Westmount Minerals Corp. — Management Reports 2024

Nov 29, 2024

Westmount Minerals Corp.

Management Discussion and Analysis
For the six-month period ended September 30, 2024

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Westmount Minerals Corp.

Management Discussion and Analysis

For the six-month period ended September 30, 2024

The following management's discussion and analysis ("MD&A") of the financial condition and results of operations of Westmount Minerals Corp. ("Westmount", or the "Company") constitutes management's review of the factors that affected the Company's financial and operating performance for the six-month period ended September 30, 2024. This MD&A has been prepared in compliance with the requirements of National Instrument 51-102 – Continuous Disclosure Obligations. This discussion should be read in conjunction with the unaudited consolidated financial statements for the six-month period ended September 30, 2024, together with the notes thereto. Results are reported in Canadian dollars, unless otherwise noted. In the opinion of management, all adjustments (which consist only of normal recurring adjustments) considered necessary for a fair presentation have been included. The results for the reporting period presented are not necessarily indicative of results that may be expected for any future years.

For the purposes of preparing this MD&A, management, in conjunction with the Board of Directors, considers the materiality of information. Information is considered material if: (i) such information results in, or would reasonably be expected to result in, a significant change in the market price or value of Westmount's common shares; or (ii) there is a substantial likelihood that a reasonable investor would consider it important in making an investment decision; or (iii) it would significantly alter the total mix of information available to investors. Management, in conjunction with the Board of Directors, evaluates materiality with reference to all relevant circumstances, including potential market sensitivity.

The disclosure of technical information in this MD&A has been approved by Jamie Lavigne, P. Geo., and a Qualified Person ("QP") for the purposes of National Instrument 43-101, Standards of Disclosure for Mineral Projects ("NI 43-101").

The effective date of this report is November 29, 2024.

DESCRIPTION OF BUSINESS

The Company was incorporated on November 27, 2020, under the laws of the Province of British Columbia. The address of the Company's corporate office and principal place of business is Suite 520, 470 Granville Street, Vancouver, British Columbia, Canada. The Company's principal business activities include the acquisition and exploration of mineral property assets. As at September 30, 2024, the Company had not yet determined whether the Company's mineral properties contain ore reserves that are economically recoverable.

Corporate Summary

Westmount has three Mineral Property Option Agreements which enables the Company to earn a 100% interest in the:

1) 4,800-hectare Douay East Property (the "Douay East Property");
2) 3,700-hectare Bell Gold Property (the "Bell Property");
3) 3,486-hectare Kaba Lithium Property (the "Kaba Property"); and the
4) 553-hectare Casault Property.

The Douay East Property and Bell Property are both located approximately 32 kilometers south of Matagami in the Casa Berardi Deformation Zone within the greater Abitibi Greenstone Belt region of Quebec, one of the most productive greenstone belts in the world. The Douay East Property has been the subject of historical exploration programs mostly completed in the 1980's. Ground-based exploration has been limited to the northern part of the Douay East Property and includes magnetic, electromagnetic, and induced polarization surveys. Twenty-three diamond drill holes were completed with 13 holes returning anomalous gold assays.

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Westmount Minerals Corp.

Management Discussion and Analysis

For the six-month period ended September 30, 2024

The ground adjacent to the Douay East Property, to the north, east, and west, all part of the Casa Berardi Deformation Zone, is covered by active exploration claims. Three adjacent properties contain reported mineral resources and one of these properties has reported gold production. These include the Douay Gold Project located to the west of the Douay East Property and operated by Maple Gold Mines Ltd. ("Maple"), the Vezza Gold Project owned by Nottaway Resources Inc. ("Nottaway") located to the northeast of the Douay East Property, and the N2 Gold Project located to the east of the Douay East Property and owned by Wallbridge Mining Company Limited ("Wallbridge"). The Qualified Person responsible for this MD&A has not verified the information on the adjacent properties and the information is not necessarily indicative of the mineralization on the Douay East Property.

During April 2021, Westmount completed a high resolution airborne magnetic survey over the Douay East Property, identifying priority target areas potentially favourable to host gold mineralization. Subsequent to its IPO, March 17, 2022, the Company implemented and completed a soil sampling program wherein a total of 1,016 samples were collected and analyzed for Soil Gas Hydrocarbon ("SGH") compounds and interpretation of the results has been completed. The SGH geochemical exploration program is Phase 1 of a 2 Phase exploration program and consisted of 3 target areas on the Douay East Property comprising 3 separate sampling grids. The targets are structures and structural complexities inferred from the interpretation of the 2021 high resolution airborne magnetic survey and which are assumed to be gold bearing based on historical drilling on the Douay East Property as well as regional geological compilation. The Company has received the results, and completed interpretation, and drill targets have been identified.

Exploration Summary

The following exploration and evaluation expenditures were incurred by the Company:

	Otatakan (Terminated)	Pilot East (Terminated)	Kaba	Douay East	Bell Gold	Casault	Total
Balance, April 1, 2023	35,234	44,735	-	310,856	60,065	8,000	458,890
Assays	-	-	5,790	-	-	-	5,790
Geological services	-	-	39,141	12,693	250	-	52,084
Property payment	-	-	34,000	-	34,000	-	68,000
Balance, September 30, 2023	35,234	44,735	78,931	323,549	94,315	8,000	584,764
Balance, April 1, 2024	66,525	44,735	78,931	324,424	98,582	8,000	621,197
Balance, September 30, 2024	66,525	44,735	78,931	324,424	98,582	8,000	621,197

Douay East Property

The Company entered into an option agreement with 1544230 Ontario Inc. and Gravel Ridge Resources Ltd. (the "Douay Owners"), dated February 4, 2021, to acquire a 100% interest in the Douay East Property claims located in Matagami, Quebec (the "Douay Property").

On October 4, 2021, Solstice Gold Inc. ("Solstice") completed the purchase of the Douay Property (the "Solstice Douay Purchase"). In connection with the Solstice Douay Purchase, the Douay Owners sold and transferred to Solstice all of their rights, title and interest in and to all of the mining claims that are subject to the option agreement. The Solstice Douay Purchase does not affect Westmount's option agreement.

To acquire a 100% interest in the property, the Company has agreed to issue 500,000 common shares and make cash payments over a 3-year period to the Douay Owner totaling $82,000, as set out below:

a) $6,000 (paid) on signing of the term sheet,
b) $6,000 (paid) on signing of this agreement,

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Westmount Minerals Corp.

Management Discussion and Analysis

For the six-month period ended September 30, 2024

c) 300,000 (issued) common shares on completion of the Company's initial public offering ("IPO") and listing on the Canadian Securities Exchange (the "CSE"),
d) $16,000 (paid) on or before the one-year anniversary of the agreement,
e) 200,000 (issued) common shares on or before the one-year anniversary of the IPO,
f) $24,000 (paid) on or before the two-year anniversary of the agreement signing, and
g) $30,000* on or before the three-year anniversary of the agreement signing.

Note: *remains outstanding as at November 29, 2024

The Douay Owners retain a 1.5% net smelter royalty ("NSR") on all mineral production, 0.75% of which can be purchased by the Company for $400,000.

Solstice has agreed to an extension of the (final) outstanding payment to November 30, 2024, and so the property remains in good standing.

Bell Gold Property

The Company entered into an option agreement with 1544230 Ontario Inc. and Gravel Ridge Resources Ltd. (the "Bell Owner"), dated February 5, 2021, to acquire a 100% interest in the Bell Gold Property claims located in Matagami, Quebec (the "Bell Property").

On October 4, 2021, Solstice Gold Inc. completed the purchase of the property optioned pursuant to the Bell Gold Agreement (the "Solstice Bell Purchase"). In connection with the Solstice Bell Purchase, the optionors of the Bell Property have sold and transferred to Solstice all of their rights, title and interest in and to all of the mining claims that are subject to the Bell Gold Agreement. The Solstice Bell Purchase does not affect Westmount's option agreement.

To acquire a 100% interest in the property, the Company has agreed to issue 500,000 common shares and make cash payments over a 3-year period to the Bell Owner totaling $82,000, as set out below:

a) $6,000 (paid) on signing of the term sheet,
b) $6,000 (paid) on signing of this agreement,
c) 300,000 (issued) common shares on completion of the Company's IPO and listing on the CSE,
d) $16,000 (paid) on or before the one-year anniversary of the agreement,
e) 200,000 (issued) common shares on or before the one-year anniversary of the IPO,
f) $24,000 (paid) on or before the two-year anniversary of the agreement signing, and
g) $30,000* on or before the three-year anniversary of the agreement signing.

Note: *remains outstanding as at November 29, 2024

The Bell Owners retain a 1.5% NSR on all mineral production, 0.75% of which can be purchased by the Company for $400,000.

Solstice and Westmount are jointly reviewing the claims/status and intend to confirm a route forward in short order in terms of either: a) continuing with an (amended) option arrangement pursuant to this project, or b) Westmount transferring these claims to Solstice and terminating the option agreement.

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Westmount Minerals Corp.
Management Discussion and Analysis
For the six-month period ended September 30, 2024

Casault Property

On May 12, 2022, the Company entered into an option agreement with 1544230 Ontario Inc. and Gravel Ridge Resources Ltd. (the "Casault Owner"), to acquire a 100% interest in the Casault Property claims located in Matagami, Quebec.

To acquire a 100% interest in the property, the Company has agreed to issue 500,000 common shares and make cash payments over a 3-year period to the Casault Owner totaling $72,000, as set out below:

a) $8,000 (paid) on signing of this agreement,
b) 300,000 common shares on approval of the agreement by the CSE,
c) $16,000 on or before the one-year anniversary of CSE approval,
d) 200,000 common shares on or before the one-year anniversary of CSE approval,
e) $18,000 on or before the two-year anniversary of CSE approval, and
f) $30,000 on or before the three-year anniversary of CSE approval.

The Casault Owners retain a 1.5% NSR on all mineral production, 0.75% of which can be purchased by the Company for $400,000.

Subsequent to the first payment, the Casault Owner and the Company agreed to amend the agreement by including additional claims. As at the date of this MD&A the amendment has not been completed, and the Company is uncertain if the transaction will be finalized or terminated. As a result, the Company has not submitted the agreement for CSE approval, nor issued shares to the Casault Owner.

In order to continue exploration of this property, the Company will need to raise additional financing and agree on terms of extension with the counterparty.

Kaba Lithium Property

On April 12, 2023, the Company entered into an option agreement with 1544230 Ontario Inc. and Gravel Ridge Resources Ltd. (the "Kaba Lithium Owner"), to earn a 100% interest in the Kaba Lithium Property located in Georgia Lake, Ontario.

On May 1, 2024, Electric Royalties Ltd. completed the purchase of the property optioned pursuant to the Kaba Lithium Agreement (the "Electric Kaba Purchase"). In connection with the Electric Kaba Purchase, the optionors of the Kaba Lithium Property have sold and transferred to Electric Royalties Ltd. all of their rights, title and interest in and to all of the mining claims that are subject to the Kaba Lithium Agreement. The Electric Kaba Purchase does not affect Westmount's option agreement.

The Company has the right to acquire a 100% interest in the Kaba Lithium Property by making staged payments over 3 years totaling $86,000 and issuing 300,000 common shares, as set out below.

a) $16,000 (paid) and 300,000 (issued) common shares on signing of the agreement,
b) $16,000* on or before the one-year anniversary of the agreement signing,
c) $24,000 on or before the two-year anniversary of the agreement signing, and
d) $30,000 on or before the three-year anniversary of the agreement signing.

Note: *remains outstanding as at November 29, 2024

As the Company has not made the requisite payments under this option agreement by the stipulated dates, the agreement is not in good standing as of September 30, 2024. In order to continue exploration of this property, the Company will need to raise additional financing and agree on terms of extension with the counterparty.

The Kaba Lithium Owner retains a 1.5% NSR and the Company has the right to buy back 0.5% for $500,000.

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Westmount Minerals Corp.

Management Discussion and Analysis

For the six-month period ended September 30, 2024

On May 1, 2024, Electric Royalties Ltd. completed the purchase of the property optioned pursuant to the Bell Gold Agreement (the "Electric Royalties Purchase"). In connection with the Purchase, the optionors of the Kaba property have sold and transferred to Electric all of their rights, title and interest in and to all of the mining claims that are subject to the Kaba Property Agreement. The Purchase does not affect Westmount's option agreement.

Otatakan and Pilot East Lithium Properties

On October 4, 2024, the Company mutually agreed with its Option partner to terminate the Otatakan and Pilot East property agreements, releasing the Company from any further financial obligations.

Background:

The Company had entered into purchase option agreements for two lithium properties with 1544230 Ontario Inc. and Gravel Ridge Resources Ltd. (the "OPE Owner"), dated October 4, 2022, to acquire a 100% interest. The claims are located within the Red Lake Mining Division of northwestern Ontario.

Otatakan Lithium Property:

To acquire a 100% interest in the property, the Company had agreed to issue 500,000 common shares and make cash payments over a 3-year period to the OPE Owner totaling $80,400, as set out below:

a) $12,400 (paid) on signing of the agreement,
b) 250,000 (issued) common shares upon approval of the agreement by the CSE,
c) $18,000 and 250,000 common shares on or before the one-year anniversary of the agreement,
d) $20,000 on or before the two-year anniversary of the agreement signing, and
e) $30,000 on or before the three-year anniversary of the agreement signing.

The OPE Owner retained a 1.5% NSR on all mineral production, 0.5% of which could have been purchased by the Company for $500,000.

Pilot East Property:

To acquire a 100% interest in the property, the Company has agreed to issue 500,000 common shares and make cash payments over a 3-year period to the OPE Owner totaling $83,000, as set out below:

a) $15,000 (paid) on signing of the agreement,
b) 250,000 (issued) common shares upon approval of the agreement by the CSE,
c) $18,000 and 250,000 common shares on or before the one-year anniversary of the agreement,
d) $20,000 on or before the two-year anniversary of the agreement signing, and
e) $30,000 on or before the three-year anniversary of the agreement signing.

The OPE Owner retained a 1.5% NSR on all mineral production, 0.5% of which could have been purchased by the Company for $500,000.

RESULTS OF OPERATION

The following financial data has been derived from the unaudited consolidated financial statements for the six-month period ended September 30, 2024.

During the six-month period ended September 30, 2024, the Company had a net loss and comprehensive loss of $95,365 versus $296,582 in the comparative period, being a decrease of $201,217, or 68%.

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Westmount Minerals Corp.

Management Discussion and Analysis

For the six-month period ended September 30, 2024

The expenses and related costs that reflect changes in the Company's operations during the six-month period ended September 30, 2024, includes the following:

• Exploration and evaluation expenditures (2024: $Nil, 2023: $125,874) includes geological services related to the Douay East and Kaba properties;
• Administration fees (2024: $15,000, 2023: $15,000) for management and advisory fees payment;
• Communication expense (2024: $Nil, 2023: $15,173) for newswire and marketing services;
• Consulting fee (2024: $28,800, 2023: $68,800) for contractual staff and consulting services;
• Filing fee (2024: $7,365, 2023 $7,455) refers to ongoing maintenance fees paid to the CSE;
• Office expenses (2024: $4,156, 2023: $15,565) includes company webhosting and bank charges;
• Rent expense (2024: $4,356, 2023: $4,305) for payment of office rent;
• Professional fee (2024: $26,099, 2023: $34,709) includes $12,000 management fee, and accrued audit and legal fees;
• Transfer agent and filing fees (2024: $400, 2023: $1,090) for trust service agent fees;

SELECTED QUARTERLY RESULTS FROM STATEMENTS OF FINANCIAL POSITION AND COMPREHENSIVE LOSS

The following information is derived from and should be read in conjunction with the unaudited consolidated financial statements for each of the past seven quarters, which have been prepared in accordance with International Financial Reporting Standards ("IFRS") applicable to interim financial reporting including IAS 34.

	September 30, 2024	June 30, 2023	March 31, 2023	December 31, 2023
	$	$	$	$
Net loss for the period	55,948	39,417	45,212	85,260
Comprehensive loss for the period	55,948	39,417	45,212	85,260
Basic and diluted loss per share	-	-	-	-
Balance Sheet Data
Cash	31	374	1,060	981
Total assets	18,157	17,267	16,747	21,851
Shareholders' deficiency	(312,755)	(256,807)	(217,390)	(169,789)
	September 30, 2023	June 30, 2023	March 31, 2023	December 31, 2022
---	---	---	---	---
	$	$	$	$
Net loss for the period	130,312	166,270	70,005	123,673
Comprehensive loss for the period	130,312	166,270	70,005	123,673
Basic and diluted loss per share	0.01	0.01	-	0.01
Balance Sheet Data
Cash	14,849	23,386	1,117	45,723
Total assets	56,901	133,454	51,015	103,178
Shareholders' equity (deficiency)	(84,529)	46,223	(54,382)	10,821

The Company has declared no dividends for any period presented.

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Westmount Minerals Corp.

Management Discussion and Analysis

For the six-month period ended September 30, 2024

LIQUIDITY

As at September 30, 2024, Westmount had working capital deficiency of $312,755 (2023: $84,529) which included a cash balance of $31.

The Company does not currently own or have an interest in, any producing mineral properties, does not derive any revenues from operations, and is not exposed to commodity price risk. As a result, the Company will rely on completion of future equity transactions such as equity offerings. This may also affect the Company's liquidity and its ability to meet its ongoing obligations.

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they become due. The Company's policy is to ensure that it has sufficient cash to allow it to meet its liabilities when they become due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Company's reputation. The key to success in managing liquidity is the degree of certainty in the cash flow projections. If future cash flows are fairly uncertain, the liquidity risk increases.

The Company is not expected to be profitable during the ensuing twelve months and therefore must rely on securing additional funds from either equity financing or loan from shareholders or directors, and while the Company has been successful at raising funds in the past, there is no assurance that it will continue to generate sufficient funds for future operations.

CAPITAL RESOURCES

The Company does not generate cash flows from operating activities. The Company is not expected to be profitable during the ensuing twelve months and therefore must rely on securing additional funds from either equity financing or loan from shareholders or directors for cash consideration, and while the Company has been successful at raising funds in the past, there is no assurance that it will continue to generate sufficient funds for future operations.

Objectives when managing capital are to:

a) Provide an adequate return to shareholders;
b) Provide adequate and efficient funding for operations;
c) Continue the development of its business and support any expansion plans;
d) Allow flexibility to investment in other revenues; and
e) Maintain a capital structure, which optimizes the cost of capital at acceptable risk.

In the management of capital, all accounts are included in shareholders' deficiency. As at September 30, 2024, the Company had no bank indebtedness.

The Company is not subject to any externally imposed capital requirements and there has been no change with respect to the overall capital risk management strategy during the six-month period ended September 30, 2024.

CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS

The preparation of these financial statements requires management to make certain estimates, judgements and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and reported amounts of expenses during the reporting period. Actual outcomes could differ from these estimates. These financial statements include estimates, which, by their nature, are uncertain. The impacts of such estimates are pervasive throughout the financial statements and may require accounting adjustments based on future occurrences. Revisions to accounting estimates are recognized in the year in which the estimate is revised and future years if the revisions affects both current and future years. These estimates are based on historical experience, current and future economic conditions and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

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Westmount Minerals Corp.

Management Discussion and Analysis

For the six-month period ended September 30, 2024

Significant assumptions about the future and other sources of estimation uncertainty that management has made at the financial position reporting date, that could result in a material adjustment to the carrying amounts of assets and liabilities, in the event that actual results differ from assumption made, relate to, but are not limited to, the following:

Significant accounting estimates

i. The measurement of deferred income tax assets and liabilities
ii. The measurement of share-based payments

Significant accounting judgements

i. The evaluation of the Company's ability to continue as a going concern.

RELATED PARTY TRANSACTIONS

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

The following is a summary of the Company's related party transactions (2024: accruals only) during the six-month period ended September 30, 2024:

Name	Relationship	Purpose of Transaction	September 30, 2024	September 30, 2023
Pacific Capital Advisors Inc.	Company controlled by David Tafel, CEO and Director of the Company	Advisory services related to CEO duties	$15,000	$15,000
Seatrend Strategy Inc.	Company controlled by Jeremy Wright, CFO and a Director of the Company	CFO services	$12,000	$12,000

Included in accounts payable and accrued liabilities as at September 30, 2024 is a total of $72,979 (2023: $4,725) due to the key management personnel.

There were no stock options granted during the six-month period ended September 30, 2024, and 2023 to a director of the Company.

MANAGEMENT OF CAPITAL

The Company's objectives when managing capital are to safeguard the Company's ability to continue as a going concern in order to pursue the sourcing and exploration of its resource properties. The Company does not have any externally imposed capital requirements to which it is subject.

The Company considers the aggregate of its share capital, contributed surplus, and deficit as capital. The Company manages the capital structure and makes adjustments to it in light of changes in economic conditions and the risk characteristics of the underlying assets. To maintain or adjust the capital structure, the Company may attempt to issue new shares or dispose of assets or adjust the amount of cash.

OFF BALANCE SHEET ARRANGEMENTS

During the six-month period ended September 30, 2024, the Company did not have any off-balance sheet arrangements.

OUTSTANDING SHARE DATA

As of the date of this MD&A, the Company has 25,034,001 common shares issued and outstanding, 5,680,900 share purchase warrants, and 1,600,000 share options convertible into common shares. See note 4, 5 and 6 in the Financial Statements for further details.

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Westmount Minerals Corp.

Management Discussion and Analysis

For the six-month period ended September 30, 2024

ACCOUNTING STANDARDS ISSUED BUT NOT YET EFFECTIVE

A number of new standards, and amendments to standards and interpretations, are not yet effective for the six-month period ended September 30, 2024, and have not been early adopted in preparing these unaudited consolidated financial statements for the six-month period ended September 30, 2024. These new standards, and amendments to standards and interpretations are either not applicable or are not expected to have a significant impact on the Company's financial statements.

RISK MANAGEMENT, CAPITAL MANAGEMENT AND FINANCIAL INSTRUMENTS

International Financial Reporting Standards 7, Financial Instruments: Disclosures, establishes a fair value hierarchy that reflects the significance of the inputs used in making the measurements. The fair value hierarchy has the following levels:

• Level 1 – quoted prices (unadjusted) in active markets for identical assets or liabilities;
• Level 2 – inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and
• Level 3 – inputs for the asset or liability that are not based on observable market data (unobservable inputs).

Fair Value of Financial Instruments

The Company's financial instruments include cash, which is measured at fair value using Level 1 inputs., and accounts payable, measured at amortized cost, for which the carrying value approximates the fair values due to the relatively short period of maturity of this instrument.

Assets and liabilities measured at fair value on a recurring basis, presented on the Company's statement of financial position as at September 30, 2024, are as follows:

Fair Value Measurements Using
	Quoted Prices in Active Markets for Identical Instruments (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)	Total
Cash (i)	$ 31	-	-	31
Accounts receivable (i)	-	-	-	-
Accounts payable (ii)	314,912	-	-	314,912
	$ 314,943	-	-	314,943

(i) FVTPL
(ii) Amortized cost

Financial Risk Management Objectives and Policies

The Company's financial instruments include cash and accounts payable. The risks associated with these 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 on a timely and effective manner.

(i) Currency risk

The Company's financial instruments are all denominated in Canadian Dollars and as result the Company is not exposed to any currency risk.

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Westmount Minerals Corp.

Management Discussion and Analysis

For the six-month period ended September 30, 2024

(ii) Interest rate risk

The Company is exposed to interest rate risk to the extent that cash is maintained at the financial institutions. The fair value interest rate risk on cash is insignificant due to its short-term nature.

The Company has not entered into any derivative instruments to management interest rate fluctuations.

(iii) Credit risk

Credit risk is the risk of loss associated with the counterparty's inability to fulfill its payment obligations. Financial instruments that potentially subject the Company to concentrations of credit risks consist of cash. To minimize credit risk the Company places these instruments with a high-quality financial institution.

(iv) Liquidity risk

In the management of liquidity risk of the Company, 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.

(v) Commodity Price Risk

The Company is exposed to price risk with respect to commodity prices. As at September 30, 2024, the Company is not a revenue producing entity. As a result, commodity price risk may affect the completion of future equity transactions such as equity offerings and the exercise of stock options and warrants. Commodity prices may also affect the Company's liquidity and its ability to meet its ongoing obligations.

Reliance on Key Personnel

The Company is dependent on a relatively small number of key people, the loss of any of whom could have an adverse effect on its operations. The Company does not carry any key man insurance.

SUBSEQUENT EVENTS

Please refer to note 11 of the unaudited consolidated financial statements.

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Westmount Minerals Corp.

Management Discussion and Analysis

For the six-month period ended September 30, 2024

CAUTION REGARDING FORWARD LOOKING STATEMENTS

Certain information regarding the Company within the MD&A may include "forward-looking statements" within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical facts, included in this MD&A that address activities, events or developments that the Company expects or anticipates will or may occur in the future, including such thing as future business strategy, goals, expansion and growth of the Company's business, plans and other such matters are forward-looking statements. When used in this MD&A the words "estimate", "plan", "anticipate", "expect", "intend", "believe" and similar expressions are intended to identify forward-looking statements. Such statements by their nature involve certain risks and uncertainties that could cause actual results to differ materially from those contemplated by such statements. The Company considers the assumptions on which these forward-looking statements are based to be reasonable at the time they were prepared but cautions the reader that these assumptions regarding future events, many of which are beyond the control of management, may ultimately prove to be incorrect. The reader should not rely solely on these forward-looking statements.

We undertake no obligation to reissue or update any forward-looking statements or information except as required by law.

This MD&A contains forward-looking statements concerning future operations of Westmount Minerals Corp. (the "Company"). All forward-looking statements concerning the Company's future plans and operations, including management's assessment of the Company's project expectations or beliefs may be subject to certain assumptions, risks and uncertainties beyond the Company's control. Investors are cautioned that any such statements are not guarantees of future performance and that actual performance and exploration and financial results may differ materially from any estimates or projections. Such statements include, among others: possible variations in mineralization, grade or recovery rates; actual results of current exploration activities; actual results of reclamation activities; conclusions of future economic evaluations; changes in project parameters as plans continue to be refined; failure of equipment or processes to operate as anticipated; accidents and other risks of the mining industry; delays and other risks related to construction activities and operations; timing and receipt of regulatory approvals of operations; the ability of the Company and other relevant parties to satisfy regulatory requirements; the availability of financing for proposed transactions, programs and working capital requirements on reasonable terms; the ability of third party service providers to deliver services on reasonable terms and in a timely manner; market conditions and general business, economic, competitive, political and social conditions. It is important to note that the information provided in this MD&A is preliminary in nature. There is no certainty that a potential mine will be realized.

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