The following Management’s Discussion and Analysis of the results of operations and financial position,
prepared as of August 13, 2020 should be read in conjunction with the unaudited condensed interim
financial statements of Northern Uranium Corp. for the six month period ended June 30, 2020, as well as
the audited financial statements for the year ended December 31, 2019 and the related management
discussion and analysis (the “annual MD&A”). The unaudited condensed interim financial statements for
the six months ended June 30, 2020 have been prepared in accordance with International Financial
Reporting Standards (“IFRS”). All amounts are expressed in Canadian dollars unless otherwise indicated.
