Scottie Resources Corp. — Management Reports 2025

Jul 31, 2025

scottie

SCOTTIE RESOURCES CORP.
FORM 51-102F1
MANAGEMENT DISCUSSION AND ANALYSIS ("MD&A")
For the nine months ended March 31, 2025

INTRODUCTION

Scottie Resources Corp. ("Scottie", or the "Company") was incorporated on November 24, 2009 in the province of British Columbia, Canada. The Company trades on the TSX Venture Exchange under the symbol "SCOT".

This discussion and analysis of financial position, results of operations and cash flows of Scottie for the nine months ended May 31, 2025 includes information up to and including July 30, 2025 and should be read in conjunction with the accompanying condensed interim financial statements for the nine months ended May 31, 2025 as well as the audited financial statements and related notes thereto for the year ended August 31, 2024 (the "Financial Reports") which are available on the SEDAR+ website at www.sedarplus.ca.

The financial information in this MD&A is derived from the Financial Reports prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board ("IASB") and with the interpretations of the International Financial Reporting Interpretations Committee ("IFRIC"). All dollar amounts are expressed in Canadian dollars unless otherwise indicated.

Additional information relating to the company is available on SEDAR+ at www.sedarplus.ca and the Company's website at www.scottieresources.com.

DESCRIPTION OF BUSINESS

Scottie is an exploration stage company engaged in the acquisition, exploration and evaluation of mineral properties located in the "Golden Triangle" area of British Columbia, Canada. The area known as the Golden Triangle of British Columbia is among the world's most prolific mineralized districts, host to past and current mining operations including Johnny Mountain, Red Mountain, Snip Mine, Eskay Creek, Premier Mine, Golden Bear and Valley of the Kings.

The Company's objective is to undertake mineral exploration on properties assessed to be of merit to define mineral resources, and to put plans in place in order that the properties may be put into operation in an economic and sustainable manner. Metals being targeted are precious metals with a focus on gold and silver. In the course of executing its business objectives, it is expected the Company will enter into various agreements specific to the mining industry, such as purchase or option agreements to acquire mineral claims and joint venture agreements.

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SCOTTIE RESOURCES CORP.

Management Discussion and Analysis

For the nine-month period ended May 31, 2025

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This MD&A includes certain forward-looking statements or information. All statements other than statements of historical fact included in this MD&A including statements relating to the potential mineralization or geological merits of the Company's mineral properties and the future plans, objectives or expectations of the Company are forward-looking statements that involve various risks and uncertainties. Such forward-looking statements include among other things, statements regarding future commodity pricing, estimation of mineral reserves and resources, timing and amounts of estimated exploration expenditures and capital expenditures, costs and timing of the exploration and development of new deposits, success of exploration activities, permitting time lines, future currency exchange rates, requirements for additional capital, government regulation of mining operations, environmental risks, anticipated reclamation expenses, timing and possible outcome of pending litigation, timing and expected completion of property acquisitions or dispositions, and title disputes. They may also include statements with respect to the Company's mineral discoveries, plans, out-look and business strategy. The words "may", "would", "could", "should", "will", "likely", "expect", "anticipate", "intend", "estimate", "plan", "forecast", "project" and "believe" or other similar words and phrases are intended to identify forward-looking information. Forward-looking statements are predictions based upon current expectations and involve known and unknown risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's plans or expectations include risks relating to the actual results of exploration programs, fluctuating commodity prices, the possibility of equipment breakdowns and delays, the availability of necessary exploration equipment including drill rigs, exploration cost overruns, general economic or business conditions, regulatory changes, and the timeliness of government or regulatory approvals to conduct planned exploration work. Additional factors that could cause actual results to differ materially from the Company's plans or expectations include political events, fluctuations in mineralization grade, geological, technical, mining or processing problems, future profitability on production, the ability to raise sufficient capital to fund exploration or production, litigation, legislative, environmental and other judicial, regulatory, political and competitive developments, inability to obtain permits, general volatility in the equity and debt markets, accidents and labour disputes and the availability of qualified personnel. Although the Company has attempted to identify all of the factors that may affect our forward-looking statements or information, this list of the factors is not exhaustive. 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 and uncertainties detailed throughout this MD&A.

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SCOTTIE RESOURCES CORP.

Management Discussion and Analysis

For the nine-month period ended May 31, 2025

PERFORMANCE SUMMARY AND SUBSEQUENT EVENTS

During the nine-month period ended May 31, 2025 and to the date of this report the Company:

• announced they have received all required permits from the government of British Columbia to proceed with a 10,000-tonne surface bulk sampling program at its Scottie Gold Mine project. The bulk sample is intended for exploration purposes only and is not considered a production decision.

Please refer to the news release dated July 24, 2025 for more information and highlights

• announced the commencement of the 2025 drill program at the Scottie Gold Mine project, with three diamond drill rigs currently active on site.

Drill program highlights:

• Resource upgrade (inferred to indicated) and expansionary drilling of the Blueberry contact zone:

• Focus on the open pit and upper portions of the underground resource;

• Detailed testing of the siltstone side of the contact zone, a high-probability target that would add ounces to the current pit shell and underground stope shapes.

• Scottie gold mine:

• Stepout drilling on the Wolf zone target discovered in 2024 (including intercept of 6.85 grams per tonne gold over 5.85 metres; see news release dated Dec. 12, 2024);

• Continued drilling of the Scottie gold mine P-zone;

• Geotechnical and hydrogeology drill holes to support continuing mine design studies

Please refer to the news release dated July 22, 2025 for more information and highlights

• announced they have contracted leading environmental consultants to carry out a multifaceted, multiyear environmental baseline study at the Company's Scottie Gold Mine Direct Shipping Ore ("DSO") project. A comprehensive environmental baseline program will position the company to advance permitting and demonstrate that the project is a simplistic, low-impact gold mining operation on a brownfields site.

Please refer to the news release dated July 15, 2025 for more information and highlights

• announced a $16.8 million non-brokered private placement financing (the "Offering"), of which a lead order of $6 million, translating to $8.4 million in charitable flow-through funding, will be provided by Ocean Partners UK Limited ("Ocean Partners") (see the Company's news release dated July 7, 2025). The Offering will consist of: (i) a best efforts non-brokered private placement of up to 10,957,792 charitable flow-through shares of the Company ("Charity FT Shares") at a price of $1.23 per Charity FT Share for gross proceeds of $13,500,000, of which Ocean Partners will receive 6,818,182 common shares of the Company ("Common Shares"); and (ii) a best efforts non-brokered private placement of up to 3,750,000 non-flow through Common Shares at a price of $0.88 per Common Share of the Company for gross proceeds of approximately $3,300,000.

Please refer to the news release dated July 9, 2025 for more information and highlights

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SCOTTIE RESOURCES CORP.

Management Discussion and Analysis

For the nine-month period ended May 31, 2025

• announced that Ocean Partners UK Limited ("Ocean Partners") has entered into a binding term sheet with the Company to provide a commercial offtake agreement, equity, and make available a construction loan and overrun facility to advance the Scottie DSO Project (the "Project") towards production. This partnership presents Scottie with certainty and flexibility when advancing the Project and ensures that it remains on track for near-term production.

STRATEGIC PARTNERSHIP COMPONENTS

• Commercial offtake agreement for 100% production for first 8 years of commercial production
• Equity investment of $6 million translating into approximately $8.4 million in charitable flow through funding
• Construction Loan and Overrun Facility of USD$25 million, subject to formal documentation and funding / development milestones being met.

Please refer to the news release dated July 7, 2025 for more information and highlights

• Filed a National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") technical report for Scottie's Scottie Gold Mine Project, entitled "NI 43-101 2025 Maiden Mineral Resource Estimate for the Scottie Gold Mine Project, northern, BC", with an effective date of February 2, 2025 (the "Technical Report"). The purpose of the Technical Report is to provide the maiden mineral resource estimate for the Project. The Technical Report is available under the Company's SEDAR+ profile at www.sedarplus.ca.

Please refer to the news release dated June 23, 2025 for more information and highlights

• Announced selection of Tetra Tech Inc. to lead the study work for a preliminary economic assessment ("PEA") on its Scottie Gold Mine project, which includes the historic mine and adjacent Blueberry Contact zone located in British Columbia's Golden Triangle mining jurisdiction. The Company is targeting the completion of the PEA in Q4 2025.

Please refer to the news release dated June 16, 2025 for more information and highlights

• Announced the appointment of Sean Masse as chief operating officer and Dr. Thomas Mumford as president, with both appointments effective immediately as of May 14, 2025.

Mr. Sean Masse

Sean Masse has over 25 years of experience as an underground mining industry professional in progressively senior management roles. Mr. Masse was the general manager of the Brucejack mine, in the Golden Triangle, responsible for all aspects of safe and socially responsible production at the mine, prior to the acquisition by Newmont. The operation had over 2000 employees & contractors. Before joining Brucejack, Mr. Masse was Vice President of Operations at Barkerville Gold Mines, prior to its acquisition. He also served as Project Manager for Centerra's Kemess Underground Project. During his tenure at Kemess, Mr. Masse worked closely with First Nations leadership, regulators and other stakeholders to permit the underground panel cave project. Before Kemess Underground, Mr. Masse led the mining team that brought New Gold's New Afton mine into successful production; on schedule and on budget, now Canada's highest tonnage underground mine.

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SCOTTIE RESOURCES CORP.

Management Discussion and Analysis

For the nine-month period ended May 31, 2025

Dr. Thomas Mumford

Thomas Mumford (Ph.D., P.Geo) has over 15 years' worth of experience in the mining industry as an exploration geologist. He holds a B.Sc. and M.Sc. from University of New Brunswick, and a Ph.D. from Carleton University. He has worked across Canada for numerous junior mining companies, exploring for multiple commodities. His most recent role at Scottie was VP of Exploration which he held since 2018, which contributed to the discovery of multiple new zones on the property, including the Blueberry Contact zone. Formerly an instructor and Program Head of BCIT's Mining and Mineral Exploration Program, he now sits on the board of Thesis Gold and is a director for AME (Association of Mineral Exploration).

In addition, the Company granted 670,000 stock options to certain directors, officers and consultants to the Company, 325,000 Restricted Share Units to officers of the Company, and 200,000 Deferred Share Units to directors of the Company in accordance with the Company's Long-Term Incentive Plan. The options are exercisable into common shares of the Company at an exercise price of $0.97 per share, for a period of 5 years from the date of grant. The options vest 25% immediately and 25% quarterly thereafter. Additionally, the RSUs and DSUs vest one year from the date of grant.

Please refer to the news release dated May 14, 2025 for more information and highlights

• Announced the completion of a maiden Inferred Mineral Resource Estimate of 703,000 ounces of gold consisting of 528,000 ounces at 8.7 g/t of underground resources and 174,000 ounces at 3.2 g/t in the shallow pit constrained resource, for its Scottie Gold Mine Project, which includes the historic mine and the adjacent Blueberry Contact Zone.

Please refer to the news release dated May 7, 2025 for more information and highlights

• Announced positive results from ABH Engineering Inc.'s Phase I ore sorting study conducted on sample material extracted from the Company's Scottie Gold Mine ("SGM") Project. The results support the establishment of a high-margin direct ship ore ("DSO") operation to deliver a gold concentrate to Asian copper/precious metals smelters.

Please refer to the news release dated April 1, 2025 for more information and highlights.

• Reported the final assays from its 2024 drilling campaign on the Company's Scottie Gold Mine Project, including multiple high-grade gold intercepts on Blueberry Contact vein zones.

• 2024 drill campaign consisted of 10,270 metres (m) of diamond drilling, particularly focused on expansion of the Blueberry Contact Zone and characterizing the resource of the Scottie Gold Mine deposit

• Drilling resulted in the discovery of the Wolf Zone at the Scottie Gold Mine (see news release dated December 12, 2024)

• Blueberry Contact drillhole SR24-357 intersected 7.00 grams per tonne (g/t) gold over 14.40 m including 47.40 g/t gold over 2.00 m at the Fifi vein zone.

• Blueberry Contact drillhole SR24-359 intersected 14.66 g/t gold over 4.00 m including 52.60 g/t gold over 1.00 m at the Road vein zone, and 4.81 g/t gold over 8.00 m including 10.83 g/t gold over 3.00 m at the BB vein zone. The hole also intercepted 35.0 g/t gold over 1.00 m on the Fifi vein zone.

• Blueberry Contact drillhole SR24-358 intersected 12.40 g/t gold over 1.00 m at the Lemoffe veinzone.

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SCOTTIE RESOURCES CORP.

Management Discussion and Analysis

For the nine-month period ended May 31, 2025

Please refer to the news release dated Jan 28, 2025 for more information and highlights.

• Reported new assays from its 2024 drilling of the Blueberry Contact Zone, including high-grade gold intercepts on the Fifi and Lemoffe vein zones.

Highlights:

• Blueberry Contact drillhole SR24-355 intersected 59.2 grams per tonne (g/t) gold over 2.50 metres (m) at the Fifi vein zone.
• Blueberry Contact drillhole SR24-356 intersected 35.2 g/t gold over 2.00 m at the Lemoffe vein zone, and 2.27 g/t gold over 8.60 m at the Fifi vein zone.

Please refer to the news release dated January 16, 2025 for more information.

• Reported new assays from its 2024 drilling of the O-, M-, and N Zone's at SGM.

Highlights:

• SGM - drillhole SR24-345 intersected 20.2 grams per tonne (g/t) gold over 2.60 metres (m) at the O Zone.
• SGM - drillhole SR24-339 intersected 9.50 g/t gold over 3.00 m at the M Zone, and 4.50 g/t gold over 4.00 m at the N Zone, including 16.7 g/t gold over 1.00 m
• Maiden drilling of the Golden Buckle Zone produced gold bearing intervals including 1.87 g/t gold over 1.00 m. Zone is located between the Scottie Gold Mine and the D Zone, occurring along the 6 km mineralized trend bordering the adjacent Jurassic aged Summit Lake Stock, part of the Texas Creek plutonic suite.

Please refer to the news release dated January 7, 2025 for more information.

• Announced they have engaged the services of ICP Securities Inc. to provide automated market-making services, including the use of its proprietary algorithm, ICP Premium. ICP will be paid a monthly fee of $7,500, plus applicable taxes. There are no performance factors contained in the agreement and no stock options or other compensation in connection with the engagement. ICP and its clients may acquire an interest in the securities of the company in the future.

ICP is an arm's-length party to the company. ICP's market-making activity will be primarily to correct temporary imbalances in the supply and demand of the company's shares. ICP will be responsible for the costs it incurs in buying and selling the company's shares, and no third party will be providing funds or securities for the market-making activities.

Please refer to the news release dated December 16, 2024 for more information.

• Report new assays from its 2024 drilling of Scottie Gold Mine and the discovery of a new zone, located south of the existing mine. The new assays related to a single drill hole drilled from the south of the mine, testing new concepts and targeting areas inaccessible to previously drilled orientations. The hole resulted in the discovery of the Wolf Zone, boasting an intercept of 6.85 g/t gold over 5.85 metres, and a strong N Zone intercept of 37.6 g/t gold over 4.1 metres.

Highlights from hole SR24-253:

• New multi-vein zone discovery the "Wolf Zone" intersected 6.85 grams per tonne (g/t) gold over 5.85 metres (m) including 19.4 g/t gold over 2.00 m and intersected 6.46 g/t gold over 2.15 m

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SCOTTIE RESOURCES CORP.

Management Discussion and Analysis

For the nine-month period ended May 31, 2025

• N Zone intercept of 37.6 g/t gold over 4.10 m
• Vein intercept of 18.2 g/t gold over 1.00 m may represent the southern-most N Zone veins, or the northern-most L veins

Please refer to the news release dated December 3, 2024 for more information.

• Reported new assays from its 2024 drilling of the P, O, M and N zones at the Scottie Gold Mine.

Highlights:

• SGM: Drill hole SR24-334 intersected 11.0 grams per tonne (g/t) gold over 7.50 metres (m), including 31.0 g/t gold over 2.00 m in the O zone, and intersected 6.55 g/t gold over 5.50 m, at the N zone.
• SGM: Drill hole SR24-333 intersected 6.28 g/t gold over 4.19 m, including 19.6 g/t gold over 1.00 m (see the attached table), at the N zone.
• P Zone SGM: Drill hole SR24-337 intersected 54.0 g/t gold over 1.00 m, representing a 35 m stepout to the northwest in a wide-open direction.

Please refer to the news release dated December 3, 2024 for more information.

• Reported new assays from its 2024 drilling of the O-, M-, and N Zones at the Scottie Gold Mine. The drilling intercepted multiple high-grade gold intervals around the historic mine and will be used in the project's maiden Mineral Resource Estimate (MRE), planned for Q1 2025.

Highlights:

• SGM – drillhole SR24-330 intersected 8.30 grams per tonne (g/t) gold over 9.70 metres (m) including 10.30 g/t gold over 6.01 min the N Zone and intersected 7.52 g/t gold over 6.47 mat the O Zone
• SGM – drillhole SR24-332 intersected 10.9 g/t gold over 4.20 m in a wider zone of 6.19 g/t gold over 8.70 m at the O Zone
• M Zone SGM drillhole SR24-327 intersected 26.1 g/t Au over 2.00 m

Please refer to the news release dated November 21, 2024 for more information.

• Announced that the Board of Directors of the Company has authorized the implementation of a consolidation of the Company's issued and outstanding common shares on the basis of one (1) post-consolidation common share for every six (6) pre-consolidation common shares (the "Consolidation"). The Consolidation became effective on December 3, 2024. The number of issued and outstanding shares, options, warrants and per share amounts in this report have been retrospectively restated for all periods presented unless otherwise stated.

Please refer to the news release dated November 20, 2024 and November 29, 2024 for more information.

• Reported new assays on the Scottie Gold Mine Project, including several high-grade intercepts on the Road, Fifi, and Lemoffe vein zones along the Blueberry Contact Zone (BCZ).

Highlights:

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SCOTTIE RESOURCES CORP.
Management Discussion and Analysis
For the nine-month period ended May 31, 2025

• BCZ – Fifi / Lemoffe vein zone drillhole SR24-321 intersected 8.78 grams per tonne (g/t) gold over 9.00 metres (m) including 30.9 g/t gold over 1.00 m and intersected 12.2 g/t gold over 3.47 m
• BCZ – Near surface Road vein zone drillhole SR24-320 12.0 g/t gold over 2.70 m at a vertical depth of 17.5 m
• BCZ – Blueberry vein zone drillhole SR24-317 intersected 6.87 g/t gold over 4.00 m in a wider zone of 2.95 g/t gold over 14.31 m

Please refer to the news release dated October 24, 2024 for more information.

• Appointed Kevin Jennings as a strategic adviser to the Company. Mr. Jennings is a distinguished international mining finance executive, renowned for his robust expertise in financial management, reporting, and strategic corporate transactions. With a proven record in leading finance for feasibility studies, restructuring, and turnaround initiatives, he brings invaluable insight to the industry.

Please refer to the news release dated October 1, 2024 for more information.

• Successfully completed its 10,000-metre diamond drill program on the Scottie Gold Mine Project. This milestone marks a significant step forward in advancing the company toward a mineral resource estimate, anticipated in late Q1 2025. The program was completed within the planned budget of $4.5-million while also interesting substantial intervals of mineralization and instances of visible gold across multiple targets.

Please refer to the news release dated September 26, 2024 for more information and highlights.

OUTLOOK

Since incorporation on November 24, 2009 the Company has acquired various properties in British Columbia, Canada and has successfully funded and advanced these projects.

As the Company has no source of revenue at this time, it will continue to require additional capital to fund future office and administrative expenditures and to advance the Company's projects and complete project investigation activities.

EXPLORATION AND EVALUATION PROJECTS UPDATE

Scottie Gold Project

2024 Exploration Program

A 10,271 metre diamond drill program was completed on the Scottie Gold Mine Project during the July – October period of 2024, using two drills. Targets and objectives included: (1) Resource confirmation and expansionary drilling at the historic Scottie Gold Mine, (2) Expansionary drilling along the Blueberry Contact Zone, (3) D-Zone expansion, and (4) testing of new geological targets. In addition to drilling, a robust Terraspec analysis program was employed on drill core and grab samples on the Scottie Gold Mine Project.

2023 Exploration Program

The 2023 exploration program focused on expanding the zone along strike and at depth and increasing confidence of the geological model through targeted drilling. The company drilled 20,130 metres in 2023. The drill program commenced in late June and continued into September, using up to three diamond drill rigs.

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SCOTTIE RESOURCES CORP.

Management Discussion and Analysis

For the nine-month period ended May 31, 2025

Approximately 17,000 metres was used to target expansion of the Blueberry Contact Zone, with the remaining metres allocated to additional advanced targets in the area, including the historic Scottie Gold Mine, Stockwork Zone, and the Bend Vein. In addition to the drilling, extensive geophysical work (HLEM) was carried out over specific areas to delineate new targets.

2022 Exploration Program

A 17,176 metre diamond drill program was completed on the Scottie Gold Mine Project during the 2022 field season (July – October), employing 3 diamond drills. Drilling focused on expanding the Blueberry Contact Zone along strike and at depth, successfully extending the system to a depth of 400 vertical metres and a strike length of 1,550 metres. Ancillary drill targets included the Bend Vein, C and D zones, Stockwork, and the Scottie Gold Mine P zone. Two geophysical grids (Loop EM) were completed on both the Scottie Gold Mine and the southern extension of the Blueberry Contact Zone underneath a historic lakebed.

Regional mapping and sampling were completed to follow up on anomalous samples from 2021, and to refine mapping of the primary lithological contact controlling the Blueberry Contact Zone. A LiDAR survey was flown over the entire Scottie Gold Mine property to better assist future drill campaigns with structural interpretations and ground control.

Scottie Gold Mine Property, British Columbia

The Scottie Gold Mine Property is comprised of 21 contiguous mineral claims covering an area of 8,840 hectares and an additional 14 Crown-granted claims for a total area of 9,053 hectares. The Property is located 35 kilometres north-northwest of Stewart, British Columbia. The crown granted claims, and mineral tenures are entirely owned by Scottie Resources. The claims/crown grants are subject to a 2% Gross Production Royalty held by Franco-Nevada. No other royalty or encumbrance exists on the claims.

Gold mineralization on the Scottie Gold Mine Property is primarily situated in a belt situated around the margin of the local Jurassic aged intrusion (Summit Lake Stock). This 6 km long belt contains the historic Scottie Gold Mine, Blueberry Contact Zone, C and D Zones, Bend vein, and the Domino Zone.

Cambria Project

The Cambria Project is situated just outside of Stewart, BC on the western edges of the Cambria and Todd Icefields. Scottie Resources Corp. has nearly 100% ownership in the 25,571 ha project, which consists of 140 mineral claims. The Project is bordered to the north by Newmont Mining's Brucejack Mine, to the west by Ascot Resources' Premier Gold Project and to the east by Ascot Resources' Red Mountain Project.

The Project is underlain by late Triassic Stuhini Group sediments, and Early to Middle Jurassic volcanics and associated volcano-sedimentary units which are intruded by Early Jurassic and Eocene age intrusions. These rocks host a variety of significant precious and base metal deposits elsewhere in the Stewart Camp including the Granduc, Silbak-Premier, Silver Coin, KSM, Brucejack, Scottie-Gold, and Red Mountain deposits. Mineralization on the property generally consists of high-grade Ag-Zn-Pb ± Au-Cu polymetallic veins.

Project boundary is within 1 km of the town of Stewart, BC with portions of the project being road accessible. Rapid glacial retreat has exposed new targets to investigate. Numerous mineral occurrences

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SCOTTIE RESOURCES CORP.
Management Discussion and Analysis
For the nine-month period ended May 31, 2025

are located on the Cambria Project including five small historic high-grade silver-lead-zinc-+/–gold past producers

2024 Exploration Program

The 2024 exploration program on the Cambria Project consisted of prospecting and soil sampling, including continued work on the Champion target.

2023 Exploration Program

The 2023 exploration program on the Cambria Project focused on assessing new showings on the Silver Crown claims and targets on the Champion target. Sampling and mapping primarily focused on advancing the silver-rich polymetallic vein targets throughout the extensive land package.

2022 Exploration Program

The 2022 exploration program on the Cambria Project focused on assessing the newly consolidated AUX tenures and their geology with the context of previous work on the Scottie claims. Sampling and mapping primarily focused on advancing the silver-rich polymetallic vein targets throughout the extensive land package.

Georgia Project

Acquired with AUX Resources Limited in July 2021, the Georgia Project covers 18,408 hectares and is centered on the past producing Georgia River Mine, located on the eastern shore of the Portland Canal, a 115-kilometre-long fjord connecting the deep-water port of Stewart to the Pacific Ocean. The project area extends along the Portland Canal tidewater from 11 to 24 kilometres south of Stewart.

The Georgia Project is intimately associated with intrusions of the metallogenic, gold-bearing TCPS. On the northeast edge of the main Georgia River area is a seven kilometre contact with the Early Jurassic Bulldog Creek Pluton, an intrusion contemporaneous with the TCPS. Deformed intrusive rocks contemporaneous with the TCPS occur on Colling Ridge near the Georgia River mine. The Outram Lake Porphyry, which underlies the Gamebreaker area, is also Early Jurassic in age, contemporaneous with both the Bulldog Creek and Colling Ridge intrusions.

A five-year area-based drill permit was amended in 2025 and is good until 2030.

During the 2020 field program, a ~3,600 metre drill program consisting of 24 diamond drill holes was completed. The program extended mineralization from the historic high-grade gold mine in both directions. Assay results include 103 g/t gold over 2.74 metres and 126 g/t gold over 1.1 metres.

The Company also recovered over 5,000 metres of historic diamond drill core from exploration between 1979 and 1996 at Georgia. The majority of this core had previously only been selectively sampled at obvious veins, without any shoulder sampling. An extensive recovery program was completed, and the re-boxed core was moved off-site for re-logging, re-sampling, and improved geochemistry. The majority of these historic diamond drill holes intersect the Southwest vein and have contributed to an improved understanding of this important high-grade zone. Assay results include 24.3 g/t gold over 4.4 metres and 10.7 g/t gold over 7.2 metres.

During the 2021 field program, 2,000 metres of diamond drilling, in 12 holes was completed. The goal of the program was to better characterize the main mineralized zone (SW vein and outboard vein) and test its extension at depth and along strike. Detailed surficial mapping and sampling was completed in the area immediately surrounding the drilling to better correlate the geology exposed at surface with the results

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SCOTTIE RESOURCES CORP.
Management Discussion and Analysis
For the nine-month period ended May 31, 2025

of new and historic drilling and to trace major mineralized structures. Surficial mapping and sampling were also completed away from the main zone of mineralization to identify new potential drill targets.

Royalty Transaction

On April 15, 2024, the Company completed a sale and grant of a 2.0% gross production royalty (the “Royalty”) to Franco-Nevada Corp (“Franco-Nevada”) for $8.1-million (the “Royalty Transaction”). The Royalty applies to all minerals produced on the Company’s claims in the Stewart Mining Camp in the Golden Triangle, including those claims which are held under option by the Company and any claims subsequently acquired by the Company within an area of interest around its existing claims.

Franco-Nevada has also been granted the option to purchase an additional 0.5% gross production royalty upon the decision by the Company to proceed with construction of a project or acceptance by the Company of a project study on its properties (the "Additional Royalty").

The purchase price in respect of the Additional Royalty will be determined at the time of exercise based on a net present value calculation at consensus commodity prices. Franco-Nevada has been further granted a right of first refusal to purchase any new royalty, streaming or similar interest in the Company’s properties which is offered to be purchased by a third party.

QUALIFIED PERSON

The data disclosed in this MD&A has been reviewed and verified by Dr. Thomas Mumford, PhD, P.Geo., a Qualified Person as defined by National Instrument 43-101.

RESULTS OF OPERATIONS

Results of operations for the nine-month period ended May 31, 2025 and May 31, 2024:

During the nine-month period ended May 31, 2025, the Company incurred a net and comprehensive loss of $3,968,642 as compared to a net loss of $1,177,810 for the nine-month period ended May 31, 2024.

Operating expenses totalled $4,193,511 for the nine-month period ended May 31, 2025, compared to $3,986,994 for the nine-month period ended May 31, 2024. The overall increase was due to the timing of the exploration programs. Operating expenses included $549,753 (2024 - $450,328) of non-cash transactions relating to the granting and vesting of stock options, RSUs and DSUs and depreciation of $52,030 (2024 - $57,428). Operating expenses with significant changes include:

• Exploration costs were $2,321,810 for the nine-month period ended May 31, 2025 compared to $1,795,286 for the nine-month period ended May 31, 2024. Exploration costs increased due to the timing of the drill programs and related exploration activities including the MRE released in May 2025.
• Management and consulting fees were $352,165 for the nine-month period ended May 31, 2025 compared to $225,000 for the nine-month period ended May 31, 2024. Consulting fees included management fees paid to the Company’s CEO and the newly appointed President and COO.
• Marketing and investor relations costs totalled $435,609 for the nine-month period ended May 31, 2025 compared to $225,385 for the nine-month period ended May 31, 2024. The increase in marketing and investor relations is due to the increase in attendance at various mining conferences. The Company is continuously working toward increasing exposure of the Company and bringing awareness to the Company’s exploration results.

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SCOTTIE RESOURCES CORP.
Management Discussion and Analysis
For the nine-month period ended May 31, 2025

• Advisory fee totalled $nil for the nine-month period ended May 31, 2025 compared to $736,120 for the nine-month period ended May 31, 2024. During the period ended May 31, 2024, the Completed the royalty transaction (as discussed in the Royalty Transaction section) and paid $625,000 in cash and issued 3,000,000 common share purchase warrants to Agentis Capital Mining Partners for acting as financial advisors to the Royalty Transaction.
• Share-based payments were $549,753 for the nine-month period ended May 31, 2025 compared to $450,328 for the nine-month period ended May 31, 2024. The increase is due to the issuance of 325,000 RSUs (2024 – nil) and 200,000 DSUs (2024 – nil) as well as the timing of vesting and issuance of 1,070,000 stock options (2024 – 1,233,332) granted during the nine-month period ended May 31, 2025.
• Gain on sale of royalty of $nil for the nine-month period ended May 31, 2025 compared to $2,255,533 for the nine-month period ended May 31, 2024. During the period ended May 31, 2024, the Company sold a 2% gross production royalty for gross proceeds of $8,100,000 and recognized a recovery against capitalized mineral property costs of $5,841,367 and recognized a gain on sale of royalty of $2,255,533.
• Recovery of flow through premium of $nil for the nine-month period ended May 31, 2025 compared to $464,349 for the nine-month period ended May 31, 2024. The Company incurred $nil (2024 - $1,682,049) in eligible flow through expenditures during the nine-month period ended May 31, 2025.

Results of operations for the three-month period ended May 31, 2025 and May 31, 2025:

The financial statements reflect the financial condition of the Company’s business for the three-month period ended May 31, 2025. The significant events during the period which impact the financial results of the Company are discussed above in the performance summary.

During the three-month period ended May 31, 2025, the Company incurred a net and comprehensive loss of $999,086 as compared to a gain of $677,198 for the three-month period ended May 31, 2024.

Operating expenses totalled $1,033,872 for the three-month period ended May 31, 2025, compared to $1,772,838 for the three-month period ended May 31, 2024. The overall decrease was due to the payment of an advisory fee on the royalty sale during the comparative period. Operating expenses included $177,355 (2024 - $411,267) of non-cash transactions relating to the granting and vesting of stock options, RSUs and DSUs and depreciation of $21,077 (2024 - $19,381). Operating expenses with significant changes include:

• Exploration costs were $378,514 for the three-month period ended May 31, 2025 compared to $211,288 for the three-month period ended May 31, 2024. Exploration costs increased due to costs related to the MRE.
• Advisory fee totalled $nil for the nine-month period ended May 31, 2025 compared to $736,120 for the nine-month period ended May 31, 2024. During the period ended May 31, 2024, the Completed the royalty transaction (as discussed in the Royalty Transaction section) and paid $625,000 in cash and issued 3,000,000 common share purchase warrants to Agentis Capital Mining Partners for acting as financial advisors to the Royalty Transaction.

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SCOTTIE RESOURCES CORP.
Management Discussion and Analysis
For the nine-month period ended May 31, 2025

• Management and consulting fees were $172,738 for the three-month period ended May 31, 2025 compared to $75,000 for the three-month period ended May 31, 2024. Consulting fees included management fees paid to the Company's CEO as well as the newly appointed COO and President.
• Marketing and investor relations costs totalled $135,173 for the three-month period ended May 31, 2025 compared to $99,784 for the three-month period ended May 31, 2024. The Company is continuously working toward increasing exposure of the Company and bringing awareness to the Company's exploration results and attended several mining conferences.
• Share-based payments were $177,355 for the three-month period ended May 31, 2025 compared to $411,267 for the three-month period ended May 31, 2024. The decrease is due the timing and vesting of RSUs, DSUs and stock options granted to various consultants, management and directors.

SUMMARY OF QUARTERLY RESULTS

	Q2	Q2	Q1	Q4
	May 31, 2025	February 28, 2025	November 30, 2024	August 31, 2024
Revenues	$Nil	$Nil	$Nil	$Nil
Share-based payment	$177,355	$99,321	$273,077	$344,658
Net and comprehensive income (loss)	$(1,000,446)	$(1,049,622)	$(1,918,574)	$(2,712,540)
Basic and diluted income (loss) per share	$(0.02)	$(0.02)	$(0.04)	$(0.05)
	Q3	Q2	Q1	Q4
	May 31, 2024	February 29, 2024	November 30, 2023	August 31, 2023
Revenues	$Nil	$Nil	$Nil	$Nil
Share-based payment	$411,267	$Nil	$39,061	$471,521
Net and comprehensive loss	$677,198	$(501,139)	$(1,353,869)	$(15,017,411)
Basic and diluted loss per share	$0.01	$(0.01)	$(0.03)	$(0.34)

Scottie is a mineral exploration company operating in northern British Columbia. Exploration expenses peak in the first and fourth quarters due to the summer field season. The Company's treasury, in part, determines the level of exploration programs undertaken.

LIQUIDITY AND CAPITAL RESOURCES

The Company is an exploration-stage company whose primary source of funds has been through this issuance of its common shares or other financial instruments. The Company's operations do not generate cash flow and its success is dependent on its ability to discover economically viable mineral deposits. The mineral exploration process may be lengthy and is subject to factors such as commodity prices, which are beyond the Company's control. To date, the Company has been successful in funding operations through equity financings. However, uncertainty in financial equity markets may introduce difficulty into the fundraising process. The junior mining industry is considered to be speculative, which may introduce additional difficulty into the fundraising process. While the Company makes every effort to achieve its business objectives through the examination of various financing alternatives, there is no assurance that the Company will be successful with its financing ventures.

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SCOTTIE RESOURCES CORP.

Management Discussion and Analysis

For the nine-month period ended May 31, 2025

As at May 31, 2025, the Company had cash on hand of $5,478,021 and working capital of $5,373,935.

The Company began the 2025 fiscal year with cash of $9,299,574. During the nine-month period ended May 31, 2025, the Company expended $3,627,610 on operating activities, which included exploration activities, and expended $1,960 on staking and acquiring mineral claims, $23,003 on reclamation bonds and $168,980 on acquiring vehicles and equipment. The Company had $5,478,021 in cash as at May 31, 2025.

CONTRACTUAL OBLIGATIONS

Except as described herein or in the Company’s financial statements at May 31, 2025, the Company has no material contractual obligations.

PROPOSED TRANSACTIONS

There are no proposed transactions that have not been disclosed herein.

OFF BALANCE SHEET ARRANGEMENTS

There are no off-balance sheet transactions that have not been disclosed herein.

TRANSACTIONS WITH RELATED PARTIES

The Company’s Related parties consist of companies with directors and officers in common, and companies owned in whole or in part by executive officers and directors as follows:

Related Party Name	Nature of Transactions
YMI Inc. (“YMI”), a company related to Bradley Rourke	Consulting as CEO
Red Fern Consulting Ltd. (“Red Fern”), a company related to Stephen Sulis	Consulting as CFO
Rhodanthe Corporate Services (“Rhodanthe”), a company related to Christina Boddy	Consulting as Corporate Secretary
Serac Exploration Ltd. (“Serac”), a company related to Bradley Rourke and Thomas Mumford	Geological consulting (no services provided since Dec 2024)
Sean Masse	Employed as COO
1255483 BC Ltd. (“1255483”), a company related to Thomas Mumford	Geological consulting
Consulting as President

The Company incurred the following fees in connection with companies owned or partially owned by key management (Chief Executive Officer, Chief Financial Officer, Corporate Secretary) and/or directors. Expenses have been measured at the exchange amount, which is determined on a cost recovery basis.

For the nine months ended	May 31, 2025	May 31, 2024
Management fees – YMI	$ 150,000	$ 150,000
Management fees – Sean Masse	20,833	-
Management fees – 1255483	19,166	-
Professional fees – Rhodanthe	27,000	27,000
Professional fees – Red Fern	67,500	67,500
Exploration Expenses – 1255483	153,328	172,494
Exploration Expenses – Serac	456,770	676,726
TOTAL	$ 894,597	$ 1,093,720

Amounts owing to related parties as at May 31, 2025 amount to a total of $42,709 (August 31, 2024 – $50,084), as disclosed in Note 8 of the condensed interim financial statements for the nine-month period ended May 31, 2025. All amounts are unsecured, with no specific terms of repayment.

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SCOTTIE RESOURCES CORP.
Management Discussion and Analysis
For the nine-month period ended May 31, 2025

In addition to the fees paid above, the Company recognized $331,667 (2024 - $349,141) in share-based compensation during the nine-month period ended May 31, 2025 related to the granting and vesting of stock options to the officers and directors of the Company.

FINANCIAL INSTRUMENTS AND RISK MANAGEMENT

Categories of Financial Assets and Financial Liabilities

Financial instruments are classified into one of the following categories: amortized cost; fair value through profit or loss ("FVTPL"); fair value through other comprehensive income ("FVOCI").

The carrying values of the Company's financial instruments are classified into the following categories:

Financial Instrument	Category	May 31, 2025	May 31, 2024
Cash and cash equivalents	FVTPL	$ 5,478,021	$ 11,197,498
Trades receivable	Amortized cost	$ 5,281	$ 5,281
Reclamation deposits	Amortized cost	$ 271,435	$ 248,432
Accounts payable	Amortized cost	$ 228,735	$ 454,082

The Company's financial instruments recorded at fair value require disclosure about how the fair value was determined based on significant levels of inputs described in the following hierarchy:

Level 1 – Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions occur in sufficient frequency and value to provide pricing information on an ongoing basis.

Level 2 – Pricing inputs are other than quoted prices in active markets included in Level 1. Prices in Level 2 are either directly or indirectly observable as of the reporting date. Level 2 valuations are based on inputs including quoted forward prices for commodities, time value and volatility factors, which can be substantially observed or corroborated in the marketplace.

Level 3 – Valuations in this level are those with inputs for the asset or liability that are not based on observable market data.

The recorded amounts for amounts receivable, reclamation deposits, and accounts payable approximate their fair value due to their short-term nature. Cash and cash equivalents are recorded at fair value and calculated under the fair value hierarchy and measured using Level 1 inputs.

Risk Management

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

Credit Risk

Credit risk is the risk of potential loss to the Company if a counter-party to a financial instrument fails to meet its contractual obligations. The Company's credit risk is primarily attributable to its liquid financial assets, including cash and amounts receivable. The Company limits the exposure to credit risk in its cash by only investing its cash with high-credit quality financial institutions.

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SCOTTIE RESOURCES CORP.
Management Discussion and Analysis
For the nine-month period ended May 31, 2025

Interest Rate Risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company is exposed to interest rate risk to the extent that its cash balances bear variable rates of interest. The interest rate risks on cash and on the Company's obligations are not considered significant.

Liquidity Risk

Liquidity risk is the risk that the Company will encounter difficulty in meeting its short-term debt obligations. The Company's approach to managing liquidity risk is to ensure that it will have sufficient liquidity to meet liabilities when they come due; all of the Company's accounts payable and accrued liabilities are current and due within 90 days of the balance sheet. As at May 31, 2025, the Company had cash of $5,478,021 to settle accounts payable and accrued liabilities of $228,735.

CRITICAL ACCOUNTING ESTIMATES

Please refer to the May 31, 2025 condensed interim financial statements on www.sedarplus.ca for critical accounting estimates.

RISKS AND UNCERTAINTIES

The Company is in the business of acquiring, exploring, and developing mineral properties. It is exposed to a number of risks and uncertainties that are common to other mineral exploration companies in the same business. The industry is capital intensive at all stages and is subject to variations in commodity prices, market sentiment, exchange rates for currency, inflation, and other risks. The Company currently has no other source of revenue other than interest income. The Company will rely mainly on equity financing to fund acquisitions and its other activities. The risks and uncertainties described in this section are considered by management to be the most important in the context of the Company's business. The risks and uncertainties below are not inclusive of all the risks and uncertainties that the Company may be subject to and other risks may exist.

There are many external factors that can adversely affect general workforces, economies and financial markets globally. Examples include, but are not limited to, the COVID-19 global pandemic and political conflict in other regions. It is not possible for the Company to predict the duration or magnitude of adverse results of such external factors and their effect on the Company's business or ability to raise funds.

The Company's securities should be considered a highly speculative investment and investors should carefully consider all of the information disclosed in the Company's regulatory filings prior to making an investment in the Company.

Title Matters and Option Agreements

While the Company has performed its due diligence with respect to title of its properties, this should not be construed as a guarantee of title. The properties may be subject to prior unregistered agreements of transfer or other adverse land claims, and title may be affected by undetected defects.

The Company may earn interests in mineral properties through option agreements and acquisition of titles to the mineral properties is only completed when the option conditions have been met in full. These conditions generally include making property payments and incurring exploration expenditures on the properties and can include the completion of pre-feasibility studies. If the Company does not satisfactorily complete its option conditions in the time frame laid out in the option agreement, the Company's title to

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SCOTTIE RESOURCES CORP.
Management Discussion and Analysis
For the nine-month period ended May 31, 2025

the related property will not vest and the Company will have to write-down the previously capitalized costs related to that property.

Availability of Financing

There is no assurance that additional funding will be available to the Company for additional exploration or for the substantial capital that is typically required in order to bring a mineral project to the production decision or to place a property into commercial production. There can be no assurance that the Company will be able to obtain adequate financing in the future or that the terms of such financing will be favorable. Failure to obtain such additional financing could result in the delay or indefinite postponement of further exploration and development of its properties.

Management

The Company is dependent upon a relatively small number of key personnel, the loss of any of whom could have an adverse effect on the Company.

Environmental Legislation

Environmental legislation is becoming increasingly stringent and the costs of compliance with environmental legislation are increasing. The impact of new and future environmental legislation of the Company's operations may cause additional expenses and restrictions. If the restrictions adversely affect the scope of exploration and development on the mineral properties, the potential for production on the properties may be diminished or negated.

Economics of Developing Mineral Properties

Mineral exploration and development involves a high degree of risk and few properties which are explored are ultimately developed into producing mines.

With respect to the Company's properties, should any mineral resource exist, substantial expenditures will be required to confirm that mineral reserves sufficient to warrant commercial mining exist on its current properties, and to obtain the required environmental approvals and permits necessary to commence commercial operations. Should any resource be defined on AUX properties, there can be no assurance that the mineral resources on such properties can be commercially mined or that the metallurgical processing will produce economically viable, merchantable products. The decision regarding whether a property contains a commercial deposit and whether it should be brought into production will depend upon the results of exploration programs and/or feasibility studies, and upon the recommendations of duly qualified engineers and/or geologists, all of which involves significant expense.

This decision will involve consideration and evaluation of several significant factors including, but not limited to:

• Costs of bringing a property into production, including exploration and development work, preparation of production feasibility studies, and construction of production facilities;
• Availability and costs of financing;
• Ongoing costs of production;
• Market prices for the minerals to be produced;
• Environmental compliance regulations and restraints (including potential environmental liabilities associated with historical exploration activities); and

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SCOTTIE RESOURCES CORP.
Management Discussion and Analysis
For the nine-month period ended May 31, 2025

• Political climate and/or government regulation and control.

The ability of the Company to sell and profit from the sale of any eventual mineral production from any of the Company's properties will be subject to the prevailing conditions in the global minerals marketplace at the time of the sale. The global minerals marketplace is subject to global economic activity and changing attitudes of consumers and other end-users' demand for mineral products. Many of these factors are beyond the control of the Company and therefore represent a market risk which could impact the long-term viability of the Company and its operations.

ADDITIONAL DISCLOSURE FOR VENTURE ISSUERS WITHOUT SIGNIFICANT REVENUE

The components of mineral properties are described in Note 7 of the condensed interim financial statements.

OUTSTANDING SHARE DATA AS OF THE DATE OF THIS MD&A

Authorized: an unlimited number of common shares without par value	Common Shares Issued and Outstanding	Common Share Purchase Warrants	Stock Options	Restricted Share Units	Deferred Share Units
Outstanding as at May 31, 2025	49,969,937	2,453,285	3,978,997	325,000	200,000
Expiration of stock options	-	-	(166,667)	-	-
Outstanding as of the date of this report	49,969,937	2,453,285	3,812,330	325,000	200,000

INTERNAL CONTROLS OVER FINANCIAL REPORTING

Changes in Internal Controls over Financial Reporting ("ICFR")

In connection with National Instrument 52-109 ("NI 52-109"), Certification of Disclosure in an Issuer's Annual and Interim Filings, adopted in December 2008 by each of the securities commissions across Canada, the Chief Executive Officer and Chief Financial Officer of the Company will file a Venture Issuer Basic Certificate with respect to financial information contained in the financial statements and the audited financial statements and respective accompanying MD&A. The Venture Issuer Basic Certification does not include representations relating to the establishment and maintenance of disclosure controls and procedures and internal control over financial reporting, as defined in NI 52-109.

MANAGEMENT'S RESPONSIBILITY OVER FINANCIAL STATEMENTS

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

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SCOTTIE RESOURCES CORP.

Management Discussion and Analysis

For the nine-month period ended May 31, 2025

OTHER INFORMATION

Additional information relating to the Company is available for viewing on SEDAR+ at www.sedarplus.ca and at the Company's website.

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