Management Discussion & Analysis

June 30, 2022

prepared as of July 19, 2022 should be read in conjunction with the unaudited condensed interim financial statements of Northern Uranium Corp. for the six month period ended June 30, 2022, as well as the audited financial statements for the year ended December 31, 2021 and the related management discussion and analysis (the “annual MD&A”). The unaudited condensed interim financial statements for the six month period ended June 30, 2022 have been prepared in accordance with International Financial Reporting Standards (“IFRS”).

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