Radisson Mining Resources : MD&A (MDA 2025 12 31 AN VF)

About this update from Radisson Mining

Radisson Mining December 31, 2025 www.ra d i sso nm i ni n g.c om TABLE OF CONTENTS RADISSON OVERVIEW 4 SUMMARY OF FINANCIAL RESULTS 5 FACTORS AFFECTING FINANCIAL RESULTS FOR THE PERIOD ENDED DECEMBER 31, 2025 5 LIQUIDITY AND CAPITAL RESOURCES 6 CURRENT DEVELOPMENTS 7 O'BRIEN GOLD PROJECT 9 PROPERTY PORTFOLIO 11 EXPLORATION PROGRAM 11 PROJECT DEVELOPMENT PROGRAM 12 COMMUNITY ENGAGEMENT 13 SELECTED ANNUAL INFORMATION (IFRS) 13 EQUITY FINANCING 13 STOCK MARKET 14 INFORMATION ON OUTSTANDING SECURITIES 14 CONTRACTUAL OBLIGATIONS AND COMMITMENTS 16 RELATED PARTY TRANSACTIONS AND COMMERCIAL OBJECTIVES 17 DISCLOSURE CONTROLS AND PROCEDURES 17 INTERNAL CONTROLS OVER FINANCIAL REPORTING 17 ADDITIONAL DISCLOSURE FOR VENTURE ISSUERS WITHOUT SIGNIFICANT REVENUES 17 BASIS OF PREPARATION AND ADOPTION OF IFRS 18 SIGNIFICANT ACCOUNTING POLICIES 18 ENVIRONMENTAL AND OTHER REGULATIONS 20 RISKS AND UNCERTAINTIES RELATED TO EXPLORATION 20 RISKS RELATED TO FINANCING AND DEVELOPMENT 20 MARKET FORCES 21 UNINSURED RISKS 21 OTHER MD&A REQUIREMENTS 21 MANAGEMENT'S DISCUSSION AND ANALYSIS This Management's discussion and analysis (MD&A), prepared in compliance with the provisions of Form 51-102F1, approved by the Board of Directors of Radisson Mining Resources ("Radisson" or the "Corporation") and dated April 23, 2026, should be read in conjunction with the audited condensed financial statements as at December 31, 2025. The audited condensed financial statements for the year ended December 31, 2025 were prepared in accordance with International Financial Reporting Standards ("IFRS"). The reporting currency is the Canadian dollar (CAD) and all amounts presented in the MD&A are in Canadian dollars. FORWARD-LOOKING INFORMATION This MD&A may contain forward-looking statements and forward-looking information within the meaning of applicable Canadian securities legislation (collectively, "forward-looking information"), including, but not limited to, statements relating to the future financial or operating performance of the Corporation, the Corporation's mineral projects, the future price of commodities, the estimation of mineral resources, the realization of mineral resource estimates, the timing and ability of Radisson to advance its properties, prepare future technical reports, exploration activities, costs and timing of future exploration, international conflict, use of proceeds from financings, requirements for additional capital, government regulation of mining operations and mineral exploration activities, environmental risks, reclamation expenses, title disputes or claims, limitations of insurance coverage, and transactions. Often, but not always, forward-looking information can be identified by the use of words and phrases such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking information reflects the Corporation's beliefs and assumptions based on information available at the time such statements were made. Actual results or events may differ from those predicted in forward-looking information. All of the Corporation's forward-looking information is qualified by the assumptions that are stated or inherent in such forward-looking information, including the assumptions listed below, the risks described in the section entitled "Risks and Uncertainties related to Exploration" in this MD&A, the financial statements of the Corporation, and other public disclosure of the Corporation, all of which are available on SEDAR+ ( https://www.sedarplus.ca ) under Radisson's issuer profile. Although the Corporation believes that the assumptions underlying the forward-looking information contained in this MD&A are reasonable, this list is not exhaustive of the factors that may affect any forward-looking information. The key assumptions that have been made in connection with forward-looking information include the following: the significance of drill results and ongoing exploration activities; management's beliefs on resource expansion; the predictability of geological modelling; the accuracy of the Corporation's records of its property interests; the global economic climate; commodities prices; inflation; environmental risks; climate change; cybersecurity threats; community and non-governmental actions; that required permits will be obtained on a timely basis in order to permit the Corporation to proceed on schedule with its planned drilling programs; that skilled personnel and contractors will be available as the Corporation's operations continue to grow; the relevance of the assumptions, estimates and projections; the impact of international conflict, or the escalation thereof, on the markets, generally, and on the business and prospects of the Corporation; and that the Corporation will be able to continue raising the necessary capital to finance its operations and realize on its mineral resource estimates. Forward-looking information involves known and unknown risks, future events, conditions, uncertainties, and other factors which may cause the actual results, performance, or achievements to be materially different from any future results, performance or achievements expressed or implied by forward-looking information. Such factors include, among others, general business, economic, competitive, political and social uncertainties; public health crises; the actual results of current exploration activities; errors in geological modelling; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; future prices of commodities; accidents, labour disputes and other risks of the mining industry; political instability; and delays in obtaining governmental approvals or financing. Although the Corporation has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking information contained herein is given as of the date of this MD&A and the Corporation disclaims any obligation to update any forward-looking information, whether as a result of new information, future events, or results, except as may be required by applicable securities laws. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. QUALIFIED PERSONS AND CAUTIONARY NOTE REGARDING MINERAL RESOURCES Disclosure of a scientific or technical nature in this MD&A was prepared under the supervision of Mr. Richard Nieminen, P.Geo, (QC), a geological consultant for Radisson and a Qualified Person for purposes of NI 43- 101. Mr. Luke Evans, M.Sc., P.Eng., ing., of SLR Consulting (Canada) Ltd., is the Qualified Person responsible for the preparation of the Mineral Resource Estimate at O'Brien. Both Mr. Nieminen and Mr. Evans are independent of Radisson and the O'Brien Gold Project. RADISSON OVERVIEW Radisson is a gold exploration company focused on its 100% owned O'Brien Gold Project, located in the Bousquet-Cadillac mining camp along the world-renowned Larder-Lake-Cadillac Break in Abitibi, Québec. A July 2025 Preliminary Economic Assessment described a low cost and high value project with an 11-year mine life and significant upside potential based on the use of existing regional infrastructure. Indicated Mineral Resources are estimated at 0.63 Moz (3.49 Mt at 5.59 g/t Au), with additional Inferred Mineral Resources estimated at 1.69 Moz (10.37 Mt at 5.08 g/t Au). Please see the NI 43-101 "O'Brien Gold Project Technical Report and Preliminary Economic Assessment, Québec, Canada" effective June 27, 2025, Radisson news release dated March 2, 2026, and other filings made with Canadian securities regulatory authorities available at https://www.sedarplus.ca for further details and assumptions relating to the O'Brien Gold Project. SUMMARY OF FINANCIAL RESULTS Operating results for each quarter for the two last years are presented in the table below. The Corporation's management is of the opinion that the data related to these quarters was prepared in the same manner as those that of the audited financial statements for the fiscal year ended December 31, 2025. Quarter 2025 December 2025 September 2025 June 2025 March 2024 December 2024 September 2024 June 2024 March Statements of comprehensive income (loss) ($) Revenues 165,775 116,099 88,323 71, 045 67,081 102,651 109,462 84,464 Comprehensive income (loss) (2,915,118) 295,115 (227,164) (232,696) (1,463,440) (173,305) (155,035) (378,167) Basic and diluted income (loss) per share (0.007) 0.00 (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) Statements of financial position ($) Cash and cash equivalents 20,099,648 12,857,042 14,901,030 5,859,426 8,398,031 4,583,576 5,630,539 7,408,140 Total liabilities and equity 99,365,260 76,277,361 75,186,518 63,570,718 63,218,228 56,455,198 56,200,154 56,520,030 Mining Exploration ($) Exploration and evaluation expenses 3,248,237 3,114,966 2,598,257 2,722,230 2,601,973 1,597,265 1,384,392 1,116,602 FACTORS SUMMARY OF FINANCIAL ACTIVITIES FOR FINANCIAL YEAR ENDED DECEMBER 31, 2025 Because of its area of activities, the Corporation does not generate regular revenue and must depend on issuing shares and on the interest income generated by its investments to cover its operating expenses. During the fiscal year ended December 31, 2025, the Corporation incurred a net loss of $2,750,373 or ($0.007) per share compared to a net loss of $2,169,947 or ($0.007) per share during the prior fiscal year. During the fiscal year ended December 31, 2025, there was $441,242 in interest revenues compared to $363,658 for the fiscal year ended December 31, 2024. During the fiscal year ended December 31, 2025, the Corporation incurred salaries and employee benefits expenses of $940,196, compared to $558,225 for the same period in 2024. The increase primarily reflects higher full-time staffing levels and enhanced incentive-based compensation during the year. Experts and subcontractors expenses were $208,300 for the fiscal year ended December 31, 2025, compared to $401,128 for the same period in 2024. The decrease is explained by a reduction in the number of subcontractors and is offset by the increase in the number of employees. During the fiscal year ended December 31, 2025, the Corporation incurred professional fees expenses of $176,489 compared with expenses of $145,495 for the same period in 2024. The increase primarily reflects an increase in professional services related to corporate, regulatory and operational activities. For the twelve-month period ended December 31, 2025, the Corporation incurred investor relations and communication expense of $601,244 compared with expenses of $248,538 for the same period in 2024. The increase is explained by an increase in the Company exploration activities, supporting greater investor relations and communication compared to the same period in 2024. For the twelve-month period ended December 31, 2025, the Company incurred Part XII.6 income tax expenses of $163,765, compared to $20,810 for the same period in 2024. The increase primarily reflects a higher level of Canadian exploration expenses renounced under the look-back rule in 2023 and incurred in 2024, compared to the prior year. During the fiscal year ended December 31, 2025, the Corporation reported an increase of $240,000 in the change in fair value of investments available for sale versus unrealized loss of $360,000 for the same period in 2024. This change in fair value of investments is unrealized and has no effect on the treasury. LIQUIDITY AND CAPITAL RESOURCES During the fiscal year ended December 31, 2025, the Corporation incurred exploration and evaluation expenses of $11,681,706 compared with expenses of $6,700,232 in 2024. This increase is explained by the acceleration of drilling, exploration and development activities at the O'Brien Gold Project in 2025. Administration costs incurred by the Corporation during the year ended December 31, 2025 were of $3,403,593 compared with expenses of $2,140,852 for the year ended in 2024. Principal differences for the period were explained above. As at December 31, 2025, the Corporation had cash and guaranteed investments in the amount of $32,099,648 compared with $8,398,031 on December 31, 2024. As at December 31, 2025, Government taxes and mining taxes receivable represent $2,044,704 it represented $387,461 as at December 31, 2024. As at December 31, 2025, Prepaid expenses represent $223,176 it represented $64,027 as at December 31, 2024. As at December 31, 2025, Deposit and prepaid expenses on prospecting and evaluation represent $138,153 it represented $401,060 as at December 31, 2024. The Corporation holds 24,000,000 shares of Renforth Resources Inc. as a long-term investment. On December 31, 2025, these shares represented a value of $480,000, compared to $240,000 as at December 31, 2024. The Corporation's principal source of financing is equity financing, the success of which depends on venture capital markets, the attractiveness of exploration companies for investors, and metal prices. To continue its exploration activities and be able to support its ongoing operations, the Corporation expects that it will have to continue to maintain and enhance relations with investors and other capital market participants, with the aim of raising additional equity financing going forward. CURRENT DEVELOPMENTS Michel Leclerc's appointment to the Board of Directors Subsequent to year-end, on April 20, 2026, the Corporation announced that Michel Leclerc, P.Eng., had been appointed to its Board of Directors effective immediately. Michel Leclerc is a mining engineer (retired status) with 35+ years of experience, including nearly two decades at Agnico Eagle where he served as Vice President, Project Evaluation (2012-2020) and held senior operating roles. With Step-Out Drilling Continuing, Meaningful Resource Growth at O'Brien with an Updated MRE Subsequent to year-end, on March 2, 2026, the Corporation reported an updated Mineral Resource Estimate ("MRE") for its 100%-owned O'Brien Gold Project in Québec. The updated MRE is an interim estimate reflecting drilling results completed as of December 31, 2025, from the ongoing, fully funded 140,000-metre drill program, which began in 2025 and is expected to continue into the first half of 2027. Developing Vein Model at O'Brien Gold Project with Implications for Future Growth and Mine Planning Subsequent to year-end, on February 12, 2026, the Corporation provided an update on geological modelling at its 100%-owned O'Brien Gold Project in Québec, highlighting significant new vein-hosted mineralization identified through the ongoing, fully funded 140,000-metre drill program. Since late 2024, drilling from pilot hole OB-24-337 has delineated at least eight parallel veins over a 250-metre by 700-metre area, demonstrating continuity with historic mine workings and supporting future resource growth potential. Additional High-Grade Drill Results at O'Brien Including 23.37 g/t Au over 4.0 Metres and the Deepest Intercept to Date Subsequent to the end of 2025, on January 27, 2026, the Corporation announced assay results from seven new drill holes completed at its 100%-owned O'Brien Gold Project located in the Abitibi region of Québec. The seven holes are the latest completed as part of the Corporation's ongoing 140,000-metre step-out drill program designed to test the overall scope of gold mineralization at the Project. Additional High-Grade Drill Results Further Extends New Mineralization Beneath the Historic O'Brien Subsequent to year-end, on January 6, 2026, the Corporation reported assay results from six drill holes at its 100%-owned O'Brien Gold Project in Québec, all of which intersected gold mineralization. The results, including two directional wedges from pilot hole OB-24-337, support the continued delineation of high-grade mineralization beneath the historic O'Brien Mine as part of the ongoing 140,000-metre drill program. Step-Out Drilling at O'Brien Gold Project Intersects High-Grade Mineralization in Multiple Locations On October 28, 2025, the Corporation reported assay results from fifteen drill holes at its 100%-owned O'Brien Gold Project in Québec, completed as part of the ongoing 140,000-metre drill program. All holes intersected gold mineralization, with thirteen returning grades and thicknesses consistent with the Project's existing mineral resources. Ongoing Step-Out Drill Program Expansion to 140,000 Metres at O'Brien On October 16, 2025, the Corporation announced that it will expand the ongoing step-out exploration drill program at the O'Brien Gold Project to 140,000 metres utilizing up to eight drill rigs. The expanded program aims to build upon recent successes in delineating new high-grade gold mineralization outside the scope of the Project's current Mineral Resource Estimate. This will be the largest drill program in the history of the Project. Closing of Brokered Oversubscribed Financing for $25 Million On October 7, 2025, the Corporation announced the closing of a "bought deal" private placement pursuant to which it issued a total of 41,667,000 Class A common shares of the Company at a price of $0.60 per Share, for gross proceeds of $25,000,200. Gold Mineralization Scope Expanded at O'Brien On September 8, 2025, the Corporation reported that fifteen new drill holes at its O'Brien Gold Project in Abitibi, Québec, all intersected gold mineralization, with thirteen showing grades and thicknesses consistent with existing resources, thereby extending the known mineralization deeper and further east. These results support the company's exploration target confirming strong resource growth potential, as Radisson continues an aggressive drilling campaign with four rigs currently active. Visible Gold in Surface Trenching On July 28, 2025, the Corporation announced the discovery of a significant occurrence of visible gold in a new trench developed 30 metres east of the Corporation's core shack and office complex, in the first trench developed as part of the summer 2025 exploration program at the Project. Highest Grade Drill Intercepts Achieved to Date Beneath the Historic O'Brien Gold Mine On July 16, 2025, the Corporation announced the highest-grade drill intercepts achieved to date beneath the historic O'Brien Gold Mine including 89.36 g/t gold over 3.7 metres and 60.75 g/t gold over 2.1 metres. Positive Preliminary Economic Assessment On July 9, 2025, the Corporation announced a positive Preliminary Economic Assessment ("PEA") for the O'Brien Gold Project. The PEA describes a high value project based on the use of neighbouring milling facilities for the processing of mined material, reducing capital costs, development risk, and project footprint. The PEA represents a "snap-shot" study for the Project, utilizing the existing mineral resource estimate initially published in March 2023, re-blocked with an updated cut-off yielding more ounces in more tonnes with good continuity at a lower average grade. Highlights of the study are an 11-year fully underground mine life with 740 koz of gold ("Au") mined and 647 koz recovered at 87% average recovery with a gravity-flotation-regrind-leach flowsheet. Initial capital cost is estimated at $175 million. At a base-case gold price of US$2550/oz Au, the after-tax Net Present Value at a 5% discount rate is $532 million, the Internal Rate of Return is 48%, and the payback of capital is 2.0 years. Drill Program Expansion and Exploration Priorities On May 21, 2025, the Corporation announced an expansion and extension of its current drill exploration program at the Project. This program expansion follows the recent completion of Radisson's successful C$12 million financing and ongoing drilling that is demonstrating significant gold mineralization below the historic mine workings and the Project's current Mineral Resources. $12 million Oversubscribed Private Placement On May 15, 2025, the Corporation announced that it had closed a private placement of Class A common shares and Class A common shares qualifying as flow-through shares for total gross proceeds of $12,070,000 to the Corporation. High-Grade Gold Mineralization Beneath the Historic O'Brien Gold Mine, Including 29.93 g/t Au over 2.2 m On April 2, 2025, the Corporation announced drill assay results from six new drill holes at its O'Brien Gold Project, revealing high-grade gold mineralization beneath the historic O'Brien Gold Mine. The drill holes intersected significant gold grades, including 29.93 g/t over 2.2 metres, demonstrating the continuity of multiple veins at depth. These results were part of Radisson's ongoing exploration efforts to extend mineralization below the existing resources and historic mine workings. UL ECOLOGO Certification for Responsible Mineral Exploration On March 4, 2025, the Corporation announced that it has received UL 2723 ECOLOGO® Certification for Mineral Exploration Companies recognising Radisson's commitment to best practices for responsible development in the mineral exploration industry. Positive Metallurgical Study at O'Brien and Update on Milling Assessment at IAMGOLD's Complex On February 3, 2025, the Corporation announced positive results of a metallurgical study at the O'Brien Gold Project, which achieved gold recoveries between 86% and 96% using various flow sheet options. The study was conducted in collaboration with IAMGOLD Corporation to assess the feasibility of processing mined material at IAMGOLD's Doyon mill. O'BRIEN GOLD PROJECT The O'Brien Gold Project is an exploration and development project centred on the former O'Brien Gold Mine located in the Abitibi region of Québec on the prolific Larder Lake-Cadillac Break. The O'Brien mine produced over half a million ounces of gold at an average grade exceeding 15 g/t Au. Based on historical data, it is clear that the former mine was "high-graded", with manual mining methods applied to the highest-grade veins and ore shoots at an estimated cut-off grade of 7 g/t to 8 g/t Au. Parallel but lower-grade mineralized zones, which would be well above an economic cut-off grade today, were left unmined. Recent drilling at the Project has identified new mineral resources outside the scope of the historic mine. Mineral resource updates have been published in (1) March 2023, based on 325,509 metres of drilling completed to the end of 2022, (2) July 2025, based on a re-blocking of the March 2023 estimate with updated parameters, and (3) March 2026, based on 428,440 metres of drilling completed to the end of 2025. Currently, Indicated Mineral Resources are estimated at 0.63 Moz (3.49 Mt at 5.59 g/t Au), with additional Inferred Mineral Resources estimated at 1.69 Moz (10.37 Mt at 5.08 g/t Au). An Exploration Target of another 5 Mt to 10 Mt at grades of between 4.0 g/t and 6.0 g/t Au containing 0.6 Moz to 2.0 Moz has been estimated to a 2 kilometre depth. On July 9, 2025 the Company announced the results of the first modern Preliminary Economic Assessment for the Project, predicated upon use of an off-site processing facility and a conceptual toll-milling arrangement. The PEA represents a "snap-shot" study for the Project, and utilizes the July 2025 mineral resource estimate. Highlights of the study are an 11-year fully underground mine life with 740 koz Au mined and 647 koz Au recovered at 87% average recovery with a gravity-flotation-regrind-leach flowsheet. Initial capital cost is estimated at $175 million. At a base-case gold price of US$2550/oz Au, the after-tax Net Present Value at a 5% discount rate is $532 million, the Internal Rate of Return is 48%, and the payback of capital is 2.0 years. An ongoing 140,000 metre drill program at the Project is currently delineating new gold mineralization outside the scope of the initial mine design, including below the historic O'Brien mine workings. Mineral Resource Estimate (published March 2, 2026 and effective January 31, 2026) The March 2026 Mineral Resource Estimate ("MRE") is based on 428,440 metres of drilling completed to the end of December 31, 2025, and has been authored by SLR Consulting (Canada) Ltd. (" SLR "). The estimate utilizes a 2.2 g/t Au cut-off at US$2,500/oz and makes certain assumptions on mining and processing costs, currency exchange rate, and metallurgical recovery (Table 1 and Figure 1). A wireframe vein model prepared by Radisson and reviewed by SLR constrains the estimate and applies a minimum width of 1.2 metres. Individual assays are capped at 60 g/t Au prior to compositing to full width of the veins, and the block model utilizes 5 by 2 by 5 metre blocks consistent with recent mine design studies. Summary of Mineral Resource Estimate, Effective January 31, 2026 Category Tonnes (kt) Grade (g/t Au) Oz (koz Au) Indicated 3,493 5.59 628 Inferred 10,368 5.08 1,692 Notes: 1. Prepared in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Definition Standards (2014) and Best Practice Guidelines of Mineral Resources and Reserves (2019). 2. Mineral resources are reported above a cut-off grade of 2.2 g/t Au based on a C$215/t operating cost, a long-term gold price of US$2,500/oz Au, a US$/C$ exchange rate of 1:1.33, and a metallurgical recovery of 90%. 3. Wireframes were modelled at a minimum width of 1.2 m. 4. Bulk density varies by deposit and lithology and ranges from 2.76 t/m³ to 2.87 t/m³. 5. Individual assays were capped at 60 g/t Au prior to compositing to full vein width. 6. Mineral resources that are not mineral reserves do not have demonstrated economic viability. 7. Numbers may not add due to rounding. Figure 1 : The O'Brien Gold Project, from Thompson-Cadillac/West O'Brien in the west through the O'Brien Mine to East O'Brien in long section and plan view, with current Mineral Resources. PROPERTY PORTFOLIO Radisson has a portfolio of two properties, covering a total area of 9,032 hectares in the Abitibi-Témiscamingue and Nord-du-Québec regions of Québec, Canada. Canada's political system is stable, and Québec has attractive tax benefits, access to a qualified workforce and suppliers recognized for their expertise in the mining sector. In July 2025, the Fraser Institute ranked Québec 22nd in the world for its attractiveness investment for mining development. Radisson's primary project, the O'Brien Gold Project, is located along the world-renowned Larder-Lake-Cadillac Break, which has hosted the majority of gold deposits in the Abitibi Greenstone Belt. Properties in Quebec (as at December 31, 2025) Property Number of Claims Area (hectare) Mineralization Interest Douay 30 1,606 Gold 100% O'Brien 147 7,426 Gold 100% Total 177 9,032 Although Radisson intends to concentrate its efforts on the O'Brien Gold Project, the Company has 100% ownership of the Douay property located in the James Bay territory. In 2023, Radisson completed the compilation and interpretation of drilling and geophysical data on the property, outlined exploration targets and completed field recognition for future exploration programs on this strategically located land package. EXPLORATION PROGRAM Gold mineralization at O'Brien occurs within quartz-sulphide veins developed primarily within the interlayered mafic volcanic rocks, conglomerates, and porphyritic andesitic sills of the Piché Group occurring in contact with the regionally significant Larder Lake-Cadillac Break. Individual veins are generally narrow, ranging from several centimetres up to several metres in thickness, and are associated with mineralized alteration envelopes of up to several metres in thickness. Multiple veins occur sub-parallel to each other, as well as sub-parallel to the Piché lithologies and the LLCB. As mapped at the historic O'Brien mine, and now replicated in the modern drilling, individual veins have well-established lateral continuity, with steeply plunging grade shoots developed over significant lengths. The Company believes there is potential to add new mineral resources along the 5.2 km prospective land package on the LLCB adjacent to the former O'Brien mine. In particular, the Company believes there is significant potential to add new mineral resources at depth. Following the completion of the mineral resource estimate in March 2023, the Company re-commenced an exploration drill program at O'Brien designed to increase the scope of gold mineralization and add new mineral resources. Between late 2023 and 2024 the Company completed approximately 35,000 metres of new drilling. Since the end of 2024, the focus of drilling at O'Brien has been broad step-outs with the objective of determining the overall scope of mineralization at the Project to a depth of 2 kilometres. The priority is the quantity and distribution of mineral resources rather than in-filling to upgrade the classification of the existing mineral resources. This drilling is accomplished with pilot holes followed by wedges and directional drilling to maximize drill efficiency. In January 2025, the Company commenced a 22,000 metres program of step-out drilling, which was expanded in May 2025 to 50,000-60,000 metres, and expanded again in October 2025 to 140,000 metres. An initial 35,000 metres of this expanded program were completed in 2025, with 72,500 metres budgeted for 2026, and a further 32,500 metres scheduled for the first half of 2027. The origin of this step-out drill program was the deep pilot hole OB-24-337, which was the first exploration drill hole located below the former mine workings since mining ended in 1957. In December 2024, Radisson announced that this hole had intersected 31.24 g/t Au over 8.0 metres, including 242.0 g/t Au over 1.0 metre at approximately 1,500 metres vertical depth. As of January 2026, assay results from all fifteen wedges drilled from OB-24-337 have been reported and up to eight gold-bearing veins have been delineated. New mineralization beneath the historic mine workings has now been defined over an area of a minimum 250 metres (east-west) by 600 metres (vertical). Multiple additional drill intercepts of gold mineralization with grades and core lengths consistent with the Project's mineral resources have also been returned below the westernmost portion of the former mine and below what is delineated as "Trends 1 & 2" to the east of the former mine. The Project's updated MRE, effective January 31, 2026 and published in March 2026, utilizes 66,387 metres of drilling in 122 drill holes conducted between 2023 and 2025 and the validation of an additional 36,544 meters of historic drilling. O'Brien's system of Quartz-Sulphide-Gold vein mineralization remains open to depth across a broad front beneath the historic mine workings and the updated MRE. The potential continuation of this mineralization to a 2 kilometres depth defines an Exploration Target of an additional 5 Mt to 10 Mt at grades of between 4.0 g/t and 6.0 g/t Au containing 0.6 Moz to 2.0 Moz. The Company has also been pursuing an early-stage exploration program on the 74 km 2 New Alger portion of the O'Brien Gold Project, a recently acquired land package located south of the town of Cadillac. During 2022-2023 till sampling and prospecting at New Alger, prospecting samples with gold grades up to 7.33 g/t Au were discovered in addition to a gold-rich soil anomaly with a strike length exceeding 2 km. The geological characteristics of New Alger are similar to those of historical and operating mines in the area, with presence of potentially prolific shear zones, intermediate to felsic dykes and intrusions. While the O'Brien area remains Radisson's top priority, the Company believes the New Alger area represents a low-cost opportunity where vast landholding has potential to yield new gold discoveries. PROJECT DEVELOPMENT PROGRAM In 2024, the Company entered a Memorandum of Understanding ("MOU") with IAMGOLD Corporation to assess the design criteria for processing mined material from the O'Brien Gold Project at the nearby Doyon gold mill, part of IAMGOLD's Doyon-Westwood mine complex. To conduct this milling assessment, the Company retained Ausenco Engineering Canada ULC and commenced a program of metallurgical work at the Lakefield, Ontario facilities of SGS Canada Inc. The MOU is non-binding and non-exclusive and contains no specific terms around potential commercial arrangements between the parties. In February 2025, the Company released the results of the metallurgical study and milling assessment. Gold recoveries of between 86% and 96% were obtained based on a series of flow sheet options, all of which are compatible with the Doyon mill with minimal or modest additional capital. The results of the milling assessment demonstrated processing optionality for O'Brien, including at the Doyon mill. In January 2025 the Company announced its intention to complete a PEA for the Project and retained Ausenco for processing design, infrastructure and financial modelling, InnovExplo (part of Norda-Stelo Inc.) for mine design and mine scheduling, and BBA Inc. for water management, surface facilities, and a review of the Project's environmental assessment and permitting requirements. In addition, BBA Inc. were retained to undertake certain environmental baseline data acquisition programs and environmental assessment studies to supplement the Company's existing environmental programs. On July 9, 2025, the Company announced the results of the PEA. The PEA establishes criteria for the development of O'Brien based on processing and tailings management at an existing off-site facility, namely IAMGOLD's Westwood complex, under a toll milling arrangement. The study was conducted independently by Radisson and its consultants. IAMGOLD has not independently confirmed the processing assumptions, metallurgical results and/or cost assumptions assumed in this study. Highlights of the study are an 11-year fully underground mine life with 740 koz Au mined and 647 koz Au recovered at 87% average recovery with a gravity-flotation-regrind-leach flowsheet. Initial capital cost is estimated at $175 million. At a base-case gold price of US$2550/oz Au, the after-tax Net Present Value at a 5% discount rate is $532 million, the Internal Rate of Return is 48%, and the payback of capital is 2.0 years. The PEA represents a "snap-shot" study for the Project, utilizing the March 2023 mineral resource estimate, re-blocked with an updated cut-off yielding more ounces in more tonnes with good continuity at a lower average grade. COMMUNITY ENGAGEMENT The O'Brien Gold Project is located within the township of Cadillac in the municipality of Rouyn-Noranda and the Abitibi-Témiscamingue region of Québec. Several communities are within an area of expected economic and social influence of the Project, including the first nations communities of Pikogan FN (Abitibiwinni) and Long Point FN (Anishinabeg). Radisson is committed to maintaining an open and respectful dialogue with all of its neighbouring communities at each step of its growth. The Company believes that responsible resource development must be based on trust-based relationships with all stakeholders. The Company has commenced a program of community engagement based on the principles of transparency, open communication and mutual benefit, designed to provide information on Radisson's current and future potential operations, and to seek community feedback and engagement. SELECTED ANNUAL INFORMATION (IFRS) The following table summarizes selected key financial data from the Corporation's balance sheet of the last three fiscal years: Fiscal year ended December 31 2025 $ 2024 $ 2023 $ Total assets 99,365,260 63,218,228 56,854,538 Revenues 441,242 363,658 147,740 Net income (loss) (2,750,373) (2,169,947) (835 308) Net income (loss) per share (0.007) (0.007) (0.003) EQUITY FINANCING Class A common shares In May 2025, the Corporation issued 4,500,001 Class A shares at a price of $0.30 per share for a total of $1,350,000. In October 2025, the Corporation issued 41,667,000 Class A shares at a price of $0.60 per share for a total of $25,000,200. Flow-through shares In May 2025, the Corporation issued 31,529,411 flow-through shares at a price of $0.34 per share for a total of $10,720,000. An amount of $945,882 is accounted as ''Other liability related to flow-through shares''. Options During the year, 3,930,489 options were exercised for a total of $726,943. An amount of $372,212 was recorded as an increase in the share capital transferred Reserves-Settlement under Equity. Warrants During the year, 5,601,612 warrants were exercised for a total of $1,523,821. An amount of $373,545 was recorded as an increase in share capital transferred from Warrants. STOCK MARKET The Corporation's shares have been listed on the stock market under the symbol RDS since 1986. Radisson is a "Venture Issuer" on the TSX Venture Exchange (TSX-V). INFORMATION ON OUTSTANDING SECURITIES Share Capital As at December 31, 2025 and as the date of this report Corporation's share capital consisted of 432,321,197 (2024, 345,092,684) class A shares issued and outstanding. December 31, 2025 December 31, 2024 Class A shares Amount Class A shares Amount Issued and paid $ $ Balance, beginning of year 345,092,684 81,914,936 319,914,956 75,619,485 Common shares 46,167,001 26,350,200 7,421,038 1,736,737 Flow-through shares (1) 31,529,411 9,774,118 13,559,415 3,716,599 Exercised options (2) 3,930,489 1,099,155 1,300,000 241,126 Exercised warrants (3) 5,601,612 1,897,366 2,897,275 871,197 Share issuance costs (net of deferred taxes) - (1,551,470) - (270,208) Balance, end of year 432,321,197 119,484,305 345,092,684 81,914,936 Value of Flow-through shares is presented at market value net of premium at closing. An amount of $372,212 was recorded as an increase in the share capital transferred from Reserves-Settlement under Equity. An amount of $373,545 was recorded as an increase in share capital transferred from Warrants. New Omnibus Equity Incentive Plan In 2025, the Company adopted a New Omnibus Equity Incentive Plan. The new Omnibus Equity Incentive Plan (the "Omnibus Plan") replaces the Company's previous stock option plan. Under the Omnibus Plan, a rolling 10% share reserve will apply to all awards, including stock-options ("Options"), restricted share units ("RSUs"), performance share units ("PSUs"), and deferred share units ("DSUs"). The total number of common shares reserved for issuance under the Omnibus Plan, at any time, will not exceed 10% of the Company's issued and outstanding common shares. Stock Purchase Options The exercise price of each option is the market price of the Company's stock at the date of grant of options, and the maximum term of a new option is 10 years. Unless otherwise determined by the Board of Directors, options granted under the New plan vest over a period of three years from the date of Grant. A summary as at December 31, 2025, is presented below: December 31, 2025 December 31, 2024 Number Weighted average exercise price Number Weighted average exercise price $ $ Outstanding at beginning 17,809,805 0.194 16,419,805 0.190 Granted 2,739,014 0.425 5,915,000 0.188 Expired (475,000) 0.268 (2,225,000) 0.189 Forfeited - - (1,000,000) 0.175 Exercised (3,930,489) 0.183 (1,300,000) 0.128 Outstanding at the end 16,143,330 0.233 17,809,805 0.194 Options exercisable at the end 13,717,326 0.208 16,609,806 0.193 Restricted Share Units (''RSU''), Deferred Share Units (''DSU'') and Performance Share Units (''PSU'') Under the Omnibus Plan, the Corporation can grant RSUs, DSUs and PSUs. The terms of any grant are to be determined by the Board of Directors of the Corporation. The price of each RSU, DSU or PSU is the market price of the Corporation's stock at the date of grant. Unless otherwise determined by the Board of Directors, units granted will vest over a period of at least one years from date of grant and subject to certain conditions. A summary of the situation as at December 31, 2025 is presented below: RSU outstanding DSU outstanding Outstanding as at December 31, 2024 - - Granted 1,213,291 541,176 Outstanding as at December 31, 2025 1,213,291 541,176 During the year ended December 31, 2025, the Corporation granted 1,213,291 RSUs to key management personnel and officers of the Corporation. RSUs granted under the Corporation's long-term incentive plan vest in tranches over a three-year period, commencing one year after the grant date. RSUs granted under the annual performance-based incentive plan vest following a one-year period from the grant date. Of the 1,213,291 RSUs granted, 262,004 RSUs vest after one year and the remaining 951,287 RSUs over three years. The market price of the Corporation's share at the date of grant was $0.425 per share for 1,507,593 RSUs and $0.83 per share for 246,875 RSUs. During the year ended December 31, 2025, the Corporation granted 541,176 DSUs to directors of the Corporation, which vest over a one-year period from the grant date. The market price of the Corporation's share at the date of grant was $0.425 per share and $0.90 at the reporting date. A total amount of $432,987 of share-based compensation has been registered in the statement of comprehensive loss relating to the vesting of the RSUs and DSUs with a corresponding amount in other liabilities related to share-based compensation - DSUs of $269,551 and $163,436 in Reserves - Settlement under Equity. Warrants Each warrant entitles the holder to acquire one common share of the Corporation. The exercise prices and the maturing dates of the warrants are variable, depending on their issuance date. During the fiscal year ended December 31, 2025, the Corporation did not issue warrants (5,544,287 in 2024) and 5,430,431 warrants were outstanding on December 31, 2025 (2024, 11,032,043). December 31, 2025 December 31, 2024 Number Weighted average exercise price Number Weighted average exercise price $ $ Outstanding at beginning 11,032,043 0.32 8,385,031 0.27 Granted - - 5,544,287 0.37 Exercised (5,601,612) 0.27 (2,897,275) 0.27 Outstanding at the end 5,430,431 0.37 11,032,043 0.32 CONTRACTUAL OBLIGATIONS AND COMMITMENTS Following are the details of royalties and contractual obligations held by Radisson on third parties' properties: Massicotte: In favour of Radisson, a 2% NSR royalty on the claims that make up the property. The property owner can purchase the first half of the NSR royalty for a cash payment of $1,000,000 and the second half for an additional cash payment of $2,000,000. The following are the details of royalties and contractual obligations held by third parties on the Corporation's O'Brien, Kewagama and New Alger properties (collectively, the "O'Brien" properties): O'Brien: 1-million-dollar cash payment in the event of commercial production Kewagama: 2% net smelter return (NSR) royalty New Alger: 3% NSR on certain mining claims replacing the old mining concession known as CM240-PTA 2% NSR on certain mining claims replacing the old mining concession known as CM240-PTA 1% NSR on certain mining claims in the southern portion of the property 1.5-million-dollar cash contingent payment related to the New Alger property shall be payable to Renforth Resources Inc. on the earliest of: (i) a Change of Control of the Corporation, (ii) the declaration by the Corporation of Commercial Production of the Project, and (iii) a sale of the Project for proceeds of more than $40,000,000. RELATED PARTY TRANSACTIONS AND COMMERCIAL OBJECTIVES During the year ended on December 31, 2025, the Corporation incurred the following transactions with key management and officers of the Corporation and companies owned by directors. The remuneration of key management (President & Chief Executive Officer, Chief Financial Officer, VP Exploration and directors) is: Financial year ended December 31, 2025 December 31, 2024 $ $ Salaries and employee benefits 1,039,650 456,800 Experts and subcontractors 30,000 302,500 Directors' fees 150,000 126,250 Share-based compensation and payments 836,053 321,167 2,055,703 1,206,717 The above transactions occurred within the normal course of business and are measured at the exchange value, which is the amount of consideration established and agreed by the related parties. DISCLOSURE CONTROLS AND PROCEDURES The President and Chief Executive Officer and the Chief Financial Officer are responsible for establishing and maintaining the Corporation's disclosure controls and procedures as defined in Multilateral Instrument 52- 109. These controls and procedures were evaluated as at December 31, 2025, and it was concluded that they were adequate and effective. INTERNAL CONTROLS OVER FINANCIAL REPORTING The President and Chief Executive Officer and the Chief Financial Officer are responsible for establishing and maintaining internal controls over the Corporation's financial reporting as defined in Multilateral Instrument 52-109. For the financial year ended December 31, 2025, no changes were made to internal controls over financial reporting that would have materially affected, or would be reasonably considered to materially affect, the Corporation's controls. ADDITIONAL DISCLOSURE FOR VENTURE ISSUERS WITHOUT SIGNIFICANT REVENUES The Corporation provides information on evaluation and exploration assets in Note 6 to the financial statements for the financial year ended December 31, 2025. The Corporation has no research and development expenditures. The Corporation has no deferred expenses other than evaluation and prospecting assets. Regarding information in this MD&A on evaluation and prospecting assets, Management has concluded that the absence of depreciation during the financial year ended December 31, 2025, is adequate. BASIS OF PRESENTATION AND ADOPTION OF IFRS These financial statements have been prepared by the Corporation's management in accordance with International Financial Reporting Standards ("IFRS"). These financial statements were prepared on a going concern basis, under the historical cost basis, except for the financial assets and financial liabilities revaluated at fair value through net profit or loss. The preparation of financial statements in accordance with IFRS requires the use of certain critical accounting estimates. It also requires Management to exercise judgment when applying the Corporation's accounting policies. The significant accounting policies applied in the preparation of these financial statements are summarized further in this MD&A. The financial statements do not include draft standards that are still at the exposure draft stage with the International Accounting Standards Board (IASB) and standards published and approved by the IASB, but with an application date beyond December 31, 2025. SIGNIFICANT ACCOUNTING POLICIES In accordance with International Financial Reporting Standards ("IFRS"), the Corporation's management must make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Significant accounting policies and those that require the most judgment and estimates are: Evaluation and prospecting expenditures The application of the Corporation's accounting policy for evaluation and prospecting expenditures requires judgment in determining the degree to which the expenditure can be associated with finding specific mineral resources. The estimation process requires varying degrees of uncertainty, and these estimates directly impact the deferral of evaluation and exploration expenditures. The deferral policy requires Management to make certain estimates and assumptions about future events or circumstances. Estimates and assumptions made may change if new information becomes available. If, after expenditures have been capitalized, information becomes available suggesting that the recovery of expenditures is unlikely, the amount capitalized is written-off in the year when the new information becomes available. Provisions and contingent liabilities Judgments are made as to whether a past event has led to a liability that should be recognized in the financial statements or disclosed as a contingent liability. Quantifying these liabilities involves judgments and estimates. These judgments are based on a number of factors including the nature of the claims or dispute, the legal procedures and potential amount payable, legal advice received past experience and the probability of a loss being realized. Several of these factors are sources of uncertainty in estimates. Impairment of mining properties and deferred prospecting and evaluation expenditures and property and equipment For the purposes of assessing impairment, assets are combined at the lowest levels for which there are largely independent cash inflows (cash-generating units). As a result, some assets are tested individually for impairment and some are tested at a cash-generating unit level. Whenever events or changes in circumstances indicate that the carrying amount may not be recoverable, an asset or cash-generating unit is reviewed for impairment. The right to explore the area has expired or will expire in the near future with no expectation of renewal; No further prospecting or evaluation expenditures in the area are planned or budgeted; No commercially viable deposits have been discovered, and the decision has been made to discontinue exploration in the area; Sufficient work has been performed to indicate that the carrying amount of the expenditure carried as an asset will not be fully recovered. Additionally, when technical feasibility and commercial viability of extracting a mineral resource are demonstrable, the prospecting and evaluation assets of the related mining property are tested for impairment before these items are transferred to property and equipment. An impairment loss is recognized in profit or loss for the amount by which the asset's or cash-generating unit's carrying amount exceeds its recoverable amount. The recoverable amount of an asset or a cash-generating unit is the higher of its fair value less cost to sell and its value in use. An impairment loss is reversed if the asset's or cash-generating unit's recoverable amount exceeds its carrying amount. Critical accounting estimates and judgments. The preparation of financial statements requires Management to make estimates, assumptions and judgments with respect to future events. These estimates and judgments are constantly challenged. They are based on past experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The actual results are likely to differ from the estimates, assumptions and judgments made by Management, and will rarely be identical to the estimated results. The following paragraphs describe Management's most critical estimates and assumptions in the recognition and measurement of assets, liabilities and expenses and Management's most critical judgments in applying accounting policies. Share-based compensation and payments and fair value of warrants The estimation of share-based compensation costs and fair value of warrants requires the selection of an appropriate valuation model and consideration as to the inputs necessary for the valuation model chosen. The Corporation has made estimates as to the volatility of its own shares, the expected life, the exercise period as well as the expected forfeitures of the share-based compensations. The valuation model used by the Corporation is the Black & Scholes model. Deferred tax liabilities and assets Deferred tax liabilities and assets are measured at tax rates expected in the period during which the asset is realized or the liability is settled, based on tax rates (and tax laws) that are enacted or substantively enacted at the end of the period for submission of financial information. The measurement of liabilities and deferred tax assets reflects the tax consequences that follow from the manner in which the Corporation expects, at the end of the period for submission of financial information, to recover or settle the carrying amount of its assets and liabilities. ENVIRONMENTAL AND OTHER REGULATIONS Existing and future environmental legislation, regulations and measures could give rise to additional costs, capital expenditures, restrictions and delays in the Corporation's activities that are unpredictable in scope. The requirements of environmental regulations and standards are under constant evaluation and can be increased considerably, which could seriously affect the Corporation's business or its ability to develop its properties economically. Before production can begin on a property, the Corporation must obtain regulatory and environmental approvals; there is no assurance that these approvals will be obtained or can be obtained in a timely manner. The costs of changes in government regulations can also reduce the profitability of operations or completely preclude the economic development of a property. RISKS AND UNCERTAINTIES RELATED TO EXPLORATION Mineral exploration involves a high degree of risk. Few properties explored are put into production. Unusual or unexpected rock formations, fires, power outages, labour disputes, floods, explosions, cave-ins, landslides, and problems in obtaining qualified workers and appropriate or adequate machinery or equipment are other risks involved in carrying out exploration programs. The economics of developing resource properties are affected by many factors, including operating costs, variations in the grade of ore mined, fluctuations in metal markets, processing equipment costs and other factors such as Aboriginal land claims, government regulations, especially regulations relating to royalties, allowable production, importing and exporting natural resources, and environmental protection. Depending on the price of the natural resources produced, the Corporation can determine that it is not appropriate to begin or continue commercial production. There is no certainty that amounts spent by the Corporation in exploring its mineral properties will lead to the discovery of commercial quantities of ore. Most exploration projects do not result in the discovery of commercially mineable ore deposits. The reader should carefully consider these risks as well as the information disclosed in the Corporation's financial statements, and other publicly filed documents of the Corporation, which are available electronically on SEDAR+ ( https://www.sedarplus.ca ) under the Corporation's issuer profile. RISKS RELATED TO FINANCING AND DEVELOPMENT The development of the Corporation's properties therefore depends on its ability to obtain the necessary additional financing. There is no assurance that it will be successful in obtaining the required financing. Furthermore, putting resource properties into production depends on obtaining the services of experienced personnel or of coming to agreements with other large resource companies that can provide the expertise. MARKET FORCES Factors beyond the Corporation's control can influence the marketability of the gold or any other mineral discovered. The price of resources has fluctuated considerably, especially over the past few years. The impact of these factors cannot be accurately predicted. UNINSURED RISKS The Corporation can be held liable for the results of cave-ins, pollution, or other risks against which it cannot or may elect not to insure because of the high cost of premiums or for other reasons. The payment of these liabilities could reduce or eliminate the funds available for exploration and mining activities. OTHER MD&A REQUIREMENTS Additional information about the Corporation is available on SEDAR+ . Rouyn-Noranda, Quebec, Canada April 23, 2026 (s) Matthew Manson (s) Hubert Parent-Bouchard Matthew Manson Hubert Parent-Bouchard President & CEO Chief Financial Officer

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