# Management’s Discussion and Analysis Q4 2025 (Audited)

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Original source: https://goldskyresources.com/wp-content/uploads/2026/04/Goldsky_MDA_Q4_2025final-for-filing.pdf
EGM generated: 2026-09-27
Company: Goldsky Resources Corp. (GSKR)

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# Management’s Discussion and Analysis Q4 2025 (Audited)

Source: https://goldskyresources.com/wp-content/uploads/2026/04/Goldsky_MDA_Q4_2025final-for-filing.pdf
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# Management’s Discussion and Analysis Q4 2025 (Audited)
GOLDSKY RESOURCES CORP. (FORMERLY FIRST NORDIC METALS CORP.)
ANNUAL REPORT TO SHAREHOLDERS
For the Year Ended December 31, 2025
(Expressed in Canadian Dollars)
MANAGEMENT DISCUSSION AND ANALYSIS (“MD&A”)
FOR THE YEAR ENDED DECEMBER 31, 2025
Dated: April 30, 2026
Management’s Responsibility for Financial Reporting:
The accompanying financial report for the year ended December 31, 2025, has been prepared by management using accounting
policies consistent with International Financial Reporting Standards (“IFRS”). Other information contained in this document has also
been prepared by management and is consistent with the data contained in the annual financial report.
The Company’s certifying officers, are also responsible to ensure that the financial report and the MD&A (together the “filings”) do
not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a
statement not misleading in light of the circumstances under which it was made, with respect to the period covered by these filings,
and the financial report together with the other financial information included in these filings fairly present in all material respects
the financial condition, financial performance and cash flows of the Company, as of the date of and for the periods presented in these
filings.
Certain statements in this report may constitute forward-looking statements that are subject to risks and uncertainties. A number of
important factors could cause actual outcomes and results to differ materially from those expressed in these forward-looking
statements. Consequently, readers should not place any undue reliance on such forward-looking statements. In addition, these
forward-looking statements relate to the date on which they were made.
In particular, forward looking comments regarding both the Company’s plans and operations included in the ”Description of
Business” with respect to management’s planned exploration and other activities, and in “Liquidity”, and “Corporate Summary”
regarding management’s estimated ability to fund its projected costs of exploration work and general corporate costs of operations,
and its ability to raise additional funding through placement of the Company’s common shares, are plans and estimates of
management only and actual results and outcomes could be materially different.
Description of Business:
ACQUISITION OF GOLD LINE RESOURCES LTD
On February 23, 2024, the Company completed the acquisition of all the issued and outstanding common shares of Gold Line
Resources Ltd. (“Gold Line”) whereby each Gold Line shareholder received 0.7382 common shares of the Company in exchange
for one common share of Gold Line (the “Arrangement”). Pursuant to the Arrangement, the Company issued 8,936,929 common
shares with a fair value of $4,289,726. Gold Line was a Canadian exploration company listed on the TSX-V and OTC Exchange. On
completion of the Arrangement, Gold Line’s common shares were delisted from the TSX-V and OTC Exchange.
1
GOLDSKY RESOURCES CORP. (FORMERLY FIRST NORDIC METALS CORP.)
ANNUAL REPORT TO SHAREHOLDERS
For the Year Ended December 31, 2025
(Expressed in Canadian Dollars)
ACQUISITION OF GOLD LINE RESOURCES LTD (cont’d…):
Description of Business (cont’d…):
As part of the Arrangement, all outstanding share options and warrants of Gold Line were exchanged for share options to acquire up
to an aggregate of 387,555 common shares of the Company. All outstanding warrants of Gold Line are now exercisable to acquire
3,547,064 common shares of the Company.
The transaction costs associated with the Arrangement totaled $101,043 and is comprised of legal fees and transfer agent fees.
The acquisition of Gold Line constitutes an asset acquisition and has been accounted for under the acquisition method in accordance
with the guidance provided in IFRS 3, Business Combinations (“IFRS 3”). The assets acquired did not quality as a business according
to the definition in IFRS 3, and therefore the acquisition did not constitute a business combination, but rather it is treated as a payment
of equity consideration for the acquisition of Gold Line and its net assets. The value of the consideration paid after allocation to the
other net assets acquired, was allocated to exploration and evaluation assets, which are located in Sweden and Finland and consist of
the Gold Line Project, the Klippen Gold Project, and the Oijärvi Gold Project.
BARSELE, PROJECT SWEDEN:
The Barsele Property is located 40 km southeast of the town of Storuman in Västerbottens Län, a regional district of northern Sweden
approximately 600 km due north of Stockholm. Exploration in the project area has been ongoing for 39 years. From 1985 to 2010, a
total of 398 diamond drill holes (43,609 metres) were drilled and in 2006, Northland Resources S.A. (“Northland”) completed a
National Instrument 43-101 technical report which contained resource estimates of both indicated and inferred resources and was
filed on SEDAR+ by Northland on April 13, 2006.
On October 27, 2010, Orex Minerals Inc. (“Orex”) announced the terms of acquisition of the Barsele Project from Northland.
At Barsele, the main gold-bearing system remains open in all directions. The structurally linked gold mineralized “lodes” occur
mainly within a granodiorite host and to a lesser extent, volcanic and sedimentary rocks. Multiple parallel to sub-parallel “lodes” that
vary in width from 10 metres to 100 metres, combine for a maximum known thickness (including low grade-waste islands) of 425
metres. The Avan–Central–Skiråsen zones have a strike length approaching 3.6 kilometres and that same northwest trending
structural corridor contains localized bodies with gold mineralization over an additional 4.4 kilometres. The drill tested depth of the
mineralized system approaches 1.0 kilometre and remains open. Gold is generally associated with arsenopyrite and low base metal
content and often occurs as native metal.
The Norra Zone is a small, massive sulphide deposit. In the Norra Zone, sulphide mineralization is exposed in two open trenches in
the centre of the drilled mineralized trend. The main mineralized body is 300 metres in strike-length and 50 metres in width.
In May 2011, Orex initiated a 2,500 line-kilometre airborne geophysical survey of the entire Barsele Property. SkyTEM Surveys of
Denmark carried out that work. That same year, Orex engaged Finland-based SuomenMalmiOy (“SMOY”) and LeBel Geophysics
of Canada to conduct ground follow-up induced polarization and electromagnetic surveys. In November of 2011, Orex commenced
a 6,200-metre diamond drilling program which targeted the Central (12 holes) and Avan (4 holes) gold zones.
In October of 2013, Orex gained 100% ownership in the Barsele Project from Northland through work, cash and share offerings.
On February 23, 2015, Orex announced a Letter of Intent to joint venture the Barsele Project with Agnico Eagle Mines Ltd. of
Canada. On August 6, 2015, Orex announced an arrangement agreement to spin out its interest in the Barsele Project to a wholly
owned subsidiary named Barsele Minerals Corp. Orex would retain a 2% net smelter royalty on the Barsele Project.
2
GOLDSKY RESOURCES CORP. (FORMERLY FIRST NORDIC METALS CORP.)
ANNUAL REPORT TO SHAREHOLDERS
For the Year Ended December 31, 2025
(Expressed in Canadian Dollars)
Description of Business (cont’d…):
BARSELE PROJECT, SWEDEN (cont’d…):
On June 11, 2015, Agnico Eagle Sweden acquired a 55% interest in the Barsele Project which included Gunnarn Mining AB and
Gunnarn Exploration AB (collectively “Barsele JV”) for cash payments and work considerations. The project became a joint venture
between Agnico Eagle Mines Limited (55%) and Barsele Minerals Corp. (45%). As part of the joint venture arrangement, Agnico
Eagle could earn an additional 15% interest in the project, through completion of a pre-feasibility study.
As of mid-October 2015, total drilling by all parties on the Barsele Project equaled 49,809 metres in 414 drill holes.
On October 28, 2015, a $US3.25 million exploration program was approved by Agnico Eagle and Barsele, with Agnico Eagle serving
as operator, under the guidance of a joint venture technical committee. Diamond drilling of 12,300 metres was planned around the
existing resource areas, including down-plunge extensions of gold mineralization. Additional trenching, structural mapping, till
sampling, hyperspectral imaging, plus metallurgical and environmental studies were also undertaken.
At the end of April 2016, Agnico Eagle had drilled a total of 25 holes in the Central and Skiråsen zones totaling 13,264 metres.
Highlight drilling results included: Central hole CNT-15016, with 112 metres grading 2.01 g/t gold. At Skiråsen hole SKI-15001,
yielded 61 metres grading 1.61 g/t gold. During this time, it was recognized that the Central and Skiråsen gold zones are
interconnected, with a combined strike length of approximately 1,400 metres, and extending to a depth of at least 540 metres, and
ranging in width from 10 to 150 metres.
In October of 2016 Agnico Eagle announced an increase to the Barsele 2016 exploration budget of $US2.5 million dollars. Planned
drill meterage increased from 19,000 to 36,000 metres and in November 2016 it was announced that Agnico Eagle had fulfilled its
expenditure commitment of $US7.0 million dollars, ahead of the June 11, 2018, deadline.
Highlight drill results from the final six months of 2016 include: Skiråsen hole SKI-16006 with 69.8 meters grading 1.31 g/t gold,
including 25.7 meters grading 2.17 g/t gold; SKI-16007 with 33.0 meters grading 4.08 g/t gold; Avan hole AVA-16005 intersected
6.0 meters grading 16.20 g/t gold and 26.00 meters grading 2.22 g/t gold; AVA-16007 intersected 33.40 meters grading 1.68 g/t gold
and 8.00 meters grading 3.23 g/t gold; Central hole CNT-16001 intersected 27.00 meters grading 1.80 g/t gold and CNT-16002
intersected 134 meters grading 1.11 g/t gold, including 39.00 meters grading 2.41 g/t gold; with CNT-16011 yielding 23.0 meters
grading 7.90 g/t gold at 559 meters depth.
During February 2017, the Company announced an updated mineral resource estimate for the Barsele Project, prepared internally by
Agnico Eagle.
Highlight drill result releases from the first six months of 2017 include: Skiråsen hole SKI-16010 with 6.0 metres grading 33.46 g/t
gold, plus 178.0 metres grading 1.68 g/t gold; SKI-16015 with 31.0 metres grading 2.29 g/t gold; SKI-17003 yielded 8 gold intercepts,
including 4.0 metres grading 60.18 g/t gold and extending Skiråsen mineralization to 595 metres depth; SKI-16002 yielded 13.0
metres grading 2.15 g/t gold and extending Skiråsen mineralization an added 100 metres to 695 metres depth; Central hole CNT-
16017 yielded 31.0 metres grading 2.65 g/t gold; CNT-16032 yielded 92 metres grading 1.63 g/t gold; CNT-17006 yielded 25.0
metres grading 5.34 g/t gold. Avan hole AVA-16024 extended Avan mineralization 375 metres NW of the known Avan Zone.
3
GOLDSKY RESOURCES CORP. (FORMERLY FIRST NORDIC METALS CORP.)
ANNUAL REPORT TO SHAREHOLDERS
For the Year Ended December 31, 2025
(Expressed in Canadian Dollars)
Description of Business (cont’d…):
BARSELE PROJECT, SWEDEN (cont’d…):
During the summer of 2017, a regional surface till sampling program was completed. This work defined a broad area with anomalous
precious and base metal responses within the northern third of the property, several kilometers to the north of existing drilling. As
the Barsele Project was originally discovered using till sampling, these results were considered significant.
During October 2017 metal

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