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Super Lithium Corp. Management Reports 2025

Oct 29, 2025

48567_rns_2025-10-29_05d2d45d-d364-4954-b5a8-2fdb556294d4.pdf

Management Reports

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MANAGEMENT'S DISCUSSION AND ANALYSIS FOR SUPER LITHIUM CORP.
FOR THE NINE-MONTH INTERIM PERIOD ENDED AUGUST 31, 2025

FORM 51-102F1

Background

This discussion and analysis of financial position and results of operations is prepared as at October 27, 2025 and should be read in conjunction with the financial statements for the fiscal year ended November 30, 2024 and for the nine-month interim period ended August 31, 2025 of Super Lithium Corp. ("Super Lithium" or the "Company"). The financial statements have been prepared in accordance with International Financial Reporting Standards ("IFRS"). Except as otherwise disclosed, all dollar figures included therein and the following management discussion and analysis ("MD&A") are quoted in Canadian dollars.

Cautionary Statement on Forward Looking Information

This MD&A may include forward-looking statements with respect to business plans, activities, prospects, opportunities and events anticipated or being pursued by the Company and the Company's future results. Although the Company believes the assumptions underlying such statements to be reasonable, any of the assumptions may prove to be incorrect. The anticipated results or events upon which current expectations are based may differ materially from actual results or events. Therefore, undue reliance should not be placed on such forward-looking information. A number of risks and uncertainties could cause our actual results to differ materially from those expressed or implied by the forward-looking statements, including: (1) a downturn in general economic conditions in North America and internationally, (2) the uncertainty as to property development and exploration milestones, (3) the risk that the Company does not execute its business plan, (4) inability to retain key employees, (5) inability to finance exploration and growth, and (6) other factors beyond the Company's control.

Forward-looking statements speak only as of the date of this MD&A and actual results could differ materially from those anticipated in the forward-looking statements as a result of a number of factors. Investors should not place undue reliance on forward-looking statements as the plans, intentions or expectations upon which they are based may not occur. The Company does not assume responsibility for the accuracy and completeness of the forward-looking statements set out in this MD&A and, subject to applicable securities laws, does not undertake any obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances. The forward-looking statements contained herein are expressly qualified by this cautionary statement.

Overview

Super Lithium is engaged in the identification, acquisition, exploration and development of mineral projects.

The Company holds the exclusive option to acquire a 100% interest, subject to a 2% net smelter returns royalty, in 112 unpatented lode mining claims, which are located in Nye County, Nevada and known as the Railroad Valley property (the "Property").

On July 12, 2022, as amended on December 15, 2023 and March 31, 2025, the Company entered into a Mineral Property Option Agreement (the "Agreement"), whereby the Company was granted an option to acquire a 100%, interest in 112 mining claims located in Nye County, Nevada (the "Railroad Valley Property"). Pursuant to the Agreement, the Company must make the following payments and expenditures in order to keep the option in good standing:


i) US$50,000 upon execution of the Agreement ($64,400 paid in July 2022);
ii) Issuance of 1,000,000 common shares of the Company upon execution of the Agreement (issued at a fair value of $20,000 in July 2022);
iii) US$75,000 by August 31, 2026; and
iv) US$100,000 by August 31, 2027.

The Company must also fund exploration and development work on the Property totalling at least US$380,000 as follows:

i) US$50,000 by December 31, 2022 (met);
ii) an additional US$80,000 by December 31, 2025; and
iii) an additional US$250,000 by December 31, 2026.

The Company must also pay all Bureau of Land Management and other fees necessary to keep the property in good standing pursuant to the laws of the State of Nevada.

Once the above payments have been made, the Company can exercise the option and acquire 100% of the right, title and interest in the Railroad Valley Property. The vendor shall retain a 2% net smelter royalty (subject to an optional repurchase of 1% of the NSR by the Company for $1,000,000) in respect of all products produced from the property.

Super Lithium conducted an initial exploration program on the Property that consisted of a CSAMT geophysical survey and soil geochemistry and has commissioned an independent technical report prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

Overall Performance

Because Super Lithium is involved in the exploration of mineral properties without any known economic quantities of mineralization, it has not generated any revenue to date and is unlikely to realize revenue in the foreseeable future. Management anticipates that it will incur expenses in connection with the exploration of its mineral properties, compliance with applicable securities rules and continuous disclosure requirements, and general and administrative costs.

In the nine-month interim period ended August 31, 2025, the Company incurred a net loss of $126,600, which consisted of professional fees of $38,734, exploration expense of $33,356, transfer agent and filing fees of $46,265, management fees of $9,000, general and administrative fees of $496, and depreciation expense of $150 related to computer equipment. In addition, the Company incurred accretion expense of $1,032 and interest expense of $1,050. This was offset by a $956 gain on the extinguishment of debt and a $2,527 gain on issuance of below-market rate loan.

The Company anticipates that it will continue to incur increasing expenses in fiscal 2025 as it conducts further exploration of its Property interests.


Summary of Quarterly Results

The following is selected financial information from the Company's eight most recently completed fiscal quarters:

3^{rd} Qtr. Ended 8-31-25 2^{nd} Qtr. Ended 5-31-25 1^{st} Qtr Ended 2-28-25 4^{th} Qtr Ended 11-30-24
Total Revenues Nil Nil Nil Nil
Operating Loss ($76,231) ($33,188) ($18,582) ($9,255)
Total Net Loss ($74,504) ($32,883) ($19,213) ($9,866)
Total Net Loss Per Share (0.01) ($0.01) ($0.01) ($0.00)
3^{rd} Qtr Ended 8-31-24 2^{nd} Qtr Ended 5-31-24 1^{st} Qtr Ended 2-29-24 4^{th} Qtr Ended 11-30-23
--- --- --- --- ---
Total Revenues Nil Nil Nil Nil
Operating Loss ($50,410) ($3,189) ($17,117) ($6,307)
Total Net Loss ($50,999) ($3,752) ($17,451) ($6,307)
Total Net Loss Per Share ($0.02) ($0.00) ($0.01) ($0.00)

Factors causing significant variations in quarterly results are as follows:

During the three months ended November 30, 2023, the Company recorded an operating and net loss of $6,307. The loss was mainly comprised of general and administrative expenses of $3,257 and management fees of $3,000.

During the three months ended February 28, 2024, the Company recorded an operating loss of $17,118 and net loss of $17,451. The loss was mainly comprised of exploration fees of $14,000 and management fees of $3,000. Other expenses included interest expense of $215 and accretion expense of $118.

During the three months ended May 31, 2024, the Company recorded an operating loss of $3,189 and net loss of $3,752. The loss was mainly comprised of general and administrative expenses of $139 and management fees of $3,000. Other expenses included interest expense of $353 and accretion expense of $210.

During the three months ended August 31, 2024, the Company recorded an operating loss of $50,410 and net loss of $50,999. The loss was mainly comprised of exploration expenses of $33,529, professional fees of $13,888, and management fees of $3,000. Other expenses included interest expense of $353 and accretion expense of $236.

During the three months ended November 30, 2024, the Company recorded an operating loss of $9,255 and net loss of $9,866. The loss was mainly comprised of general and administrative expenses of $928 and professional fees of $5,277, and management fees of $3,000. Other expenses included interest expense of $350 and accretion expense of $261.

During the three months ended February 28, 2025, the Company recorded an operating loss of $18,582 and a net loss of $19,213. The net loss was comprised of professional fees of $15,465, management fees of $3,000, general and administrative fees of $67, depreciation expense of $50 related to computer equipment. In addition, the Company incurred accretion expense of $286 relating to a convertible promissory note it issued and interest expense of $345.


During the three months ended May 31, 2025, the Company recorded an operating loss of $33,188 and a net loss of $32,883. The net loss was comprised of transfer agent and filing fees of $21,665, professional fees of $8,405, management fees of $3,000, general and administrative fees of $68, and depreciation expense of $50. In addition, the Company incurred accretion expense of $299 relating to a convertible promissory note it issued, interest expense of $352, which were offset by a $956 gain on extinguishment of debt.

During the three-month period ended August 31, 2025, the Company recorded an operating loss of $76,231, which consisted of $33,356 in exploration expenses related to its interest in the Railroad Valley lithium property, $14,864 in professional fees, $3,000 in management fees paid to our president, transfer agent and filing fees of $24,600, general and administrative expense of $361, and depreciation expense of $50 relating to computer equipment.

Liquidity

As at August 31, 2025, the Company had current assets of $152,147 and $24,214 in current liabilities, resulting in working capital of $127,933. Total shareholders' equity was $180,250 as at August 31, 2025.

As the Company will not generate funds from operations for the foreseeable future, the Company is primarily reliant upon the sale of equity securities in order to fund operations. Since inception, the Company has funded limited operations through the issuance of equity securities on a private placement basis. This has permitted the Company to carry out initial exploration on its property. The Company anticipates that its cash on hand of $150,862 will be sufficient to cover expected administrative and exploration expenses for the next twelve-month period.

Capital Resources

The Company anticipates spending approximately US$80,000 (approximately CAD$112,000) to carry out the next phase exploration program on the Property. The Company also anticipates spending $50,000 to cover anticipated general and administrative costs and legal, audit, and office overhead expenses for the next 12-month period. At August 31, 2025, the Company had cash of $150,862, which is insufficient to cover all expected exploration, operations and administrative expenses for the next twelve months. The Company cannot offer any assurance that expenses will not exceed management's expectations. The Company may require additional funds and will be dependent upon its ability to secure equity and/or debt financing, the availability of which cannot be assured.

Although the Company currently has limited capital resources, the Company anticipates that additional funding will come from equity financing from the sale of the Company's shares or through debt financing. The Company may also seek loans. It may also receive proceeds from the exercise of outstanding share purchase warrants and stock options.

Off Balance Sheet Arrangements

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


Management and Related Party Transactions

The Company’s Board of Directors consists of Allan Korneychuk, David Beck, Christopher Paterson, and Robert Reukl. Allan Korneychuk acts as President and Chief Executive Officer and David Beck acts as Chief Financial Officer of the Company.

Since its inception on December 17, 2021, the Company has entered into the following transactions with its directors and officers:

(a) The Company issued an aggregate of 2,000,000 common shares to its directors and officers for consideration of $0.005 per share; and

(b) The Company entered into a management agreement dated effective February 21, 2022 with Allan Korneychuk, the Company’s President and Chief Executive Officer whereby the Company pays $1,000 in management fees to Mr. Korneychuk each month. The Company paid $9,000 to Mr. Korneychuk pursuant to this agreement during the nine-month period ended August 31, 2025. During each of the fiscal years ended November 30, 2024 and 2023, the Company paid $12,000 (period from incorporation on December 17, 2021 to November 30, 2022 – $10,000) to Mr. Korneychuk pursuant to the management agreement; and

(c) On August 6, 2025, Christopher Paterson provided an unsecured, non-interest bearing loan of $20,000 to the Company, which is payable upon demand at any time on or after October 15, 2026.

Critical Accounting Estimates

A detailed summary of all of the Company's significant accounting policies is included in Note 2 to the audited financial statements for the period ended November 30, 2024.

Statement of Compliance and Basis of Presentation

These financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). These financial statements have been prepared on a historical cost basis, and are presented in Canadian dollars, which is the Company’s functional currency.

Significant Accounting Judgments and Estimates

The preparation of financial statements in conformity with IFRS requires management to make certain estimates, judgments and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported revenues and expenses during the year. Although management uses historical experience and its best knowledge of the amount, events or actions to form the basis for judgments and estimates, actual results may differ from these estimates. The most significant account that requires estimates as the basis for determining the stated amounts include recognition of deferred income tax amounts.

Critical judgments exercised in applying accounting policies that have the most significant effect on the amounts recognized in the financial statements are as follows:

Economic recoverability and probability of future economic benefits of mineral properties

Management has determined that mineral property costs incurred which were capitalized have future economic benefits and are economically recoverable. Management uses several criteria in its assessments


of economic recoverability and probability of future economic benefits including geological and metallurgic information, history of conversion of mineral deposits to proven and probable reserves, scoping and feasibility studies, accessible facilities, existing permits and life of mine plans.

Determination of functional currency

The Company determines the functional currency through an analysis of several indicators such as expenses and cash flow, financing activities, retention of operating cash flows, and frequency of transactions with the reporting entity.

Income taxes

In assessing the probability of realizing income tax assets, management makes estimates related to expectations of future taxable income, applicable tax opportunities, expected timing of reversals of existing temporary differences and the likelihood that tax positions taken will be sustained upon examination by applicable tax authorities. In making its assessments, management gives additional weight to positive and negative evidence that can be objectively verified.

Cash and Cash Equivalents

The Company considers all highly liquid instruments with a maturity of three months or less at the time of issuance, are readily convertible to known amounts of cash, and which are subject to insignificant risk of changes in value to be cash equivalents.

Financial Instruments

(i) Classification

The Company classifies its financial instruments into the following categories: at fair value through profit and loss ("FVTPL"), at fair value through other comprehensive income (loss) ("FVTOCI") or at amortized cost. The Company determines the classification of financial assets at initial recognition. The classification of debt instruments is driven by the Company's business model for managing the financial assets and their contractual cash flow characteristics. Equity instruments that are held for trading are classified as FVTPL. For other equity instruments, on the day of acquisition the Company can make an irrevocable election (on an instrument-by-instrument basis) to designate them at FVTOCI. Financial liabilities are measured at amortized cost, unless they are required to be measured at FVTPL (such as instruments held for trading or derivatives) or if the Company has opted to measure them at FVTPL.

The following table shows the classification of financial assets and liabilities:

Financial assets/liabilities Classification
Cash FVTPL
Accounts payable and accrued liabilities Amortized cost
Convertible note Amortized cost
Related party promissory note Amortized cost

(ii) Measurement

Financial assets and liabilities at amortized cost

Financial assets and liabilities at amortized cost are initially recognized at fair value plus or minus


transaction costs, respectively, and subsequently carried at amortized cost less any impairment.

Financial assets and liabilities at FVTPL

Financial assets and liabilities carried at FVTPL are initially recorded at fair value and transaction costs are expensed in the statements of comprehensive loss. Realized and unrealized gains and losses arising from changes in the fair value of the financial assets and liabilities held at FVTPL are included in the statements of comprehensive loss in the period in which they arise.

Debt investments at FVTOCI

These assets are subsequently measured at fair value. Interest income calculated using the effective interest method, foreign exchange gains and losses and impairment are recognised in profit or loss. Other net gains and losses are recognised in Other Comprehensive Income (“OCI”). On derecognition, gains and losses accumulated in OCI are reclassified to profit or loss.

Equity investments at FVTOCI

These assets are subsequently measured at fair value. Dividends are recognised as income in profit or loss unless the dividend clearly represents a recovery of part of the cost of the investment. Other net gains and losses are recognised in OCI and are never reclassified to profit or loss.

(iii) Impairment of financial assets at amortized cost

The Company recognizes a loss allowance for expected credit losses on financial assets that are measured at amortized cost. At each reporting date, the Company measures the loss allowance for the financial asset at an amount equal to the lifetime expected credit losses if the credit risk on the financial asset has increased significantly since initial recognition. If at the reporting date, the credit risk of the financial asset has not increased significantly since initial recognition, the Company measures the loss allowance for the financial asset at an amount equal to the twelve month expected credit losses. The Company shall recognize in the statements of comprehensive loss, as an impairment gain or loss, the amount of expected credit losses (or reversal) that is required to adjust the loss allowance at the reporting date to the amount that is required to be recognized.

(iv) Derecognition

Financial assets

The Company derecognizes financial assets only when the contractual rights to cash flows from the financial assets expire, or when it transfers the financial assets and substantially all the associated risks and rewards of ownership to another entity.

Financial liabilities

The Company derecognizes a financial liability when its contractual obligations are discharged, cancelled, or expire. The Company also derecognizes a financial liability when the terms of the liability are modified such that the terms and / or cash flows of the modified instrument are substantially different, in which case a new financial liability based on the modified terms is recognized at fair value.

Gains and losses on derecognition are generally recognized in profit or loss.


Equipment

Equipment consists of computer equipment, which is recorded at cost. The Company amortizes the cost of computer equipment over their estimated useful life of five years using the straight-line basis.

Mineral Property Interests

The Company records its interests in mineral properties and areas of geological interest at cost. All direct and indirect costs related to the acquisition of these interests are capitalized on the basis of specific claim blocks or areas of geological interest until the properties to which they relate are placed into production, sold or management has determined there to be an impairment in value. These costs will be depleted using the unit-of-production method based on the estimated proven and probable reserves available on the related property following commencement of production.

The amounts shown for mineral properties represent acquisition costs and option payments, and do not necessarily reflect present or future value. Recoverability of these amounts will depend upon the existence of economically recoverable reserves, the ability of the Company to obtain financing necessary to complete development, and future profitable production. The Company reviews the carrying values of mineral properties when there are any events or change in circumstances that may indicate impairment. Where estimates of future cash flows are available, an impairment charge is recorded if the estimated undiscounted future net cash flows expected to be generated by the property is less than the carrying amount. An impairment charge is recognized by the amount by which the carrying amount of the property exceeds the fair value of the property.

Mineral Exploration Expenses

Exploration expenses are charged to operations as incurred. When it has been established that a mineral deposit is commercially mineable and a decision has been made to formulate a mining plan (which occurs upon completion of a positive economic analysis of the mineral deposit), the costs subsequently incurred to develop the mine on the property prior to the start of the mining operations are capitalized. Exploration expenses that are incurred before the Company has obtained the legal rights to explore and develop a property are expensed.

Impairment of Non-Current Assets

At each reporting date, the Company reviews the carrying amounts of its tangible assets to determine whether there are any indications of impairment. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment, if any.

Where the asset does not generate cash flows that are independent from other assets, the Company estimates the recoverable amount of the cash generating unit ("CGU") to which the asset belongs. The recoverable amount is determined as the higher of fair value less direct costs to sell and the asset's value in use. In assessing value in use, the estimated future cash flows are discounted to their present value. Estimated future cash flows are calculated using estimated recoverable reserves, estimated future commodity prices and the expected future operating and capital costs. The pre-tax discount rate applied to the estimated future cash flows reflects current market assessments of the time value of money and the risks specific to the asset for which the future cash flow estimates have not been adjusted. If the carrying amount of an asset or CGU exceeds its recoverable amount, the carrying amount of the asset or CGU is reduced to its recoverable amount through an impairment charge to the statement of comprehensive loss.

Assets that have been impaired are tested for possible reversal of the impairment whenever events or changes in circumstance indicate that the impairment may have reversed. When an impairment


subsequently reverses, the carrying amount of the asset or CGU is increased to the revised estimate of its recoverable amount, but only so that the increased carrying amount does not exceed the carrying amount that would have been determined (net of depreciation, depletion and amortization) had no impairment loss been recognized for the asset or CGU in prior periods. A reversal of impairment is recognized as a gain in the statement of comprehensive loss.

Reclamation and Remediation Provisions

The Company recognizes a provision for statutory, contractual, constructive or legal obligations associated with decommissioning of mining operations and reclamation and rehabilitation costs arising when environmental disturbance is caused by the exploration or development of mineral properties, plant and equipment. Provisions for site closure and reclamation are recognized in the period in which the obligation is incurred or acquired, and are measured based on expected future cash flows to settle the obligation, discounted to their present value. The discount rate used is a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability including risks specific to the countries in which the related operation is located.

When an obligation is initially recognized, the corresponding cost is capitalized to the carrying amount of the related asset in mineral properties, plant and equipment. These costs are depreciated using either the unit of production or straight-line method depending on the asset to which the obligation relates. The obligation is increased for the accretion and the corresponding amount is recognized as a finance expense. The obligation is also adjusted for changes in the estimated timing, amount of expected future cash flows, and changes in the discount rate. Such changes in estimates are added to or deducted from the related asset except where deductions are greater than the carrying value of the related asset in which case, the amount of the excess is recognized in the statement of comprehensive loss.

Due to uncertainties concerning environmental remediation, the ultimate cost to the Company of future site restoration could differ from the amounts provided. The estimate of the total provision for future site closure and reclamation costs is subject to change based on amendments to laws and regulations, changes in technology, price increases and changes in interest rates, and as new information concerning the Company's closure and reclamation obligations becomes available.

Share Capital

Common shares are classified as equity. Transaction costs directly attributable to the issue of common shares and stock options are recognized as a deduction from equity, net of any tax effects.

Valuation of equity units issued in private placements

The Company has adopted a residual value method with respect to the measurement of shares and warrants issued as private placement units. The residual value method first allocates value to the more easily measurable component based on fair value and then the residual value, if any, to the less easily measurable component.

Foreign Currency Translation

The Company's functional currency, being the currency of the primary economic environment in which the Company operates, is the Canadian dollar. Transactions denominated in foreign currencies are translated using the exchange rate in effect on the transaction date or at an average rate. Monetary assets and liabilities denominated in foreign currencies are retranslated at the rate of exchange in effect at the statement of financial position date. Non-monetary items are translated using the historical rate on the date of the transaction. Foreign exchange gains and losses are included in the statement of comprehensive loss.


Income Taxes

Current income tax

Current income tax assets and liabilities for the current period are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted, at the reporting date. Current income tax relating to items recognized directly in other comprehensive income or equity is recognized in other comprehensive income or equity and not in the statement of comprehensive loss. Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate.

Deferred income

Deferred income tax is provided using the asset and liability method on temporary differences at the reporting date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. The carrying amount of deferred income tax assets is reviewed at the end of each reporting period and recognized only to the extent that it is probable that sufficient taxable income will be available to allow all or part of the deferred income tax asset to be utilized.

Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred income tax assets and deferred income tax liabilities are offset, if a legally enforceable right exists to set off current tax assets against current income tax liabilities and the deferred income taxes relate to the same taxable entity and the same taxation authority.

Comprehensive Income (Loss)

Comprehensive income (loss) is the change in the Company's net assets that results from transactions, events and circumstances from sources other than the Company's shareholders and includes items that are not included in the statement of comprehensive loss. As at August 31, 2025, the Company had no items that represent comprehensive income or loss.

Loss Per Share

Basic loss per share is computed using the weight average number of common shares outstanding during the period. The treasury stock method is used for the calculation of diluted loss per share, whereby all "in the money" stock options and share purchase warrants are assumed to have been exercised at the beginning of the period and the proceeds from their exercise are assumed to have been used to purchase common shares at the average market price during the period. When a loss is incurred during the period, basic and diluted loss per share are the same as the exercise of stock options and share purchase warrants is considered to be anti-dilutive. As at August 31, 2025, the Company had 7,210,000 potentially dilutive shares outstanding.

Share-based Payments

Share-based payments to employees are measured at the fair value of the instruments issued and amortized over the vesting periods. Share-based payments to non-employees are measured at the fair value of goods or services received or the fair value of the equity instruments issued, if it is determined the fair value of the goods or services cannot be reliably measured and are recorded at the date the goods or services are received. The corresponding amount is recorded to the equity reserve. The fair value of options is


determined using the Black-Scholes Option Pricing Model. The number of shares and options expected to vest is reviewed and adjusted at the end of each reporting period such that the amount recognized for services received as consideration for the equity instruments granted shall be based on the number of equity instruments that eventually vest.

Accounting Standards Issued But Not Yet Adopted

All other new accounting standards and amendments to existing standards that have been issued and that the Company will be required to adopt in future years are either not applicable or are not expected to have a significant impact on the Company’s financial statements.

Disclosure of Outstanding Security Data

Common Shares

As at August 31, 2025, and the date of this MD&A, the Company had 13,479,500 common shares issued and outstanding.

Special Warrants

On August 20, 2025, 7,210,000 Series “A” special warrants and 3,287,500 Series “B” special warrants were exercised. As at August 31, 2025, and the date of this MD&A, the Company had no special warrants issued and outstanding.

Share Purchase Warrants

As at August 31, 2025, and the date of this MD&A, the Company had 7,210,000 share purchase warrants issued and outstanding. Each warrant entitles holder to acquire one additional common share of the Company at a price of $0.10 per share until September 3, 2030.

Additional Disclosure for Venture Issuers without Significant Revenue

During the period ended August 31, 2025, the Company incurred general and administrative expenses of $496, which consisted of bank fees.