Nickel Creek Platinum : Q4 2025 MD&A

About this update from Nickel Creek Platinum Corp.

TSXV: NCP | OTCQB: NCPCF NICKEL CREEK PLATINUM CORP. MANAGEMENT'S DISCUSSION AND ANALYSIS - For the year ended December 31, 2025 - (Expressed in Canadian Dollars) TABLE OF CONTENTS 2025 FULL YEAR PERIOD HIGHLIGHTS 4 BUSINESS OVERVIEW 4 SELECTED ANNUAL RESULTS 7 SUMMARY OF QUARTERLY RESULTS 8 CASH FLOWS, LIQUIDITY AND CAPITAL RESOURCES 8 TRANSACTIONS WITH RELATED PARTIES AND KEY MANAGEMENT COMPENSATION 12 FINANCIAL INSTRUMENTS AND RELATED RISKS 13 RISKS AND UNCERTAINTIES 14 PROPOSED TRANSACTIONS 15 OUTSTANDING SHARE DATA 15 OFF-BALANCE SHEET ARRANGEMENTS 16 MATERIAL ACCOUNTING POLICY INFORMATION AND CRITICAL ACCOUNTING ESTIMATES 16 DISCLOSURE CONTROLS AND PROCEDURES 16 CAUTIONARY NOTE TO INVESTORS REGARDING DEFINITION OF MINERAL RESOURCES 17 FORWARD-LOOKING STATEMENTS 17 ADDITIONAL INFORMATION 18 This Management's Discussion and Analysis ("MD&A") of Nickel Creek Platinum Corp. and its subsidiaries (collectively referred to as "Nickel Creek Platinum" or the "Company") is prepared as of March 16, 2026 and should be read in conjunction with the Company's audited consolidated financial statements for the year ended December 31, 2025 and the related notes for the year then ended which have been prepared in accordance with IFRS Accounting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB") applicable to a going concern, which contemplates the realization of assets and settlement of liabilities in the normal course of business as they become due. Financial information contained herein is expressed in Canadian dollars, unless otherwise stated. Readers are cautioned that this MD&A contains "forward-looking statements" and that actual events may vary from management's expectations. Readers are encouraged to read the cautionary note contained herein regarding such forward-looking statements. This MD&A was reviewed, approved and authorized for issuance by the Company's Board of Directors (the "Board") on March 16, 2026. On August 19, 2024 (the "Effective Date"), the Company completed a share consolidation on the basis of one (1) new common share (a "Post-Consolidation Common Share") for every 100 pre-consolidation common shares outstanding (the "Share Consolidation"). Except where otherwise indicated, all historical common share numbers, per common share amounts and Units have been adjusted on a retrospective basis to refl...

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