Management’s Discussion & Analysis

December 31, 2015

The following Management’s Discussion and Analysis of the results of operations and financial position, prepared as of April 13, 2015 should be read in conjunction with the audited financial statements of Northern Uranium Corp. (the “Company”, formerly MPVC Inc.) for the year ended December 31, 2015 and related notes attached thereto, which have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”) and Interpretations issued by the International Financial Reporting Interpretations Committee (“IFRIC”). All amounts are expressed in Canadian dollars unless otherwise indicated.

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