Management Discussion & Analysis

September 30, 2018

The following Management’s Discussion and Analysis of the results of operations and financial position, prepared as of November 21, 2018 should be read in conjunction with the unaudited condensed interim financial statements of Northern Uranium Corp. for the nine month period ended September 30, 2018, as well as the audited financial statements for the year ended December 31, 2017 and the related management discussion and analysis (the “annual MD&A”). The audited condensed interim financial statements for the nine months ended September 30, 2018 have been prepared in accordance with International Financial Reporting Standards (“IFRS”). All amounts are expressed in Canadian dollars unless otherwise indicated.

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