Management Discussion & Analysis

December 31, 2022

The following Management’s Discussion and Analysis of the results of operations and financial position, prepared as of April 27, 2023 should be read in conjunction with the audited financial statements of Northern Uranium Corp. for the year ended December 31, 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 audited financial statements for the year ended December 31, 2022 have been prepared in accordance with International Financial Reporting Standards (“IFRS”).

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