World Blockchain Corp. — Management Reports 2026

May 23, 2026

WORLD BLOCKCHAIN CORP.
(Formerly “CASCADIA BLOCKCHAIN GROUP CORP.”)
(the “Company”)

MANAGEMENT DISCUSSION AND ANALYSIS

For the Year Ended January 31, 2026

The following Management Discussion and Analysis (“MD&A”) has been prepared by management as of May 22, 2026, should be read in conjunction with the audited consolidated financial statements and related notes of the Company for the year ended January 31, 2026 and 2025. The consolidated financial statements have been prepared in accordance with International Financial Reporting 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.

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WORLD BLOCKCHAIN CORP. (formerly "CASCADIA BLOCKCHAIN GROUP CORP.")
MANAGEMENT'S DISCUSSION AND ANALYSIS
FOR THE YEARS ENDED JANUARY 31, 2026 AND 2025

THIS MD&A CONTAINS THE FOLLOWING SECTIONS:

OVERVIEW ... 2
SELECTED ANNUAL FINANCIAL INFORMATION ... 3
DISCUSSION OF OPERATIONS ... 3
SUMMARY OF QUARTERLY RESULTS ... 6
LIQUIDITY AND CAPITAL RESOURCES ... 6
GOING CONCERN ... 7
OFF-BALANCE SHEET ARRANGEMENTS ... 7
RELATED PARTY TRANSACTIONS ... 7
DIRECTORS AND OFFICERS ... 7
OUTSTANDING SHARE DATA AS AT JANUARY 31, 2026 AND MAY 22, 2026 ... 8
CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS ... 8
FINANCIAL INSTRUMENTS ... 8
APPROVAL ... 9
ADDITIONAL INFORMATION ... 10

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WORLD BLOCKCHAIN CORP. (formerly "CASCADIA BLOCKCHAIN GROUP CORP.") MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE YEARS ENDED JANUARY 31, 2026 AND 2025

OVERVIEW

World Blockchain Corp. (formerly Cascadia Blockchain Group Corp.) (the "Company" or "WBG") 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. In November 2025, the Company changed its stock symbol to "WBG" to align with the name change.

Subsidiaries

1. Tianjin Bocui Technology Limited

The Company incorporated a wholly foreign-owned enterprise ("WFOE") in the People's Republic of China under the name Tianjin Bocui Technology Limited ("Bocui") on October 9, 2015. WFOE structures typically offer greater operational control than domestic joint venture arrangements. On October 14, 2025, Bocui was dissolved as the Company shifted its strategic focus to Canada-based operations.

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 Corp. is currently inactive.

The detail structure of the Company as at January 31, 2026 and May 22, 2026 is as follows:

(1) Bocui was dissolved on October 14, 2025.

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").

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WORLD BLOCKCHAIN CORP. (formerly "CASCADIA BLOCKCHAIN GROUP CORP.")
MANAGEMENT'S DISCUSSION AND ANALYSIS
FOR THE YEARS ENDED JANUARY 31, 2026 AND 2025

SELECTED ANNUAL FINANCIAL INFORMATION

Certain of the following financial information of the Company has been derived from, and should be read in conjunction with, the audited consolidated financial statements for the years ended January 31, 2026 and 2025, and the related notes.

	Years Ended January 31
	2026	2025	2024
	$	$	$
Total revenues	—	—	—
Loss from continuing operations attributable to owners of the parent	(249,947)	(808,182)	(382,523)
Loss per share from continuing operations	(0.003)	(0.009)	(0.005)
Loss attributable to owners of the parent	(249,947)	(808,182)	(382,523)
Loss per share – basic and diluted	(0.003)	(0.009)	(0.005)
Total assets	1,046	54,979	37,630
Non-current financial liabilities	—	—	—
Cash dividends declared - per share	—	—	—

DISCUSSION OF OPERATIONS

The Company was developing a platform intended to provide authentication services for non-fungible tokens ("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 project was discontinued in the fourth quarter of fiscal 2025 as a result of a significant decline in market interest in NFTs.

The Company is currently evaluating new business opportunities with stronger growth potential and improved strategic alignment. In connection with this strategic shift, the Company dissolved its wholly foreign-owned enterprise ("WFOE") in China, Tianjin Bocui Technology Limited ("Bocui"), on October 14, 2025. Bocui was inactive during the year ended January 31, 2026.

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WORLD BLOCKCHAIN CORP. (formerly "CASCADIA BLOCKCHAIN GROUP CORP.")
MANAGEMENT'S DISCUSSION AND ANALYSIS
FOR THE YEARS ENDED JANUARY 31, 2026 AND 2025

REVIEW OF FINANCIAL RESULTS

Three months ended January 31, 2026 compared to three months ended January 31, 2025

	Three Months Ended January 31,		Variance
	2026	2025	$
EXPENSE
Consulting and professional fees	$ 58,586	$ 61,454	(2,868)
Salaries and benefits	15,479	19,537	(4,058)
Listing and transfer agent expenses	7,711	5,999	1,712
Bank charges and interest expenses	3,912	1,405	2,507
Office and miscellaneous	681	1,489	(808)
Meals and entertainment	—	108	(108)
OPERATING LOSS	(86,369)	(89,992)	3,623
OTHER ITEMS
Other expenses	—	(12,807)	12,807
Foreign exchange gain	6,764	87	6,677
NET LOSS	$ (79,605)	$ (102,712)	23,107

During the three months ended January 31, 2026, the Company reported a net loss of $79,605 (2025: $102,712). The operating loss for the three months ended January 31, 2026 decreased by $23,107 compared to the same period last year. The decrease in net loss was mainly due to the combined result of the following:

• Other expenses decreased by $12,807 compared to the same period last year, primarily due to a GST payable liability of $12,326 resulting from a Canada Revenue Agency audit, during which certain Input Tax Credits (ITCs) were disallowed.
• Foreign exchange gain increased by $6,677 compared to the same period last year, primarily due to favorable foreign exchange movements and the reclassification to profit or loss of cumulative foreign currency translation differences previously recognized in accumulated other comprehensive income, following the dissolution of Bocui.

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WORLD BLOCKCHAIN CORP. (formerly "CASCADIA BLOCKCHAIN GROUP CORP.")
MANAGEMENT'S DISCUSSION AND ANALYSIS
FOR THE YEARS ENDED JANUARY 31, 2026 AND 2025

Year ended January 31, 2026 compared to year ended January 31, 2025

	Years ended January 31,		Variance
	2026	2025	$
EXPENSE
Research and development costs	$ —	$ 407,162	(407,162)
Consulting and professional fees	255,361	253,828	1,533
Salaries and benefits	64,723	104,884	(40,161)
Listing and transfer agent expenses	21,063	18,077	2,986
Bank charges and interest expenses	12,483	6,106	6,377
Office and miscellaneous	3,206	4,635	(1,429)
Meals and entertainment	315	108	207
OPERATING LOSS	(357,151)	(794,800)	437,649
OTHER ITEMS
Other expenses	(2,004)	(12,807)	10,803
Other income	3,860	972	2,888
Foreign exchange (loss) gain	5,016	(1,547)	6,563
Gain on debt forgiveness	102,976	—	102,976
Loss on disposal of subsidiary	(2,644)	—	(2,644)
NET LOSS	$ (249,947)	$ (808,182)	558,235

During the year ended January 31, 2026, the Company reported a net loss of $249,947 (2025: $808,182). The net loss for the year ended January 31, 2026 decreased by $558,235 compared to last year. The decrease in net loss is primarily attributed to the combined results of the following,

• Research and development costs decreased by $407,162 to $nil in the year ended January 31, 2026, compared to the prior year, as the Company incurred $407,162 of development costs in the prior year related to the completion of the first phase of its NFT authentication platform.
• Salaries and benefits decreased by $40,161 in the year ended January 31, 2026 compared to the prior year, primarily due to consulting costs incurred in Bocui in the prior year to manage the development of the NFT authentication platform.
• Listing and transfer agent expenses increased by $2,986 in the year ended January 31, 2026 compared to the prior year, primarily due to higher mailing-related costs, as prior year expenses were reduced as a result of a postal service disruption impacting the annual general meeting.
• Bank charges and interest expenses increased by $6,377 in the year ended January 31, 2026 compared to the prior year, primarily due to interest accrued on loans from a director of the Company.
• Other expenses decreased by $10,803 compared to the same period last year, primarily due to a GST payable liability of $12,326 resulting from a Canada Revenue Agency audit, during which certain Input Tax Credits (ITCs) were disallowed.
• Foreign exchange gain increased by $6,563 compared to the same period last year, primarily due to favorable foreign exchange movements and the reclassification to profit or loss of cumulative foreign currency translation differences previously recognized in accumulated other comprehensive income, following the dissolution of Bocui.
• Gain on debt forgiveness increased by $102,976 compared to the same period last year, is due to the forgiveness of debts agreed by the creditors when dissolving Bocui.

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WORLD BLOCKCHAIN CORP. (formerly "CASCADIA BLOCKCHAIN GROUP CORP.") MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE YEARS ENDED JANUARY 31, 2026 AND 2025

Cash flows

During the year ended January 31, 2026, the Company used $150,069 in operating activities (year ended January 31, 2025: $220,884). Payments of operating costs such as consulting fees, professional fees and salaries contributed to most of the operating cash outflow for the year ended January 31, 2026. The costs of developing the NFTs authentication platform for the year ended January 31, 2025 was paid by cryptocurrency (USDC).

The Company received the two unsecured loans during the year ended January 31, 2026 and another unsecured loan after the 2026 fiscal year end from a director of the Company, the summary is as follows:

• on May 12, 2025, US$50,000 ($67,810 equivalent)
• on July 31, 2025, US$20,000 ($27,124 equivalent)
• on March 4, 2026, US$20,000 ($26,940 equivalent)

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

While during year ended January 31, 2025, the Company completed equity financing in the amount of $650,000. The consideration was received in USDC and the Company sold $241,146 worth of USDC for cash.

SUMMARY OF QUARTERLY RESULTS

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

	For the Three Months Ended
	Fiscal 2026				Fiscal 2025
	Jan. 31, 2026	Oct. 31, 2025 (**)	July 31, 2025	Apr. 30, 2025	Jan. 31, 2025	Oct. 31, 2024	July 31, 2024	Apr. 30, 2024 (*)
	$	$	$	$	$	$	$	$
Income (loss) from continuous operations	(79,605)	15,141	(107,415)	(78,068)	(102,712)	(75,912)	(96,357)	(533,201)
Earning (loss)
Per share - basic	(0.001)	0.0002	(0.001)	(0.001)	(0.001)	(0.001)	(0.006)	(0.001)
per share - basic and diluted	(0.001)	0.0002	(0.001)	(0.001)	(0.001)	(0.001)	(0.006)	(0.001)

• The significant loss for the three months ended April 30, 2024 was due to developing the NFTs authentication platform.
  ** The gain for the three months ended October 31, 2025 is due to the dissolution of Bocui

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.

The Company had a working capital deficit of $1,434,587 as at January 31, 2026, compared to the working capital deficit of $1,185,308 as at January 31, 2025.

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WORLD BLOCKCHAIN CORP. (formerly "CASCADIA BLOCKCHAIN GROUP CORP.") MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE YEARS ENDED JANUARY 31, 2026 AND 2025

GOING CONCERN

For the year ended January 31, 2026, the Company incurred a net loss of $249,947 and has an accumulated deficit of $15,674,598 as at January 31, 2026. The Company received unsecured loans in total of US$70,000 from a director during the year for working capital purpose. 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 a material uncertainty that may cast significant doubt about the Company's ability to continue as a going concern. These consolidated financial statements do not 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 $252,000 for the year ended January 31, 2026 (2025: $252,000).

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 of $1,188,011 (January 31, 2025 - $987,511), and interest payable of $19,601 (January 31, 2025 - $8,329) from a related party loan.

The Company received two unsecured loans from a director of the Company for the year ended January 31, 2026 and another loan after 2026 fiscal year end. All loans received summarized as follows,

• June 2, 2023: $50,000
• May 12, 2025: US$50,000 (C$67,810 equivalent)
• July 31, 2025: US$20,000 (C$27,124 equivalent)
• March 4, 2026: US$20,000 (C$26,940 equivalent)

All loans are due on demand and bear 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

Hanxuan Wu
Director and Chairwoman of Audit Committee

Shanshan Zhu
Director

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

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WORLD BLOCKCHAIN CORP. (formerly "CASCADIA BLOCKCHAIN GROUP CORP.") MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE YEARS ENDED JANUARY 31, 2026 AND 2025

OUTSTANDING SHARE DATA AS AT JANUARY 31, 2026 AND MAY 22, 2026

As of January 31, 2026 and May 22, 2026, 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 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.

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 and investment in EBFG as financial asset measured at FVTPL, accounts receivable and other receivables (excluding GST recoverable) as financial assets measured at amortized cost, its accounts payable and accrued liabilities, 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:

	January 31, 2026	January 31, 2025
	$	$
Financial assets at fair value through profit or loss (i)	1,046	54,467
Financial assets measured at amortized cost (ii)	—	512
Financial liabilities measured at amortized cost (iii)	1,435,633	1,240,287

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

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WORLD BLOCKCHAIN CORP. (formerly "CASCADIA BLOCKCHAIN GROUP CORP.") MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE YEARS ENDED JANUARY 31, 2026 AND 2025

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 are classified as Level 1. There were no transfers into or out of Level 2 or Level 3 during the years ended January 31, 2026 and 2025.

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 has minimal currency risk as neither the Company nor its subsidiaries have any financial instruments denominated in currencies other than their functional currency as at January 31, 2026.

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 consolidated statement of financial position at January 31, 2026 and 2025 is the carrying value of each class of financial assets disclosed in the 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 January 31, 2026, the Company had a working capital deficit of $1,434,587 (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. has approved the contents of this management discussion and analysis on May 22, 2026.

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WORLD BLOCKCHAIN CORP. (formerly "CASCADIA BLOCKCHAIN GROUP CORP.")
MANAGEMENT'S DISCUSSION AND ANALYSIS
FOR THE YEARS ENDED JANUARY 31, 2026 AND 2025

ADDITIONAL INFORMATION

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

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