FINORE MINING INC.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

September 30, 2015

BACKGROUND

This Management’s Discussion and Analysis (“MD&A”) provides relevant information on the operations and financial results of Finore Mining Inc. (the “Company”) for the nine months period ended September 30, 2015. It should be read in conjunction with the Company’s unaudited condensed interim consolidated financial statements for period ended September 30, 2015 and the audited financial statements for the year ended December 31, 2014 and related notes thereto. These unaudited condensed interim financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board and can be found on SEDAR at www.sedar.com

During the nine months ended September 30, 2015, the Company’s critical accounting estimates and significant accounting policies have remained substantially unchanged and are still applicable to the Company unless otherwise indicated. All amounts are expressed in Canadian dollars unless noted otherwise.

The risk factors identified in previous management’s discussion and analysis (the “MD&A”) have also remained substantially unchanged but the risk factor of future financings has assumed a greater importance to the Company in view of the current economic climate and stock market volatility. Management has assessed and will continue to address the implications of recent events in order to ensure that the Company can continue to achieve its long term objectives.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION

Certain statements contained in the foregoing MD&A constitute forward-looking information. Such forward-looking information involve a number of known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information.

Readers are cautioned not to place undue reliance on this forward-looking information, which speak only as of the date the statements were made, and readers are advised to consider such forward-looking information in light of the risks set forth below.

DESCRIPTION OF BUSINESS

The Company was incorporated on November 29, 2006 pursuant to the Business Corporations Act , British Columbia. The Company’s principal business activity is the exploration of mineral properties. The Company was listed for trading on the Canadian Securities Exchange (the “CSE”) since February 4, 2008 under the trading symbol “OTB”. On September 26, 2011, the Company changed its name to Finore Mining Inc. and the Company’s common shares began trading under the new symbol of “FIN”. On April 9, 2012, the Company’s common shares have commenced trading in the United States on the OTC market’s tier, OTCQX International under the symbol of “FNREF”. Effective January 1, 2014, the Company’s shares ceased trading on the OTC market.

Pursuant to the approval by its shareholders of a share consolidation at its annual general meeting of its shareholders (“AGM”) held on May 23, 2014, the Company’s board of directors, on June 16, 2014, proceeded with a consolidation of the issued and outstanding common shares of the Company on the basis of a one (1) postconsolidated Common Share for each ten (10) pre-consolidation Common Shares. All comparable data has been adjusted for the aforementioned consolidation.

The Company is a junior mineral exploration company engaged in the acquisition and exploration of strategic mineral properties. The Company is primarily engaged in the exploration for, and the development of, mineral properties with gold, copper, nickel, and other minerals. The Company may take advantage of other mineral projects as opportunities arise.

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FINORE MINING INC.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

September 30, 2015

On August 24, 2011, the Company entered into an option agreement with Nortec Minerals Corp (“Nortec”). The option agreement gave the Company the option to earn up to an 80% interest in Nortec’s Läntinen Koillismaa (“LK”) project, a palladium-platinum–gold–copper-nickel property, located in north central Finland. However, on September 10, 2012, the Company entered into an amendment to the option agreement (the “Nortec Option Amendment”), whereby Nortec has granted the Company the right to acquire 70% interest in the Läntinen Koillismaa Project by: a) issuing additional 27,000,000 common shares of the Company (issued); b) paying in full amount owed by the Company on account of the conduct of exploration work within 60 days from the date of the Nortec Option Amendment; and c) granting Nortec the right to nominate two persons for appointment or election to the Company’s board of director.

On February 19, 2013, the Company entered into a second amendment agreement (the “Second Amendment Agreement”) with Nortec, whereby Nortec and the Company agreed to such amendments that the Company has the sole and exclusive right and option to earn 100% interest in and to the Läntinen Koillismaa Project for, among other things, 4,100,000 common shares of the Company.

Effective May 14, 2014, the Company acquired a 100% interest in the Läntinen Koillismaa Project from Nortec through the acquisition of Nortec Minerals OY (“NMO”), the subsidiary that holds title to the LK property. Finore has made the final payment to Nortec, comprised of 91,771 shares in Finore, pursuant to Second Amendment Agreement. These shares were issued on May 6, 2014. As at September 30, 2014 (December 31, 2014), Nortec holds a total of 8,614,492 common shares of the Company which equates to a 34 % (54%) interest.

The LK Property is located in north central Finland, 660km north of the capital Helsinki, 65km south of the Arctic Circle, and covers approximately 3750 hectares. The project is well serviced by power, water and roads affording all season access and development. The LK Project consists of the Kaukua, Lipeävaara, Murtolampi, Haukiaho and Haukiaho East Zones. Nortec carried out over 10,000 metres of diamond core drilling on the Kaukua Zone since 2007 and over 7,000 metres of historical diamond drilling was performed on the Haukiaho Zone since the 1960’s.

QUALIFIED PERSON

All disclosure of scientific or technical information, including disclosure of a mineral resource or mineral reserve, concerning a mineral project on a property material to the issuer must be based upon information prepared by or under the supervision of a qualified person.

Mohan Vulimiri, Director is the Qualified Person for the Company.

CHANGES IN MANAGEMENT

During the period ended September 30, 2015,

On January 14, 2013, Steven Green resigned as President of the Company.

On February 5, 2013, Alexander Polevoy resigned as director of the Company. David Velisek was appointed as a director of the Company.

On March 28, 2013, Peter Tegart and Mohan Vulimiri was appointed as directors of the Company. Lawrence Dick resigned as CEO and Peter Tegart was appointed as the CEO.

On December 13, 2013, Denise Lok resigned as CFO and Simon Ma was appointed CFO.

On December 3, 2014, David Eaton and David Velisek have resigned as directors of the Company. Brett Kagetsu was appointed a director of the Company to be effective immediately.

On January 8, 2015, James McKenzie was appointed a director of the Company.

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FINORE MINING INC.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

September 30, 2015

On March 19, 2015, Mr. Gerhard Merkel was appointed a director of the Company.

The Company’s Board of Directors now consists of following: Peter Tegart, Mohan Vulimiri, Brett Kagetsu, James McKenzie and Gerhard Merkel.

OVERALL PERFORMANCE

The following discussion of the Company’s financial performance is based on the unaudited condensed interim consolidated financial statements for the nine months period ended September 30, 2015 and 2014.

As at September 30, 2015, the Company had cash of $23,801 (December 31, 2014 - $10,182). Total current assets amount to $36,112 (December 31, 2014 - $23,251).

Current liabilities at September 30, 2015 total $340,997 (December 31, 2014 - $268,853). Shareholders’ equity is comprised of share capital of $16,976,810 (December 31, 2014 - $16,703,563, reserves of $1,844,902 (December 31, 2014 - $1,834,032) and a deficit of $7,915,657 (December 31, 2014 - $7,835,569) for a net amount of $10,906,055 (December 31, 2014 - $10,702,026). On June 5, 2015, the Company closed a non-brokered private placement consisting of the issuance of 9,270,000 units of the Company at a price of $0.03 per unit for gross proceeds of $278,100. Each unit is comprised of one common share of the Company and one common share purchase warrant, and each warrant entitles the holder to purchase one additional common share of the Company at $0.08 per warrant share for the first two years after the date of issue, and at an exercise price of $0.10 per warrant share during the third year after the date of issue. The Company paid a commission comprised of 267,750 units in connection with a portion of the private placement.

The Company has a working capital deficiency of $304,885 as at September 30, 2015 compared to a working capital deficit of $335,805 at December 31, 2014.

During the nine months period ended September 30, 2015, the Company reported a net loss of $80,088 ($0.00 basic and diluted loss per share) compared to a net loss of $13,010 ($0.00 basic and diluted loss per share) reported for the nine months period ended September 30, 2014.

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FINORE MINING INC.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

September 30, 2015

SELECTED ANNUAL INFORMATION

The following table sets out selected financial information derived from the Company’s audited financial statements for the most recently completed financial years:

During the year ended December 31, 2014, the Company incurred a net loss of $123,872 ($0.01 basic and diluted loss per share) compared to a net loss of $194,514 ($0.01 basic and diluted loss per share) for the period ended December 31, 2013.

Results of Operations

Three Months Period ended September 30, 2015

During the three months ended September 30, 2015, the Company had a net loss of $18,506 compared to a net loss of $21,175 for the three months ended September 30, 2014. The primary driver to this increase in operating costs due to a decline of professional fees in the amount of $6,330 and a foreign exchange loss of $4,505 compared to a foreign exchange gain of $12,165 compared to the nine months ended September 30, 2014. General and administrative expenses for the nine months ended September 30, 2015 were $16,670 compared to $30,758 for the same period ended September 30, 2014.

Other major cost components as listed below:

• Consulting fees of $12,345 compared to $13,090 for the 3 month period ended September 30, 2014;

• Rent of $nil compared to $3,94 for the 3 months ended September 30, 2014;

• Office and general of $166 for 3 months ended September 30, 2015 as compared to $(146) for the same period last year;

• Transfer agent and filing fees of $4,159 for the 3 months ended September 30, 2015 as compared to $6,080 for the same period in the prior year.

Due to the Company being in the exploration stage, management foresees further increases in the Company’s expenses during the coming year resulting from its exploration activities. These expenses are contingent upon the Company’s ability to fund these projects through private placements and other forms of financing. In the event that the Company does not receive the required funding, management will review all on-going expenditures and take appropriate actions to remedy the funding shortage.

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FINORE MINING INC.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

September 30, 2015

Nine Months Period ended September 30, 2015

During the nine months ended September 30, 2015, the Company had a net loss of $80,088 compared to a net loss of $13,010 for the nine months ended September 30, 2014. The primary driver to this increase in operating costs due to an increase in consulting fees in the amount of $12,741 and a foreign exchange loss of $5,626 instead of a gain of $69,602 for the same comparative period ended September 30, 2014. General and administrative expenses for the nine months ended September 30, 2015 were $74,462 compared to $82,159 for the same period ended September 30, 2014.

Other major cost components as listed below:

• Consulting fees of $52,251 compared to $39,510 for the nine month period ended September 30, 2014;

• Rent of $nil compared to $12,871 for the nine months ended September 30, 2014;

• Office and general of $755 for the nine months ended September 30, 2015 as compared to $3,613 for the same period last year;

• Transfer agent and filing fees of $15,307 for the nine months ended September 30, 2015 as compared to $14,604 for the same period in the prior year.

Due to the Company being in the exploration stage, management foresees further increases in the Company’s expenses during the coming year resulting from its exploration activities. These expenses are contingent upon the Company’s ability to fund these projects through private placements and other forms of financing. In the event that the Company does not receive the required funding, management will review all on-going expenditures and take appropriate actions to remedy the funding shortage.

SUMMARY OF QUARTERLY RESULTS

The following table presents unaudited selected financial information for each of the last eight quarters:

i) Relates to the five month period ended December 31, 2013

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FINORE MINING INC.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

September 30, 2015

MINERAL PROPERTIES AND DEFERRED EXPLORATION EXPENDITURES

Läntinen Koillismaa Mineral Claims, North-eastern Finland

On July 21, 2011, the Company entered into a binding letter of intent with Nortec Minerals Corp. (“Nortec”), whereby Nortec will grant the Company the right to acquire up to an undivided 80% interest in the Läntinen Koillismaa Project (the “Project”). The binding letter of intent was replaced and superseded by the option agreement with Nortec (the “Nortec Option Agreement”) dated August 24, 2011. The effective date of the Nortec Option Agreement is September 6, 2011 (the “Effective Date”), which is the date the CSE accepted the filing of the option agreement. On September 7, 2011, the Company issued 185,000 common shares at $4.50 per share for a total of $832,500 as finder fees in connection with the option.

On September 10, 2012, the Company entered into an amendment to the Nortec Option Agreement (the “Nortec Option Amendment”), whereby Nortec has granted the Company the right to acquire 70% interest in the Project by: a) issuing an additional 2,700,000 common shares of the Company (issued at a value of $3,240,000); b) paying in full amount owed by the Company on account of the conduct of exploration work within 60 days from the date of the Nortec Option Amendment (full amount not paid on time); and c) granting Nortec the right to nominate two persons for appointment or election to the Company’s board of directors. As the result, the remaining outstanding option obligations under the Nortec Option Agreement were not fulfilled.

On February 19, 2013, the Company entered into a second amendment agreement (the “Second Amendment Agreement”) with Nortec, whereby Nortec and the Company agreed to such amendments that the Company has the sole and exclusive right and option to earn 100% interest in and to the Project for, among other things, 4,100,000 common shares of the Company. On February 19, 2013, the Company issued 4,100,000 common shares valued at $1,025,000 to Nortec. As at December 31, 2013, Nortec holds a total of 8,322,721 common shares of the Company which equates to a 54% interest.

Effective May 6, 2014, the Company acquired a 100% interest in the Läntinen Koillismaa Project from Nortec through the acquisition of Nortec Minerals OY (“NMO”), the subsidiary that holds title to the LK property. Finore has made the final payment to Nortec, comprised of 91,771 common shares in Finore, pursuant to Second

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FINORE MINING INC.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

September 30, 2015

Amendment Agreement. As at September 30, 2015 Nortec holds a total of 8,614,492 common shares of the Company which equates to a 54% (34 % - December 31, 2014) interest.

The property is located in north central Finland, 660km north of the capital Helsinki, 65km south of the Arctic Circle, and covers approximately 3750 hectares. The project is well serviced by power, water and roads affording all season access and development. The LK Project consists of the Kaukua, Lipeävaara, Murtolampi, Haukiaho and Haukiaho East Zones. Nortec carried out over 10,000 metres of diamond core drilling on the Kaukua Zone since 2007 and over 7,000 metres of historical diamond drilling was performed on the Haukiaho Zone since the 1960’s. The Company has completed 10,775 metres of diamond core drilling. A total of 20,775 metres of drilling was completed on the property to-date.

Information to date shows that that the Properties have the potential to host several large - tonnage PGE+Au-Cu-Ni deposits amenable to low cost open pit mining methods.

Preliminary metallurgical test work on a blended representative composite of ore types concludes that conventional rougher flotation yielded substantial recoveries of over 80% PGE + Au, associated with recoveries of over 93% for Cu and 51% for Ni. The recoveries appear to be somewhat dependent on the host rock composition. Cleaning this concentrate, again using conventional flotation means, produced a product assaying 16% Cu + Ni and 60 grams/tonne PGE + Au. Although this is not yet confirmed, a concentrate of this grade should be attractive to nickel and PGM smelters, especially given the low value of 4% Magnesium Oxide (MgO). This also means that the initially planned PLATSOL™ process for higher recoveries of PGE metals may now not be required. This will help lower the processing costs, simplify the project and reduce the technical risk of the project as a whole.

Further metallurgical work being planned:

1. Optimization work for cleaner concentrate, with the addition of various amounts of the relevant reagents.

2. Tests and analysis to identify any other PGE associated metals like Rhodium and Iridium.

3. Marketing studies for the sale ability of concentrate.

In comparison to other PGE + Au and Ni-Cu deposits, the concentrate from the LK Project has a much higher ratio of precious and base metals, producing a very high unit value per tonne of concentrate. This also favourably impacts infrastructure and transportation costs.

In September 2013, the Company completed an updated technical report containing the mineral resource estimate for the LK Project. The technical report is available on SEDAR under the Company's profile. The Technical Report, dated September 18, 2013 and entitled “A Technical Report on the Läntinen Koillismaa Project, Finland For Finore Mining Inc.”, was prepared by Marek Mroczek, P.Eng. and Sean Butler, P.Geo. of Mining Plus Canada Consulting Ltd. (“MP Consulting”), an accredited international mining consulting corporation.

Claim fees for the Läntinen Koillismaa Project have been paid in full for the year 2015 and the property is in good standing.

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FINORE MINING INC.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

September 30, 2015

Highlights from the Technical Report:

Summary of Mineral Resource Estimates for LK Project at a cut-off grade of 0.1 g/t Palladium

Kaukua Deposit (Main Zone)

Haukiaho Deposit (Melarame, Torkoaho and West Torkoaho zones)

**Ni is the total Nickel content

A sharp boundary at a cut-off of 0.1 g/t Palladium was interpreted as the waste contact. The high correlation for Platinum and Palladium means that both metals can be used for defining the geometry of mineralization for the Kaukua and Haukiaho deposits.

Both ALS Chemex, based in Outokumpu, Finland and Labtium Oy, based in Rovaniemi, Finland conducted the preparation and analytical work, as well as check sampling of drill core samples from the Phase V drill program. The samples are analysed for Pt, Pd and Au by lead fire assay (30g nominal charge) with an Inductively Coupled Plasma Atomic Emission Spectroscopy (“ICP- AES”) finish. A multi-element suite of 35 elements including Cu and Ni are analysed by aqua regia digestion with also an ICP-AES finish. Ore Grade analyses are carried out on any results for Cu and Ni that are over the upper detection limit. The Company used alternately Labtium and ALS Chemex for check sampling and quality assurance and quality control (“QA/QC”) purposes along with select analyses of Nickel rich zones to determine the sulphide nickel values with respect to the total Nickel values.

The Company’s QA/QC program includes the regular insertion of blanks, multiple certified assay standards and duplicate samples into the sample shipments. These QC samples are inserted every 10 samples within every assay batch. Regular monitoring of these QC samples is a critical part of the Finore’s QA/QC protocols.

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FINORE MINING INC.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

September 30, 2015

LIQUIDITY AND CAPITAL RESOURCES

The Company has financed its operations to date through the issuance of common shares. The Company will continue to seek capital through the issuance of common shares and/or debt. The Company’s operating, investing and financing activities for the nine months period ended September 30, 2015 resulted in a net increase in cash of $13,619. As at September 30, 2015, the Company’s current assets include cash of $23,801, prepaid expenses of $7,930 and receivables of $4,381. The Company’s current liabilities include accounts payable and accrued liabilities of $340,997. During the period ended September 30, 2015, the Company closed a non-brokered private placement. The private placement consisted of issuance of 9,270,000 common shares of the Company at a price of $0.03 per unit for gross proceeds of $278,100. Each unit being comprised of one common share of the Company and one common share purchase warrant. Each warrant entitles the holder to purchase one additional common share of the Company at $0.08 per warrant share for the first two years after the date of issue, and at an exercise price of $0.10 per warrant share during the third year after the date of issue. The Company paid a commission comprised of 267,750 unit in connection with a portion of the private placement.

The Company will continue to require funds for future property acquisitions and exploration work as well as to meet its ongoing day-to-day operating requirements and will have to continue to rely on equity and debt financing. The Company’s capital resources are largely determined by the strength of the junior resource markets and by the status of the Company’s projects in relation to these markets, and its ability to compete for investor support of its projects. There can be no assurance that financing, whether debt or equity, will always be available to the Company in the amount required at any particular period or if available, that it can be obtained on terms satisfactory to the Company.

OFF-BALANCE SHEET ARRANGEMENTS

To the best of management’s knowledge, there are no off-balance sheet arrangements that have, or are reasonably likely to have, a current or future effect on the results of operations or financial condition of the Company.

RELATED PARTY TRANSACTIONS

The aggregate value of transactions and outstanding balances relating to key management personnel and entities over which they have control or significant influence were as follows:

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FINORE MINING INC.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

September 30, 2015

PROPOSED TRANSACTIONS

The Company does not currently have any proposed transactions approved by the Board of Directors. All current transactions are fully disclosed in the audited financial statements for the period ended September 30, 2015.

SIGNIFICANT ACCOUNTING POLICIES AND CRITIAL ACCOUNTING ESTIMATES

All significant accounting policies are fully disclosed in Note 2 of the condensed interim financial statements for the three and nine months ended September 30, 2015 and 2014.

FINANCIAL INSTRUMENTS

Classification of Financial Instruments:

(a) Fair Values

Assets and liabilities measured at fair value on a recurring basis were presented on the Company’s statement of financial position as at September 30, 2015 as follows:

The Company’s financial instruments are exposed to certain financial risks, including credit risk, interest risk, liquidity risk, and foreign exchange rate risk.

(b) Credit risk

Credit risk is the risk of loss associated with a counter party’s inability to fulfill its payment obligations. The Company’s credit risk is primarily attributable to its cash and cash equivalents balances. The Company manages its credit risk on bank deposits by holding deposits in high credit quality banking institutions in Canada. The Company does not have any asset-backed commercial paper included in cash. Management believes that the credit risk with respect to receivables is remote.

(c) 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. The risk that the Company will realize a loss as a result of a decline in the fair value of the cash is limited because of its short-term investment nature.

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FINORE MINING INC.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

September 30, 2015

(d) Foreign Exchange Rate Risk

The Company has certain consulting fees and exploration and evaluation assets that are denominated in US dollars, European Euro, Pounds Sterling, Swedish Krona, Swiss Franc and other operating expenses that are mainly in Canadian dollars. The Company’s exposure to foreign currency risk arises primarily on fluctuations between the Canadian dollars, the US dollar, European Euro, Pounds Sterling, Swedish Krona and Swiss Franc. The exposure to foreign exchange rate risk is considered low. The Company has not entered into any derivative instruments to manage foreign exchange fluctuations.

At September 30, 2015 and 2014, the Company’s US dollars, Pounds Sterling, and European Euros denominated monetary assets and liabilities are as follows:

(e) Liquidity Risk

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they become due. The Company’s approach to managing liquidity risk is to ensure that it will have sufficient capital to meet liabilities when due after taking into account the Company’s holdings of cash and cash equivalents that might be raised from equity financings.

New Standards, Interpretations and Amendments Adopted

The material accounting policies followed in these Condensed Financial Statements are the same as those applied in the Company’s audited consolidated financial statements for the year ended December 31, 2014. The Company has consistently applied the same material accounting policies throughout all periods presented.

No new IFRS accounting standards have been adopted by the Company during the nine-month period ended September 30, 2015.

New Standards Not Yet Adopted

The following accounting standard is mandatory effective from January 1, 2018. The Company has not adopted this standard early and is assessing the impact of adoption on the Condensed Financial Statements:

 IFRS 9; Financial Instruments. Replacement standard for IAS 39 Financial instruments: Recognition and Measurement. IFRS 9 retains (and simplifies) the mixed measurement model and establishes two primary

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FINORE MINING INC.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

September 30, 2015

measurement categories for financial assets: amortized cost and fair value. The basis of classification depends on an entity's business model and the contractual cash flow of the financial asset. Classification is made at the time the financial asset is initially recognized, namely when the entity becomes a party to the contractual provisions of the instrument.

OTHER MD&A DISCLOSURE REQUIREMENTS

Summary of Outstanding Share Data

The Company’s issued and outstanding share capital as at the date of this report is as follows:

(1) Authorized: Unlimited common shares without par value;

(2) As at the date of this MD&A, the Company has 25,493,653 common shares, 9,537,750 share purchase warrants and 1,500,000 options issued and outstanding.

RISKS AND UNCERTAINTIES

The Company is engaged in the exploration and development of mineral properties. These activities involve a high degree of risk which, even with a combination of experience, knowledge and careful evaluation, may not be overcome. Consequently, no assurance can be given that commercial quantities of minerals will be successfully found or produced.

The Company has no history of profitable operations and its present business is at an early stage. As such, the Company is subject to many common risks to new and developing enterprises, including under-capitalization, cash shortages and limitations with respect to personnel, financial and other resources and the lack of revenues. There is no assurance that the Company will be successful in achieving a positive return on shareholders’ investment.

The Company has no source of operating cash flow and no assurance that additional funding will be available to it for further exploration and development of its projects when required. Although the Company has been successful in the past in obtaining financing through the sale of equity securities, there can be no assurance that the Company will be able to obtain adequate financing in the future or that the terms of such financing will be favourable. Failure to obtain such additional financing could result in the delay or indefinite postponement of further exploration and development of its properties.

The Company’s property interests are located in remote, undeveloped areas and the availability of infrastructure such as surface access, skilled labour, fuel and power at an economic cost, cannot be assured. These are integral requirements for exploration, development and production facilities on mineral properties. Power may need to be generated on site.

The mineral industry is intensely competitive in all its phases. The Company competes with many other mineral exploration companies who have greater financial resources and technical capacity.

The Company is very dependent upon the personal efforts and commitment of its existing management. To the extent that management’s services would be unavailable for any reason, a disruption to the operations of the Company could result, and other persons would be required to manage and operate the Company.

ADDITIONAL INFORMATION

Additional information about the Company is available for viewing on SEDAR at www.sedar.com.

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