The following discussion should be read in conjunction with our audited financial statements and the related notes for the years ended May 31, 2022 and 2021 that appear elsewhere in this annual report. The following discussion contains forward-looking statements that reflect our plans, estimates and beliefs. Our actual results could differ materially from those discussed in the forward looking statements. Factors that could cause or contribute to such differences include, but are not limited to those discussed below and elsewhere in this annual report, particularly in the section entitled "Risk Factors" beginning on page 9 of this annual report.



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Our audited financial statements are stated in United States Dollars and are prepared in accordance with United States generally accepted accounting principles.

Cash Requirements

There is limited historical financial information about us upon which to base an evaluation of our performance. We have not generated any revenues from activities. We cannot guarantee we will be successful in our business activities. Our business is subject to risks inherent in the establishment of a new business enterprise, including limited capital resources, possible delays in the exploration of our properties, and possible cost overruns due to price and cost increases in services.

Over the next twelve months we intend to use any funds that we may have available to fund our operations and conduct exploration on our Labrador Claims. We expect to review other potential exploration projects from time to time as they are presented to us.

Not accounting for our working capital deficit of $72,168 as of May 31, 2022, we require additional funds of approximately $152,000 at a minimum to proceed with our plan of operation over the next twelve months. As we do not have the funds necessary to cover our projected operating expenses for the next twelve-month period, we will be required to raise additional funds through the issuance of equity securities, through loans or through debt financing. There can be no assurance that we will be successful in raising the required capital or that actual cash requirements will not exceed our estimates. We intend to fulfill any additional cash requirement through the sale of our equity securities.

Our auditors have issued a going concern opinion for our year ended May 31, 2022. This means that there is substantial doubt that we can continue as an on-going business for the next twelve months unless we obtain additional capital to pay our bills. This is because we have not generated any revenues and no revenues are anticipated until we begin removing and selling minerals. As we had minimal cash and a working capital deficit in the amount of $72,168 as of May 31, 2022, we do not have sufficient working capital to enable us to carry out our stated plan of operation for the next twelve months. We plan to complete debt financings and/or private placement sales of our common stock in order to raise the funds necessary to pursue our plan of operation and to fund our working capital deficit in order to enable us to pay our accounts payable and accrued liabilities. We currently do not have any arrangements in place for the completion of any debt financings or private placement financings and there is no assurance that we will be successful in completing any debt financing or private placement financing. Our success or failure will be determined by what we find under the ground.

Plan of Operation

The Plan of Operation for the next 12 months is to raise $152,000 for the exploration program on the Frog Property.

As at May 31, 2022, we cash of $6,294. We will need to raise additional financing to fund our exploration program over the next 12 months.

The continuation of our business is dependent upon obtaining further financing, a successful program of exploration and/or development, and, finally, achieving a profitable level of operations. The issuance of additional equity securities by us could result in a significant dilution in the equity interests of our current stockholders. Obtaining commercial loans, assuming those loans would be available, will increase our liabilities and future cash commitments.

There are no assurances that we will be able to obtain further funds required for our continued operations. As noted herein, we are pursuing various financing alternatives to meet our immediate and long-term financial requirements. There can be no assurance that additional financing will be available to us when needed or, if available, that it can be obtained on commercially reasonable terms. If we are not able to obtain the additional financing on a timely basis, we will be unable to conduct our operations as planned, and we will not be able to meet our other obligations as they become due. In such event, we will be forced to scale down or perhaps even cease our operations.

Purchase of Significant Equipment

We did not purchase any significant equipment over the twelve months ending May 31, 2022.



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Results of Operations for the Years Ended May 31, 2022 and 2021

The following summary of our results of operations should be read in conjunction with our audited financial statements for the years ended May 31, 2022 and 2021.



Our operating results for the years ended May 31, 2022 and 2021 are summarized
as follows:

                                Year Ended
                                  May 31
                             2022          2021
Revenue                 $          -   $        -

Operating expenses $ (3,400,807 ) $ (161,390 ) Other income (expenses) $ (280,462 ) $ (15,260 ) Net loss

$ (3,681,269 ) $ (176,650 )


Revenues

We have not earned any revenues since our inception and we do not anticipate earning revenues in the near future.

Operating Expenses



Our operating expenses for the years ended May 31, 2022 and 2021 are outlined in
the table below:

                                          Year Ended
                                            May 31
                                       2022         2021

General and administrative $ 498,419 $ 158,722 Mineral property exploration costs $ 40,436 $ - Impairment of mineral properties $ 2,861,952 $ 2,668 Total expenses

$ 3,400,807   $ 161,390

The increase in general and administrative expenses for the year ended May 31, 2022 of $339,697, compared to the same period in fiscal 2021, was mainly due to:



   º an increase in consulting fees of $183,253, mainly due to an increase in
     consulting services that were settled with shares during the year;

   º an increase in professional fees of $82,875, due to an increase in expenses
     associated with public company reporting obligations;

   º an increase in transfer agent and filing fees of $46,921, mainly due to an
     increase in share issuances to settle accounts payable;

   º an increase in administrative late fees of $12,396 due to an increase in
     vendor accounts which are past due.

   º and an increase in office expenses of $7,025.

Mineral property and exploration costs increased by $40,436 from $0 during the year ended May 31, 2021 to $40,436 during the year ended May 31, 2022. Mineral property exploration costs increased during the year as a result of an increase in exploration costs incurred during exploration of the Frog Property.

Impairment of mineral properties increased by $2,859,284 from $2,668 during the year ended May 31, 2021 to $2,861,952 during the year ended May 31, 2022. Impairment of mineral properties increased during the year primarily due to the uncertainty of establishing proven and probable outputs from the Frog Property acquisition.



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Liquidity and Financial Condition



Working Capital

                        At           At
                      May 31,     May 31,
                       2022         2021
Current assets      $   9,349   $   18,424
Current liabilities    81,517      335,456
Working deficit     $ (72,168 ) $ (317,032 )


Cash Flows

                                                 Year Ended
                                                   May 31
                                              2022        2021

Net Cash Used in Operating Activities $ (296,976 ) $ (36,101 ) Net Cash Provided by (Used in) investing activities

                                    (7,334 )    (2,668 )

Net Cash Provided by Financing Activities 301,493 44,703 Net change in cash during period $ (2,817 ) $ 5,934

Operating Activities

Net cash used in operating activities during the year ended May 31, 2022 was $296,976 compared to $36,101 for the year ended May 31, 2021. The increase in cash used in operating activities was primarily a result of an increase in net loss to $3,681,269 for the year ended May 31, 2022, offset by non-cash items including an impairment of mineral property costs of $2,861,952, a loss of settlement of debt of $395,493, gain on write-down of accounts payable of $100,733 and a net change in operating assets and liabilities of $227,581, compared to a net loss of $176,650 for the year ended May 31, 2021, offset by a net change in operating assets and liabilities of $140,142.

Investing Activities

Net cash provided by investing activities during the year ended May 31, 2022 was $7,334 compared to net cash used in investing activities of $2,668 for the year ended May 31, 2021, resulting from an increase in mineral property claim acquisition costs.

Financing Activities

During the year ended May 31, 2022, we received proceeds of $301,493 from financing activities, which included stock subscriptions of $49,361 and proceeds from common stock issued of $252,132. During the year ended May 31, 2021, we received proceeds of $44,703 from financing activities, which were included in subscriptions received.

Contractual Obligations

As a "smaller reporting company", we are not required to provide tabular disclosure obligations.

Off-Balance Sheet Arrangements

We have no significant off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to stockholders.

APPLICATION OF CRITICAL ACCOUNTING POLICIES

Our audited financial statements and accompanying notes are prepared in accordance with generally accepted accounting principles used in the United States. Preparing financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, and expenses. These estimates and assumptions are affected by management's application of accounting policies. We believe that understanding the basis and nature of the estimates and assumptions involved with the following aspects of our financial statements is critical to an understanding of our financial statements.



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Mineral Property Costs

Our company has been in the exploration stage since its inception on February 23, 2006 and has not yet realized any revenues from its planned operations. It is primarily engaged in the acquisition and exploration of mining properties. Mineral property exploration costs are expensed as incurred. Mineral property acquisition costs are initially capitalized when incurred. Our company assesses the carrying costs for impairment under ASC 360, "Property, Plant, and Equipment", at each fiscal quarter end. When it has been determined that a mineral property can be economically developed as a result of establishing proven and probable reserves, the costs then incurred to develop such property, are capitalized. Such costs will be amortized using the units-of-production method over the estimated life of the probable reserve. If mineral properties are subsequently abandoned or impaired, any capitalized costs will be charged to operations. No mineral costs were incurred in the current period.

Stock-based Compensation

Our company records stock-based compensation in accordance with ASC 718, "Compensation-Stock Compensation" and ASC 505, "Equity Based Payments to Non-Employees", using the fair value method. All transactions in which goods or services are the consideration received for the issuance of equity instruments are accounted for based on the grant date fair value of the consideration received or the fair value of the equity instrument issued, whichever is more reliably measurable.

NEW ACCOUNTING PRONOUNCEMENTS

The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.

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