Interim MD&A

The following management discussion and analysis (“MD&A”) of Velox Energy Materials Inc. (formerly Currie Rose Resources Inc.) (“Velox” or “the Company”) provides a review of corporate developments, results of operations and financial position for the nine months ended September 30, 2025 (“FY2025”) and 2024 (“FY2024”). This discussion is prepared as of November 27, 2025 and should be read in conjunction with the unaudited condensed interim consolidated financial statements for the three and nine months ended September 30, 2025 (the “Q3 Financial Statements”) and the audited consolidated financial statements for the year ended December 31, 2024 and 2023 (“Audited 2024 Financial Statements”).