Management Discussion and Analysis (Expressed in U.S. Dollars) As at and for the three and six month period ended June 30, 2025 and 2024 Prepared on August 14, 2025 CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report contains "forward-looking statements," which includes information relating to future events, future financial performance, financial projections, strategies, expectations, competitive environment and regulation. Words such as "may," "should," "could," "would," "predicts," "p ...