NCF at end of Results of Operations During the three months ended January 31, 2022, the Company recorded a net loss of $449,000 compared to a net loss of $379,000 during the three months ended January 31, 2021. Of the current year’s net loss, $439,000 was attributable to shareholders of the Company, compared to $367,000 during the same period of the prior year. The Company recorded general and administration expenses of $300,000 and project management and financing expenses of $69,000 for the current period, compared to $254,000 and $46,000, respectively, recorded for the prior period. To conserve its cash, the Company granted Deferred Share Units (“DSU”) and Restricted Share Units (“RSU”) to its directors, in lieu of director fees in the first quarter of the prior year. However, no DSUs and RSUs were granted in the current quarter as the maximum limits under the Company’s DSU and RSU plans were reached. The increase in net loss during the three months ended January 31, 2022, compared to the same period of the prior year, was due to increase in the following expenses: general and administration expenses, due to accrual of directors’ fees to the extent that the Company did not grant DSUs and RSUs due to limitation of respective compensation plans; project management and financing expenses, due to the Company’s initiatives and outreach for potential financing and offtake opportunities; and finance expenses representing accrued interest and amortization of financing costs relating to the convertible loans described herein (see 1.2.2 Financing