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UraniumX Discovery Corp. Management Reports 2026
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Management Reports
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Great Basin Metals Inc.
Management's Discussion & Analysis
Quarter ended January 31, 2026
Dated: March 31, 2026
Great Basin Metals Inc.
GREAT BASIN METALS INC.
(Formerly Regal Resources Inc.)
MANAGEMENT'S DISCUSSION AND ANALYSIS
Accompanying the January 31, 2026
Consolidated Unaudited Interim Financial Statements
Dated: March 31, 2026
Great Basin Metals Inc.
Management's Discussion & Analysis
Quarter ended January 31, 2026
Dated: March 31, 2026
Disclaimer
This Management's Discussion and Analysis ("MD&A") of Great Basin Metals Inc. (formerly Regal Resources Inc.) (the "Company") is management's interpretation of the results and financial condition of the Company and has been prepared as of March 31, 2026. This MD&A should be read in conjunction with the Company's unaudited condensed consolidated interim financial statements for the three and six months ended January 31, 2026 and 2025, together with the related notes, and the audited consolidated financial statements for the years ended July 31, 2025 and 2024. The Company's financial statements are prepared in accordance with IFRS Accounting Standards. Unless otherwise indicated, all amounts in this MD&A are expressed in Canadian dollars.
This MD&A contains forward-looking information relating to the Company's business, operations, financing plans, exploration activities and expected milestones. Forward-looking information is based on management's current expectations and assumptions and is subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially. Readers should not place undue reliance on forward-looking information. Except as required by applicable securities laws, the Company undertakes no obligation to update such information.
Overview
Great Basin Metals Inc. was incorporated under the Business Corporations Act (British Columbia) on January 24, 2006. The Company is a mineral exploration issuer focused on mineral property interests in Arizona, USA. The Company's principal asset is its interest in the Sunnyside Property located in Santa Cruz County, Arizona. The Company was suspended from trading on the Canadian Securities Exchange on April 25, 2016 and trading has not been reinstated. The Company's head office is located at 1650 Cedar Crescent, Vancouver, British Columbia, and its registered office is located at Suite 700, 401 West Georgia Street, Vancouver, British Columbia. The Company holds its U.S. mineral interests through its wholly owned subsidiary, Regal Resources USA, Inc.
OVERALL PREFORMANCE/ DISCUSSION OF OPERATIONS
Highlights
During the six months ended January 31, 2026, the Company's activities were primarily focused on:
(a) monitoring Barksdale's progress under the Sunnyside earn-in agreement;
(b) receiving the Year 2 earn-in consideration from Barksdale consisting of $1,000,000 cash and 5,000,000 Barksdale shares;
(c) reviewing the technical and financial information submitted by Barksdale in support of its initial 51% earn-in at Sunnyside;
(d) reducing outstanding debt and related obligations through cash payments and debt settlements completed in September 2025, including the issuance of 53,236,681 units, each comprised of one common share and one share purchase warrant exercisable at $0.12 per share until September 15, 2027; and
(e) advancing acquisition efforts relating to the Covellite and El Tigre projects in Arizona.
Great Basin Metals Inc.
Management's Discussion & Analysis
Quarter ended January 31, 2026
Dated: March 31, 2026
The Company reported net income of $1,521,085 for the six months ended January 31, 2026, compared with net income of $56,594 in the comparative period. The current-period result was driven primarily by the $1,425,000 gain recognized on the Year 2 Sunnyside option payment and a $350,000 unrealized gain on marketable securities, partially offset by finance costs, management fees, professional fees and other corporate costs.
At January 31, 2026, the Company had cash of $191,705, marketable securities of $775,000, working capital of approximately $445,805 to $449,212 depending on classification used in the MD&A presentation, and total liabilities of $593,288, compared with total liabilities of $4,979,059 at July 31, 2025. The reduction in liabilities reflects substantial debt settlements completed during the period.
The Company has no source of revenue at this time other than the property payments required by Barksdale. The Company remains dependent on additional financing to fund corporate overhead, project advancement and any future cash calls or participation obligations arising under the Sunnyside joint venture arrangements once Barksdale's earn-in is finalized. The Company has sustained losses from operations to date. These conditions cast significant doubt on the Company's ability to continue as a going concern. The Company's ability to continue as a going concern is dependent primarily upon its ability to obtain necessary financing from the issuance of shares, borrowing or from other sources. The Company is subject to risks and challenges like other mining companies in a comparable stage of operation, exploration, and development. These risks include, but are not limited to, losses, and negative operating cash flow for the foreseeable future, and the Company's dependence on raising cash through debt or equity markets and the successful development of its mineral property interests to satisfy its commitments and continue as a going concern.
Mineral Property Interests
Sunnyside Property
The Company's principal mineral property interest is the Sunnyside Property in Santa Cruz County, Arizona. The Sunnyside Property is comprised of 286 unpatented mining claims totaling approximately 5,223.71 acres (2,113.96 hectares) located in the Patagonia Mountains of southern Arizona approximately 90 minutes' drive south of Tucson. The Sunnyside Property is cored by a large intrusive complex confirmed by previous drilling. This setting is interpreted to have driven a large hydrothermal system which resulted in deposition of a classically zoned porphyry copper deposit and associated distal, polymetallic skarn (Cu, Pb, Zn, Ag) and carbonate replacement deposits.
In August 2017, the Company entered into an arm's length option agreement with Barksdale Resources Corp. ("Barksdale") pursuant to which Barksdale may earn up to a 67.5% interest in the property in two stages by completing cash payments, share issuances and exploration expenditures. All exploration activities at Sunnyside since commencement of the option have been carried out by Barksdale. A tabular presentation of earn in requirements and status is below:
Great Basin Metals Inc.
Management's Discussion & Analysis
Quarter ended January 31, 2026
Dated: March 31, 2026
| Period | Cash $ | Exploration Requirement $ | Number of Shares |
|---|---|---|---|
| To Earn 51% Interest | |||
| Upon execution of Sunnyside Agreements | 100,000 | ||
| (paid) | - | - | |
| Within 3 days following TSXV acceptance of Option | 650,000 | ||
| (paid) | - | 1,250,000 | |
| (received) | |||
| On or before end of Year 1 * | 1,200,000 | ||
| (paid) | 3,000,000 | ||
| (advised incurred, | |||
| under review) | 3,850,000 | ||
| (received) | |||
| On or before end of Year 2** | 1,000,000 | ||
| (paid) | 3,000,000 | ||
| (advised incurred, | |||
| under review) | 5,000,000 | ||
| (received) | |||
| To Increase Interest to 67.5% | |||
| On or before end of Year 3 | - | 3,000,000 | - |
| On or before end of Year 4 | 550,000 | 3,000,000 | 4,900,000 |
| Total | 3,500,000 | 12,000,000 | 15,000,000 |
During the period, the Company received the Year 2 earn-in consideration from Barksdale consisting of $1,000,000 cash and 5,000,000 Barksdale common shares. Based on Barksdale's public disclosure and information provided to the Company, Barksdale has advised that it has completed the drilling footage and expenditures required to earn its initial 51% interest. As at the date of this MD&A, the Company is reviewing the supporting technical and financial information in order to confirm satisfaction of the earn-in requirements. If Barksdale's initial earn-in is confirmed, Barksdale will have the right to increase its interest to 67.5% by completing an additional cash payment, share issuance and exploration expenditures within the second earn-in period. Upon completion of the applicable earn-in, the parties will participate in a joint venture to further explore and develop the property. Great Basin expects that it will need additional capital to meet future participation obligations once the joint venture becomes operative.
In June 2025, Barksdale Resources Corp. indicated its intention to advance to the second earn-in stage at the Sunnyside Property through an additional drill program of approximately 7,620 metres; however, due to drill contractor availability, the program was deferred to the first quarter of calendar 2026. In February 2026, Barksdale commenced its Phase II earn-in drilling program targeting near-surface copper and polymetallic mineralization identified through historical drilling, geochemical sampling and geophysical surveys. The program is expected to take approximately three to four months to complete, with assay results anticipated within two months following submission.
The Company has initiated a National Instrument 43-101 technical report on the Sunnyside Property. Management expects this report to support future technical disclosure and strategic planning, although timing of completion remains subject to the availability of the qualified person and supporting data. The Company currently expects to receive the report during the quarter ended April 30, 2026.
The Company capitalized $35,810 in geological services to the Sunnyside Property during the six months ended January 31, 2026. At January 31, 2026, the carrying value of mineral property interests was $35,810.
Great Basin Metals Inc.
Management's Discussion & Analysis
Quarter ended January 31, 2026
Dated: March 31, 2026
| Sunnyside Property ($) | |
|---|---|
| Balance July 31, 2025 | - |
| Geological Services | 35,810 |
| Balance, January 31, 2026 | 35,810 |
Other Mineral Interests
On February 26, 2026, the Company entered into a purchase agreement with Chris Osterman to acquire interests in the Covellite Project and the El Tigre Project, both located in Arizona. Under the renegotiated terms disclosed in Note 4 to the interim financial statements, consideration is $20,000 in cash, 6,000,000 common shares and a 0.5% net smelter royalty, together with a finder's fee providing for the issuance of 300,000 common shares upon closing. As at January 31, 2026, the acquisition had not closed. The Company had incurred $198,803 (US$145,916) in connection with the transaction, including prepaid amounts and staking and registration costs.
The Company is advancing the Covellite and El Tigre projects in Arizona, both of which are prospective for copper, silver and gold mineralization. The Covellite Project, located proximal to the Sierrita porphyry copper mine, is underlain by Jurassic schists and Proterozoic granite and hosts near-surface occurrences of covellite and chalcocite associated with silver-bearing mineralization. Surface sampling and mapping of sulfide vein fragments suggest a structurally controlled mineralized system with potential for both a shallow high-grade copper-silver target and a deeper porphyry copper source. The El Tigre Project, located within the Chiricahua Mountains along the northern extension of the Sierra Madre mineral belt, hosts epithermal quartz vein mineralization with historically reported high-grade silver values. The mineralization is associated with Tertiary volcanic rocks and structurally controlled by faulting near a volcanic caldera margin. Given the presence of existing underground workings and limited modern exploration, the Company intends to advance both projects to initial drill testing, subject to permitting.
Corporate Developments
Effective July 7, 2025, the Company changed its name from Regal Resources Inc. to Great Basin Metals Inc. in anticipation of the next phase of development of the Sunnyside Property and the potential commencement of joint venture arrangements with Barksdale.
On February 2, 2026, Tony Louie resigned as a director of the Company. On the same date, Jason Dale Mizer was appointed as a director of the Company.
Outlook and Economic Conditions
Over the next 12 months, the Company's primary objectives are to:
(i) complete its review of Barksdale's initial 51% earn-in at Sunnyside;
(ii) assess the timing and funding implications of any resulting joint venture participation obligations;
(iii) advance the Covellite and El Tigre acquisitions;
(iv) complete the current NI 43-101 technical report on the Sunnyside Property; and
(v) evaluate financing alternatives to support corporate working capital and future project participation.
Great Basin Metals Inc.
Management's Discussion & Analysis
Quarter ended January 31, 2026
Dated: March 31, 2026
The Company is not generating operating revenue and remains exposed to financing risk, commodity price risk, exploration risk, and general market conditions affecting junior resource issuers. Management will continue to prioritize preservation of cash while evaluating strategic opportunities to expand the Company's property portfolio.
SELECTED QUARTERLY INFORMATION
The following table sets out selected financial information for the Company's eight most recently completed quarters:
| Three Months Ended | Revenue $ | General and administrative expenses $ | Non Recurring Expenses | Exploration Expenses $ | Net Income (Loss) $ | Gain (Loss) Per Share $ |
|---|---|---|---|---|---|---|
| January 31, 2026 | 0 | 95,025 | 0 | 1,121 | 243,693(7) | 0.002 |
| October 31, 2025 | 0 | 60,383 | 0 | 6,768 | 1,277,392(6) | 0.014 |
| July 31, 2025 | 0 | 262,424 | 0 | 0 | (385,165)(5) | (0.01) |
| April 30, 2025 | 0 | 122,592 | 0 | 0 | (122,979)(4) | (0.00) |
| January 31, 2025 | 0 | 80,378 | 0 | 0 | (366,509)(3) | (0.00) |
| October 31, 2024 | 0 | 17,635 | 228,229 | 0 | 423,103(2) | (0.00) |
| July 31, 2024 | 0 | 116,814 | 0 | 0 | (201,613)(1) | (0.00) |
| April 30, 2024 | 0 | 64,852 | 0 | 0 | (164,369) | (0.00) |
(1) This includes a write off of GST receivables in the amount of $38,127, finance costs of $532,598, losses on foreign exchange of $1,622 and a gain from debt modifications of $102,226.
(2) This includes a gain of $851,166 with respect to an option payment received from Barksdale, a loss on the sale of marketable securities of $5,990, an unrealized loss in the value of marketable securities of $31,200, finance costs of $144,361 and losses on foreign exchange of $648.
(3) This includes a loss on the sale of marketable securities of $13,156, an unrealized loss in the value of marketable securities of $131,087, finance costs of $141,879 and foreign exchange of $9.
(4) This includes a loss on the sale of marketable securities of $162,674, an unrealized gain in the value of marketable securities of $162,287, finance costs of $96,083 and a gain on foreign exchange of $59.
(5) This includes a write off of GST receivables in the amount of $25,245, finance costs of $214,390 and a gain from debt modifications of $116,894.
(6) This includes a gain of $1,425,000 with respect to an option payment received from Barksdale, finance costs of $80,457.
(7) This includes a gain on the sale of marketable securities of $350,000 offset by finance costs of $4,197, foreign exchange of $5,964. general and administrative expenses of $95,025 and exploration expenses of $1,121.
RESULTS OF OPERATIONS
Three Months ended January 31,2026
The following table sets forth expense items with variances between the three months ended January 31, 2026 and 2025:
| January 31, 2026 $ | January 31, 2025 $ | Increase/(Decrease) $ | |
|---|---|---|---|
| Expenses | |||
| Finance costs | 4,197 | 141,879 | (137,682) |
| Foreign exchange | 5,964 | 9 | 5,955 |
| Management fees | 46,000 | - | 46,000 |
| Office and miscellaneous | 18,266 | 47,376 | (29,110) |
| Professional fees | 25,538 | 23,667 | 1,871 |
Great Basin Metals Inc.
Management's Discussion & Analysis
Quarter ended January 31, 2026
Dated: March 31, 2026
| Regulatory fees | 5,221 | 9,335 | (4,114) |
|---|---|---|---|
| Other nonrecurring expenses | 1,121 | - | 1,121 |
| Total operating expense | (106,307) | (222,266) | (115,959) |
| Realized loss on sale of marketable securities | - | (13,156) | 13,156 |
| Unrealized gain (loss) on sale of marketable securities | 350,000 | (131,087) | 481,087 |
| Net income (loss) and comprehensive income (loss) for the period | 243,693 | (366,509) | 610,202 |
Finance costs decreased compared to the three months ended January 31, 2025, primarily due to reduced amortization of debt discount of $48,230 and lower interest expense of $89,452, reflecting significant debt repayments made during the period.
Foreign exchange losses increased in the current period, primarily due to the settlement of U.S. denominated expenses and fluctuations in the U.S. dollar exchange rate.
Management fees increased by $46,000 in the current period, as no management or director fees were recorded in the comparative period. Current period fees include $30,000 paid to the Company's CEO and $16,000 in director fees to four members of the Board.
Office and miscellaneous expenses decreased to $18,266 from $47,376 in the comparative period, primarily due to $46,650 in bonuses recorded in the prior year period with no comparable expense in 2026. This decrease was partially offset by higher consulting fees of $10,000 and travel expenses of $7,452 in the current period.
Professional fees increased modestly to $25,538 from $23,667, reflecting higher accounting fees, partially offset by lower legal fees.
Regulatory fees increased to $5,221 from $1,169, due to higher transfer agent costs in the current period. No realized losses on marketable securities were recorded during the current period, as no securities were sold. In contrast, the Company recorded an unrealized gain of $350,000 on marketable securities for the three months ended January 31, 2026, compared to an unrealized loss of $131,087 in the comparative period, reflecting changes in fair value of securities held.
Six Months Ended January 31, 2026
The following table sets forth expense items with variances between the six-month periods ended January 31, 2026 and 2025:
| Six Months Ended January 31, 2026 | Six Months Ended January 31, 2025 | Increase/(Decrease) $ | |
|---|---|---|---|
| Expenses | |||
| Finance costs | 84,654 | 286,240 | (201,586) |
| Foreign exchange | 5,964 | 657 | 5,307 |
| Management fees | 92,000 | - | 92,000 |
| Office and miscellaneous | 23,431 | 48,767 | (25,336) |
| Professional fees | 34,004 | 38,742 | (4,738) |
| Regulatory fees | 5,973 | 10,504 | (4,531) |
| Other nonrecurring expenses | 7,889 | 228,229 | (220,340) |
Great Basin Metals Inc.
Management's Discussion & Analysis
Quarter ended January 31, 2026
Dated: March 31, 2026
| Realized loss on sale of marketable securities | - | (19,146) | 19,146 |
|---|---|---|---|
| Unrealized gain (loss) on marketable securities | 350,000 | (162,287) | 512,287 |
| Gain on sale of mineral property interest | 1,425,000 | 851,166 | 573,833 |
| Net Income (loss) gain and comprehensive income (loss) for period | 1,521,084 | 56,594 | 1,464,490 |
Results of Operations – Six Months Ended January 31, 2026
Finance costs decreased significantly compared to the six months ended January 31, 2025, primarily due to reduced amortization of debt discount of $66,031 and lower interest expense of $135,555 (inclusive of nominal interest income), reflecting substantial debt repayments during the period.
Foreign exchange losses increased by $5,307 compared to the prior year period, primarily due to fluctuations in the U.S. dollar, as certain of the Company's liabilities are denominated in U.S. currency.
Management fees increased by $92,000 in the current period, as no management or director fees were recorded in the comparative period. Fees for the six months ended January 31, 2026 include $60,000 paid to the Company's CEO and $32,000 in director fees to four members of the Board.
Office and miscellaneous expenses decreased to $23,431 from $48,767 in the comparative period, primarily due to $46,650 in bonuses recorded in the prior year period with no comparable expense in 2026. This decrease was partially offset by higher consulting fees of $13,038 and travel expenses of $7,452 in the current period.
Professional fees decreased to $34,004 from $38,742, primarily due to lower accounting fees, partially offset by higher legal fees.
Regulatory fees decreased to $5,973 from $10,504, primarily due to higher filing fees incurred in the prior year period.
No realized losses on marketable securities were recorded during the current period, as no securities were sold. The Company recorded an unrealized gain of $350,000 on marketable securities for the six months ended January 31, 2026, compared to an unrealized loss of $162,287 in the comparative period, reflecting changes in the fair value of securities held.
LIQUIDITY, CAPITAL RESOURCES AND COMMITMENTS
Liquidity and Capital Resources
At January 31, 2026, the Company had cash of $191,705, marketable securities of $775,000 and working capital of $445,805, compared with cash of $106,704 and a working capital deficiency at July 31, 2025.
Total liabilities decreased to $593,288 at January 31, 2026 from $4,979,059 at July 31, 2025, primarily as a result of debt settlements and repayments completed in September 2025.
The Company does not currently generate revenue from operations and expects to require additional financing to fund general corporate expenditures, advance its property interests and meet any future participation obligations relating to Sunnyside once Barksdale's earn-in review is completed. Management currently estimates that approximately $3,000,000 of additional working capital may be required over the next 12 months, excluding any future joint venture cash calls.
Great Basin Metals Inc.
Management's Discussion & Analysis
Quarter ended January 31, 2026
Dated: March 31, 2026
Cash Flows
| | January 31, 2026
$ | January 31, 2025
$ |
| --- | --- | --- |
| OPERATING ACTIVITIES: | | |
| Net income for the year | 1,521,085 | 56,594 |
| Items not involving cash: | | |
| Gain resulting from payments under option agreement on mineral property | (1,425,000) | (851,166) |
| Accretion of discounts on convertible debentures | 30,953 | 96,984 |
| Loss on sale of marketable securities | - | 19,146 |
| Unrealized loss (gain) on marketable securities | (350,000) | 162,287 |
| Accrued interest expense | - | 95,574 |
| Foreign exchange on other assets | 4,461 | 648 |
| Other non-recurring expense | - | 228,229 |
| Changes in non-cash working capital: | | |
| Sales taxes receivable | (14,157) | (3,316) |
| Prepaid expenses | (19,288) | - |
| Trade and other payables | (266,864) | (198,139) |
| Net cash used in operating activities | (518,810) | (393,159) |
Net cash used in operating activities during the six months ended January 31, 2026 was $518,810, compared with $393,159 in the comparative period. Operating cash outflows were driven primarily by corporate expenditures and working capital changes, partially offset by the Company's reported net income, which included significant non-cash gains. Net cash provided by investing activities was $760,926, primarily reflecting the $1,000,000 cash option payment received from Barksdale, partially offset by expenditures relating to the Covellite/El Tigre acquisition and geological services. Net cash used in financing activities was $157,115, reflecting repayments to related parties and third-party lenders.
Cash Flows from Investing Activities
Cash flows from investing activities during the period were primarily related to expenditures on mineral property interests and the acquisition of marketable securities. These activities reflect the Company's continued focus on advancing its exploration portfolio and maintaining strategic investments. There were no significant dispositions of long-term assets during the period.
Cash Flows from Financing Activities
Cash flows from financing activities during the period were primarily driven by debt repayments, reflecting the Company's efforts to reduce outstanding liabilities. In the comparative period, financing activities included proceeds from equity issuances, whereas no equity financing was completed in the current period. Overall, financing activities reflect a shift from capital raising in the prior period to balance sheet strengthening in the current period.
Commitments and Funding Requirements
The Company's principal short-term funding requirements are corporate overhead, regulatory and professional costs, technical work, and expenditures associated with the proposed Covellite and El Tigre acquisitions. Looking forward, the most significant potential funding requirement is participation in Sunnyside expenditures when Barksdale's earn-in is confirmed and the joint venture becomes operative.
Great Basin Metals Inc.
Management's Discussion & Analysis
Quarter ended January 31, 2026
Dated: March 31, 2026
Going Concern
The interim financial statements have been prepared on a going concern basis. The Company has not yet achieved profitable operations from its core business activities and remains dependent on external financing, asset monetization and option proceeds to fund operations. While the Company improved its financial position during the period through receipt of the Year 2 Sunnyside option payment, appreciation in marketable securities, and settlement of significant debt, material uncertainty remains regarding the Company's ability to continue as a going concern if additional financing is not obtained as required. Refer to Note 1 of the interim financial statements.
Capital Management
The Company manages its capital with the objective of maintaining sufficient financial flexibility to advance its mineral property interests and meet ongoing corporate obligations. The Company's primary sources of capital have been debt, equity-linked settlements, option proceeds from Barksdale, and the holding or disposition of marketable securities. Management monitors available cash, working capital, expected overhead, and potential project obligations in determining future financing requirements. There were no changes in the Company's capital management approach during the period.
There have been no changes to the Company's approach to capital management during the six months ended January 31, 2026, or January 31, 2025.
Marketable Securities
The Company holds marketable common shares of Barksdale. The common shares are classified as FVTPL and are recorded at fair value using the quoted market price on January 31, 2026, and are therefore classified as Level 1 within the fair value hierarchy.
Continuity for the six months ended January 31, 2026, is as follows:
| Balance, July 31, 2025 ($) | Additions ($) | Proceeds from Disposal ($) | Realized gain (loss) on disposal ($) | Unrealized gain (loss) on changes in fair value ($) | FMV Balance January 31, 2026 ($) | |
|---|---|---|---|---|---|---|
| Barksdale Resources Corp. (BRO.V) | - | 425,000(1) | - | - | 350,000 | 775,000 |
(1) On September 4, 2025, the Company received from Barksdale a share certificate for 5,000,000 shares of Barksdale common stock released from escrow with respect to the cash and share obligations for Year 2 under the terms of an Option agreement.
Continuity for the six months ended January 31, 2025, is as follows:
| Balance, July 31, 2024 ($) | Additions ($) | Proceeds from Disposal ($) | Realized gain (loss) on disposal ($) | Unrealized gain (loss) on changes in fair value ($) | FMV Balance January 31, 2025 ($) | |
|---|---|---|---|---|---|---|
| Barksdale Resources Corp. (BRO.V) | - | 642,320(2) | 163,887 | (19,146) | (162,287) | 297,000 |
(1) On September 5, 2024, the Company received from Barksdale a share certificate for 3,850,000 shares of Barksdale common stock released from escrow with respect to the cash and share obligations for Year 1 under the terms of an Option agreement.
Great Basin Metals Inc.
Management's Discussion & Analysis
Quarter ended January 31, 2026
Dated: March 31, 2026
Contractual Obligations
At January 31, 2026, the Company's material current obligations consisted primarily of trade and other payables of $462,863 and due to related parties of $130,425. The Company had no loans payable or convertible debentures outstanding at January 31, 2026. In addition, the Company has potential future obligations associated with the proposed Covellite and El Tigre acquisitions and expects future funding obligations under the Sunnyside joint venture arrangements once Barksdale's earn-in is confirmed.
Subsequent Events
Subsequent to January 31, 2026, the Company paid the CEO $30,000 to reduce outstanding advances and accounts payable.
Subsequent to January 31, 2026 the Company paid a related party $13,029 to reduce the balance of a certain demand loan, including interest thereon.
Subsequent to January 31, 2026, the Company paid a director $3,000 for director fees.
TRANSACTIONS BETWEEN RELATED PARTIES
Related parties include key management personnel, directors and entities controlled by individuals with significant influence over the Company. Related-party transactions represent transfers of resources, services or obligations between the Company and related parties.
During the six months ended January 31, 2026, related party transactions included:
- management fees of $60,000 paid or accrued to the Chief Executive Officer, Greg Thomas; $10,186 in reimbursements to Mr. Thomas for previously provided operational advances and the payment of $120,000 in previously accrued salary.
- director fees of $32,000 paid to members of the board of directors including Tony Louie, David Kirk, Greg Thomas and Drew Brass.
- settlement of $3.5 million of convertible debentures and accrued interest owing to Erika Gardner, a family member of the CEO and a company controlled by her through the issuance of 46,666,667 units, each unit comprised of one common share and one share purchase warrant.
- settlement of $72,000 in loans payable to two directors, David Kirk and Drew Brass, through the issuance of 1,098,755 units, each unit comprised of one common share and one share purchase warrant.
- Settlement of trade payables of $234,300 owing to two directors, Drew Brass and Tony Louie, through the issuance of 3,124,000 units, each unit comprised of one common share and one share purchase warrant.
At January 31, 2026, amounts due to related parties totaled $155,597 including $127,920 in loans payable and $1,963 in accrued interest thereon to Erika Gardner, a family member of the CEO, $2,505 in loans payable to a company controlled by Greg Thomas, CEO, and $23,209 in accounts payable to Tony Louie, David Kirk and Greg Thomas for unpaid directors fees, management fees or reimbursable expenses. Readers should refer to Note 10 of the interim financial statements for full details of related party balances and settlements completed during the period.
Great Basin Metals Inc.
Management's Discussion & Analysis
Quarter ended January 31, 2026
Dated: March 31, 2026
FINANCIAL INSTRUMENTS AND RISK MANAGEMENT
The Company's financial instruments consist primarily of cash, marketable securities, trade and other payables, and amounts due to related parties. The risks most relevant to the Company at this stage are liquidity risk, foreign currency risk and market risk associated with its holdings of Barksdale shares. Liquidity risk remains the most significant financial risk because the Company has no operating revenue and continues to depend on external financing, asset monetization and option proceeds to meet obligations as they fall due. The Company is also exposed to U.S. dollar exchange risk because certain expenditures and project-related balances are denominated in U.S. dollars. Refer to Note 12 of the interim financial statements for the quantitative sensitivity disclosures.
OUTSTANDING SHARE DATA
The Company is authorized to issue an unlimited number of common shares and preferred shares, without par value.
At report date, March 31, 2026, and as of January 31, 2026, the Company had 119,752,400 common shares issued and outstanding. The Company also had 53,236,681 warrants outstanding exercisable at $0.12 per share until September 15, 2027. The Company had no stock options outstanding.
OFF-BALANCE SHEET ARRANGEMENTS
The Company had no off-balance sheet arrangements as at January 31, 2026 or as at the date of this MD&A.
COMMITMENTS
As at January 31, 2026, the Company's commitments primarily relate to mineral property agreements, including potential future cash payments and/or share issuances required to maintain or earn interests in its exploration properties. The Company manages these commitments in the context of its available financial resources and may revise or defer expenditures based on market conditions and funding availability.
The Company has no other material contractual obligations outside the normal course of business.
PROPOSED TRANSACTIONS
None.
CHANGES IN ACCOUNTING POLICIES / CRITICAL ESTIMATES
Changes in Accounting Policies
The Company's material accounting policies are described in Note 2 to the interim financial statements. There were no material changes in accounting policies during the six months ended January 31, 2026. The Company continues to assess the impact of new standards and amendments not yet effective, including the amendments to IFRS 9 and IFRS 7, the Annual Improvements to IFRS Accounting Standards — Volume 11, and IFRS 18 Presentation and Disclosure in Financial Statements.
Great Basin Metals Inc.
Management's Discussion & Analysis
Quarter ended January 31, 2026
Dated: March 31, 2026
Critical Accounting Estimates and Judgments
The preparation of the interim financial statements requires management to make estimates and judgments, including with respect to going concern, the accounting for mineral property interests, fair value measurement of marketable securities, and classification and measurement of financial instruments. Actual results may differ from these estimates. There were no material changes in the nature of the Company's critical accounting estimates and judgments during the period.
SIGNIFICANT CHANGES FROM PREVIOUS DISCLOSURE
N/A
BOARD OF DIRECTORS AND OFFICERS
Our Board of Directors and Officers as at the date of this filing are as follows:
Gregory Thomas – Director, Chief Executive Officer, President and Secretary
Jason Dale Mizer – Director
Drew Brass – Director
David Kirk – Director
RISKS AND UNCERTAINTIES
The Company is subject to the risks typical of a junior mineral exploration issuer, including:
- the need for additional financing;
- uncertainty regarding the timing and success of exploration activities;
- uncertainty regarding future commodity prices and market conditions;
- potential future funding obligations under the Sunnyside joint venture structure;
- risks associated with the proposed acquisition and advancement of additional mineral projects;
- foreign currency exposure relating to U.S.-based operations; and
- the risk that exploration activities will not result in economically recoverable mineral resources.
These risks could materially affect the Company's business, financial condition, results of operations and ability to continue as a going concern.
MANAGEMENT'S REPORT ON INTERNAL CONTROLS AND PROCEDURES
Great Basin Metals Inc. (the "Company") is a venture issuer as defined in National Instrument 52-109 – Certification of Disclosure in Issuers' Annual and Interim Filings. As a venture issuer, the Company files the basic certificates required by Form 52-109FV1 (annual) and Form 52-109FV2 (interim). These certificates do not include representations relating to the establishment or maintenance of disclosure controls and procedures ("DC&P") or internal control over financial reporting ("ICFR"). Accordingly, management is not required to establish or maintain DC&P or ICFR, and the certifying officers do not make representations regarding such controls.
Management is responsible for ensuring that processes are in place to provide sufficient knowledge to support the certifications they provide. Due to inherent limitations, no control system can provide absolute assurance that misstatements due to error or fraud will be prevented or detected.
Great Basin Metals Inc.
Management's Discussion & Analysis
Quarter ended January 31, 2026
Dated: March 31, 2026
For the interim period ended January 31, 2026, there were no changes in the Company's internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, the Company's ICFR.
MANAGEMENT'S RESPONSIBILITY FOR INTERIM FINANCIAL REPORTING
The accompanying condensed consolidated interim financial statements and the information contained in this Management's Discussion and Analysis are the responsibility of management and have been approved by the Board of Directors.
The condensed consolidated interim financial statements have been prepared by management in accordance with International Financial Reporting Standards applicable to interim financial reporting, including IAS 34 Interim Financial Reporting. These financial statements include amounts based on estimates and judgments, which management has determined on a reasonable basis to ensure fair presentation, in all material respects.
Management ensures that the financial information presented in this MD&A is consistent with the interim financial statements.
The Board of Directors is responsible for reviewing and approving the interim financial statements and MD&A. This responsibility is typically carried out through the Audit Committee, which reviews financial reporting matters with management and, where applicable, the external auditors, prior to approval by the Board.