Management Discussion & Analysis

March 31, 2023

The following Management’s Discussion and Analysis of the results of operations and financial position, prepared as of May 24, 2023 should be read in conjunction with the unaudited condensed interim financial statements of Northern Uranium Corp. for the three month period ended March 31, 2023, as well as the audited financial statements for the year ended December 31, 2022 and the related management discussion and analysis (the “annual MD&A”). The unaudited condensed interim financial statements for the three month period ended March 31, 2023 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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