Walker River Resources Corp. — Management Reports 2026

Mar 31, 2026

Walker River Resources

Management's Discussion and Analysis
For the year ended November 30, 2025

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Walker River Resources

This Management’s Discussion and Analysis (“MD&A”), prepared as of March 30, 2026, should be read in conjunction with the audited consolidated financial statements and notes for the years ended November 30, 2025 and 2024, which were prepared in accordance with IFRS® Accounting Standards issued by the International Accounting Standards Board.

This management’s discussion and analysis may contain forward-looking statements in respect of various matters, including upcoming events. The results or events predicted in these forward-looking statements may differ materially from the actual results or events. The Company disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

DESCRIPTION OF BUSINESS

Walker River Resources Corp. (the “Company”) was incorporated pursuant to the Business Corporations Act (British Columbia) on December 16, 2010, as Rhino Exploration Inc. On March 4, 2013, the Company changed its name to Walker River Resources Corp. The principal business of the Company is the identification, evaluation, acquisition and exploration of mineral properties. The Company’s shares are listed for trading on the TSX Venture Exchange under the symbol WRR.

In March of 2017, the Company incorporated a subsidiary, Walker River Resources LLC, a Nevada company (the “Subsidiary”). The Company holds 100% of the issued and outstanding shares of the Subsidiary.

The Company is an exploration stage company and is in the process of exploring its interest in the Lapon Gold Project (Nevada, USA) (the “Lapon Gold Project”), which consists of the Lapon Canyon Project, the Rattlesnake Project (the “Rattlesnake”), and the Pikes Peak Project (the “Pikes Peak”). As at November 30, 2025, the Company had not yet determined whether any of its projects contain economically recoverable ore reserves. The recoverability of amounts shown for 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 future profitable production from the properties or realizing proceeds from their disposition.

On December 19, 2024, the Company’s wholly owned subsidiary, Walker River Resources, LLC, borrowed from Nevada Canyon Gold, LLC, a wholly owned subsidiary of Nevada Canyon Gold Corp. (“Nevada Canyon”), $287,400 (US$200,000) in exchange for a promissory note for a maximum of US$500,000. The principal amount borrowed under the note payable accumulated interest at a rate of 12% per annum. In the event of default, the Company agreed to grant to Nevada Canyon a production royalty from the Lapon Canyon Project, based on the percentage of the Net Smelter Return Royalty (“NSR”) as defined in the Royalty Purchase Agreement dated May 24, 2024.

On January 31, 2025, Walker River Resources, LLC, entered into an Exploration Stream Earn-in Agreement (the “Agreement”) with Nevada Canyon, LLC to explore and develop the Lapon Canyon Project, a portion of the Lapon Gold Project. The Agreement grants Nevada Canyon the exclusive right to earn and purchase up to a 50% interest in the Lapon Canyon Project by funding cumulative exploration expenses of US$5,000,000 over three years.

The Agreement provides that, subject to certain conditions, the Company will grant Nevada Canyon an exclusive right to earn and purchase either (i) an undivided 50% interest (the “Earned Interest”) in the Lapon Canyon Project, or (ii) alternatively, a production royalty in the Lapon Canyon Project. Nevada Canyon has the right to accelerate the completion of the minimum work requirements and exercise its earn-in right at its discretion.

Upon Nevada Canyon acquiring the 50% Earned Interest, the Parties will form a Nevada limited liability company (the “Joint Venture LLC”) and contribute the Lapon Canyon Project to the Joint Venture LLC for the joint development and operation. Each party will fund its pro-rata share of future expenditures on the Lapon Canyon Project or face dilution of its interest in the Joint Venture LLC. If a party’s interest in the Joint Venture LLC is

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diluted below 10% its interest will be converted to a 2% NSR royalty on the Lapon Canyon Project, subject to a buy-down option to 1% exercisable at any time for the payment of US$2,500,000.

On the closing of the Agreement, the $289,680 (US$200,000) principal, including accrued interest of $4,107 (US$2,835) for a total of $293,787, was deemed satisfied in full and credited toward Nevada Canyon’s exploration obligations for the first annual period.

LAPON GOLD PROJECT, NEVADA

The Company owns 100% of the Lapon Gold Project, which comprises 147 claims and includes the Lapon Canyon Project, the Rattlesnake Project, and the Pikes Peak Project.

On May 24, 2024, the Company entered into a royalty purchase agreement with Nevada Canyon to sell a 2% NSR on the Lapon Canyon portion of the Lapon Gold Project for $409,140 (US$300,000). On June 12, 2024, the Company sold to Nevada Canyon a 2% NSR on Pikes Peak Project for $205,500 (US$150,000).

On January 31, 2025, Walker River Resources, LLC, entered into the Agreement with Nevada Canyon, LLC, to explore and develop the Lapon Canyon Project. During the year ended November 30, 2025, Nevada Canyon incurred an additional $1,767,283 (US$1,267,926) in exploration expenses on the Lapon Canyon Project, for a total of $2,061,070 (US$1,470,761) in cumulative exploration expenses incurred as at November 30, 2025.

Total costs incurred on the Lapon Gold Project are summarized as follows:

November 30, 2025	Lapon Canyon Project	Rattlesnake Project	Pikes Peak Project	Total
Acquisition costs:
Balance, beginning	$ 3,320,839	$ 191,120	$ -	$ 3,511,959
Additions	-	6,152	12,255	18,407
	3,320,839	197,272	12,255	3,530,366
Deferred exploration expenditures:
Balance, beginning	5,240,608	132,550	128,559	5,501,717
Geologist fees and assays	132,946	-	26,612	159,558
Equipment depreciation	6,663	-	-	6,663
Cash contributed under earn-in agreement	(293,787)	-	-	(293,787)
	5,086,430	132,550	155,171	5,374,151
Balance, end of the year	$ 8,407,269	$ 329,822	$ 167,426	$ 8,904,517
November 30, 2024	Lapon Canyon Project	Rattlesnake Project	Pikes Peak Project	Total
Acquisition costs:
Balance, beginning	$ 3,698,784	$ 186,246	$ 26,797	$3,911,827
Additions	31,195	4,874	11,698	47,767
Sale of NSR	(409,140)	-	(38,495)	(447,635)
	3,320,839	191,120	-	3,511,959
Deferred exploration expenditures:
Balance, beginning	4,284,141	132,550	30,879	4,447,570
Geologist fees and assays	946,950	-	151,179	1,098,129
Equipment depreciation	9,517	-	-	9,517
Sale of NSR	-	-	(53,499)	(53,499)
	5,240,608	132,550	128,559	5,501,717
Balance, end of the year	$ 8,561,447	$ 323,670	$ 128,559	$9,013,676

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Walker River Resources

As at November 30, 2025, the Company has not incurred any decommissioning costs related to the exploration and evaluation of its mineral properties. However, the US federal Bureau of Land Management (BLM) required the Company to post a bond of US$23,070 (CAD$32,250) on its Lapon Canyon Project to cover future decommissioning costs.

Lapon Canyon Project, Recent Exploration Activities

In June 2024, the Company began a reverse circulation ("RC") drilling on the Lapon Gold Project. This initial 2024 drill program consisted of exploration drilling near the historical Lapon Canyon Mine, the "Central Zone", and the "Hotspot Zone". Drill holes were planned with the intent to define the extent and geometry of the mineralized system and test for new mineralized zones along the strike and at depth.

The Hotspot Zone was a primary target for the 2024 drill program. Following up on the blind, high-grade, near-surface discovery made in 2021, the Company carried out grid-style drilling over the target, testing for extension of the mineralized zone in all directions as well as for continuity with the mineralization of the "Central Zone". Grid drilling consisted of pads placed at approximately 30 m centers on the section.

Assay results received from the 2024 RC drilling program were encouraging as the Hotspot Zone continued to grow with several holes ending in mineralization.

Key Highlights of 2024 RC Drilling Program

• Drill hole LC-24-100 returned 4.5 g/t Au over 56.5 meters at a depth of 65.5 meters, including an intercept of 20.3 g/t Au over 4.8 metres. The hole was terminated in gold mineralization, returning 4.42 g/t Au over 7.7 meters from 114.3 to the end of the hole at 122 meters.
• Drill hole LC-24-99 returned 1.17 g/t Au over 73.1 metres starting at a depth of 6.1 metres. This interval included an intercept of 6.9 g/t Au over 6.0 metres.
• LC-24-102 returned 3.4 g/t Au over 56.4 meters, including 6.1 g/t Au over 27.4 meters and 12.4 g/t Au over 6.1 metres. The hole ended in mineralization at 121.9 metres.
• LC-24-103 returned 0.6 g/t Au over 88.4 metres, ending in mineralization at 121.9 metres.
• LC-24-105 returned 1.2 g/t Au over 86.9 meters, including 3.3 g/t Au over 9.1 metres and 3.2 g/t Au over 6.1 metres.
• Drill hole LC-24-117 returned 3.88 g/t Au over 77.72 meters starting at a depth of 74.68 meters, including an intercept of 12.09 g/t Au over 16.77 meters, demonstrating the robust nature of the gold mineralization of the Hotspot zone.
• Drill holes LC-24-114 (0.61 g/t Au over 155.45 metres), LC-24-118 (1.96 g/t Au over 59.44 metres), and LC-24-113 (2.58 g/t Au over 27.34 meters) were also drilled in the Hotspot, clearly demonstrating continuity of the gold mineralization. LC-24-114 was shut down in mineralization (0.14 g/t Au over 36.58 metres) at a vertical depth of approximately 140 metres and extends Hotspot to the south another 40 metres.
• Drill hole LC-24-110 intercepted 3.70 g/t Au over 33.53 meters and LC-24-113 (2.58 g/t over 27.34 meters). These intercepts extend the Hotspot Zone west, toward the Central Zone, by approximately 50 metres.
• Notably, LC-24-117, which was drilled to a depth of 152.4 meters, remained in gold mineralization at the bottom of the hole, with the interval from 128.02 meters to the bottom returning 0.96 g/t Au over 24.38 metres. This intercept is at approximately 120 m vertical depth, highlighting the zone's potential at depth.
• LC-24-119 also drilled to a depth of 152 meters and remained in mineralization at the bottom of the hole, with the interval from 124.97 meters to the bottom returning 1.23 g/t Au over 27.43 metres. This intercept extends mineralization at Hotspot approximately 50 m to the southeast from all previous holes drilled.

The 2024 drill programs at Lapon Canyon were exploration and definition-focused. Drill holes were planned with the intent to define the extent and geometry of the mineralized system and test for new mineralized zones along the strike and at depth. Drilling at the Lapon Canyon is carried out in different directions (azimuths) from the same drill pad. For systematic drilling on the section, drill pads were placed every 30 to 60 meters, with up to five holes per pad.

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In May 2025, the Company began the 2025 RC drill program, which is planned to extend known gold-bearing mineralized zones in the Central and Hotspot Zones, as well as to target new areas of mineralization previously untested.

Key Highlights of 2025 RC Drilling Program

• Drill hole LC-25-150 returned 3.35 g/t Au over 64.0 meters starting at 149.4 meters, including 8.01 g/t Au over 19.9 m demonstrating the robust nature and continuity of the gold mineralization at Lapon Canyon.
• Drill hole LC-24-156 returned 2.17 g/t Au over 86.9 meters starting at 126.5 meters including 3.92 g/t Au over 45.7 metres and 21.8 g/t Au over 4.6 meters.
• Drill hole LC-25-154 returned 1.38 g/t Au over 68.6 meters starting at 97.5 meters, including 2.29 g/t Au over 15.2 meters.
• Drill hole LC-25-146 returned 2.02 g/t Au over 57.9 meters starting at 132.6 meters.
• Drill hole LC-25-152 returned 1.05 g/t Au over 45.7 metres starting at 125.0 metres.
• Notably in LC-25-150, gold mineralization continues at the bottom of the hole, with the final 4.6 meters averaging 3.65 g/t Au.

Previous and current drilling continues to define a sub-to-horizontal geometry of the gold system. High-grade shoots may have developed within the broader mineralized domains. The assay results demonstrate the robust nature and continuity of the gold mineralized alteration zone at Hotspot, extending the zone from its initial discovery approximately 125 metres laterally east from the area to a depth of 100 metres.

Both past and current drilling indicate that the gold system is largely sub-horizontal to moderately south-dipping in geometry, with evidence suggesting the presence of more steeply dipping, high-grade shoots developed within the broader mineralized zones.

Drilling continues to confirm gold mineralization extends to the south and east of the Hotspot and is hosted in multiple bedrock units beyond the originally interpreted iron-oxide-sericite altered granite. Historically, gold mineralization at Lapon was almost exclusively confined to the altered granite, as demonstrated by both past mining and earlier drilling. The recent 2025 drill results now indicate significant gold mineralization within diorite, monzonite, and granite. In addition, notable chalcopyrite (copper sulphide) has been observed. These findings suggest the potential discovery of a new mineralized zone south and east of the Hotspot, substantially expanding the growth potential of the Lapon Canyon Project. Multi-element geochemistry will be utilized to test the copper potential of Lapon's already robust gold system.

Results from previous and current (2025) drill programs, including the subsequent data compilation, will enable the completion of an initial NI 43-101 compliant mineral resource on the Laon Canyon Project.

In addition, 2025 drill programs have resulted in the discovery of intrusive-related gold mineralization at Lapon Canyon, significantly increasing the size potential of the Project with much wider gold intercepts. Prior drill programs had returned higher-grade, narrower intercepts. This discovery indicates a high potential for significant gold emplacement within new, deeper-seated rock units. To advance the understanding of these zones, geophysical surveys are being planned to help identify future drill targets in the deeper-seated intrusive bodies.

Results from drilling on the new upper drill roads continue to confirm and extend gold mineralization to the south and the east of the Hotspot zone, these results include:

• 3.05 g/t Au over 53.3 m starting at 117.4 m, including 6.67 g/t Au over 18.3 m in hole LC-25-163
• 1.49 g/t Au over 47.2 m starting at 86.9 m, including 13.8 g/t Au over 1.5 m in hole LC-25-162
• 1.14 g/t Au over 45.7 m starting at 88.4 m in hole LC-25-159
• 1.05 g/t Au over 29.0 m starting at 111.3 m in hole LC-25-161
• 1.01 g/t Au over 54.8 m starting at 105.2 m in hole LC-25-164
• 1.03 g/t Au over 45.7 m starting at 79.3 m in hole LC-25-165

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• 0.98 g/t Au over 19.8 m starting at 94.5 m in hole LC-25-157 where the gold mineralization is within granite, which is notable

The Company also reported it was notable that the gold encountered in drillholes LC-25-158 to 165 is contained within monzonitic units. The presence of monzonite as the host rock suggests the potential for a monzonite porphyry system deposit types that are associated with very large gold and copper-bearing systems in Nevada. The increased copper content from the multi-element Geochem sampling program also supports this interpretation.

The 2025 drill program at Lapon Canyon focused on exploration and resource definition at the existing Hotspot deposit and the extensions of the deposit along strike and down dip. This drilling at Hotspot has significantly expanded the footprint of gold mineralization to the south and the east. Both historical and current drill results continue to indicate that the gold system is predominantly sub-horizontal to moderately south-dipping in geometry, with evidence suggesting the presence of more steeply dipping, high-grade shoots developed within the broader mineralized zones.

Other significant results are shown in the table below:

Drill Hole	From (m)	To (m)	Width* (m)	Gold (g/t)	Notes:
LC-25-157	94.5	114.3	19.8	0.98	granite
LC-25-158	202.7	216.4	13.7	1.74
Incl	208.8	210.3	1.5	12.10
LC-25-159	88.4	134.1	45.7	1.14
LC-25-160	160.0	176.8	16.8	0.55
LC-25-161	111.3	140.2	29.0	1.05
LC-25-162	86.9	134.1	47.2	1.49
incl	102.1	103.6	1.5	13.8
LC-25-163	117.4	170.7	53.3	3.05
incl	135.6	153.9	18.3	6.67
LC-25-164	105.2	160.0	54.8	1.01
LC-25-165	79.3	124.9	45.7	1.03
LC-25-166	158.50	166.12	7.62	1.11
LC-25-168	124.97	182.88	57.91	1.33
incl	143.26	172.21	28.95	2.06
LC-25-169	129.54	173.74	44.20	1.64
LC-25-170	88.39	89.92	1.53	7.96
	143.26	228.60	85.34	3.79
incl	161.54	167.64	6.10	16.49
and	196.60	202.69	6.09	10.24
LC-25-171	74.68	79.25	4.57	1.92
and	175.26	211.84	36.58	1.05

*Sampled width is presented. True width is estimated to be between 60 and 90 percent of sampled lengths

Results from previous and current (2025) drill programs, including the subsequent data compilation, will enable the completion of an initial NI 43-101 compliant mineral resource on the Laon Canyon Project.

Pikes Peak Project

Significant historical mining activities (milling facilities, adits, shafts, pits) are present in a copper-gold environment at the Pikes Peak Project. The Company's personnel and geologists were able to reopen and access one of the adits present on the Pikes Peak Project for geological mapping and sampling. The underground channel sample results presented in the table below confirm the potential for gold mineralization at the Pikes Peak Project.

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Sample Number	Lab I.D.	Material*	Gold (g/t)
A-1	2020384095	Adit wall	1.3
A-2	2020384094	Adit wall	0.46
A-3	2020384100	Adit wall	1.18
A-4	2020384090	Adit wall	0.13
A-5	2020384089	Adit wall	36.4
B	2019828396	Adit wall	6.55
C-1	2020384093	Adit wall	19.8
C-2	2020384091	Adit wall	3.04
C-3	2020384092	Adit wall	2.31
C-4	2020384096	Adit wall	3.68
C-5	2020384097	Adit wall	9.81
C-6	2020384098	Adit wall	10.73
C-7	2020384099	Adit wall	6.07
D	2019828399	Adit wall	2.06

• The above underground channel samples were taken at 0.30-meter intervals between samples. Each channel sample was taken in 0.30-meter lengths.

Sampling Methodology, Chain of Custody, Quality Control and Quality Assurance

All sampling was conducted under the supervision of the Company’s project geologists, and the chain of custody from the drill to the sample preparation facility was continuously monitored. A blank or certified reference material was inserted approximately every tenth sample. The Lapon Canyon samples were delivered to American Assays Laboratories’ certified laboratory facilities in Sparks, NV. The samples were crushed, pulverized, and the sample pulps were digested and analyzed for gold using fire assay fusion and a 50 g gravimetric finish. Certain intensely altered samples used a 1 kg pulp screened to 100 microns. Duplicate assay on screen undersize. Assay of entire oversize fraction.

Samples are taken and bagged directly at the drill rig at every 1.5-meter interval, standard in the exploration industry. A small sample is also taken at the drill rig and put into a chip tray for examination purposes and to determine which sample bags should be sent to the lab for assay purposes. Often, this work is carried out using a microscope for the examination of the rock chips. The full sample bag from the interval chosen for assay purposes is then sent directly from the drill site to the lab.

Qualified Person

The scientific and technical content and interpretations contained in this MD&A have been reviewed, verified and approved by E. Gauthier, geol., Eng (OIQ) is a Qualified Person as defined by NI 43-101, Standards of Disclosure for Mineral Projects.

SELECTED ANNUAL INFORMATION

	Year ended November 30, 2025	Year ended November 30, 2024	Year ended November 30, 2023
Net and comprehensive loss	$ (1,300,274)	$ (702,891)	$ (826,189)
Loss per share – basic and diluted	$ (0.03)	$ (0.02)	$ (0.02)

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Total assets	$ 10,223,523	$ 9,476,504	$ 9,021,727

RESULTS OF OPERATIONS

Three months ended November 30, 2025 and 2024

During the three months ended November 30, 2025, the Company reported a net loss of $720,407 (2024 – $28,357 net income). The $748,764 increase in net loss was mainly due to higher operating expenses, which rose from $257,066 to $720,407 for the current period. The most significant change was driven by share-based compensation related to the grant of options to acquire up to 2,300,000 common shares, valued at $390,217, compared to no share-based compensation recorded during the same three-month period ending November 30, 2024. This was followed by a $90,000 increase in consulting fees, from $101,000 to $191,000. Management fees rose by $11,500 to $39,000, up from $27,500 during the same period. Transfer agent and filing fees increased by $3,677 to $3,392, compared to a recapture of $285 during the previous period, and administrative fees grew by $4,620 to $19,720.

These increases were partly offset by a $9,634 reduction in advertising and promotion expenses, which decreased from $14,946 during the period ending November 30, 2024, to $5,312 for the three months ending November 30, 2025. Travel expenses also declined by $19,920, dropping to $14,562 for the three months ending November 30, 2025, compared to $34,482 in the same period the previous year. Additionally, audit and accounting fees decreased by $4,999 to $43,901, and rent expenses fell by $2,789 to $2,100. All other operating expenses remained consistent with those incurred during the same three months ending November 30, 2024.

The higher net loss for the period ended November 30, 2025, was also affected by the absence of other gains, as compared to the $171,917 gain recognized from writing off certain old debts and the $113,506 gain on the sale of net smelter returns royalties recorded during the comparative period ending November 30, 2024.

Years ended November 30, 2025 and 2024

During the year ended November 30, 2025, the Company reported a net loss of $1,300,274 (2024 – $702,891). A $597,383 increase in net loss was mainly associated with increased operating expenses, which increased from $988,314 incurred during the comparative period, to $1,296,229 incurred during the current year. The most significant change was driven by share-based compensation related to the grant of options to acquire up to 2,300,000 common shares, valued at $390,217, compared to no share-based compensation recorded during the year ending November 30, 2024. This was followed by a $134,369 increase in consulting fees, from $347,000 to $481,369. Transfer agent and filing fees increased by $9,527 to $21,472, compared to $11,945 during the previous year, and office and miscellaneous fees grew by $11,160 to $46,505.

These increases were partly offset by a $145,261 reduction in advertising and promotion expenses, which decreased from $158,455 during the year ending November 30, 2024, to $13,194 for the year ending November 30, 2025. Management fees decreased by $41,500 to $167,000, down from $208,500 during the prior year. Travel expenses also declined by $22,315, dropping to $47,483 for the year ending November 30, 2025, compared to $69,798 for the previous year. Additionally, audit and accounting fees decreased by $8,476 to $44,876, and rent expenses fell by $17,154 to $12,993. All other operating expenses remained consistent with those incurred during the year ending November 30, 2024.

The higher net loss for the year ended November 30, 2025, was also affected by the absence of gains, of $171,917 recognized from writing off old debts and $113,506 recorded on the sale of net smelter returns royalties recorded during the prior year.

SUMMARY OF QUARTERLY RESULTS

Period	Net gain/(loss)	Gain/(loss) per share

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November 30, 2025	$ (720,407)	$ (0.01)
August 31, 2025	$ (235,420)	$ (0.00)
May 31, 2025	$ (184,723)	$ (0.00)
February 28, 2025	$ (159,724)	$ (0.00)
November 30, 2024	$ 28,357	$ 0.00
August 31, 2024	$ (227,632)	$ (0.00)
May 31, 2024	$ (325,820)	$ (0.01)
February 29, 2024	$ (177,796)	$ (0.00)

LIQUIDITY AND CAPITAL RESOURCES

At November 30, 2025, the Company had $1,205,743 in cash as compared to $366,962 at November 30, 2024, and cash flows used in operating activities were $756,734 for the year ended November 30, 2025, as compared to $873,190 used in operating activities for the year ended November 30, 2024.

During the year ended November 30, 2025, the Company borrowed $287,400 (US$200,000) from Nevada Canyon in exchange for a note payable of up to US$500,000. As discussed previously, on January 31, 2025, the balance due under the note payable, including accrued interest of $4,107 (US$2,835) for a total of $293,787, was deemed satisfied in full and credited toward Nevada Canyon’s exploration obligations under the Earn-in Agreement.

On March 14, 2025, the Company closed a non-brokered private placement, issuing a total of 1,090,000 units for gross proceeds of $174,400. Each unit consisted of one common share of the Company and one share purchase warrant, whereby each warrant is exercisable by the warrant holder to acquire one additional share at $0.25 per share, expiring on March 14, 2027.

On June 24, 2025, the Company closed a non-brokered private placement, issuing a total of 2,372,500 units for gross proceeds of $379,600. Each unit consisted of one common share of the Company and one share purchase warrant, whereby each warrant is exercisable by the warrant holder to acquire one additional share at $0.25 per share, expiring on June 24, 2027.

On November 7, 2025, the Company closed a non-brokered private placement issuing a total of 4,000,000 units for gross proceeds of $1,000,000. Each unit consisted of one common share of the Company and one share purchase warrant, exercisable at $0.33 per share and expiring on November 7, 2027.

In addition, during the year ended November 30, 2025, the Company generated an additional $206,733 on exercise of warrants to acquire 1,033,667 common shares, and subsequent to November 30, 2025, the Company received an additional $582,691 on exercise of warrants to acquire 2,534,833 common shares, and $10,000 on exercise of an option to acquire 50,000 common shares.

OFF-BALANCE SHEET ARRANGEMENTS

The Company has not entered into any off-balance sheet arrangements.

RELATED PARTY TRANSACTIONS AND BALANCES

Key management personnel include those persons having authority and responsibility for planning, directing and controlling the activities of the Company as a whole. During the years ended November 30, 2025 and 2024, the following amounts were incurred or paid to officers, directors and/or their related companies:

	November 30, 2025	November 30, 2024
Consulting fees (i)	$ 95,000	$ 80,000

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Deferred exploration expense (ii)	101,000	185,000
Management fees (iii)	167,000	208,500
Advertising and promotion (iv)	-	8,500
Share-based compensation (v)	182,384	-
	$ 545,384	$ 482,000

i) The Company paid or accrued $73,000 (November 30, 2024: $68,000) in consulting fees to a director of the Company, and $22,000 (November 30, 2024: $12,000) to a company controlled by a director and an officer of the Company.

ii) The Company incurred $101,000 (November 30, 2024: $185,000) in deferred exploration expenses on the Lapon Gold Project to companies controlled by a director and an officer.

iii) The Company paid or accrued $167,000 (November 30, 2024: $208,500) in key management compensation to two of its directors and officers. Key management includes directors and key officers of the Company, including the President, CEO and CFO.

iv) The Company paid or accrued $Nil (November 30, 2024: $8,500) in advertising and promotion to a company controlled by a director and an officer of the Company.

v) The Company recognized $182,384 (November 30, 2024: $Nil) in share-based compensation associated with the September 3, 2025, grant of stock options to directors and officers to acquire up to 1,075,000 common shares at $0.215, expiring on September 3, 2030.

The following amounts were due to related parties as at November 30, 2025 and 2024:

i) Amounts due to related parties include a balance due to a director and officer of the Company for management fees and reimbursable expenses of $16,061 (November 30, 2024: $17,693). This amount is unsecured, non-interest-bearing, with no fixed terms of repayment.

ii) Amounts due to related parties include a balance due to a director and officer of the Company for management fees of $13,504 (November 30, 2024: $19,154). This amount is unsecured, non-interest-bearing, with no fixed terms of repayment.

iii) Amounts due to related parties include a balance due to a company controlled by a director and an officer of the Company for deferred exploration costs of $19,147 (November 30, 2024: $16,000). This amount is unsecured, non-interest-bearing, with no fixed terms of repayment.

MATERIAL ACCOUNTING POLICIES AND SIGNIFICANT ACCOUNTING ESTIMATES AND JUDGMENTS

All material accounting policies are fully disclosed in Note 3 to the consolidated financial statements for the year ended November 30, 2025. Significant accounting estimates and judgements are fully disclosed in Note 4 to the consolidated financial statements for the year ended November 30, 2025.

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FINANCIAL INSTRUMENTS

Fair value

Detailed disclosures on the Company’s financial instruments—including classifications, carrying values, and risk exposures (credit, liquidity, market)—are presented in Note 5 to the consolidated financial statements, in accordance with IFRS 7 and IAS 34.

During the year ended November 30, 2025, there were no material changes in the Company’s risk exposures, hedging activities, or risk management objectives. The fair value of financial instruments remained within previously disclosed ranges, and no new hedging instruments or derivatives were initiated.

Financial risk management objectives and policies

The risks associated with the Company’s financial instruments and the policies on how to mitigate these risks are set out below. Management manages and monitors these exposures to ensure appropriate measures are implemented in a timely and effective manner.

(i) Currency risk

The Company’s expenses are primarily denominated in Canadian dollars; however, certain exploration and evaluation expenditures are incurred in US dollars. The Company’s corporate office remains based in Canada, which reduces the direct exposure to exchange rate volatility. As of November 30, 2025, the Company owed $202 (US$145) to its US-based vendors, comprising approximately 0.04% of its monetary liabilities; at the same time, the Company had a total of $6,014 (US$4,302) in US dollars on deposit with major banks in both the US and Canada. Given significant fluctuations in exchange rates and broader economic uncertainty, the Company faces a high degree of foreign exchange risk. As a result, the Company continues to closely monitor its foreign currency exposure and assess potential impacts on its financial position.

Sensitivity Analysis on Foreign Exchange Risk

The impact of exchange rate fluctuations on the Company’s liabilities and deposits is summarized below:

Change (%)	Exchange Rate	Liabilities (CAD)	Cash on Deposit (CAD)	Net Exposure (CAD)
-10%	1.2581	$182	$5,413	$5,231
+10%	1.5377	$222	$6,616	$6,394

(ii) Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate due to changes in market interest rates. At November 30, 2025, the Company’s exposure to interest rate risk was considered minimal.

(iii) Credit risk

Credit risk is the risk of an unexpected loss if a customer or third party to a financial instrument fails to meet its contractual obligations. As at November 30, 2025, the Company did not have any loans or advances receivable that were outstanding. The Company is also exposed to credit risk on its cash. To minimize the credit risk on cash, the Company places the instrument with major financial institutions.

(iv) Liquidity risk

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. In the management of liquidity risk, the Company maintains a balance between continuity of funding and flexibility through the use of borrowings. Management closely monitors the liquidity position and expects to have adequate sources of funding to finance the Company’s projects and operations.

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Walker River Resources

The Company’s financial liabilities at November 30, 2025, mature as follows:

	<1 year	1-5 Years	Total
Accounts payable and accrued liabilities	$ 502,156	$ –	$ 502,156
Due to related parties	$ 48,712	$ –	$ 48,712

(v) Commodity Price Risk

The Company’s ability to raise capital to fund exploration activities is subject to risks associated with fluctuations in the market price of mineral resources. The Company closely monitors commodity prices to determine the appropriate course of action to be taken.

CAPITAL MANAGEMENT

The Company's objectives when managing capital are to safeguard its ability to continue as a going concern in order to pursue its operations and to maintain a flexible capital structure, which optimizes the cost of capital at an acceptable risk. The Company considers its capital for this purpose to be its shareholders' equity.

The Company's primary source of capital is through the issuance of equity. The Company manages and adjusts its capital structure when changes in economic conditions occur. To maintain or adjust the capital structure, the Company may seek additional funding. The Company may require additional capital resources to meet its administrative overhead expenses in the long term. The Company believes it will be able to raise capital as required in the long term, but recognizes there will be risks involved that may be beyond its control. There are no external restrictions on the management of capital. There has been no change to the Company’s approach to managing capital during the year.

There were no changes in the Company's approach to capital management during the period covered by this MD&A.

OUTSTANDING SHARE DATA

As at the date of this MD&A, the following securities were outstanding:

Type of Securities	Quantity
Common shares	59,699,362
Options	5,150,000
Warrants	9,486,000
Total common shares (fully diluted)	74,335,362

ADDITIONAL INFORMATION

Additional information concerning the Company and its operations is available on SEDAR+ at www.sedarplus.ca.