Management’s Discussion & Analysis for the three months ended
VIRIDIAN METALS INC.
Management’s Discussion & Analysis for the three months ended March 31, 2025 and 2024
The following management’s discussion and analysis (“MD&A”), dated April 22, 2025, of the
financial condition and results of the operations of Viridian Metals Inc. (“ Viridian” or the
“Company”) and should be read in conjunction with the interim condensed consolidated financial
statements and the related notes for the three months ended March 31, 2025 , and the audited
consolidated financial statements and the related notes for the year ended December 31, 2024 (“the
Financial Statements”). This MD&A constitutes management’s review of the factors that affected the
Company’s financial and operating performance for the three months ended March 31, 2025 and 2024.
This MD&A was written to comply with the requirements of National Instrument 51-102 – Continuous
Disclosure Obligations. All dollar amounts are stated in Canadian dollars , unless otherwise noted.
Description of Business
Viridian Metals Inc., was incorporated on February 28, 2022, under the Canada Business Corporations
Act and has its principal office in Almonte, Ontario, Canada. The Company is engaged in the
evaluation, acquisition and exploration of mineral properties in Canada. The Company plans to
ultimately develop the properties, bring them into production, option or lease the properties to third
parties, or sell the properties outright. The Company has not determined whether these properties
contain mineral reserves that are economically recoverable, and the Company is considered to be in the
exploration stage. The head office is located at 3990 Old Almonte Road, Almonte, Ontario, K0A 1A0.
The financial statements and the financial information contained in this MD&A were prepared in
accordance with International Financial Reporting Standards (“IFRS”) as issued by the International
Accounting Standards Board (“IASB”) and interpretations of the IFRS Interpretations Committee
(“IFRIC”). Please refer to Note 3 of the annual audited financial statements as at and for the year ended
December 31, 2024, and 2023, for disclosure of the Company’s significant accounting policies.
The presentation of financial statements in conformity with IFRS requires management to make
estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial statements and reported amounts of revenues
and expenses during the reported period. Such estimates and assumptions affect the carrying value of
assets, decisions as to when exploration costs should be capitalized or expensed and estimates for asset
retirement obligations and reclamation costs. Other significant estimates made by the Company include
factors affecting the valuations of share‐based payments, warrants, and the valuation of tax accounts.
Viridian regularly reviews its estimates and assumptions. Actual results could differ from these
estimates and these differences could be material.
The board of directors of the Company has reviewed this MD&A and the financial statements for the
three months ended March 31, 2025, and 2024, approved these documents prior to their release.
Coco Pool Corp. RTO Transaction
On November 6, 2024, Viridian Metals Corp. and Coco completed the Amalgamation. Following
closing of the Amalgamation, Viridian Metals Corp. became a wholly-owned subsidiary of Coco, and
Coco will continue the business of Viridian Metals (the “Resulting Issuer”). On completion of the
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Amalgamation Coco changed its name to Viridian Metals Inc. For accounting purposes, the
Amalgamation has been presented as the acquisition of Coco by Viridian Metals Corp. resulting in a
reverse takeover (the “RTO”) and the accounting issuance of 2,852,000 common shares, 138,000
Finder warrants, and 285,200 stock options to Coco. As Viridian Metals Corp. was deemed to be the
accounting acquirer and the continuing business, Viridian Metals Corp. results of its operations are
shown as the comparative period in these Financial Statements. Coco’s results of operations are
included from the date of acquisition (November 6, 2024) onwards.
The Company has accounted for the transaction as an asset acquisition under the scope of IFRS 2,
Share Based Payments. Consideration consisted entirely of shares of the Company which were
measured at the fair value of the Viridian shares issued to existing Viridian shareholders at the fair
market value of the Viridian shares at the date of the acquisition. As a result of this asset acquisition,
the Company recorded a listing expense of $879,598. This reflects the excess of the estimated fair
value of common shares, finder warrants, stock options, and transaction costs less the acquired assets
and liabilities of Coco.
Board of Directors and Management of the Company
Lee Bowles, Sebastien Charles, Alan Grujic and Tyrell Sutherland have been appointed as the board of
directors of the Company post RTO. Biographies of each of the directors and officers of the Company
can be found in the Filing Statement dated October 28, 2024 (the “ Filing Statement ”) and filed in
connection with the Transaction on the Company’s SEDAR+ profile at www.sedarplus.ca.
Management of the Company consists of Tyrell Sutherland (President and Chief Executive Officer) ,
Sabino Di Paola (Chief Financial Officer) and Coulter Wright (Corporate Secretary) .
Acquisition of Mineral Properties
The Company’s strategy is grass roots project generation intended to be followed by project level
exploration ideally with a partner which funds exploration costs. All properties which are under
consideration for acquisition must initially pass through the Company’s evaluation criteria. Properties
which are considered worthy are then acquired, provided a reasonable agreement can be reached with
the owner or the property is available for staking or acquisition upon application. In cases where the
project does not develop to the stage that management perceives it to be likely to attract such financing
or if subsequent work by the Company indicates that further in-house work will not yield favorable
results, the property is abandoned.
Property Agreements and Exploration
The Company is engaged in the evaluation, acquisition and exploration of mineral properties in
Canada. The Company plans to ultimately develop the properties, bring them into production, option or
lease the properties to third parties, or sell the properties outright. The Company would ideally use an
“earn-in” arrangement with partners, whereby the partner funds all the exploration expenditures in
return for a percentage ownership in the project.
Technical Disclosure
Disclosure of a scientific or technical nature regarding the Company’s properties was prepared by or
under the supervision of and approved by Tyrell Sutherland, P. Geo., (PGO #2459), (the “Qualified
Person”) a qualified person within the meaning of National Instrument 43‐101 ‐ Standards of
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Disclosure for Mineral Projects ("NI 43‐101") and Viridian’s Chief Financial Officer. The Qualified
Person has verified the data disclosed. Data verification involved checking of information for past drill
holes, trench surveying, logging, sampling, and assaying as well as a review of information in the
exploration computer database.
Kraken property
Property Description and Location
The Kraken Project is in west -central Labrador, approximately 90 kilometres north of Churchill Falls,
on the northeast shore of the Smallwood Reservoir. The project consists of three contiguous mineral
licenses encompassing covering 182.75 km² across NTS map sheets 13L/04, 13L/05, and 13L/12.
Geological Setting and Mineralization
The project covers approximately 45 km of the southeastern margin of the Michikamau Intrusion—the
oldest body in the Nain Plutonic Suite, a mid-Proterozoic series of large mafic –ultramafic intrusions
extending from interior Labrador to the coast. This margin is characterized by ultramafic sequences in
contact with sulfidic paragneiss of the Petscapiskau Group.
Primary magmatic sulfide mineralization has been identified at three surface showings along the
intrusion’s margin and under glacial cover 4km along strike from the Main Zone Showing. The most
advanced target, the Main Zone, is marked by a ~1 km² gossan hosting disseminated to massive
sulfides along the contact zone. Historical grab samples have returned up to 1.32% Ni and 0.89% Cu,
while Viridian’s drilling has intersected broader intercepts including 21.1 m @ 0.27% Ni, 0.26% Cu,
and 0.04% Co.
An airborne electromagnetic (EM) survey identified 169 conductors across the property, totaling 64 km
of strike length. Four conductors have been tested by drilling to date.
The Kraken property is being explored as a variant of the magmatic Ni -Cu-Co sulfide deposit model
with numerous similarities to Voisey’s Bay Deposit 250 km to the NW in equivalent rocks.
2025 Planned Work Program – Kraken
(All figures in CAD unless noted otherwise ) $
Geologist and exploration management 169,500
Drilling and assaying 105,000
Helicopter and travel 116,250
logistics 69,500
Subtotal 460,250
Contingency (15%) 69,038
Total Phase I Budget 529,288
Active Projects and Exploration Highlights
Conductor Modeling and Intrusion Targeting
In late 2024, Viridian received a reinterpretation of its 2022 EM survey. The update identified 169
conductors totaling over 64 km of combined strike. To date, only four conductors have been drill -
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tested. In Q1 2025, Viridian completed 3D modeling of ten high-priority conductors. Many are
interpreted to lie 40 –70 m below surface —beyond the effective detection range of traditional surface
work.
This work highlighted the need for a lithogeophysical model of the Michikamau intrusion to better
define the geometry of its lobes and understand the polyphase nature of its emplacement in relation to
sulfide prospectivity.
Main Zone Drilling and Results
In 2024, Viridian completed 314 m of man-portable drilling in 22 holes across the Main Zone. The
rig’s max depth of ~24 m limited testing, with some holes ending in mineralization. Results released in
late 2024 and February 2025 confirmed higher -than-modeled grades and thicker -than-expected
intervals. Highlights include:
• 0.65 m @ 4.15% Cu, 0.24% Ni, 0.03% Co
• 21.1 m @ 0.26% Cu, 0.27% Ni, 0.04% Co
These results support Viridian’s thesis that copper -rich ISS mineralization is present but
underexplored. The final five holes of the 2024 program ended in mineralization. Viridian is evaluating
higher-capacity man-portable drill options ( a depth of ~30m per hole) for the 2025 program to support
further delineation at the Main Zone and testing of additional targets.
Sedna property
Property Description and Location
The Sedna Property comprises 45 mineral licenses near Happy Valley –Goose Bay, Labrador, covering
approximately 2,600 km² over ~110 km of strike from Orma Lake Road in the west to Snegamook
Lake in the east.
Geology
Sedna spans much of the Mesoproterozoic Seal Lake Basin. The basin hosts the Seal Lake Group—
clastic sedimentary rocks interbedded with basalt flows and intruded by gabbroic sills. Its southern
margin is defined by a reactivated unconformity with older felsic volcanic units of the Letitia Lake
Group. Historical mapping identifies over 70 copper ± silver occurrences across the basin.
Mineralization
The Sedna Property includes 71 copper -silver occurrences catalogued by the Newfoundland and
Labrador Geological Survey. Of these, 69 are classified as “indications” and two as “showings,”
reflecting limited historical work rather than lack of prospectivity.
Copper is typically found near shears or faults at contacts between basalts, diabase intrusions, and
shale. In upper stratigraphy, mineralization is interpreted as remobilized during the Grenvillian
Orogeny into fractures and shear zones. The lower stratigraphy remains poorly understood due to
limited work.
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2025 Planned Work Program – Sedna
(All figures in CAD unless noted otherwise ) $
Geologist and exploration management 86,850
Basin modeling and mineral system analysis (1) 252,390
Helicopter and travel 119,250
logistics 42,930
Subtotal 501,420
Contingency (15%) 75,213
Total Phase I Budget 576,633
(1) iCRAG will be responsible for cash contributuions of €80,000 ($126,195).
BHP Xplor program
Viridian was selected as a member of BHP’s 2025 Xplor program , an accelerator designed to support
high-potential junior explorers in de -risking early -stage opportunities. Under the program, Viridian is
eligible to receive up to USD $780,000 in non-dilutive funding, contingent upon execution of a basin-
wide, systematic exploration program targeting large-scale mineral systems.
As part of this program Viridian has committed to spending $431,000 on exploration across the basin
to answer several questions about basin architecture and the nature and scale of mineral systems active
here.
As at the date of this MD&A, the Company reached the first 3 milestones and received US 680,000 in
milestone payments from BHP.
Strategic partnerships
To support this work required under the BHP Xplor program, Viridian has partnered with Dr. Simon
Jones, Senior Research Fellow at University College Dublin and a key member of the Irish Centre for
Research in Applied Geosciences (iCRAG).
In April 2025, Viridian entered into a partnership agreement with University College Dublin ( “UCD”).
Through this collaboration, Viridian’s is required to make direct contributions to iCRAG of €80,000,
which are matched by public research funding. The se contributions will enable Viridian to obtain
advanced 3D and 4D basin modeling and mineral systems analysis with a goal to further refine the
exploration potential across the Seal Lake Basin.
iCRAG is a world -class geoscience research centre composed of over 150 researchers across eight
academic institutions. It is co -funded by Science Foundation Ireland, Geological Survey Ireland, and
multiple industry partners. Key member institutions include:
• University College Dublin
• Trinity College Dublin
• Dublin Institute for Advanced Studies
• University College Cork
• Maynooth University
• National University of Ireland Galway
• Technological University Dublin
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• Dublin City University
• University of Limerick
• Teagasc
Recent Accounting Pronouncements
Certain new standards, interpretations, amendments and improvements to existing standards were
issued by the IASB or IFRIC that are mandatory for accounting periods beginning on January 1, 2024
or later. This includes IAS1 and IAS8. These new standards and changes did not have any material
impact on the Company’s financial statements. Updates that are not applicable or are not consequential
to the Company have been excluded.
Selected Annual Financial Information
Year ended 2024 2023 2022 (1)
$ $ $
Net (loss) (2,309,197) (1,162,633) (823,238)
Net (loss) per share
- Basic (0.05) (0.03) (0.02)
- Diluted (0.05) (0.03) (0.02)
Total assets 980,628 534,439 422,427
Long-Term Liabilities - - -
(1) From the date of incorporation February 28, 2022 to December 31, 2022
Selected Annual Information
Selected Quarterly Financial Information
The following table is a summary of selected financial information for the Company for the eight most
recently completed financial quarters. It has been derived from the unaudited condensed interim
financial statements of the Company. The information has been prepared by management in
accordance with IFRS and is expressed in Canadian dollars.
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March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024
$ $ $ $
Net (loss) (105,389) (1,500,524) (237,177) (455,923)
Net (loss) per share
- Basic - (0.05) (0.01) (0.01)
- Diluted - (0.05) (0.01) (0.01)
Total assets 757,294 980,628 943,514 925,335
March 31, 2024 December 31, 2023 September 30, 2023 June 30, 2023
$ $ $ $
Net (loss) (115,573) (97,926) (822,835) (220,617)
Net (loss) per share
- Basic (0.00) (0.00) (0.02) (0.01)
- Diluted (0.00) (0.00) (0.02) (0.01)
Total assets 424,529 534,439 566,577 1,458,578
For the three-month period ended
For the three-month period ended
Viridian does not own any interests in producing mineral properties or have any other significant
revenue generating activities. The Company’s only source of revenue is from interest earned on cash.
The Company spends money on evaluating, acquiring, and exploring mineral properties and on general
and administrative costs associated with maintaining a public company.
Results of Operations
During the three months ended March 31, 2025, the Company had a net loss of $ 105,389 (March 31,
2024 - $115,573). The following table outlines the significant increases (decreases) experienced by the
Company in the three months ended March 31, 2025 , compared with the three months ended March
31, 2024.
March 31, 2025 March 31, 2024 Variance
$ $ $
Exploration expenditures (recovery) (117,313) 41,124 (158,437)
Consul
ting fees 91,350 19,500 71,850
Regulatory fees 41,336 - 41,336
Promotion 20,903 5,858 15,045
Three months ended
Exploration expenditures decrease by $158,437 compared to the prior period. The decrease is largely
due to the partner contributions by BHP under the Xplor program . During Q1 2025, the Company
received $755,457 of partner contributions (Q1 2024 - $nil) which were a result of Viridian meeting
the first 2 milestones under the program. In Q1 2025, the Company also staked additional mineral
claims surrounding its Sedna property. The claim staking costs in Q1 2025 were $672,815 (Q1 2024 -
$nil). During the three months ended March 31, 2025 the Company incurred exploration expenditure ,
gross of partner contributions, government grants and claim acquisition costs of $46,791 compared to
$41,124 for the three months ended March 31, 2024.
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Consulting fees increased by $71, 800 compared to the prior period. The increase is due to the fact that
the Chief Financial Officer was billing $1,500 monthly and Chief Executive Officer of the Company
were not taking monthly compensation in Q1 2024. In the three months ended March 31, 2025 , the
compensation of the Chief Financial Officer was increased to $5,000 per month and the Chief
Executive Officer started billing $6,000 per month. In Q 4 2024, the Company also engaged a
Corporate Secretary and a communication strategist which bill $1,500 and $2,500 per month,
respectively. Starting in Q1 2025, the Company engaged a company to provide corporate advisory
services at a fee of $7,500 per month.
Regulatory fees increased by $ 41,336 compared to the prior period. The increase is due to one time
CSE listing expenses of $31,936 incurred in Q1 2025, when the Company voluntarily delisted from the
TSXV and listed on the CSE. In Q1 2024, the Company was private and did not incur any regulatory
fees.
Promotion fees increased by $1 5,045 compared to the prior period. The increase costs incurred by the
Company for PDAC promotion as well as additional marketing . In Q1 2024, the Company was private
and did not attend PDAC.
Financing
There were no financings completed during the three months ended March 31, 2025.
Stock Option grants
There were no stock options granted during the three months ended March 31, 2025.
Liquidity and Capital Resources
The Company’s activities consist of the exploration and evaluation of its various properties, a process
that is ongoing, and is dependent on many factors, some of which are beyond managements control.
The Company does not generate any cash flows from operations and do es not currently have any
income other than interest income. The Company relies on equity financings to fund its working capital
requirements and planned exploration, development and permitting activities. Management maintains a
policy of reviewing working capital requirements on a monthly basis and is mindful of any property
and administrative commitments.
At March 31, 2024, the Company had a deficit of $4 ,400,457 (December 31, 2024 - $4,295,068) and
working capital of $594,245 (December 31, 2024 - $699,634). The Company as at March 31, 2025,
had cash balances of $ 464,982 (December 31, 202 4 – $116,389) and accounts payable and current
liabilities of $162,049 (December 31, 2024 - $280,994).
During the year ended December 3 1, 2024, the Company raised $1,000,000 through flow -through
placements. The Company is required to fulfil its commitment within the stipulated deadline of
December 31, 2025. As of March 31, 2025, the Company has incurred $3 53,175 of this commitment
leaving $646,825 to be spent by December 31, 2025.
Based on the Company’s financial position as at March 31, 202 5, the available funds are not
considered adequate to meet requirements for the estimated operations, exploration and development
expenditures in the coming twelvemonth period. These requirements may be adversely impacted by an