Copper Lake Resources Ltd. (formerly, White Tiger Mining Corp.)

Management’s Discussion and Analysis

For the year ended October 31, 2014

Contact Information : Copper Lake Resources Ltd. Suite 232 - 4664 Loughheed Highway Burnaby, BC V5C 5T5 Contact Person: Mr. Jimmy Mah Email: [email protected]

Copper Lake Resources Ltd. (formerly, White Tiger Mining Corp.) Management’s Discussion and Analysis October 31, 2014

DESCRIPTION OF BUSINESS AND OVERVIEW OF OPERATIONS AND FINANCIAL CONDITION

The following is management’s discussion and analysis (“MD&A”), prepared as of February 26, 2015. This MD&A should be read in conjunction with the Company’s audited Financial Statements and the accompanying notes for the year ended October 31, 2014, and the MD&A included in the Company’s Annual Report, all as prepared in accordance with International Financial Reporting Standards (“IFRS”). All amounts are stated in Canadian dollars unless otherwise indicated .

This report includes certain statements that may be deemed “forward looking statements” within the meaning of applicable securities legislation. All statements, other than statements of historical facts, that address such matters as future exploration, drilling, exploration activities, potential mineralization and resources and events or developments that the Company expects, are forward looking statements and, as such, are subject to risks, uncertainties and other factors of which are beyond the reasonable control of the Company. Such statements are not guarantees of future performance and actual results or developments may differ materially from those expressed in, or implied by, this forward looking information. With respect to forward looking statements and information contained herein, the Company has made numerous assumptions, including among other things, assumptions about the price and future prices of ores and/or mineralization that are being explored for by the Company, anticipated costs and expenditures and the Company’s ability to achieve its goals. Although management believes that the assumptions made and the expectations represented by such statements or information are reasonable, there can be no assurance that a forward looking statement or information herein will prove to be accurate. Forward looking statements and information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements or information. These factors include, but are not limited to such matters as market prices, exploitation and exploration results, continued availability of capital and financing, and general economic, market or business conditions. Although we have attempted to identify factors that would cause actual actions, events or results to differ materially from those disclosed in the forward looking statements or information, there may be other factors that cause actual results, performances, achievements or events not to be anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward looking statements or information. Any forward looking statements are expressly qualified in their entirety by this cautionary statement. The information contained herein is stated as of the current date and subject to change after that date and the Company does not undertake any obligation to update publicly or to revise any of the forward looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.

Additional information related to the Company is available for view on SEDAR at www.sedar.com.

Description of Business

The Company is primarily engaged in the acquisition and exploration of mineral resource properties and currently trades on the TSX Venture Exchange under the symbol CPL.

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Copper Lake Resources Ltd. (formerly, White Tiger Mining Corp.) Management’s Discussion and Analysis October 31, 2014

EXPLORATION AND EVALUATION ASSETS

Realization of assets

The investment in and expenditures on exploration and evaluation assets comprise a significant portion of the Company’s assets. Realization of the Company’s investment in these assets is dependent upon the establishment of legal ownership, the attainment of successful production from the properties or from the proceeds of their disposal.

Resource exploration and development is highly speculative and involves inherent risks. While the rewards if an ore body is discovered can be substantial, few properties that are explored are ultimately developed into producing mines. There can be no assurance that current exploration programs will result in the discovery of economically viable quantities of ore.

Environmental

The Company is subject to the laws and regulations relating to environmental matters in all jurisdictions in which it operates, including provisions relating to property reclamation, discharge of hazardous material and other matters. The Company may also be held liable should environmental problems be discovered that were caused by former owners and operators of its properties and properties in which it has previously had an interest. The Company conducts its mineral exploration activities in compliance with applicable environmental protection legislation. Environmental legislation is becoming increasingly stringent and costs and expenses of regulatory compliance are increasing. The impact of new and future environmental legislation on the Company’s operations may cause additional expenses and restrictions. If the restrictions adversely affect the scope of the exploration and development on an exploration and evaluation assets, the potential for production on the property may be diminished or negated.

Title to exploration and evaluation assets

Title to exploration and evaluation assets involves certain inherent risks due to the difficulties of determining the validity of certain claims as well as the potential for problems arising from the frequently ambiguous conveyancing history characteristic of many exploration and evaluation assets. The Company has investigated title to all of its exploration and evaluation assets and, to the best of its knowledge, title to all of its properties are in good standing. However, such properties may be subject to prior agreements or transfer and title may be affected by undetected defects.

The Company has entered into agreements to acquire, explore and develop certain exploration and evaluation assets located in certain regions of Canada. Several aboriginal groups are claiming inextinguishable aboriginal title to the lands and resources in various regions of Canada, which may include one or more of the mineral claims beneficially owned by the Company. The extent to which any successful aboriginal claim would materially affect the ability of the Company to exploit its exploration and evaluation assets is not determinable at this time.

Exploration Programs

A summary of the Company’s current exploration programs is set out below, however, for additional information and details regarding such matters, reference is made to the Company’s news releases and related filings that can be viewed on www.sedar.com.

The technical information regarding the Company’s currently active projects referred to herein has been reviewed and approved by Gordon Gibson, P. Geo., who is acting as the Company’s Qualified Person, in accordance with regulations under NI 43-101. With respect to the technical information disclosed prior to Gordon Gibson becoming the Company’s Qualified Person, such technical information was reviewed and approved by Robert Middleton, P. Eng.

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Copper Lake Resources Ltd. (formerly, White Tiger Mining Corp.) Management’s Discussion and Analysis October 31, 2014

The Company’s expenditures on exploration and evaluation assets are as follows:

Norton Lake Property

The Company entered into a Joint Venture Assignment Agreement dated on January 21, 2009 with Cascadia International Resources Inc. of Calgary, Alberta (“Cascadia’), pursuant to which Cascadia assigned its 51% joint venture interest in the Norton Lake Property to the Company for the sum of $300,000. The other joint venture partners are Rainy Mountain Royalty Corp. (“Rainy Mountain”) of West Vancouver, British Columbia and Trillium North Minerals Ltd. (“Trillium”) of Toronto, Ontario. The Property is located 450 km north of Thunder Bay, Ontario on the south margin of the “Ring of Fire” exploration region and consists of 32 claims covering approximately 8,800 hectares. Since 2001, over $3 million has been spent on the Property, including the completion of 44 drilling holes. The Property deposit contains nickel, copper, cobalt and platinum group element values and has previously been traced by diamond drilling over a strike length ranging from 225 to 300 metres, and locally to about 400 metres depth, with true widths ranging between 5 and 10 metres. On the basis of geophysical surveys and exploration drilling, the deposit is open to the southwest, northeast and to depth, and other geophysical targets occur along an 11 km strike length. The Norton Lake Project consists of two properties, namely, the Norton West Property (the principal property) and the Norton East Property. Joint venture expenditures are being recorded by each joint venture partner on a cash basis and as a result of the programs completed by the Company on the Norton West Property, the Company had a 57.6% interest in the Norton West Property (with Rainy Mountain having a 32.6% interest and Trillium having a 9.8% interest) and a 51% interest in the Norton East Property (with Rainy Mountain having a 9.8% interest

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Copper Lake Resources Ltd. (formerly, White Tiger Mining Corp.) Management’s Discussion and Analysis October 31, 2014

and Trillium having a 39.2% interest). By agreement dated February 21, 2012, the Company, Rainy Mountain and Trillium combined and consolidated their respective interests in the Norton West and Norton East Properties, and as a result, the Company has a 57.6% interest in the combined Properties (with Rainy Mountain having a 32.6% interest and Trillium having a 9.8% interest).

The technical information regarding the Norton Lake Property project referred to herein was reviewed and approved by Robert Middleton, P. Eng., who was previously acting as the Company’s Qualified Persons, in accordance with regulations under NI 43-101, for this project at the times that such technical information was disclosed by the Company. Gordon Gibson, P. Geo., is acting as the Company’s Qualified Person for the current stage of this project.

The Company incurred exploration and acquisition costs as follows:

• for the year ended October 31, 2013 $11,022;

• for the period ended October 31, 2014 $614 and

• as at October 31, 2014, the Company had incurred a total of $1,119,864 in exploration and acquisition costs.

Current status:

On November 14, 2012, the Company reported further results on its Norton Lake pyroxenite-hosted massive sulphide property, which property has an NI 43-101 Compliant Measured and Indicated Resource of 2.2 million tonnes grading 0.67% Nickel (at a cut-off of 0.3% Nickel), 0.61% Copper, 0.03% Cobalt, and 0.46 grams per tonne Palladium. In September 2012, Caracle Creek International (“CCI”) of Toronto and Dr. Mark Fedikow of Mount Morgan Resources Ltd. were commissioned to perform an initial Mobile Metal Ions (“MMI”) orientation soil survey over the Norton Lake deposit. This survey was successful in establishing the characteristic nickel, copper, cobalt soil MMI response over the Norton Lake main zone. Further to this, CCI was commissioned to perform a more wide ranging MMI soil survey in order to test three target areas within the Norton Lake property. The three target areas were selected by the Company because they exhibited similar coincident total field magnetics and multi-channel TDEM (time domain electromagnetics) anomalies on airborne geophysical surveys as the Norton Lake deposit. One of the three targeted areas returned very encouraging MMI survey results. Specifically, the Norton Lake eastern zone returned elevated nickel, copper and cobalt with the best MMI values being concentrated in the southern part of the grid. An elongate zone of anomalous nickel and copper values measuring approximately 600 metres by 100 metres extends in an east-west direction, coincident with airborne geophysical anomalies. The MMI geochemical signature is of higher amplitude than that of the orientation survey over the Norton lake deposit itself. As a result, the Company is planning a preliminary exploration drill program to determine the targets’ significance.

Marshall Lake Property

The Company entered into an option agreement dated July 6, 2010 with Rainy Mountain Royalty Corp. of West Vancouver, BC, a company with certain common directors (“Rainy Mountain”) and Marshall Lake Mining PLC of London England, whereby the Company was granted an option to acquire up to a 50% joint venture interest in certain mining claims that comprise the Marshall Lake Property located approximately 250 km north-northeast of Thunder Bay, Ontario. The Marshall Lake Property is a copper, gold, silver and zinc exploration property and consists of 65 unpatented mining claims and 89 leased claims and covers an area of approximately 120 square km. Under the option agreement, the Company is required to incur $4,000,000 in expenditures on the property over five years and issue 2,000,000 shares of a four year period (400,000 issued in fiscal 2010 at a value of $88,000; 400,000 issued in fiscal 2011 at a value of $104,000; 400,000 issued in fiscal 2012 at a value of $60,000; 400,000 issued in fiscal 2013 at a value of $20,000 and 400,000 issued in fiscal 2014 at a value of $24,000). The Company will earn a 12.5% joint venture interest in the Marshall Lake Property for every $1,000,000 in expenditures incurred and for every 400,000 shares issued (except for the initial 12.5% interest whereby the Company was required to issue 800,000 shares to Rainy Mountain). Additionally, once the Company has completed its share issuance and spending requirements, it has the additional option to increase its joint venture interest to 75% by incurring such additional property expenditures as are necessary to take the Marshall Lake Property to bankable feasibility stage. As of October 31, 2014, the Company has earned a 37.5% joint venture interest in the Marshall Lake Project. Management has sent a letter of notification to Rainy Mountain informing them of this increased ownership. Rainy Mountain has yet to confirm the Company’s increased interest in Marshall Lake.

On November 13, 2012, the Company issued an aggregate of 200,000 shares, valued at $38,000, to certain First Nations in connection with an Exploration Agreement covering the Marshall Lake property

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Copper Lake Resources Ltd. (formerly, White Tiger Mining Corp.) Management’s Discussion and Analysis October 31, 2014

Certain portions of the technical information regarding the Marshall Lake Property project referred to herein were reviewed and approved by Robert Middleton, P. Eng. and Rick Walker, P. Geo, who were previously acting as the Company’s Qualified Persons in accordance with regulations under NI 43-101 at the times that such technical information was disclosed by the Company. Gordon Gibson, P. Geo., is acting as the Company’s Qualified Person for the current stage of this project.

The Company incurred exploration and acquisition costs as follows:

• for the year ended October 31, 2013 $788,255;

• for the year ended October 31, 2014 $135,955; and

• as at October 31, 2014, the Company had incurred a total of $3,283,789 in exploration and acquisition costs.

Current status:

The Marshall Lake property is a copper, silver and gold exploration project located 120 km north of Geraldton, Ontario (via a good all weather gravel road from Hwy 11 Trans Canada Hwy, and just 22 km north of the main CNR rail line). Since July 2010, the Company, as optionee and operator, has incurred approximately $2,600,000 in exploration expenditures on the Marshall Lake property and to date has drilled and completed 41 core drill holes (totalling over 8,000 metres of drilling). Additionally, the Company has conducted prospecting and sampling on the property and has also carried out ground IP (induced polarization) and geological mapping of specific areas of interest. As well, the Company has conducted airborne geophysical surveys and completed “ground proofing” (through differential GPS surveying of the property).

On March 4, 2013, the Company reported that it has completed new survey control of cut grid lines within and adjacent to the RM Zone copper discovery on its Marshall Lake property. The new survey was conducted using a Trimble ProXRT2 with OmniStar XP real-time differential GPS to sub metre (nominally 30 cm) accuracy. The Company then commissioned Caracle Creek International of Toronto to reinterpret previously obtained surface IP (Induced Polarization) data read from the grid. The Company is now in receipt of an unconstrained 2D inversion of said data, interpolated and expressed as 3D chargeability and conductivity isosurfaces to an effective depth of investigation of 120 metres below surface. Four discrete chargeability anomalies are apparent, which when interpreted with the copper 3D grade shell model, appear to further define the RM copper zones, with the best geophysical responses yet to be tested. As disclosed herein (see “Performance Summary” for details from the Company’s recent news release), the Company has announced assay results for its most recently completed drill program on the Marshall Lake property. Specifically, on May 22, 2013, the Company provided its first comprehensive review of drill results to date for its Marshall Lake property. Most recently updated 3-D modeling of the RM Zone continues to refine and improve the Company’s understanding of the geometry and dimensions of the overall RM Zone. Using a 0.3% copper cutoff, the current model identifies a cylinder-shaped, near-horizontal zone of disseminated and stringer-type copper mineralization with the long axis oriented toward azimuth 215 degrees. The RM Zone geometry, as characterized above, has been traced for 250 metres and currently remains open to the southwest. Additionally, 3-D modeling of the significant copper and silver mineralization near surface within the “Gazooma Zone” (located 150 metres southeast of the “RM Zone”) is underway. With continued drilling success targeting the first of four recently identified IP geophysical targets, further drilling plans are underway in an effort to infill and further substantiate the anticipated mineralization between the “RM South Zone” and the RM Zone. Following that, the Company then intends to drill the other three identified priority IP geophysical targets. As well, planning is underway for a second phase of geophysical surveys (deep IP) to produce a high resolution 3-D response (chargeability and conductivity) on potential sulphide targets to a depth of investigation of at least 500 metres below surface (400 metres beneath the current geophysical IP depth of investigation). The initial geophysical area of interest embraces five copper zones within close proximity to one another (ie. the RM Zone, the Jewel Box Zone, the Gazooma Zone, the Cherry Hill Zone and the Teck Hill Zone), encompassing a total surface area of 3.5 square kilometres. This will, for the first time, potentially identify significant new targets (within the 12 km by 10 km Marshall Lake property) beneath some of the numerous near surface copper occurrences.

PERFORMANCE SUMMARY

The following is a summary of the significant events and transactions that occurred during the year ended October 31, 2014 and for the subsequent period to the report date:

• a) On September 18, 2014 the Company announced, pursuant to the Articles of the Company, the directors approved a proposed name change from “White Tiger Mining Corp.” to “Copper Lake Resources Ltd.” The proposed name change was approved by the directors as part of a renewal process by the Company under its new management.

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Copper Lake Resources Ltd. (formerly, White Tiger Mining Corp.) Management’s Discussion and Analysis October 31, 2014

September 23, 2014 the Company received TSX Venture Exchange (the “TSX-V”) acceptance and officially changed its name to Copper Lake Resources Ltd. Trading and under the new name “Copper Lake Resources Ltd.” commenced on the TSX-V at the opening of trading on September 24, 2014 under TSX-V symbol “CPL” (CUSIP: 21750Y103; ISIN: CA 21750Y1034).

• b) The Company entered into a loan agreement, dated July 19, 2013, pursuant to which it received $25,000 for working capital purposes. The loan was provided by a company controlled by a form director and was for a term of 1 year with interest at a rate of 1% per month (12% per annum) and a loan facility fee of $1,000.

The Company entered into a loan agreement, dated March 31, 2014, pursuant to which the lender has agreed to loan the Company an additional $75,000 for a total of $100,000 for working capital purposes. The loan was provided by a company controlled by a former director of the Company, and any advances under the loan agreement will be repayable within 1 year of such advance and with interest at a rate of 1% per month (12% per annum). As of May 31, 2014, $100,000 has been advanced to the Company by the lender.

As of July 22, 2014, the loan has been assigned to Prairie Enterprise (Alberta) Ltd, accompany controlled by a different director.

The Company entered into an amended loan agreement, dated September 2, 2014, pursuant to which the lender has agreed to loan the Company an additional $100,000 for a total of $200,000 for working capital purposes. The loan was provided by a company controlled by a director of the Company, and any advances under the loan agreement will be repayable within 1 year of such advance and with interest at a rate of 1% per month (12% per annum). As of September 16, 2014, $100,000 has been advanced to the Company by the lender.

• c) On July 22, 2014 the Company appointed Brian Kynoch and Paul Champagne as Directors, Edward Yurkowski as interim President and Chief Executive Officer and Jimmy Mah as Chief Financial Officer and Corporate Secretary.

SELECTED ANNUAL INFORMATION

Results of Operations

The following discussion addresses the operating results and financial condition of the Company for the three and twelve month period ended October 31, 2014 compared with the three and twelve month period ended October 31, 2013. The MD&A should be read in conjunction with the Company’s audited financial statements and the accompanying notes for the year ended October 31, 2014.

For the three month period ended October 31, 2014:

Net loss for the period

The Company had a net loss for the three month period ended October 31, 2014 of $116,984 (2013 - $58,197). The net increase of $58,787 in the net loss for the three month period ended October 31, 2014 compared to the three month period ended October 31, 2013 was primarily due to $78,641 in other income on settlement of flow-through premium liability.

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Copper Lake Resources Ltd. (formerly, White Tiger Mining Corp.) Management’s Discussion and Analysis October 31, 2014

Other income (loss)

During the three month period ended October 31, 2014, the Company reported income of $Nil compared to $78,641 in the three month period ended October 31, 2013 from other sources of income. Items that caused the net decrease in other items are noted in the following:

In comparison to the three month period ended October 31, 2013:

• Settlement of flow-through premium liability of $Nil (2013 - $78,641) changed by $78,641 due to flow-through financings.

Operating Expenses

General and administrative expenses of $114,416 (2013 - $136,838) are primarily comprised of consulting, management, administrative, professional fees, transfer agent fees and filing fees, and general office expenses. The net decrease was $22,422 compared to the three month period ended October 31, 2013.

For the year ended October 31, 2014:

Net income for the year

The Company had a net income for the year ended October 31, 2014 of $23,232 (2012 - $749,141 net loss). The net increase of $772,373 in the net income for the year ended October 31, 2014 compared to the year ended October 31, 2013 was primarily due a $458,495 decrease in operating expenses and a settlement of Accounts Payable of $395,341 in other income.

Other income (loss)

During the year ended October 31, 2014, the Company reported income of $395,463 compared to $81,585 during the year ended October 31, 2013 from other sources of income.

Operating Expenses

General and administrative expenses of $372,231 (2013 - $830,726) are primarily comprised of consulting, management, administrative, professional fees, transfer agent fees and filing fees, and general office expenses. The net decrease was $458,495 compared to the year ended October 31, 2013. On July 22, 2014, certain related parties agreed to release the Company from amounts payable to them under contracts of $395,341. This amount has been recorded as a recovery of costs in the statement of loss and comprehensive loss.

LIQUIDITY AND CAPITAL RESOURCES

The Company’s mineral exploration activities have been funded to date primarily through the issuance of common shares, and the Company expects that it will continue to be able to utilize this source of financing until it develops cash flow from its mining operations. Other than as discussed herein, the Company is not aware of any trends, demands, commitments, events or uncertainties that may result in its liquidity either materially increasing or decreasing at present or in the foreseeable future.

Material increases or decreases in the Company’s liquidity will be substantially determined by the success or failure of its exploration programs on its properties, as well as its continued ability to raise capital.

The Company anticipates spending capital resources on exploration in the next six months on its Marshall Lake and Norton Lake properties. The Company requires further funding to cover the Company’s next phase of exploration of which program costs are not yet estimated and general and administrative expenses which currently amount to approximately $55,000 per month which includes; 1) consulting agreements totaling $17,475 per month, and 2) a lease of office space commitment with a basic monthly rent commitment of $2,477 and shared operating costs of $1,900.

The Company assesses its financing requirements and its ability to access equity or debt markets on an ongoing basis. The assessment considers: the stage and success of the Company’s evaluation activities to date; the continued participation of the

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Copper Lake Resources Ltd. (formerly, White Tiger Mining Corp.) Management’s Discussion and Analysis October 31, 2014

Company’s larger investors; and financial market conditions. The Company demonstrated ability in the past to close on two private placements; on April 5, 2013 the Company raised $42,000 and on August 20, 2012 and raised $1,291,200 to cover the Company’s current exploration programs and working capital requirements. It is possible that future economic events and global conditions may result in further volatility in the financial markets which could negatively impact the Company’s ability to access equity or debt markets in the future.

As at October 31, 2014, the Company had a working capital deficit of $432,547 compared to working capital deficit of $359,253 as at October 31, 2013. As at October 31, 2014, the Company had cash of $34,557 compared to cash of $10,018 as at October 31, 2013.

Net cash used in operating activities for the year ended October 31, 2014 was $91,014 compared to $488,884 for the year ended October 31, 2013 consisting primarily of the operating loss for the year and the change in non-cash items.

Net cash used in investing activities for the year ended October 31, 2014 was $59,447 compared to $730,153 for the year ended October 31, 2013 consisting primarily of exploration and evaluation asset expenditures, deposits, and exploration advances.

Net cash provided by financing activities for the year ended October 31, 2014 was $175,000 compared to $67,000 for the year ended October 31, 2013, consisting of $Nil (2013- $42,000) in shares issued for cash, and $175,000 (2013 - $25,000) in loan advances.

The Company’s deficit as at October 31, 2014 was $8,408,605 as compared to a deficit of $8,431,837 as at October 31, 2013.

At present, the Company’s operations generate little cash flow and its financial success is dependent on management’s ability to discover economically viable mineral deposits. The mineral exploration process can take many years and is subject to factors that are beyond the Company’s control. Management believes the Company will be successful at securing additional funding so that its capital resources will be sufficient to carry its operations through the next twelve months and intends to continue the exploration of its mineral properties.

In order to finance the Company’s exploration programs and to cover administrative and overhead expenses, the Company raises money through equity sales and from the exercise of convertible securities. Many factors influence the Company’s ability to raise funds, including the health of the resource market, the climate for mineral exploration investment, the Company’s track record, and the experience and caliber of its management. Actual funding requirements may vary from those planned due to a number of factors, including the progress of exploration activities. Management believes it will be able to raise equity capital as required in the long term, but recognizes there will be risks involved that may be beyond their control.

OFF BALANCE SHEET ARRANGEMENTS

The Company is not a party to any off-balance sheet arrangements or transactions.

PROPOSED TRANSACTIONS

The Company does not have any current proposed asset or business acquisition of dispositions; however, the Company continues to seek new business opportunities to raise capital.

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Copper Lake Resources Ltd. (formerly, White Tiger Mining Corp.) Management’s Discussion and Analysis October 31, 2014

SUMMARY OF QUARTERLY RESULTS

TRANSACTIONS WITH RELATED PARTIES

During the year ended October 31, 2014, the Company entered into the following transactions with companies controlled by directors or companies having common directors:

On July 22, 2014, certain related parties agreed to release the company from amounts payable to them under contracts of $395,341. This amount has been recorded as a recovery of costs in the statement of loss and comprehensive loss.

Key management compensation to the CEO, President, CFO and Directors include the following:

Included in accounts payable and accrued liabilities as at October 31, 2014 is $40,860 (2013 - $281,190) owed to companies controlled by directors or companies having certain common directors.

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Copper Lake Resources Ltd. (formerly, White Tiger Mining Corp.) Management’s Discussion and Analysis October 31, 2014

The Company entered into a loan agreement, dated July 19, 2013, pursuant to which it received $25,000 for working capital purposes. The loan was provided by a company controlled by a director and is for a term of 1 year with interest at a rate of 1% per month (12% per annum) and a loan facility fee of $1,000.

The Company entered into a loan agreement, dated March 31, 2014, pursuant to which the lender has agreed to loan the Company up to $75,000 for working capital purposes. The loan was provided by a company controlled by a director of the Company, and any advances under the loan agreement will be repayable within 1 year of such advance and with interest at a rate of 1% per month (12% per annum). As of April 30, 2014, $75,000 has been advanced to the Company by the lender.

As of July 22, 2014, the loan has been assigned to Prairie Enterprise (Alberta) Ltd. The Company entered into a loan agreement, dated September 2, 2014, pursuant to which the lender has agreed to loan the Company up to $200,000 for working capital purposes. The loan was provided by a company controlled by a director of the Company, and any advances under the loan agreement will be repayable within 1 year of such advance and with interest at a rate of 1% per month (12% per annum). As of September 16, 2014, $100,000 has been advanced to the Company by the lender.

COMMITMENTS

The Company has entered into four 5 year term renewable agreements with companies controlled by four directors of the Company for the provision of consulting and/or legal services at a current cost of $4,500 per month ($54,000 per annum), $4,500 per month ($54,000 per annum), $4,225 per month ($50,700 per annum) and $4,250 per month ($51,000 per annum), respectively. These agreements provided that if any of such agreements are terminated without cause or if there is a change in control of the Company, the Company would be required to pay an amount equal to five times the annual fee payable thereunder.

The Company has entered into four agreements with certain directors/officers for services rendered in such capacities. If such agreements were terminated without consent of the director/officer or the director/officer resigns within 120 days following a change in control, the Company would be required to pay $100,000 to each such director/officer and allow any unvested stock options to vest.

As of July 22, 2014, in connection with the appointment of Brian Kynoch and Paul Champagne as directors of the company and Edward Yurkowski and Jimmy Mah as interim President and CEO and CFO and Corporate Secretary, respectively, Messrs. Mason, Coombes, Hamzagic, Ainsworth, Morley and Kowalski voluntarily resigned all positions with the Company and all of the commitments referred to above were terminated.

The Company has entered into a 1-year term renewable agreements with Mr. Coombes for the provision of consulting services at current cost of $7,500 per month ($90,000 per annum). The Company has also entered into one year renewable agreement with Mr. Mah for the provision of accounting services on an hourly rate. The accounting agreement is terminated without cause or if there is a change in control of the Company, the Company is required to pay $25,000.

FINANCIAL INSTRUMENTS

Fair value

The Company classifies its cash and cash equivalents, receivables and deposits as loans and receivables; and accounts payable and accrued liabilities and loan payable as other financial liabilities.

The carrying values of receivables, accounts payable and loan payable approximate their fair values due to the short-term maturity of these financial instruments.

The Company’s risk exposure and the impact on the Company’s financial instruments are summarized below.

Credit risk

Credit risk is the risk of potential loss to the Company if a counter party to a financial instrument fails to meet its payment obligations. The Company is exposed to credit risk with respect to its cash and cash equivalents and other receivables.

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Copper Lake Resources Ltd. (formerly, White Tiger Mining Corp.) Management’s Discussion and Analysis October 31, 2014

The Company's credit risk is primarily attributable to cash and cash equivalents and receivables. Management believes that the credit risk concentration with respect to cash and cash equivalents and receivables is remote as it maintains accounts with highly-rated financial institutions. Receivable are due primarily from Goods and Services Tax recoveries.

Liquidity risk

Liquidity risk is the risk that the Company will not be able to meet its obligations as they become due. The Company manages its liquidity risk by forecasting cash flows from operations and anticipated investing and financing activities. At October 31, 2014, the Company had accounts payable and accrued liabilities of $282,381 (2013 - $351,019) and a loan in the amount of $200,000 (2013 - $25,000).

Based on the current funds held, the Company will need to rely upon financing from shareholders and/or debt holders to obtain sufficient working capital. There is no assurance that such financing will be available on terms and conditions acceptable to the Company. Refer to Note 1 for further information.

Market risk

Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate due to changes in market prices. The company currently has no significant interest rate risk, foreign currency risk and other price risk.

Management’s Responsibility for Financial Statements

The information provided in this report, including the financial statements, is the responsibility of management. In the preparation of these statements, estimates are sometimes necessary to make a determination of future values for certain assets or liabilities. Management believes such estimates have been based on careful judgements and have been properly reflected in the financial statements.

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Copper Lake Resources Ltd. (formerly, White Tiger Mining Corp.) Management’s Discussion and Analysis October 31, 2014

OUTSTANDING SHARE DATA as at February 26, 2015:

a) Authorized:

Unlimited number of shares, without par value

b) Issued and outstanding:

38,266,282 common shares with a stated value of $11,606,906.

c) Outstanding incentive stock options:

d) Outstanding warrants:

e) Shares in escrow or pooling agreements: Nil

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