Management’s Discussion and Analysis

September 30, 2014

The following information, prepared as of November 26, 2014 should be read in conjunction with the
unaudited condensed interim financial statements of Northern Uranium Corp. (the “Company”, formerly
MPVC Inc.) for the nine months ended September 30, 2014, as well as the audited financial statements for
the year ended December 31, 2013 and the related management’s discussion and analysis (the “Annual
MD&A”). The unaudited condensed interim financial statements for the nine months ended September 30,
2014 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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