Forward-Looking Statements

Certain statements, other than purely historical information, including estimates, projections, statements relating to our business plans, objectives, and expected operating results, and the assumptions upon which those statements are based, are "forward-looking statements." These forward-looking statements generally are identified by the words "believes," "project," "expects," "anticipates," "estimates," "intends," "strategy," "plan," "may," "will," "would," "will be," "will continue," "will likely result," and similar expressions. Forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties which may cause actual results to differ materially from the forward-looking statements. Our ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Factors which could have a material adverse effect on our operations and future prospects on a consolidated basis include, but are not limited to: changes in economic conditions, legislative/regulatory changes, availability of capital, interest rates, competition, and generally accepted accounting principles. These risks and uncertainties should also be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements.

Management's Discussion and Analysis of Financial Condition and Results of Operations

We are a mineral exploration company incorporated in Nevada on April 9, 2014.

On May 8, 2014, we incorporated a wholly-owned subsidiary, NRC Exploration LLC in the state of Nevada, for the purposes of mineral exploration. On May 15, 2018, NRC Exploration LLC was dissolved.

On May 20, 2014, our consulting geologist introduced us to a mineral property and we acquired an option on that property whereupon we could acquire 100% legal and beneficial ownership interest in a mineral claim known as the Donald mineral claim. In view of the world wide depressed market for metals in 2015, we chose at that time not to exercise our option on the Donald Property and that option expired. Management is currently searching for other opportunities in the mineral exploration field.

Results of Operations for the three and six months ended October 31, 2019.

For the three and six months ended October 31, 2019 we did not earn any revenues. For the three and six months ended October 31, 2019 we incurred total operating expenses of $9,779 and $21,666 (2018 - $9,853 and $20,793).

In the three and six months ended October 31, 2019 our net loss was $9,779 and $21,666 (2018 - $9,853 and $20,793).

Our expenses during the three and six months ended October 31, 2019 consisted of audit and accounting fees of $3,000 and $6,000 (2018 - $3,000 and $6,400), Office and miscellaneous expenses of $6,055 and $12,123 (2018 - $6,121 and 12,168), legal fees of $nil and $899 (2018 - $ nil and $665) and transfer and filing fees of $724 and $2,644 (2018 - $732 and $1,560).

Liquidity and Capital Resources

As of October 31, 2019, we had total current assets of $517 (April 30, 2019 - $139), consisting entirely of cash. We had current liabilities of $187,974 (April 30, 2019 - $165,930). Accordingly, we had a working capital deficit of $187,457 as of October 31, 2019 (April 30, 2019 - $165,791).

To date, we have funded our operations primarily through loans from related parties and from unrelated third parties. As of October 31, 2019, we owed our current CEO $175,974 for advances.

We do not currently have sufficient funds to repay our existing debts. If we are unable to secure additional financing, we could fail and investors may lose some or all of their investment. In addition, we are no longer pursuing exploration or development of the Donald Property and our option for that property has expired. We are currently searching for other opportunities in the mineral exploration field. As such, we are unable to provide an accurate estimate of our financial requirements for the next twelve months. If we do identify a suitable business opportunity that we wish to pursue, we will likely need substantial financing. If we fail to obtain sufficient financing, our ability to pursue alternative business opportunities may be limited. We do not currently have any financing arrangements in place, and there is no assurance that sufficient financing will be available to us when needed.





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Going Concern

As discussed in the notes to our consolidated financial statements, we have no established source of revenue. Without realization of additional capital, it would be unlikely for us to continue as a going concern.

Our activities to date have been supported by equity financing. Management continues to seek funding from its shareholders and other qualified investors to pursue its business plan.

Off Balance Sheet Arrangements

As of October 31, 2019, there were no off balance sheet arrangements.

Recently Issued Accounting Pronouncements

We do not expect the adoption of recently issued accounting pronouncements to have a significant impact on our results of operations, financial position or cash flow.

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