEM geophysical survey, Amax Minerals tested a strong magnetic anomaly with diamond drill hole KEN-#1 (Figure 3). This 184.5m long hole intersected up to 0.25% nickel in carbonated and serpentinized cumulate ultramafic with interbeds of chlorite and talc alteration over a 3.0m section at the bottom of the hole. The entire hole encountered cumulate ultramafic assemblages (MNDM files 42A04NW8557).

In 1997, a follow up drill hole JOE-ANNE SALO J-1-97 was drilled to a depth of 119m, 42m to the northeast of KEN-#1 on an additional localized magnetic target from a geophysical survey covering the same magnetic anomaly. Beginning at 23 m from surface, the hole encountered 78m of cumulate ultramafics with seven selected and intermittent one metre assay values (whole rock analysis) ranging from 0.168% Ni and up to 0.328% Ni, 0.17% Cr and 165 ppm Co (MNDM files 42A04NW2003). From 39m to 84m, eight select and intermittent core samples were analysed by plasma scan which outlined eight one metre sections at the maximum capability of the scan at +999 ppm Ni.

Subsequent to this 1997 drilling, the regional Ontario Geological Survey Total Intensity Magnetic/Electromagnetic program was flown over Kenogaming and Pharand Townships (MNDM-M81379). This airborne survey outlined the main magnetic anomaly (56500nT+) ultramafic cumulate intrusive body to be approximately 700m wide and 1,000m long (MNDM-M81379). When combining the two historic holes, it is evident that the intrusive contains semi-continuous nickel, chromium and cobalt mineralization beginning at 15m and extending to a current depth of 184.5m. The intrusive may extend another 1.0 km to the east and is open to continuation at depth.

The Company's claims cover two large ultramafic intrusive prospects, Pharand I (16 claims) and Pharand II (14 claims) within Pharand Township. The RTM claim blocks cover intense magnetic signatures (56500nT+) believed to represent cumulate ultramafic intrusive bodies.

Future drilling is warranted on the Kenogaming, Pharand I and Pharand II prospects with the objective to expand the historical nickel, chromium, and cobalt mineralization within the Kenogaming intrusive. In addition, future drilling subject to financing would target new cumulate ultramafic intrusive bodies within the strongest magnetic signatures identified on the Pharand I and II prospects.

During 2024 management decided to focus on other properties, and wrote off these properties and recorded an aggregate impairment expense of $8,762 during the year ended November 30, 2024. The Company fully impaired the Kenogaming and Pharand properties as at November 30, 2024.

6.9 Nordica Property (Nickel, Cobalt, Copper, Chromium Platinum, Palladium; southeast of Timmins, Ontario)

The Nordica property is comprised of 34 claim blocks in the Nordica Township in Ontario, of which the Company acquired 14 of the claims by map staking (MLAS) in February 2023 and 20 of the claims (the "Vendor Claims") were acquired from an arm's length party pursuant to a property acquisition agreement dated May 8, 2023, as restated May 29, 2023, for consideration of 21,429 common shares of the Company (issued June 28, 2023 with a fair value of $33,000) and a 2% NSR royalty on the Vendor Claims as well as any claims that the Company has acquired within a 2 km area of interest surrounding the Vendor Claims, of which 0.8% NSR may be purchased for $2,500,000 at any time.

During the year ended November 30, 2024, the Company spent $Nil (2023 - $34,009) in acquisition costs and $1,125 (2023 - $14,247) in exploration costs on the Nordica property that includes permitting.

---

RT MINERALS CORP.
MANAGEMENT'S DISCUSSION AND ANALYSIS
FOR THE YEAR ENDED NOVEMBER 30, 2024
PAGE 12

As at November 30, 2024, there were 8 active claims remained the Nordica property.

During the year ended November 30, 2024, the Company recorded impairment expense of $29,631.

The Nordica property is prospective for copper, nickel, cobalt, chromium, and palladium mineralization. Previous exploration activity on the Nordica property has encountered Cu grading up to 0.292% (rock-grab samples), Ni up to 0.24% in drill core over 1.0 m, Co up to 614ppm (outcrop), Cr up to 17.7% (grab-rock sample) and Pd up to 1.2ppb (outcrop chip sample and drill core interval over 1.0m) (MNDM files OFR 6102). The property covers approximately 75% of the ultramafic layered intrusion which is currently inferred to be approximately 4.0 km long, 250 m wide and 100m deep (MNDM files 20000008666/2000113735).

Current surface sampling confirms mineralization near the original historic discovery outcrop and a newly discovered outcrop at Sylvia Creek approximately 2.7 kms to the northwest of the historic discovery of similar mineralization on the property. (For more details on the new mineralization, please refer to the Company’s press releases filed on August 3, and September 29, 2023)

Chromitite (Chromite) has been encountered at surface outcrops with grades up to 17.59% Cr and is found in two separate outcrops up to 2.7 km apart, prospectively on strike. Associated with the Chromite are Pt values up to 0.234 g/t and Pd values of up to 1.188 g/t. (For more details on the Nordica intrusion and outcrop discovery, please refer to the Company’s press release filed on December 19, 2023)

6.10 Galna-Moody Property (Nickel, Cobalt, Copper, Chromium; east of Iroquois Falls, Ontario)

The Galna-Moody property is comprised of 24 claims in the Galna and Moody Townships in Ontario which the Company acquired by map staking (MLAS) in April 2023.

During the year ended November 30, 2024, the Company spent $Nil (2023 - $107) in acquisition costs and $Nil (2023 - 1,093) in exploration costs on the Galna-Moody property that includes permitting.

The Galna-Moody property is located 35 km east of Iroquois Falls, Ontario. The claim blocks are prospective for Cu, Ni, Co and Cr contained within individual peridotite ultramafic cumulate intrusive complexes that are intruded into the meta volcanic sequences of the Abitibi Greenstone Belt. The intrusive lenses are characterized by strong magnetic signatures (MNDM files 42h02SE0001, M81908).

Previous exploration activities have identified up to 0.35% Ni and 0.57% Cr in peridotite grab-rock samples from within individual peridotite lenses up to 150 m in thickness (MNDM files 42H02SE0001, 42A16SW0081).

During 2024 management decided to focus on other properties, and wrote off this property and recorded impairment expense of $1,200 during the year ended November 30, 2024. The Company fully impaired the Galna property as at November 30, 2024.

6.11 Kendrey Property (REE; southeast of Smooth Rock Falls, Ontario)

The Kendrey property is comprised of 32 claim blocks in the Kendrey and Colquhoun Townships in Ontario which the Company acquired by map staking (MLAS) in May 2023.

During the year ended November 30, 2024, the Company spent $Nil (2023 - $2,113) in acquisition costs and $Nil (2023 - $124) in exploration costs on the Kendrey property that includes permitting.

The Kendrey property covers what appears to be a large, inferred carbonatite complex that is prospective for rare earth elements, specifically niobium. The intrusive is approximately 2.8 km wide and 2.7 km long. It is positioned along a southeastern extensional splay fault belonging to the Kapuskasing Structural Trend. The magnetic signature is very similar to several documented carbonatite complexes that contain an internal low magnetic central core surrounded by a highly magnetic circular outer ring (MNDM files PO 452, M82813, M82824). The intrusive is bounded to the east by a large north-south trending fault.

---

RT MINERALS CORP.
MANAGEMENT'S DISCUSSION AND ANALYSIS
FOR THE YEAR ENDED NOVEMBER 30, 2024
PAGE 13

During 2024 management decided to focus on other properties, and wrote off this property and recorded impairment expense of $2,237 during the year ended November 30, 2024. The Company fully impaired the Kendrey property as at November 30, 2024.

6.12 Sheba Property (Copper, Nickel, Cobalt, Chromium, Platinum, Palladium; southeast of Timmins, Ontario)

On May 31, 2023, the Company entered into an agreement with an arm’s length party to purchase 100% interest in 51 mineral claims in Sheba and Robertson Townships in Ontario for consideration of $3,000 cash and 17,857 common shares of the Company. The transaction closed on July 5, 2023 and the consideration shares were issued with a fair value of $45,000.

The Property is divided into three blocks: Sheba North (23 claims), Sheba South (15 claims) and Sheba East (13 claims). The blocks are prospective for copper (Cu), nickel (Ni), cobalt (Co), chromium (Cr), platinum (Pt), and palladium (Pd) mineralization (MNDM files 42A02SE2019).

On July 7, 2023, the Company has staked an additional 150 mineral claims, surrounding the initial 51 claims, totalling approximately 2,650 hectares.

During the year ended November 30, 2024, the Company spent $Nil (2023: $55,850) in acquisition costs and $Nil (2023: $2,000) in exploration costs on the Sheba property that includes permitting.

Previous exploration activities by other operators on the west border of the Sheba South block encountered samples taken from outcrop containing 0.19% Cu, 0.14% Ni and 0.34% Cr. In addition to these samples, further samples were historically taken within the same ultramafic Pyroxenite-peridotite assemblages on the Sheba South block which returned highly anomalous Cu, Ni and Cr values from outcrop. Whole rock analysis of these units appears substantially identical to the peridotites and associated Ni mineralization that occurs in Langmuir Township, 36 km on trend to the northwest.

The pyroxenites-peridotites exhibit strong magnetic signatures and the Sheba North and Sheba East blocks cover extensive geophysical magnetic anomalies that are currently interpreted as peridotite intrusive bodies within the volcanic stratigraphy of the Abitibi Greenstone belt.

In addition, geochemical soil surveys indicate that the Sheba East block is covered by widespread anomalous Cu and Ni concentrations in soils (MNDM files 42-A02NE2002).

During 2024 management decided to focus on other properties, and wrote off this property and recorded impairment expense of $57,850 during the year ended November 30, 2024. The Company fully impaired the Sheba property as at November 30, 2024.

6.13 Qualified Person

Mr. Garry Clark, P.Geo., is the Independent Qualified Person for the Company and he has reviewed and approves the technical contents of this Management’s Discussion and Analysis.

7. SUMMARY OF QUARTERLY RESULTS

The table below presents selected financial data for the Company’s eight most recently completed fiscal quarters as presented in the consolidated financial statements. The financial data provided is prepared in accordance with IFRS and is presented in Canadian dollars.

---

RT MINERALS CORP.
MANAGEMENT'S DISCUSSION AND ANALYSIS
FOR THE YEAR ENDED NOVEMBER 30, 2024
PAGE 14

| | Q4
Nov 30, 2024
$ | Q3
August 31, 2024
$ | Q2
May 31, 2024
$ | Q1
Feb 29, 2024
$ |
| --- | --- | --- | --- | --- |
| Total revenue | - | - | - | - |
| Loss for the period | (345,733) | (157,890) | (205,817) | (126,018) |
| Loss per share, basic and diluted | (0.05) | (0.072) | (0.094) | (0.081) |
| | Q4
Nov 30, 2023
$ | Q3
August 31, 2023
$ | Q2
May 31, 2023
$ | Q1
Feb 28, 2023
$ |
| Total revenue | - | - | - | - |
| Loss for the period | (92,454) | (1,619,046) | (109,086) | (117,784) |
| Loss per share, basic and diluted | (0.089) | (1.129) | (0.143) | (0.275) |

Because the Company is in the exploration stage, it did not earn any revenue.

The largest contributor to variance in loss across each period is impairment of exploration and evaluation assets.

During the year ended November 30, 2024, the Blakelock property was fully impaired in the amount of $3,661, Case Batholith Lithium property was impaired in the amount of $6,562, Galna-Moody property was fully impaired in the amount of $1,200, Ireland property was fully impaired in the amount of $6,024, Kendrey property was fully impaired in the amount of $2,237, Kenogaming property was fully impaired in the amount of $4,092, McQuibban property was fully impaired in the amount of $3,076, Milligan property was fully impaired in the amount of $2,800, Nordica Copper property was impaired in the amount of $29,631, Pharand property was fully impaired in the amount of $4,670, Sheba property was fully impaired on the amount of $57,850, and Timmins property was impaired in the amount of $6,700.

During the August 31, 2023 fiscal quarter, the Link-Catherine property was impaired in the amount of $1,497,249.

During the November 30, 2022 fiscal quarter, the Norwalk property was sold for proceeds of $266,000 and a loss on disposition was recorded in the amount of $1,156,036. During the August 31, 2022 fiscal quarter, Norwalk property impairment in the amount of $1,164,486 was recorded, which was adjusted to loss on disposition in the fourth quarter.

The February 28, 2023 and the November 30, 2022 quarters included $72,000 and $63,000, respectively, in unrealized losses on short-term investments relating to the Company's investment in Kingsview. The May 31, 2023 quarter included an unrealized gain of $72,000 and a realized loss of $98,423.

8. LIQUIDITY

The Company's financial statements have been prepared on a going concern basis, which contemplates that the Company will continue in operation for the foreseeable future and will be able to realize its assets and discharge its liabilities in the normal course of business. The Company's ability to continue as a going concern is dependent on the ability of the Company to raise equity financing and the attainment of profitable operations. In order for the Company to continue as a going concern and meet its financial obligations over the next twelve months, the Company will need to conclude an equity and/or debt financing.

At November 30, 2024, cash was $265,980 and amounts receivable were $26,532 consisting of GST input tax credits. The Company has total current liabilities of $374,524 at November 30, 2024. Due to related

---

RT MINERALS CORP.
MANAGEMENT'S DISCUSSION AND ANALYSIS
FOR THE YEAR ENDED NOVEMBER 30, 2024
PAGE 15

parties includes amounts owing to directors, officers, and companies with common officers for unpaid salaries, expenses and loans. Working capital deficiency was $50,531 at November 30, 2024.

Factors that could impact on the Company’s liquidity are monitored regularly and include market changes, gold price changes, and economic downturns that affect the market price of the Company’s trading securities for the purposes of raising financing. Weakness in the junior equity markets over the past twelve months has made it challenging to raise equity financing at present. Management believes that this condition may continue over the next twelve months.

Based on the above financial condition at November 30, 2024, the Company will need to raise additional financing to meet its financial obligations as they become payable in the current fiscal year. On February 20, 2024, the Company completed a private placement for gross proceeds of $300,000, less share issuance costs of $10,317. On September 13, 2024, the Company completed a private placement for gross proceeds of $484,266. During the year ended November 30, 2024, the Company received a loan from a third party at an interest of 15% per annum.

9. CAPITAL RESOURCES

The Company has no commitments for capital expenditures.

The Company does not have any capital resources in the form of debt, equity and any other financing arrangements.

10. OFF-BALANCE SHEET ARRANGEMENTS

The Company does not have any off-balance sheet arrangements.

11. TRANSACTIONS BETWEEN RELATED PARTIES

Key management personnel are persons responsible for planning, directing and controlling the activities of an entity, and include directors, the chief executive officer and chief financial officer of the Company. Fees for services performed by key management personnel are considered to be related party fees and total management personnel compensation is comprised of the following:

	Years ended November 30
	2024	2023
	$	$
Consulting fees	64,248	-
Director fees	20,658	-
Consulting, director, management, and other fees to former directors and officers	63,626	132,000
	148,532	132,000

The Company has entered into an Officer Agreement with the Company’s former Chief Executive Officer and President (the “President”) effective November 1, 2021 for no fixed term for compensation of a monthly salary of $1,500 and reduced to $750 as at November 1, 2023. During the year ended November 30, 2024, the Company incurred $5,500 (2023 - $17,250) in executive salary to the former President and an additional $1,250 (2023 - $28,750) in project management fees.

The Company entered into an Employment Agreement with the Company’s former Chief Financial Officer (“CFO”) effective December 1, 2018 for a 12-month term ended November 30, 2019 with no fixed term. As compensation for the services provided, the former CFO received a monthly fee of $3,000 and a provision for severance of $20,000 when the employment was terminated. During the year ended November

---

RT MINERALS CORP.
MANAGEMENT'S DISCUSSION AND ANALYSIS
FOR THE YEAR ENDED NOVEMBER 30, 2024
PAGE 16

30, 2024, the Company recorded $Nil (2023 - $41,000) in salaries payable to the former CFO, including severance payment.

During the year ended November 30, 2024, the Company recorded $54,729 (2023 - $Nil) in management fees to a former CEO and director, $20,658 (2023 - $27,500) in director fees to four directors and $7,500 (2023 - $1,500) in consulting fees to a former CFO.

A director resigned on March 31, 2023 and $6,500 in director fees owing to him were recovered in settlement, resulting in a gain on debt settlement of $6,500. An additional $17,825 was recognized as gain on debt settlement as a result of settling legal fees, which is not a related party transaction. The total gain on debt settlement during the year ended November 30, 2023 was $24,325.

Gain on settlement of debt owed to Willaim Elston $22,289.

Due to related parties at November 30, 2024 includes $3,318 (2023 - $11,805) in amounts owing to directors and officers for unpaid salaries, consulting fees and expenses.

12. CHANGES IN ACCOUNTING POLICIES INCLUDING INITIAL ADOPTION

The Company adopted the following new IFRS standard effective December 1, 2023. The nature and impact of the standard on the Company’s financial statements is indicated below.

In February 2021, the IASB issued amendments to IAS 1 and IFRS Practice Statement 2, Making Materiality Judgements to disclose material accounting policy information rather than significant accounting policies. Further amendments explain how an entity can identify a material accounting policy and clarify that information may be material because of its nature, even if the related amounts are immaterial. The amendments are effective January 1, 2023, and have not had a material effect on the Company’s financial statements.

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

13. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT

Fair values

The Company’s financial instruments include cash, short-term investments, amounts receivable, trade and other payables amounts due to related parties and loan payable. The fair value of these financial instruments approximates their carrying values due to the relative short-term maturity of these instruments.

The following table summarizes information regarding the carrying and fair values of the Company’s financial instruments:

	November 30, 2024		November 30, 2023
	Fair Value $	Carrying Value $	Fair Value $	Carrying Value $
FVTPL assets (i)	265,980	265,980	93,599	93,599
Amortized cost liabilities (ii)	409,895	409,895	252,735	252,735

(i) Cash
(ii) Trade and other payable, due to related parties and loans payable

The Company classifies its fair value measurements in accordance with an established hierarchy that prioritizes the inputs in valuation techniques used to measure fair value as follows:

---

RT MINERALS CORP.
MANAGEMENT'S DISCUSSION AND ANALYSIS
FOR THE YEAR ENDED NOVEMBER 30, 2024
PAGE 17

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities;
Level 2 - Inputs other than quoted prices included in Level 1 that are observable for the asset or liability either directly (i.e. as prices) or indirectly (i.e. derived from prices); and
Level 3 - Inputs for the asset or liability that are not based on observable market data.

The following table sets forth the Company’s financial assets measured at fair value on a recurring basis by level within the fair value hierarchy as follows:

As at November 30, 2024	Level 1 $	Level 2 $	Level 3 $	Total $
Cash	265,980	-	-	265,980

The Company believes the recorded values of all other financial instruments approximate their current fair values because of their nature and respective maturity dates.

The Company’s financial instruments are exposed to certain financial risks: credit risk, liquidity risk, market risk and currency risk.

Credit risk

Credit risk is the risk of an unexpected loss associated with a counterparty’s inability to fulfill its contractual obligations. Management evaluates credit risk on an ongoing basis and monitors activities related to amounts and other receivable including the amounts of counterparty concentrations. The primary sources of credit risk for the Company arise from its financial assets consisting of cash and cash equivalents. The carrying value of these financial assets represents the Company’s maximum exposure to credit risk. To minimize credit risk the Company only holds its cash and term deposits with high credit chartered Canadian financial institutions. As at November 30, 2024, the Company has no financial assets that are past due or impaired due to credit risk defaults.

Liquidity risk

Liquidity risk is the risk that the Company will not be able to meet its obligations with respect to financial liabilities as they fall due. The Company’s financial liabilities consist of its trade and other payable, amounts due to related parties and loans payable. The Company has a working capital deficiency of $50,531 as at November 30, 2024 and requires additional financing for operations and meet its current obligations. The Company handles its liquidity risk through the management of its capital structure as described in Note 13 of the consolidated financial statements.

The following are the contractual maturities of financial liabilities as at November 30, 2024:

	Carrying Amount $	Contractual Cash Flows $	Within 1 year $	Within 2 years $	Within 3 years $	Over 3 years $
Trade payables	263,802	263,802	263,802	-	-	-
Due to related parties	3,318	3,318	3,318	-	-	-
Loans payable	142,775	147,404	67,404	-	40,000	-
Total	409,895	414,524	335,524	-	40,000	-

Market risk

Market risk is the risk of loss that may arise from changes in market factors such as interest rates, investment fluctuations, and commodity and equity prices. Market conditions will cause fluctuations in the fair values of financial assets and cause fluctuations in the fair value of future cash flows for assets or liabilities. The Company is not exposed to significant interest rate risk as the Company has no fluctuating interest bearing

---

RT MINERALS CORP.
MANAGEMENT'S DISCUSSION AND ANALYSIS
FOR THE YEAR ENDED NOVEMBER 30, 2024
PAGE 18

debt. The Company’s ability to raise capital to fund exploration or development activities is subject to risks associated with fluctuations in gold and metal prices. Management closely monitors commodity prices, individual equity movements, and the stock market to determine the appropriate course of action to be taken by the Company.

Currency risk

Foreign currency risk is the risk that the fair values of future cash flows of a financial instrument will fluctuate because they are denominated in currencies that differ from the respective functional currencies. The Company is not exposed to currency risk because all financial instruments are denominated in Canadian dollars, the Company’s functional currency.

14. DISCLOSURE OF OUTSTANDING SHARE DATA

The Company is authorized to issue an unlimited number of common shares. The holders of common shares are entitled to receive dividends and are entitled to one vote per share at meetings of the Company. All shares are ranked equally with regards to the Company’s residual assets.

As at March 31, 2025, the Company has 11,063,175 common shares issued and outstanding.

As at March 31, 2025, the Company has 5,380,731 outstanding warrants.

As at March 31, 2025, the Company has no outstanding stock options.

15. SUBSEQUENT EVENT

On October 21, 2024, the Company entered into a definitive agreement, with 1502493 B.C. Ltd. (“1502493”) and its shareholders to acquire 100% of the issued and outstanding shares of 1502493. Through this transaction, RT Minerals will acquire 100% mineral claims interest in the Rogue property, a highly prospective area for mineral exploration.

Under the terms of the agreement, the Company will issue an aggregate of 3,500,000 common shares of the Company at a deemed price of $0.10 per share to the shareholders of 1502493 in exchange for all outstanding shares of 1502493. The transaction was completed on January 13, 2025.

16. COMMITMENTS, EXPECTED OR UNEXPECTED EVENTS, OR UNCERTAINTIES

The Company is party to various consulting agreements with arm’s length individuals and entities.

Other than disclosed in this Report and the accompanying financial statements, the Company does not have any commitments, expected or unexpected events, or uncertainties.

17. BOARD OF DIRECTORS AND OFFICERS

The directors of the Company are Alson Niu (President and CEO), Chris Thomas, Ryan Torres (CFO and Corporate Secretary) and Jia Qian.

18. CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS

These statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those implied by the forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statements were made, and readers are advised to consider such forward-looking statements in light of the risks as set forth below.

This Management’s Discussion and Analysis contains “forward-looking statements, within the meaning of applicable Canadian Securities legislation”, that involve a number of risks and uncertainties. Forward-

---

RT MINERALS CORP.
MANAGEMENT'S DISCUSSION AND ANALYSIS
FOR THE YEAR ENDED NOVEMBER 30, 2024
PAGE 19

looking statements include, but are not limited to, statements with respect to the future price of gold and copper, the estimation of mineral reserves and resources, the realization of mineral estimates, the timing and amount of estimated future production, costs of production, capital expenditures, costs and timing of the development of new deposits, success of exploration activities, permitting time lines, currency exchange rate fluctuations, requirements for additional capital, government regulation of mining operations, environmental risks, unanticipated reclamation expenses, title disputes or claims, limitations on insurance coverage and timing and possible outcome of pending litigation. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “expects”, or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, or “might” be taken, occur or be achieved. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made, and they involve known and unknown risks, uncertainties and other factors which may cause the actual results, level of activity, performance or achievements of the Company to be materially different from any other future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others: risks relating to the integration of acquisitions, risk relating to international operations, the actual results of current exploration activities; actual results of current reclamation activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; future prices of gold and copper; possible variations in ore reserves, grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of development or construction activities; fluctuations in metal prices; as well as those risk factors discussed or referred to in the Company’s Management’s Discussion and Analysis for the year ended November 30, 2024 filed with the securities regulatory authorities in Canada and available at www.sedarplus.ca. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking statements if circumstances or management’s estimates or opinions should change. Accordingly, readers are cautioned not to place undue reliance on forward-looking statements.

19. MANAGEMENT'S RESPONSIBILITY FOR FINANCIAL REPORTING

The accompanying financial statements of the Company and all the information in this Management’s Discussion and Analysis are the responsibility of management and have been approved by the Board of Directors.

The financial statements have been prepared by management in accordance with International Financial Reporting Standards. When alternative accounting methods exist, management has chosen those it deems most appropriate in the circumstances. Financial statements are not precise since they include certain amounts based on estimates and judgments. Management has determined such amounts on a reasonable basis in order to ensure that the financial statements are presented fairly, in all material respects. Management has prepared the financial information presented elsewhere in the Management’s Discussion and Analysis and has ensured that it is consistent with that in the financial statements.

The Company maintains systems of internal accounting and administrative controls in order to provide, on a reasonable basis, assurance that the financial information is relevant, reliable and accurate and that the Company’s assets are appropriately accounted for and adequately safeguarded.

---

RT MINERALS CORP.
MANAGEMENT'S DISCUSSION AND ANALYSIS
FOR THE YEAR ENDED NOVEMBER 30, 2024
PAGE 20

The Board of Directors is responsible for ensuring that management fulfills its responsibilities for financial reporting and is ultimately responsible for reviewing and approving the financial statements. The Board carries out this responsibility principally through its Audit Committee.

The Audit Committee is appointed by the Board, and the minority of its members are independent directors. The Committee meets at least once a year with management, as well as the external auditors, to discuss internal controls over the financial reporting process, auditing matters and financial reporting issues, to satisfy itself that each party is properly discharging its responsibilities, and to review the financial statements and the external auditors' report. The Committee reports its findings to the Board for consideration when approving the financial statements for issuance to the shareholders. The Committee also considers, for review by the Board and approval by the shareholders, the engagement or reappointment of the external auditors. The Company's auditors have full and free access to the Audit Committee.

On behalf of the Board,

RT MINERALS CORP.

Alson Niu
President and Chief Executive Officer