Storm Exploration — Management Reports 2024

Jul 27, 2024

Storm Exploration Inc. Management’s Discussion and Analysis Year Ended March 31, 2024

Introduction

This Management’s Discussion and Analysis (“MD&A”) provides a discussion and analysis of the financial condition and results of operations to a reader to assess material changes in the financial condition and results of operations as at and for the year ended March 31, 2024. This MD&A has been prepared in compliance with the requirements of National Instrument 51-102 – Continuous Disclosure Obligations. This discussion should be read in conjunction with the audited annual consolidated financial statements of Storm Exploration Inc. for the years ended March 31, 2024 and 2023 and the notes thereto (the “Statements”). Readers are encouraged to review the Statements in conjunction with this document. All reported amounts are stated in Canadian Dollars unless otherwise indicated. The information contained herein is presented as at July 25, 2024, unless otherwise indicated.

Description of Business

Storm Exploration Inc. (“StormEx” or the “Company”) was incorporated on February 25, 1986 in Alberta, Canada. In April 2014, it was continued from the jurisdiction of Alberta to British Columbia, Canada. On October 8, 2022, the Company changed its name to Storm Exploration Inc. from Lithoquest Resources Inc. The Company is engaged in the acquisition and exploration of mineral properties. The Company’s head office is at 1480 - 885 W. Georgia Street, Vancouver, BC V6C 3E8.

The Company is currently focusing its exploration efforts on its gold properties situated in northern Ontario.

The Company has not generated significant revenues or cash flows from operations and has not yet determined whether its mineral property assets contain ore reserves that are economically recoverable. The recoverability of amounts expended on its exploration and evaluation assets is dependent upon the discovery of economically recoverable reserves, confirmation of the Company’s interest in the underlying mineral claims, the ability of the Company to obtain the necessary financing to complete the development of and the future profitable production from the property or realizing proceeds from its disposition. The outcome of these matters cannot be predicted at this time and the uncertainties cast significant doubt upon the Company’s ability to continue as a going concern. These consolidated financial statements have been prepared on a going concern basis which assumes that the Company will be able to realize its assets and discharge its liabilities in the normal course of business.

Discussion of Operations

CANADA

Miminiska-Fort Hope Greenstone Belt Projects

There are numerous greenstone belts in northern Ontario, and they host some of the world’s richest gold mines. A single belt can cover hundreds of square-kilometers and host several economic deposits (e.g., +30Moz Red Lake gold “camp”). Greenstone hosted gold deposits are generally high-grade and can contain millions of ounces (e.g., Musselwhite Mine - +6Moz @ 6.25g/t). Storm has identified the Miminiska-Fort Hope greenstone belt as having potential to host a major gold camp.

Eabametoong First Nation

On May 16, 2024, the Company entered into an Exploration Agreement (“EA”) with the Eabametoong First Nation (the “Eabametoong” or the “EFN”) regarding the Company’s Fort Hope Projects: Miminiska, Keezhik and Attwood. The EA establishes a framework for ongoing consultation with the EFN and provides the community with an opportunity to participate in the project through employment, training, and business development. Under the terms of the EA, the Company will make annual contributions to

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Storm Exploration Inc. Management’s Discussion and Analysis Year Ended March 31, 2024

a community fund in an amount that is proportional to its exploration expenditures in EFN territory. In addition, the Company will issue to the EFN, a cash payment of $30,000 and $25,000 in common shares within 90 days of TSXV acceptance of the EA and an additional $250,000 in common shares of the Company over a four year period. The Company also undertook a commitment to provide a cleanup and reclamation bond in the amount of the greater of $100,000 or $10,000 per drill site.

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Attwood Project

The Company established itself in the Miminiska-Fort Hope greenstone belt in December 2020 by acquiring through staking, 1,151 mineral claims covering 23,262 ha located approximately 320 km north of Thunder Bay, Ontario. The property lies within five kilometres of the all-weather Ogoki Forestry Road and is accessible by float plane from the community of Armstrong. The Attwood Project, considered a grassroots project, is thought by the Company to be highly prospective for gold and base metals.

There has been no exploration on the Attwood property since the 1970’s and in total there have been less than 20 historic drill holes in the project area. The Weese Lake copper showing indicates base metal potential and there are numerous occurrences of sulfide mineralization indicating the potential for precious metals. The extensive untested bedrock conductors will be priority targets for base metals.

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Storm Exploration Inc. Management’s Discussion and Analysis Year Ended March 31, 2024

Miminiska and Keezhik Property Acquisition

The Company augmented its position in the Miminiska-Fort Hope greenstone belt by optioning two gold projects: the 5,494 ha Miminiska Gold Project (“Miminiska”) and the 12,482 ha Keezhik Gold Project (“Keezhik”).

On May 5, 2021, the Company entered into an agreement with Landore Resources Canada Inc. (“Landore”) to acquire a 100% interest in the Miminiska and Keezhik mining claims, for a purchase price of $1,375,000 cash and by paying Landore the additional sum of $2,650,000 in cash or in the Company's common shares. On November 30, 2022, Landore and the Company amended the Option Agreement to modify the schedule of remaining option payments (the “Option Agreement”). On July 5, 2023, the Option Agreement was further amended to modify the payment due dates for the remaining payments by extending each by four months. On January 31, 2024, the Option Agreement was further amended to modify the payment due dates for the final two payments and to increase the amount of each payment by 5%. The table below reflects these amendments.

Under the terms of the Option Agreement, the Company will earn a 100% interest in the Miminiska and Keezhik properties by making the scheduled payments defined in Table 1 to Landore. A convertible cash payment can either be made in cash or common shares of the Company, at the Company’s election.

The optionor will retain a 2.0-per-cent net smelter return royalty on the property, of which 50 per cent (a 1-per-cent royalty) is purchasable at any time by the Company for $1-million.

The transaction was accepted by the TSX on June 24, 2021 (the “Effective Date”).

Table 1: Option Payments for 100% interest in Miminiska and Keezhik properties

Payment Date	Cash	Convertible Cash
On signing of the Option Agreement (paid)	$25,000	Nil
July 4, 2021 (paid)	$100,000	Nil
6-month payment: December 24, 2021 (paid)	$250,000	$400,000
12-month payment: June 24, 2022 (paid)	$250,000	$500,000
19-month payment: January 24, 2023 (paid)	$250,000	$250,000
March 24, 2024 (subsequently extended to June 28, 2024 – see Subsequent Events note)	$262,500	$525,000
November 24, 2024	$525,000	$787,500
Total	$1,662,500	$2,462,500

Miminiska hosts extensive drill-confirmed gold mineralization that is similar in style to the nearby Musselwhite gold mine. Keezhik also has drill-confirmed gold mineralization and numerous gold occurrences. Extensive historical data suggests that there is potential on both projects to expand the known zones of gold mineralization as well as to make new discoveries. Miminiska and Keezhik are located approximately 40 km west of the Eabametoong First Nation community of Fort Hope, 70 km north of the all-weather Ogoki forestry road and 250 km northwest of Geraldton.

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Storm Exploration Inc. Management’s Discussion and Analysis Year Ended March 31, 2024

Exploration Activity

Miminiska Project

In the fourth quarter of FY 2022, the Company conducted a field program on the Miminiska Prospect (the “Spring 2022 Drill Program”).

The Miminiska Prospect is located within the 5,500 ha Miminiska Project (see Figure 1) and is characterized by an extensively faulted and folded banded iron formation (“BIF”). Drilling conducted between 1944 and 2005 shows that high-grade gold mineralization occurs within the BIF and is associated with conductive sulphide minerals such as arsenopyrite and pyrrhotite. Historical drill results* at the Miminiska prospect include 5.75 g/t Au over 20.8m starting at 51.9m and 13.95 g/t Au over 5.3m starting at 235.8m.

Figure 1 Miminiska Property

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More than 135 line-km of ground magnetic and electromagnetic surveys were completed before drilling was initiated. Drilling tested two of the new high-priority targets. Approximately 650m of core was obtained in total and sulphide mineralization was observed in both drill holes.

Storm suspended drilling after completing two holes to facilitate consultation with the Eabametoong First Nation (the “EFN”) on the Company’s three principal projects: Miminiska, Keezhik and Attwood. Storm

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Storm Exploration Inc. Management’s Discussion and Analysis Year Ended March 31, 2024

acknowledges that these projects are located on the traditional territory of the EFN. See First Nation section on page 1 above.

The ground geophysical surveys completed during the program have identified several targets within the Miminiska Prospect that have not yet been tested with drilling and that are similar in response to the known zones of high-grade gold mineralization.

A 45 line-km horizontal loop electromagnetic survey was completed over the Miminiska BIF. Multifrequency data were collected along 50m lines with the transmitter and receiver separated by 100m. 91 line-km of ground magnetic data were also collected. The detailed magnetic data provides greater resolution on the location of the BIF and the structural setting of the prospect area. Figure 2 shows historical drilling highlights as well as the holes drilled in 2022.

Figure 2: Miminiska Drilling Highlights*

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• Historical results have not been independently verified by Storm; and, there is no guarantee that the Company can reproduce the results in whole or in part. Potential investors should not rely on these historical results when making an investment decision.

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Storm Exploration Inc. Management’s Discussion and Analysis Year Ended March 31, 2024

Results of the Spring 2022 Drill Program

659m of drill core was recovered from two holes drilled at the Miminiska Prospect in March 2022: DDH 22-01 and DDH 22-02 (see Figure 2). Approximately 800 core samples were collected and submitted for assay. Assays above 0.5 g/t Au are presented in Table 2.

DDH 22-01 was inclined at -55⁰ and drilled at an azimuth of 178 degrees obliquely across the southern limb of the folded iron formation. The drill hole intersected altered iron formation and clastic sediments. DDH 22-01 returned four assays > 1 g/t Au, including 2.40 g/t Au over 1.0 metre and 2.39 g/t Au over 0.44 metres.

DDH 22-02 was inclined at -60⁰ and drilled due north to test a coincident structural and conductivity target located on the west side of the central limb. Significant sulphide mineralization, including pyrite, pyrrhotite and arsenopyrite as well as quartz veining was encountered in 2 sections of altered iron formation in the drill hole. Both sections returned significant assays, including 27.60 g/t Au over 0.59 metres and 1.76 g/t over 5.72 metres (including 6.73 g/t Au over 0.53 metres and 9.91 g/t Au over 0.37 metres).

Table 2: Select Assays from 2022 Spring Drill Program

Hole Number	From (m)	To (m)	Core Length (m)	Au (g/t)
DDH 22-01	26.24	27.00	0.76	1.09
	28.00	29.00	1.00	2.40
	177.53	178.22	0.69	1.64
	180.98	181.42	0.44	2.39
DDH 22-02	48.00	48.62	0.62	2.60
	49.72	50.25	0.53	6.73
	52.71	53.35	0.64	1.59
	53.35	53.72	0.37	9.91
	60.40	60.92	0.52	2.55
	114.28	114.87	0.59	27.60
	116.17	116.95	0.78	1.03
	116.95	117.55	0.60	0.56
	139.44	139.82	0.38	0.69
	278.93	279.75	0.82	1.17

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Storm Exploration Inc. Management’s Discussion and Analysis Year Ended March 31, 2024

Key Points

• Consistent with the highest-grade results obtained on the project to date

• High-grade gold mineralization extended laterally by 130m

• Other high priority target areas remain to be tested at the Miminiska Prospect

• Three zones with significant gold mineralization were encountered, including 27.6 g/t Au over 0.59m starting from 115m.

The Company believes that these results are an important development at the Miminiska Prospect, extending the high-grade gold mineralization in the folded iron formation along strike of the central limb. They underscore the importance of testing other higher-priority target areas in the north, central and south limbs.

Gold Standard Project

On April 21, 2022, the Company entered into an Option Agreement to acquire a 100% interest in the 615 ha Gold Standard property located in northwest Ontario. The Company also staked an additional 252 mineral claims surrounding the Gold Standard property, bringing the total project area to 5,953 ha.

The Gold Standard Project augments the Company’s portfolio of projects in northwest Ontario. The historical work on the property supports the potential for a major discovery, the area is under-explored, and it can be acquired and advanced inexpensively.

Project Highlights

• Option to earn a 100% interest in claims covering historical high-grade gold workings

• Results from work conducted by the vendors near the historical workings include 471 g/t Au and 450 g/t Au from bedrock grab samples as well as 113 g/t Au over 1.2m* from a chip sample

• Minimal exploration work has been completed in the project area. No holes have been drilled near the historical workings and there are only 4 holes on the property, with the last completed in 1971

• Accessible year-round

• Low acquisition cost

Naicatchewenin and Nigigoonsiminikaaning First Nations

The Gold Standard property lies within the traditional territory of the Naicatchewenin and Nigigoonsiminikaaning First Nations and the Company now has agreements in place with both groups.

On July 12, 2023 and November 6, 2023, the Company signed Memorandums Of Understanding (“MOUs”) with the Naicatchewenin First Nation and the Nigigoonsiminikaaning First Nation concerning the Gold Standard Project. The MOUs establish a framework for ongoing consultation with both First Nations and provide the communities with an opportunity to participate in the project through employment, training, and business development. Under the terms of the MOUs, the Company will contribute to community funds for each First Nations an amount that is proportional to its exploration expenditures, and in one case will issue $175,000 in common shares of Storm over four years, commencing with $25,000 in common shares upon TSX-V acceptance and in the other case will issue 1,300,000 common shares of Storm, commencing with 100,000 common shares upon TSX-V acceptance.

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Storm Exploration Inc. Management’s Discussion and Analysis Year Ended March 31, 2024

Gold Standard Project Transaction

Under the terms of the Option Agreement, the Company will earn a 100% interest in the Gold Standard mineral claims (see Figure 3) (the “Property”) by making the scheduled payments defined in Table 3 to Messrs. Allan Onchulenko and Peter Gehrels (the “Vendors”). A convertible cash payment can either be made in cash or common shares of the Company, at the Company’s election. The Vendors will retain a 2% Net Smelter Royalty (“NSR”) on the original 615 ha Property and any claims acquired by the Company within a two-kilometre radius of the perimeter of the Property. Storm can buy back 1% of the NSR by paying the Vendors $750,000 at any time.

The transaction was accepted by the TSX on May 10, 2022 (the “Effective Date”).

Table 3 - Option Payments for 100% interest in Gold Standard property

Payment Date	Cash	Convertible Cash
On signing of the LOI (paid)	$5,000	Nil
10 days after the Effective Date (paid)	$10,000	$15,000
12 months after the Effective Date (paid)	$20,000	$20,000
24 months after the Effective Date (since paid – see subsequent event note)	$25,000	$25,000
Total	$60,000	$60,000

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Storm Exploration Inc. Management’s Discussion and Analysis Year Ended March 31, 2024

Figure 3: Gold Standard Project

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Exploration Activity

June 2022 Field Program

The program focused on confirming the high-grade mineralization at HW-271 and obtaining a geochemical “fingerprint” for use in identifying priority drill-targets elsewhere on the project. Gold mineralization at HW-271 occurs in shear-hosted quartz veins that include minor amounts of chlorite, ankerite, pyrite, and chalcopyrite (see Figure 4).

Prospecting in the vicinity of HW-271 identified a system of quartz veins with similar mineralization approximately 600 metres to the north. Assay results from a grab sample collected at this location returned 0.59 g/t Au, significantly expanding the footprint of gold mineralization on the project (see Figure 5).

Work conducted at Gold Standard in June included geological mapping and prospecting, as well as soil and bio-geochemical sampling. The program was conducted over the course of two weeks and included the collection of 76 rock samples, 154 soil samples and 169 biogeochemical samples. Access to the property was readily available via existing roads and lakes. Results from the soil and biogeochemical samples are expected in the coming weeks.

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Storm Exploration Inc. Management’s Discussion and Analysis Year Ended March 31, 2024

Figure 4: HW-271 Mineralization

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Storm Exploration Inc. Management’s Discussion and Analysis Year Ended March 31, 2024

Figure 5: Gold Standard 2022 Orientation Program

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Key Points

• Assay results of note from grab samples collected at HW-271 included:

• 166 g/t Au or 5.34 opt Au

• 88.6 g/t Au or 2.78 opt Au

• 83.4 g/t Au or 2.68 opt Au

• 77.6 g/t Au or 2.49 opt Au

• Gold mineralization extended 600 metres north of HW-271

• Detailed property-wide airborne electromagnetic survey undertaken starting in November 2022

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Storm Exploration Inc. Management’s Discussion and Analysis Year Ended March 31, 2024

Results of the Airborne Electromagnetic Survey

A large conductivity anomaly was identified in airborne magnetic and electromagnetic (“EM”) survey data collected from the property-wide airborne magnetic and electromagnetic survey flown in Q3/2022 that used the Versatile Time Domain Electromagnetic (“VTEM”) system. The anomaly has a strike length of more than five kilometres and occurs in host rocks that are often associated with Volcanogenic Massive Sulphide (“VMS”) mineralization. This is supported by copper and zinc mineralization noted in historical drill holes.

Figure 6: Gold Standard Conductivity Anomaly – 2022 VTEM Survey

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Storm Exploration Inc. Management’s Discussion and Analysis Year Ended March 31, 2024

The size of the conductivity anomaly, coupled with the presence of chalcopyrite and sphalerite in historical drill holes suggest that it may represent a significant base metal VMS system.

Historical geophysics conducted in the late 1960’s across the property were subsequently drill tested using a small, man-portable drill between 1969 and 1970. Only four holes were drilled and all were terminated at a depth of less than 50 metres. Three of these holes encountered chalcopyrite and sphalerite, which are copper and zinc bearing minerals, respectively (see Figure 6 & Figure 7).

The anomaly lies along the limbs of an apparent fold that is adjacent to the regional-scale Manitou Straits shear zone in the southwest of the property which hosts the gold bearing quartz veins that were mined between 1901 and 1903 (see news release dated 27 September, 2022: StormEx Reports up to 166 g/t Au from Grab Samples at Gold Standard). The newly identified conductivity anomaly can be accessed using exiting forestry roads, making its evaluation simple and cost-effective.

Figure 7: Gold Standard Total Magnetic Intensity – 2022 VTEM Survey

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Storm Exploration Inc. Management’s Discussion and Analysis Year Ended March 31, 2024

Next Steps

The Company believes that in addition to the potential for discovery of a gold deposit at Gold Standard, the property could host a base metals deposit.

Ground reconnaissance exploration, including prospecting and surface mapping, will be conducted along the length of the conductivity anomaly. Targets of interest will be drill tested upon receipt of an Exploration Permit. Final hole selection will be based on results from the prospecting and sampling program, with drilling expected to commence in Q3/2024.

AUSTRALIA

North Kimberley Diamond Project Status

The tenements comprising the North Kimberly Diamond Project were surrendered effective December 12, 2023.

Exploration Expenditures

The following tables set forth a breakdown of the material components of the Company’s exploration and land administration expenditures for the years ended March 31, 2024 and 2023, and cumulatively for its exploration projects.

Miminiska-Fort Hope Greenbelt Projects Drilling Aviation Geological Geophysical Geochemical Laboratory Local community Camp and site operations Technical reports Project management Land acquisition and maintenance	Year Ended 2024 $ - - 33,930 - 105 - 3,662 76,327 100,000 - 6,798 $ 220,822	March 31, 2023 $ 68,332 - 1,926 - 9,851 124,196 25,342 73,391 - 3,500 1,275,247 $ 1,581,785	Cumulative $ 727,762 295,856 176,565 501,133 304,927 129,642 85,122 706,307 100,000 110,454 2,211,075 $ 5,348,843

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Storm Exploration Inc. Management’s Discussion and Analysis Year Ended March 31, 2024

Gold Standard Project Geological Geophysical Geochemical Laboratory Camp and site operations Technical reports Project management Land acquisition and maintenance North Kimberly Diamond Project Drilling Geological Geophysical Heavy mineral sampling Environmental and permitting Laboratory Local community Site operations Technical reports Project management Land administration Local administration Finder’s fee Care and maintenance	Year Ended 2024 $ 4,000 - - - - 25,000 - 27,919 $ 56,919 Year Ended 2024 $ - - - - - - - - - - - - - 39,917 $ 39,917	March 31, 2023 $ 79,963 261,041 8,675 22,524 24,949 - 19,375 44,065 $ 460,592 March 31, 2023 $ - - - - - - - - - - - - - 52,615 $ 72,261	Cumulative $ 83,963 261,041 8,675 22,524 24,949 25,000 19,375 71,984 $ 517,511
			Cumulative $ 754,557 468,817 552,465 177,692 819 243,573 370,621 995,092 64,056 352,567 352,837 119,551 15,000 217,365 $ 4,685,012

Outlook

Results to date continue to support our thesis that the Miminiska-Fort Hope Greenstone Belt Projects represent an exceptional opportunity. The high-priority targets identified have the potential to extend and expand the high-grade gold mineralization at Miminiska. The Company plans to continue its drilling program in the coming year, pending negotiating satisfactory revisions to the payment schedule in the Option Agreement (see Subsequent Events note).

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Storm Exploration Inc. Management’s Discussion and Analysis Year Ended March 31, 2024

Selected Annual Information

The following selected annual financial data has been obtained from the Company’s annual consolidated financial statements, which were prepared in accordance with IFRS.

Revenue Net Loss Loss per share, basic and diluted	Year Ended March 31, 2024 2023 2022 $0 $0 $0 $1,234,950 $3,676,190 $4,485,453 $0.03 $0.11 $0.21	Year Ended March 31, 2024 2023 2022 $0 $0 $0 $1,234,950 $3,676,190 $4,485,453 $0.03 $0.11 $0.21
		$0 $4,485,453 $0.21

Total assets Current liabilities	As at March 31, 2024 2023 $39,072 $454,496 $879,713 $286,806	2022
		$2,675,206 $1,159,434

For the year ended March 31, 2024, the Company reported a net loss of $1,234,950 (2023 – $3,676,190), comprised primarily of exploration and evaluation expenses of $277,741 (2023 - $2,042,377), management and consulting fees of $289,000 (2023 - $366,138), marketing and corporate development expenses of $345,742 (2023 - $491,889), professional fees of $120,232 (2023 - $56,121) and share-based payments of $nil (2023 - $644,800).

The pause in exploration field work at the Miminiska-Fort Hope Greenbelt Projects, which was initiated during the prior year, continued in the current year while the Company was focused on engagement with the Eabametoong First Nation. Exploration and evaluation expenses include the cost of land acquisition through option payments. Excluding options payments, the remaining exploration and evaluation expense for the year ended March 31, 2024 was $250,122 (2023 - $808,118). The pause in field work extended to the Gold Standard Project as well, the Company deciding it prudent to complete the MOU with the Eabametoong First Nation before undertaking fund raising for exploration.

The decrease in management and consulting fees 2024 vs 2023 reflects decreased involvement of outside consultants. Marketing and corporate development activities declined in the year but continued to focus on European coverage. The increase in professional fees reflects the involvement of legal advisors in the process of property acquisition undertakings as well as First Nations agreements. The decrease in share-based payments reflects the timing of stock option grants.

For the year ended March 31, 2023, the Company reported a net loss of $3,676,190 (2022 – $4,485,453), comprised primarily of exploration and evaluation expenses of $2,042,377 (2022 - $3,487,986), management and consulting fees of $366,138 (2022 - $363,472), marketing and corporate development expenses of $491,889 (2022 - $257,287), professional fees of $56,121 (2022 - $93,169) and share-based payments of $644,800 (2022 - $256,600).

Exploration and evaluation expenses include the costs of land acquisition of $1,319,312 in 2023 compared to $870,780 in 2022. The increased cost year over year mainly reflects the escalating nature of the schedule of option payments due to Landore. Excluding the land acquisition costs, exploration and evaluation expenses were $723,065 in 2023 compared to $2,617,206 in 2022. This change reflects

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Storm Exploration Inc. Management’s Discussion and Analysis Year Ended March 31, 2024

mainly the pause in field work at the Miminiska-Fort Hope Greenbelt Projects in order to focus on engagement with the Eabametoong First Nation.

Marketing and corporate development activities expanded to include European coverage. The increase in share-based payments mainly reflects the number of shares granted within the period.

Summary of Quarterly Results

The selected quarterly financial information for the past eight financial quarters is outlined below. The information has been prepared in accordance with IFRS.

Net Loss Loss per share, basic and diluted Net Loss Loss per share, basic and diluted		Three Months Ended	Three Months Ended
	Mar 31, 2024 $341,545 $0.01	Dec 31, Sep 30, 2023 2023 $315,579 $226,716 $0.01 $0.01 Three Months Ended		Jun 30, 2023
				$351,110 $0.01
	Mar 31, 2023 $1,388,501 $0.04	Dec 31, 2022 $394,275 $0.01	Sep 30, 2022 $256,141 $0.01	Jun 30, 2022
				$1,637,273 $0.05

Discussion of Quarterly Variations

The quarterly fluctuations in net loss during the 2024 fiscal year were modest. The first quarter includes marketing and investor relations expenses that were $74,297 higher than the average for the year reflecting the timing of the underlying activities. The fourth quarter includes interest expense of $39,951 payable to two vendors on aged trade payable invoices.

In FY 2023 exploration activities were focused into the first and fourth quarters. Excluding these expenses, the quarterly loss figures would be Q4 $664,196; Q3 $106,626; Q2 $209,663; Q1 $653,328. The fourth quarter of FY2023 includes share-based compensation of $334,300 and the first quarter includes $330,500 reflecting stock option grants in those periods.

Fourth Quarter 2023 Financial Review

During the fourth quarter, the Company used cash of $5,659 in operating activities, and generated $9,000 in finance activities. The cash position increased by $3,341 to $28,158 at March 31, 2024.

Liquidity and Capital Resources

The Company generates cash solely through financing activities. During year ended March 31, 2024, the Company did not complete a financing.

After year end, on April 23, 2024, the Company closed a non-brokered private placement and issued 6,210,000 units (the “Units”) at a price of $0.05 per Unit, for aggregate gross proceeds of $310,500. Each Unit consists of one common share of the Company and one-half warrant (a “Warrant”) each whole Warrant entitling the holder thereof to acquire an additional common share (the “Warrant Share”)

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Storm Exploration Inc. Management’s Discussion and Analysis Year Ended March 31, 2024

of the Company at an exercise price of $0.075 per Warrant Share for a period of 36 months from the date of issuance. A total of $9,000 of the proceeds of this financing were received during the year ended March 31, 2024 and these were reflected in shares to be issued.

In connection with the flow-through component of financings closed on March 21, 2022, the Company had a commitment to spend a remaining total of $189,425 on qualifying exploration expenditures by December 31, 2023. The full amount was incurred and no obligation remained as at December 31, 2023. As at the date of this MD&A the Company has no material commitments beyond those outlined in the Statements and this MD&A.

The Company is currently engaged in discussions with Landore Resources Canada Inc. If these discussions lead to satisfactory changes in the payment schedule to the Option Agreement, the Company intends to raise additional capital and restart planned exploration at its Ontario properties including drilling. The Company is involved in early-stage exploration and data analysis. It has no current sources of revenue and does not anticipate receiving revenue in the foreseeable future. It is highly likely that it will continue to depend on equity financing in the future. The availability of future funding will depend on factors that include market conditions and the Company’s exploration prospects and results.

Off-Balance Sheet Arrangements

The Company does not have any material off-balance sheet arrangements that have, or are reasonably likely to have, an effect on the results of operations or financial condition of the Company.

Related-Party Transactions

Parties are considered to be related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Related parties may be individuals or corporate entities. A transaction is considered to be a related party transaction when there is a transfer of resources or obligations between related parties.

Key management personnel receive compensation in the form of short-term employee benefits. Key management personnel include the directors and officers of the Company. The remuneration of key management during the years ended March 31, 2024 and 2023 is as follows:

		2024		2023
Management fees	$	285,000	$	285,000
Share-based payments		-		450,755
	$	285,000	$	735,755

At March 31, 2024, accounts payable and accrued liabilities include amounts due to related parties of $168,272 (2023 - $59,543). These amounts are due on demand, non-interest bearing and are unsecured.

These transactions were in the normal course of business and were measured at the exchange amount. Amounts due to related parties are unsecured, non-interest-bearing, and have no formal terms of repayment.

Proposed Transactions

As of the date of this MD&A, there have been no transactions of a material nature proposed.

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Storm Exploration Inc. Management’s Discussion and Analysis Year Ended March 31, 2024

Recent Accounting Pronouncements

The IASB issued certain new or amended accounting standards that were mandatory for accounting periods on or after January 1, 2023. As part of the new or amended accounting standards, the Company adopted Amendments to IAS 1, Presentation of Financial Statements – Disclosure of Accounting Policies, requiring entities to disclose material, instead of significant, accounting policy information. The accounting policies disclosed within these consolidated financial statements were not materially impacted by the adoption of these amendments.

The Company has reviewed new and revised accounting pronouncements that have been issued but are not yet effective. The Company does not expect any material impact on the Company’s consolidated financial statements from these new and revised accounting pronouncements.

Subsequent Events

On April 23, 2024, the Company closed a non-brokered private placement and issued 6,210,000 units (the “Units”) at a price of $0.05 per Unit, for aggregate gross proceeds of $310,500. Each Unit consists of one common share of the Company and one-half warrant (a “Warrant”) each whole Warrant entitling the holder thereof to acquire an additional common share (the “Warrant Share”) of the Company at an exercise price of $0.075 per Warrant Share for a period of 36 months from the date of issuance.

On May 9, 2024, the Company paid the 24-month option payment due under the terms of the Option Agreement for the Gold Standard property by paying $25,000 cash and issuing 59,524 common shares at a deemed price of $0.42 per share to Messrs. Allan Onchulenko and Peter Gehrels.

On May 16, 2024, the Company entered into an Exploration Agreement (“EA”) with the Eabametoong First Nation (the “Eabametoong” or the “EFN”) regarding the Company’s Fort Hope Projects: Miminiska, Keezhik and Attwood. The EA establishes a framework for ongoing consultation with the EFN and provides the community with an opportunity to participate in the project through employment, training, and business development. Under the terms of the EA, the Company will make annual contributions to a community fund in an amount that is proportional to its exploration expenditures in EFN territory. In addition, the Company will issue to the EFN, a cash payment of $30,000 and $25,000 in common shares within 90 days of TSXV acceptance of the EA and an additional $250,000 in common shares of the Company over a four year period. The Company also undertook a commitment to provide a cleanup and reclamation bond in the amount of the greater of $100,000 or $10,000 per drill site.

On May 28, 2024 the Option Agreement with Landore Resources Canada Inc. was amended to modify the payment due dates for the remaining payments. The remaining payments and due dates are: June 28, 2024 cash payment of $262,500 and convertible stock payment of $525,000; November 24, 2024 cash payment of $525,000 and convertible stock payment of $787,500. All other aspects of the Option Agreement remain unchanged. As of the date of this MD&A, the June 28, 2024 payments are due but have not been made. The Company is in discussions with Landore with a view to making revisions to the payment schedule.

Disclosure of Outstanding Share Data

The Company is authorized to issue an unlimited number of common shares without par value. On July 25, 2024, there were 52,102,209 common shares issued and outstanding, 3,818,750 stock options outstanding with a weighted average exercise price of $0.43, expiring between 2025 and 2028, and 10,008,596 warrants with a weighted average exercise price of $0.16, expiring between 2025 and 2027.

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Storm Exploration Inc. Management’s Discussion and Analysis Year Ended March 31, 2024

Environment, Social and Governance Matters

The Board of Directors has noted the increased emphasis of stakeholders and regulators on addressing matters related to ESG.

These matters are having an impact on how companies are perceived by investors, the communities in which they operate and regulators. For example, the securities regulators in Canada have issued a proposed National Instrument 51-107 which will require Issuers in the future to publish a number of climate related disclosures.

As a result, the Board of Directors has resolved to do the following over the next year:

• To review the proposed regulatory disclosures to ensure that the Company is ready to commence disclosing once these are required and to do this sooner if practical;

• That the Company review its practices and policies as it relates to Environment Social and Governance matters and to set goals and report in future on the progress towards meeting those goals; and,

• That the Board prepare and adopt an ESG policy for publication in the information circular which will accompany materials for the next AGM.

Risks and Uncertainties

Mining Risks

Mineral exploration is a speculative venture necessarily involving substantial risk and there can be no guarantee that mineable deposits will be discovered or developed. Mining operations involve significant risks that even a combination of careful evaluation, experience and knowledge may not eliminate or adequately mitigate. There is no certainty that the expenditures made by the Company on any given project will result in discoveries of commercial quantities of minerals. If mineable deposits are discovered, substantial expenditures are required to establish reserves through drilling, to develop processes to extract the resources and, to develop the extraction and processing facilities and infrastructure at any site chosen for extraction. Although substantial benefits may be derived from the discovery of a major deposit, no assurance can be given that resources will be discovered in sufficient quantities to justify commercial operations or that the funds required for development can be obtained on terms acceptable to the operator or at all.

The Company is subject to the operating risks typical in the mining business including unusual and unexpected geological formations, other conditions involved in the drilling and removal of material as well as environmental damage and other hazards; risks that intended drilling schedules or estimated costs will not be achieved; and risks of fluctuations in the price of commodities and currency exchange rates. Mineral prices are subject to volatile price movements over short periods of time and are affected by numerous factors, all of which are beyond the Company's control, including expectations of inflation, levels of interest rates, sale of gold by central banks, the demand for commodities, global or regional political, economic and banking crises and production rates in major producing regions. The aggregate effect of these factors is impossible to predict with any degree of certainty.

Business Risks

Natural resources exploration, development, production and processing involve a number of business risks, some of which are beyond the Company's control. These can be categorized as operational, financial and regulatory risks.

Operational risks include finding and developing reserves economically, marketing production and services, product deliverability uncertainties, changing governmental law and regulation, hiring and

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Storm Exploration Inc. Management’s Discussion and Analysis Year Ended March 31, 2024

retaining skilled employees and contractors, operations being restricted by environmental constraints such as forest fire, maintaining the support of the local communities where the Company operates and conducting operations in a cost effective and safe manner. The Company continuously monitors and responds to changes in these factors and adheres to all regulations governing its operations.

Financial risks include commodity prices, interest rates and foreign exchange rates, all of which are beyond the Company's control.

StormEx is committed to conducting its operations in a socially and environmentally responsible manner. This includes fostering strong relationships with Indigenous peoples with rights and interests and in areas where we work and upholding the principle of Free, Prior and Informed Consent.

Regulatory and rightsholder risks include possible impediments or delays in receiving regulatory approvals, costs associated with the negotiation and implementation of agreements with Indigenous rightsholders and the accommodation for infringement of Indigenous Rights. Reputational risk include a publicized concern by the public relating to a perceived effect of company activities on the environment, communities or unaccommodated infringement on Indigenous rights.

Competition

The mineral exploration and mining business is competitive in all its phases. The Company will compete with numerous other companies and individuals, including competitors with greater financial, technical and other resources, in the search for and the acquisition of attractive exploration and evaluation properties. The Company’s ability to acquire properties in the future will depend not only on its ability to develop its present properties, but also on its ability to select and acquire suitable prospects for mineral exploration or development. There is no assurance that the Company will be able to compete successfully with others in acquiring such prospects.

No Operating History and Financial Resources

The Company does not have an operating history, has no operating revenues, and is unlikely to generate any in the foreseeable future. It anticipates that additional cash resources will be required to continue to advance its programs. Additional funds will also be required for the Company to acquire and explore other mineral interests. The Company has limited financial resources and there is no assurance that sufficient additional funding will be available to fulfill its obligations or for further exploration and development, on acceptable terms or at all. Failure to obtain additional funding on a timely basis could result in a delay or indefinite postponement of further exploration and development and could cause the Company to forfeit its interests in some or all of its properties or to reduce or terminate its operations.

Price Volatility and Lack of Active Market

In recent years, the securities markets in Canada and elsewhere have experienced a high level of price and volume volatility, and the market prices of securities of many public companies have experienced significant fluctuations in price which have not necessarily been related to the operating performance, underlying asset values or prospects of such companies. It may be anticipated that any quoted market for the Company’s securities will be subject to such market trends and that the value of such securities may be affected accordingly.

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Storm Exploration Inc. Management’s Discussion and Analysis Year Ended March 31, 2024

Key Executives

The Company is dependent on the services of key executives and a small number of highly skilled and experienced consultants and personnel, whose contributions to the immediate future operations of the Company are likely to be of importance. Locating mineral deposits depends on a number of factors, not the least of which is the technical skill of the exploration personnel involved. Due to the relatively small size of the Company, the loss of these persons or the Company’s inability to attract and retain additional highly skilled employees or consultants may adversely affect its business and future operations. The Company does not currently carry any key man life insurance on any of its executives.

Potential Conflicts of Interest

Certain directors and officers of the Company are, and may continue to be, involved in the mining and mineral exploration industry through their direct and indirect participation in corporations, partnerships or joint ventures which are potential competitors of the Company. Situations may arise in connection with potential acquisitions in investments where the other interests of these directors and officers may conflict with the interests of the Company. Directors and officers of the Company with conflicts of interest will be subject to and will follow the procedures set out in applicable corporate and securities legislation, regulation, rules and policies.

Dividends

The Company has no earnings or dividend record and is unlikely to pay any dividends in the foreseeable future as it intends to employ available funds for mineral exploration and development. Any future determination to pay dividends will be at the discretion of the Board of Directors of the Company and will depend on the Company’s financial condition, results of operations, capital requirements and such other factors as the Board of Directors of the Company deem relevant.

Nature of the Securities

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

Qualified Person

The content of the sections of this MD&A entitled “Discussion of Operations” have been approved by Bruce Counts, B.A. Sc, P.Geo., who is a Qualified Person as defined by NI 43-101 and President, CEO and a Director of Storm Exploration Inc.

Forward-Looking Statements & Cautionary Factors that may Affect Future Results

Certain statements contained in this MD&A constitute forward-looking statements, within the meaning of Canadian securities regulations. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, assumptions or future events or performance (often using words such as "plan", "estimate", "expect", "will", "believe" and similar expressions) are not statements of historical fact and may be forward-looking statements. Forward-looking statements contained in this MD&A include but are not limited to statements relating to the sufficiency of the Company's capital resources, exposure to exchange rate fluctuations, plans for and the duration of the exploration field work program, and expected expenditures of the Company. Such forward-looking statements involve a number of known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Readers are

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Storm Exploration Inc. Management’s Discussion and Analysis Year Ended March 31, 2024

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 set forth above. The Company assumes no obligation to update or revise forward looking statements to reflect new events or circumstances except as required by law.

Additional Information

Additional information relating to the Company is available on the SEDAR website, www.sedarplus.com.

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