Management's Discussion & Analysis — Q1 2026

This MD&A is dated May 12, 2026 and should be read in conjunction with the unaudited condensed interim financial statements for the three months ended March 31, 2026.

Certain statements in this document constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking information reflects current expectations regarding future events and operating performance and speaks only as of the date of this document. Actual results may differ materially. Material factors and assumptions used to develop the forward-looking information and the material risk factors that could cause actual results to differ are described in the Company's most recent Annual Information Form and MD&A. The Company undertakes no obligation to update forward-looking information except as required by applicable securities laws.

Phase II drilling is on hold pending closing of the previously announced bridge financing. Working capital deficiency widened to $2.1M during the quarter.

As at March 31, 2026 the Company had cash of $118,240 and a working capital deficiency of $2,104,882. The Company is in advanced discussions with Tryggvi Capital Corp. for an additional related-party advance of up to $1,500,000 on terms substantially similar to the 2024 Halcyon advance.

The 2024 Halcyon Capital Acquisition Corp. loan of $1,200,000 remains outstanding, with accrued interest of $172,000 at quarter end. Shareholder ratification of the transaction, first noted as pending in the Q2 2024 MD&A, has not yet been sought.

Tryggvi Capital Corp. shares two directors (M. Ferrand, G. Holt) and a registered office with the Company.

No material subsequent events have occurred through the date of this MD&A.