CDN Maverick Capital : MD&A

CDN MAVERICK CAPITAL CORP. (FORMERLY CAELAN CAPITAL INC.)

Management's Discussion and Analysis

Nine Months Ended September 30, 2021

November 29, 2021

CDN MAVERICK CAPITAL CORP. (FORMERLY CAELAN CAPITAL INC.)

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the nine months ended September 30, 2021

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CDN MAVERICK CAPITAL CORP. (FORMERLY CAELAN CAPITAL INC.)

Management's Discussion and Analysis

Nine Months Ended September 30, 2021

November 29, 2021

CDN Maverick Capital Corp. (formerly Caelan Capital Inc.) (the "Company" or "Maverick") was incorporated in British Columbia under the Business Corporations Act (British Columbia) and is engaged in the acquisition, exploration and development of resource properties. At market open on November 4, 2019, the Company listed on the Canadian Securities Exchange ("CSE") on the Frankfurt Exchange under the symbol A117RU, and on the OTCQB under the symbol AXVEF. As a market close on November 4, 2019, the Company voluntarily delisted on the TSX Venture Exchange. At market open on November 4, 2020, the Company completed a share consolidation at a ratio of one new, post-consolidated share for every two old, pre-consolidated shares and concurrently changed its name to CDN Maverick Capital Corp. All share amounts in this management's discussion and analysis ("MD&A") are reflected on a post-consolidated basis.

These consolidated financial statements include the accounts of the Company and its 100% wholly owned subsidiaries Midas Capital Inc. ("Midas") and Acrex Minerals (U.S.) Inc. ("Acrex US"). Midas was incorporated in the Province of British Columbia and Acrex US was incorporated in the State of Nevada. Inter-company balances and transactions, including unrealized income and expenses arising from inter-company transactions, are eliminated on consolidation.

This MD&A reports on the operating results and financial condition of the Company for the nine months ended September 30, 2021 and is prepared as of November 29, 2021. The MD&A should be read in conjunction with the Company's unaudited interim consolidated financial statements for the nine months ended September 30, 2021, and the audited annual consolidated financial statements for the years ended December 31, 2020 and December 31, 2019 and the notes thereto which were prepared in accordance with International Financial Reporting Standards ("IFRS").

All dollar amounts referred to in this MD&A are expressed in Canadian dollars except where indicated otherwise.

Cautionary Note Regarding Forward-Looking Information

This document may contain "forward-looking information" within the meaning of Canadian securities legislation ("forward-looking statements"). These forward-looking statements are made as of the date of this document and the Company does not intend, and does not assume any obligation, to update these forward-looking statements, except as required under applicable securities legislation.

Forward-looking statements relate to future events or future performance and reflect management's expectations or beliefs regarding future events and include, but are not limited to, the Company and its operations, its planned exploration activities, the adequacy of its financial resources and statements with respect to the estimation of mineral reserves and mineral resources, the realization of mineral reserve estimates, the timing and amount of estimated future production, costs of production, capital expenditures, success of mining operations, environmental risks, unanticipated reclamation expenses, title disputes or claims and limitations on insurance coverage. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative of these terms or comparable terminology. In this document, certain forward-looking statements are identified by words including "may", "future", "expected", "intends" and "estimates". By their very nature forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward- looking statements. Such factors include, among others, risks related to actual results of current exploration activities; changes in project parameters as plans continue to be refined; future prices of resources; possible variations in ore reserves, grade or recovery rates; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of development or construction activities; as well as those factors detailed from time to time in the Company's interim and annual consolidated financial statements and management's discussion and analysis of those statements, all of which are filed and available for review under the Company's profile on SEDAR at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. The Company provides no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

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CDN MAVERICK CAPITAL CORP. (FORMERLY CAELAN CAPITAL INC.)

Management's Discussion and Analysis

Nine Months Ended September 30, 2021

November 29, 2021

Description of Business

CDN Maverick Capital Corp. is an exploration stage company engaged in the acquisition, exploration and development of resource properties. As at September 30, 2021, the Company has interests in the following resource properties:

1. Rainbow Canyon, Nevada - By an agreement dated March 25, 2011, the Company purchased non-patented mineral claims and staked additional claims during the same year, in Washoe County, Nevada, USA. The purchase price for the claims was US$125,000 (CAN$123,719). A 3% Net Smelter Return ("NSR") is reserved to the vendor subject to the Company's right to purchase back up to a 2% NSR by the payment of $500,000 for each 1% NSR interest purchased.

During the year ended December 31, 2019, the Company filed a Notice of Intent with the BLM for its Rainbow Canyon Property to include additional drilling, which would follow up on the RCR-03 gold intercept with 3-5 RC drill holes.

On January 7, 2021, the Company acquired all of the outstanding share capital of Midas Capital Inc. ("Midas") which holds a 100% interest in 25 mineral claims known as the Olinghouse Property, which is adjacent to the Company's Rainbow Canyon property in Nevada and is considered part of the Rainbow Canyon property.

Pursuant to the Share Exchange Agreement, the Company acquired all the issued and outstanding shares of Midas (1,500,000 common shares), and in consideration for which, the Company paid cash of US$50,000 and issued 700,000 common shares to the shareholders of Midas. As a result of this transaction, Midas became a wholly owned subsidiary of the Company.

As Midas did not meet the definition of a business, the Company treated this acquisition as an asset acquisition. The purchase price was allocated according to the assets acquired:

Exploration and evaluation asset acquired	$174,523
Total consideration	$174,523

During the nine months ended September 30, 2021, the Company incurred $31,164 (2020 - $148,295) in exploration expenditures on the Rainbow Canyon Property.

1. Ranger Lake Gold Project, Quebec, Canada
   On August 20, 2020, the Company entered into a Property Option Agreement ("Agreement") with an arms' length vendor to acquire 100% interest in the Ranger Lake Gold Project in the Property of Quebec. Under the terms of the agreement the Company will make a cash payment of $50,000 within five business days of the signing of the Agreement, an additional cash payment of $50,000 on or before six months of the signing of the Agreement, and a final cash payment of $100,000 on or before twelve months of the signing of the Agreement. The Company must also complete $250,000 in exploration expenditures on or before twelve months of the signing of the Agreement.
   The Company terminated their option on December 28, 2020 and recognized impairment of $50,000.
2. Inferno Silver Property, British Columbia, Canada
   On October 12, 2021, the Company entered into a Property Option Agreement ("Agreement") to acquire 100% interest in the Inferno Silver Property, located in British Columbia, Canada, comprising of four (4) contiguous mineral claims.
   The Company can acquire 100% interest for the following consideration:
3. 1. 100,000 common shares within three (3) days of the signing of the Agreement (issued); and
   2. incur $150,000 in exploration expenditures before December 31, 2021.

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CDN MAVERICK CAPITAL CORP. (FORMERLY CAELAN CAPITAL INC.)

Management's Discussion and Analysis

Nine Months Ended September 30, 2021

November 29, 2021

Risk Factors

The Company is in the business of acquiring, exploring and, if warranted, developing and exploiting natural resource properties. Mineral property exploration is a speculative business and involves a high degree of risk. There is a probability that the expenditures made by the Company in exploring its properties will not result in discoveries of commercial quantities of minerals. A high level of ongoing expenditures is required to locate and estimate ore reserves, which are the basis to further the development of a property. Capital expenditures to support the commercial production state are also very substantial.

Matters related to the principal risks faced by the Company have been disclosed in previous MD&A's filed on SEDAR and continue to apply to the activity and business of the Company.

Selected Annual Information

The following selected financial data with respect to the Company's financial condition and results of operations has been derived from the audited financial statements of the Company for the years ended December 31, 2020, 2019 and 2018 prepared in accordance with IFRS. The selected financial data should be read in conjunction with those financial statements and the notes thereto.

The following selected financial information is extracted from the audited annual consolidated financial statements of the Company prepared in accordance with IFRS.

	31Dec20	31Dec19	31Dec18
Interest Income	$3,000	$Nil	$Nil
Net Income (Loss) for the year	$(550,419)	$(2,049,525)	$36,359
Income (Loss) per Share	$(0.14)	$(0.03)	$0.01
Total Assets	$1,971,738	$577,654	$2,676,096
Total Liabilities	$93,517	$100,331	$103,993
Working Capital	$1,685,321	$432,968	$1,496,571

The referenced audited annual financial statements of the Company above have been prepared in accordance with IFRS. Because a precise determination of many assets and liabilities is dependent upon future events, the preparation of consolidated financial statements for a period necessarily involves the use of estimates, which have been made using careful judgment. Actual results may differ from these estimates.

Results of Operations

At September 30, 2021, total assets were $2,264,787 compared to $1,971,738 as at December 31, 2020. This increase in assets is due to increases in marketable securities, equipment, and increases in mineral properties due to increased exploration expenditures on the Company's Rainbow Canyon project offset by decreases in cash and prepaid expenses.

The Company has no operating revenues.

Three months ended September 30, 2021

During the three months ended September 30, 2021, the Company reported a net loss of $129,583 compared to $177,942 for the same quarter in the prior year, representing an decrease in loss of $48,359.

This decrease in loss in primarily attributed to the following:

• A decrease of $53,000 in management fees. Management fees were $64,500 for the three months ended September 30, 2021, compared to $117,500 for the same quarter in the prior year.
• A decrease of $20,457 in office and general. Office and general fees were $4,789 for the three months ended September 30, 2021, compared to $25,246 for the same quarter in the prior year.

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CDN MAVERICK CAPITAL CORP. (FORMERLY CAELAN CAPITAL INC.)

Management's Discussion and Analysis

Nine Months Ended September 30, 2021

November 29, 2021

These decreases were partially offset by the following expense increases:

• An increase of $28,797 in consulting fees. Consulting fees were $48,797 for the three months ended September 30, 2021, compared to $20,000 for the same quarter in the prior year.

Nine months ended September 30, 2021

During the nine months ended September 30, 2021, the Company reported a net loss of $392,640 compared to $356,597 for the same period in the prior year, representing an increase in loss of $36,043.

The slight increase in loss in primarily attributed to the following:

• An increase of $23,411 in filing fees. Filing fees were $35,263 for the nine months ended September 30, 2021, compared to $11,852 for the same period in the prior year due to the completion of the Company's listing on the OTCQB market and a private placement.
• An increase of $3,480 in legal fees. Legal fees were $5,656 for the nine months ended September 30, 2021, compared to $2,176 for the same period in the prior year.
• An increase of $66,047 in consulting fees. Consulting fees were $108,797 for the nine months ended September 30, 2021, compared to $42,750 for the same period in the prior year.

These increases were partially offset by the following expense decreases:

• A decrease of $13,000 in management fees. Management fees were $193,500 for the nine months ended September 30, 2021, compared to $193,500 for the same period in the prior year.
• A decrease of $17,047 in rent. Rent was $Nil for the nine months ended September 30, 2021, compared to $17,047 for the same period in the prior year.
• A decrease of $10,242 in transfer and regulatory fees. Transfer and regulatory fees were $2,495 for the nine months ended September 30, 2021, compared to $12,737 for the same period in the prior year

Summary of Quarterly Results

	30Sept21	30Jun21	31Mar21	31Dec20	30Sept20	30Jun20	31Mar20	31Dec19
Interest	Nil	Nil	Nil	Nil	$337	$1,496	$1,167	Nil
Income
Operating	$(129,583)	$(120,919)	$(142,137)	$(322,388)	$(177,942)	$(55,668)	$(122,698)	$(197,572)
Costs
Net Income	$(129,583)	$(120,919)	$(142,137)	$(389,965)	$(81,746)	$(54,172)	$(121,531)	$(1,294,084)
(Loss)
Total Assets	$2,264,787	$2,244,208	$2,324,411	$1,971,738	$773,403	$571,158	$659,729	$577,654
Total	$87,918	$79,162	$85,619	$93,517	$199,102	$103,852	$124,035	$100,331
Liabilities
Working	$1,727,103	$1,723,345	$1,852,243	$1,685,321	$469,676	$424,271	$491,999	$432,968
Capital

The following discussion outlines the reasons for some of the variations in the quarterly numbers but, as with most junior mineral exploration companies, the results of operations (including interest income and net losses) are not the main factors in establishing the financial health of the Company. Of far greater significance are the resource properties in which the Company has, or may earn an interest, its working capital and how many shares it has outstanding. The variation seen over such quarters is primarily dependent upon the success of the Company's ongoing property evaluation program and the timing and results of the Company's exploration activities on its then current properties, none of which are possible to predict with any accuracy.

There are no general trends regarding the Company's quarterly results and the Company's business of resource exploration is not seasonal, as it can work on its property on a year-round basis (funding permitting). Quarterly results

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