Annual MD&A

The following management discussion and analysis (“MD&A”) of Velox Energy Materials Inc. (“Velox” or “the Company”) provides a review of corporate developments, results of operations and financial position for the year ended December 31, 2025 (“December 2025” or “FY2025”) and 2024 (“December 2024” or “FY2024”). This discussion is prepared as of April 28, 2026 and should be read in conjunction with the audited consolidated financial statements for the years ended December 31, 2025, and 2024 (the “Audited 2025 Financial Statements”).