Management’s Discussion and Analysis

September 30, 2015

The following Management’s Discussion and Analysis of the results of operations and financial position, prepared as of November 18, 2015 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, 2015, as well as the audited financial statements for the year ended December 31, 2014 and the related management’s discussion and analysis (the “annual MD&A”). The unaudited condensed interim financial statements for the six months ended September 30, 2015 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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