Management Discussion & Analysis

September 30, 2016

The following Management’s Discussion and Analysis of the results of operations and financial position,prepared as of November 29, 2016 should be read in conjunction with the unaudited condensed interimfinancial statements of Northern Uranium Corp. for the nine month period ended September 30, 2016,
as well as the audited financial statements for the year ended December 31, 2015 and the relatedmanagement’s discussion and analysis (the “annual MD&A”).

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