Newport Exploration : Management Discussion and Analysis (NWXMDA01312026)

About this update from Newport Exploration Ltd

MANAGEMENT'S DISCUSSION & ANALYSIS Six Months Ended January 31, 2026 This management's discussion and analysis of financial position and results of operations ("MD&A") is prepared as at March 25, 2026 and should be read in conjunction with the unaudited condensed interim financial statements for the six months ended January 31, 2026 of Newport Exploration Ltd. ("Newport" or "the Company") with the related notes thereto. These unaudited condensed interim financial statements have been prepared in accordance with International Financial Reporting Standards ("IFRS") for interim financial statements and, as a result, do not contain all disclosure required under IFRS for annual financial statements. Accordingly, readers may want to refer to the July 31, 2025 audited annual financial statements and the accompanying notes. All dollar amounts included therein and in the following MD&A, unless otherwise indicated, are expressed in Canadian dollars. Management is responsible for the preparation and integrity of the Company's unaudited condensed interim financial statements, including the maintenance of appropriate information systems, procedures and internal controls. Management is also responsible for ensuring that information disclosed externally, including that within the unaudited condensed interim financial statements and MD&A, is complete and reliable. Additional information on the Company is available on SEDAR+ at www.sedarplus.ca or by contacting the Company's head office at Suite 202-2168 Marine Drive, West Vancouver BC, Canada V7V 1K3. The Company's website is www.newport-exploration.com. Description of Business Newport is a natural resource company engaged in the acquisition and exploration of energy and resource properties. In addition, the Company holds a 2.5% gross overriding royalty ("GOR") interest (the "Royalty") on any hydrocarbons produced on certain petroleum exploration and production licences in Australia. Newport is a reporting issuer in British Columbia, Alberta and Saskatchewan and trades on the TSX Venture Exchange (TSX-V) under the symbol NWX. Overview Oil and Gas Royalty Interests in Australia The Company's Royalty interests are derived from several oil and gas exploration and production licences in the Cooper Basin, NSW, Australia which are operated by Beach Energy Ltd. ("Beach") or Santos Ltd. ("Santos"). As the Royalty...

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