Yangaroo Inc. — Management Reports 2025

May 30, 2025

YANGAROO INC.

MANAGEMENT'S DISCUSSION AND ANALYSIS
THREE MONTHS ENDED MARCH 31, 2025
EXPRESSED IN UNITED STATES DOLLARS ("US DOLLAR")

May 28, 2025

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YANGAROO
Q1 2025 Management's Discussion & Analysis

Introduction

Unless the context suggests otherwise, references to “the Company”, “Yangaroo”, or similar terms refer to YANGAROO Inc. This Management’s Discussion & Analysis (“MD&A”) is a discussion and review of operations, current financial position, and outlook for Yangaroo and should be read in conjunction with the audited financial statements for the years ended December 31, 2024 and 2023 (the “Financial Statements”), which are prepared in accordance with IFRS Accounting Standards (“IFRS”). The information below is prepared in accordance with IFRS and is presented in United States dollars, unless otherwise noted.

Forward Looking Statements

The Company’s reporting structure reflects how it manages its business and how it classifies its operations for planning and for measuring its performance. This MD&A contains assertions about the objectives, strategies, financial conditions, outlook, revenue guidance, EBITDA guidance, and results of operations. These statements are considered “forward-looking” because they are based on current expectations of the Company’s business, in those markets in which it operates, and on various estimates and assumptions.

These forward-looking statements describe the Company’s expectations at May 28, 2025. The Company’s actual results could be materially different from its expectations if known or unknown risks affect the business, or if the Company’s estimates or assumptions turn out to be inaccurate. As a result, the Company cannot guarantee that any forward-looking statements will materialize. Forward-looking statements do not take into account the effects that transactions or non-recurring items, announced or occurring after the statements are made, may have on the business. The Company disclaims any intention or obligation to update any forward-looking statements, except as required by law, even if new information becomes available through future events or for any other reason. Risks that could cause the Company’s actual results to differ materially from its current expectations are stated in the Risk Management section.

Use of Non-IFRS Financial Measures

The following non-IFRS definitions are used in this MD&A because management believes that they provide useful information regarding the Company’s ongoing operations. Readers are cautioned that the definitions are not recognized measures under IFRS, do not have standardized meanings prescribed by IFRS, and should not be construed to be alternatives to revenues and net earnings determined in accordance with IFRS or as an indicator of performance, liquidity or cash flows. The Company’s method of calculating these measures may differ from the methods used by other entities and accordingly, these measures may not be comparable to similarly titled measures used by other entities or in other jurisdictions. EBITDA as defined by the Company means Earnings Before Interest and Financing costs (net of interest income), Income Taxes, Depreciation and Amortization. EBITDA is derived from the statements of comprehensive income (loss) and can be computed as revenues less salaries and consulting expenses, technology and production expenses, marketing and promotion expenses, general and administrative expenses, any gain (loss) on the remeasurement of fair value and contingent consideration, foreign exchange (gain) loss, and any non-recurring items such as restructuring expenses, government subsidies, and goodwill impairment. Normalized EBITDA as defined by the Company means EBITDA adjusted for one-time non-recurring

YANGAROO Inc.
Management's Discussion & Analysis
March 31, 2025

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YANGAROO

Q1 2025 Management's Discussion & Analysis

items or non-cash items such as share-based compensation expenses, restructuring expenses, acquisition fees, foreign-exchange (gain) loss, revaluation on contingent consideration, revaluation of embedded liability, and goodwill impairment. EBITDA Margin and Normalized EBITDA Margin as defined by the Company means EBITDA and Normalized EBITDA, respectively, as a percentage of revenue.

Working capital, as defined by the Company, means current assets less current liabilities.

Liquidity, as defined by the Company, means cash plus available capacity in the Company's revolving credit facility.

The Company believes EBITDA, EBITDA margin, Normalized EBITDA, Normalized EBITDA margin, liquidity, and working capital are useful measures because they provide information to both management and investors with respect to the operating and financial performance of the Company.

Description of the Business

Yangaroo is a technology provider serving the media and entertainment industry through its cloud-based software platforms for the management and distribution of digital media content. The Company's core product, Digital Media Distribution System ("DMDS"), is a patented platform that enables customers to manage, deliver, and promote digital assets through a centralized and fully integrated workflow.

DMDS connects directly with radio and television broadcasters, digital display networks, over-the-top (OTT) and connected TV (CTV) platforms, and video publishers, streamlining the digital asset management and delivery of advertising content, promotional content, music tracks, and music videos. Yangaroo also provides a platform to streamline and coordinate award show submissions and adjudication. Both platforms are designed to improve operational efficiency, reduce turnaround times, and ensure secure, trackable distribution across business-to-business communications.

YANGAROO Inc. is a publicly traded and incorporated on July 28, 1999, under the laws of Ontario as Musicrypt.com Inc. and changed to its present name on July 17, 2007. Yangaroo trades on the TSX Venture Exchange ("TSX-V") under the symbol YOO and in the U.S. under OTCPK: YOOIF.

The address of the Company's corporate office and principal place of business is 360 Dufferin Street, Suite 203, Toronto, Ontario, M6K 1Z8.

Outlook and Business Update

During the first quarter ended March 31, 2025, the Company experienced a 7% decline in revenue, which was in parts due to a Millena3 client contract not being renewed, ongoing reduced music video deliveries from the music division, and the Company believes geopolitical and trade protectionism implemented by the US government contributed to a more cautious spending approach by brands and advertisers, impacting performance with the Advertising division. Despite this impact to the market, for the three months ended March 31, 2025, the Company's operating income and Normalized EBITDA increased year over year to $24,526 and $264,251, respectively, from an operating income of $17,371 and Normalized EBITDA of $237,581 in Q1'2024. This improvement was largely attributed to the Company's enhanced operational

YANGAROO Inc.

Management's Discussion & Analysis

March 31, 2025

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YANGAROO
Q1 2025 Management's Discussion & Analysis

efficiency and the effectiveness of its disciplined approach in overcoming a challenging environment. This performance was driven by strategic cost reductions across headcount, marketing, and technology expenses which has resulted in a resilient and profitable operating income.

The Advertising Division and Music Division both experienced a decline in delivery volumes and sales per customer year over year. In comparison, the Awards Division saw an increase compared to the same period a year ago.

> Advertising Division
> - Revenue of $1,394,548 in Q1'2025 versus revenue of $1,524,568 in Q1'2024

> Entertainment Group (Music & Awards Divisions)
> - Revenue of $387,510 in Q1'2025 versus revenue of $398,063 in Q1'2024

> Normalized EBITDA
> - Eleventh consecutive quarter of positive Normalized EBITDA:

$264,251 in Q1'2025	$266,269 in Q3'2023
$540,504 in Q4'2024	$541,952 in Q2'2023
$466,458 in Q3'2024	$116,293 in Q1'2023
$337,818 in Q2'2024	$833,974 in Q4'2022
$237,581 in Q1'2024	$ 1,927 in Q3'2022
$211,061 in Q4'2023

> Cash Flow from Operating Activities
> - Net cash from operating activities was $242,442 in Q1'2025 versus $315,586 in Q1'2024

The Advertising Division continued to actively seek opportunities to expand the use of services by existing clients. Our ancillary production services, including short-form versioning for Direct Response customers and long-form digitization, continued to attract new project-based opportunities. Our closed captioning and analytics services completed a full-service offering, which enabled us to integrate Millenia3's clients into our workflows and technology seamlessly. Innovation has always remained a priority, and with our development team, we continuously improved the DMDS platform to streamline business-to-business workflows and expand platform capabilities for enhanced self-service use. Specifically, we have been focused on optimizing our TV Traffic Instruction workflow and enhancing our TV Legal Clearance offering, connecting the necessary broadcasters across North America. Overall, our advertising platform is evolving into a comprehensive solution for managing advertising logistics across both linear and digital destinations and the advancements in the Advertising Division demonstrate our ability to adapt in a dynamic market environment. We remain optimistic that some of the larger business development prospects will convert to sales, further strengthening our financial performance and market presence.

The Entertainment Group, comprising our Music and Awards Divisions, maintained steady customer volumes and revenue throughout the prior year, experiencing no significant volatility. The slight decline in our Music Division's music video distribution delivery has now stabilized, and we continue to build on

YANGAROO Inc.
Management's Discussion & Analysis
March 31, 2025

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YANGAROO
Q1 2025 Management's Discussion & Analysis

expanding our music track promotional and distribution services to major music labels and independent music artists across North America. The Award Shows division has several multi-year agreements and long-standing client relationships. Furthermore, towards the end of 2024, the development team completed Yangaroo Awards v3, which included updating the submission and administration tools. The development focused on enhanced management features, an improved user interface, and a stronger security posture. The new Awards Platform solution is more accessible, which allows us to offer a broader solution and cater to a larger Award Show market going forward. Overall, both divisions are poised to benefit from our investments in technology.

DMDS saw substantial enhancements across both the Analytics Dashboard and the Clearance Platform. The integration of the Millennia3 team facilitated updates to our traffic management tools and provided more detailed advertising campaign data to destinations, seamlessly connecting to our TV Traffic integration with WideOrbit, where available. The Analytics Dashboard underwent major interface updates, improving visibility into traffic and occurrence data and incorporating additional advertising performance metrics from third-party providers. This is now presented to the customers in a single live dashboard with downloadable reporting. Additionally, the TV Legal Clearance platform has continued to evolve with enhancements to the submission and reporting components, streamlining the tracking of submissions and any ongoing substantiations.

The three months ended March 31, 2025, mark the eleventh consecutive quarter of positive Normalized EBITDA. This achievement reflects our strategic focus on operational efficiency and client satisfaction, as well as our commitment to organic growth, as we explore various opportunities within the advertising and entertainment markets. However, our growth strategy is not only limited to organic growth. We also actively seek merger and acquisition opportunities that align with our vision and enhance our market position.

During 2025, Yangaroo remains focused on executing its growth strategy, expanding its customer base, and investing in its platforms. Compared to previous years, we expect the advertising and entertainment markets for the long term to stabilize and become more predictable. As a result, the Company continues to be well-positioned to capitalize on organic and non-organic growth opportunities.

YANGAROO Inc.
Management's Discussion & Analysis
March 31, 2025

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YANGAROO

Q1 2025 Management's Discussion & Analysis

SELECTED FINANCIAL INFORMATION

The following table summarizes the Company's overall performance for the quarters ended March 31, 2025, 2024, and 2023.

	Q1'2025	Q1'2024	Q1'2023
Revenue	$1,782,058	$1,922,631	$1,845,253
Income (Loss) from Operations	24,526	17,371	(254,870)
Net Income (Loss) and Comprehensive Income (Loss) for the Year	(128,807)	15,565	(364,619)
Normalized EBITDA*	264,251	237,581	116,293
Basic and Diluted Income (Loss) per Share	(0.00)	0.00	(0.01)
Financial Position:
Cash	217,088	207,998	204,604
Total Assets	4,958,454	5,362,219	8,789,480
Total Liabilities	4,032,340	4,852,988	4,522,708
Total Shareholder's Equity	926,114	510,231	4,266,772
Common Shares Outstanding	62,437,140	62,437,140	62,437,140

• A non-IFRS measure. See "Non-IFRS financial measures" for definitions and reconciliation of non-IFRS measures to the relevant IFRS measures.

YANGAROO Inc.

Management's Discussion & Analysis

March 31, 2025

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YANGAROO

Q1 2025 Management's Discussion & Analysis

Results of Operations

Statements of Net Income (Loss) and Comprehensive Income (Loss)

	Three Months Ended
	March 31, 2025	March 31, 2024
Revenue	1,782,058	1,922,631
Expenses
Salaries and Consulting	1,115,958	1,162,017
General and Administrative	217,645	196,328
Depreciation of Property and Equipment, Right of Use Assets and Intangible Assets	215,883	220,212
Technology and Production	152,498	222,604
Marketing and Promotion	55,548	80,715
Restructuring Expense	-	23,384
	1,757,532	1,905,260
Income from Operations	24,526	17,371
Other Income (Expenses)
Interest Expense	(70,611)	(118,979)
Remeasurement of Embedded Derivative Liability	(46,267)	28,845
Foreign Exchange Gain/(Loss)	(35,546)	90,278
	(152,424)	144
Net Income/(Loss) Before Income Tax	(127,898)	17,515
Income Tax Expense	909	1,950
Net Income/(Loss) and Comprehensive Income/(Loss)	(128,807)	15,565

YANGAROO Inc.

Management's Discussion & Analysis

March 31, 2025

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YANGAROO
Q1 2025 Management's Discussion & Analysis

Q1'2025 Financial Highlights

> Revenue in Q1'2025 was $1,782,058 compared to $1,922,631 and $2,241,659 in the first quarter of 2024 and the fourth quarter of 2024, respectively.

• Revenue decreased by $140,573, or 7%, versus Q1'2024. The decrease in revenue was primarily driven by lower Advertising and Music revenue, with a decrease of $130,020, or 9%, and $51,929, or 19%, respectively, slightly offset by higher Awards revenue year over year with an increase of $41,376, or 34%. The decrease in revenue was primarily related to a temporary decline in business due to the geopolitical ramifications of the trade protectionism implemented by the US government.

• Revenue decreased by $459,601, or 21%, versus Q4'2024. The decrease in revenue was primarily attributed to lower Advertising revenue of $333,141, or 19%, as well as decreased Awards revenue of $151,469, or 48%, offset by higher Music revenue with an increase of $25,009, or 12%. This decrease in revenue can also be attributed to the geopolitical situation as well as seasonality with the fourth quarter typically being the highest volume and spend period.

> Operating expenses in Q1'2025 were $1,757,532 compared to $1,905,260 and $1,950,876 in the first quarter of 2024 and the fourth quarter of 2024, respectively.

• Operating expenses decreased by $147,728, or 8%, versus Q1'2024. The decrease in operating expenses was primarily attributed to reductions across headcount, marketing, and technology expenses, offset by slightly higher general and administrative expenses. There was also a one-time $23,384 restructuring expense in 2024 compared to nil in 2025.

• Operating expenses decreased by $193,344, or 10%, versus Q4'2024. The decrease in operating expenses was primarily attributed to restructuring and cost control initiatives which resulted in lower salaries and lower technology, and marketing expenses.

> Normalized EBITDA in Q1'2025 was $264,251 in comparison to Normalized EBITDA of $237,581 in Q1'2024 and Normalized EBITDA of $540,504 in Q4'2024.

• Normalized EBITDA increased by $26,670, or 11%, compared to Q1'2024. The increase was primarily attributed to the improved operating income, as a result of the Management's operation optimization strategy.

• Normalized EBITDA decreased by $276,253, or 51%, compared to Q4'2024. The decrease was primarily attributed to seasonality with the fourth quarter typically being the highest volume and spend period.

YANGAROO Inc.
Management's Discussion & Analysis
March 31, 2025

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YANGAROO

Q1 2025 Management's Discussion & Analysis

Summary of Quarterly Results

The information below has been prepared in accordance with IFRS Accounting Standards and is unaudited quarterly information.

	Q1 2025	Q4 2024	Q3 2024	Q2 2024
Cash	$217,088	$231,083	105,906	86,118
Working Capital (Deficiency)^{1}	(1,900,378)	(1,841,495)	(1,787,761)	(1,932,157)
Liquidity^{2}	686,618	717,583	550,386	378,358
Revenue	1,782,058	2,241,659	1,942,525	1,949,689
Operating Expenses	1,757,532	1,950,876	1,593,542	1,838,985
Other Expenses (Income)	152,424	(92,192)	179,406	118,863
Income Tax Expense (Recovery)	909	(97,327)	-	120,872
After-Tax Income (Loss) for the Period	(128,807)	480,302	169,577	(129,031)
Income (Loss) per Share – Basic	$(0.00)	$0.01	$0.00	$(0.00)
Income (Loss) per Share – Diluted	$(0.00)	$0.01	$0.00	$(0.00)
EBITDA	158,596	651,570	374,900	307,730
EBITDA Margin %	8.90%	29.07%	19.30%	15.78%
Normalized EBITDA *	264,251	540,504	466,458	337,818
Normalized EBITDA Margin % *	14.83%	24.11%	24.01%	17.33%

• A non-IFRS measure. See "Non-IFRS financial measures" for definitions and reconciliation of non-IFRS measures to the relevant IFRS measures.

1 Working Capital Deficiency	Q1 2025	Q4 2024	Q3 2024	Q2 2024
Current Assets	$1,860,820	$1,923,459	$1,812,882	$2,017,881
Current Liabilities	(3,761,198)	(3,764,954)	(3,600,643)	(3,950,038)
Working Capital Deficiency	(1,900,378)	(1,841,495)	(1,787,761)	(1,932,157)
2 Liquidity	Q1 2025	Q4 2024	Q3 2024	Q2 2024
Available Capacity in Credit Facility	$469,530	$486,500	$444,480	$292,240
Cash on Hand	217,088	231,083	105,906	86,118
Liquidity	$686,618	$717,583	$550,386	$378,358

YANGAROO Inc.

Management's Discussion & Analysis

March 31, 2025

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YANGAROO

Q1 2025 Management's Discussion & Analysis

	Q1 2024	Q4 2023	Q3 2023	Q2 2023
Cash	$207,998	$150,928	$254,720	$284,178
Working Capital (Deficiency)^{3}	(1,810,041)	(1,758,949)	(115,884)	(94,749)
Liquidity^{4}	521,092	623,506	975,794	552,960
Revenue	1,922,631	2,128,768	1,708,931	2,172,530
Operating Expenses	1,905,260	2,172,342	1,708,684	1,890,089
Other Expenses (Income)	(144)	3,756,134	20,217	230,473
Income Tax Expense (Recovery)	1,950	(134)	(11,907)	15,750
After-Tax Income (Loss) for the Period	15,565	(3,799,574)	(8,063)	36,218
Income (Loss) per Share – Basic	$0.00	($0.06)	($0.00)	$0.00
Income (Loss) per Share – Diluted	$0.00	($0.06)	($0.00)	$0.00
EBITDA	356,704	(3,407,954)	322,585	384,490
EBITDA Margin %	18.55%	(160%)	18.88%	17.70%
Normalized EBITDA*	237,581	211,061	266,269	541,952
Normalized EBITDA Margin % *	12.36%	9.91%	15.58%	24.95%

• A non-IFRS measure. See "Non-IFRS financial measures" for definitions and reconciliation of non-IFRS measures to the relevant IFRS measures

3 Working Capital Deficiency	Q1 2024	Q4 2023	Q3 2023	Q2 2023
Current Assets	$2,220,576	$2,132,814	$1,872,473	$2,719,144
Current Liabilities	(4,030,617)	(3,891,763)	(1,988,357)	(2,813,893)
Working Capital Deficiency	(1,810,041)	(1,758,949)	(115,884)	(94,749)
4 Liquidity	Q1 2024	Q4 2023	Q3 2023	Q2 2023
Available Capacity in Credit Facility	$313,094	$472,578	$721,074	$268,782
Cash on Hand	207,998	150,928	254,720	284,178
Liquidity	$521,092	$623,506	$975,794	$552,960

YANGAROO Inc.

Management's Discussion & Analysis

March 31, 2025

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YANGAROO
Q1 2025 Management's Discussion & Analysis

Revenue

For the three months ended March 31, 2025, revenue was $1,782,058, a decrease of $140,573 over the same period in 2024 and a decrease of $459,601 from the previous quarter (Q4'2024 - $2,241,659).

	Q1 2025	Q1 2024	$ Change	% Change
Advertising Division	$1,394,548	$1,524,568	($130,020)	(9%)
Entertainment Division	$387,510	$398,063	($10,553)	(3%)
Total Revenue	$1,782,058	$1,922,631	($140,573)	(7%)

(i) Advertising

The Company earned advertising revenue of $1,394,548 in the current quarter, a decrease of $130,020, or 9%, over the same period in 2024 and a decrease of $333,141, or 19%, versus the previous quarter (Q4'2024 - $1,727,689). The decrease year over year was primarily attributed to a temporary slowdown in the advertising industry due to the trade protectionism implemented by the US government. Brands and advertisers chose to be cautious in their spending which impacted the Advertising sector and resulted in a corresponding decline in our sales. The decrease in Advertising revenue as compared to the previous quarter was a result of both the geopolitical situation mentioned above and lower customer volumes driven by seasonality.

(ii) Entertainment

The Company earned entertainment revenue of $387,510 in the current quarter, representing a decrease of $10,553, or 3%, over the same period in 2024 and a decrease of $126,460, or 25%, versus the previous quarter (Q4'24 - $513,970). The decrease from the prior year was primarily attributed to lower volumes amongst Music customers, partially offset by higher Awards revenue. The decrease from the previous quarter was primarily attributed to the seasonal activity in the Awards cycle, slightly offset by higher volumes amongst Music customers.

Operating Expenses

Total operating expenses for the three months ended March 31, 2025, were $1,757,532, a decrease of $147,728 over the prior year period and a decrease of $193,344 from the previous quarter (Q4'2024 - $1,950,876).

	Q1 2025	Q1 2024	$ Change	% Change
Salaries and Consulting	$1,115,958	$1,162,017	($46,059)	(4%)
General and Administrative	217,645	196,328	21,317	11%
Depreciation of PPE, Right of Use and Intangible Assets	215,883	220,212	(4,329)	(2%)
Technology and Production	152,498	222,604	(70,106)	(31%)
Marketing and Promotion	55,548	80,715	(25,167)	(31%)
Restructuring Expense	-	23,384	(23,384)	(100%)
Total Operating Expenses	$1,757,532	$1,905,260	($147,728)	(8%)

YANGAROO Inc.
Management's Discussion & Analysis
March 31, 2025

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YANGAROO
Q1 2025 Management's Discussion & Analysis

(i) Salaries and Consulting

Salaries and consulting expenses for Q1’2025 were $1,115,958 representing a decrease of $46,059 over the same period in the prior year and an increase of $46,396 from the previous quarter (Q4’2024 - $1,069,562). This decrease was due to the efforts made in the second half of 2024 to streamline headcount and the strategic optimization plan to improve operating efficiency. Q’1 2025 also had a non cash share-based compensation expense of $23,842 compared to nil for the same quarter a year ago and Q4’2024.

(ii) Marketing and Promotion

Marketing and promotion expense for the three months ended March 31, 2025, was $55,548, representing a decrease of $25,167 versus the same quarter a year ago and an increase of $8,464 versus the prior quarter (Q4’2024 - $47,084). The decrease year over year was primarily due to reduced marketing and sales activities as the Company focused on business optimization. The increase compared to the prior quarter was the result of renewed efforts to market the business and attract new customers in the current year.

(iii) General and Administrative

General and administrative expenses for the three months ended March 31, 2025, were $217,645 representing an increase of $21,317 over the same period in the prior year and an increase of $20,707 from the previous quarter (Q4’2024 - $196,938). The increase was primarily related to higher professional service fees associated with legal mediation.

(iv) Technology and Production

Technology and production expenses for the three months ended March 31, 2025, were $152,498 representing a decrease of $70,106 over the same period in the prior year and a decrease of $255,072 from the previous quarter (Q4’2024 - $407,570). This decrease was primarily attributed to the one-time adjustment to SRED made during Q4’2024.

Net Income and Comprehensive Income

The Company generated net and comprehensive loss of $128,807 in the three months ended March 31, 2025, a decrease of $144,372 from the same period in the prior year (Q1’2024 – net income of $15,565) and a decrease of $609,109 versus the previous quarter (Q4’2024 – net income of $480,302). The decrease from the same quarter in 2024 was attributed to the loss on the embedded derivative liability and foreign exchange loss due to unfavourable foreign exchange movement during the three months ended March 31, 2025. The decrease from the previous quarter can also be attributed to unfavourable foreign exchange movement as well as the effect of seasonality and the current geopolitical ramifications of the US trade protectionism on the business.

YANGAROO Inc.
Management's Discussion & Analysis
March 31, 2025

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YANGAROO

Q1 2025 Management's Discussion & Analysis

Normalized EBITDA

The Company defines EBITDA as net income or loss before interest, income taxes, and amortization. Normalized EBITDA removes the fair value adjustment of convertible debt, the fair value adjustment of contingent consideration, any restructuring expenses, share-based compensation, foreign exchange gains and losses, and the impairment loss on Goodwill from EBITDA. Management uses these measures in managing the business and making operational decisions. EBITDA and Normalized EBITDA are not intended as substitutes for IFRS measures.

For the three months ended March 31, 2025, the Company's Normalized EBITDA was $264,251 representing an increase of $26,670 over the same period in the prior year (Q1'2024- $237,581) and a decrease of $276,253 from the previous quarter (Q4'2024 - $540,504). The increase in Normalized EBITDA versus the prior year was primarily attributed to the Company's improved and resilient operating income, which was a result of Management's operational optimization strategy. The decrease from Q4'2024 was primarily attributed to the current geopolitical situation as well as seasonality with the fourth quarter typically being the highest volume and spend period.

	Q1 2025	Q4 2024	Q3 2024	Q2 2024
Income (Loss) for the Period	($128,807)	$480,302	$169,577	($129,031)
Reconciling items:
Interest Income	-	(294)	-	-
Interest Expense	70,611	82,945	87,848	102,421
Depreciation and Amortization	215,883	185,944	117,475	213,468
Income Tax Expense (Recovery)	909	(97,327)	-	120,872
EBITDA*	$158,596	$651,570	$374,900	$307,730
Reconciling Items:
Acquisition Fees	-	(1,463)	-	1,463
Restructuring Expenses	-	65,240	-	12,182
Share-Based Compensation	23,842	-	-	-
Foreign Exchange Loss (Gain)	35,546	(199,531)	58,039	15,847
Fair Value Loss (Gain) on Revaluation of FX Embedded Derivative	46,267	(37,062)	33,519	596
Fair Value Loss (Gain) on Contingent Consideration	-	61,750	-	-
Normalized EBITDA*	$264,251	$540,504	$466,458	$337,818
Normalized EBITDA Margin %*	14.83%	24.11%	24.03%	17.33%

• A non-IFRS measure. See "Non-IFRS financial measures" for definitions and reconciliation of non-IFRS measures to the relevant IFRS measures

YANGAROO Inc.

Management's Discussion & Analysis

March 31, 2025

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YANGAROO

Q1 2025 Management's Discussion & Analysis

	Q1 2024	Q4 2023	Q3 2023	Q2 2023
Income (Loss) for the Period	$15,565	($3,799,574)	($8,063)	$36,218
Reconciling items:
Interest Income	-	-	-	(128)
Interest Expense	118,977	150,219	106,527	122,523
Depreciation and Amortization	220,212	241,535	236,028	210,127
Income Tax Expense (Recovery)	1,950	(134)	(11,907)	15,750
EBITDA*	$356,704	($3,407,954)	$322,585	$384,490
Reconciling Items:
Acquisition Fees	-	6,049	-	-
Restructuring Expenses	-	-	-	49,384
Share-Based Compensation	-	-	-	-
Foreign Exchange Loss (Gain)	(90,278)	78,350	(58,530)	80,108
Fair Value Loss (Gain) on Revaluation of FX Embedded Derivative	(28,845)	370	2,214	27,970
Fair Value Loss (Gain) on Contingent Consideration	-	20,856	-	-
Goodwill Impairment Loss	-	3,513,390	-	-
Normalized EBITDA	$237,581	$211,061	$266,269	$541,952
Normalized EBITDA Margin %	12.36%	9.91%	15.58%	24.95%

• A non-IFRS measure. See "Non-IFRS financial measures" for definitions and reconciliation of non-IFRS measures to the relevant IFRS measures.

Intangible Assets – Development Costs

During the three months ended March 31, 2025, the Company capitalized product development costs of $128,720 (Q1'2024 - $170,041). Significant capitalized projects for the three months ended March 31, 2025, consisted of developing new features in the Advertising, Awards, and Music platforms, such as the continued development of the Analytics and Clearance solutions, the integration of Millenia3's functionality into the DMDS platform, and the redesigned Judge and Submission platforms for Awards. In assessing whether costs can be capitalized for improvements, we exercised significant judgment when considering the extent of the improvement and whether it was substantial, sufficiently separable, and expected to derive future economic benefits from the improvement itself. Factors considered in assessing the extent of the improvement include, but are not limited to, the degree of change in functionality, the impact of the project on our ability to attract customers to our products, and the increase in customer engagement with our products. Costs that do not meet these criteria, such as enhancements and routine maintenance, are expensed when incurred. Future economic benefits from these capitalized projects include net cash flows from future advertising and music revenue, which are dependent upon our ability to attract customers to our products and increase customer engagement with our products, and may also include anticipated cost savings, depending upon the nature of the development project.

YANGAROO Inc.

Management's Discussion & Analysis

March 31, 2025

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YANGAROO
Q1 2025 Management's Discussion & Analysis

Corporate Activities

On November 8, 2023, (the “Closing Date”), the Company closed its business acquisition of the Millenia3 Communication Inc. (“Millenia3”). The Company acquired Millenia3’s customer lists and contracts, and trade name, computer hardware, along with a highly skilled team of employees located in the United States, pursuant to the Purchase Agreement dated November 8, 2023 (the “Asset Purchase Agreement”). The total purchase price consists of the following:

(a) Cash consideration of $100; and,
(b) Contingent consideration payable in cash

• Based in Atlanta, Georgia, United States of America, Millenia3 is a specialized media trafficking and deployment services company for broadcast and digital advertising and a provider of content management solutions for global brands and business customers. Millenia3’s customer service ensures that advertising creative reaches the right audience at the right time and within the right format. Millenia3 offers exceptional services as a one-stop shop for all traffic needs of the advertising industry and acts as an extension of their clients’ teams, offering consulting, customization, production, distribution, and tracking services to assist advertisers to maximize viewership, engagement, and performance. It is in the Company’s strategic view that the transaction will enable its business services expansion by accessing Millenia 3’s customer list in the US market and acquiring the expertise of Millenia3’s staff.

• As part of the acquisition, the Company acquired Millenia3’s customer lists and contracts, and trade name, computer hardware, along with a highly skilled team of employees located in the United States.

• The contingent consideration consists of additional cash payments as a result of the following:

(a) Fiscal 2023

(i) 5% of revenues if revenues for the months of November and December 2024 combined are less than $166,667; or
(ii) 10% of revenues if revenues for the months of November and December 2024 combined are at least $166,667 and less than $250,000; or
(iii) 15% of revenues if revenues for the months of November and December 2024 combined are at least $250,000

(b) Fiscal 2024 and 2025

(iv) 5% of revenues if revenues for the applicable 12-month period are less than $1,000,000;
(v) 10% of revenues if revenues for the applicable 12-month period are at least $1,000,000 and less than $1,500,000; or
(vi) 15% of revenues if revenues for the applicable 12-month period are at least $1,500,000

YANGAROO Inc.
Management's Discussion & Analysis
March 31, 2025

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YANGAROO
Q1 2025 Management's Discussion & Analysis

• During the three months ended March 31, 2025, the former shareholder earned $17,227 of earnout. The Company paid $8,723 to the former shareholder, and the remaining balance will be settled in the subsequent quarter.

• On January 2, 2025, the Company issued 500,000 RSUs to Mr. Kanniah, the Company’s Chief Financial Officer. These RSUs vest fully on the second anniversary of the grant date, upon which they will be payable in cash or in common shares, or a combination of both, at the discretion of the Company, subject to the terms of the Plan.

• The TSX Venture Exchange (the “Exchange”) has conditionally approved a previously disclosed shares for services arrangement (the “Shares for Services Arrangement”) entered into between the Company and Grant Schuetrumpf, whereby the Company had agreed to pay to Mr. Schuetrumpf the lesser of USD $2,500 per month and CAD $5,000 per month (less applicable withholding taxes) (the “Monthly Share Compensation Value”) in addition to Mr. Schuetrumpf’s existing salary, by way of share issuance. For the months of January through April 2025, the Company will issue 200,350 common shares of the Company (the “Shares”), at a price per share of $0.0375 with respect to 62,469 Shares for the month of January and $0.05 per share with respect to the remaining Shares for the months of February through April. The Shares will be subject to hold period of 4 months imposed by the policies of the Exchange, expiring July 11, 2025. No new insiders will be created, nor will any change of control occur, as a result of the issuance of the Shares. Additional issuances under the Shares for Services Arrangement will be disclosed in future news releases.

• The Company received a notice from OTC Markets Group indicating that the OTC Pink Market will be discontinued as of July 1, 2025. YANGAROO’s shares currently trade on the OTC Pink Market under the symbol YOOIF. The Company does not intend to take the necessary steps to upgrade the Company’s shares to the OTCID Basic Market at this time however may elect to do so at a future time. This may affect the liquidity of the Company’s shares on the OTC Markets.

Share Capital

The following securities were outstanding as of the date of this MD&A:

Common Shares	62,437,140
Stock Options	535,000
Restricted Share Units	2,500,000

Capital Resources

As at March 31, 2025, the Company had a cash balance of $217,088 and working capital deficiency of $1,900,378. As at March 31, 2025, the Company had no capital commitments other than as disclosed in the financial statements.

YANGAROO Inc.
Management's Discussion & Analysis
March 31, 2025

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YANGAROO
Q1 2025 Management's Discussion & Analysis

The Company has a revolving demand loan facility of $1,217,300, with $747,770 drawn down as of March 31, 2025. Borrowings are due on demand and bear interest at the bank’s prime rate plus 1.95% per annum.

Off-Balance Sheet Arrangements

The Company does not have any off-balance sheet arrangements, other than as disclosed in the financial statements.

Related Party Transactions

Key management personnel include the persons having authority and responsibility for planning, directing, and controlling the activities of the Company as a whole. The Company has determined that key management personnel consist of members of the Board and corporate officers, including the Company’s Chief Executive Officer, Chief Financial Officer, and Chief Technology Officer.

In addition to their salaries, key management personnel also participate in the Company’s share option program. During the three months ended March 31, 2025, there were no other related party transactions.

Key management personnel compensation for the three months was:

	March 31, 2025	March 31, 2024
Salaries and Short-Term Employee Benefits*	$152,880	$178,883
Share-Based Payments	23,842	-
	$176,722	$178,883

• Short-term employee benefits include bonuses, vacation pay and commission.

As at March 31, 2025, $25,216 (March 31, 2024 - $33,152) owing to officers and directors of the Company was included in trade and other payables. The amounts owing are unsecured, non-interest bearing, and due on demand.

Critical Accounting Policies and Estimates

The preparation of financial statements in compliance with IFRS requires management to make certain critical accounting estimates. It also requires management to exercise judgement in applying the Company’s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements include the following: share-based payments, revenue recognition, investment tax credits, functional currency, collectability of accounts receivable, and capitalized development costs. Please refer to the Financial Statements for further information.

YANGAROO Inc.
Management's Discussion & Analysis
March 31, 2025

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YANGAROO
Q1 2025 Management's Discussion & Analysis

Internal Controls

Disclosure controls and procedures within the Company have been designed to provide reasonable assurance that all relevant information is identified to its management, including the Company’s Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”), as appropriate, to allow required disclosures to be made in a timely fashion.

Internal controls over financial reporting have been designed by management, under the supervision of and with the participation of the Company’s CEO and CFO, to provide reasonable assurance regarding the reliability of the Company’s financial reporting and the preparation of financial statements for external purposes in accordance with IFRS.

Disclosure of Internal Controls

Management has established processes to provide it with sufficient knowledge to support representations that it has exercised reasonable diligence to ensure that (i) the financial statements do not contain any untrue statements of material fact or omit to state a material fact that is required or that is necessary to ensure a statement is not misleading in light of the circumstances under which it is made, as of the date of and for the periods presented by the financial statements, and (ii) the financial statements fairly present in all material respects the financial condition, results of operations, and cash flow of the Company, as of the date of and for the periods presented.

In contrast to the certificate required for non-venture issuers under National Instrument 52-109 - Certification of Disclosure in Issuers’ Annual and Interim Filings (“NI 52-109”), the Venture Issuer Basic Certificate does not include representations relating to the establishment and maintenance of disclosure controls and procedures (“DC&P”) and internal control over financial reporting (“ICFR”), as defined in NI 52-109. In particular, the certifying officers filing such a certificate are not making any representations relating to the establishment and maintenance of:

(i) controls and other procedures designed to provide reasonable assurance that information required to be disclosed by the issuer in its annual filings, interim filings, or other reports filed or submitted under securities legislation is recorded, processed, summarized, and reported within the time periods specified in securities legislation; and

(ii) a process to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer’s GAAP (IFRS).

The Company’s certifying officers are responsible for ensuring that processes are in place to provide them with sufficient knowledge to support the representations they are making in the certificate. Investors should be aware that inherent limitations on the ability of certifying officers of a venture issuer to design and implement on a cost-effective basis DC&P and ICFR as defined in NI 52-109 may result in additional risks to the quality, reliability, transparency, and timeliness of interim and annual filings and other reports provided under securities legislation.

YANGAROO Inc.
Management's Discussion & Analysis
March 31, 2025
Page 18

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Q1 2025 Management's Discussion & Analysis

Risk Management

The Company is exposed to a variety of risks, including, but not limited to the risks set out below. The Company considers these risks the most significant to potential investors, but not all of the risks associated with an investment in securities of YANGAROO Inc.

Financial Risk Management

Risk management is carried out by management under policies approved by the Board of Directors. Management is charged with the responsibility of establishing controls and procedures to ensure that financial risks are mitigated in accordance with the approved policies.

(a) Market Risk:

Market risk is the risk that the fair value or the future cash flows of a financial instrument will fluctuate because of changes in the market prices. Market risk is comprised of three types of risk such as foreign currency risk, interest rate risk, and other price risk. Two types of risk are applicable to the Company:

(i) Currency Risk:

The Company operates internationally, and the US dollar ("USD") is the presentation currency. The Company, however, does have revenues, expenses, assets, and liabilities denominated in currencies other than USD, primarily the Canadian dollar ("CAD"). The principal foreign currency risk as at March 31, 2025, is therefore the CAD.

A 5% change in exchange rates would result in a $141,604 impact on profit or loss. Financial instruments and lease obligations in CAD currency at March 31, 2025, are as follows:

	USD
Cash	$38,169
Accounts Receivable	210,213
Prepaid and Sundry Assets	46,234
Contract Assets	5,410
Total Assets	$300,026
Trade and Other Payables	537,847
Revolving Credit Facility	747,770
Convertible Debentures	481,538
Term Loan	1,077,010
Capital Lease Obligation	244,681
Contract Liabilities	43,267
Total Liabilities	$3,132,113
Net Liability Exposure	$2,832,087

YANGAROO Inc.
Management's Discussion & Analysis
March 31, 2025

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YANGAROO
Q1 2025 Management's Discussion & Analysis

(ii) Interest Rate Risk:
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. Interest rate risk is limited to potential decreases on the interest rate offered on cash held with chartered Canadian financial institutions and potential increases on the prime rate applied on the revolving credit facility available to the Company. The Company’s revolving credit facility, term loan and convertible debt are floating interest rate facilities. A 100 bps or 1% increase in the floating rate would result in a $22,681 impact on profit or loss assuming all other factors are kept stable.

(b) Credit Risk:
Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations. Financial instruments which are potentially subject to credit risk for the Company consists primarily of non-payment of accounts receivable.

The Company mitigates this risk by monitoring the credit worthiness of its customers and by offering the platform service to numerous smaller customers. As at and during the three months ended March 31, 2025, approximately 17% (March 31, 2024 - 21%) of accounts receivable and 16% (March 31, 2024 - 21%) of revenue are from two customers, respectively.

The definition of items that are past due is determined by reference to payment terms agreed to with individual customers, which are normally within 30 to 90 days.

Aging of trade receivables are as follows:

	March 31, 2025	December 31, 2024
0 to 30 days	$1,026,444	$1,097,142
31 to 60 days	125,919	105,355
Over 60 days	269,683	293,978
Total	$1,422,046	$1,496,475

Continuity of estimated credit losses:

	March 31, 2025	December 31, 2024
Balance, Beginning of Period	$202,598	$179,684
Remeasurement of Loss Allowance	15,000	22,914
Balance, End of Period	$217,598	$202,598

The Company’s allowance for doubtful accounts as at March 31, 2025, is $217,598 (December 31, 2024 - $202,598). The Company didn’t write off any receivables during the quarter, so the allowance for doubtful

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Management's Discussion & Analysis
March 31, 2025

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YANGAROO
Q1 2025 Management's Discussion & Analysis

accounts was slightly higher than in the prior year. Management believes that the expected credit loss allowance is adequate.

(c) Liquidity Risk:

Liquidity risk is the risk that the Company will encounter difficulty in meeting obligations associated with financial liabilities that are settled by delivering cash or another financial asset. The Company’s policy is to ensure that it will have 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 Company manages its liquidity risk by forecasting cash flows from operations and anticipating investing and financing activities. Senior management is also actively involved in the review and approval of planned expenditures.

Typically, the Company ensures that it has sufficient cash on demand to meet expected operational expenses. To achieve this objective, the Company prepares annual capital expenditure budgets, which are regularly monitored and updated as considered necessary.

The Company manages liquidity risk on the basis of expected maturity dates.

The following tables present the financial liabilities at March 31, 2025, by their remaining contractual maturity (contractual and undiscounted cash flows).

	Lease Obligations	Contract Liabilities	Term Loan Facility	Trade & Other Payables	Revolving Credit Facility	Convertible Debt	Total
< 1 year	$176,706	$145,643	$1,096,097	$1,079,930	$747,770	-	$3,246,146
1-3 years	293,813	-	-	-	-	413,830	707,643
Balance at March 31, 2025	$470,519	$145,643	$1,096,097	$1,079,930	$747,770	$413,830	$3,953,789
	Lease Obligations	Contract Liabilities	Term Loan Facility	Trade & Other Payables	Revolving Credit Facility	Convertible Debt	Total
---	---	---	---	---	---	---	---
< 1 year	$172,828	$87,738	$1,197,822	$1,138,063	$729,750	-	$3,326,201
1-3 years	330,880	-	-	-	-	361,775	692,655
Balance at December 31, 2024	$503,708	$87,738	$1,197,822	$1,138,063	$729,750	$361,775	$4,018,856

At present, the Company expects to either pay its liabilities or renew its debts at their contractual maturity. In order to meet such cash commitments, the Company expects to complete modifications of its existing

YANGAROO Inc.
Management's Discussion & Analysis
March 31, 2025

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YANGAROO

Q1 2025 Management's Discussion & Analysis

debt during fiscal year 2025 and that operating activities will generate sufficient cash inflows to cover the rest.

(d) Trade Barrier Risks:

The rapidly evolving landscape stemming from the executive orders signed by the President of the United States regarding new tariffs and subsequently retaliatory tariffs by the Canadian government and other trade protectionist measures implemented are expected to create volatility in the Advertising industry. The Company is actively assessing the direct and indirect future impacts to its business as this situation develops. The magnitude of the impact remains unknown as at the date.

Operational Risks

• Seasonality of advertising revenue. Advertising rates and revenues are impacted by seasonal cycles, which may cause our quarterly earnings to vary. Generally, lower revenue is generated in the 1st and 3rd quarters of the year and higher revenue is generated in the 2nd and 4th quarters of the year. This seasonality could impact our ability to generate predictable revenue and our ability to effectively manage such cycles may adversely impact our business, financial condition and results of operations, including cash flow.

• Dependent on the internet as a medium for business and communication. Our business depends on the use of the internet. It's possible that delays in technological or procedure development to support internet use, increased government regulation, or other issues or interruptions that could affect internet use could impact our business.

• Online commerce security. Successful online commerce and communications must provide a secure transmission of confidential information over public networks. Despite implementation of security measures, it's possible our security measures may not prevent security breaches that could harm our business. It's possible that a party can illicitly obtain a user's password could access the user's personal data. In addition, any parties that can circumvent our security measures could acquire proprietary information, or cause interruptions in our operations or otherwise damage our reputation and business. Any such compromise of our security could harm our reputation and, therefore, our business.

• Network security. Despite the implementation of security measures, our network infrastructure could be vulnerable to unforeseen issues. It's possible we could experience service interruptions in service due to accidental or deliberate actions of third parties or current and former employees. Unknown security risks may present themselves and the Company could face liability for this. This could also deter new customers. All of the foregoing could have a material adverse effect on our business, financial condition or results of operations.

• The ability to generate revenue and control operating costs. Although we have experienced a sixth consecutive quarter of positive Normalized EBITDA generation, there is no guarantee that this will continue or that we will continue to be able to generate steady revenues or control operating costs, especially if we expand our business.

• Impact of human error. Despite implementing robust training programs and operational protocols, our organization remains vulnerable to human error. Mistakes made by employees, whether due to insufficient training, oversight, or simple human fallibility, can lead to disruptions in our operations. These errors can result in data breaches, compliance failures, and operational inefficiencies, potentially causing financial losses and damage to our reputation. Additionally, human errors can undermine customer trust and deter potential clients, ultimately having a material adverse effect on our business, financial condition, or results

YANGAROO Inc.

Management's Discussion & Analysis

March 31, 2025

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Q1 2025 Management's Discussion & Analysis

of operations.

• Customer concentration risk. The Company is making efforts to grow its business, including its customer base, however the concentration of a significant portion of revenues in a small number of customers from time to time could have a material adverse effect on the Company in the event of the loss of any one or more of these customers.
• Intellectual property. The Company’s business is based on its proprietary technology and the success of the Company’s business depends in part upon protection of its intellectual property rights and technology. Despite efforts to protect our intellectual property, including through the use of restrictive language in our customer agreements and confidentiality provisions in our employment and contractor agreements, there is no guarantee that we will be successful in protecting and enforcing our intellectual property rights. Third parties may infringe on our intellectual property rights, which we may or may not discover, and if such infringements are discovered, engaging in litigation is likely to be costly and will not necessarily result in a favourable outcome for the Company.

Non-Financial Risks

• Heavy reliance on upper management and key personnel. We rely heavily on a small group of management and key personnel. Any inability to retain such personnel could impact our ability to manage and grow our operations and could have a significant material adverse impact on the Company’s operations and financial condition.
• Management of growth. As we are continually seeking organic growth opportunities, success in these efforts may require some or significant growth in operations, which may place further demands on our management, operational capacity and financial resources and may require the recruitment of additional qualified personnel in all areas of its operations, including management, sales, marketing, and software development. We may not be able to attract and retain additional qualified personnel and/or otherwise effectively expand the business to support this growth, including the expansion of our current procedures and controls, which could have a material adverse effect on our business, financial condition and results of operations.
• Competition risks. We operate in a highly competitive industry. We may lose audience or market share to competitors offering similar services, which could have a material adverse effect on our business, financial condition and results of operations.
• Price and volatility of public stock. The market price of Yangaroo’s shares may fluctuate or decline significantly in response to various factors beyond our control. The fluctuation may occur in response to business operations or other actions of the Company or they may do so in ways unrelated or disproportionate to our performance. Declining share prices may result in difficulty in obtaining financing if required and may have other material adverse impacts on the Company.
• Global conditions. We operate primarily in North America but also offer our services internationally and are subject to related risks, such as changes in regulatory requirements, potential adverse tax consequences, limitations with respect to our ability to enforce our intellectual property rights, limitations on fund transfers and other legal and political risks, any or all of which could have a material adverse effect on our business.

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Management's Discussion & Analysis
March 31, 2025

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YANGAROO
Q1 2025 Management's Discussion & Analysis

• Litigation risk. The Company may be subject to claims and legal proceedings that arise in the ordinary course of business. There can be no guarantee that the outcome of any legal matter will be decided in favor of the Company, which may have a material adverse effect upon the Company's reputation, business, operations and financial condition.

Approval by the Board of Directors

The Board of Directors, on recommendation of the Audit Committee, approved the content of this MD&A on May 28, 2025. Disclosure contained in this document is current to this date, unless otherwise stated.

Other Information

Additional information relating to the Company is available under the Company’s profile on SEDAR+ at www.sedarplus.ca.

YANGAROO Inc.
Management's Discussion & Analysis
March 31, 2025
Page 24

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Q1 2025 Management's Discussion & Analysis

CORPORATE INFORMATION

Address

YANGAROO Inc.
360 Dufferin Street, Suite 203
Toronto, Ontario, Canada, M6K 1Z8
Phone: 416-534-0607
Website: www.yangaroo.com

Board of Directors

H. Shepard Boone
Chair of the Board of Directors, Member of Audit Committee & Chair of Compensation Committee

Phil Benson
Chair of Audit Committee & Member of Compensation Committee

Grant Schuetrumpf
President and Chief Executive Officer

Officers

Grant Schuetrumpf
President and Chief Executive Officer

Peter Kanniah
Chief Financial Officer

Richard Klosa
Chief Technology Officer

Adam Hunt
Senior Vice President, Entertainment

Stock Exchange Listing

TSX Venture Exchange
Stock Symbol – YOO

OTCPK
Stock Symbol – YOOIF

Registrar and Transfer Agent

Computershare
100 University Ave., 8th Floor
Toronto, Ontario, Canada M5J 2Y1
Phone: 1-800-564-6253 Fax: 1-888-453-0330

Auditors

Baker Tilly WM LLP
401 Bay Street, Suite 1500
Toronto, Ontario, M5H 2Y4
Phone: 416-368-7990 Fax: 416-368-0886

Legal Counsel

ECS Law
2425 Matheson Boulevard E., 8th Floor, Mississauga, ON L4W 5K4
Phone: 416-996-2188 Fax: 866-295-9834

YANGAROO Inc.
Management's Discussion & Analysis
March 31, 2025