Management's Discussion & Analysis — Q1 2026

Notice to Reader — The accompanying unaudited condensed interim financial statements have been prepared by and are the responsibility of management. The Company's independent auditor has not performed a review of these interim financial statements in accordance with standards established by CPA Canada for a review of interim financial statements by an entity's auditor.

This MD&A is dated May 30, 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.

The Company continues to evaluate qualifying transaction opportunities, including with parties related to founding directors.

No revenue was generated during the period. General and administrative expenses for the period were $182,000, comprised primarily of legal, accounting and listing fees.

As at March 31, 2026 the Company held cash of $612,404, substantially all of which represents the residual escrowed proceeds of the Company's IPO completed in October 2024.