Q1 2026 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 three months ended March 31, 2026 (“March 2026” or “Q1 2026”) and 2025 (“March 2025” or “Q1 2025”). This discussion is prepared as of May 29, 2026 and should be read in conjunction with the condensed consolidated interim financial statements for the three months ended March 31, 2026, and 2025 (the “Q1 2026 Financial Statements”), and the audited consolidated financial statements for the years ended December 31, 2025, and 2024 (the “Audited 2025 Financial Statements”).