World Blockchain Corp. — Management Reports 2025

Sep 30, 2025

WORLD BLOCKCHAIN CORP. (FORMERLY CASCADIA BLOCKCHAIN GROUP CORP.)
(the "Company")

MANAGEMENT DISCUSSION AND ANALYSIS

For the Six Months Ended July 31, 2025

The following Management Discussion and Analysis ("MD&A") has been prepared by management as of September 29, 2025, should be read in conjunction with the condensed interim consolidated financial statements and related notes of the Company for the six months ended July 31, 2025 and the audited consolidated financial statements and related notes of the Company for the year ended January 31, 2025. The condensed interim consolidated financial statements have been prepared in accordance with IFRS Accounting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB"). All amounts are stated in Canadian dollars unless otherwise indicated.

FORWARD LOOKING STATEMENTS

This MD&A contains certain forward-looking information and statements. These forward-looking statements are based on current expectations and various estimates, factors and assumptions as at the date of this MD&A. The words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential", "interprets", "may", "will" and similar expressions identify forward-looking statements. The forward-looking statements reflect the current beliefs of the management of the Company, and are based on currently available information. Readers are cautioned not to place undue reliance on these statements as they are subject to known and unknown risks, uncertainties and other factors, which could cause the actual results, performance, or achievements of the Company to differ materially from those expressed in, or implied by, such forward-looking statements. The Company assumes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or any other reason.

---

WORLD BLOCKCHAIN CORP.
(FORMERLY CASCADIA BLOCKCHAIN GROUP CORP.)
MANAGEMENT'S DISCUSSION AND ANALYSIS
FOR THE SIX MONTHS ENDED JULY 31, 2025 AND 2024

THIS MD&A CONTAINS THE FOLLOWING SECTIONS:

OVERVIEW ... 2
DISCUSSION OF OPERATIONS ... 2
REVIEW OF FINANCIAL RESULTS ... 3
SUMMARY OF QUARTERLY RESULTS ... 5
LIQUIDITY AND CAPITAL RESOURCES ... 5
GOING CONCERN ... 5
OFF-BALANCE SHEET ARRANGEMENTS ... 6
RELATED PARTY TRANSACTIONS ... 6
DIRECTORS AND OFFICERS ... 6
OUTSTANDING SHARE DATA AS AT JULY 31, 2025 AND SEPTEMBER 29, 2025 ... 6
CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS ... 6
FINANCIAL INSTRUMENTS ... 7
APPROVAL ... 8
ADDITIONAL INFORMATION ... 8

Page 1

---

WORLD BLOCKCHAIN CORP. (FORMERLY CASCADIA BLOCKCHAIN GROUP CORP.) MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE SIX MONTHS ENDED JULY 31, 2025 AND 2024

OVERVIEW

World Blockchain Corp. (formerly Cascadia Blockchain Group Corp.) (the "Company" or "World") was incorporated on November 10, 2011 under the laws of British Columbia, Canada. The Company is a blockchain technology company operating in Vancouver, B.C., Canada. Its registered office is located at #530, 355 Burrard Street, Vancouver, British Columbia V6C 2G8. In September 2013, the Company was approved for listing on the Canadian Securities Exchange ("CSE"). The Company's common shares commenced trading on the CSE at the opening of markets on September 12, 2013 under the symbol "CK". In July 2025, the Company changed its name to World Blockchain Corp. to reflect its evolving strategic direction and global focus within the blockchain sector.

Subsidiaries

1. Tianjin Bocui Technology Limited

The Company incorporated a Wholly Foreign Owned Enterprise ("WFOE") in China under the name "Tianjin Bocui Technology Limited" ("Bocui") on October 9, 2015. WFOE structures offer foreign companies greater operational control in mainland China and can help streamline business activities compared to partnerships with domestic joint venture entities. Bocui supported the Company's initial development of a blockchain-based authentication platform for non-fungible tokens ("NFTs").

1. CK Fintech Corp.

"CK Fintech Corp." ("CK Fintech") is a wholly owned subsidiary incorporated on December 22, 2015. CK Fintech owns the intellectual property of a trading platform to provide various transaction capabilities for selected blockchain technology based digital assets, utility tokens, and cryptocurrencies. CK Fintech is currently inactive.

1. CK Blockchain Lab Corp.

The Company incorporated a wholly owned subsidiary "CK Blockchain Lab Corp." to research and develop blockchain products on September 28, 2017. CK Blockchain Lab is currently inactive.

The detail structure of the Company as at July 31, 2025 and September 29, 2025 is as follows:

The presentation and functional currency of the Company is the Canadian dollar. The functional currency of its subsidiaries is also the Canadian dollar except for Tianjin Bocui Technology Ltd. ("Bocui") which is the Chinese Renminbi ("RMB").

DISCUSSION OF OPERATIONS

The Company was developing a platform intended to provide authentication services for NFTs and to support NFT issuers in creating corresponding physical collectible cards linked to digital tokens. However, due to a significant decline in market enthusiasm for NFTs and reduced investor interest in NFT-related technologies, the Company decided to discontinue the project during the fiscal year ended January 31, 2025. The Company is currently evaluating new business opportunities with stronger growth potential and better strategic alignment.

Page 2

---

WORLD BLOCKCHAIN CORP.
(FORMERLY CASCADIA BLOCKCHAIN GROUP CORP.)
MANAGEMENT'S DISCUSSION AND ANALYSIS
FOR THE SIX MONTHS ENDED JULY 31, 2025 AND 2024

REVIEW OF FINANCIAL RESULTS

Three months ended July 31, 2025 compared to three months ended July 31, 2024

Results of Operations

	Three Months Ended July 31,		Variance
	2025	2024	$
EXPENSE
Consulting and professional fees	$ 81,388	$ 75,493	5,895
Salaries and benefits	16,992	13,240	3,752
Listing and transfer agent expenses	5,928	5,920	8
Bank charges and interest	3,128	1,663	1,465
OPERATING LOSS	(107,436)	(96,316)	(11,120)
OTHER ITEMS
Foreign exchange (loss) gain	21	(41)	62
NET LOSS	$ (107,415)	$ (96,357)	(11,058)

During the three months ended July 31, 2025, the Company recorded a net loss of $107,415 (2024: $96,357). The net loss for the three months ended July 31, 2025 increased by $11,120 compared to the same period last year. The increase in net loss is primarily attributed to the increase in consulting and professional fees by $5,895 to $81,388 for the three months ended July 31, 2025 compared to $75,493 for the same period last year. The higher legal fee is related to the Company's name change in July 2025.

Page 3

---

WORLD BLOCKCHAIN CORP.
(FORMERLY CASCADIA BLOCKCHAIN GROUP CORP.)
MANAGEMENT'S DISCUSSION AND ANALYSIS
FOR THE SIX MONTHS ENDED JULY 31, 2025 AND 2024

Six months ended July 31, 2025 compare to six months ended July 31, 2024

	Six Months Ended July 31,		Variance
	2025	2024	$
EXPENSE
Research and development costs	$ —	$ 407,162	(407,162)
Consulting and professional fees	136,888	136,893	(5)
Salaries and benefits	33,866	68,628	(34,762)
Listing and transfer agent expenses	9,252	9,078	174
Bank charges and interest	4,631	3,127	1,504
Office and miscellaneous	2,219	3,018	(799)
Meals and entertainment	315	—	315
OPERATING LOSS	(187,171)	(627,906)	440,735
OTHER ITEMS
Other expenses	(2,004)	—	(2,004)
Other income	3,860	—	3,860
Foreign exchange (loss) gain	(168)	(1,652)	1,484
NET LOSS	$ (185,483)	$ (629,558)	444,075

During the six months ended July 31, 2025, the Company reported a net loss of $185,483 (2024: $629,558). The net loss for the six months ended July 31, 2025 decreased by $440,735 compared to the same period last year. The decrease in net loss is primarily attributed to the follows:

• Research and development costs decreased by $407,162 for the six months ended July 31, 2025 compared to the same period last year as the Company was developing an authentication platform for NFTs during the six months ended July 31, 2024. The related development fees were expensed due to uncertainty as to whether the platform would generate probable future economic benefits;
• Salaries and benefits decreased by $34,762 compared to the same period in the prior year, primarily due to staffing costs related to employees hired in Bocui for the development of the NFT authentication platform. As the development was discontinued, the related employee was terminated during the year ended January 31, 2025.

Page 4

---

WORLD BLOCKCHAIN CORP.
(FORMERLY CASCADIA BLOCKCHAIN GROUP CORP.)
MANAGEMENT'S DISCUSSION AND ANALYSIS
FOR THE SIX MONTHS ENDED JULY 31, 2025 AND 2024

Cash flows

During the six months ended July 31, 2025, the Company used $116,456 in operating activities (six months ended July 31, 2024: $174,037). The decreased in the operating spending was primarily due to lower salary costs and the deferral of certain salary payments during the six months ended July 31, 2025.

During the six months ended July 31, 2025, the Company received the following unsecured loans from a director of the Company:

• on May 12, 2025, US$50,000 ($69,258 equivalent)
• on July 31, 2025, US$20,000 ($27,390 equivalent)

Both loans are due on demand and bears interest of 10% per annum.

SUMMARY OF QUARTERLY RESULTS

The following financial information for the Company has been derived from the Company's financial statements for the Company's most recent 8 quarters.

	For the Three Months Ended
	Fiscal 2026		Fiscal 2025				Fiscal 2024
	July 31, 2025	Apr. 30, 2025	Jan. 31, 2025	Oct. 31, 2024	July 31, 2024	Apr. 30, 2024 (*)	Jan. 31, 2024	Oct. 31, 2023
	$	$	$	$	$	$	$	$
Income (loss) from continuous operations	(107,415)	(78,068)	(102,712)	(75,912)	(96,357)	(533,201)	(106,100)	(85,643)
Earning (loss)
Per share - basic	(0.001)	(0.001)	(0.001)	(0.001)	(0.006)	(0.001)	(0.001)	(0.002)
per share - basic and diluted	(0.001)	(0.001)	(0.001)	(0.001)	(0.006)	(0.001)	(0.001)	(0.002)

• The significant loss for the three months ended April 30, 2024 was due to developing the NFTs authentication platform.

LIQUIDITY AND CAPITAL RESOURCES

Historically the Company has been successful in raising capital through private placements to finance day-to-day operation and expansion. The Company continually reviews operational results and expenditures to ensure adequate liquidity to support its growth strategy while maintaining the current operation. However, there is no guarantee that the Company will have access to future capital or the ability to generate positive cash flows.

As at July 31, 2025, the Company had a cash balance of $34,621 compared to a cash balance of $54,467 as at January 31, 2025. The Company had a working capital deficit of $1,366,922 as at July 31, 2025 (January 31, 2025: $1,185,308).

GOING CONCERN

For the six months ended July 31, 2025, the Company incurred a net loss of $185,483. The Company has a negative working capital of $1,366,922 and an accumulated deficit of $15,610,134 as at July 31, 2025. The Company received unsecured loans in total of US$70,000 from a director during six months ended July 31, 2025 for working capital purposes. The Company's ability to continue as a going concern and to realize assets and discharge its liabilities in the normal course of business is dependent upon its generating profitable operations, obtaining additional financing or maintaining continued support from its shareholders and creditors, and identifying and acquiring other businesses or assets in the future. These factors indicate the existence of material uncertainty that may cast significant doubt about the Company's ability to continue as a going concern. These condensed interim consolidated financial statements do not

---

WORLD BLOCKCHAIN CORP. (FORMERLY CASCADIA BLOCKCHAIN GROUP CORP.) MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE SIX MONTHS ENDED JULY 31, 2025 AND 2024

include any adjustments to the amounts and classification of assets and liabilities that might be necessary should the Company be unable to continue as a going concern. Such adjustments could be material.

OFF-BALANCE SHEET ARRANGEMENTS

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

RELATED PARTY TRANSACTIONS

The salaries, consulting fee and benefits compensation of key management personnel of the Company was $126,000 for the six months ended July 31, 2025 (six months ended July 31, 2024: $126,000).

Key management includes directors, the Chief Executive Officer ("CEO") and the Chief Financial Officer ("CFO") of the Company.

Included in accounts payable and accrued liabilities were salaries, consulting fee and benefits payable due to directors and officers of the Company for $1,067,011 (January 31, 2025: $987,511), and interest payable of $12,325 (January 31, 2025: $8,329) from a related party loan.

The Company received a US$50,000 unsecured loan in May 2025, and another US$20,000 unsecured loan in July 2025 from a director for working capital purposes. The loans are due on demand and bears interest of 10% per annum.

These transactions are in the normal course of operations and are measured at the exchange amount established and agreed to by the related parties.

DIRECTORS AND OFFICERS

Di Deng Chairman of the Board of Directors, President and Chief Executive Officer (appointed on September 20, 2020)

Hanxuan Wu Director and Chairwoman of Audit Committee (appointed on September 20, 2020)

Shanshan Zhu Director

Eason Chen Interim Chief Financial Officer (appointed on October 7, 2020)

OUTSTANDING SHARE DATA AS AT JULY 31, 2025 AND SEPTEMBER 29, 2025

As of July 31, 2025 and September 29, 2025, the Company has 95,043,359 outstanding common shares and no outstanding stock option and warrants.

CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS

The preparation of these condensed interim consolidated financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions which affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and revenues and expenses for the periods reported. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgments about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ from these estimates.

Page 6

---

WORLD BLOCKCHAIN CORP. (FORMERLY CASCADIA BLOCKCHAIN GROUP CORP.) MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE SIX MONTHS ENDED JULY 31, 2025 AND 2024

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and further periods if the review affects both current and future periods.

Judgements are choices in accounting policies and disclosures which management believes are supported by facts and circumstances existing at the date of the consolidated financial statements.

Critical accounting judgements are accounting policies that have been identified as being complex or involve subjective judgments or assessments with a significant risk of material adjustment.

Significant judgement areas include:

• The ability of the Company to continue as a going concern.

FINANCIAL INSTRUMENTS

The Company classifies its cash and cash equivalents as financial asset measured at FVTPL, other receivables as financial assets measured at amortized cost, its accounts payable and loans payable as financial liabilities measured at amortized cost. The carrying amount of financial assets and liabilities carried at amortized cost is a reasonable approximation of their fair value due to the relatively short period to maturity of these financial instruments.

Fair value

The following table summarizes the carrying values of the Company's financial instruments:

	July 31, 2025	January 31, 2025
	$	$
Financial assets at fair value through profit or loss (i)	34,621	54,467
Financial assets measured at amortized cost (ii)	507	512
Financial liabilities measured at amortized cost (iii)	1,402,050	1,240,287

(i) Cash and cash equivalents
(ii) Other receivables
(iii) Accounts payable and accrued liabilities, and related party loan

Financial instruments measured at fair value on a recurring basis are classified into one of three levels in the fair value hierarchy based on the degree to which the inputs used to determine the fair value are observable. The three levels of the fair value hierarchy are:

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 or indirectly; and

Level 3 – inputs for the asset or liability that are not based on observable market data (unobservable inputs).

Cash and cash equivalents and USDC re classified as Level 1. There were no transfers into or out of Level 2 or Level 3 during the six months ended July 31, 2025. The fair value of other receivables, accounts payable and accrued liabilities and related party loan approximate their carrying values due to the short-term to maturities of these financial instruments.

Page 7

---

WORLD BLOCKCHAIN CORP. (FORMERLY CASCADIA BLOCKCHAIN GROUP CORP.) MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE SIX MONTHS ENDED JULY 31, 2025 AND 2024

Financial risk management

The Company's financial risks arising from its financial instruments are market risk, credit risk, liquidity risk and interest rate risk. The Company's exposure to these risks 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.

Market risk

Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk consists of currency risk, which is the risk that exposes the Company to financial risk related to the fluctuation in exchange rates.

The Company minimal currency risk as neither the Company nor its subsidiaries have any financial instruments denominated in currencies other than their functional currency as at July 31, 2025.

Credit risk

Credit risk is the risk of potential loss to the Company if the counter party to a financial instrument fails to meet its contractual obligations. Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents. The Company's credit risk with respect to its cash is minimal as it is held with a large financial institution. The Company's maximum exposure to credit risk for the components of the condensed interim consolidated statement of financial position at July 31, 2025 and 2024 is the carrying value of each class of financial assets disclosed in the condensed interim consolidated financial statements.

Liquidity risk

Liquidity risk is the risk that the Company will not meet its obligations associated with its financial liabilities as they fall due. The Company manages liquidity risk through the management of its capital structure and financial leverage. Management closely monitors the liquidity position and expects to have adequate sources of funding to finance the Company's projects and operations. As at July 31, 2025, the Company had a working capital deficit of $1,366,922 (January 31, 2025: deficit $1,185,308). All of the Company's financial liabilities are classified as current.

Interest rate risk

The Company has no interest-bearing debt. The Company has not entered into any derivative instruments to manage interest rate fluctuations. The Company is not exposed to significant interest rate risk.

APPROVAL

The Board of Directors of World Blockchain Corp. (formerly Cascadia Blockchain Corp.) has approved the contents of this management discussion and analysis on September 29, 2025.

ADDITIONAL INFORMATION

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

Page 8