Sienna Resources Inc. — Management Reports 2025

Nov 26, 2025

SIENNA RESOURCES INC.

Management’s Discussion and Analysis
For the nine months ended September 30, 2025

Date of Report: November 25, 2025

The following discussion and analysis of the Company’s financial condition and results of operations for the nine months ended September 30, 2025 should be read in conjunction with its condensed consolidated interim financial statements and related notes. The requisite financial data presented for the relevant periods has been prepared in accordance with International Accounting Standard 34 Interim Financial Reporting (“IAS34”) as issued by the International Accounting Standards Board (“IASB”).

Disclaimer for Forward-Looking Information

Certain statements in this report are forward-looking statements, which reflect management’s expectations regarding the Company’s future growth, results of operations, performance and business prospects and opportunities including statements related to the development of existing and future property interests, availability of financing and projected costs and expenses. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. These forward-looking statements reflect management’s current views and are based on certain assumptions and speak only as of the date of this report. These assumptions, which include management’s current expectations, estimates and assumptions about the Company’s current mineral property interests, the global economic environment, the market price and demand for commodities and its ability to manage its property interests and operating costs, may prove to be incorrect. A number of risks and uncertainties could cause the actual results to differ materially from those expressed or implied by the forward-looking statements, including: (1) a downturn in general economic conditions, (2) a decreased demand or price of minerals, (3) delays in the start of projects with respect to its property interests, (4) inability to locate and acquire additional property interests, (5) the uncertainty of government regulation and politics in North America regarding mining and mineral exploration, (6) potential negative financial impact from regulatory investigations, claims, lawsuits and other legal proceedings and challenges, and (7) other factors beyond its control.

There is a significant risk that such forward-looking statements will not prove to be accurate. Investors are cautioned not to place undue reliance on these forward-looking statements. No forward-looking statement is a guarantee of future results. Except as required by law, the Company disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Additional information about these and other assumptions, risks and uncertainties are set out in the section entitled “Risk Factors” below.

Nature of Business

Sienna Resources Inc. (the “Company” or “Sienna”) is involved in the identification, acquisition and exploration of mineral properties that management deems as potentially viable to assist in the growth of the Company. At September 30, 2025, the Company had mineral property interests located in Canada and the USA.

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Sienna Resources Inc.
For the nine months ended September 30, 2025 – Page 2

Mineral Properties

Blue Clay Lithium Project, Nevada, U.S.A.

On September 30, 2021, the Company entered into an option agreement (the “Blue Clay Agreement”) with an arm’s length party (the “Seller”), whereby the Seller granted an option to the Company to acquire a 100% interest in certain mineral claims (the “Blue Clay Lithium Project”) located in the Esmeralda County in the Clayton Valley of Nevada, USA. In consideration, the Company is required to the following:

• Pay $30,000 and issue 200,000 common shares (paid & issued at a fair value of $220,000) to the Seller within five days of Exchange approval;
• Pay $30,000 and issue 100,000 common shares (paid & issued at a fair value of $80,000) to the Seller prior to the date that is six months from the date of Exchange approval; and
• Issue 100,000 common shares (issued at a fair value of $60,000) to the Seller prior to the date that is twelve months from the date of Exchange approval.

The Seller will retain a 1.5% Net Smelter Return Royalty (“NSR”) on this property. The Company will have the right to purchase 0.75% of the NSR for $500,000 at any time up to the commencement of production.

During the year ended December 31, 2022, the Company acquired a 100% interest in certain mineral claims for staking costs of $17,141 to expand the size of its Blue Clay Lithium Project to approximately 2,950 acres. The Company provided two security deposits for a total of $18,286 in relation to the Blue Clay Lithium Project.

We are currently contemplating any additional work on this project.

Cave Creek Lithium Project, Nevada, U.S.A.

On August 26, 2025, the Company entered into an option agreement (the “Cave Creek Agreement”) with an arm’s length party (the “Vendor”), whereby the Vendor granted an option to the Company to acquire a 100% interest in certain mineral claims (the “Cave Creek Lithium Project”) located in the Elko County, Nevada, USA, in consideration for the issuance of an aggregate of 3,000,000 common shares in the capital of the Company, the issuance of an aggregate of 1,500,000 transferrable warrants exercisable at a price of $0.14 per share for a period of five years from the issuance date, and cash payments totalling $53,000. The Cave Creek Lithium Project consists of 61 contiguous claims totalling approximately 1,230 acres. Pursuant to the Cave Creek Agreement, the Company has agreed:

• To pay $30,000 (paid), issue 2,000,000 common shares (issued at a fair value of $190,000), and issue 1,000,000 warrants (issued at a fair value of $83,911), to the Vendor within five days of Exchange approval (received on September 3, 2025);
• To pay $13,000, issue 500,000 common shares, and issue 250,000 warrants, to the Vendor prior to the date that is four months from the date of Exchange approval; and
• To pay $10,000, issue 500,000 common shares, and issue 250,000 warrants, to the Vendor prior to the date that is eight months from the date of Exchange approval.

We are developing a plan to commence operations in 2026.

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Sienna Resources Inc.

For the nine months ended September 30, 2025 – Page 3

Clayton Valley Deep Basin Lithium Brine Project (Nevada, USA)

In May 2016, the Company acquired a 100% interest in the Clayton Valley Deep Basin Lithium Brine Project, Nevada, for staking costs of $23,609. The Deep Basin Lithium Brine Project is located in parts of the deepest sections of the only lithium brine basin with a producing operation in North America (Albemarle’s (ALB-NYSE) Silver Peak Mine).

On September 10, 2024, Schlumberger New Energy Venture (SLB-NYSE) announced that “it has proven its solution for sustainable lithium production at scale at its demonstration plant in Clayton Valley, Nevada, to accelerate responsibly-sourced lithium products to market. The proprietary integrated solution combines SLB’s subsurface expertise with surface engineering of advanced technologies that include direct lithium extraction (DLE). It produces lithium 500 times faster than conventional methods while using only 10 percent of the land. Operating at approximately one tenth the size of a commercial-scale facility, the plant reached a verified recovery rate of 96% lithium from brine.

During the year ended December 31, 2024, the Company re-evaluated the carrying value of the Clayton Valley Deep Basin Lithium Brine Project and, as a result of this review, recorded an impairment charge of $153,600. Sienna may pursue this project upon availability of sufficient funds and the rebounding of lithium prices or any unforeseen future material lithium news in Clayton Valley.

Elko Lithium Project, Nevada, U.S.A.

On August 16, 2023, the Company entered into an option agreement (the “Elko Agreement”) with an arm’s length party (the “Optionor”), whereby the Optionor granted an option to the Company to acquire a 100% interest in certain mineral claims (the “Elko Lithium Project”) located in Elko County, Nevada, USA. In consideration, the Company is required to the following:

• Pay $92,000 and issue 1,000,000 common shares (paid & issued at a fair value of $400,000) to the Optionor within five days of all applicable approvals;
• Issue 300,000 common shares to the Optionor within 10 days of drilling a hole that returns drilling results evidencing at least 1,000 ppm Li anywhere in the hole; and
• Issue 300,000 common shares to the Optionor within 10 days of receiving a technical report (in compliance with NI 43-101) by an acceptable and accredited third party evidencing a minimum of 1,000,000 LLC with a 300 ppm Li cutoff.

A follow up plan is being formulated now with this new data in hand.

Case Lake West Cesium and Spodumene Pegmatite Project, Ontario

During the year ended December 31, 2024, the Company acquired a 100% interest in certain mineral claims (the “Case Lake West Cesium and Spodumene Pegmatite Project” in the Larder Lake Mining division of Ontario, roughly 100 km north of Kirkland Lake and 80 km east of Cochrane, NE Ontario, for staking costs of $7,500. This project consists of approximately 7,850 contiguous acres (approximately 3,177 hectares) prospective for Cesium and Spodumene bearing pegmatites.

As disclosed in a news release dated April 17, 2025, the Company announced it had received results from drill core assays. Intersections of silver (Ag) were drilled including: 8.3 g/t Ag over 1.5 m within 6 m of 2.8 g/t Ag from 137 m down hole; 0.6 g/t Ag over 36 m including 1.0 g/t Ag over 13.5 m from 67 m down hole. The drilling program successfully identified a polymetallic volcanogenic massive sulphide (VMS) system with intercepts of silver and copper, manganese, and zinc. The Company believes that there is potential for a VMS system at the Case Lake property as only a small portion of the potential strike has been tested on the ~2 km long structure. Future plans are being contemplated.

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Sienna Resources Inc.

For the nine months ended September 30, 2025 – Page 4

Stonesthrow Gold Project, Saskatchewan

During the year ended December 31, 2024, the Company acquired a 100% interest in certain mineral claims (the "Stonesthrow Gold Project") in Saskatchewan for staking costs of $7,699. This project consists of approximately 31,718 contiguous acres (approximately 12,832 hectares) prospective for gold. Plans are being formulated on this project now for a 2026 work season depending on cash on hand.

Uranium Projects, Saskatchewan

During the year ended December 31, 2024, the Company acquired a 100% interest in certain mineral claims, the 23,134 contiguous acre (approximately 9,360 hectares) Dragon Uranium Project, the 10,357 contiguous acre (approximately 4,191 hectares) Uranium Town Project and the 55,440 contiguous acre (approximately 20,413 hectares) Atomic Uranium Project, in the Athabasca Basin of Saskatchewan for staking costs of $5,616, $2,515 and $12,248, respectively. Plans are being contemplated on this project now for a potential 2026 work season.

Write-Down of Exploration and Evaluation Assets

During the nine months ended September 30, 2025, the Company did not write off any exploration and evaluation assets, as described above.

Overall Performance

The Company is a mineral exploration issuer engaged in the business of acquisition, exploration and, if warranted, development of mineral properties. The Company does not expect to generate any revenues in the foreseeable future or until a mineable reserve is defined and economically recoverable. The Company expects to continue to incur expenses as it works to further explore and develop its mineral properties.

The Company has conducted limited exploration on some of its properties, due to, among other things, the availability of sufficient funds for the purposes of mineral exploration and development, access to the property due to climate conditions, the uncertainties associated with the prices of precious and base metals and other minerals, and the global economic climate. The Company is in the process of exploring its mineral properties and has not yet determined whether the properties contain reserves that are economically recoverable. The Company's future performance is largely tied to the outcome of future exploration and the overall financial markets.

The recoverability of minerals from the Company's properties is dependent upon, among other things, the discovery of economically recoverable reserves, the ability of the Company to obtain necessary financing to continue to explore and develop its properties, and upon future profitable production. Uncertainty in credit markets, fluctuation in commodity prices and general economic downturns has led to increased difficulties in raising and borrowing funds. As a result, the Company may have difficulties raising equity financing for the purposes of exploration and development of the Company's properties, without diluting the interests of current shareholders of the Company. See "Liquidity and Capital Resources" and "Risks and Uncertainties" for a discussion of risk factors that may impact the Company's ability to raise funds.

Information about the Company's commitments relating to its mineral properties is discussed above under "Nature of Business – Mineral Properties".

The Company did not generate any revenue during the nine months ended September 30, 2025 and 2024. Net comprehensive loss decreased from $1,186,789 for the nine months ended September 30, 2024 to $496,669 for the nine months ended September 30, 2025 mainly due to a decrease of $361,924 in

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For the nine months ended September 30, 2025 – Page 5

operating expenses, a decrease of $283,002 in the write-down of exploration and evaluation assets, and an increase of $66,350 in other income on settlement of flow-through share premium liability. As at September 30, 2025, the Company had a working capital of $79,257 and cash and cash equivalents of $112,278 as compared to a working capital of $334,509 and cash and cash equivalents of $476,195 as at December 31, 2024.

The Company’s current assets have decreased to $128,994 as at September 30, 2025 from $494,811 as at December 31, 2024, due primarily to a decrease in cash and cash equivalents. The Company’s current liabilities have decreased from $160,302 as at December 31, 2024 to $49,737 as at September 30, 2025 due mainly to a decrease in flow-through share premium liability and a decrease in accounts payable and accrued liabilities. The value ascribed to the Company’s exploration and evaluation assets has increased from $1,730,412 as at December 31, 2024 to $2,288,068 as at September 30, 2025, due mainly to the acquisition of the Cave Creek Lithium Project in Nevada, and the exploration expenditures incurred to the Case Lake West Cesium and Spodumene Pegmatite Project in Ontario, as set described above. As at September 30, 2025, the Company had an accumulated deficit of $30,650,294 since inception. The Company expects to incur further losses in the development of its business.

Additional information about the risks and uncertainties relating to the Company’s business and financial performance is discussed below under “Risks and Uncertainties”.

Summary of Quarterly Results

The following table provides selected quarterly financial data for the eight most recently completed interim quarters:

	2025 Third	2025 Second	2025 First	2024 Fourth	2024 Third	2024 Second	2024 First	2023 Fourth
Total revenues	$Nil	$Nil	$Nil	$Nil	$Nil	$Nil	$Nil	$Nil
Income (loss) before discontinued operations and extraordinary items:
Total	$(123,067)	$(201,105)	$(172,497)	$(447,013)	$(526,699)	$(455,138)	$(204,952)	$(633,104)
Per share	$(0.00)	$(0.01)	$(0.01)	$(0.02)	$(0.03)	$(0.02)	$(0.01)	$(0.03)
Per share fully diluted	$(0.00)	$(0.01)	$(0.01)	$(0.02)	$(0.03)	$(0.02)	$(0.01)	$(0.03)
Net comprehensive income (loss):
Total	$(123,067)	$(201,105)	$(172,497)	$(447,013)	$(526,699)	$(455,138)	$(204,952)	$(633,104)
Per share	$(0.00)	$(0.01)	$(0.01)	$(0.02)	$(0.03)	$(0.02)	$(0.01)	$(0.03)
Per share fully diluted	$(0.00)	$(0.01)	$(0.01)	$(0.02)	$(0.03)	$(0.02)	$(0.01)	$(0.03)

Summary of Results During Prior Eight Quarters

Net comprehensive loss decreased by $428,152 from the fourth quarter of 2023 to the first quarter of 2024 mainly due to a decrease in the write-down of exploration and evaluation assets as well as a decrease in operating expenses. Net comprehensive loss increased by $250,186 from the first to the second quarter of 2024 mainly due to an increase in share-based payments expenses offset by a decrease in investor relations expenses and management fees. Net comprehensive loss increased by $71,561 from

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For the nine months ended September 30, 2025 – Page 6

the second to the third quarter of 2024 mainly due to an increase in the write-down of exploration and evaluation assets offset by a decrease in share-based payments expenses. Net comprehensive loss decreased from the third to the fourth quarter of 2024 by $79,686 mainly due to a decrease in the write-down of exploration and evaluation assets offset by an increase in operating expenses. Net comprehensive loss decreased by $274,516 from the fourth quarter of 2024 to the first quarter of 2025 mainly due to a decrease of $61,460 in operating expenses, a decrease of $153,600 in the write-down of exploration and evaluation assets, and an increase of $62,282 in other income on settlement of flow-through share premium liability. Net comprehensive loss increased by $28,608 from the first to the second quarter of 2025 mainly due to a decrease of $59,681 in other income on settlement of flow-through share premium liability offset by a decrease of $31,073 in operating expenses. Net comprehensive loss decreased by $78,038 from the second to the third quarter of 2025 mainly due to a decrease in share-based payments expenses.

Three months ended September 30, 2025 Compared to the Three months ended September 30, 2024

The Company did not generate any revenue for the three months ended September 30, 2025 and 2024. Net comprehensive loss for the three months ended September 30, 2025 decreased to $123,067 from $526,699 for the three months ended September 30, 2024, mainly due to a decrease in the write-down of exploration and evaluation assets (three months ended September 30, 2025: $Nil; three months ended September 30, 2024: $283,002) as well as a decrease in operating expenses (three months ended September 30, 2025: $123,965; three months ended September 30, 2024: $249,014). The decrease in operating expenses was due primarily to a decrease in share-based payments

Decreased share-based payments (three months ended September 30, 2025: $Nil; three months ended September 30, 2024: $108,484) were due to expenses of $Nil being recognized during the three months ended September 30, 2025 as compared to $108,484 attributable to vesting of restricted share units (“RSUs”) being recognized during the three months ended September 30, 2024.

Nine months ended September 30, 2025 Compared to the Nine months ended September 30, 2024

The Company did not generate any revenue for the nine months ended September 30, 2025 and 2024. Net comprehensive loss for the nine months ended September 30, 2025 decreased to $496,669 from $1,186,789 for the nine months ended September 30, 2024, mainly due to a decrease in the write-down of exploration and evaluation assets (nine months ended September 30, 2025: $Nil; nine months ended September 30, 2024: $283,002), a decrease in operating expenses (nine months ended September 30, 2025: 565,934; nine months ended September 30, 2024: $927,858), and an increase in other income on settlement of flow-through share premium liability (nine months ended September 30, 2025: $66,350; nine months ended September 30, 2024: $Nil). The decrease in operating expenses was due primarily to a decrease in share-based payments as well as a decrease in corporate branding.

Decreased share-based payments (nine months ended September 30, 2025: $201,640; nine months ended September 30, 2024: $477,064) were due to expenses of $201,640 attributable to vesting of RSUs being recognized during the nine months ended September 30, 2025 as compared to $143,290 attributable to vesting of RSUs and $333,774 attributable to the grant of 1,500,000 stock options being recognized during the nine months ended September 30, 2024, respectively. The Company may grant options and/or RSUs that are available under the approved Omnibus Incentive Plan in the next 12 months period.

Corporate branding expenses decreased during the nine months ended September 30, 2025 to $25,391 (nine months ended September 30, 2024: $93,595). Total corporate branding expenses of $25,391 during the nine months ended September 30, 2025 included the following:

• $25,391 (nine months ended September 30, 2024: $73,848) for online branding;
• $Nil (nine months ended September 30, 2024: $14,814) for news dissemination and awareness with CEO.CA Technologies Ltd. and Green Stock News LLC; and

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For the nine months ended September 30, 2025 – Page 7

• $Nil (nine months ended September 30, 2024: $4,933) for other branding expenses.

The corporate branding expenses were incurred to increase the awareness of the Company.

See “Nature of Business – Mineral Properties” for a discussion of the Company’s mineral properties on a property-by-property basis, including its plans for its mineral properties, the status of its plans, expenditures made and the anticipated timing and costs to take its mineral properties to the next stage of the project plan.

See “Overall Performance” for a discussion of the commitments, events, risks and uncertainties that the Company believe will materially affect its future performance and “Risks and Uncertainties” for a discussion of risk factors affecting the Company.

Discussion of Operations

Use of Proceeds

Financing	Previously Disclosed Use of Proceeds	Status of Use of
$250,000
November 2024
Flow-Through
Private Placement	Towards the Company’s existing projects in Ontario and Saskatchewan.	As of the date of this report, $199,052 used on the Case Lake West Cesium and Spodumene Pegmatite Project and $50,948 has not been used.
$499,958
June 2025
Private Placement	Towards exploration and development activities on the Company’s existing projects and general working capital.	As of the date of this report, funds have been fully used as follows: $10,081 used to pay finder’s fees and $6,355 used to pay legal and filing fees in connection with the private placement; $30,000 used in acquisition costs to acquire the Cave Creek Lithium Project; $75,822 used to renew all mineral claims in Nevada; and $377,700 used in general working capital.
$1,913,640
November 2025
Private Placement	Towards general working capital and to evaluate and advance the Company’s existing projects, including planned drill programs for both gold and lithium.	As of the date of this report, $81,231 used to pay finder’s fees and $13,053 used to pay filing fees in connection with the private placement; $180,956 used in general working capital; and $1,638,400 has not been used.

In October 2024, the Company closed a non-brokered private placement consisting of 555,556 flow-through shares at a price of $0.45 per share for gross proceeds of $250,000. In connection with this private placement, the Company paid cash finder’s fee of $15,000 and filing fees of $2,570.

In June 2025, the Company closed a non-brokered private placement consisting of 4,761,500 units at a price of $0.105 per unit for gross proceeds of $499,958. Each unit consisted of one common share and one share purchase warrant which entitles the holder to purchase one additional common share of the Company at a price of $0.14 per share for a five-year term. In connection with this private placement, the Company paid cash finder’s fee of $10,081, and filing and legal fees of $6,355, and issued 96,005 broker warrants exercisable at $0.14 per share for a two-year term.

In November 2025, the Company closed a non-brokered private placement consisting of 15,947,001 units at a price of $0.12 per unit for gross proceeds of $1,913,640. Each unit consisted of one common

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For the nine months ended September 30, 2025 – Page 8

share and one share purchase warrant which entitles the holder to purchase one additional common share of the Company at a price of $0.17 per share for a five-year term. In connection with this private placement, the Company paid cash finder’s fee of $81,231 and filing fees of $13,053, and issued 617,543 broker warrants exercisable at $0.17 per share for a two-year term.

Liquidity and Capital Resources

Liquidity

As at September 30, 2025, the Company had a working capital of $79,257 and cash and cash equivalents of $112,278 as compared to a working capital of $334,509 and cash and cash equivalents of $476,195 as at December 31, 2024.

The Company’s current assets have decreased to $128,994 as at September 30, 2025 from $494,811 as at December 31, 2024, due primarily to a decrease in cash and cash equivalents. The Company’s current liabilities have decreased from $160,302 as at December 31, 2024 to $49,737 as at September 30, 2025 due mainly to a decrease in flow-through share premium liability and a decrease in accounts payable and accrued liabilities. The value ascribed to the Company’s exploration and evaluation assets has increased from $1,730,412 as at December 31, 2024 to $2,288,068 as at September 30, 2025, due mainly to the acquisition of the Cave Creek Lithium Project in Nevada, and the exploration expenditures incurred to the Case Lake West Cesium and Spodumene Pegmatite Project in Ontario, as set described above.

During the nine months ended September 30, 2025, the following occurred:

• The Company paid a total of $160,000 to its directors and officers with respect to the vested RSUs; and
• The Company closed a non-brokered private placement consisting of 4,761,500 units at a price of $0.105 per unit for gross proceeds of $499,958. Each unit consisted of one common share and one share purchase warrant which entitles the holder to purchase one additional common share of the Company at a price of $0.14 per share for a five-year term. In connection with this private placement, the Company paid cash finder’s fee of $10,081, and filing and legal fees of $6,355, and issued 96,005 broker warrants exercisable at $0.14 per share for a two-year term.

Subsequent to September 30, 2025, the following occurred:

• The Company paid a total of $111,200 to its directors and officers with respect to the vested RSUs.
• The Company closed a non-brokered private placement consisting of 15,947,001 units at a price of $0.12 per unit for gross proceeds of $1,913,640. Each unit consisted of one common share and one share purchase warrant which entitles the holder to purchase one additional common share of the Company at a price of $0.17 per share for a five-year term. In connection with this private placement, the Company paid cash finder’s fee of $81,231 and filing fees of $13,053, and issued 617,543 broker warrants exercisable at $0.17 per share for a two-year term.

Management estimates that the Company’s cash and cash equivalents may be sufficient to meet the current working capital requirements, including the existing commitments relating to the Company’s mineral properties. The Company may raise additional capital as the needs arise. See “Nature of Business – Mineral Properties” and “Overall Performance” for a discussion of the Company’s commitments relating to its mineral properties. As a mineral exploration company, the Company’s expenses are expected to increase as the Company explores its mineral properties further. Management does not expect the Company to generate revenues from mineral production in the foreseeable future.

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Sienna Resources Inc.
For the nine months ended September 30, 2025 – Page 9

The Company’s ability to conduct the planned work programs on its mineral properties, meet ongoing levels of corporate overhead and discharge its liabilities as they become due is dependent, in large part, on the ability of management to raise additional funds as necessary. Management anticipates that additional equity financings will need to be conducted to raise additional funds which, if successful, will result in dilution in the equity interests of the Company’s current shareholders. Obtaining commercial loans, assuming those loans would be available, will increase its liabilities and future cash commitments. Although the Company has secured financings in the past, there is no assurance that the Company will be able to do so in the future on terms that are favourable to the Company or at all. The Company’s ability to raise additional funds in the future and its liquidity may be negatively impacted by a number of factors, including changes in commodity prices, market volatility and general economic downturns.

Capital Resources

The Company has the following commitments for capital expenditures with respect to its mineral properties as of September 30, 2025. The expenditures are optional and the Company may decide not to incur such payments in the event the Company does not decide to pursue further exploration with respect to such properties.

• Blue Clay Lithium Project:

• These mineral claims are in good standing until September 1, 2026. In order to keep these claims in good standing, the Company is required to pay BLM fees of USD$8,400 by September 1, 2026 and county fees of USD$504 by November 1, 2026.

• Cave Creek Lithium Project:

• These mineral claims are in good standing until September 1, 2026. In order to keep these claims in good standing, the Company is required to pay BLM fees of USD$12,200 by September 1, 2026 and county fees of USD$732 by November 1, 2026.

• Clayton Valley Deep Basin Lithium Brine Project:

• These mineral claims are in good standing until September 1, 2026. In order to keep these claims in good standing, the Company is required to pay BLM fees of USD$12,000 by September 1, 2026 and county fees of USD$720 by November 1, 2026.

• Elko Lithium Project:

• These mineral claims are in good standing until September 1, 2026. In order to keep these claims in good standing, the Company is required to pay BLM fees of USD$17,800 by September 1, 2026 and county fees of USD$1,080 by November 1, 2026.

• Case Lake West Cesium and Spodumene Pegmatite Project, Ontario:

• These mineral claims are in good standing until June 28, 2026. In order to keep these claims in good standing, the Company is required to incur $60,000 in exploration expenditures by June 28, 2026, of which the Company has incurred a total of $199,052.

• Stonesthrow Gold Project, Saskatchewan:

• These mineral claims are in good standing until June 19, 2026 or later. In order to keep these claims in good standing, the Company is required to incur $192,484 in exploration expenditures by June 19, 2026.

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For the nine months ended September 30, 2025 – Page 10

• Uranium Projects, Saskatchewan:
• These mineral claims are in good standing until June 16, 2026 or later. In order to keep these claims in good standing, the Company is required to incur $509,468 in exploration expenditures by June 16, 2026.

See “Nature of Business – Mineral Properties” for a discussion of the Company’s capital expenditure commitments with respect to its mineral properties.

In addition to the above capital expenditure requirements, the Company shares office space with three public companies with certain directors in common and the Company pays office rent and administrative expenses of $2,520 on a monthly basis.

Operating Activities

During the nine months ended September 30, 2025, operating activities used cash of $403,694 compared to using cash of $430,616 during the nine months ended September 30, 2024. The use of cash for the nine months ended September 30, 2025 was mainly attributable to its loss for the period of $496,669 and other income on settlement of flow-through share premium liability of $66,350, offset by share-based payments of $201,640. The use of cash for the nine months ended September 30, 2024 was mainly attributable to its loss for the period of $1,186,789 offset by share-based payments of $477,064 and the write-down of exploration and evaluation assets in the amount of $283,002.

Investing Activities

During the nine months ended September 30, 2025, the Company used cash of $283,745 in investing activities mainly due to investments in exploration and evaluation assets in Ontario and Nevada. During the nine months ended September 30, 2024, the Company used cash of $148,219 in investing activities mainly due to investments in exploration and evaluation assets in Nevada and Saskatchewan.

Financing Activities

During the nine months ended September 30, 2025, $323,522 provided by financing activities was due to the issuance of share capital in the amount of $499,958 offset by share issue costs in the amount of $16,436 and cash payout for RSUs vested in the amount of $160,000. During the nine months ended September 30, 2024, $393,750 used in financing activities was due to cash payout for RSUs vested.

Changes in Accounting Policies including Initial Adoption

The Company has not adopted any new accounting policies during the nine months ended September 30, 2025.

Off Balance Sheet Arrangements

The Company does not have any off balance sheet arrangements.

Related Party Transactions

During the nine months ended September 30, 2025, the Company paid the following management fees: $112,500 to MGK Consulting Inc., a private company controlled by the President of the Company; and $49,500 to Wellington Star Consulting, a private company controlled by Dennis Aalderink, a director of the Company. There are no management agreements in place and the Company has no contractual requirement to continue paying management fees. Management fees, directors’ fees and share-based payments are intended to compensate such persons for their time and dedication to the Company.

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Sienna Resources Inc.
For the nine months ended September 30, 2025 – Page 11

During the nine months ended September 30, 2025, the Company paid $27,000 in accounting fees to Sea Star Consulting Inc., a private company controlled by Cindy Cai, the Chief Financial Officer of the Company, in consideration for accounting services provided to the Company.

During the nine months ended September 30, 2025, the Company incurred share-based payments of $179,153 to three directors and one officer of the Company as follows: $9,370 to Wellington Star Consulting; $102,507 to CSM Consulting; $9,370 to All Seasons Consulting, and $57,906 to Sea Star Consulting. As a mineral exploration issuer, the Company partially relies on the issuance of stock options and RSUs to compensate its directors and officers for their time and dedication to the Company.

During the nine months ended September 30, 2025, the Company paid office rent in the amount of $13,500 (nine months ended September 30, 2024: $13,500) to Cruz Battery Metals Corp., a public company with certain directors in common.

As at September 30, 2025, accounts payable and accrued liabilities include $3,402 to related parties (December 31, 2024: $17,229). The amounts payable to related parties include: $576 payable to Cruz Battery Metals and $2,826 payable to Jason Gigliotti for reimbursement of unpaid office expenses.

All transactions with related parties have occurred and are measured at the amount of consideration established and agreed to by the related parties.

Financial and Other Instruments

The Company’s financial instruments consist of cash and cash equivalents, accounts payable and accrued liabilities, and receivables. Unless otherwise noted, it is management’s opinion that the Company is not exposed to significant interest, currency or credit risks arising from these financial instruments. The fair value of these financial instruments approximates their carrying value, unless otherwise noted.

Proposed Transactions

Other than as disclosed herein, the Company does not have any proposed transactions as of the date of this report.

Additional Disclosure for Venture Issuers

During the nine months ended September 30, 2025 and 2024, the Company incurred the following expenses:

	2025	2024
Capitalized acquisition costs	$303,911	$35,578
Capitalized exploration costs	$253,745	$53,432
Write-down of exploration and evaluation assets	$Nil	$283,002
Operating expenses	$565,934	$927,858

Please refer to Note 5 Exploration and Evaluation Assets in the condensed consolidated interim financial statements for the nine months ended September 30, 2025 for a description of the capitalized acquisition and exploration costs presented on a property-by-property basis.

Additional Disclosure of Outstanding Share Data

Common Shares

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Sienna Resources Inc.
For the nine months ended September 30, 2025 – Page 12

The Company’s common shares are listed on the TSX Venture Exchange under the symbol “SIE”. Its authorized share capital consists of unlimited common shares without par value, 100,000,000 Class A preferred shares, par value $10 and 100,000,000 Class B preferred shares, par value $50.

As at September 30, 2025, the Company had 25,148,389 common shares issued and outstanding.

Subsequent to September 30, 2025, the Company issued 15,947,001 common shares upon closing of a non-brokered private placement. As at November 25, 2025, the Company had 43,095,390 common shares issued and outstanding.

Share Purchase Warrants

As at September 30, 2025, the Company had 11,672,505 share purchase warrants outstanding. Each warrant entitles the holder the right to purchase one common share as follows:

Number	Exercise Price	Expiry Date
96,005	$0.14	June 17, 2027
4,787,000	$0.80	February 27, 2028
1,028,000	$0.80	March 27, 2028
4,761,500	$0.14	June 17, 2030
1,000,000	$0.14	September 4, 2030
11,672,505

Subsequent to September 30, 2025, the Company issued 15,947,001 share purchase warrants and 617,543 broker warrants upon closing of a non-brokered private placement. As at November 25, 2025, the Company had 28,237,049 share purchase warrants outstanding.

Stock Options

As at September 30, 2025 and November 25, 2025, the Company did not have any stock options outstanding.

Management’s Responsibility for Financial Statements and MD&A

The Company’s management is responsible for presentation and preparation of the financial statements and the MD&A. The condensed consolidated interim financial statements have been prepared in accordance with IAS34 issued by the IASB.

The MD&A has been prepared in accordance with the requirements of securities regulators, including National Instrument 51-102 of the Canadian Securities Administrators.

The condensed consolidated interim financial statements and information in the MD&A necessarily include amounts based on informed judgments and estimates of the expected effects of current events and transactions with appropriate consideration to materiality. In addition, in preparing the financial information we must interpret the requirements described above, make determinations as to the relevancy of information to be included, and make estimates and assumptions that affect reported information.

The MD&A also includes information regarding the impact of current transactions and events, sources of liquidity and capital resources, operating trends, risks, and uncertainties. Actual results in the future may differ materially from our present assessment of this information because future events and circumstances may not occur as expected.

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Sienna Resources Inc.
For the nine months ended September 30, 2025 – Page 13

Risks and Uncertainties

Because of the unique difficulties and uncertainties inherent in mineral exploration ventures, the Company faces a high risk of business failure.

Potential investors should be aware of the difficulties normally encountered by mineral exploration companies and the high rate of failure of such enterprises. The likelihood of success must be considered in light of the problems, expenses, difficulties, complications and delays encountered in connection with the exploration program that the Company intends to undertake on its properties and any additional properties that the Company may acquire. These potential problems include unanticipated problems relating to exploration, and additional costs and expenses that may exceed current estimates. The expenditures to be made by the Company in the exploration of the properties may not result in the discovery of any mineral deposits. Any expenditure that the Company may make in the exploration of any other mineral property that the Company may acquire may not result in the discovery of any commercially exploitable mineral deposits. Problems such as unusual or unexpected geological formations and other conditions are involved in all mineral exploration and often result in unsuccessful and/or expensive exploration efforts. If the results of the exploration do not reveal viable commercial mineralization, the Company may decide to abandon or sell some or all of the property interests.

Because of the speculative nature of the exploration of mineral properties, there is no assurance that the exploration activities will result in the discovery of any quantities of mineral deposits on the current properties or any other additional properties the Company may acquire.

The Company intends to continue exploration on the current properties and the Company may or may not acquire additional interests in other mineral properties. The search for mineral deposits as a business is extremely risky. The Company can provide investors with no assurance that exploration on the current properties, or any other property that the Company may acquire, will establish that any commercially exploitable quantities of mineral deposits exist. Additional potential problems may prevent the Company from discovering any mineral deposits. These potential problems include unanticipated problems relating to exploration and additional costs and expenses that may exceed current estimates. If the Company is unable to establish the presence of mineral deposits on the properties, the Company's ability to fund future exploration activities will be impeded, the Company will not be able to operate profitably and investors may lose all of their investment in the Company.

Because of the inherent dangers involved in mineral exploration and exploitation, there is a risk that the Company may incur liability or damages as the Company conducts business.

The search for mineral deposits involves numerous hazards. As a result, the Company may become subject to liability for such hazards, including pollution, cave-ins and other hazards against which the Company cannot insure or against which the Company may elect not to insure. At the present time the Company have no coverage to insure against these hazards. The payment of such liabilities may have a material adverse effect on the Company's financial position.

The potential profitability of mineral ventures depends in part upon factors beyond the control of the Company and even if the Company discovers and exploits mineral deposits, the Company may never become commercially viable and the Company may be forced to cease operations.

The commercial feasibility of an exploration program on a mineral property is dependent upon many factors beyond the Company's control, including the existence and size of mineral deposits in the properties the Company explore, the proximity and capacity of processing equipment, market fluctuations of prices, taxes, royalties, land tenure, allowable production and environmental regulation. These factors cannot be accurately predicted and any one or a combination of these factors may result in the Company not receiving any return on invested capital. These factors may have material and negative effects on the Company's financial performance and its ability to continue operations.

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Sienna Resources Inc.
For the nine months ended September 30, 2025 – Page 14

Exploration and exploitation activities are subject to comprehensive regulation which may cause substantial delays or require capital outlays in excess of those anticipated causing an adverse effect on the Company.

Exploration and exploitation activities are subject to foreign, federal, provincial, and local laws, regulations and policies, including laws regulating the removal of natural resources from the ground and the discharge of materials into the environment. Exploration and exploitation activities are also subject to foreign, federal, provincial, and local laws and regulations which seek to maintain health and safety standards by regulating the design and use of drilling methods and equipment. Properties may also be subject to complex Aboriginal claims.

Environmental and other legal standards imposed by foreign, federal, provincial, or local authorities may be changed and any such changes may prevent the Company from conducting planned activities or may increase costs of doing so, which would have material adverse effects on the Company's business. Moreover, compliance with such laws may cause substantial delays or require capital outlays in excess of those anticipated, thus causing an adverse effect on the Company, especially, foreign laws and regulations. Additionally, the Company may be subject to liability for pollution or other environmental damages that the Company may not be able to or elect not to insure against due to prohibitive premium costs and other reasons. Any laws, regulations or policies of any government body or regulatory agency may be changed, applied or interpreted in a manner which will alter and negatively affect the Company's ability to carry on business.

Because the Company's property interests may not contain any mineral deposits and because the Company has never made a profit from operations, the Company's securities are highly speculative and investors may lose all of their investment in the Company.

The Company's securities must be considered highly speculative, generally because of the nature of its business and the stage of exploration. The Company currently has exploration stage property interests which may not contain mineral deposits. The Company may or may not acquire additional interests in other mineral properties but the Company does not have plans to acquire rights in any specific mineral properties as of the date of this Management's Discussion and Analysis. Accordingly, the Company has not generated any revenues nor has the Company realized a profit from operations to date and there is little likelihood that the Company will generate any revenues or realize any profits in the short term. Any profitability in the future from the Company's business will be dependent upon locating and exploiting mineral deposits on current properties or mineral deposits on any additional properties that the Company may acquire and subsequent development. The likelihood that any mineral properties that the Company may acquire or have an interest in will contain commercially exploitable mineral deposits is extremely remote. The Company may never discover mineral deposits in respect to current properties or any other area, or the Company may do so and still not be commercially successful if the Company is unable to exploit those mineral deposits profitably. The Company may not be able to operate profitably and may have to cease operations, the price of the Company's securities may decline and investors may lose all of their investment in the Company.

As the Company faces intense competition in the mineral exploration and exploitation industry, the Company will have to compete with its competitors for financing and for qualified managerial and technical employees.

Competition includes large established mining companies with substantial capabilities and with greater financial and technical resources than the Company have. As a result of this competition, the Company may have to compete for financing and be unable to conduct any financing on terms the Company considers acceptable. The Company may also have to compete with the other mining companies for the recruitment and retention of qualified managerial and technical employees. If the Company is unable to

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Sienna Resources Inc.
For the nine months ended September 30, 2025 – Page 15

successfully compete for financing or for qualified employees, the exploration programs may be slowed down or suspended, which may cause operations to cease as a company.

The Company has a history of losses and have a deficit, which raises substantial doubt about its ability to continue as a going concern.

The Company has not generated any revenues during the nine months ended September 30, 2025 and 2024. The Company will continue to incur operating expenses without revenues if and until the Company engages in commercial operations. Accumulated loss as of September 30, 2025 was $30,650,294 since inception. The Company had cash and cash equivalents in the amount of $112,278 as at September 30, 2025. The Company estimates the average monthly operating expenses to be approximately $45,000 each month. This estimate depends on whether the Company is active or inactive with the work programs. The Company cannot provide assurances that the Company will be able to successfully explore and develop its property interests. If the Company is unable to continue as a going concern, investors will likely lose all of their investments in the Company.

The Company's future is dependent upon its ability to obtain financing and if the Company does not obtain such financing, the Company may have to cease its exploration activities and investors could lose their entire investment.

There is no assurance that the Company will operate profitably or will generate any positive cash flow in the future. The Company will require additional financing in order to proceed with the exploration and, if warranted, development of its properties. The Company will also require additional financing for fees the Company must pay to maintain its status in relation to the rights to the properties and to pay the fees and expenses necessary to operate as a public company. The Company will also need more funds if the costs of the exploration of its mineral claims are greater than the Company has anticipated. The Company will require additional financing to sustain its business operations if the Company is not successful in earning revenues. The Company will also need further financing if the Company decides to obtain additional mineral properties. The Company currently does not have any arrangements for further financing as the Company believes that it is sufficiently funded for the current operations but in future the Company expects to raise additional capital as the needs arise. The Company's future is dependent upon its ability to obtain financing. If the Company does not obtain such financing, its business could fail and investors could lose their entire investment.

The Company's directors and officers are engaged in other business activities and accordingly may not devote sufficient time to the Company's business affairs, which may affect its ability to conduct operations and generate revenues.

The Company's directors and officers are involved in other business activities. As a result of their other business endeavours, the Company's directors and officers will exercise their fiduciary duties and duty of care but nonetheless may not be able to devote sufficient time to the Company's business affairs, which may negatively affect the Company's ability to conduct ongoing operations and its ability to generate revenues. In addition, the management of the Company may be periodically interrupted or delayed as a result of the Company's officers' other business interests.

RISKS RELATING TO THE COMPANY'S COMMON STOCK

A decline in the price of the Company's common stock could affect its ability to raise further working capital and adversely impact ability to continue operations.

A prolonged decline in the price of the Company's common stock could result in a reduction in the liquidity of its common stock and a reduction in its ability to raise capital. Because a significant portion of operations have been and will be financed through the continued sale of equity securities, a decline in the price of the common stock could be especially detrimental to liquidity and operations. Such

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Sienna Resources Inc.
For the nine months ended September 30, 2025 – Page 16

reductions may force the Company to reallocate funds from other planned uses and may have a significant negative effect on business plans and operations, including the ability to continue current operations. If the Company's stock price declines, the Company can offer no assurance that it will be able to raise additional capital or generate funds from operations sufficient to meet its obligations. If the Company is unable to raise sufficient capital in the future, the Company may not be able to have the resources to continue normal operations or become insolvent.

The market price for the Company's common stock may also be affected by its ability to meet or exceed expectations of analysts or investors. Any failure to meet these expectations, even if minor, may have a material adverse effect on the market price of its common stock and its operations as a result.

Additional Information

The Company files annual and interim reports, information circulars and other information with certain Canadian securities regulatory authorities. The documents filed with the Canadian securities regulatory authorities are available at http://www.sedarplus.ca.