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Management Discussion

• For the three months ended January 31, 2021, we experienced a net loss of $858,000, or approximately $0.03 per share, compared to a net loss of $568,000, or approximately $0.02 per share, during the comparable period last year. The $290,000 increase in net loss was primarily due to a $131,000 increase in exploration and property holding costs, a $154,000 increase in general and administrative expenses, and $2,000 in other expenses compared to $1,000 in other income in the comparable period last year as described below.
• Exploration and property holding costs increased $131,000 to $344,000 for the three months ended January 31, 2021, compared to $213,000 for the comparable period last year. This increase was mainly due to finders fees due and exploration activities in relation to the Beskauga Option Agreement, which was offset by a decrease at the Sierra Mojada Property due to the blockade discussed in the “Current Developments – South32 Option Agreement” section above.
• We recorded general and administrative expenses of $510,000 for the three months ended January 31, 2021 as compared to $356,000 for the comparable period last year. The $154,000 increase was mainly the result of a $58,000 increase in office and administrative costs and a $121,000 increase in professional services, partially offset by a $15,000 decrease in personnel costs, a $7,000 decrease in directors’ fees, and a $2,000 decrease in the provision for uncollectible VAT as described below.