Crown Point Energy : March 31, 2024 Management’s Discussion and Analysis

MANAGEMENT'S DISCUSSION AND ANALYSIS

The following Management's Discussion and Analysis ("MD&A") of the consolidated financial results of Crown Point Energy Inc. ("Crown Point" or the "Company") is at and for the three months ended March 31, 2024.

This MD&A is dated as of and was approved by the Company's Board of Directors on May 13, 2024, and should be read in conjunction with the Company's unaudited March 31, 2024 condensed interim consolidated financial statements (the "Q1 Financial Statements") and the audited December 31, 2023 consolidated financial statements. The Q1 Financial Statements of the Company have been prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IFRS Accounting Standards").

The Company's Q1 Financial Statements include the accounts of the Company and its wholly-owned subsidiaries, CanAmericas (Argentina) Energy Ltd. and Crown Point Energía S.A..

The functional currency of the Company's two subsidiaries is the United States dollar ("USD"); the functional currency of the Company is the Canadian dollar ("CAD"). The Company's presentation currency is the USD. In this MD&A, unless otherwise noted, all dollar amounts are expressed in USD. References to "ARS" are to Argentina Pesos.

Throughout this MD&A and in other materials disclosed by the Company, we adhere to IFRS Accounting Standards, however the Company also employs certain non-IFRS measures to analyze financial performance, financial position, and cash flow, including "operating netback". Additionally, other financial measures are also used to analyze performance. These non-IFRS and other financial measures do not have any standardized meaning prescribed by IFRS Accounting Standards and therefore may not be comparable to similar measures provided by other issuers. The non-IFRS and other financial measures should not be considered to be more meaningful than financial measures which are determined in accordance with IFRS Accounting Standards, such as net income (loss), oil and natural gas sales revenue and net cash provided by (used in) operating activities, as indicators of our performance. This MD&A also contains oil and natural gas information, abbreviations and forward-looking information relating to future events and the Company's future performance. Please refer to "Non-IFRS and Other Financial Measures", "Abbreviations and BOE Presentation" and "Advisories" sections at the end of this MD&A for further information.

Additional information relating to Crown Point, including Crown Point's Q1 Financial Statements, audited December 31, 2023 consolidated financial statements and other filings are available on SEDAR+ at www.sedarplus.ca.

In the following discussion, the three months ended March 31, 2024 may be referred to as "Q1 2024". The comparative three months ended March 31, 2023 may be referred to as "Q1 2023". The previous three- month period ended December 31, 2023 may be referred to as "Q4 2023".

CORPORATE OVERVIEW AND STRATEGY

Crown Point (TSX-V:CWV) is a Calgary-based junior international oil and gas company with producing assets and an opportunity base in three producing basins in Argentina: the Austral basin in the Province of Tierra del Fuego ("TDF") and the Neuquén and Cuyo (or Cuyana) basins, in the Province of Mendoza.

The Company's strategy is designed to deliver low-risk growth and capitalize on large potential exploration upside. Specifically, Crown Point is focused on increasing its production base in TDF and Mendoza through exploration and development drilling supplemented by recompletion and fracture stimulation of select older producing wells. The Company's production is derived from its participating interest in the Rio Cullen, Las Violetas and La Angostura exploitation concessions in TDF (the "TDF Concessions"), the Chañares Herrados concession in Mendoza (the "CH Concession" or "CH") and the Puesto Pozo Cercado Oriental concession in Mendoza (the "PPCO Concession" or "PPCO"). CH and PPCO may be referred to collectively as the Mendoza Concessions.

1

Crown Point Energy Inc. March 31, 2024 MANAGEMENT'S DISCUSSION AND ANALYSIS

Crown Point is also conducting an exploration program in its 100% interest in the Cerro de Los Leones ("CLL") exploration concession permit (the "CLL Permit") in the Province of Mendoza.

On February 1, 2024, Crown Point Energía S.A. entered into an asset sale and purchase agreement (the "Acquisition Agreement") with Pan American Energy S.L., Sucursal Argentina (the "Seller") to acquire the Seller's 100% working interest in the Piedra Clavada and Koluel Kaike hydrocarbon exploitation concessions (the "Santa Cruz Concessions"). The purchase price is comprised of $12 million cash, subject to closing adjustments, plus contingent in-kind consideration payable throughout a 15-year period following closing. On February 7, 2024, the Company made a $2.4 million advance payment to the Seller. The advance payment will be refundable if the Acquisition Agreement is terminated by the Seller in circumstances where the cause of the termination is not the responsibility of the Company. Completion of the acquisition is subject to the receipt of all necessary regulatory and Provincial approvals, including the approval of the TSX Venture Exchange, and other customary closing conditions. Completion of the acquisition is not subject to approval by the Company's shareholders. The effective date of the acquisition will be January 1, 2024.

OPERATIONAL UPDATE

TDF Concessions

Crown Point and its joint venture partners are exporting oil by truck to the ENAP refinery at San Gregorio, Chile, and to the Total Austral facilities in Rio Cullen. Crude oil trucked to both San Gregorio and Rio Cullen is sold at a discount to the Brent oil price.

During Q1 2024, San Martin oil production averaged 405 (net 141) bbls of oil per day; Las Violetas concession natural gas production averaged 8,988 (net 3,122) mcf per day and oil production averaged 221 (net 77) bbls of oil per day.

Mendoza Concessions

Oil production for Q1 2024 averaged 798 (net 399) bbls of oil per day from the CH Concession and 166 (net 83) bbls of oil per day from the PPCO Concession.

CLL Permit

In February 2023, the Province of Mendoza issued Resolution N°208 which formally granted the CLL Permit over the CLL area for a term of 18 months until October 23, 2023.

The Company is in conversations with the Province of Mendoza for an extension of the CLL Permit or other alternatives for the CLL Permit, including the potential compensation of the Company's only outstanding commitment, consisting of a well repair, with working units performed by the Company in excess of what was otherwise required during the exploration period of the CLL Permit.

OUTLOOK

Capital Spending - Developed and Producing Assets included in Property and Equipment

	Previous	Updated
	guidance for	guidance for
	2024	2024	Explanation
TDF Concessions ($)	1.5 million	1.5 million
Mendoza Concessions ($)	11.9 million	3.4 million	Drilling program re-scheduled to Q1 2025
	13.4 million	4.9 million

The Company's capital spending on developed and producing assets for fiscal 2024 is budgeted at approximately $4.9 million. During Q1 2024, the Company incurred $0.3 million in the Mendoza Concessions.

The Company will spend the remaining $4.6 million during the balance of 2024 on expenditures for the following proposed activities:

• $1.5 million on a well workover and improvements to facilities in the TDF Concessions;

2

Crown Point Energy Inc. March 31, 2024 MANAGEMENT'S DISCUSSION AND ANALYSIS

• $3.1 million for well workovers, facilities improvements and optimization in the Mendoza Concessions.

Capital Spending - Exploration and Evaluation Assets

The Company plans to spend $0.5 million on the testing of the gas bearing sandstone layers of the Neuquén Group at CLL during 2024.

Crown Point expects to fund its capital spending, along with its other anticipated expenses, using cash held in bank accounts, cash flow from operations and/or new debt. See the Liquidity and Capital Resources section of this MD&A.

Argentina - Economic Summary

The latest World Economic Outlook report from the International Monetary Fund ("IMF"), recently published in April 2024, predicts Argentina's gross domestic product will contract by 2.8% in 2024. The IMF acknowledges that the contraction of the economy in 2024 is a result of the adjustment measures being taken by President Milei's government, and it expects this trend to reverse in 2025.

The current Argentine government administration is implementing an ambitious stabilization plan to restore macroeconomic stability based on a solid fiscal anchor, eliminating any financing by the Central Bank, which caused very high inflation in previous years.

The inflation rate reached 51.6% for the first three months of 2024 and 287.9% during the 12-month period ending March 31, 2024. In recent months attempts to combat price increases have shown positive results, but the government recognizes that it is a long-term process.

Commodity Prices

Oil

Oil from the Company's TDF Concessions is sold at a discount to the Brent oil price and oil from the Company's Mendoza Concessions is sold at a price negotiated with the customer. During Q1 2024, the Company received an average of $58.56 per bbl for its TDF oil, all of which was exported and $65.75 per bbl for its oil from the Mendoza Concessions, all of which was sold to the domestic market.

Natural gas

Crown Point can sell its natural gas production to both industrial and residential consumers. Crown Point has sold all of its natural gas production to the industrial market since 2020. During Q1 2024, the Company received an average of $4.51 per mcf for its TDF natural gas.

3

Crown Point Energy Inc. March 31, 2024 MANAGEMENT'S DISCUSSION AND ANALYSIS

FINANCIAL INFORMATION

SUMMARY OF FINANCIAL INFORMATION

(expressed in $, except shares outstanding)	March 31	December 31	December 31
	2024	2023	2022
Current assets	6,114,498	7,636,408	9,852,182
Current liabilities	(25,975,815)	(19,422,342)	(11,125,229)
Working capital (3)	(19,861,317)	(11,785,934)	(1,273,047)
Exploration and evaluation assets	14,103,353	14,103,353	14,115,555
Property and equipment	43,892,301	45,834,731	43,963,610
Total assets	66,725,317	67,785,665	68,183,547
Non-current financial liabilities (1)(3)	12,749,949	18,317,856	16,055,005
Share capital	56,456,328	56,456,328	56,456,328
Total common shares outstanding	72,903,038	72,903,038	72,903,038
(expressed in $, except shares outstanding)		Three months ended
		March 31
		2024	2023
Oil and natural gas sales revenue		6,101,086	7,100,558
Loss before taxes		(2,127,176)	(2,393,195)
Net loss		(901,734)	(1,861,570)
Net loss per share (2)		(0.01)	(0.03)
Net cash provided by operating activities		463,430	923,774
Net cash per share - operating activities (2)(3)		0.01	0.01
Funds flow provided by operating activities		471,494	135,443
Funds flow per share - operating activities (2)(3)		0.01	0.00
Weighted average number of shares - basic		72,903,038	72,903,038
Weighted average number of shares - diluted		72,903,038	72,903,038

1. Non-currentfinancial liabilities are comprised of the non-current portions of trade and other payables, notes payable and lease liabilities. The total amount of trade and other payables at March 31, 2024 is $8,612,792 of which $7,132,247 is classified as current (December 31, 2023 - $7,248,650 of which $5,768,105 is classified as current; December 31, 2022 - $6,655,100 of which $6,107,607 was classified as current). The total amount of notes payable at March 31, 2024 is $26,511,465 of which $15,599,848 is classified as current (December 31, 2023 - $28,757,720 of which $12,298,533 is classified as current; December 31, 2022 - $14,542,382 of which $7,233 was classified as current). The total amount of lease liabilities at March 31, 2024 is $746,517 of which $388,730 is classified as current (December 31, 2023 - $865,168 of which $487,044 is classified as current; December 31, 2022 - $1,455,890, of which $483,527 was classified as current).
2. All per share figures are based on the basic weighted average number of shares outstanding in the period. The effect of options is anti-dilutive in loss periods. Per share amounts may not add due to rounding.
3. "Working capital" is a capital management measure. "Non-current financial liabilities" is a supplemental financial measure. "Net cash per share - operating activities" is a supplemental financial measure. "Funds flow per share - operating activities" is a supplemental financial measure. See "Non-IFRS and Other Financial Measures" for additional disclosures.

4

Crown Point Energy Inc. March 31, 2024 MANAGEMENT'S DISCUSSION AND ANALYSIS

RESULTS OF OPERATIONS

Operating Netback

	Three months ended
	March 31
	2024	2023
Oil and natural gas sales revenue ($)	6,101,086	7,100,558
Export tax ($)	(152,016)	(138,196)
Royalties and turnover tax ($)	(1,016,422)	(1,108,697)
Operating costs ($)	(4,252,711)	(4,652,387)
Operating netback (1) ($)	679,937	1,201,278

1. "Operating netback" is a non-IFRS measure. See "Non-IFRS and Other Financial Measures".

Per BOE, except total BOE sales volumes	Three months ended
March 31
	2024	2023
Total BOE sales volumes	118,480	140,935
Oil and natural gas sales revenue ($)	51.49	50.38
Export tax ($)	(1.28)	(0.98)
Royalties and turnover tax ($)	(8.58)	(7.87)
Operating costs ($)	(35.89)	(33.01)
Operating netback (1) ($)	5.74	8.52

1. "Operating netback per BOE" is a non-IFRS ratio. See "Non-IFRS and Other Financial Measures".

Variances in the operating netback for Q1 2024 as compared to Q1 2023 are explained by changes in sales volumes and revenues, export taxes, royalties and turnover tax and operating costs as detailed below.

Sales Volumes and Sales Revenues

	Three months ended
Sales volumes	March 31
	2024	2023
Light oil (bbls)	81,728	89,555
NGL (bbls)	2,323	1,329
Natural gas (mcf)	206,576	300,304
Total BOE	118,480	140,935
Light oil bbls per day	898	995
NGL bbls per day	26	15
Natural gas mcf per day	2,270	3,337
Total BOE per day	1,302	1,566
	Three months ended
Sales revenue	March 31
	2024	2023
Light oil ($)	5,105,252	5,769,321
NGL ($)	65,208	29,563
Natural gas ($)	930,626	1,301,674
Total sales revenue	6,101,086	7,100,558
Light oil per bbl ($)	62.47	64.42
NGL per bbl ($)	28.07	22.24
Natural gas per mcf ($)	4.51	4.33
Total sales revenue per BOE ($)	51.49	50.38

5

Crown Point Energy Inc. March 31, 2024 MANAGEMENT'S DISCUSSION AND ANALYSIS

Sales Volumes

During Q1 2024, the Company's average daily sales volumes were 1,302 BOE per day, higher than 1,275 BOE per day in Q4 2023 due to higher oil sales in TDF Concessions and lower than 1,566 BOE per day in Q1 2023 mainly due to lower gas sales volumes in TDF Concessions in Q1 2024.

Sales volumes were weighted as follows:

	Three months ended
	March 31
	2024	2023
Light oil	69%	64%
NGL	2%	1%
Natural gas	29%	35%
Total	100%	100%

Production Volumes

Average daily production volumes for Q1 2024 were 1,246 BOE per day, lower than 1,344 BOE per day in Q4 2023 and lower than 1,532 BOE per day in Q1 2023 mainly due to lower oil production volumes in the Mendoza Concessions related to mechanical issues that required a greater quantity of well workovers and interventions combined with lower gas production volumes in the TDF Concessions related to the natural decline rates on natural gas wells.

	Three months ended
Production volumes	March 31
	2024	2023
Light oil (bbls)	63,745	86,934
NGL (bbls)	2,225	938
Natural gas (mcf)	284,212	300,304
Total BOE	113,339	137,923
Light oil bbls per day	700	966
NGL bbls per day	24	10
Natural gas mcf per day	3,123	3,337
Total BOE per day	1,246	1,532

Oil (and related NGL) production from TDF may be either (1) stored then shipped for sale to the domestic market and/or international brokers for export or (2) trucked and sold to Chile. The sale of crude oil transported by ship from TDF can be impacted by intermittent shipments due to storage levels and weather conditions and/or by delivery restrictions arising due to repair and maintenance activities at the shipping terminal.

Oil production from the Mendoza Concessions is sold to the domestic market and may be stored and then trucked to the delivery point in Tupungato, Mendoza.

Oil and NGL sales volumes may include both previously inventoried volumes as well as current period production.

As at March 31, 2024, all previously inventoried oil production had been sold as well as a portion of oil produced in Q1 2024, with excess oil production stored in inventory for sale in subsequent months.

6

Crown Point Energy Inc. March 31, 2024 MANAGEMENT'S DISCUSSION AND ANALYSIS

For the three months ended			Oil					NGL
March 31	2024		2023	2024	2023
	bbls	bbls per	bbls	bbls per		bbls	bbls per	bbls	bbls per
	day	day		day	day
Inventory, January 1	26,946		39,364		2,207		2,446
Production	63,745	700	86,934	966	2,225	24	938	10
Sales	(81,728)	(898)	(89,555)	(995)	(2,323)	(26)	(1,329)	(15)
Inventory, March 31	8,963		36,743		2,109		2,055

All of the Company's natural gas production is usually sold in the period produced, therefore natural gas sales volumes have historically equalled production volumes. However, during Q4 2023 and Q1 2024, a portion of natural gas production was not sold due to the drop in demand combined with the drop in natural gas spot prices and was included in inventory at December 31, 2023 and at March 31, 2024.

For the three months ended		Natural gas
March 31	2024		2023
	mcf	mcf per	mcf	mcf per
	day	day
Inventory, January 1	79,598		-
Production	284,212	3,123	300,304	3,337
Sales	(206,576)	(2,270)	(300,304)	(3,337)
Inventory, March 31	157,234		-

Revenues and Pricing

Revenue per BOE earned in Q1 2024 was approximately $51.49 per BOE, higher than revenue per BOE of $47.17 earned in Q4 2023 and higher than $50.38 per BOE earned in Q1 2023 due mainly to the increase in domestic oil prices during Q1 2024.

The price earned by the Company on TDF natural gas sales in Q1 2024 averaged $4.51 per mcf comparable to the $4.47 per mcf earned in Q4 2023 and the $4.33 per mcf earned in Q1 2023. 100% of sales were to the industrial market in each period. The price of natural gas earned by the Company varies with price fluctuations within the industrial market.

Oil revenue from Crown Point's concessions was $62.47 per bbl in Q1 2024, higher than $57.70 per bbl in Q4 2023 due to an increase in oil prices for domestic oil sales and lower than $64.42 per bbl in Q1 2023 due mainly to a decrease in the price of exported oil in Q1 2024.

During Q1 2024, the Company earned $28.07 per bbl on TDF NGL sales as compared to $26.36 per bbl earned in Q4 2023 and $22.24 per bbl earned in Q1 2023.

Export Tax

	Three months ended
	March 31
	2024	2023
Export tax ($)	152,016	138,196
Export tax as a % of TDF oil sales revenue	7%	7%
TDF export tax per BOE ($)	1.28	0.98

The Government of Argentina imposes an export tax on all goods exported from Argentina. The Company recognizes export taxes related to TDF oil sales to the export market. The rate of export tax is determined by a formula based on the price of Brent oil, ranging from 0% when the price of Brent oil is at or below $45 per bbl to a maximum of 8% when the price of Brent oil is at or higher than $60 per bbl.

7

Crown Point Energy Inc. March 31, 2024 MANAGEMENT'S DISCUSSION AND ANALYSIS

Royalties and Turnover Tax

	Three months ended
	March 31
	2024	2023
Provincial royalties and turnover tax ($)	1,016,422	1,108,697
Royalties and turnover tax as a % of total
sales revenue	16.7%	15.6%
Royalties and turnover tax per BOE ($)	8.58	7.87

The base royalty rate for revenue from the TDF Concessions is 15% plus turnover tax at an average rate of 2% on revenues for which the base royalty is paid in cash rather than in-kind. Variances in TDF royalties are also impacted by commodity prices over certain thresholds which may increase the base rate by 0.5% increments and by the level of export sales volumes which bear an additional royalty of 2% compared to domestic sales which carry a 1% royalty.

Under the terms of the CH exploitation license agreement, the Company pays a 13% royalty on oil production from the CH Concession plus turnover tax at an average rate of 3% on revenues.

Under the terms of the PPCO exploitation license agreement, the Company pays an 18.2% royalty on oil production from the PPCO Concession plus turnover tax at an average rate of 3% on revenues.

Operating Costs

	Three months ended
	March 31
	2024	2023
Production and processing ($)	3,682,545	3,669,409
Transportation and hauling ($)	570,166	982,978
Total operating costs ($)	4,252,711	4,652,387
Production and processing per BOE ($)	31.08	26.04
Transportation and hauling per BOE ($)	4.81	6.97
Operating costs per BOE ($)	35.89	33.01

Production and processing costs per BOE in Q1 2024 are higher than in Q1 2023, due to a greater quantity of well repair services required in the Mendoza Concessions combined with a decrease in sales volumes which increased fixed costs per BOE.

Transportation and hauling costs consist of contracted services hired to perform vacuum truck and transportation activities for crude oil. Transportation and hauling costs per BOE are lower in Q1 2024 than in Q1 2023 due to the conversion of the SM.a-1003 well to a disposal well during Q2 2023, to capture formation water from the San Martin field which helped to reduce the associated trucking costs.

Gas Processing Income

During Q1 2024, the Company recognized $74,251 of gas processing income as compared to $61,895 during Q1 2023.

8

Crown Point Energy Inc. March 31, 2024 MANAGEMENT'S DISCUSSION AND ANALYSIS

G&A Expenses

	Three months ended
	March 31
	2024	2023
Salaries and benefits ($)	266,473	411,953
Professional fees ($)	213,508	129,264
Office and general ($)	94,196	128,826
Travel and promotion ($)	7,141	25,370
	581,318	695,413

Salaries and benefits are lower in Q1 2024 than in Q1 2023 due mainly to the devaluation of the ARS.

Professional fees include reserve reports fees, consulting fees for financial reporting and investor relations services, legal and consulting fees related to assistance with the preparation of various documents for regulatory compliance and consulting fees related to geological and engineering assistance. Professional fees are higher in Q1 2024 than in Q1 2023 due mainly to legal fees related to the proposed acquisition of the Santa Cruz Concessions.

Office and general expenses in Q1 2024 are lower than in Q1 2023 due to cost-savings measures.

Travel and promotion expenses are lower in Q1 2024 than in Q1 2023 due mainly to reduced travel between Canada and Argentina.

Depletion and Depreciation

	Three months ended
	March 31
	2024	2023
Depletion ($)	2,134,801	1,863,902
Depreciation ($)	129,233	140,866
	2,264,034	2,004,768
Depletion rate per BOE ($)	18.02	13.23

Depletion rates reflect the all-in combined charge of drilling operations, various asset acquisitions and investments in facilities and gathering systems. Office furniture, equipment and other assets are recorded at cost less accumulated depreciation. Depreciation is provided over the estimated useful lives of the assets using a straight-line basis over 3 to 10 years for Argentina office furniture and equipment and a straight- line basis over the term of the lease for leasehold improvements and right-of-use assets.

The depletion rate per BOE is higher in Q1 2024 than in Q1 2023 due mainly to the increase in future development cost needed for developing the petroleum and natural gas proved and probable reserves.

The depletion expense calculation for Q1 2024 included $76.2 million (December 31, 2023 - $76.2 million) for estimated future development costs associated with petroleum and natural gas proved and probable reserves in Argentina.

Depreciation expense is lower in Q1 2024 than in Q1 2023 due to certain assets reaching their fully- depreciated life.

Share-based Payments

During Q1 2024, the Company recognized $nil (Q1 2023 - $9,594) of share-based payment expense. As at March 31, 2024, the balance of unvested share-based payments was $nil.

Foreign Exchange Gain (Loss)

Foreign exchange gains (losses) reported in the consolidated statement of (loss) income and comprehensive

9

Crown Point Energy Inc. March 31, 2024 MANAGEMENT'S DISCUSSION AND ANALYSIS

(loss) income occur as a result of translation of foreign denominated monetary assets and liabilities to the functional currency of the respective entity and the related currency fluctuations between the CAD and the USD and the USD and the ARS.

	March 31	December 31
Exchange rates as at:	2024	2023
CAD to USD (1)	0.7380	0.7561
ARS to USD (2)	0.0012	0.0012
USD to ARS (2)	856.50	806.95

1. Source Bank of Canada (2) Source BNA (National Bank of Argentina)

In Crown Point, the translation of USD denominated foreign net monetary liabilities to CAD during Q1 2024 resulted in a foreign exchange gain of approximately $26,200 (Q1 2023 - $5,500 foreign exchange loss).

Notwithstanding that the functional currency of the Company's Argentine subsidiary is the USD, a portion of monetary assets and liabilities such as certain accounts receivable, accounts payable and loans are denominated in ARS and re-measured into the functional currency at each reporting date, making net monetary assets and liabilities somewhat sensitive to currency fluctuations.

In the Argentine subsidiary, the translation of ARS denominated net monetary liabilities to USD during Q1 2024 resulted in a foreign exchange gain of approximately $243,800 (Q1 2023 - $253,000 foreign exchange gain).

Currency devaluation in Argentina partially impacts the cost of ARS denominated items which are translated to the USD functional currency of the Argentine subsidiary. A portion of the Company's operating costs and general and administrative expenses incurred in Argentina are denominated in ARS and are also subject to inflation adjustments. During Q1 2024, the devaluation of ARS resulted in lower operating costs and general and administrative expenses incurred in Argentina by approximately 3% (Q1 2023 - devaluation of ARS; lower by 25%), offset by cost increases related to inflation.

During Q1 2024, the devaluation of ARS resulted in a reduction in the USD equivalent of ARS denominated foreign currency denominated financial instruments, excluding loans and notes payable, by approximately $0.1 million (Q1 2023 - devaluation of ARS; reduction by approximately $0.5 million).

The effect of currency devaluation on ARS denominated bank debt during Q1 2024 was a $0.04 million reduction (Q1 2023 - $0.7 million reduction) in the USD equivalent amounts.

Net Finance Expense

	Three months ended
	March 31
	2024	2023
Interest income ($)	476,617	79,759
Gain on fair value of financial instruments ($)	79,631	-
Amortization of notes payable premium	182,062	-
Finance income ($)	738,310	79,759
Financing fees and bank charges ($)	(161,905)	(144,440)
Interest on bank debt ($)	(376,016)	(833,846)
Interest on notes payable ($)	(302,647)	(144,526)
Loss on fair value of investments ($)	(23,182)	-
Amortization of notes payable transaction costs ($)	(44,710)	(18,666)
Accretion of decommissioning provision ($)	(109,115)	(102,151)
Interest on lease liabilities ($)	(14,925)	(25,703)
Accretion of other liabilities ($)	(11,863)	(4,554)
Finance expense ($)	(1,044,363)	(1,273,886)
Net finance expense ($)	(306,053)	(1,194,127)

Interest income is earned on interest-earning bank accounts, restricted cash held in a trust account and

10

Crown Point Energy Inc. March 31, 2024 MANAGEMENT'S DISCUSSION AND ANALYSIS