Management’s Discussion and Analysis

March 31, 2015

The following Management’s Discussion and Analysis of the results of operations and financial position, prepared as of May 28, 2015 should be read in conjunction with the unaudited condensed interim
financial statements of Northern Uranium Corp. (the “Company”, formerly MPVC Inc.) for the three months ended March 31, 2015, as well as the audited financial statements for the year ended December
31, 2014 and the related management’s discussion and analysis (the “annual MD&A”). The unaudited condensed interim financial statements for the three months ended March 31, 2015 have been
prepared in accordance with International Financial Reporting Standards (“IFRS”). All amounts are expressed in Canadian dollars unless otherwise indicated.

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