Md&a (2025 09 30 BBB mda final)

Notice

Management's Discussion and Analysis ("MD&A") is intended to help the reader understand Brixton Metal Corporation's (the "Company" or "Corporation") consolidated financial statements. The information provided herein should be read in conjunction with the audited consolidated financial statements for the years ended September 30, 2025 and 2024, which have been prepared in accordance with IFRS Accounting Standards ("IFRS") as issued by the International Accounting Standards Board. The following comments may contain management estimates of anticipated future trends, activities or results. These are not a guarantee of future performance, since actual results could change based on other factors and variables beyond management control.

Management is responsible for the preparation and integrity of the consolidated financial statements, including the maintenance of appropriate information systems, procedures and internal controls and to ensure that information used internally or disclosed externally, including the consolidated financial statements and MD&A, is complete and reliable. The Company's board of directors follows recommended corporate governance guidelines for public companies to ensure transparency and accountability to shareholders. The board's audit committee meets with management quarterly to review the consolidated financial statements including the MD&A and to discuss other financial, operating and internal control matters.

The reader is encouraged to review Company statutory filings on https://www.sedarplus.ca and to review general information.

All currency amounts are in Canadian dollars unless otherwise noted.

Description of Business

The Company is an exploration stage company and engages principally in the exploration and development of mineral properties in Canada and the USA. Brixton became a public entity through a transaction whereby Marksmen Capital Inc. (a capital pool company trading on the TSX-V) acquired all of the issued and outstanding common shares of Brixton in exchange for the issuance of 1.8 common shares of Marksmen for each common share of Brixton. This transaction was completed on December 7, 2010, and constituted a reverse takeover transaction pursuant to the terms of the TSX-Venture Exchange.

Caution Regarding Forward Looking Statements

This MD&A contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian and US securities legislation. These statements relate to future events or the future activities or performance of the Company. All statements, other than consolidated statements of historical fact are forward-looking statements. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or which by their nature refer to future events. These forward-looking statements include, but are not limited to, statements concerning:

• the Company's strategies and objectives, both generally and in respect of its specific mineral properties;

• the timing of decisions regarding the strategy and costs of exploration programs with respect to, and the issuance of the necessary permits and authorizations required for, the Company's exploration programs;

• the timing and cost of planned exploration programs of the Company, and the timing of the receipt of results there from;

• the Company's future cash requirements;

• general business and economic conditions;

• the Company's ability to meet its financial obligations as they come due, and to be able to raise the necessary funds to continue operations;

• the timing and pricing of proposed financings if applicable;

• the anticipated completion of financings;

• the anticipated receipt of regulatory approval/acceptance of financings;

• the anticipated use of the proceeds from the financings;

• the potential to verify and potentially expand upon the historical resources;

• the potential for the expansion of the known mineralized zones; and

• the potential for the amenability of mineralization to respond to proven technologies and methods for recovery of ore.

  Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Inherent in forward looking statements are risks and uncertainties beyond the Company's ability to predict or control, including, but not limited to, risks related to the Company's inability to negotiate successfully for the acquisition of interests in mineral properties, the determination of applicable governmental agencies not to issue the exploration concessions applied for by the Company or excessive delay by the applicable governmental agencies in connection with any such issuances, the Company's inability to identify one or more economic deposits on its properties, variations in the nature, quality and quantity of any mineral deposits that may be located, the Company's inability to obtain any necessary permits, consents or authorizations required for its activities, to produce minerals from its properties successfully or profitably, to continue its projected growth, to raise the necessary capital or to be fully able to implement its business strategies, and other risks identified herein under "Risk Factors".

  The Company cautions investors that any forward-looking statements by the Company are not guarantees of future performance, and that actual results are likely to differ, and may differ materially, from those expressed or implied by forward looking statements contained in this MD&A. Such statements are based on a number of assumptions which may prove incorrect, including, but not limited to, assumptions about:

• the level and volatility of the prices for precious metals;

• general business and economic conditions;

• the timing of the receipt of regulatory and governmental approvals, permits and authorizations necessary to implement and carry on the Company's planned exploration programs;

• conditions in the financial markets generally, and with respect to the prospects for junior exploration companies specifically;

• the Company's ability to secure the necessary consulting, drilling and related services and supplies on favorable terms;

• the Company's ability to attract and retain key staff, and to retain consultants to provide the specialized information and skills involved in understanding the precious metal exploration, mining, processing and marketing businesses;

• the nature and location of the Company's mineral exploration projects, and the timing of the ability to commence and complete the planned exploration programs;

• the anticipated terms of the consents, permits and authorizations necessary to carry out the planned exploration programs and the Company's ability to comply with such terms on a cost-effective basis;

• the ongoing relations of the Company with government agencies and regulators and its underlying property vendors/optionees;

• metallurgy and recovery characteristics of the Company's mineral properties are reflective of the deposit as a whole; and

  These forward-looking statements are made as of the date hereof and the Company does not intend and does not assume any obligation to update these forward-looking statements, except as required by applicable law. For the reasons set forth above, investors should not attribute undue certainty to or place undue reliance on forward-looking statements.

  Historical results of operations and trends that may be inferred from the following discussion and analysis may not necessarily indicate future results from operations. In particular, the current state of the global securities markets may cause significant reductions in the price of the Company's securities and render it difficult or impossible for the Company to raise the funds necessary to continue operations. See "Risk Factors - Insufficient Financial Resources/Share Price Volatility".

  Caution Regarding Adjacent or Similar Mineral Properties

  This MD&A may contain information with respect to adjacent or similar mineral properties in respect of which the Company has no interest or rights to explore or mine. The Company advises US investors that the mining guidelines of the US Securities and Exchange Commission (the "SEC") set forth in the SEC's Industry Guide 7 ("SEC Industry Guide 7") strictly prohibit information of this type in documents filed with the SEC. Readers are cautioned that the Company has no interest in or right to acquire any interest in any such properties, and that mineral deposits on adjacent or similar properties, and any production therefore or economics with respect thereto, are not indicative of mineral deposits on the Company's properties or the potential production from, or cost or economics of, any future mining of any of the Company's exploration and evaluation assets.

  All of the Company's public disclosure filings, including its most recent management information circular, material change reports, press releases and other information, may be accessed via https://www.sedarplus.ca and readers are urged to review these materials, including the technical reports filed with respect to the Company's exploration and evaluation assets.

  Selected Annual Information

  	Year ended September 30, 2025	Year ended September 30, 2024	Year ended September 30, 2023
  Loss and comprehensive loss for the year	$(8,069,566)	$(13,549,212)	$(16,943,778)
  Write-off of mineral properties	$Nil	$Nil	$Nil
  Loss per Share (Basic and Diluted)	$0.02	$0.03	$0.05
  Total Assets	$12,898,035	$16,390,723	$17,315,865
  Total Long-term Liabilities	$383,564	$278,182	$406,967
  Number of shares outstanding at year end	551,426,298	466,704,959	382,167,005

  Highlights for the year ended September 30, 2025 and up to January 23, 2026

• On November 22, 2024, the Company closed a previously announced non-brokered private placement for gross proceeds of $5,983,797, issuing 66,486,631 flow-through units of the Company at a price of $0.09 per unit, each unit consisting of one flow-through common share of the Company and one-half of one common share purchase warrant, each warrant exercisable at a price of $0.12 per share for until November 22, 2026. In connection with the private placement, the Company paid finder's fees of $300,390 and issued 2,462,666 finder's warrants exercisable at $0.12 per share until November 22, 2026.

• On January 6, 2025, Ms. Christina Anstey departed the Company as Vice President, Exploration.

• On May 6, 2025, the Company announced the appointment of Michael Rapsch as Vice President, Investor Relations.

• On May 26, 2025, the Company granted 4,300,000 stock options to officers, directors, employees and consultants, exercisable at $0.10 per share for a period of 10 years. The options are subject to a 12-month vesting period until May 26, 2026.

• On May 27, 2025, the Company received an advance of $635,000 from Eldorado Gold Corporation towards exploration expenditures, pursuant to the option agreement on the Company's Atlin project in British Columbia, Canada.

• On May 28, 2025, the Company announced the commencement of the 2025 drilling program at its Thorn copper-gold project in British Columbia, Canada. Please refer to 'Mineral Properties Overview' for more detail.

• On July 11, 2025, the Company closed a non-brokered flow-through private placement for gross proceeds of $2,370,512, issuing 18,234,708 flow-through common shares of the Company at a price of $0.13 per share. In connection with the private placement, the Company paid finder's fees of $51,000 and issued 392,313 finder's warrants exercisable at $0.13 per share until July 11, 2027.

• On July 24, 2025, the Company commenced drilling at the newly identified Catalyst Copper-Gold Porphyry Target at its wholly owned Thorn Project in northwest British Columbia. Please refer to 'Mineral Properties Overviews' for more details.

• On October 9, 2025, the Company received an option payment of $250,000 from Eldorado Gold Corporation pursuant to the option agreement on the Company's Atlin project in British Columbia, Canada.

• On October 30, 2025, the Company announced the discovery of a new copper-gold porphyry system at the Catalyst Target at the Thorn Project. Please refer to 'Mineral Properties Overviews' for more details.

• In November 2025, an aggregate of 40,952,185 warrants with a weighted average exercise price of $0.23 expired unexercised.

• On December 2, 2025, the Company closed the first tranche of a non-brokered private placement, which comprised 30,062,500 national flow-through units ("2025 NFT Units") of the Company at a price of $0.08 per 2025 NFT unit, 37,761,989 critical minerals flow-through units ("2025 CMFT Unit") at a price of $0.085 per 2025 CMFT Unit, and 1,192,857 traditional units ("2025 Units") at a price of $0.07 per 2025 Unit, for total gross proceeds of

  $5,698,269. Each of the 2025 NFT Units, 2025 CMFT Units, and 2025 Units each consisted of a national flow-through share, a critical mineral flow-through share, and a common share, respectively, and one common share purchase warrant, each warrant being exercisable at a price of $0.10 per share for three years. In connection with the first tranche, the Company incurred finders' fees of $88,246 and issued 1,051,481 finders' warrants exercisable at a price of $0.10 per share for three years.

• On December 10, 2025, the Company received an advance of $1,914,944 from Eldorado Gold Corporation towards exploration expenditures, pursuant to the option agreement on the Company's Atlin project in British Columbia, Canada.

• On December 11, 2025, the Company closed the second tranche of a non-brokered private placement, which comprised 250,000 2025 NFT Units at a price of $0.08 per 2025 NFT Unit and 56,827,497 2025 Units at a price of $0.07 per 2025 Unit, for total gross proceeds of $3,997,925. In connection with the second tranche the Company incurred finders' fees of $1,200 and issued 3,364,649 finders' warrants on the same terms as the first tranche finders' warrants.

• On December 18, 2025, the Company closed the third and final tranche of a non-brokered private placement, which comprised 35,714,285 2025 Units at price of $0.07 per 2025 Unit for total gross proceeds of $2,500,000.

• During the year ended September 30, 2025, an aggregate of 3,767,500 stock options with a weighted average exercise price of $0.20 were expired or forfeited unexercised. A further

  1,750,000 stock options with a weighted average exercise price of $0.17 expired unexercised subsequent to September 30, 2025.

  Results of Operations

  Year ended September 30, 2025 compared with year ended September 30, 2024:

  During the year ended September 30, 2025, the Company incurred a loss and comprehensive loss of $8,069,566 (2024 - $13,549,212) due to the following:

• Geological exploration costs were $9,196,288 in the year ended September 30, 2025 (2024 - $11,979,620) and included expenditures primarily on the Thorn project.

• Management fees of $394,003 (2024 - $761,134) were paid to the Chief Executive Officer and third-party consultants. The decrease was due to less consultants compared to the prior period.

• Investor relations expense was $448,123 (2024 - $345,177) and increased as a result of increased promotional activity compared to the prior period.

• Professional services were $349,815 (2024 - $412,183) and decreased due to less corporate activity compared to the prior period.

• Salaries and employee benefits of $398,931 (2024 - $595,056) and decreased due to a reduction in employees compared to the prior period.

• Share-based payments of $85,918 (2024 - $998,249) relating to the vesting of stock options granted to management, employees, directors, and consultants during the current and prior periods.

• Gain on excess carrying value of exploration and evaluation assets of $710,350 (2024 -

  $188,340) as a result of option payments received during the period on the Hog Heaven property.

• Interest income of $417,487 (2024 - $617,818) earned on short-term investments in the current period.

• Income tax expense of $166,793 (2024 - $96,397) in relation to United States federal and state taxes paid in the current period.

• Reduction of flow-through premium liability of $2,591,200 (2024 - $2,001,699) in relation to flow-through eligible expenditures incurred in the current period.

  Three months ended September 30, 2025 compared with three months ended September 30, 2024:

  The following analysis discusses the variations in the Company's quarterly results but, as with most junior mineral exploration companies, the results of operations (including net losses) are not the main factor in establishing the financial health of the Company. Of additional significance are the exploration and evaluation assets in which the Company has, or may earn an interest, its working capital and how many shares it has outstanding. The variations seen over the quarters are primarily a result of the level of activity of the Company's ongoing property evaluation program and the timing and results of the Company's exploration activities on its then-current properties. There are no general trends regarding the Company's quarterly results, and the Company's business of mineral exploration is semi-seasonal, as it can only work on the Thorn on a strict summer/fall basis,

  however Langis can be explored throughout the year. Quarterly results can vary significantly depending on whether the Company has abandoned any properties or granted any stock options and these are the factors that account for material variations in the Company's quarterly net losses, none of which are predictable. The write-off of exploration and evaluation assets can have a material effect on quarterly results as and when they occur. The other major factor which can cause a material variation in net loss on a quarterly basis is the grant of stock options due to the resulting stock-based compensation charges which can be significant when they arise. General operating costs other than the specific items noted above tend to be quite similar from period to period.

  During the three months ended September 30, 2025, the Company incurred a loss and comprehensive loss of $4,433,861 (2024 - $5,844,025) due to the following:

• Geological exploration costs were $5,338,450 in the three months ended September 30, 2025 (2024 - $6,583,097) and included expenditures primarily on the Thorn project.

• Management fees of $108,502 (2024 - $94,911) were paid to the Chief Executive Officer and third-party consultants. The increase was due to a slight increase in Chief Executive Officer, and an increase in consultants compared to the prior period.

• Investor relations expense was $120,382 (2024 - $94,911) and increased as a result of increased promotional activity compared to the prior period.

• Professional services were $151,949 (2024 - $136,684) and increased due to increased corporate activity compared to the prior period.

• Salaries and employee benefits of $43,332 (2024 - $120,993) and decreased due to a reduction in employees compared to the prior period.

• Share-based payments of $48,987 (2024 - $19,070) relating to the vesting of stock options granted to management, employees, directors, and consultants during the current and prior periods.

• Interest income of $64,212 (2024 - $135,696) earned on short-term investments in the current period.

• Reduction of flow-through premium liability of $1,410,372 (2024 - $1,467,917) in relation to flow-through eligible expenditures incurred in the current period.

  Summary of Quarterly Results

  	Quarter Ended September 30, 2025	Quarter Ended June 30, 2025	Quarter Ended March 31, 2025	Quarter Ended December 31, 2024
  Loss and comprehensive loss for period	$4,433,861	$2,041,822	$142,532	$1,451,351
  Loss per Share (Basic and Diluted)	$0.01	$0.01	$0.00	$0,00
  Total Assets	$12,898,035	$16,517,081	$17,902,441	$18,514,752
  Total Long-term Liabilities	$383,564	$278,182	$278,182	$278,182
  Weighted average shares outstanding for the period	549,246,061	533,191,590	533,191,590	494,889,509
  Cash Dividends Declared	Nil	Nil	Nil	Nil

  	Quarter Ended September 30, 2024	Quarter Ended June 30, 2024	Quarter Ended March 31, 2024	Quarter Ended December 31, 2023
  Loss and comprehensive loss for period	$5,844,025	$5,215,313	$829,448	$1,660,426
  Loss per Share (Basic and Diluted)	$0.01	$0.01	$0.00	$0.00
  Total Assets	$16,390,723	$22,619,168	$26,152,866	$27,066,601
  Total Long-term Liabilities	$278,182	$370,707	$383,095	$395,180
  Weighted average shares outstanding for the period	465,618,002	463,229,684	462,954,959	427,253,152
  Cash Dividends Declared	Nil	Nil	Nil	Nil

  Mineral property costs

  The tables below set out the quarterly resource property expenditures incurred (or recoveries), both acquisition and exploration for specific projects for the past eight quarters (does not include general exploration costs):

  	Quarter Ended September 30, 2025	Quarter Ended June 30, 2025	Quarter Ended March 31, 2025	Quarter Ended December 31, 2024
  Thorn - BC	$5,324,394	$1,994,018	$418,693	$1,433,937
  Langis - ON	$6,917	$10,333	$7,598	$2,497
  Atlin - BC	$5,386	$nil	$nil	$nil
  Hog Heaven - USA	$575	$(3,461)	$nil	$3,353
  Total	$5,337,272	$2,000,890	$426,291	$1,439,787

  	Quarter Ended September 30, 2024	Quarter Ended June 30, 2024	Quarter Ended March 31, 2024	Quarter Ended December 31, 2023
  Thorn - BC	$6,769,479	$4,359,424	$257,233	$883,898
  Langis - ON	$(1,836)	$1,650	$11,650	$(2,589)
  Atlin - BC	$(127,518)	$3,269	$47,843	$77,218
  Hog Heaven - USA	$216	$nil	$(545,344)	$76
  Total	$6,640,341	$4,364,343	$(228,618)	$958,603

  Liquidity and Capital Resources

  To date the Company has financed its operations through the sale of its common shares. As at September 30, 2025, the Company has $5,363,481 in current assets and $1,561,060 in current liabilities. The receivable balance is composed primarily of amounts receivable and tax credit refunds from the Government of Canada and Government of British Columbia.

  The Company has no source of revenue, income or cash flow. It is wholly dependent upon raising funds through the sale of its common shares to finance its business operations. Over the next twelve months, the Company expects it will require additional capital to further develop and explore its Thorn, Langis, Atlin, and Hog Heaven projects and to cover general and administration costs.

  On November 22, 2024, the Company closed a non-brokered private placement for gross proceeds of $5,983,797. On May 27, 2025, the Company received $635,000 as an advance on exploration expenditures on the Atlin project. On July 11, 2025, the Company completed an additional non-brokered private placement for gross proceeds of $2,370,512. In December 2025, the Company completed an additional non-brokered private placement in three tranches for gross proceeds of

  $12,196,194. On December 10, 2024, the Company also received $1,919,944 as an advance on exploration expenditures on the Atlin project. The Company may also seek to raise additional funds through public or private equity funding, bank debt financing or from other sources to support ongoing property development. There can be no assurances that this capital will be available in amounts or on terms acceptable to the Company, or at all. These conditions are material uncertainties that cast significant doubt about the Company's ability to continue as a going concern.

  The Company's cash position as at September 30, 2025 was $3,848,109 (2024 - $7,204,869). During the year ended September 30, 2025, operating activities required cash of $11,160,728 (2024 - $13,330,125).

  The Company's investing activities required cash of $42,532 (2024 - $696,675 cash generated) during the year ended September 30, 2025, comprising $712,698 (2024 - $nil) in purchase of short-term investment, $9,263 (2024 - $84,175) in mineral property acquisition costs, $24,000 (2024 -

  $1,000) in reclamation bonds posted as restricted cash, and $6,921 (2024 - $nil) in purchases of equipment, offset by $710,350 (2024 - $781,850) received in mineral property option payments.

  The Company's financing activities generated $7,846,499 (2024 - $14,305,210) during the year ended September 30, 2025, comprising $8,354,309 (2024 - $14,580,536) in proceeds from private placements, offset by $456,537 (2024 - $224,923) in share issuance costs and $51,273 (2024 -

  $50,403) in payments towards lease liabilities.

  Use of Proceeds

  Reconciliation of Use of Proceeds from Private Placements from fiscal 2012 to fiscal 2025

  The Company has completed the following private placements:

• From April 2012 to September 2021, the Company raised an aggregate of $46.4 million.

• In fiscal 2022, the Company raised an additional $18.12 million.

• In fiscal 2023, the Company raised an additional $14.6 million.

• In November 2023, the Company raised an additional $14.58 million.

• In November 2024, the Company raised an additional $6 million.

• In July 2025, the Company raised an additional $2.3 million.

• In December 2025, the Company raised an additional $12.2 million.

  The following table sets out a comparison of how the Company used the proceeds following the closing date, an explanation of the variances and the impact of the variance on the ability of the Company to achieve its business objectives and milestones.

  Intended Use of Proceeds	Actual Use of Proceeds
  To advance the Company's properties and for general and administrative purposes.	As at September 30, 2025 the Company has spent approximately $66,975,504 on its Thorn property, $7,555,842 on its Langis property, $3,515,612 on its Atlin property, and $1,603,321 on its Hog Heaven property. The majority of the funds raised in fiscal 2012 to 2015 were used primarily for drilling on the Thorn property with some additional amounts used for G&A. The amounts raised in 2012 to 2025 to date have been and will continue to be used to finance exploration activities on the Thorn, Langis, Atlin, and Hog Heaven properties, as well as for G&A going forward.
  Explanation of variances and the impact of variances on the ability of the Company to achieve its business objectives and milestones	The funds raised during the prior years have been used to fund the Company's continuing exploration on the Thorn, Langis, and Atlin properties, and general working capital.

  Mineral Properties Overview

  Brixton Metals wholly owns four exploration projects in North America: 1) the Thorn Cu-Au-Ag-Mo Project located in Northwest British Columbia, Canada; 2) the Hog Heaven Ag-Cu-Au Project located in Northwest Montana, USA (Optioned by Ivanhoe Electric Inc. ("Ivanhoe Electric")); 3) the Langis-HudBay Ag-Co-Ni Projects located in Northeast Ontario, Canada; and 4) the Atlin Goldfields Project in Northwest British Columbia, Canada (optioned to Eldorado Gold Corporation). The Company's strategy is to systematically conduct high impact exploration to advance the projects toward a development decision and to monetize its non-core projects.

  Thorn Cu-Au-Ag-Mo Project, British Columbia, Canada

  The Thorn Project is fully permitted. The wholly-owned Thorn Project is a 2,945 square kilometer mineral claim group. The Thorn Project is located in northwestern British Columbia, Canada, approximately 90 km ENE from Juneau, Alaska. The Thorn Project is situated within the traditional territory of the Tahltan First Nation and Taku River Tlingit First Nation. The Company is committed to building long-term respectful relationships and joint business ventures with both First Nations within the region and is a firm supporter of the local economy.

  The Thorn Project has been sporadically explored since 1951 by Cominco and 1959 by Kennco and many others since then. The Thorn Project represents an 80km mineralized mega-trend with many large scale copper-gold target areas identified. Geologically the project consists of Triassic to Eocene volcano-plutonic complex with many styles of mineralization related to porphyry and epithermal environments.

  Previous Thorn Project Highlights The Camp Creek Porphyry Target

  • THN11-60 yielded 95.00m of 628.00 g/t Ag, 1.70 g/t Au, 0.12% Cu, 3.31% Pb and 2.39% Zn.

  • THN19-150 returned 554.70m of 0.57 g/t Au, 0.24% Cu, 43.18 g/t Ag, 0.55% Zn, and 0.28% Pb from 97.00m depth including 135.96m of 1.35 g/t Au, 0.31% Cu, 133.62 g/t Ag, 1.61% Zn, 0.89% Pb.

  • THN21-184 yielded 821.25m of 0.24% Cu, 0.28 g/t Au, 2.44 g/t Ag, 174.27 ppm Mo ending in strong mineralization.

  • Hole THN22-201 yielded 967.71m of 0.25% Cu, 0.09 g/t Au, 2.39 g/t Ag, 185.51 ppm Mo

    o Including 150.00m of 0.60% Cu, 0.19 g/t Au, 5.13 g/t Ag, 391.14 ppm Mo

  • Hole THN23-285 at the Camp Creek Target intersected 717.00m of 0.20% Cu, 0.05 g/t Au, 1.92 g/t Ag, 458 ppm Mo

    • Including 248.05m of 0.37% Cu, 0.10 g/t Au, 3.32 g/t Ag, 255 ppm Mo

      At surface, the Camp Creek area exhibits intense jarosite to acid sulphate alteration associated with high-sulfidation Ag-Cu-Au veins and breccias including a mineralized diatreme breccia. Drill hole THN11-60, which targeted the diatreme breccia returned 95.00m of 628.00 g/t Ag, 1.70 g/t Au, 0.12% Cu, 3.31% Pb and 2.39% Zn from 6.00m depth, including 9.25m of 2,984.00 g/t Ag, 3.04 g/t Au 0.53% Cu, 11.65% Pb and 3.42% Zn from 55.40m depth.

      The Camp Creek porphyry-style mineralization starts at a depth of about 300m from surface and is considered a blind porphyry discovery. Calc-alkalic porphyry mineralization occurs in several geochemically distinct porphyry phases, as defined by UBC's Mineral Deposit Research Unit. The strongest mineralization occurs in Porphyry X, a crowded plagioclase porphyry of Cretaceous age, characterized by well-defined stacked biotite and is hosted in Triassic Stuhini Group sedimentary rocks, which are intruded by the porphyry phases.

      The Trapper Gold Target

      The Trapper Gold Target is located 6-10km southeast from the Camp Creek Target. Drilling encountered a broad zone of gold mineralization with significant visible gold believed to be structurally controlled along a faulted diorite porphyry and volcaniclastic contact. Drill hole THN21-186 returned 187.51m of 1.60 g/t Au from a downhole depth of 2.49m including 139.00m of 2.14 g/t Au including 11.00m of 19.25 g/t Au.

      The Trapper Target is considered an epithermal gold target. The geochemical footprint for the Trapper Gold Target was expanded in 2021 to 4km by 1.5km in a northwest-southeast trend. Many surface rock grab samples have contained visible gold and returned assays up to 152.00 g/t Au. Gold mineralization occurs as several styles: within base metal-veins of sphalerite-galena-pyrite-chalcopyrite; hosted within quartz-stockwork veining; within sulphosalt-pyrite veinlets and as disseminations.

  • Hole THN22-205 returned 64.00m of 5.74 g/t Au

    • Including 52.00m of 6.97 g/t Au

    • Including 28.95m of 10.36 g/t Au

  • Hole THN22-237 returned 304.46m of 1.19 g/t Au

    • Including 84.00m of 3.09 g/t Au

  • Hole THN22-244 returned 253.00m of 1.40 g/t Au

    • Including 93.00m of 3.22 g/t Au

    • Including 12.31m of 16.18 g/t Au

  • Hole THN23-288 yielded 76.50m of 1.08 g/t Au,

    • Including 6.00m of 4.58 g/t Au

      The Outlaw Gold Target

      The Outlaw Zone is located about 3km south-southeast from the Camp Creek Target and represents a 5km east-west trending gold-in-soil anomaly hosted in clastic sediments where mineralization is thought to be related to Jurassic age felsic dykes.

  • Central Outlaw hole THN14-128 returned 59.65m of 1.15 g/t Au and 5.64 g/t Ag.

    2024 and 2025 Highlights from the Thorn Project

    On May 24, 2024, Brixton announced that it had commenced its fully-funded 2024 drill season at its Thorn Copper-Gold Porphyry Project in the amount of $12.5 million.

    On June 20, 2024, Brixton announced that it has entered into a Royalty Purchase Agreement dated June 17, 2024 with Kohima Pacific Gold Corporation ("Kohima"), a private company, pursuant to which the Company will purchase and concurrently cancel, the outstanding 2% royalty on net smelter returns from the Check-Mate claim and the outstanding 3.5% royalty on net smelter returns from the Stuart claims, all of which are located on the Company's Thorn Project centered around the Camp Creek Target. The Company agreed to issue an aggregate of 2,500,000 common shares to Kohima in consideration for the purchase and cancellation of the net smelter return royalties all as set out in the Royalty Purchase Agreement.

    From June 5thto July 3rd, 2024 Brixton completed a 103 square kilometer MT Geophysics Survey over the North and Cirque Targets on the Thorn Property.

    On July 25, 2024 Brixton announced its first drill results of the 2024 season with 1467.73m of copper-gold-silver-molybdenum with several sub-intervals at the Camp Creek Target as highlighted below:

• Copper dominant porphyry mineralization starts at 314.5m depth in hole THN24-290 which ended in mineralization at 1564m depth and remains open in all directions

• Important higher-grade sub-intervals yield broad zones of Cu-Au-Ag-Mo mineralization:

  o 960.40m of 0.21% Cu, 0.06 g/t Au, 2.71 g/t Ag, 279 ppm Mo

  o 391.50m of 0.30% Cu, 0.08 g/t Au, 3.59 g/t Ag, 294 ppm Mo

  o 121.50m of 0.35% Cu, 0.14 g/t Au, 6.27 g/t Ag, 184 ppm Mo

  o 8.00m of 0.72% Cu, 0.25 g/t Au, 33.99 g/t Ag, 246 ppm Mo

  o 64.73m of 0.39% Cu, 0.07 g/t Au, 3.11 g/t Ag, 389 ppm Mo

  Hole THN24-290 significantly increases the volume of mineralized porphyry at Camp Creek.

  On August 6, 2024, Brixton announced its second drill hole results of the 2024 season from the Camp Creek Target with highlights as follows from hole THN24-291:

• A gold dominant zone identified above porphyry-copper mineralization from 116.50-

  178.00m represents a potential southwest extension to the high-sulphidation gold system of the Talisker Zone to a 900m strike length yielding:

  o 61.50m of 0.89 g/t Au, 10.5 g/t Ag, 0.13% Cu

  • Including 37.30m of 1.35 g/t Au, 16.1 g/t Ag, 0.21% Cu

  • Including 11.00m of 3.53 g/t Au, 43.7 g/t Ag, 0.67% Cu

  • Including 4.65m of 6.15 g/t Au, 61.9 g/t Ag, 0.96% Cu

  Copper-dominant porphyry mineralization within THN24-291 begins at 397.95m depth and ended in mineralization at 1524m with increasing copper grades observed over the bottom 25m.

  Hole THN24-291 intercepted broad zones of Cu-Au-Ag-Mo mineralization with several sub-intervals as follows:

  o 1126.05m 0.18% Cu, 0.05 g/t Au, 1.82 g/t Ag, 167 ppm Mo

  o 575.50m of 0.27% Cu, 0.06 g/t Au, 2.32 g/t Ag, 266 ppm Mo

  o 55.94 of 0.44% Cu, 0.13 g/t Au, 3.60 g/t Ag, 253 ppm Mo

  o 30.55m of 0.46% Cu, 0.13 g/t Au, 3.95 g/t Ag, 212 ppm Mo

  Hole THN24-291 significantly extends the footprint of mineralized porphyry at Camp Creek towards the northwest.

  On September 10, 2024, Brixton announced that it had acquired a one hundred percent interest in mineral claims totaling 6446 hectares or 64.4 square kilometers within the Thorn Project, not previously controlled, located north and northwest from the past producing Golden Bear Mine.

  On October 10, 2024, Brixton announced drill results from the Trapper Gold Targets as follows:

• Hole THN24-300 yielded 254.00m of 0.48 g/t Au from 6.00m depth, including 171.00m of

0.63 g/t Au, including 41.00m of 1.08 g/t Au, including 6.00m of 4.19 g/t Au, 22.07 g/t Ag.

On October 30, 2024, Brixton announced that it had drilled 2.25m of 18.50 g/t gold within 9.25m of

4.79 g/t Au, all within 61.95m of 1.02 g/t gold in Hole 308 at its Trapper Gold Target.

On November 19, 2024, Brixton announced Trapper drill results from hole THN24-311 that yielded 48.50m of 1.16 g/t gold from 73.00m depth, including 20.00m of 2.34 g/t gold, including 3.00m of

5.67 g/t gold.

On December 9, 2024, Brixton announced further Camp Creek drill results:

• Hole THN24-307 intercepted a gold dominant zone of high-sulphidation mineralization, returning 114.50m of 0.53 g/t Au and 20.1 g/t Ag from 83.5m depth including 26.00m of

  1.89 g/t Au, 74.8 g/t Ag, 0.28% Cu from 172m depth including 8.00m of 4.52 g/t Au, 148.6 g/t Ag, 0.54% Cu.

• Hole THN24-307 intercepted broad zones of Cu-Au-Ag-Mo mineralization which yielded

  647.83m of 0.26% Cu, 0.11 g/t Au, 2.70 g/t Ag, 274 ppm Mo (0.49% CuEq), including

  261.72m of 0.35% Cu, 0.17 g/t Au, 3.26 g/t Ag, 242 ppm Mo (0.61% CuEq), including

  50.00m of 0.54% Cu, 0.58 g/t Au, 5.33 g/t Ag, 176 ppm Mo (1.07% CuEq).

  On January 14, 2025, Brixton announced that it had identified several new porphyry targets from its 2024 Regional Prospecting Program, including the following highlights:

• Discovery of two new porphyry targets on trend along the Camp Creek corridor. The larger of the two zones is called Catalyst and Tempest which are located 6-8km from the Camp Creek porphyry. Rock grab samples of porphyry style stockwork veins from Catalyst returned up to 0.56% Cu, 2.87 g/t Au, 30.0 g/t Ag and 0.11% Mo.

• Porphyry style stockwork vein mineralization over a 3km by 1.5km area was identified at the Sentinel Target. Rock sampling from the main Sentinel area generated results of up to 1.54% Cu, 0.54% Mo, 0.2 g/t Au and 21.7 g/t Ag.

  On July 22, 2025, Brixton announced its first batch of drill results from 2025 with highlights below:

• Hole THN25-318 cut 1.5m of 9.5 g/t gold, 13.8% copper, 771.5 g/t silver, 7.6% lead, 609.50 g/t tellurium, 7.1% zinc from 165.5m depth

  On July 24, 2025, Brixton announced that it had added a second drill to the exploration program and started drilling at its newly identified Catalyst Copper-Gold Porphyry Target located 6km northeast from the Camp Creek Target.

  On July 29, 2025, Brixton announced its second batch of drill results from the Glenfiddich Zone, in the Camp Creek area with the following highlights:

• Hole THN25-322 returned 16m of 3.40 g/t Au, 96.08 g/t Ag, 0.59% Cu, 0.12% antimony from 61m depth

  • Including 9.55m of 5.22 g/t Au, 157.68 g/t Ag, 0.97% Cu, 0.19% antimony

  • Including 6.00m of 6.17 g/t Au, 221.20 g/t Ag, 1.40% Cu and 0.27% antimony

  • Including 3.00m of 8.16 g/t Au, 159.66 g/t Ag, 0.73% Cu, 0.17% antimony and 1.05% Pb from 66m depth

    On August 19, 2025, Brixton announced that it had drilled 28.35m of 1.63 g/t of gold, 76.79 g/t silver, 0.61% copper and 1002 g/t antimony at the Northside Vein, Camp Creek Area.

    On September 10, 2025, Brixton announced that it had drilled 29m of 1.75 g/t gold Including 7.5m of 3 g/t Gold at its Trapper Gold Target.

    On October 01, 2025, Brixton announced that it had drilled 15m of 2.26 g/t gold and 6.4m of 4.61 g/t gold including 14.3 g/t gold over 1.5m at the Trapper Gold Target.

    On October 07, 2025, Brixton announced that it had drilled 38.50m of 4.07 g/t gold from 191.00m depth Including, 1.85m of 39.61 g/t gold at the Trapper Gold Target.

    On October 15, 2025, Brixton announced that it had drilled 22.15m of 4.44 g/t gold from 203.85m depth Including, 1.50m of 57.20 g/t gold at the Trapper Gold Target.

    On October 30, 2025, Brixton announced that it had made a new copper-gold porphyry discovery at the Catalyst Target where it drilled 424m of 0.12 g/t Au, 0.12% Cu, 2.96 g/t Ag, 51ppm Mo from 9m depth, including 16.50m of 0.17 g/t Au, 0.22% Cu, 59 g/t Ag, 32 ppm Mo. The target surface expression was expanded to a copper in-soils geochemical anomaly of 3 square-km area and an IP chargeability high geophysical anomaly of 1.35 square-km.

    On November 12, 2025, Brixton announced that it had drilled 112 g/t Gold Over 0.50m with visible gold within 23.50m of 3.33 g/t gold at Trapper Target and 18.50m of 3.39 g/t gold, including 3.00m of 15.69 g/t gold.

    On December 1, 2025, Brixton announced that it had made a new copper-gold porphyry discovery at the Tempest Target where it had drilled 90m of 0.17 g/t Au, 0.12% Cu, 1.28 g/t Ag, 42 ppm Mo including 16.55m of 0.37 g/t Au, 0.22% Cu, 1.13 g/t Ag, 72 ppm Mo. Tempest is located 2km south of the newly discovered Catalyst Target and has a 1.95 square-km IP chargeability high geophysical anomaly.

    On December 16, 2025, Brixton announced that it had drilled 3.00m of 4.27 g/t gold and 11.63 g/t silver from 51.70m depth and 1.20m of 11.45 g/t gold and 9.21 g/t silver from 119m depth at its Trapper Target.

    The Thorn Project is fully permitted for drilling. The Company is targeting 10,000-15,000m of drilling for 2026 but has yet to finalize a budget. The focus is on high-impact drill targets for copper and gold with a short-term goal of achieving the Mineral Resource Estimate stage.

    The Hog Heaven Ag-Au-Cu Project

    The wholly owned Hog Heaven Project consists of approximately 10 sections of private lands. The project is located in Northwest Montana, USA, with good road access and nearby under-utilized mills. The Hog Heaven Project is a high-sulphidation epithermal silver-gold-copper-lead-zinc deposit with historical production with porphyry potential. The Hog Heaven mine produced from 1928 - 1975 about 6.7Moz Ag at an average grade of 29 troy ounces of Ag per ton, 3,000 oz Au, 23M lbs Pb, 0.6M lbs Cu from 230,000 tons and an additional 49,700 tons grading 9.35 troy ounces of Ag per ton. The ore was shipped directly to smelters. Assays have returned up 3000 opt Ag from underground workings from historic operations. Coca Mines produced a positive feasibility study in 1988 and received State approval to build a mine until the gold and silver prices dropped in 1990 and the development plans stalled.

    On March 2, 2021, Brixton announced the signing of a US$44.5 million (US$4.5 million in cash to Brixton and US$40 million in exploration expenditures) definitive earn-in agreement ("Earn-in Agreement") with a wholly owned Montana subsidiary of High Power Exploration Inc. ("HPX"), a privately-owned mineral exploration and development company led by Chairman and CEO, Robert Friedland (see October 27, 2020 news release). The Earn-in Agreement provides HPX (now IE Montana Holdings Ltd. ("IEM")) with an Option to earn-in up to 75% interest in the project over 11 years. IEM is a wholly owned subsidiary of Ivanhoe Electric, which is the operator of the project.

    Drilling Highlights

    From 2020-2023, Brixton's drill hole HH20-02 intersected a broad 224.85m zone of mineralization for 78.16 g/t Ag, 0.66 g/t Au, 0.24% Cu (75.07m-299.92m) which includes the following:

• 5.48m of 445.79 g/t Ag, 1.41 g/t Au, 1.50% Cu

• 2.13m 0f 917.36 g/t Ag, 2.00 g/t Au, 3.06% Cu

• Exploration drill hole HHD-005 intersected 311 meters containing 0.35 g/t gold, 22.89 g/t silver, 0.36% lead, and 0.55% zinc, from 162 to 473 meters.

  On February 5, 2024, Ivanhoe Electric announced drill results as follows:

• Drilling results to date expand high-sulphidation mineralization and provide evidence to support the existence of a porphyry deposit at the Hog Heaven Project.

• Drill hole HHD-007 intersected 348 meters containing 0.43 g/t gold, 40.48 g/t silver, 0.22% lead, and 0.12% zinc, from 141 to 489 meters, including 1 meter of 2,180 g/t silver, 5.16

  g/t gold, 6.00% lead, 6.14% zinc and 0.63% copper from 147.8 to 148.8 meters.

• Hole HHD-009 returned 145 meters of 0.26 g/t gold, 27.47 g/t silver and 0.20% copper, including 0.95 meters of 5.39 g/t gold, 524 g/t silver and 7.99% copper.

  As of April 30, 2024, a total of 15,595 meters in 17 drill holes have been completed. Results are pending for Ivanhoe Electric's Typhoon geophysical survey on the project. Porphyry-style quartz stockwork veining observed in numerous clast fragments entrained within a late intrusion provides additional evidence for a porphyry system.

  On April 2, 2024, Ivanhoe Electric announced the best copper-gold-silver intersection to date from the Hog Heaven Project:

• Drill hole HHD-014 intersected 82 meters containing 0.63% copper, 0.32 g/t gold, and 37.8 g/t silver from 568 meters depth, including a high-grade vein zone of 3.95 meters of 5.78% Copper, 2.2 g/t Gold and 264.7 g/t Silver

  On January 6, 2025, Ivanhoe Electric announced a summary of recent results from the Hog Heaven Project. Initial drilling at the Battle Butte Area, HHD-017 through to HHD-022, has intersected a porphyry copper-gold-molybdenum system ("Battle Butte Porphyry") associated with a large, 1,500 meters by 1,000 meters Typhoonâ„¢ conductivity anomaly at 1,200 meters depth. Mineralization is related to a series of variably mineralized and altered porphyry intrusives and hydrothermal breccias hosting gold-bearing copper, iron, and molybdenum sulphides as breccia matrix, sheeted to stockwork veining and as disseminations.

• Hole HHD-018: returned 286.0m of 0.14% copper, 0.14 g/t gold, 0.01% molybdenum, and

  1.70 g/t of silver from 947.0m depth, including 97.9m of 0.21% copper, 0.20 g/t gold, 0.01% molybdenum and 2.79 g/t silver from 947.0m.

• Hole HHD-019 returned 680.0m of 0.09% copper, 0.06 g/t gold, 0.02% molybdenum, and

  0.96 g/t silver from 1,172.0m depth.

  Current evidence suggests that the Battle Butte Porphyry system is open to the east and north, where the Typhoonâ„¢ anomaly remains untested at depth.

  The 2026 exploration plan under Ivanhoe Electric is to drill 3 to 5 deep holes to test for porphyry potential across the Hog Heaven Project.

  Langis and HudBay Silver-Cobalt-Nickel Properties, Ontario, Canada

  The projects are located within the historic silver-cobalt mining camp, including two past producers. The projects are located approximately 500 km north of Toronto, Canada. The Cobalt Silber mining camp has historically produced over 500 million ounces of silver and 50 million pounds of cobalt. At Langis, silver recovery ranged from 88% to 94% based on historical records. Excellent local infrastructure: year-round road access, close proximity to power, railway and gas-pipeline and a new cobalt refiner was established by Electra Battery Materials. Past production at the Langis mine was 10.4 million ounces of silver and 358,340 pounds of cobalt. The silver head grade was approximately 25 oz/t (777.60 g/t). Past production at the HudBay mine produced a total of 6.4M ounces of silver at 123 oz/ton Ag and 185,570 pounds of cobalt.

  An Exploration Agreement was signed with the Timiskaming First Nation and Brixton in 2016. The only drilling by Brixton at the Hudbay Project was in 2018, which returned highlights:

• HB18-31 yielded 2.00m of 1,667.30 g/t silver from 22.00m depth.

• HB18-26 intersected 4.00m of 536.50 g/t silver from 45.00m depth.

  Highlights from 2016-2022 at the Langis Project

  Previous drilling by Brixton has yielded 15 intercepts greater than 1000 g/t Ag, including 3 intercepts greater than 5000 g/t Ag in the Shaft 3 area;10 intercepts greater than 1000 g/t Ag and 5 intercepts greater than 5000 g/t Ag in the Shaft 6 area;

• 11m of 2592 g/t silver, including 4m of 7018 g/t silver, Shaft 3 area

• 17m of 970 g/t silver, including 11m of 1289 g/t silver, Shaft 3 area

• 27m of 348 g/t silver, including 9m of 1037 g/t silver, Central area

• 17.6m of 1251 g/t silver, including 1m of 15436 g/t silver, Shaft 6 area

• 71m of 121 g/t silver, including 4m of 1186 g/t silver, Shaft 6 area

  No work was conducted on the project during 2023-2025. On January 13, 2026, Brixton announced that it has started a 10,000-15,000m phase one drill program at its Langis Silver Project with the objective of laying the groundwork for a maiden Mineral Resource Estimate.

  The Atlin Goldfields Project

  Brixton holds approximately 581 square kilometers of mineral rights in the Atlin Mining District of Northwest British Columbia. The project is located east of the town of Atlin and is road accessible with a well-established network of roads and is amenable to year-round drilling. Placer gold mining operations have been active in the Atlin Goldfield for the past 120 years.

  Brixton's objective for this project is to locate the hard rock source of the placer gold. The deposit type for the Atlin Goldfields Project is considered orogenic gold and intrusion related gold.

  The Yellowjacket Target within the Atlin Goldfields Project is a permitted 200 tonnes per day mine on care and maintenance. Drilling at Yellowjacket Target has been shallow with an average drill length of 84m. The Yellowjacket Target is road accessible and located 9 kilometers from the town of Atlin. Previous drilling identified high-grade gold mineralization including:

• YJ03-01 of 5.57m of 509.96 g/t Au.

• TW05-02 of 13.50m of 11.21 g/t Au.

• MET06-02 of 3.00m of 111.41 g/t Au.

The Imperial Mine dating back to 1899 is approximately 3 kilometers northwest of the Yellowjacket Target. Historic records indicate that 268 tonnes were mined at a grade of 11.5 g/t Au, Minfile 104N

008. The LD Showing has assayed up to 293 g/t Au.

On May 6, 2022, and subsequently amended on May 10, 2022, July 11, 2022, July 29, 2022, and May 4, 2023, Brixton entered into a definitive agreement with Pacific Bay, whereby Pacific Bay could have acquired a 100% interest in the Atlin Goldfields Project.

On December 12, 2022, Pacific Bay announced results from its first 2 drill holes at the Atlin Goldfields Project. Diamond drill hole YJ22-01 intersected the Yellowjacket main zone returning

9.96 g/t gold over 3.05m from 117.96m depth.

On August 10, 2023, Brixton terminated the option and earn-in joint venture agreement with Pacific Bay with respect to the Atlin Goldfields Project, as Pacific Bay did not meet its obligations under the definitive agreement within the prescribed time periods.

During September 2023, Brixton drilled one HQ-sized core hole to total depth of 349.91m at the Yellowjacket Target. Hole YJ-23-003 yielded 35.00m of 0.77 g/t Au, including 19.00m of 1.34 g/t Au, including 0.45m of 38.1 g/t Au with visible gold.

On July 16, 2024, Brixton announced that it had entered into a definitive option agreement with Eldorado (as defined herein), whereby Eldorado had been granted the option to acquire 100%-ownership of the Company's Atlin Goldfields Project.

During 2024 and 2025, Eldorado conducted geological mapping, geophysical surveys, and geochemical work in preparation for drilling in 2026. Eldorado has approved a $1.91 million budget for 2026 exploration at the Atlin Goldfields Project which shall include mostly drilling.

Mr. Gary R. Thompson, P.Geo., President, Chairman and CEO of the Company is a Qualified Person as defined under National Instrument 43-101 standards and has reviewed the technical information and approved this summary of results.

Environmental, Social and Governance

During 2022, Brixton initiated an internal Environmental, Social and Governance ("ESG") review. The purpose of this review was to collect the Company's ESG information and data, identify risks, review existing risk mitigation plans, and analyze potential gaps and opportunities. Brixton commits to develop an ESG strategy that aligns with early-stage mineral exploration, establish consistent and controlled ESG policies, and engage all stakeholders to pursue a sustainable growth profile.

2024 ESG Highlights

In the 2024 Thorn field season, Brixton's continued use of fuel bladder systems and basing a plane at the Atlin Airstrip resulted in 86 fewer flights, reducing travel by 17,075 km and eliminating the need for 1,986 forty-five-gallon fuel drums. These efficiencies significantly reduced the risk of fuel spills, lowered the project's carbon footprint, and achieved a combined cost savings of $696,812 in flight and drum expenses.

• 45% of Brixton Metals personnel worked for First Nation contractors or Joint Ventures.

• First Nations employees, contractors, and management accounted for 22% of the seasonal workforce.

• Female employees, contractors, and management accounted for 24% of the seasonal and full-time workforce.

• 28.57% of Brixton Metals contracts are with First Nation joint ventures or direct partnerships.

  2025 ESG Highlights

  In the 2025 Thorn field season, Brixton's continued use of fuel bladder systems resulted in 57 fewer flights, reducing travel by 16,758 km and eliminating the need for 795 forty-five-gallon fuel drums.

  These efficiencies significantly reduced the risk of fuel spills, lowered the project's carbon footprint, and achieved a combined cost savings of $353,925 in flight and drum expenses.

• 31% of Brixton Metals personnel worked for First Nation contractors or Joint Ventures.

• First Nations employees, contractors, and management accounted for 19% of the seasonal workforce.

• Female employees, contractors, and management accounted for 30% of the seasonal and full-time workforce.

• 25% of Brixton Metals contracts are with First Nation joint ventures or direct partnerships.

Risk Factors

The Company is in the business of acquiring, exploring and, if warranted, developing and exploiting natural resource properties, currently in British Columbia. Due to the nature of the Company's proposed business and the present stage of exploration of its mineral properties (which are primarily early-stage exploration properties with no known resources or reserves), the following risk factors, among others, may apply:

In addition, the Government of British Columbia has recently introduced legislation to implement the United Nations Declaration on the Rights of Indigenous Peoples (UNDRIP) in British Columbia. The legislation commits to a systematic review of the province's laws with respect to UNDRIP, while also encouraging new agreements with Indigenous nations that are intended to address outstanding governance questions around the nature of Indigenous rights and title interests in British Columbia. While the potential risks of this legislation remain to be determined, they could be significant, particularly with respect to Brixton's permitting efforts.

In June 2025, the Government of British Columbia in partnership with Tahltan First Nation and Taku River Tlingit First Nation initiated a Land Use Planning Process within a large area of northwest British Columbia. The mineral claims that the Company holds in this area are largely in an overlap of traditional territory claimed by both Tahltan First Nation and Taku River Tlingit First Nation. Brixton hired Stonecroft Engineering to prepare a preliminary road access report to its main copper-gold target areas which was submitting to the land use planning process.

production, price controls, foreign exchange restrictions, export controls, income taxes, expropriation of property, environmental legislation and mine safety.

(iv) the ability and the operating resources to develop and maintain the properties held by the Company. These and other factors will require the use of outside suppliers as well as the talents and efforts of the Company and its consultants and employees. There can be no assurance of success with any or all of these factors on which the Company's operations will depend, or that the Company will be successful in finding and retaining the necessary employees, personnel and/or consultants in order to be able to successfully carry out such activities.

gold or other minerals produced, costs of processing equipment and other factors such as government regulations, including regulations relating to royalties, allowable production, importing and exporting of minerals and environmental protection. In addition, the grade of mineralization ultimately mined may differ from that indicated by drilling results and such differences could be material. Short-term factors, such as the need for orderly development of ore bodies or the processing of new or different grades, may have an adverse effect on mining operations and on the results of operations. There can be no assurance that minerals recovered in small scale laboratory tests will be duplicated in large scale tests under on-site conditions or in production scale operations. Material changes in geological resources, grades, stripping ratios or recovery rates may affect the economic viability of projects.

• these estimates will be accurate;

• reserves, resource or other mineralization figures will be accurate; or

• this mineralization could be mined or processed profitably.

Because the Company has not commenced production at any of its properties, and has not defined or delineated any proven or probable reserves on any of its properties, mineralization estimates for the Company's properties may require adjustments or downward revisions based upon further exploration or development work or actual production experience. In addition, the grade of ore

ultimately mined, if any, may differ from that indicated by drilling results. There can be no assurance that minerals recovered in small-scale tests will be duplicated in large-scale tests under on-site conditions or in production scale. The resource estimates contained in the Company's filings with securities regulatory authorities, press releases and other public statements that may be made from time to time have been determined and valued based on assumed future prices, cut-off grades and operating costs that may prove to be inaccurate. Extended declines in market prices for gold, silver, copper, iron or other metals may render portions of the Company's mineralization uneconomic and result in reduced reported mineralization. Any material reductions in estimates of mineralization, or of the Company's ability to extract this mineralization, could have a material adverse effect on the Company's results of operations or financial condition. The failure to establish additional proven or probable reserves could restrict the Company's ability to successfully implement its strategies for long-term growth.

U.S. Internal Revenue Code (a "PFIC"). If the Company is or becomes a PFIC, generally any gain recognized on the sale of the Company's common shares and any "excess distributions" (as specifically defined) paid on such common shares must be allocated to each day in a U.S.

taxpayer's holding period for the common shares. The amount of any such gain or excess distribution allocated to prior years of such U.S. taxpayer's holding period for the common shares generally will be subject to U.S. federal income tax at the highest tax applicable to ordinary income in each such prior year, and the U.S. taxpayer will be required to pay interest on the resulting tax liability for each such prior year, calculated as if such tax liability had been due in each such prior year.

Alternatively, a U.S. taxpayer that makes a "qualified electing fund" (a "QEF") election with respect to the Company generally will be subject to U.S. federal income tax on such U.S. taxpayer's pro rata share of the Company's "net capital gain" and "ordinary earnings" (as specifically defined and calculated under U.S. federal income tax rules), regardless of whether such amounts are actually distributed by the Company. U.S. taxpayers should be aware, however, that there can be no assurance that the Company will satisfy record keeping requirements under the QEF rules or that the Company will supply U.S. taxpayers with required information under the QEF rules, in event that the Company is a PFIC and a U.S. taxpayer wishes to make a QEF election. As a second alternative, a U.S. taxpayer may make a "mark-to-market election" if the Company is a PFIC and the Company's common shares are "marketable stock" (as specifically defined). A U.S. taxpayer that makes a mark-to-market election generally will include in gross income, for each taxable year in which the Company is a PFIC, an amount equal to the excess, if any, of (a) the fair market value of the common shares as of the close of such taxable year over (b) such U.S. taxpayer's adjusted tax basis in the common shares.

Due to the extreme complexity of the PFIC rules and the potentially materially adverse consequence to a shareholder that is a U.S. taxpayer of the Company being a PFIC, it is critical that each shareholder that is a U.S. taxpayer consult with that shareholder's U.S. tax adviser before undertaking any transactions in the Company's common shares.

Off-Balance Sheet Arrangements

The Company does not have any off-balance sheet arrangements.

Proposed Transactions

Other than as disclosed elsewhere in this MD&A, there are no proposed transactions as at September 30, 2025 and to the date of this MD&A.

Additional Disclosure for Venture Issuers without Significant Revenue

Additional disclosure concerning the Company's general and administrative expenses and resource property costs is provided in the Company's Statement of Operations and Deficit and Schedule of Resource Property Expenditures contained in its consolidated financial statements for the year ended September 30, 2025 that is available on the Company's website at www.brixtonmetals.com or on its SEDAR+ Page Site accessed through www.sedarplus.ca.

Disclosure of Outstanding Share Data

Brixton's authorized capital is unlimited common shares without par value and unlimited preferred shares without par value. As at January 23, 2026, the following common shares are outstanding:

Transactions with Related Parties

The Company has entered into certain transactions with related parties during the year ended September 30, 2025. All transactions with related parties have occurred in the normal course of operations and are measured at the exchange amount, which is the amount of consideration established and agreed upon by the related parties.

A description of these related party transactions is as follows:

1. Consulting fees for services were paid to XT88 Holdings Inc., a company controlled by Mr. Thompson.

2. Amounts paid to Spartan Pacific Financial Ltd., a company controlled by Mr. Moodie, for accounting related services.

3. Ms. Anstey was terminated as Vice President, Exploration on January 6, 2025.

The spouse of a director also received $120,939 (2024 - $105,676) for administrative services (included in salaries and employee benefits).

Contractual Obligations

Other than as disclosed above, the Company has no other material contractual obligations.

Accounting Policies and Estimates

Significant judgments are used in the Company's assessment of its ability to continue as a going concern which is described in note 1 of the consolidated financial statements. Significant accounting estimates are used in the determination of fair value and value in use for purposes of the recoverability of the carrying value of mineral properties, determination of reclamation obligations, valuation of share-based payments, and the valuation of deferred income taxes. These estimates involve considerable judgment and are, or could be, affected by significant factors that are out of the Company's control. Actual results may differ from these estimates.

Impairment

At the end of each reporting period the carrying amounts of the Company's long-lived assets, including mineral property interests, are reviewed to determine whether there is any indication that those assets are impaired. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment, if any. The recoverable amount is the higher of fair value less costs to sell and value in use. Fair value is determined as the amount that would be obtained from the sale of the asset in an arm's length transaction between knowledgeable and willing parties. In assessing value in use, the estimated future cash flows are discounted to their present value using a discount rate that reflects current market assessments of the time value of money and the risks specific to the asset.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount and the impairment loss is recognized in the profit or loss for the period. For an asset that does not generate largely independent cash inflows, the recoverable amount is determined for the cash generating unit to which the asset belongs. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash generating unit) is increased to the revised estimate of its recoverable amount, but to an amount that does not exceed the carrying amount that would have been determined had no

impairment loss been recognized for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognized immediately in profit or loss.

Share-based Payments

The factors affecting share-based payments include estimates of when stock options might be exercised and the stock price volatility. The timing for exercise of options is out of the Company's control and will depend, among other things, upon a variety of factors including the market value of Company shares and financial objectives of the holders of the options. The Company has used historical data to determine volatility in accordance with Black-Scholes modeling, however future volatility is inherently uncertain and the model has its limitations. While these estimates can have a material impact on the share-based payments and hence, results of operations, there is no impact on the Company's financial condition or liquidity.

Adoption of New Standards

The Company adopted Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2), and Definition of Accounting Estimates (Amendments to IAS 8) effective October 1, 2023. The adoption of these new policies did not have a material impact on the results and financial position of the Company. Please refer to Note 3 of the consolidated financial statements for the years ended September 30, 2025 and 2024.

Disclosure of Management Compensation

In accordance with the requirements of Section 19.5 of TSXV Policy 3.1, the Company provides the following disclosure with respect to the compensation of its directors and officers during the year:

1. During the year ended September 30, 2025, the Company did not enter into any standard compensation arrangements directly or indirectly with directors and officers of the Company, for their services as directors or officers, or in any other capacity, except as with Jason Shepherd. Please refer to "Transactions with Related Parties".

2. During the year ended September 30, 2025, directors and officers of the Company were paid (or accrued) certain amounts, directly or indirectly, for their services as directors and officers or in any other capacity by the Company and its subsidiaries. Please refer to "Transactions with Related Parties".

   Recent Developments and Outlook

   The Company expects to obtain financing in the future primarily through further equity and/or debt financing. There can be no assurance that the Company will succeed in obtaining additional financing, now or in the future. Failure to raise additional financing on a timely basis could cause the Company to suspend its operation and eventually to forfeit or sell its interest in its exploration and evaluation assets.

   Financial Instruments and Risk Management

   IFRS 7, Financial Instruments: Disclosures ("IFRS 7") establishes a fair value hierarchy that prioritizes the inputs to the valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are described below:

   Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.

   Level 2: Quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability.

   Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity).

   The Company's cash, restricted cash, and short-term investments are classified as Level 1 of the fair value hierarchy. The carrying values of receivables and accounts payable and accrued liabilities, and due to related parties approximate their fair values due to their short terms to maturity.

   Financial risk factors

   The Company's risk exposures and the impact on the Company's financial instruments are summarized below:

   1. Credit risk

      Credit risk is the risk of loss associated with a counter party's inability to fulfill its payment obligations. The Company's receivables consist of amounts due from a Canadian government agency, and cash, restricted cash, and short-term investments are held with large and stable Canadian chartered banks. Management believes that credit risk related to these amounts is nominal.

   2. Liquidity risk

      The Company's approach to managing liquidity risk is to ensure that it will have sufficient liquidity to meet its liabilities as they fall due. As of September 30, 2025, the Company had cash of $4,560,807 to settle current liabilities of $1,361,716. The Company has sufficient cash to settle current liabilities.

   3. Market risk

      Market risk is the risk of loss that may arise from changes in market factors such as interest rates, foreign exchange rates, and commodity and equity prices.

   4. Interest rate risk

      The Company has cash balances and no interest-bearing debt. The Company's current policy is to keep larger cash balances invested in investment-grade short-term deposit certificates issued by its banking institutions. The Company is nominally exposed to interest rate risk.

   5. Foreign currency risk

Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign currency rates. As at September 30, 2025, the Company had approximately US$2,059,000 in net monetary assets denominated in US dollars. The Company has determined that a 10% increase or decrease in the US dollar against the Canadian dollar on these instruments, as at September 30, 2025, would result in approximately $287,000 change to comprehensive loss for the year.