The following Management’s Discussion and Analysis of the results of operations and financial position, prepared as of April 24, 2015 should be read in conjunction with the audited financial statements of
Northern Uranium Corp. (the “Company”, formerly MPVC Inc.) for the year ended December 31, 2014 and related notes attached thereto, which have been prepared in accordance with International Financial
Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”) and Interpretations issued by the International Financial Reporting Interpretations Committee (“IFRIC”). All
amounts are expressed in Canadian dollars unless otherwise indicated.
