The following Management’s Discussion and Analysis (MD&A) presents the results, financial position and cashflows of Richmond Minerals Inc. (“Richmond” or the “Company”) and should be read in conjunction with the Company’s condensed interim consolidated financial statements and accompanying notes for the period ended November 30, 2024. In addition to containing an analysis of the period ended November 30, 2024, this MD&A reports on items deemed significant that occurred between November 30, 2024, and the date on which the MD&A is approved by the Company’s Board of Directors, which is January 29, 2025, inclusively. The disclosures and values in this MD&A were prepared in accordance with International Financial Reporting Standards (IFRS) and with the current issued and adopted interpretations applied to fiscal years beginning on or after January 1, 2024.

Additional information, including the Annual Information Form and certifications of filings for the Year Ended May 31, 2023, is available on the SEDAR website at www.sedarplus.ca. Unless otherwise indicated, all financial information presented in this document is in Canadian dollars.

Forward-looking statements and use of estimates

Any statement contained in this report that does not constitute a historical fact may be deemed a forward-looking statement. Verbs such as “believe,” “foresee,” “estimate” and other similar expressions, in addition to the negative form of these terms or any variations thereof, appearing in this report generally indicate forward-looking statements. These forward-looking statements do not provide guarantees as to the future performance of Richmond Minerals Inc. and are subject to risks, both known and unknown, as well as uncertainties that may cause the outlook, profitability, and actual results of Richmond Minerals Inc. to differ significantly from the profitability or future results stated or implied by these statements. Detailed information on risks and uncertainties is provided in the “Risk Factors” section of the MD&A.

In preparing consolidated financial statements in accordance with IFRS, management must exercise judgment when applying accounting policies and use assumptions and estimates that affect the amounts of the assets, liabilities, and expenses reported in these consolidated financial statements. Because the use of assumptions and estimates is inherent to the financial reporting process, the actual results of items subject to assumptions and estimates could differ from original assumptions and estimates.

Richmond Minerals Inc. Management’s Discussion & Analysis – Period Ended November 30, 2024 Full Version PDF available here