Unaudited MD&A 3rd Quarter for the period ending June 30, 2026

The management discussion and analysis of financial condition and results of operations ("MD&A") focuses upon the activities, results of operations, liquidity and capital resources of Riverside Resources Inc. (the "Company" or "Riverside") for the nine months ended June 30, 2026. In order to better understand the MD&A, it should be read in conjunction with the condensed interim consolidated financial statements and related notes for the nine months ended June 30, 2026. The Company's financial statements are prepared in accordance with IFRS Accounting Standards ("IFRS") and filed with appropriate regulatory authorities in Canada.

This MD&A is current to August 27, 2026 and in Canadian dollars unless otherwise stated.

Additional information relating to the Company, including its Information Circular for the financial year ended September 30, 2025, is available under the Company's profile on SEDAR+ at https://www.sedarplus.ca.

Forward-Looking Statements

Information set forth in this MD&A may involve forward-looking statements under applicable securities laws. Forward-looking statements are statements that relate to future, not past, events. In this context, forward-looking statements often address expected future business and financial performance, and often contain words such as "anticipate", "believe", "plan", "estimate", "expect", and "intend", statements that an action or event "may", "might", "could", "should", or "will" be taken or occur, or other similar expressions. All statements, other than statements of historical fact, included herein including, without limitation; statements about the size and timing of future exploration on and the development of the Company's properties are forward-looking statements. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the Company's actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following risks: the need for additional financing; operational risks associated with mineral exploration; fluctuations in commodity prices; title matters; environmental liability claims and insurance; reliance on key personnel; the volatility of our common share price and volume and other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulations. Forward-looking statements are made based on management's beliefs, estimates and opinions on the date that statements are made and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable securities laws. There can be no assurance that such statements will prove to be accurate, and future events and actual results could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from our expectations are disclosed in the Company's documents filed from time to time via SEDAR+ with the Canadian regulatory agencies to whose policies the Company is bound. Investors are cautioned against attributing undue certainty to forward-looking statements.

The users of this information, including but not limited to investors and prospective investors, should read it in conjunction with all other disclosure documents provided including but not limited to all documents filed on https://www.sedarplus.ca.

The Company is a mineral exploration and evaluation company listed on the TSX Venture Exchange under the symbol "RRI" and is engaged in the acquisition, exploration and evaluation of exploration and evaluation assets in the Americas including Canada, the United States and Mexico where the technical team collectively has more than 100 years of exploration experience and has been part of more than five discoveries that have gone into production.

The Company combines the experience of mine discoverer John-Mark Staude (President, CEO, Director), Freeman Smith (Vice President Exploration), and with the finance and business management expertise of Rob Scott (CFO), Bryan Wilson (Director), James Clare (Director), Walter Henry (Director), and Marco Strub (Director). Management has experience in developing significant shareholder value and they have assembled a team that can build a valuable and successful organization.

Corporate and Financing

On October 31, 2025, the Company and Blue Jay Gold signed a debt settlement agreement, whereby the aggregate amount of $750,646 arising from the advances made by Company to Blue Jay were settled by debt forgiveness of

$600,646 and the remaining $150,000 by subscribing for units on Blue Jay's non-brokered private placement (which was done at $0.60/share with a $0.90 half warrant where by Riverside became shareholder of Blue Jay).

On November 5, 2025, the Company signed an option agreement wherein the Company may acquire up to 100% interest in the Redtop property located in British Columbia, Canada. Under the agreement, the Company is granted a sole and exclusive right and option to acquire up to 100% interest in the said property by making certain cash payments and incurring exploration expenditures. Subsequently, the Company paid $12,000 upon signing of the definitive agreement.

On November 28, 2025, the Company completed a non-brokered private placement and issued 18,460,000 units at

$0.20 per unit, with each unit consisting of one common share and one-half of one common share purchase warrant each exercisable at $0.30 per common share until November 28, 2027.

On February 18, 2026, the Company entered into an option agreement with 1575540 B.C. Ltd. ("1575540") whereby 1575540 could acquire a 100% interest in the Revel property, by making cash payments and incurring a minimum work commitment on exploration expenditures, while retaining a 3.0% NSR.

On April 30, 2026, the Company's subsidiary RRI Holdings Limited changed its name to Ravena Resources Corp.

On June 4, 2026, the Company announced the appointment of Marco Strub as an independent director of the Company.

During the period ended June 30, 2026, 300,000 common shares were issued upon the exercise of options, resulting in gross proceeds of $23,500.

During the period ended June 30, 2026, 305,000 stock options expired unexercised.

On July 13, 2026, the Company's subsidiary Ravena Resources Corp. ("Ravena") completed a non-brokered private placement by issuing 4,962,815 common shares at $0.20 per share for gross proceeds of $992,563.

The Company's exploration team remains active in Canada and Mexico. The Company continues to focus on expanding its Canadian assets in British Columbia with Rare Earth Elements, gold, and copper projects that have good infrastructure and high potential for discovery. The Company is progressing exploration work in northwestern Mexico that focuses on gold, silver, and copper.

Operational details during and subsequent to the nine months ended June 30, 2026

Canada

The Company held 100% interest in the Pichette, Oakes and Duc projects in northwestern Ontario, Canada.

On November 14, 2024, the Company announced that it completed the transfer of its Ontario gold projects, including Pichette, Oakes, and Duc, into a wholly owned subsidiary called Blue Jay Gold Corp ("Blue Jay"), paving the way for potential future transactions. The transfer is part of Riverside's strategy to unlock value from its Canadian assets while focusing on its core strengths in exploration and mineral property royalty generation.

On January 28, 2025, the Company announced its intention to spin out its Ontario Gold Projects: Pichette, Oakes, and Duc into the newly formed subsidiary, Blue Jay Gold Corp. This strategic move aims to provide shareholders with direct ownership in Blue Jay, which will focus on advancing these specific assets, while Riverside continues to develop its diverse project portfolio across Canada and Mexico. Under the proposed plan, each existing Riverside share will be exchanged for one new Riverside share and one-fifth of a Blue Jay share. Riverside will retain an uncapped 2% Net Smelter Return royalty on each of Blue Jay's properties, aligning with its commitment to creating shareholder value through project development. These properties, strategically located in Ontario near significant mining operations such as Equinox Gold's Greenstone Mine, are positioned for further development and exploration.

On February 24, 2025, the Company received conditional approval from the TSX Venture Exchange for the proposed spin-out of Blue Jay Gold Corp. through a statutory plan of arrangement. Under the terms of the Arrangement, Riverside shareholders will receive one share of Blue Jay for every five shares of Riverside held. As part of the process, Riverside filed a National Instrument 43-101 Technical Report for the Pichette Project in Ontario, supporting regulatory requirements for the spin-out.

On April 1, 2025, shareholders approved the plan of arrangement to spin-out Blue Jay Gold Corp, vesting each Riverside share with one New Riverside share and 0.2 Blue Jay share. This was followed by final court approval on April 4, 2025, satisfying all remaining regulatory conditions. On May 12, 2025, Riverside confirmed the effective date for the spin-out as May 22, 2025.

On May 22, 2025, the spin-out was completed and Blue Jay Gold Corp. became a separate company with its shares being distributed to Riverside shareholders. Riverside company retains the 2% NSR on the three projects that Blue Jay is now progressing and has ownership.

On October 24, 2023, the Company announced the acquisition of the Revel Carbonatite Rare Earth Element Project near Revelstoke, positioning the company in the critical metals' sector.

The Revel project is 100% owned by Riverside and acquired in mid-2023 through Riverside staking open ground with known carbonatite geology and some geochemistry for Rare Earth Elements (REE) and past work on REE's and critical metals. Riverside's work of compilation, geology, geochemistry and exploration continues, and the Company has mineral concessions covering approximately 10 km sq as 1,100 hectares in an area north of Revelstoke, British Columbia.

On October 14, 2025, the Company announced an expanded REE program centered on the Revel Project. The Company confirmed an extensive carbonatite unit at the project and is executing field programs including detailed mapping, spectral and geochemical sampling, ground geophysics, and baseline and permit planning to support potential first-pass drilling in the future.

On February 18, 2026, the Company entered into an option agreement with 1575540 B.C. Ltd. ("1575540") whereby 1575540 could acquire a 100% interest in the Revel property, by making the following cash payments and incurring a minimum work commitment on exploration expenditures, while retaining a 3.0% NSR. The transaction details as below:

On September 29, 2023, the Company signed a Letter Agreement (LA) wherein the Company may acquire up to 100% interest in the Deer Park and Sunrise projects located in British Columbia, Canada. Under the LA, the Company is granted a sole and exclusive right and option to acquire up to 100% interest in the said property by making the following cash payments and incurring the following exploration expenditures as follows:

On January 22, 2024, the Company completed final agreement on Deer Park and summarized 2023 exploration progress on Deer Park including two new gold targets that have had small scale past mining at the Viking Horde, and Cougar Ridge targets. These targets have been defined through geochemical and geophysical surveys showing trends of greater than >1.2 km in length. 55 rock samples were collected this fall returning assays of up to 7.07 and

3.92 g/t Au, in the Viking and Cougar targets respectively.

Historically, Deer Park has had small mining scattered through out the area, with many prospecting pits and test adits. Several small exploration pits, with unknown production, occur along a mineralized structural zones. One vertical shaft has been developed on a pyrrhotite-chalcopyrite vein on the eastern part of the claim block showing alteration styles similar to that found in Rossland and Kettle River Mining Camps. Exploration work includes geological mapping and sampling, AeroTEM Electromagnetic & Magnetic Survey, soil geochemistry, trenching and 570m of diamond drilling. This work has been used by Riverside as the Company progresses exploration targets for potential drill testing in future.

Three of the main targets area the Cougar Ridge, Viking and TK Hill which have all three provided positive sampling results and are worthy for follow-up.

The Viking Target: This target is a shear-related gold bearing quartz vein with gold and a strong Cu-As chemical signature. Showings demonstrate a 600-700-meter strike and the geophysical response spans at least 1300 meters along strike. Kootenay Gold sampled outcrops from this area that returned values up to 36.4 g/tonne gold (Hoy, 2009).

The Cougar Ridge Target: This target is a pyrrhotite-chalcopyrite massive sulphide vein system and breccia with gold being associated with Pb-Zn-Ag. The pit at Cougar Ridge was sampled by Kootenay Gold in 2009 and returned values up to 23.2 g/tonne gold. Here, mineralized quartz veinlets trend more westerly suggesting that they may be extensional veins developed in response to right-lateral motion on the shears. In 2009, Kootenay Gold took 31 samples from this area with the best sample assayed at 10.68 g/t Au and 15.32 g/t Ag (Hoy, 2009). Riverside using pXRF and full assay geochemistry confirmed the presence and extends the scale as the target is worked up toward a drill target.

TK Hill: This new area is to the east of the Viking Horde and a contact zone between sediments and intrusive rock but is not skarn. The veins here are similar to those noted elsewhere and are believed to be the same mineralizing event but will require more work to confirm. Samples from this area show elevated copper, arsenic and lead.

The veins found in the Deer Park Project have similarities to the massive sulphide veins that form the "Main" veins of the Rossland gold-copper camp. Both are associated with or occur within mafic phases of the Nelson plutonic suite and comprise massive pyrrhotite and chalcopyrite. Mineralization is structurally controlled and occurs between two major units. It is believed these are a product of Mid-Jurassic intrusion of the Nelson Pluton. Possibly like the 163 Ma Monzonite observed in the Rossland Deposit 40km to the south where the presence of gold occurrence seems to be intricately linked to sulphides within breccias and veins over 500 meters.

On January 21, 2026, Riverside announced that it had expanded its British Columbia land position by optioning the Redtop property, which is contiguous with and immediately north of the Company's existing Jacket claims, and consolidated the area into the Red Jacket Project. The transaction followed Riverside's initial exploration work completed in late 2025 and effectively doubled the size of the Jacket property package. The Red Jacket Project is located in central British Columbia, approximately 15 km east of Clearwater and 115 km north-northeast of Kamloops, with road access by paved highway and logging roads.

Red Jacket is located within a well-mineralized volcanogenic massive sulphide (VMS) belt and includes at least three main outcropping and previously drilled polymetallic occurrences. Riverside reported that the Redtop property hosts occurrences with characteristics consistent with large Canadian VMS deposits and noted geological similarity to mineralization in the same Eagle Formation, Cambrian-age rocks to the south. Based on field programs, the Company outlined a 4 km northwest-southeast trend that includes the Redtop, Snow and Sunrise showings, and identified the trend as a priority for follow-up exploration on the consolidated project.

The Company also reported that integrated geochemistry, geology and geophysics continue to progress exploration. Historical soil sampling surveys indicate continuity of known mineralized bands along a 4 km northwest-southeast horizon, and the prospective horizon has seen minimal drill testing across its length. Riverside highlighted a zinc-in-soil anomaly identified by Placer Dome Inc. that envelopes known mineralization and trends roughly parallel to a potassium enrichment zone in radiometric data, while north-trending magnetic highs in Total Magnetic Intensity data are interpreted as likely mafic dikes and/or structures. Riverside noted that the combination of airborne magnetics and coincident soil anomalies supports target refinement and provides immediate areas of interest for systematic exploration. During summer 2026 Riverside conducted field sampling and soil exploration work.

On August 7, 2024, the Company signed an option agreement wherein the Company may acquire up to 100% interest in the Taft property located in British Columbia, Canada. Under the agreement, the Company is granted a sole and exclusive right and option to acquire up to 100% interest in the said property by making the following cash payments and incurring the following exploration expenditures as follows:

On December 9, 2024, Riverside announced the acquisition of the Taft Project, located in the Revelstoke Carbonatite Belt of British Columbia. This property, spanning 3,000 hectares, is strategically positioned for rare earth elements (REE) and gold exploration, aligning with Riverside's strategy of targeting critical mineral assets in favorable jurisdictions.

The Taft Project presents a focused effort to discover critical mineral projects for the Company. Geological mapping of the REE-rich terrane has identified promising areas along the belt, supported by favorable geochemistry and indicator minerals. Current sampling and exploration efforts, in collaboration with local prospectors, aim to refine targets through access, sampling, and mapping. These activities were completed in 2025.

During the year ended September 30, 2025, the Company decided not to continue with further exploration of the Taft project and chose to cancel the option agreement and write off all costs incurred related to this project in the amount of $103,599.

Mexico

On October 6, 2021, the Company announced high-grade gold samples from initial field work and the beginning of mineral tenure consolidation and expansion of La Union Project. The acquisition of these additional concessions provides Riverside with an expanded land position and further control of the historical mines and old workings across the district. The consolidation through the acquisition of small internal concessions provides Riverside with an option on the high-grade, previous small scale mine properties, internal to the larger surrounding 100% Riverside owned mineral concessions and increases the property total area to over 26 km2 (2,604 hectares).

Riverside's initial field work included selective rock sampling from abandoned mine workings and dumps with results returning up to 59.4 g/t Au and 833 g/t Ag (see Table below).

Table 1: Sample Results from La Union Project

Note: Six of the higher-grade due diligence samples are shown in Table above.

Transaction Details for the Acquisition:

The Company has a 100% exploration concession interest in certain portions of the La Union Property and an option to acquire 100% interest in others as noted below:

On January 5, 2022, the Company reported high grade surface sample assay results from its most recent field exploration program at La Union Project in Sonora, Mexico. After completing a claim consolidation, Riverside conducted a follow up field mapping and sampling program of 103 samples with the best sample returning 83.2 g/t (2.6 oz/t) gold and 4,816 g/t (150 oz/t) silver. The work further enhanced Riverside's understanding of the structural and lithological context by link.

For Union highlights included high grade polymetallic samples up to 30% Zn, 83.2 g/t Au, 4,816 g/t Ag, 10.3% Pb (see Table below). Of the 103 samples assay value ranged from 83.3 g/t gold to non-detectable with about 30% of the samples returning significant values in gold, silver, lead and/or zinc the best being.

• Au - high: 83.2 g/t; low cut-off: 0.5 g/t

• Ag - high: 4,816 g/t; low cut-off: 300 g/t

• Pb - high: 10.3%; low cut-off: 0.1%

• Zn - high: 30%*; low cut-off: 0.1%

*30% Zn is the upper detection limit in analysis method performed Table: Assays from La Union Project.

Note: Best 13 assays from 103 samples collected.

On March 1, 2023, the Company signed an option agreement to acquire a 100% interest in the Union Mine. The mine historically produced gold, silver and zinc from carbonate replacement deposits. The Company agreed to pay US$170,000 for the right, with the option to complete the earn-in by making a second payment of US$100,000 within 60 months of signing the agreement. Once the earn-in is complete, a 1.25% net smelter royalty will be retained by the underlying owner. The deal further consolidated Riverside's Union Project, which includes infrastructure and surface access.

On September 6, 2024, the Company announced a Letter of Intent (LOI) with Questcorp Mining Inc. ("Questcorp") for an option agreement to acquire a 100% interest in the La Union Project. Under the agreement, Questcorp will invest a total of $5,500,000 in exploration expenditure over four years, along with cash payments totaling $100,000 and the issuance of up to 19.9% ownership in Questcorp's common shares. Riverside will retain a 2.5% net smelter return (NSR) royalty on future production and serve as the project operator during the option period.

On May 6, 2025, the Company entered into a definitive option agreement with Questcorp Mining Inc. ("Questcorp") for the La Union project located in Sonora, Mexico. Under the agreement, Questcorp can acquire 100% interest in the project by fulfilling the following terms and granting the Company a 2.5% net smelter royalty on commercial production:

(1) Issuable within the fifth business day after the applicable date.

(2) Expressed as a cumulative total percentage of the undiluted issued and outstanding common shares of Questcorp as of the applicable payment date, and assuming Riverside has not previously disposed of any common shares.

Subsequently on May 7, 2025, the Company received $25,000 cash payment from Questcorp and 6,285,722 common shares, representing 9.9% of Questcorp's issued and outstanding shares as of May 20, 2025.

On May 22, 2025, Riverside announced the completion of the initial steps under the definitive option agreement with Questcorp for the Union project. Questcorp has now issued 6,285,722 common shares, equivalent to a 9.9% interest in the company as of May 20, 2025, and paid Riverside $25,000. Questcorp made payments to cover the underlying option obligations and reimburse Riverside for amounts the Company had spent in consolidating and permitting the project to a drill approved stage.

On July 7, 2025, Riverside reported exploration work at the Union, under its option agreement with Questcorp Mining Inc. The partners are preparing for the summer 2025 diamond drill program, with plans to complete over 1,500 metres of diamond drilling across at least three target areas.

On August 6, 2025, the Company announced that drilling has commenced at the Union project in northwest Sonora, Mexico.

On September 24, 2025, Riverside and partner Questcorp reported continued progress on the inaugural drill program at the Union Project in Sonora, Mexico, where three of five priority targets were tested and drilling advancing to the high-priority Famosa target. Initial holes intersected key stratigraphy and hematitic quartzites considered encouraging for gold mineralization.

On November 12, 2025, Riverside announced the completion of the Phase 1 drill program at the Union Project in Sonora, Mexico. 12 diamond core holes totaling over 1,600 metres were drilled across six priority targets and more than 700 half-core samples were shipped to independent laboratories for multi-element assaying.

On January 22, 2026, the Company and its partner Questcorp reported high-grade chip-channel sampling results from the Union Project in Sonora, Mexico, including a continuous 30 m interval from the Union Mine area grading approximately 20 g/t gold and 226 g/t silver, with associated zinc mineralization, and released the final assays from the Phase 1 drill program. The Company reported that the 12-hole Phase 1 program intersected CRD-style mineralization across the Union Mine, Union Norte and El Cobre target areas, with anomalous zinc, silver, gold and lead consistent with the targeted system, and also identified sediment-hosted gold indicators that support followup drilling. Riverside indicated that the results improve geological targeting for the next phase of exploration and support continued advancement of both CRD and sediment-hosted gold opportunities at the project in 2026.

On March 18, 2026, the Company announced the completion of the consolidation of the Famosa area within the Union Project through a final purchase payment of US$125,000 and the transfer of three mineral concessions (La Famosa, Dana 7 and Dana 7; mineral titles 199006, 220840 and 220841) from Pacific Comox S.A. de C.V. to Riverside's wholly owned Mexican subsidiary, RRM Exploración S.A.P.I. de C.V. The concessions, originally secured through an exploration agreement signed in August 2021 that granted a five-year purchase option, were acquired for total consideration of US$175,000 with no net smelter royalty or other royalty attached. The Famosa area hosts carbonate replacement deposit style mineralization and structurally controlled gold mineralization within dolomite and quartzite units in the southern portion of the Union Project district, and the consolidation strengthens Riverside's district-scale land position ahead of the spring 2026 exploration program.

On April 1, 2026, the Company and its partner Questcorp announced the commencement of the Phase 2 exploration program at the Union Project in Sonora, Mexico, building on the 12-hole Phase 1 drill program and a new sediment-hosted gold discovery at the Luis Hill target where hole UND25-9 returned 42 metres grading 0.3 g/t gold, representing a new style of Carlin-like gold mineralization for this part of Sonora. The fully funded program mobilized teams across four priority target areas for geological mapping, geochemistry, structural analysis and an

expanded aeromagnetic drone survey, with follow-up planned at the Union Mine chip-channel interval, the recently consolidated Famosa North CRD target, and sediment-hosted gold targets in the eastern portion of the district.

On May 5, 2026, the Company announced the Phase 2 field work results from the La Union Project in Sonora, Mexico. Sampling of near-surface oxidized mine workings returned very high-grade assays that reinforce drill targets ahead of the upcoming program. Detailed channel sampling and reconnaissance mapping have returned high-grade gold, silver and zinc assays at the historical Union Mine and Union Norte targets, while regional reconnaissance has defined three new target areas: Jabalí, La Negra and Ali Hill for follow-up work.

On May 20, 2026, the Company received 5,702,196 additional common shares of Questcorp Mining Inc. with a fair value of $684,263, based on a quoted market price of $0.12 per share at the transaction date. As at June 30, 2026, the Company held 11,987,918 Questcorp shares with a fair value of $1,138,852.

On May 21, 2026, the Company and its partner Questcorp announced the completion of an expanded aeromagnetic drone survey at the Union Project in Sonora, Mexico. The expanded survey added 145 flight lines totalling 193 km plus 20 tie lines totalling 55 km, for 248 km of total drone coverage flown at 100 m line spacing, building on the 2025 baseline dataset. The new data improved imaging of structures beneath post-mineral cover, including northwest-trending structures identified by spring 2026 field mapping as a potential ore control, and was integrated with property-wide structural mapping and the May 5, 2026 sampling results to finalize drill targets for the summer 2026 drill program. An induced polarization ("IP") ground geophysical survey was also planned with roads and pads were being prepared ahead of drill mobilization.

On June 9, 2026, the Company and its partner Questcorp announced the commencement of the Phase 2 drill program at the Union Project in Sonora, Mexico. The fully funded program consists of approximately 1,500 metres of diamond drilling for 8 to 10 holes averaging 180 metres in depth, testing both the sediment-hosted gold mineralization identified in Phase 1 and carbonate-hosted replacement deposit ("CRD") gold-silver-zinc mineralization across more than five target areas within the 25 km² project. Final drill positioning integrated property-wide structural mapping, 248 line-km of drone aeromagnetic coverage and a completed property-wide IP survey. Target areas include the Union Main Mine - Jales Area, North Union Mine - Negra Area, Luis Hill - Alej Hill Area, Cobre Mine Area and Jabalí Area.

On July 9, 2026, the Company and its partner Questcorp announced the completion of the expanded geophysical programs and the continuation of Phase 2 drilling at the Union Project in Sonora, Mexico. The final report for the 248 km aeromagnetic drone survey was received, and the five-line IP ground survey was completed with processed results pending. Drilling had been completed at the Union and Union North targets, with drilling active at the Jabalí target and drill core being logged and sampled for assay. The geophysical data identified northeast- and northwest-trending cross structures that potentially coincide with mapped feeder fault zones for the CRD and sediment-hosted gold targets and is being used to interpret completed drill holes and to expand targets along strike and at depth.

The Cecilia project is well located with good access and is a low sulphidation epithermal Au-Ag rhyolite flow dome complex and is 6,900 ha (69 km2) in size. Riverside geologic team has completed drilling on some of the many targets with positive exploration results.

On March 14, 2024, the Company announced an Option Agreement where Fortuna Mining (FVI.T) can invest an initial US$3,750,000 in work and pay Riverside a series of payments plus covering all costs related to the project to earn an initial 51% interest into the property with Riverside acting as the exploration operator. The initial program of US$500,000 of work on Cerro Magallanes and lateral district targets. The agreement was signed with Fortuna Mining's Mexico subsidiary, Compania Minera Cuzcatlan (CMC) and highlights of the agreement are summarized below:

• Fortuna Mining option of Riverside's Cecilia project with commitment of work, including an initial planned minimum 1,000-metre drilling campaign;

• Work expenditures of US$500,000 per year for the first four years and US$1,750,000 in final year;

• An initial payment of US$50,000 to Riverside upon signing and then US$25,000 each year for a total of US$150,000;

• Total work spends of US$3,750,000 for an initial 51% interest and second option total spending of US$6,000,000 to earn 80% interest.

  Option agreement terms are as follows:

• First option: Five years to earn 51% by spending US$3,750,000 in work and paying US$150,000 in cash payments to Riverside with required work of at least US$500,000 in the first year for the option and Riverside has the drill permits in hand. Fortuna had paid Riverside the initial US$25,000 on signing and pays US$25,000 more on filing the agreement in Mexico. Then pays Riverside US$25,000 each year plus Riverside acts as operator for the program with a 10% management fee on top of the work spending commitments each year.

• Second option: Upon completion of first option, Fortuna may elect to progress with a second option to earn 80% by spending an additional US$2,250,000 in work over three additional years.

• Third option: After completing second option, Fortuna may elect within 120 days to pay Riverside US$5,000,000 cash and grant Riverside a 2% Net Smelter Return (NSR) where 1% NSR may be purchased before commercial production for US$3,000,000, thereby Fortuna earning 100% interest in the project.

The Company will be reimbursed for all annual concession maintenance fees, property taxes, access fees and any other payments required to maintain the project. As operator, Riverside will manage the exploration programs and be entitled to collect administration fees of 10% on the work programs.

On August 7, 2024, the Company announced the completion of a detailed magnetic susceptibility data acquisition for the entire project area and the identification of a new magnetic anomaly area of 6 x 2 km2 in the southwest part of the project. The Company believes this area displays many classic structural controls similar to the mineralization found at the main Cerro Magallanes target area of the project and can become an additional focus of the upcoming exploration activities as well as the already permitted and planned upcoming drill program that is fully funded and scheduled to start in early Q4, 2024.

On September 10, 2024, the Company announced the commencement of a 2,500-meter drill program at the Cecilia Project in Sonora, Mexico, in partnership with Fortuna Mining. The program consists of eight drill holes targeting three key areas: the Agua Prieta Breccia on the Magallanes Dome's east side, the East Target with quartz veins containing high silver grades, and the Myra vein system. Additional targets, including the Mesa Fault zone, may also be tested if the program's scope allows. The exploration is supported by a budget of USD$800,000 fully funded by Fortuna Mining.

On February 5, 2025, the Company announced the drill results from Phase 1 and the progression to Phase 2 of the exploration program at the Cecilia Project. Riverside, as the operator, completed five holes totaling 2,250 meters across four distinct target areas, each revealing favorable indicators of a robust hydrothermal system. The positive results have prompted a continued exploration fully funded program for H1 2025, aiming to further delineate and assess the project's potential with funding by Fortuna Mining.

On July 7, 2025, Riverside announced the completion of Phase 2 exploration with Fortuna Mining and that Fortuna for corporate reasons would no longer progress the option, giving the project 100% control back to Riverside. As such, Fortuna has not earned any interest in the project. Under the termination terms, Fortuna has covered applicable

project-related expenses, including taxes, for the next six months. Riverside now retains full control of the Cecilia Project and may pursue advancing the existing drill-ready targets or seek new partnerships. Recent exploration, including over $300,000 in target refinement work, confirmed gold mineralization in multiple holes and outlined several high-priority areas for follow-up.

The Ariel property was staked by Riverside and has mineral title with targets for porphyry copper in a good location with 30 km on dirt roads from paved highways where power grid and other infrastructure are in place servicing the nearby La Caridad mine and mill complex which is the 2nd largest copper producer in Mexico with production by Grupo Mexico Mining. Riverside's past reconnaissance exploration programs have outlined alteration zones potentially related to porphyry copper mineral systems with drill target areas defined. Some 500 rock samples have been collected and analyzed for trace metal contents using a portable X-ray fluorescence instrument as well as a mineral analyzer that employs near infra-red spectrometry to identify minerals typically formed by hydrothermal processes.

On June 17, 2024, Riverside announced the completed acquisition and title transfer of the Maria Luisa copper property immediately north of Riverside's Ariel property thus consolidating another 30% more ground added to the Ariel project overall. With this acquisition Riverside has now consolidated the highly prospective Laramide age porphyry (Cu, Au, Mo) (copper, gold, molybdenum) district and now controls an area of 16 square kilometres.

On February 26, 2026, Riverside announced early 2026 assay and exploration results from the Ariel Copper Project, including high-grade rock chip samples from the northern Maria Luisa area returning up to 320 g/t silver, 5.39% lead and 0.657 g/t gold from multiple parallel vein sets interpreted as lateral indicators of a porphyry copper system. The Company reported that age dating confirmed Paleocene (ca. 57 Ma) porphyritic intrusions at Ariel comparable in age to the host rocks of the La Caridad and Cananea mines, and that spectral mineral analysis (near-infrared/short-wave infrared methods) combined with integrated geophysics has defined two priority target styles: a near-surface porphyry copper target, and an epithermal target interpreted as the upper portion of the porphyry system. The drill-permitted, district-scale project is now ready for partnering and drill testing, with walk-up access on private ranch land and proximity to existing infrastructure servicing the La Caridad mining complex approximately 18 km to the west-northwest.

Concessions and Transaction

The Ariel project is now consolidated into five concessions that in total cover an area of 1,640 hectares (16 sq km).

The transaction was finalized and was officially registered with the Mexican Direction of Mines and titles transferred to Riverside. The title registration was completed in May 2024, under Riverside SAPI, the company

based in Mexico is now the full title holder of the Maria Luisa concessions. Riverside resolved outstanding tax issues for the previously private owner, completed required filings and then reimbursed the property owner minus those costs with a total transaction of US$200,000 with no royalty or retained interest, giving Riverside 100% control.

Riverside has key land position near major Sonora mines at Las Chispas, Santa Elena, Mercedes where similar styles of mineralization to those at Cuarentas. The Company has completed drilling at the Cuarentas Santa Rosalia Sur intermediate sulfidation vein system which is interpreted as potentially the upper extent for a untested porphyry Cu and vein system. The drill results intersected gold of 3.15m @ 0.36 g/t Au including 0.7m @ 0.88 g/t Au.

1.55m at 0.58 g/t Au was the second intercept in the same drill hole both occurring in the upper 70m of the less than 120m total depth single drill hole and the targets remain open along strike and down dip. This pilot hole proves the structure and opens up project for further drilling.

Highlights from the hole LC20-010 discovering a new drilled vein system:

• 3.15 m at 0.36 g/t Au including 0.7 m at 0.88 g/t Au

• 1.55 m at 0.58 g/t Au including 0.65 m at 1.05 g/t Au

  La Silla Gold-Silver Project, Sinaloa

  In October 2015, the Company acquired two mining concessions in the La Silla gold-silver district in Sinaloa through a lottery process. The Company has a 100% exploration concession interest in the La Silla Property.

  In December 2023, the Company decided to focus on other projects of higher prospectivity and the related investment was fully written off. However, the Company still maintained its rights to these concessions which were then in 2024 made into a sales transaction described below.

  In July 2024, the Company signed an agreement to assign and transfer all its rights and concessions of La Silla project with payment terms subject to certain conditions. Upon execution of the agreement, the Company received US$100,000. While the remaining payments of US$150,000 and US$350,000, respectively, will only be received upon fulfillment of certain government regulatory approvals for a total of US$500,000 additional funds.

  Australia (Sandy) Gold Project, Sonora

  The Australia Project is located in NW Sonora along the extensive series of shears and high grade samples combined with placer and lode gold occurrences are some of the features making this property one of interest. Riverside received title through staking and since has completed field work, targeting, mapping, and studied the past mine workings. Riverside has published results from its work and can envision potential for possible open-pit gold targets on the 100% owned property.

  Suaqui Verde and Suaqui Grande, Sonora

  Riverside developed copper targets on both the Suaqui Verde and Suaqui Grande properties which are near each other and both have copper potential in the copper belt of central Sonora, Mexico. The Company conducted site work and progressed discussions for the district play. Copper growth areas were reviewed, and further work progressed.

  On June 30, 2021, the Company completed further exploration prospecting, geologic mapping, geochemical vectoring for porphyry copper targets. The Riverside property is immediately adjacent to known copper resource

  areas and former mines for which Riverside may have the structural continuation and exploration work has been progressing on these themes.

  On December 24, 2021, the Company entered into a Definitive Option Agreement with Southern Empire Resource Corp. ("Southern Empire") whereby Southern Empire could acquire a 100% interest in the Suaqui Verde Property, by paying $112,500 in cash, issuing 1,625,000 common shares while retaining a 2.5% NSR on precious metal products and 1.75% NSR on base metal products. The transaction details as below:

  Due date	Cash	Common shares
  Upon the closing date (December 24, 2021)	$25,000 (received)	500,000 (received)
  On or before the first anniversary of the closing date (December 24, 2022)	$37,500 (received)	550,000 (received)
  On or before the second anniversary of the closing date (March 31, 2024 amended)	$50,000 (received)	575,000 (received)

  On January 11, 2024, the Company amended the Option Agreement with Southern Empire Resources Corp. to revise the terms of the original agreement for the Suaqui Verde property, whereby the $50,000 cash originally due on December 24, 2023, will be due on or before March 31, 2024, and the common shares will be due on or before February 2, 2024.

  On February 2, 2024, the Company received 575,000 shares of Southern Empire Resources Corp. with a fair value of $25,875 as per the amended option agreement for the Suaqui Verde property.

  On June 26, 2026, the Company received the $50,000 final cash option payment. Of this amount, $41,968 was applied as a recovery of the remaining carrying amount of the Suaqui Verde property and $8,032 was recognized as other income after the carrying amount had been fully recovered.

  Qualified Person:

  The scientific and technical data contained in the property descriptions pertaining to the Company's portfolio were reviewed by Freeman Smith, P.Geo. who is responsible for ensuring that the geologic information provided in this section of the Management Discussion and Analysis is accurate and acts as a "qualified person" under National Instrument 43-101 Standards of Disclosure for Mineral Projects. The assay information in this disclosure has followed the QA-QC Procedures of the Company.

  Rock samples from the exploration program discussed above were driven to the Bureau Veritas Laboratories in Hermosillo, Mexico, for fire assaying for gold. The rejects remained with Bureau Veritas in Mexico while the pulps were transported to Bureau Veritas laboratory in Vancouver, B.C., Canada, for 45-element inductively coupled plasma mass spectrometry analysis. A quality assurance/quality control program was implemented as part of the sampling procedures for the exploration program. Standard samples were randomly inserted into the sample stream prior to being sent to the laboratory. For the Union Project samples as disclosed in January 2026 press release were send to ACTLabs in Zacatecas Mexico where fire assay and ICP analyses were done.

  SELECTED ANNUAL INFORMATION

  The following table sets forth selected consolidated information of the Company at September 30, 2025 and for each of the prior two fiscal years prepared in accordance with IFRS. The selected consolidated financial information should be read in conjunction with the audited consolidated financial statements of the Company.

  Canadian Dollars	2025	2024	2023
  Finance, property, and other income	$ 405,656	$ 558,591	$ 423,797
  Net income (loss)	2,528,105	(1,595,109)	(395,191)
  Net income (loss) per share, basic	0.04	(0.02)	(0.01)
  Cash and cash equivalents and short-term investments	4,796,462	5,621,201	7,412,222
  Total assets	11,316,701	13,830,252	15,323,834

  REVIEW OF OPERATIONS AND FINANCIAL RESULTS

  For the three months ended June 30, 2026 and 2025

  The Company had a net loss of $198,748 for the three months ended June 30, 2026 ("Q3-2026") ($0.00 per share) as compared to the three months ended June 30, 2025 ("Q3-2025") net loss of $378,320 ($0.01 per share). The main contributors for this variance were as follows:

• Management and consulting fees of $208,500 (Q3-2025 $87,769) were higher mainly due to the additional consulting fee of $98,000 recognize under Ravena as well as slightly higher consultation fees incurred during the period as compared to the same period last year.

• Professional fees of $48,014 (Q3-2025 $25,673) were higher due to one-off adjustment recorded last year from the legal fees recoverable from Blue Jay.

• Investor relations of $52,906 (Q3-2025 $93,488) decreased because of lower corporate and promotional activities during the period compared with the same period last year.

• Other income of $260,846 (Q3-2025 $348) was due to the recognition of E&E assets project recovery in excess of the carrying amount from Suaqui Verde and La Union property for $8,032 and $252,814, respectively.

• Unrealized loss on short-term investments of $226,715 (Q3-2025 loss of $183,344) was due to the Company's short-term investments being remeasured to fair value during the period.

• Foreign exchange gain of $58,565 (Q3-2025 loss of $173,753) was due to movements in the Canadian dollar relative to the Mexican peso.

  For the nine months ended June 30, 2026 and 2025

  The Company had a net loss of $1,846,085 for the nine months ended June 30, 2026 ("Q3-2026 YTD") ($0.02 per share) as compared to the nine months ended June 30, 2025 ("Q3-2025 YTD") net loss of $767,280 ($0.01 per share). The main contributors for this variance were as follows:

• Management and consulting fees of $489,576 (Q3-2025 YTD $295,777) were higher mainly due to the additional consulting fee of $98,000 recognized under Ravena, one-off consulting fee of $56,236 paid to one of the consultants related to the private placement and more consultants engaged by Mexico subsidiary.

• Write-down of receivables of $600,646 (Q3-2025 YTD $Nil) as a result of the debt settlement agreement with Blue Jay.

• Unrealized loss on short-term investments of $652,656 (Q3-2025 YTD $230,560) was due to the Company's short-term investments being remeasured to fair value during the period.

• Other income of $260,846 (Q3-2025 YTD $Nil) was due to the recognition of E&E assets project recovery in excess of the carrying amount from Suaqui Verde and La Union property for $8,032 and $252,814, respectively.

• Write-down of E&E assets of $100,284 (Q3-2025 YTD $Nil) mainly related to the impairment of Longrose and Vincent in Ontario and Bunchgrass in British Columbia.

Exploration and evaluation assets

The Company capitalizes all exploration costs relating to its resource interests whereas pre-exploration costs are expensed as incurred.

The Company's exploration and evaluation asset activities totaled as follows:

June 30, 2026 September 30, 2025

In conducting its business, the Company faces a number of risks and uncertainties related to the mineral exploration industry. Some of these risk factors include risks associated with land titles, exploration and development, government and environmental regulations, permits and licenses, competition, dependence on key personnel, fluctuating mineral and metal prices, the requirement and ability to raise additional capital through future financings and price volatility of publicly traded securities.

Property Risks

Title to exploration and evaluation asset interests involves certain inherent risks due to the difficulties of determining the validity of certain claims as well as the potential for problems arising from the frequently ambiguous conveyance history of many mineral claims. The Company has investigated title to all of its exploration and evaluation asset interests and, to the best of its knowledge, title to all of its interests are in good standing. The exploration and evaluation asset interests in which the Company has committed to earn an interest are located in Canada, Mexico and the United States.

Title Risks

Although the Company has exercised due diligence with respect to determining title to the properties in which it has a material interest, there is no guarantee that title to such properties will not be challenged or impugned. Third parties may have valid claims underlying portions of the Company's interests, and the permits or tenures may be subject to prior unregistered agreements or transfers or native land claims and title may be affected by undetected defects. If a title defect exists, it is possible that the Company may lose all or part of its interest in the properties to which such defects relate.

Exploration and Development

Resource exploration and development is a highly speculative business, characterized by a number of significant risks including, among other things, unprofitable efforts resulting not only from the failure to discover mineral deposits but also from finding mineral deposits that, though present, are insufficient in quantity and quality to return a profit from production. Substantial expenses are required to establish reserves by drilling, sampling and other techniques and to design and construct mining and processing facilities. Whether a mineral deposit will be commercially viable depends on a number of factors, including the particular attributes of the deposit (i.e. size, grade, access and proximity to infrastructure), financing costs, the cyclical nature of commodity prices and government regulations (including those relating to prices, taxes, currency controls, royalties, land tenure, land use, importing and exporting of minerals, and environmental protection). The effect of these factors or a combination thereof cannot be accurately predicted but could have an adverse impact on the Company.

Environmental Regulations Permits and Licenses

The Company's operations may be subject to environmental regulations promulgated by government agencies from time to time. Environmental legislation provides for restrictions and prohibitions on spills, releases or emissions of various substances produced in association with certain mining industry operations, such as seepage from tailings disposal areas that would result in environmental pollution. A breach of such legislation may result in the imposition of fines and penalties. In addition, certain types of operations require the submission and approval of environmental impact assessments. Environmental legislation is evolving in a manner that means standards are stricter, and enforcement, fines and penalties for noncompliance are more stringent. Environmental assessments of proposed projects carry a heightened degree of responsibility for companies and directors, officers and employees. The cost of compliance with changes in governmental regulations has a potential to reduce the profitability of operations. We intend to comply fully with all environmental regulations.

The current or future operations of the Company, including development activities and commencement of production on our properties, require permits from various federal, state or territorial and local governmental authorities, and such operations are and will be governed by laws and regulations governing prospecting, development, mining, production, exports, taxes, labour standards, occupational health, waste disposal, toxic substances, land use, environmental protection, mine safety and other matters. Such operations and exploration activities are also subject to substantial regulation under applicable laws by governmental agencies that may require that we obtain permits from various governmental agencies. There can be no assurance, however, that all permits that the Company may require for the operations and exploration activities will be obtainable on reasonable terms or on a timely basis or that such laws and regulations will not have an adverse effect on any mining project which the Company might undertake.

Failure to comply with applicable laws, regulations, and permitting requirements may result in enforcement actions thereunder, including orders issued by regulatory or judicial authorities causing operations to cease or be curtailed, and may include corrective measures requiring capital expenditures, installation of additional equipment, or remedial actions. Parties engaged in mining operations may be required to compensate those suffering loss or damage by reason of mining activities and may have civil or criminal fines or penalties imposed for violations of applicable laws or regulations and, in particular, environmental laws.

Competition

The mining industry is intensely competitive in all its phases, and the Company competes with other companies that have greater financial and technical resources. Competition could adversely affect the Company's ability to acquire suitable properties or prospects in the future.

Dependence on Key Personnel

The success of the Company is currently largely dependent on the performance of the directors and officers. There is no assurance that the Company will be able to maintain the services of the directors and officers, or other qualified personnel required to operate its business. The loss of the services of these persons could have a material adverse effect on the Company and the prospects.

Fluctuating Mineral and Metal Prices

Factors beyond our control may affect the marketability of metals discovered, if any. Metal prices have fluctuated widely, particularly in recent years. The effect of these factors on the exploration activities cannot be predicted. For example, gold prices are affected by numerous factors beyond the Company's control, including central bank sales, producer hedging activities, the relative exchange rate of the U.S. dollar with other major currencies, global and regional demand and political and economic conditions. Worldwide gold production levels also affect gold prices. In addition, the price of gold has on occasion been subject to rapid short-term changes due to speculative activities.

Future Financings

The Company is an exploration-stage company and does not currently generate revenue from mineral production. While the Company believes that its existing working capital is sufficient to fund its planned activities for the ensuing year, the advancement of its exploration projects and acquisition of additional mineral properties over the longer term may require additional financing. There can be no assurance that additional financing, if required, will be available on acceptable terms. Failure to obtain additional financing when required could result in the postponement or reduction of exploration activities or the loss of interests in certain properties.

Price Volatility of Publicly Traded Securities

In recent years, the securities markets in the United States and Canada have experienced a high level of price and volume volatility, and the market prices of securities of many companies have experienced wide fluctuations in price that have not necessarily been related to the operating performance, underlying asset values or prospects of such companies. There can be no assurance that continual fluctuations in price will not occur. It may be anticipated that any quoted market for the Common Shares will be subject to market trends and conditions generally, notwithstanding any potential success of the Corporation in creating revenues, cash flows or earnings. The value of securities distributed hereunder will be affected by market volatility.

The following table sets forth selected quarterly consolidated financial information for each of the last eight quarters with the figures for each quarter in Canadian dollars.

*The net loss for the three months ended June 30, 2025 includes a gain on disposal of a subsidiary of $273,247, as presented in the Company's June 30, 2025 condensed interim consolidated financial statements.

During the three months ended June 30, 2026, net loss was mainly coming from higher consulting fees of $208,500 as a result of the additional $98,000 consulting fees recognized under Ravena and unrealized loss on short term investments of $226,715 mainly from translation to fair value. The higher cost was partly offset by the recognition of $260,846 other income coming from the excess of the carrying amount of E&E assets project recovery for Suaqui Verde and La Union property.

During the three months ended March 31, 2026, net income was mainly coming from unrealized gain on short term investments of $211,399 as a result of translation to fair value and lower corporate activities thereby reducing cost incurred in relation to management and consulting fees, professional fees and investor relations.

During the three months ended December 31, 2025, the net loss was mainly coming from the write-down of receivables of $600,646 due to debt settlement with Blue Jay, write-down of E&E assets of $98,148 for selected Ontario projects and recognition of unrealized loss on short term investments of $637,340 as a result of translation to fair value.

During the three months ended September 30, 2025, net income was mainly coming from the gain on disposal of subsidiary and unrealized gain on short-term investments.

During the three months ended June 30, 2025, the net loss was mainly coming from higher cost incurred on significant losses from foreign exchange and unrealized loss on short-term investments.

During the three months ended March 31, 2025, the net loss was mainly coming from higher cost incurred in relation to Blue Jay spin out, thereby increasing management and consulting fees of $161,712 and professional fees of

$198,834. Property investigation and evaluation of $50,053 was higher due to expenses incurred related to a potential future mineral property site. The higher cost was partly offset by the decreased in share-based payments of $45,379.

During the three months ended December 31, 2024, the net loss was mainly coming from higher investor relations of $117,254 and professional fees of $32,762 due to increased in corporate activities related to Blue Jay spin-out.

During the three months ended September 30, 2024, net loss was mainly coming from write-off of IVA receivable of $296,865 since it had prescribed over five years and loss of $466,786 in foreign exchange transactions.

The Company relies on equity financings and exploration alliances for its working capital requirements and to fund its planned exploration and development activities. Management ensures the Company has sufficient cash in its treasury to maintain underlying option payments and keep claims in good standing.

During the nine months ended June 30, 2026, net cash used in operating activities was $507,913 (2025 -

$1,326,846).

During the nine months ended June 30, 2026, total cash used in investing activities was $88,253 (2025 - $64,633). During the nine months ended June 30, 2026, total cash provided by financing activities was $4,109,058 (2025 -

$nil), mainly from the private placement, option exercises and $393,558 of subscription proceeds received in advance in connection with Ravena's private placement, which subsequently closed on July 13, 2026.

As at June 30, 2026, the Company had working capital of $6,276,773 (2025 - $4,904,300). The Company has sufficient funds to meet ongoing corporate activities and planned exploration programs for the ensuing year.

The Company has no undisclosed off-balance sheet arrangements or off-balance sheet financing structures in place.

Related party transactions are in the normal course of operations and are recorded at their exchange amount which is the price agreed to between the Company and the directors and officers.

The Company had the following transactions with related parties:

* On June 4, 2026, Marco Strub was elected as director of the Company at the AGM and James Ladner did not stand for re-election.

The remuneration of related parties during the nine months ended June 30 are as follows:

Share-based payments 12,693 65,795

$ 500,435 $ 546,495

1. Management and consulting fees of the key management personnel for the nine months ended June 30, 2026, were allocated as follows: $172,540 (2025 - $170,550) expensed to consulting fees, $198,450 (2025 - $194,800) capitalized to exploration and evaluation assets and $56,000 (2025 - $44,700) capitalized to exploration work performed for alliances that will be reimbursed.

2. During the nine months ended June 30, 2026, the Company incurred rent expense of $33,719 (2025 - $43,650) for shared office spaces with FT Management Inc., a company controlled by a spouse of an officer of the Company.

As at June 30, 2026, $9,592 was receivable from a director in connection with taxes paid by the Company relating to the director's exercise of stock options. The amount is included in receivables.

At the present time, there are no proposed transactions that should be disclosed.

The Company's accounting policies are described in Note 3 to the consolidated financial statements for the year ended September 30, 2025. Management considers the following to be the most critical in understanding the judgments that are involved in preparing the Company's financial statements and the uncertainties that could impact its results of operations, financial condition and future cash flow.

Exploration and evaluation assets

The carrying values of exploration and evaluation assets are dependent upon the discovery of economically recoverable mineral resources, the Company's ability to obtain the financing necessary to complete exploration and development activities, and the future development or disposition of the related properties. Management reviews the carrying value of each exploration and evaluation asset on a property-by-property basis and applies judgment in determining whether facts and circumstances indicate that an asset may be impaired. Factors considered include exploration results to date, changes in planned exploration activities, the status and term of mineral rights, future exploration expenditures and management's intention and ability to continue advancing the property. Where indicators of impairment exist, the carrying amount of the asset is assessed for recoverability and an impairment loss is recognized where appropriate.

Amounts received under property option and similar agreements are applied as recoveries against the carrying value of the related exploration and evaluation asset until the carrying amount has been fully recovered. Any amounts received in excess of the remaining carrying value are recognized in income. These assessments require significant judgment and may be affected by future exploration results, commodity prices, financing availability, regulatory requirements and other factors affecting the economic viability of the Company's mineral properties.

Financial instruments

The Company classifies its financial assets in the following categories: at fair value through profit or loss ("FVTPL"), at fair value through other comprehensive income ("FVTOCI") or at amortized cost. The determination of the classification of financial assets is made at initial recognition. Equity instruments that are held for trading (including all equity derivative instruments) are classified as FVTPL; for other equity instruments, on the day of acquisition the Company can make an irrevocable election (on an instrument-by-instrument basis) to designate them as at FVTOCI.

The Company's accounting policy for each of the categories is as follows:

based on their maturity date and are initially recognized at fair value and subsequently carried at amortized cost less any impairment.

The Company classifies its financial liabilities into one of two categories, depending on the purpose for which the liability was acquired. The Company's accounting policy for each category is as follows:

Fair value through profit or loss - This category comprises derivatives, or liabilities acquired or incurred principally for the purpose of selling or repurchasing it in the near term. They are carried in the statement of financial position at fair value with changes in fair value recognized in profit or loss.

Other financial liabilities - This category comprises liabilities initially recognized at fair value less directly attributable transaction costs. Subsequently, they are measured at amortized cost using the effective interest method.

Financial instruments measured at fair value are classified into one of three levels in the fair value hierarchy according to the relative reliability of the inputs used to estimate the fair values. The three levels of the fair value hierarchy are:

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities.

Level 2 - Inputs other than quoted prices that are observable for the asset or liability either directly or indirectly; and

Level 3 - Inputs that are not based on observable market data.

The fair value of the Company's cash and cash equivalents, receivables, and accounts payable, approximate carrying value, which is the amount recorded on the statements of financial position. The fair value of the Company's public company short-term investments is based on level 1 quoted prices in active markets for identical assets and liabilities. Financial instruments valued at level 3 inputs consist of the Company's private company short-term investments. The key assumptions driving the valuation of the private company short-term investments include but are not limited to the value of completed financings by the investee.

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

Credit risk

Credit risk is the risk of loss associated with a counterparty's inability to fulfill its payment obligations. The Company's cash and cash equivalents are held with major financial institutions in Canada and Mexico which management believes the risk of loss to be remote. Receivables consist of tax refunds from the Federal Government of Canada and Mexico and a receivable from a related party, in which regular collection occurs. The Company believes its credit risk is equal to the carrying value of this balance.

Liquidity risk

The Company's approach to managing liquidity risk is to ensure that it will have sufficient liquidity to meet liabilities when due. As at June 30, 2026, the Company had cash and cash equivalents of $7,013,924 to settle current liabilities of $2,893,287. The Company believes it has sufficient funds to meet its current liabilities as they become due.

Interest rate risk

The Company has interest-bearing cash balances. The interest earned on cash balances approximates fair value rates, and the Company is not at a significant risk to fluctuating interest rates. The Company's current policy is to invest excess cash in investment-grade short-term deposit certificates issued by its banking institutions. The Company periodically monitors the investments it makes and is satisfied with the credit ratings of its banks. As of June 30, 2026, the Company had investments in short-term deposit certificates of $23,000.

Price risk

The Company is exposed to price risk with respect to commodity and equity prices. Equity price risk is defined as the potential adverse impact on the Company's earnings due to movements in individual equity prices or general movements in the level of the stock market. Commodity price risk is defined as the potential adverse impact on profit or loss and economic value due to commodity price movements and volatilities. The Company closely monitors commodity prices of gold, silver and copper, individual equity movements, and the stock market to determine the appropriate course of action to be taken by the Company.

The Company currently maintains short-term investments, which include marketable securities. There can be no assurance that the Company can exit these positions if required, resulting in proceeds approximating the carrying value of these securities.

Foreign currency risk

The Company is exposed to foreign currency risk on fluctuations related to cash and cash equivalents, receivables, and accounts payable and accrued liabilities that are denominated in US dollars (US) and Mexican pesos.

Sensitivity analysis

The Company operates in Mexico and is exposed to risk from changes in the US dollar and the Mexican peso. A simultaneous 10% fluctuation in the US dollar and Mexican peso against the Canadian dollar would affect loss for the period by $329,559.

The Company holds marketable securities and is exposed to risk from changes in the share price of the marketable securities. A simultaneous 5% fluctuation in share prices would affect short-term investments and loss for the period by approximately $77,401.

The authorized capital of the Company consists of an unlimited number of common shares and an unlimited number of preferred shares. No preferred shares have been issued to date.

As at the date of this MD&A, the Company has the following capital structure.

Additional information can be obtained on SEDAR+ https://www.sedarplus.ca or by contacting:

Attention: John-Mark Staude, President & CEO

Suite 550 - 800 West Pender St, Vancouver, BC V6C 2V6 CANADA Tel: (778) 327-6671

Website: https://www.rivres.com Email: info@rivres.com

/s/ "John-Mark Staude" /s/ "Robert Scott"

John-Mark Staude Robert Scott

President & Chief Executive Officer Chief Financial Officer