Management's Discussion and Analysis FOR THE THREE MONTH ENDED JULY 31, 2025 Management Discussion and Analysis For the three months ended July 31, 2025 (All amounts are presented in CAD) TABLE OF CONTENTS | 1. Introduction | 3 | | --- | --- | | 2. Description of business | 3 | | 3. Highlights | 4 | | 4. Environmental, Social, and Governance | 5 | | 5. Operating performance | 5 | | 6. Financial performance | 17 | | 7. Review Quarterly Results | 18 | | 8. Liquidity and Capital position | 19 | | 9. Use of pro ...