LINMF 6-K
Linear Minerals Corp (LINMF)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 or 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of August 2026
Commission File Number: 000-29870
LINEAR MINERALS CORP.
(Translation of registrant’s name into English)
700 West Georgia Street, 25th Floor
Vancouver, British Columbia, Canada V7Y 1B3
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F
Form 20-F [ X ] Form 40-F [ ]
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| LINEAR MINERALS CORP. (Registrant) |
||
| Date: August 31, 2026 | By: | /s/ Gurminder Sangha |
| Name: | Gurminder Sangha |
|
| Title: | CEO and Director |
|
Exhibit Index
| Exhibit | Description |
| 99.1 | Interim Financial Statements/Report |
| 99.2 | Interim MD&A |
| 99.3 | 52-109FV2 - Certification of Interim Filings - CEO |
| 99.4 | 52-109FV2 - Certification of Interim Filings - CFO |
Exhibit 99.1
CONDENSED INTERIM FINANCIAL STATEMENTS
FOR THE THREE MONTHS ENDED JUNE 30, 2026
(Expressed in Canadian dollars)
(Unaudited – Prepared by Management)
Notice to Reader
These condensed interim financial statements of Linear Minerals Corp. have been prepared by management and approved by the Board of Directors of the Company. In accordance with National Instrument 51-102 released by the Canadian Securities Administrators, the Company discloses that its external auditors have not reviewed these condensed interim financial statements, notes to financial statements and the related quarterly Management Discussion and Analysis.
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LINEAR MINERALS CORP.
Condensed Interim Statements of Financial Position
(Unaudited -expressed in Canadian dollars)
| June 30, | March 31, | |||||||||
| Note | 2026 | 2026 | ||||||||
| ASSETS | ||||||||||
| Current Assets | ||||||||||
| Cash | $ | 179,292 | $ | 330,676 | ||||||
| Amounts receivable and prepaid expenses | 4 | 157,620 | 142,457 | |||||||
| Total Current Assets | 336,912 | 473,133 | ||||||||
| Non-current Assets | ||||||||||
| Reclamation deposits | 11,000 | 11,000 | ||||||||
| Equipment | 729 | 850 | ||||||||
| Exploration and evaluation assets | 5 | 5,143,314 | 5,143,314 | |||||||
| Total Non-current Assets | 5,155,043 | 5,155,164 | ||||||||
| Total Assets | $ | 5,491,955 | $ | 5,628,297 | ||||||
| LIABILITIES | ||||||||||
| Current Liabilities | ||||||||||
| Accounts payable and accrued liabilities | 6 | $ | 884,247 | $ | 878,180 | |||||
| Due to related parties | 7 | 248,322 | 237,535 | |||||||
| Flow-through share premium liability | 15,000 | 15,000 | ||||||||
| Total Liabilities | 1,147,569 | 1,130,715 | ||||||||
| SHAREHOLDERS’ EQUITY | ||||||||||
| Share capital | 8 | 60,683,777 | 60,683,777 | |||||||
| Warrants reserve | 2,969,647 | 2,969,647 | ||||||||
| Share-based payments reserve | 8 | 3,020,382 | 3,020,382 | |||||||
| Deficit | (62,329,420 | ) | (62,176,224 | ) | ||||||
| Total Shareholders’ Equity | 4,344,386 | 4,497,582 | ||||||||
| Total Liabilities and Shareholders’ Equity | $ | 5,491,955 | $ | 5,628,297 | ||||||
| Going concern | 1 | |||||||||
| Subsequent events | 12 | |||||||||
Approved and authorized for issue on behalf of the board of directors on August 30, 2026 by:
| /s/ Gurminder Sangha | /s/ Jurgen Wolf | |
| Director | Director |
The accompanying notes are an integral part of these condensed interim financial statements.
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LINEAR MINERALS CORP.
Condensed Interim Statements of Loss and Comprehensive Loss
(Unaudited -expressed in Canadian dollars)
| Three months ended June 30, | ||||||||||
| Note | 2026 | 2025 | ||||||||
| Expenses | ||||||||||
| Exploration and evaluation costs | 5 | $ | - | $ | 516,139 | |||||
| General and administrative | 121 | 3,422 | ||||||||
| Professional fees | 15,000 | 15,000 | ||||||||
| Salaries, fees and benefits | 7 | 99,232 | 71,550 | |||||||
| Shareholder communications | 38,843 | 13,569 | ||||||||
| Loss Before Other Items | (153,196 | ) | (619,680 | ) | ||||||
| Other Items | ||||||||||
| Loss (Gain) on marketable securities | - | 25,338 | ||||||||
| Flow-through recovery | - | (108,733 | ) | |||||||
| Interest income | - | (12 | ) | |||||||
| Total Other Income | - | (83,407 | ) | |||||||
| Net Loss and Comprehensive Loss for the Period | (153,196 | ) | (536,273 | ) | ||||||
| Loss per Common Share, Basic and Diluted | $ | (0.01 | ) | $ | (0.06 | ) | ||||
| Weighted Average Number of Shares Outstanding – Basic and Diluted | 12,974,659 | 9,615,550 | ||||||||
The accompanying notes are an integral part of these condensed interim financial statements.
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LINEAR MINERALS CORP.
Condensed Interim Statements of Changes in Equity
(Unaudited -expressed in Canadian dollars)
| Common Shares Without Par Value | Warrants | Share | Share-based Payments | Total | ||||||||||||||||||||||||||
| Note | Shares | Amount | Reserve | subscriptions | Reserve | Deficit | Equity | |||||||||||||||||||||||
| Balance, March 31, 2025 | 61,335,286 | $ | 59,917,903 | $ | 2,834,521 | $ | - | $ | 3,020,382 | $ | (59,492,701 | ) | $ | 6,280,105 | ||||||||||||||||
| Shares issued for exploration and evaluation assets | 8 | 2,500,000 | 37,500 | - | - | - | - | 37,500 | ||||||||||||||||||||||
| Share subscriptions | 8 | - | - | - | 225,000 | - | - | 225,000 | ||||||||||||||||||||||
| Net loss for the period | - | - | - | - | - | (536,273 | ) | (536,273 | ) | |||||||||||||||||||||
| Balance, June 30, 2025 | 63,835,286 | $ | 59,955,403 | $ | 2,834,521 | $ | 225,000 | $ | 3,020,382 | $ | (60,028,974 | ) | $ | 6,006,332 | ||||||||||||||||
| Balance, March 31, 2026 | 84,335,286 | $ | 60,683,777 | $ | 2,969,647 | $ | - | $ | 3,020,382 | $ | (62,176,224 | ) | $ | 4,497,582 | ||||||||||||||||
| Net loss for the period | - | (153,196 | ) | (153,196 | ) | |||||||||||||||||||||||||
| Balance, June 30, 2026 | 84,335,286 | $ | 60,683,777 | $ | 2,969,647 | $ | - | $ | 3,020,382 | $ | (62,329,420 | ) | $ | 4,344,386 | ||||||||||||||||
The accompanying notes are an integral part of these condensed interim financial statements.
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LINEAR MINERALS CORP.
Condensed Interim Statements of Cash Flows
(Unaudited -expressed in Canadian dollars)
| Three months ended June 30, | ||||||||
| 2026 | 2025 | |||||||
| Cash provided from (used for): | ||||||||
| Operating activities | ||||||||
| Net loss for the period | $ | (153,196 | ) | $ | (536,273 | ) | ||
| Items not involving cash: | ||||||||
| Amortization | 121 | 122 | ||||||
| Share-based payments | - | - | ||||||
| Loss on sale marketable securities | - | 25,338 | ||||||
| Flow-through recovery | - | (108,733 | ) | |||||
| Changes in non-cash working capital balances: | ||||||||
| Amounts receivable and prepaid expenses | (15,163 | ) | (290,631 | ) | ||||
| Accounts payable and accrued liabilities | 6,067 | 178,685 | ||||||
| Due to related parties, net | 10,787 | (43,313 | ) | |||||
| Net cash used in operating activities | (151,384 | ) | (774,805 | ) | ||||
| Investing activities | ||||||||
| Proceeds from sale of marketable securities | - | 81,347 | ||||||
| Net cash provided from investing activities | - | 81,347 | ||||||
| Financing activities | ||||||||
| Share subscriptions | - | 225,000 | ||||||
| Net cash provided from financing activities | - | 225,000 | ||||||
| Net decrease in cash during the period | (151,384 | ) | (468,458 | ) | ||||
| Cash, beginning of the period | 330,676 | 951,807 | ||||||
| Cash, end of the period | $ | 179,292 | $ | 483,349 | ||||
| Supplemental information | ||||||||
| Shares issued for exploration and evaluation assets | $ | - | $ | 37,500 | ||||
The accompanying notes are an integral part of these condensed interim financial statements.
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LINEAR MINERALS CORP.
Notes to the Condensed Interim Financial Statements
For the three months ended June 30, 2026 and 2025
(Unaudited - expressed in Canadian dollars)
| 1. | Nature of Operations and Going Concern |
Linear Minerals Corp. (“Linear Minerals” or the “Company”), formerly known as FE Battery Metals Corp, was incorporated on October 12, 1966 in the Province of British Columbia under the Business Corporations Act of British Columbia, and its principal business activity is the exploration of mineral properties in Canada and United States (“U.S”).
The Company’s head office and principal address is Suite 2421 – 1055 West Georgia Street, Vancouver, B.C., Canada, V6E 3P3. The Company’s registered and records office is 25th Floor-700 West Georgia Street, Vancouver, B.C., Canada, V7Y 1B3.
On December 31, 2024, FE Battery Metals Corp changed its name to Linear Minerals Corp. with a new trading symbol of ‘LINE’ on the Canadian Securities Exchange (LINE), the OTCQB Exchange (LINMF) and the Frankfurt Exchange (J9K).
As at June 30, 2026, the Company had cash of $179,292, a working capital deficiency of $810,657, incurred a net loss of $153,196 and used $151,384 in operating activities. The Company will need to raise additional financing as the Company’s current assets are not sufficient to finance its operations and administrative expenses. The Company is evaluating financing options including, but not limited to, the issuance of additional equity and debt. The Company has no assurance that such financing will be available or be available on favourable terms. Factors that could affect the availability of financing include the Company’s performance (as measured by numerous factors including the progress and results of its projects), the state of international debt and equity markets, investor perceptions and expectations and the global financial and metals markets. In addition to evaluating financing options, the Company has also implemented cost savings measures.
These condensed interim financial statements have been prepared on the basis that the Company will continue as a going concern, which assumes that the Company will be able to meet its commitments, continue operations, and realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. These events and conditions indicate that a material uncertainty exists that may cast significant doubt on the Company’s ability to continue as a going concern.
| 2. | Basis of Preparation and Material Accounting Policy Information |
| (a) | Statement of Compliance |
These unaudited condensed interim financial statements have been prepared in accordance with International Accounting Standard, Interim Financial Reporting (“IAS 34”) as issued by the International Accounting Standards Board (“IASB”). The policies applied in these financial statements are based on International Financial Reporting Standards (“IFRS”) and interpretations of the International Financial Reporting Interpretations Committee (“IFRIC”) issued and outstanding as at August 30, 2026, the date the board of directors approved these unaudited condensed interim financial statements for issue.
| (b) | Basis of preparation |
These unaudited condensed interim financial statements, prepared in conformity with IAS 34, follow the same accounting policies and methods of computation as the most recent audited annual financial statements.
Since these unaudited condensed interim financial statements do not include all disclosures required by the International Financial Reporting Standards (“IFRS”) for annual financial statements, they should be read in conjunction with the Company’s annual financial statements for the year ended March 31, 2026.
| (c) | Basis of Measurement and Presentation |
These unaudited condensed interim financial statements have been prepared using the historical cost convention using the accrual basis of accounting except for some financial instruments, which have been measured at fair value. In the opinion of management, all adjustments (including normal recurring accruals) considered necessary for a fair presentation have been included.
| (d) | Comparative figures |
Certain comparative figures have been reclassified to conform to the current period’s presentation
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LINEAR MINERALS CORP.
Notes to the Condensed Interim Financial Statements
For the three months ended June 30, 2026 and 2025
(Unaudited - expressed in Canadian dollars)
| 2. | Basis of Preparation and Material Accounting Policy Information (continued) |
| (e) | New, Amended and Future IFRS Pronouncements |
Accounting standards and amendments issued but not yet adopted
There are no other IFRS that are not yet effective that would be expected to have a material impact on the Company. Certain new accounting standards, amendments to existing standards and interpretations have been issued but have future effective dates that are either not applicable or are not expected to have a significant impact on the Company’s financial statements.
| 3. | Critical Accounting Judgments and Estimates |
The preparation of financial statements requires management to make judgments and estimates that affect the amounts reported in the financial statements and notes. By their nature, these judgments and estimates are subject to change and the effect on the financial statements of changes in such judgments and estimates in future periods could be material. These judgments and estimates are based on historical experience, current and future economic conditions, and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results could differ from these judgments and estimates. The more significant areas are as follows:
| (a) | Going Concern |
The assessment of the Company’s ability to raise sufficient funds to finance its exploration and administrative expenses involves judgment. Estimates and assumptions are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
| (b) | Intangible Exploration and Evaluation Assets |
Management is required to assess impairment in respect of intangible exploration and evaluation assets. Note 5 discloses the carrying value of such assets. The triggering events for the potential impairment of exploration and evaluation assets are defined in IFRS 6 Exploration for and Evaluation of Mineral Properties and are as follows:
| ● | the period for which the entity has the right to explore in the specific area has expired during the period or will expire in the near future, and is not expected to be renewed; |
| ● | substantive expenditure on further exploration for and evaluation of mineral resources in the specific area is neither budgeted nor planned; |
| ● | exploration for and evaluation of mineral resources in the specific area have not led to the discovery of commercially viable quantities of mineral resources and the entity has decided to discontinue such activities in the specific area; and |
| ● | sufficient data exists to indicate that, although a development in the specific area is likely to proceed, the carrying amount of the exploration and evaluation asset is unlikely to be recovered in full from successful development or by sale. |
In making the assessment, management is required to make judgments as to the status of each project and its future plans towards finding commercial reserves. The nature of exploration and evaluation activity is such that only a proportion of projects are ultimately successful and accordingly some assets are likely to become impaired in future periods.
| 4. | Amounts Receivable and Prepaid Expenses |
| June 30, 2026 | March 31, 2026 | |||||||
| GST/HST | $ | 55,717 | $ | 51,129 | ||||
| Prepayments and other receivable | 101,903 | 91,328 | ||||||
| Total | $ | 157,620 | $ | 142,457 | ||||
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LINEAR MINERALS CORP.
Notes to the Condensed Interim Financial Statements
For the three months ended June 30, 2026 and 2025
(Unaudited - expressed in Canadian dollars)
| 5. | Exploration and Evaluation Assets |
Exploration and evaluation assets deferred to the statements of financial position at June 30, 2026 and March 31, 2026 are as follows:
| March 31, 2026 | Additions | Write-off | June 30, 2026 | |||||||||||||
| Abitibi Lithium | $ | 839,690 | $ | - | - | $ | 839,690 | |||||||||
| Augustus Lithium | 593,290 | - | - | 593,290 | ||||||||||||
| Canadian Lithium | 228,881 | - | - | 228,881 | ||||||||||||
| Electron Lithium | 527,233 | - | - | 527,233 | ||||||||||||
| Lac Coulombe | 140,000 | - | - | 140,000 | ||||||||||||
| McNeely Lithium | 820,000 | - | - | 820,000 | ||||||||||||
| Ridgeway Clark County | 60,220 | - | - | 60,220 | ||||||||||||
| Rose East Lithium | 1,050,000 | - | - | 1,050,000 | ||||||||||||
| Rose West Lithium | 884,000 | - | - | 884,000 | ||||||||||||
| $ | 5,143,314 | $ | - | $ | - | $ | 5,143,314 | |||||||||
| (a) | Abitibi Lithium Property |
On March 12, 2021, the Company entered into a purchase agreement to acquire a 100% interest in the Abitibi Lithium property (the “Abitibi Agreement”). The Abitibi Lithium property is comprised of 114 mineral claims covering approximately 5,800 hectares located in the Abitibi area of western Quebec.
Under the terms of the Abitibi Agreement, the Company acquired a 100% interest in the Abitibi Lithium property by issuing 1,078,947 common shares of the Company and by paying $250,000 on April 20, 2021. The Abitibi Lithium Property is subject to a 3% Net Smelter Returns (“NSR”) royalty, which the Company will have the option to reduce the NSR by 1.0% to 2.0% by paying $1,000,000.
During the year ended March 31, 2026, the Company recorded an impairment of $927,310 in connection with the claims lapsed during the year.
| (b) | Augustus Lithium Property |
On January 18, 2021, the Company entered into an option agreement to acquire a 100% interest in the Augustus Lithium property (the “Augustus Agreement”). The Augustus Lithium property is comprised of 21 mineral claims covering approximately 900 hectares located in the Abitibi area of western Quebec.
On October 29, 2022, the Company entered into amended option agreement allowing the Company to accelerate its option to acquire a 100% interest in the Augustus Lithium property. As consideration for the amendment, the Company issued an additional 350,000 common shares. As of November 7, 2022, the Company completed the required option payments, common share issuances and exploration expenditures to acquire its 100% interest of the Augustus Lithium property.
The Augustus Lithium Property is subject to a 2% NSR royalty. The Company will have the option to reduce the NSR by 1.0% to 1.0% by paying $1,000,000.
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LINEAR MINERALS CORP.
Notes to the Condensed Interim Financial Statements
For the three months ended June 30, 2026 and 2025
(Unaudited - expressed in Canadian dollars)
| 5. | Exploration and Evaluation Assets (continued) |
| (b) | Augustus Lithium Property (continued) |
Proposed disposition of Augustus Lithium Property and additional mineral claims
On June 4, 2026, the Company entered into a term sheet with Consolidated Lithium Metals Inc. (“CLM”) pursuant to which CLM proposes to acquire a 100% undivided interest in the Augustus Lithium Project and certain additional mineral claims held by the Company. The proposed transaction comprises approximately 449 mineral claims located in the Abitibi and James Bay regions of Quebec.
The aggregate consideration payable to the Company under the proposed transaction is approximately $2,750,000, consisting of $687,500 in cash and $2,062,500 payable through the issuance of common shares of CLM, with the number of shares to be determined based on the applicable 20-day average trading price of CLM’s common shares. The term sheet provides CLM with an exclusivity period to October 1, 2026 and includes a break fee of $1,687,500 payable by the Company in certain circumstances.
Completion of the proposed transaction remains subject to satisfactory due diligence, negotiation and execution of a definitive agreement, receipt of required corporate and regulatory approvals and other customary closing conditions. As at June 30, 2026 and the date these condensed interim financial statements were authorized for issue, the proposed transaction had not been completed and no amounts relating to the proposed disposition had been recognized in these condensed interim financial statements.
| (c) | Canadian Lithium Property |
On February 3, 2021, the Company entered into an option agreement to acquire a 100% interest in the Canadian Lithium property (the “Canadian Lithium Agreement”). The Canadian Lithium property is comprised of 12 mineral claims covering approximately 700 hectares located in the Landrienne Township area of Quebec.
On February 3, 2023, the Company had completed the required option payments of $60,000 and issuance of 230,263 common shares to acquire a 100% interest of the Canadian Lithium Property.
The Canadian Lithium Property is subject to a 2% NSR royalty. The Company will have the option to reduce the NSR by 1.0% to 1.0% by paying $1,000,000.
| (d) | Cosgrave Lithium Property |
On August 24, 2023, the Company entered into a purchase agreement to acquire a 100% interest in the Cosgrave Lithium property (the “Cosgrave Agreement”). The Cosgrave Lithium property is comprised of 198 mineral claims covering approximately 3,728 hectares located in the Ear Falls, Ontario.
Pursuant to the terms of the Cosgrave Agreement, the Company acquired a 100% interest in the Cosgrave Lithium property by issuing 175,000 common shares of the Company and by making the option payment of $22,500 as of March 31, 2024.
During the year ended March 31, 2025, the Company decided it would not be pursuing any further exploration work on the Cosgrave Lithium property, allowed the claims to lapse and wrote-off all deferred costs incurred to date.
| (e) | Electron Lithium Property |
On March 2, 2022, the Company entered into a purchase agreement to acquire a 100% interest in the Electron Lithium property (the “Electron Agreement”). The Electron Lithium property is comprised of 351 mineral claims covering approximately 18,000 hectares of prospective land around the Augustus Lithium Property in western Quebec.
On November 8, 2022, the Company completed the required option payments and share issuances to acquire a 100% interest in the Electron Lithium property.
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LINEAR MINERALS CORP.
Notes to the Condensed Interim Financial Statements
For the three months ended June 30, 2026 and 2025
(Unaudited - expressed in Canadian dollars)
| 5. | Exploration and Evaluation Assets (continued) |
| (e) | Electron Lithium Property (continued) |
The Electron Lithium property is subject to a 3% Gross Metal Royalty (“GMR”), which the Company will have the option to reduce the GMR by 1.0% to 2.0% by paying $1,000,000.
On November 14, 2022, the Company entered into a joint venture agreement (the “Infini Joint Venture Agreement”) with Infini Resources Pty Ltd. (“Infini Resources”) whereby Infini Resources may earn a 100% interest in certain mineral claims comprising the Electron Lithium Property.
Pursuant to the Infini Joint Venture Agreement, Infini Resources made a non-refundable payment of AUD$50,000 (CAD$44,088) and has elected to earn an initial 50% interest by making an initial cash payment of AUD$550,000 (CAD$486,837). Upon exercising the option, a joint venture will also be formed between Linear Minerals and Infini Resources to further advance the project. The Infini Joint Venture Agreement may be terminated in certain circumstances, including by Linear Minerals if certain milestones are not met in accordance with the agreement.
As at March 31, 2026, the Company holds interest in 351 mineral claims (131 mineral claims under joint venture agreement) covering approximately 18,000 hectares of land.
During the year ended March 31, 2026, the Company recorded an impairment of $123,172 in connection with claims that lapsed during the year.
| (f) | Falcon Lake Property |
On January 3, 2022, the Company entered into an option agreement to acquire a 100% interest in the Falcon Lake property (the “Falcon Lake Agreement”). The Falcon Lake property is comprised of 48 mineral claims covering approximately 1,000 hectares located in the Thunder Bay Mining Division, Ontario.
On September 30, 2022, the Company entered into an amended option agreement which amended certain cash payments, share issuances and exploration expenditures due dates and requirements of the Option Agreement.
On October 21, 2022, the Company completed the required option payments and share issuances to acquire a 100% interest in the Falcon Lake property.
On January 27, 2023, the Company executed a joint venture agreement (the “Battery Age Minerals Joint Venture Agreement”) with Battery Age Minerals Limited (“Battery Age Minerals”) whereby Battery Age Minerals may earn a 100% interest in the Falcon Lake Property. Pursuant to the Battery Age Minerals Joint Venture Agreement, Battery Age Minerals made a non-refundable payment of AUD$50,000 (CAD$45,359) and elected to earn a 65% interest by completing the initial option payment consisting of a cash payment of AUD$100,000 (CAD$93,999) and issuing the Company 1,375,000 of Battery Age Mineral shares valued at $513,975. Battery Age Minerals earned a further 25% interest, for an aggregate 90% interest, by issuing a further 750,000 shares of Battery Age Minerals valued at $290,295 and by making a cash payment of AUD$50,000 (CAD$46,175). Battery Age Minerals may acquire the remaining 10% interest, for a 100% beneficial interest by making a further payment equal to the lower of the price determined by independent valuation or AUD$2 million. Upon Battery Age Minerals earning a 90% interest, a joint venture was deemed to have been formed between Linear Minerals and Battery Age Minerals to further advance the project.
| (g) | Kipawa West Property |
On December 9, 2025, the Company entered into an option agreement to acquire a 100% interest in the Kipawa West rare- earth property(the “Kipawa West Agreement”). The Kipawa West property is comprised of 53 mining claims covering an approximate area of 3,000 hectares located in Abitibi-Temiscamingue, Quebec.
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LINEAR MINERALS CORP.
Notes to the Condensed Interim Financial Statements
For the three months ended June 30, 2026 and 2025
(Unaudited - expressed in Canadian dollars)
| 5. | Exploration and Evaluation Assets (continued) |
| (g) | Kipawa West Property (continued) |
Under the terms of the Kipawa West Agreement, the Company has the option to acquire a 100% interest in the property by completing the following share issuance and exploration expenditures:
| Due Dates | Issuance of Linear Minerals common shares | Exploration expenditures ($) | ||||||
| On signing (not yet issued) | 1,000,000 | - | ||||||
| December 9, 2026 | 1,500,000 | 250,000 | ||||||
| December 9, 2027 | 2,000,000 | 500,000 | ||||||
| December 9, 2028 | - | 500,000 | ||||||
The Kipawa West Property is subject to a 2% GMR royalty payable to the Optionor. The Company will have the option to reduce the GMR from 2.0% to 1.0% by paying $1,000,000.
| (h) | Kokanee Creek Property |
During the year ended March 31, 2025, the Company decided it would not be pursuing any further exploration work on the Kokanee Creek property, allowed the claims to lapse and wrote-off all deferred costs incurred to date.
| (i) | Lac Coulombe Property |
On November 5, 2024, the Company entered into an option agreement to acquire a 100% interest in the Lac Coulombe Property. The property consists of 89 mining claims covering approximately 5,000 hectares area on land located about 100 kilometres south of Quebec City, Quebec.
On November 3, 2025, the Company entered into an amended option agreement (the “Lac Coulombe Property Amended Agreement”) which amended the due dates for certain share issuances and exploration expenditure requirements of the option agreement.
Pursuant to the terms of the Lac Coulombe Amended Agreement, the Company acquired a 100% interest in the property by making a cash payment of $5,000 and issued 2,250,000 common shares.
The Lac Coulombe property has a 1.5% NSR payable to the optionor of which the Company will have the option to buy- out of 0.5% by paying $1,000,000.
During the year ended March 31, 2026, the Company issued 2,250,000 common shares and completed the option payment pursuant to the property agreement to acquire 100% interest in the property (Note 8(b)).
| (j) | Lac Marion Uranium Property |
On June 10, 2024, the Company entered into an option agreement to acquire a 100% interest in the Lac Marion Uranium Property. The property consists of 47 mining claims covering approximately 2,760 hectares area in two claim blocks on land located about 40 kilometres northeast of Mont Laurier in Quebec.
On October 30, 2025, the Company entered into an amended option agreement (the “Lac Marion Uranium Property Amended Agreement”) which amended the due dates for certain share issuances and exploration expenditure requirements of the option agreement.
Under the terms of the Lac Marion Amended Agreement, the Company has the option to acquire a 100% interest in the property by completing the share issuance of 1,200,000 common shares (not issued).
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LINEAR MINERALS CORP.
Notes to the Condensed Interim Financial Statements
For the three months ended June 30, 2026 and 2025
(Unaudited - expressed in Canadian dollars)
| 5. | Exploration and Evaluation Assets (continued) |
| (j) | Lac Marion Uranium Property (continued) |
The Lac Marion property has a 1.5% GMR payable to the optionor of which the Company will have the option to buy-out of 0.5% by paying $1,000,000.
| (k) | McNeely Lithium Property |
Pursuant to the McNeely Lithium Property purchase agreement entered on June 7, 2021, the Company acquired a 100% interest in the McNeely Lithium Property, by issuing 526,316 common shares and paying $250,000. The McNeely Lithium Property is located in Quebec and consists of 65 claims covering approximately 2,300 hectares. The McNeely Lithium Property is subject to a 3.0% GMR. Certain of the claims are subject to a pre-existing 1.0% NSR. The Company will have the option to purchase the NSR by paying $200,000 to the NSR holder.
| (l) | Ridgeway Clark County |
The Company staked 67 mineral property claims located in the Clark County, Washington, U.S at a cost of $60,220.
| (m) | Rose East Lithium Property |
On March 4, 2023, the Company entered into an option agreement to acquire a 100% interest in the Rose East Lithium Property (“Rose East Lithium”). The Rose East Lithium property consists of 59 mining claims covering approximately 3,100 hectares in northern Quebec.
On November 3, 2025, the Company entered into an amended option agreement (the “Rose East Lithium Property Amended Agreement”) which amended the due dates and amounts for certain share issuances requirements of the option agreement.
Under the terms of the Rose East Lithium Amended Agreement, the Company has the option to acquire a 100% interest in the property by completing the share issuance of 1,250,000 common shares. On February 3, 2026, the Company issued the required shares to complete its acquisition of a 100% interest in the Rose East Lithium property (Note 8(b)).
The Rose East Lithium property has a 1.5% GMR payable to the Optionor of which the Company will have the option to reduce the GMR to 1.0% by paying $1,000,000 for 0.5%.
| (n) | Rose West Lithium Property |
On November 25, 2022, the Company entered into an option agreement to acquire a 100% interest in the Rose West Property. The Rose West Lithium property is located in the James Bay region of northern Quebec and consists of 32 mining claims covering approximately 1,700 hectares within townships.
On December 9, 2022, the Company entered into amended option agreement to which the Company could acquire a 100% interest in the property by issuing 1,300,000 shares and granted the Company a 1% GMR. On April 5, 2023, the Company issued the required shares to acquire a 100% interest in the Rose West Lithium property (Note 8(b)).
The Rose West Lithium property has a 1% GMR payable to the optionor upon the commencement of commercial production.
13 | Page
LINEAR MINERALS CORP.
Notes to the Condensed Interim Financial Statements
For the three months ended June 30, 2026 and 2025
(Unaudited - expressed in Canadian dollars)
| 5. | Exploration and Evaluation Assets (continued) |
Exploration and evaluation expenditures recorded in the statements of loss and comprehensive loss for the three months ended June 30, 2026 and 2025 are as follows:
The Company did not incur any exploration and evaluation expenditures for the three months ended June 30, 2026.
| Three months ended June 30, 2025 | Assay and sampling | Drilling and mobilization | Field expenditures | Geological Consulting | Geological and Technical Services | Total June 30, 2025 | ||||||||||||||||||
| Quebec | ||||||||||||||||||||||||
| Augustus Lithium | $ | 13,308 | $ | 441,316 | $ | 32,165 | $ | 11,700 | $ | 17,650 | $ | 516,139 | ||||||||||||
| Total | $ | 13,308 | $ | 441,316 | $ | 32,165 | $ | 11,700 | $ | 17,650 | $ | 516,139 | ||||||||||||
| 6. | Accounts Payable and Accrued Liabilities |
| June 30, 2026 | March 31, 2026 | |||||||
| Trade and other payables | $ | 835,047 | $ | 821,480 | ||||
| Accrued liabilities | 49,200 | 56,700 | ||||||
| Total | $ | 884,247 | $ | 878,180 | ||||
| 7. | Related Party Transactions and Balances |
Remuneration of directors and key management personnel of the Company for the three months ended June 30, 2026 and 2025 were as follows:
| For the three months ended June 30, | ||||||||
| 2026 | 2025 | |||||||
| Salaries, fees and benefits | $ | 99,232 | $ | 71,550 | ||||
Related party balances as at June 30, 2026 and March 31, 2026 were as follows:
| June 30, 2026 | March 31, 2026 | |||||||
| Amounts due to Directors and Officers of the Company | $ | - | $ | 20,390 | ||||
| Amounts due to companies controlled by directors and officers | 248,322 | 217,145 | ||||||
| Amounts due from companies controlled by directors and officers | (19,546 | ) | (18,785 | ) | ||||
| $ | 228,776 | $ | 218,750 | |||||
The directors’ and officers’ balances also include fees and expenses owing to directors and officers incurred in the normal course of business.
14 | Page
LINEAR MINERALS CORP.
Notes to the Condensed Interim Financial Statements
For the three months ended June 30, 2026 and 2025
(Unaudited - expressed in Canadian dollars)
| 8. | Share Capital |
| (a) | Authorized – Unlimited number of common shares without par value. |
| (b) | Issued share capital |
The Company had 84,335,286 common shares issued and outstanding as at June 30, 2026 and at March 31, 2026.
Fiscal 2027
During the three months ended June 30, 2026, the Company had no changes to share capital.
Fiscal 2026
On May 7, 2025, the Company issued 2,500,000 common shares pursuant the Pontax West Lithium property option agreement. The fair value of the shares of $37,500 had been accrued at March 31, 2025.
On December 11, 2025, the Company issued 3,000,000 Quebec flow-through common shares at $0.05 per share for gross proceeds of $150,000 and recognized a flow-through share premium liability of $15,000. As at June 30, 2026, the Company had not incurred the related qualifying expenditures and remained required to incur $150,000 of flow-through qualified expenditures.
| (c) | Stock Options |
The Company has a shareholder approved “rolling” stock option plan (the “Plan”) in compliance with the CSE’s policies. Under the Plan, the maximum number of shares reserved for issuance may not exceed 10% of the total number of issued and outstanding common shares at the time of granting. The exercise price of each stock option shall not be less than the discounted market price of the Company’s stock at the date of grant. Such options will be exercisable for a period of up to 10 years from the date of grant. In connection with the foregoing, the number of common shares reserved for issuance to any one optionee will not, within a twelve-month period, exceed five percent (5%) of the issued and outstanding common shares and the number of common shares reserved for issuance to all technical consultants will not exceed, within a twelve-month period, two percent (2%) of the issued and outstanding common shares. Options may be exercised no later than 90 days following cessation of the optionee’s position with the Company or 30 days following cessation of an optionee conducting investor relations activities’ position.
The continuity for stock options for the three months ended June 30, 2026 is as follows:
| Number of Shares | Weighted Average Exercise Price | |||||||
| Balance, fully vested and exercisable at March 31, 2026 | 3,723,684 | $ | 0.54 | |||||
| Expired | (1,423,684 | ) | $ | 0.36 | ||||
| Balance, fully vested and exercisable at June 30,2026 | 2,300,000 | $ | 0.65 | |||||
As at June 30, 2026, the following stock options were outstanding:
| Expiry Date | Number Outstanding | Number Exercisable | Weighted average exercise price | Average Remaining Contractual Life | ||||||||||||
| July 13, 2026 | 236,842 | 236,842 | $ | 0.95 | 0.04 | |||||||||||
| January 6, 2027 | 63,158 | 63,158 | $ | 1.33 | 0.53 | |||||||||||
| June 4, 2028 | 2,000,000 | 2,000,000 | $ | 0.59 | 1.94 | |||||||||||
| 2,300,000 | 2,300,000 | $ | 0.65 | 1.71 | ||||||||||||
15 | Page
LINEAR MINERALS CORP.
Notes to the Condensed Interim Financial Statements
For the three months ended June 30, 2026 and 2025
(Unaudited - expressed in Canadian dollars)
| 8. | Share Capital (continued) |
| (d) | Share Purchase Warrants |
The continuity for share purchase warrants for the three months ended June 30, 2026 is as follows:
| Number of Warrants | Weighted Average Exercise Price | |||||||
| Balance, March 31, 2026 and June 30, 2026 | 9,500,000 | $ | 0.25 | |||||
As at June 30, 2026, the following share purchase warrants issued in connection with private placements were outstanding:
| Expiry date | Exercise price | Number Outstanding and Exercisable | Average Remaining Contractual Life | |||||||||
| January 21, 2027 | $ | 0.25 | 3,000,000 | 0.57 | ||||||||
| February 2, 2027 | $ | 0.25 | 6,500,000 | 0.60 | ||||||||
| $ | 0.25 | 9,500,000 | 0.59 | |||||||||
| (e) | Restricted share units |
The Company has a shareholder approved “10% rolling” restricted share unit plan (the “RSU Plan”) in compliance with the CSE’s policies. Under the RSU Plan, the maximum number of RSU’s reserved for issuance may not exceed 10% of the total number of issued and outstanding common shares at the time of granting.
Fiscal 2027
During the three months ended June 30, 2026, the Company did not grant and had no RSUs issued or outstanding.
Fiscal 2026
On May 8, 2025, the Company granted 4,500,000 restricted share units to officers, directors and consultants of the Company.
| (f) | Share-Based Payments Reserve |
The share-based payment reserve records items recognized as stock-based compensation expense and other share-based payments. At the time that stock options are exercised, the corresponding amount will be transferred to share capital.
The fair value of each option granted to directors, officers and consultants was estimated on the date of grant using the Black-Scholes option-pricing model.
Fiscal 2026
On May 8, 2025, the Company granted 4,500,000 restricted share units to officers, directors and consultants of the Company. The restricted share units vested and were settled on September 8, 2025. The fair value of the RSUs was $90,000, calculated based on the Company’s share price at the grant date. The Company recognized $90,000 of share-based payments in connection with the RSUs during the year ended March 31, 2026.
| 9. | Segmented Information |
The Company operates in one business segment being the acquisition and exploration of exploration and evaluation assets and operates in two geographic segments being Canada and the USA. The Company’s exploration and evaluation assets by geographic location are disclosed in Note 5.
16 | Page
LINEAR MINERALS CORP.
Notes to the Condensed Interim Financial Statements
For the three months ended June 30, 2026 and 2025
(Unaudited - expressed in Canadian dollars)
| 10. | Financial Instruments and Risk Management |
Fair Value
IFRS 7 establishes a fair value hierarchy that prioritizes the input to valuation techniques used to measure fair value as follows:
Level 1 – Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.
Level 2 – Quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability; and
Level 3 – Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity).
The following provides the valuation method of the Company’s financial instruments as at June 30, 2026 and March 31, 2026:
| June 30, | March 31, | |||||||||
| Level | 2026 | 2026 | ||||||||
| Cash | 1 | $ | 179,292 | $ | 330,676 | |||||
| Reclamation deposits | 1 | $ | 11,000 | $ | 11,000 | |||||
| Financial liabilities | 1 | $ | 1,132,569 | $ | 1,115,715 | |||||
There were no transfers from levels or change in the fair value measurements of financial instruments for the period ended June 30, 2026 and year ended March 31, 2026.
Financial Risk Management
The Company’s activities expose it to a variety of financial risks including credit risk, liquidity risk and market risk.
Liquidity Risk
Liquidity risk is the risk that an entity will encounter difficulty in raising funds to meet commitments associated with financial instruments. The Company attempts to manage liquidity risk by maintaining a sufficient cash balance. As at June 30, 2026, the Company had cash of $179,292 to settle accounts payable and accrued liabilities (inclusive of amounts due to related parties) of $1,132,569.
Liquidity risk on amounts due to creditors and amounts due to related parties were significant to the Company’s statement of financial position. The Company manages these risks by actively pursuing additional share capital issuances to settle its obligations in the normal course of its operating, investing, and financing activities. The Company’s ability to raise share capital is indirectly related to changing metal prices and the price of lithium in particular.
Market Risk
Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises three types of price risk: currency risk, interest rate risk and other price risk.
Interest Rate Risk
The Company has no significant exposure at June 30, 2026, to interest rate risk through its financial instruments.
17 | Page
LINEAR MINERALS CORP.
Notes to the Condensed Interim Financial Statements
For the three months ended June 30, 2026 and 2025
(Unaudited - expressed in Canadian dollars)
| 10. | Financial Instruments and Risk Management (continued) |
Credit Risk
Credit risk is the risk that one party to a financial instrument will fail to discharge an obligation and cause the other party to incur a financial loss. Financial instruments that potentially subject the Company to credit risk consist of cash, reclamation deposits and amounts receivable. The carrying amount of financial assets recorded in the financial statements, net of any allowances for losses, represents the maximum exposure to credit risk.
The Company deposits its cash with a high credit quality major Canadian financial institution as determined by ratings agencies. The Company does not invest in asset-backed deposits or investments and does not expect any credit losses. To reduce credit risk, the Company regularly reviews the collectability of its amounts receivable and establishes an allowance
based on its best estimate of potentially uncollectible amounts. The Company historically has not had difficulty collecting its amounts receivable.
Currency Risk
The Company has no significant exposure at June 30, 2026, to currency risk through its financial instruments.
Financial assets and financial liabilities that bear interest at fixed rates are subject to fair value interest rate risk. In respect of financial assets, the Company’s policy is to invest cash at floating rates of interest in order to maintain liquidity while achieving a satisfactory return. Fluctuations in interest rates impact the amount of return the Company may realize but interest rate risk is not significant to the Company.
| 11. | Management of Capital |
The Company primarily considers shareholders’ equity in the management of its capital. The Company manages its capital structure and makes adjustments to it based on funds available to the Company, in order to support exploration and development of mineral properties. The Board of Directors has not established quantitative capital structure criteria but will review on a regular basis the capital structure of the Company to ensure its appropriateness to the stage of development of the business.
The Company’s objectives when managing capital are:
| ● | To maintain and safeguard its accumulated capital in order to provide an adequate return to shareholders by maintaining sufficient level of funds, to support continued evaluation and maintenance of the Company’s existing properties, and to acquire, explore and develop other precious metals, base metals and industrial mineral deposits; |
| ● | To invest cash on hand in highly liquid and highly rated financial instruments with high credit quality issuers, thereby minimizing the risk and loss of principal; and |
| ● | To obtain the necessary financing if and when it is required. |
The properties in which the Company currently holds an interest are in the exploration stage and the Company is dependent on external financing to explore and take the project to development. In order to carry out planned exploration and development and pay for administrative costs, the Company will spend its existing working capital and attempt to raise additional amounts as needed.
Management reviews its capital management approach on an ongoing basis and believes that this approach, given the relative size of the Company, is reasonable.
18 | Page
LINEAR MINERALS CORP.
Notes to the Condensed Interim Financial Statements
For the three months ended June 30, 2026 and 2025
(Unaudited - expressed in Canadian dollars)
| 11. | Management of Capital (continued) |
In order to facilitate the management of capital and development of its mineral properties, the Company’s management informs the Board of Directors as to the quantum of expenditures for review and approval prior to commencement of work. In addition, the Company may issue new equity, incur additional debt, enter into joint venture agreements or dispose of certain assets. When applicable, the Company’s investment policy is to hold cash in interest bearing accounts at high credit quality financial institutions to maximize liquidity. In order to maximize ongoing development efforts, the Company does not pay dividends. The Company expects to continue to raise funds, from time to time, to continue meeting its capital management objectives.
There were no changes in the Company’s approach to capital management during the period ended June 30, 2026, compared to the year ended March 31, 2026. The Company is not subject to externally imposed capital requirements.
| 12. | Subsequent Events |
| ● | On July 6, 2026, the Company entered into an addendum to its May 21, 2026 non-binding letter of intent with Critical Prospecting Corp. Under the revised transaction structure, the Company proposes to acquire certain mineral properties directly from Critical Prospecting Corp., rather than acquiring all of its issued and outstanding securities. The specific properties to be acquired and the consideration payable remain subject to negotiation and definitive agreements. The previously announced financings associated with the proposed transaction have been placed on hold. Completion remains subject to satisfactory due diligence, execution of definitive agreements, receipt of required regulatory approvals and other customary closing conditions; and |
| ● | On July 13, 2026, the Company completed a consolidation of its issued and outstanding common shares on the basis of one post-consolidation common share for every 6.5 pre-consolidation common shares. Immediately before the consolidation, the Company had 84,335,286 common shares issued and outstanding. Following the consolidation, the Company had approximately 12,974,542 common shares issued and outstanding, subject to adjustments arising from the rounding down of fractional shares. The Company’s common shares continued to trade on the Canadian Securities Exchange under the symbol “LINE.” All weighted-average share and per-share amounts presented in these financial statements have been retrospectively adjusted to reflect the share consolidation (Note 8). |
19 | Page
Exhibit 99.2
MANAGEMENT’S DISCUSSION & ANALYSIS
For the three months ended June 30, 2026
Linear Minerals Corp.
Management’s Discussion & Analysis
For the three months ended June 30, 2026
| 1.0 | INTRODUCTION |
The following Management’s Discussion and Analysis (“MD&A”) of the financial condition and results of operations of Linear Minerals Corp. (“Linear Minerals” or the “Company”) is for the three months ended June 30, 2026 and should be read in conjunction with the accompanying unaudited condensed interim financial statements and related notes for the three months ended June 30, 2026 and 2025 (the “Financial Report”). All dollar figures stated herein are expressed in Canadian dollars, unless otherwise specified.
On December 31, 2024, FE Battery Metals Corp. changed its name to Linear Minerals Corp.
Linear Minerals Corp. was incorporated on October 12, 1966 in the Province of British Columbia under the Business Corporations Act of British Columbia, and its principal business activity is the exploration of mineral properties in Canada and the United States.
On July 13, 2026, the Company completed a consolidation of its issued and outstanding common shares on the basis of one post-consolidation common share for every 6.5 pre-consolidation common shares. Immediately before the consolidation, the Company had 84,335,286 common shares issued and outstanding. Following the consolidation, the Company had 12,974,542 common shares issued and outstanding. The Company’s common shares continued to trade on the Canadian Securities Exchange under the symbol “LINE.”
The Company’s common shares trade on the Canadian Securities Exchange (LINE), the OTCQB Exchange (LINMF) and the Frankfurt Exchange (J9K).
Unless indicated otherwise, all financial data in this MD&A has been prepared in accordance with IFRS Accounting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”) and interpretations of the International Financial Reporting Interpretations Committee (“IFRIC”).
Linear Minerals is a junior resource company engaged in the exploration and development of mineral properties. It currently maintains early-stage exploration properties in Canada and the United States.
This MD&A contains information to August 30, 2026.
Additional information relating to the Company is available on SEDAR+ at www.sedarplus.ca and on the Company’s website at www.linearminerals.com.
| 1.1 | FIRST QUARTER FISCAL 2027 HIGHLIGHTS AND RECENT EVENTS SUMMARY |
| ● | On June 4, 2026, the Company entered into a term sheet with Consolidated Lithium Metals Inc. (“CLM”) pursuant to which CLM proposes to acquire a 100% undivided interest in the Augustus Lithium Project and certain additional mineral claims held by the Company. The proposed transaction comprises 449 mineral claims located in the Abitibi and James Bay regions of Québec. The aggregate consideration is approximately $2,750,000, consisting of $687,500 in cash and $2,062,500 payable through the issuance of common shares of CLM. Completion remains subject to satisfactory due diligence, negotiation and execution of a definitive agreement, and required corporate and regulatory approvals. |
| ● | On July 6, 2026, subsequent to the quarter end, the Company entered into an addendum to its May 21, 2026 non-binding letter of intent with Critical Prospecting Corp. Under the revised transaction structure, the Company proposes to acquire certain mineral properties directly from Critical Prospecting Corp., rather than acquiring all of its issued and outstanding securities. The specific properties and |
2
Linear Minerals Corp.
Management’s Discussion & Analysis
For the three months ended June 30, 2026
consideration remain subject to negotiation and definitive agreements, and the previously announced financings associated with the proposed transaction have been placed on hold.
| ● | On July 13, 2026, subsequent to the quarter end, the Company completed a 6.5-for-1 consolidation of its common shares. Following the consolidation, the Company had 12,974,542 common shares issued and outstanding. |
| ● | The Company did not incur any exploration and evaluation expenditures during the three months ended June 30, 2026. Exploration and evaluation assets were $5,143,314 at both June 30, 2026 and March 31, 2026. |
| 1.2 | OVERVIEW OF PROJECTS |
| 1.2.1 | Augustus Lithium Property, Quebec |
The Augustus Lithium Property is located in Landrienne and Lacorne Townships, Quebec, Canada. The property is comprised of 21 mineral claims covering approximately 900 hectares in the Abitibi area of western Quebec.
In November 2022, the Company completed the required option payments, common share issuances and exploration expenditures to acquire a 100% interest in the Augustus Lithium Property. The property is subject to a 2.0% net smelter returns (“NSR”) royalty.
The Augustus Property is part of the Preissac-Lacorne pegmatite fields where spodumene-bearing lithium pegmatites were discovered in the 1940s. The geology and mineralization of the Augustus Property are similar to those of the Quebec Lithium Mine located approximately 6 kilometres to the southeast. The property has access to local road, railway, electricity, water and workforce infrastructure.
On June 4, 2026, the Company entered into a term sheet with CLM pursuant to which CLM proposes to acquire the Augustus Lithium Project and certain additional mineral claims. The proposed aggregate consideration is approximately $2,750,000, consisting of $687,500 in cash and $2,062,500 in CLM common shares. The term sheet provides CLM with an exclusivity period to October 1, 2026 and includes a break fee of $1,687,500 payable by the Company in certain circumstances. The proposed transaction had not been completed as at the date of this MD&A and remains subject to a definitive agreement and customary corporate and regulatory approvals.
| 1.2.2 | Lac Marion Uranium Property |
On June 10, 2024, the Company entered into an option agreement to acquire a 100% interest in the Lac Marion Uranium Property. The property consists of 47 mining claims covering approximately 2,760 hectares in two claim blocks located about 40 kilometres northeast of Mont Laurier, Quebec.
On October 30, 2025, the Company entered into an amended option agreement which amended the due dates for certain share issuances and exploration expenditure requirements. Under the amended agreement, the Company has the option to acquire a 100% interest in the property by completing the issuance of 1,200,000 common shares, which had not been issued as at June 30, 2026.
Fiscal 2026 Exploration Highlights:
| ● | Uranium assays returned values ranging from 0.002% to 0.463% triuranium octoxide, with six samples above 0.1% U3O8; |
| ● | Total rare earth element values ranged from 8 ppm to 1,364 ppm, including light and heavy rare earth elements; |
3
Linear Minerals Corp.
Management’s Discussion & Analysis
For the three months ended June 30, 2026
| ● | Five uranium showings were confirmed and partially extended, including JRB-4-New, Marielle Lake, Lac Lafargue, Effiat Lake/Pond zone and Lac Marion; and |
| ● | High scintillometer readings ranging from 700 counts per second to 57,000 cps were recorded at JRB-4-New and other historical showings, with a radioactive zone traced along a 215-metre strike length. |
On January 29, 2026, the Company announced a follow-up exploration program at Lac Marion. The Company received an Authorization de travaux d’intervention exploration work permit from the Ministère des Ressources naturelles et des Forêts authorizing mechanical trenching and diamond drilling activities.
The Company did not incur exploration and evaluation expenditures on the property during the three months ended June 30, 2026.
| 1.2.3 | Ridgeway Clark County Property |
The Company staked 67 mineral property claims located in Clark County, Washington, United States, at a cost of $60,220.
| 1.2.4 | Lac Coulombe Property |
On November 5, 2024, the Company entered into an option agreement to acquire a 100% interest in the Lac Coulombe Property, which consists of 89 mining claims covering approximately 5,000 hectares located about 100 kilometres south of Quebec City, Quebec.
On November 3, 2025, the Company entered into an amended option agreement. During the year ended March 31, 2026, the Company issued 2,250,000 common shares and completed the required option payment to acquire a 100% interest in the property. The property is subject to a 1.5% NSR, of which the Company has the option to buy out 0.5% for $1,000,000.
| 1.2.5 | Kipawa West Property |
On December 9, 2025, the Company entered into an option agreement to acquire a 100% interest in the Kipawa West rare-earth property. The property consists of 53 mining claims covering approximately 3,000 hectares located in Abitibi-Témiscamingue, Quebec, approximately 30 kilometres east of Témiscaming.
Under the terms of the Kipawa West Agreement, the Company has the option to acquire a 100% interest in the property by completing the following share issuances and exploration expenditures:
| Due Dates | Issuance of Linear Minerals common shares | Exploration expenditures ($) | ||||||
| On signing (not yet issued) | 1,000,000 | - | ||||||
| December 9, 2026 | 1,500,000 | 250,000 | ||||||
| December 9, 2027 | 2,000,000 | 500,000 | ||||||
| December 9, 2028 | - | 500,000 | ||||||
The Kipawa West Property is subject to a 2% gross metal royalty (“GMR”) payable to the optionor. The Company has the option to reduce the GMR from 2.0% to 1.0% by paying $1,000,000.
| 1.2.6 | Rose East Lithium Property |
On March 4, 2023, the Company entered into an option agreement to acquire a 100% interest in the Rose East Lithium Property, consisting of 59 mining claims covering approximately 3,100 hectares in northern Quebec.
4
Linear Minerals Corp.
Management’s Discussion & Analysis
For the three months ended June 30, 2026
On November 3, 2025, the Company entered into an amended option agreement which amended the due dates and amounts for certain share issuance requirements. On February 3, 2026, the Company issued the required 1,250,000 common shares to complete its acquisition of a 100% interest in the property. The property is subject to a 1.5% GMR, of which the Company has the option to reduce 0.5% for $1,000,000.
Qualified Person
Technical data pertaining to the properties above was reviewed and approved by Afzaal Pirzada, P.Geo., who is Linear Minerals’ qualified person under National Instrument 43-101.
| 1.3 | DISCUSSION OF OPERATIONS |
For the three months ended June 30, 2026, compared to the three months ended June 30, 2025
The net loss and comprehensive loss for the three months ended June 30, 2026 (the “Current Period”) was $153,196, a decrease of $383,077 from the net loss and comprehensive loss of $536,273 for the three months ended June 30, 2025 (the “Comparative Period”). The significant variances between the Current Period and Comparative Period were as follows:
| ● | Exploration and evaluation costs were $Nil in the Current Period, a decrease of $516,139 from the Comparative Period. The Company did not incur exploration and evaluation expenditures during the Current Period; |
| ● | General and administrative expenses were $121 in the Current Period, compared with $3,422 in the Comparative Period; |
| ● | Professional fees were $15,000 in both the Current Period and the Comparative Period; |
| ● | Salaries, fees and benefits were $99,232 in the Current Period, an increase of $27,682 from $71,550 in the Comparative Period; |
| ● | Shareholder communications were $38,843 in the Current Period, an increase of $25,274 from $13,569 in the Comparative Period; |
| ● | The Current Period had no other income or expense. The Comparative Period had net other income of $83,407 consisting primarily of a $108,733 flow-through recovery, partially offset by a $25,338 loss on marketable securities. |
| 1.4 | SUMMARY OF QUARTERLY RESULTS |
The financial results for each of the eight most recently completed quarters are summarized below:
| June 30, 2026 | March 31, 2026 | December 31, 2025 | September 30, 2025 | |||||||||||||
| Net revenues | $ | - | $ | - | $ | - | $ | - | ||||||||
| Net loss | $ | (153,196 | ) | $ | (1,561,069 | ) | $ | (277,389 | ) | $ | (308,792 | ) | ||||
| Per share | $ | (0.01 | ) | $ | (0.13 | ) | $ | (0.03 | ) | $ | (0.03 | ) | ||||
| June 30, 2025 | March 31, 2025 | December 31, 2024 | September 30, 2024 | |||||||||||||
| Net revenues | $ | - | $ | - | $ | - | $ | - | ||||||||
| Net loss | $ | (536,273 | ) | $ | (1,318,740 | ) | $ | (1,072,786 | ) | $ | (369,514 | ) | ||||
| Per share | $ | (0.06 | ) | $ | (0.13 | ) | $ | (0.11 | ) | $ | (0.04 | ) | ||||
5
Linear Minerals Corp.
Management’s Discussion & Analysis
For the three months ended June 30, 2026
Significant variations in the net loss between periods are primarily due to the timing and level of exploration and evaluation expenditures, write-downs of exploration and evaluation assets, share-based payments and fluctuations in corporate administrative and shareholder communication expenses.
| 1.5 | LIQUIDITY AND CAPITAL RESOURCES |
The Company has historically financed its operations through equity financings. As an exploration-stage issuer, the Company does not generate operating revenues and is dependent on external financing to fund exploration activities, corporate administration and working capital requirements.
The Company currently has no long-term debt obligations. Future capital requirements will depend upon a number of factors, including the timing and extent of exploration programs, the acquisition or disposition of mineral properties, regulatory approvals and general market conditions. The Company expects that future exploration expenditures will continue to be funded primarily through equity financings and strategic transactions.
At June 30, 2026, the Company had cash of $179,292 (March 31, 2026 – $330,676), current assets of $336,912, current liabilities of $1,147,569 and a working capital deficiency of $810,657 (March 31, 2026 – $657,582). At June 30, 2026, the Company is required to incur $150,000 of flow-through qualified expenditures.
Linear Minerals began the three-month period ended June 30, 2026 with $330,676 in cash. During the period, the Company used $151,384 in operating activities and had no cash flows from investing or financing activities, ending the period with $179,292 in cash.
Management believes that additional financing will be required to fund the Company’s planned exploration activities and corporate overhead during the next twelve months. The Company intends to continue evaluating financing alternatives, including equity financings, strategic partnerships, property transactions and other capital-raising initiatives. There can be no assurance that additional financing will be available on acceptable terms, or at all.
The Company has incurred recurring operating losses since inception and had a working capital deficiency at June 30, 2026. These conditions indicate the existence of a material uncertainty that may cast significant doubt on the Company’s ability to continue as a going concern. The Financial Report has been prepared on a going concern basis, which assumes that the Company will continue to realize its assets and discharge its liabilities in the normal course of business.
The Company had 84,335,286 common shares issued and outstanding at both June 30, 2026 and March 31, 2026. During the three months ended June 30, 2026, there were no changes to share capital.
On July 13, 2026, the Company completed a 6.5-for-1 share consolidation. Following the consolidation, the Company had 12,974,542 common shares issued and outstanding.
6
Linear Minerals Corp.
Management’s Discussion & Analysis
For the three months ended June 30, 2026
Outstanding Share Data as at the date of this MD&A
| Authorized: an unlimited number of common shares without par value. | Common shares issued and outstanding | Share purchase warrants | Stock Options | |||||||||
| Outstanding at June 30, 2026 | 84,335,286 | 9,500,000 | 2,300,000 | |||||||||
| Options expired unexercised | - | - | (236,842 | ) | ||||||||
| Effect of 6.5:1 ratio share consolidation | (71,360,744 | ) | (8,038,475 | ) | (1,745,752 | ) | ||||||
| Outstanding at the date of this MD&A | 12,974,542 | 1,461,525 | 317,406 | |||||||||
| 1.6 | OFF STATEMENT OF FINANCIAL POSITION ARRANGEMENTS |
At June 30, 2026, the Company had no off-balance sheet arrangements such as guarantee contracts, contingent interests in assets transferred to an entity, derivative instrument obligations or other arrangements that would be expected to trigger financing, liquidity, market or credit risk to the Company.
| 1.7 | TRANSACTIONS WITH RELATED PARTIES |
Remuneration of directors and key management personnel of the Company for the three months ended June 30, 2026 and 2025 was as follows:
| For the three months ended June 30, | ||||||||
| 2026 | 2025 | |||||||
| Salaries, fees and benefits | $ | 99,232 | $ | 71,550 | ||||
Related party balances as at June 30, 2026 and March 31, 2026 were as follows:
| June 30, 2026 | March 31, 2026 | |||||||
| Amounts due to Directors and Officers of the Company | $ | - | $ | 20,390 | ||||
| Amounts due to companies controlled by directors and officers | 248,322 | 217,145 | ||||||
| Amounts due from companies controlled by directors and officers | (19,546 | ) | (18,785 | ) | ||||
| $ | 228,776 | $ | 218,750 | |||||
The directors’ and officers’ balances include fees and expenses owing to directors and officers incurred in the normal course of business.
| 1.8 | CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS |
The preparation of financial statements requires management to make judgments and estimates that affect the amounts reported in the financial statements and notes. By their nature, these judgments and estimates are subject to change and the effect on the financial statements of changes in such judgments and estimates in future periods could be material. These judgments and estimates are based on historical experience, current and future economic conditions, and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results could differ from these judgments and estimates.
7
Linear Minerals Corp.
Management’s Discussion & Analysis
For the three months ended June 30, 2026
Going Concern
The assessment of the Company’s ability to raise sufficient funds to finance its exploration and administrative expenses involves judgment. Estimates and assumptions are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Intangible Exploration and Evaluation Assets
Management is required to assess impairment in respect of intangible exploration and evaluation assets. Note 5 of the Financial Report discloses the carrying value of such assets. The triggering events for potential impairment are defined in IFRS 6 Exploration for and Evaluation of Mineral Resources and include whether exploration rights have expired or are expected to expire, whether substantive future exploration expenditure is budgeted or planned, whether exploration has identified commercially viable quantities of mineral resources, and whether sufficient data indicates that the carrying amount may not be recoverable in full from successful development or sale.
In making the assessment, management is required to make judgments as to the status of each project and its future plans toward finding commercial reserves. The nature of exploration and evaluation activity is such that only a proportion of projects are ultimately successful and, accordingly, some assets may become impaired in future periods.
| 1.9 | CHANGES IN ACCOUNTING POLICIES |
The Company prepares its financial statements using accounting policies consistent with IFRS Accounting Standards as issued by the IASB.
The accounting policies and methods of computation applied in the Financial Report are the same as those applied in the Company’s most recent audited annual financial statements for the year ended March 31, 2026.
New, Amended and Future IFRS Pronouncements
There are no other IFRS pronouncements not yet effective that would be expected to have a material impact on the Company. Additional information regarding new, amended and future IFRS pronouncements is provided in Note 2 of the Financial Report.
| 1.10 | FINANCIAL INSTRUMENTS AND OTHER INSTRUMENTS |
Fair Value
IFRS 7 establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value as follows:
Level 1 – Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.
Level 2 – Quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability; and
Level 3 – Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable, supported by little or no market activity.
8
Linear Minerals Corp.
Management’s Discussion & Analysis
For the three months ended June 30, 2026
The following provides the valuation method of the Company’s financial instruments as at June 30, 2026 and March 31, 2026:
| June 30, | March 31, | |||||||||||
| Level | 2026 | 2026 | ||||||||||
| Cash | 1 | $ | 179,292 | $ | 330,676 | |||||||
| Reclamation deposits | 1 | $ | 11,000 | $ | 11,000 | |||||||
| Financial liabilities | 1 | $ | 1,132,569 | $ | 1,115,715 | |||||||
There were no transfers between levels or changes in the fair value measurement of financial instruments during the three months ended June 30, 2026 compared with the year ended March 31, 2026.
Financial Risk Management
The Company’s activities expose it to a variety of financial risks including financing risk, liquidity risk, credit risk and market risk.
Financing Risk
The Company does not currently generate operating revenue and is dependent upon the availability of external financing to fund exploration activities and corporate expenditures. The availability of future financing is affected by numerous factors including commodity prices, capital market conditions, investor sentiment and exploration results. There can be no assurance that future financing will be available on acceptable terms or at all.
Liquidity Risk
Liquidity risk is the risk that an entity will encounter difficulty in raising funds to meet commitments associated with financial instruments. The Company attempts to manage liquidity risk by maintaining a sufficient cash balance. As at June 30, 2026, the Company had cash of $179,292 to settle accounts payable and accrued liabilities, inclusive of amounts due to related parties, of $1,132,569.
Liquidity risk related to amounts due to creditors and related parties is significant to the Company’s statement of financial position. The Company manages these risks by pursuing additional share capital issuances and strategic transactions to settle its obligations in the normal course of operating, investing and financing activities. The Company’s ability to raise capital is affected by capital market conditions, exploration results and commodity prices, including lithium, uranium and rare earth element prices.
Market Risk
Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises currency risk, interest rate risk and other price risk.
Interest Rate Risk
The Company had no significant exposure at June 30, 2026 to interest rate risk through its financial instruments.
Credit Risk
Credit risk is the risk that one party to a financial instrument will fail to discharge an obligation and cause the other party to incur a financial loss. Financial instruments that potentially subject the Company to credit risk consist of cash, reclamation deposits and amounts receivable. The carrying amount of financial assets recorded in the Financial Report, net of any allowances for losses, represents the maximum exposure to credit risk.
9
Linear Minerals Corp.
Management’s Discussion & Analysis
For the three months ended June 30, 2026
The Company deposits its cash with a high-credit-quality major Canadian financial institution. The Company does not invest in asset-backed deposits or investments and does not expect material credit losses. The Company regularly reviews the collectability of its amounts receivable and establishes an allowance based on its best estimate of potentially uncollectible amounts.
Currency Risk
The Company had no significant exposure at June 30, 2026 to currency risk through its financial instruments.
Management of Capital
The Company primarily considers shareholders’ equity in the management of its capital. The Company manages its capital structure and makes adjustments to it based on funds available to support exploration and development of mineral properties. The Board of Directors has not established quantitative capital structure criteria but reviews the capital structure on a regular basis to ensure its appropriateness to the stage of development of the business.
The Company’s objectives when managing capital are:
| ● | To maintain and safeguard its accumulated capital and sufficient funds to support continued evaluation and maintenance of existing properties and to acquire, explore and develop other mineral properties; |
| ● | To invest cash on hand in highly liquid and highly rated financial instruments with high-credit-quality issuers, thereby minimizing the risk of loss of principal; and |
| ● | To obtain the necessary financing if and when it is required. |
The properties in which the Company currently holds an interest are in the exploration stage and the Company is dependent on external financing to advance its projects. In order to carry out planned exploration and development activities and pay administrative costs, the Company will use its existing working capital and attempt to raise additional amounts as needed.
Management reviews its capital management approach on an ongoing basis and believes that this approach, given the relative size of the Company, is reasonable. The Company may issue new equity, incur additional debt, enter into joint venture agreements or dispose of certain assets. The Company does not pay dividends and expects to continue raising funds from time to time to meet its capital management objectives.
There were no changes in the Company’s approach to capital management during the three months ended June 30, 2026 compared with the year ended March 31, 2026. The Company is not subject to externally imposed capital requirements. Further information relating to management of capital is disclosed in Note 11 of the Financial Report.
| 1.11 | RISKS AND UNCERTAINTIES |
An investment in the securities of the Company is highly speculative and involves numerous and significant risks. Only investors whose financial resources are sufficient to enable them to assume such risks and who have no need for immediate liquidity in their investment should undertake such investment. Prospective investors should carefully consider the risk factors that have affected, and which in the future are reasonably expected to affect, the Company and its financial position.
The Company’s financial condition, results of operations and business are subject to certain risks, certain of which are described below and elsewhere in this MD&A:
10
Linear Minerals Corp.
Management’s Discussion & Analysis
For the three months ended June 30, 2026
Property Risk
None of the Company’s projects have reserves or demonstrated economic viability and there is no assurance that an economic or minable deposit will be found. If the Company acquires additional mineral properties, any material adverse development affecting those properties could have a material adverse effect on the Company’s financial condition and results of operations.
Additional Funding Requirements
The Company is reliant upon additional equity financing in order to continue its business and operations, as it is in the business of mineral exploration and does not currently derive operating income from its mineral assets. There is no guarantee that future sources of funding will be available to the Company. If the Company is not able to raise additional funding, it may be unable to carry out its business plans.
Mineral Exploration
Mineral exploration involves a high degree of risk. Few properties that are explored are brought to production. Unusual or unexpected geological formations, formation pressures, structural weaknesses, fires, power outages, labour disruptions, flooding, explosions, tailings impoundment failures, cave-ins, landslides and the inability to obtain adequate machinery, equipment or labour are among the risks involved in mineral exploration and exploitation activities. Substantial expenditures are required to establish mineral reserves and resources through drilling, and there can be no assurance that the funds required will be obtained on a timely basis or at all. The economics of exploiting mineral reserves and resources are affected by many factors outside the Company’s control, including operating costs, grade, metal prices, processing costs and government regulation.
Commodity Price Volatility
The prices of the commodities for which the Company is exploring can fluctuate significantly and are beyond the Company’s control. The Company is specifically exposed to changes in the prices of lithium, uranium and rare earth elements. A sustained decrease in commodity prices could adversely affect the economics of the Company’s projects and its ability to raise financing.
Title to Mineral Properties
Acquisition of title to mineral properties is a detailed and time-consuming process. Title to, and the area of mineral properties may be disputed or impugned. Although the Company investigates title to mineral properties for which it holds an option, concession, mineral lease or licence, there can be no assurance that title will not be challenged. The Company does not carry title insurance with respect to its mineral properties.
Country Risk
The Company could be affected by political, regulatory or legal developments in the jurisdictions in which it operates.
Uninsurable Risks
Mineral exploration activities involve numerous risks, including unexpected geological and operating conditions, formation weaknesses, hydrogeological conditions, rock bursts, cave-ins, fires, floods, earthquakes and other environmental occurrences. It is not always possible to obtain insurance against all such risks and the Company may decide not to insure against certain risks because of high premiums or other reasons. Should such liabilities arise, they could negatively affect the Company’s financial position and the value of its common shares.
Environmental Regulation and Liability
The Company’s activities are subject to laws and regulations controlling mineral exploration activities and their possible effects on the environment. Environmental legislation may change, resulting in additional
11
Linear Minerals Corp.
Management’s Discussion & Analysis
For the three months ended June 30, 2026
costs, capital expenditures, restrictions, liabilities and delays. Breaches of environmental legislation may result in fines, penalties or suspension or closure of operations. The Company does not maintain environmental liability insurance.
Regulations and Permits
The Company’s activities are subject to a wide variety of laws and regulations governing health and worker safety, employment standards, waste disposal, environmental protection, protection of historic and archaeological sites, mine development and other matters. Obtaining required permits can be complex and time-consuming. There can be no assurance that the Company will obtain necessary permits on acceptable terms, in a timely manner or at all.
Potential Dilution
The issue of common shares upon exercise of options and warrants will dilute the ownership interests of existing shareholders. The Company may also issue additional options, warrants or common shares from time to time, which could result in further dilution.
| 1.12 | OTHER MD&A INFORMATION |
ADDITIONAL DISCLOSURE FOR VENTURE ISSUERS WITHOUT SIGNIFICANT REVENUE
The disclosure required for venture issuers without significant revenue is included in the accompanying Financial Report, including the property-by-property exploration and evaluation assets disclosure in Note 5. The Company did not incur exploration and evaluation expenditures during the three months ended June 30, 2026.
INTERNAL CONTROLS OVER FINANCIAL REPORTING
Management has established processes to provide it with sufficient knowledge to support representations that it has exercised reasonable diligence that (i) the financial statements do not contain any untrue statement of material fact or omit to state a material fact required to be stated or necessary to make a statement not misleading in light of the circumstances under which it is made, as of the date of and for the periods presented, and (ii) the financial statements fairly present in all material respects the financial condition, results of operations and cash flows of the Company, as of the date of and for the periods presented.
There was no change in the Company’s internal controls over financial reporting (“ICFR”) during the three months ended June 30, 2026 that materially affected, or is reasonably likely to materially affect, the Company’s ICFR.
APPROVAL
The Board of Directors of Linear Minerals has approved the disclosure contained in this MD&A. A copy of this MD&A will be provided to anyone who requests it and can be located, along with additional information, on SEDAR+ at www.sedarplus.ca.
FORWARD-LOOKING STATEMENTS
Certain statements in this MD&A, other than statements of historical fact, constitute “forward-looking information” within the meaning of Canadian securities legislation and the United States Private Securities Litigation Reform Act of 1995. Forward-looking information includes, but is not limited to, statements with respect to potential mineralization and geological merits of the Company’s exploration projects, the Company’s future plans, exploration and drilling programs, objectives, business strategy, budgets, projected costs, financial results, expected cash runway and liquidity, proposed acquisitions and dispositions, and requirements for additional capital. In certain cases, forward-looking information can be
12
Linear Minerals Corp.
Management’s Discussion & Analysis
For the three months ended June 30, 2026
identified by the use of words such as “plans”, “expects”, “contemplates”, “budget”, “possible”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “believes”, or variations of such words and phrases, or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” occur or be achieved.
Forward-looking information is based on assumptions regarding future events and other matters and involves known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by the forward-looking information. Assumptions include that strategic alternatives will remain available, that the Company will continue as a going concern and that the Company will be able to access the capital required to advance its projects and continue operations. Risks and uncertainties include, among others, risks inherent in exploration and development of mineral properties; uncertainties in interpreting exploration results; potential delays in exploration; geology, grade and continuity of mineral deposits; commodity price changes; currency fluctuations; accidents and labour disputes; delays in obtaining governmental approvals; availability and cost of financing; events adversely affecting cash resources; competition; and loss of key personnel. Other risks and uncertainties are discussed throughout this MD&A, including under “Risks and Uncertainties”.
In making statements containing forward-looking information, the Company has applied material assumptions, including assumptions regarding its ability to obtain, on reasonable terms, financing necessary to complete exploration and development of its property interests, as well as the potential for future profitable production or proceeds from the disposition of exploration and evaluation assets.
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 information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements.
The Company disclaims any intention or obligation to update or revise the forward-looking information in this MD&A, whether as a result of new information, events or otherwise, except as required by applicable securities legislation. Accordingly, readers are cautioned not to place undue reliance on forward-looking information.
13
Form 52-109FV2
Certification of Interim Filings - venture issuer basic certificate
I, Gurminder Sangha, acting as Chief Executive Officer of Linear Minerals Corp., certify the following:
| 1. |
Review: I have reviewed the interim financial report and interim MD&A (together, the “interim filings”) of Linear Minerals Corp. (the “issuer”) for the interim period ended June 30, 2026. |
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| 2. |
No misrepresentations: Based on my knowledge, having exercised reasonable diligence, the interim 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 the interim filings. |
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| 3. |
Fair presentation: Based on my knowledge, having exercised reasonable diligence, the interim financial statements together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings. |
Date: August 31, 2026
/s/ Gurminder Sangha
Gurminder Sangha
Chief Executive Officer
| NOTE TO READER | |
| In contrast to the certificate required for non-venture issuers under National Instrument 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings (NI 52-109), this Venture Issuer Basic Certificate does not include representations relating to the establishment and maintenance of disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as defined in NI 52-109. In particular, the certifying officers filing this certificate are not making any representations relating to the establishment and maintenance of | |
| i) | controls and other procedures designed to provide reasonable assurance that information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and |
| ii) | a process to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer’s GAAP. |
| The issuer’s certifying officers are responsible for ensuring that processes are in place to provide them with sufficient knowledge to support the representations they are making in this certificate. Investors should be aware that inherent limitations on the ability of certifying officers of a venture issuer to design and implement on a cost-effective basis DC&P and ICFR as defined in NI 52-109 may result in additional risks to the quality, reliability, transparency and timeliness of interim and annual filings and other reports provided under securities legislation. | |
Form 52-109FV2
Certification of Interim Filings - venture issuer basic certificate
I, Jurgen Wolf, acting as Chief Financial Officer of Linear Minerals Corp., certify the following:
| 1. |
Review: I have reviewed the interim financial report and interim MD&A (together, the “interim filings”) of Linear Minerals Corp., (the “issuer”) for the interim period ended June 30, 2026. |
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| 2. |
No misrepresentations: Based on my knowledge, having exercised reasonable diligence, the interim 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 the interim filings. |
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| 3. |
Fair presentation: Based on my knowledge, having exercised reasonable diligence, the interim financial statements together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings. |
Date: August 31, 2026
/s/ Jurgen Wolf
Jurgen Wolf
Chief Financial Officer
| NOTE TO READER | |
| In contrast to the certificate required for non-venture issuers under National Instrument 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings (NI 52-109), this Venture Issuer Basic Certificate does not include representations relating to the establishment and maintenance of disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as defined in NI 52-109. In particular, the certifying officers filing this certificate are not making any representations relating to the establishment and maintenance of | |
| i) | controls and other procedures designed to provide reasonable assurance that information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and |
| ii) | a process to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer’s GAAP. |
| The issuer’s certifying officers are responsible for ensuring that processes are in place to provide them with sufficient knowledge to support the representations they are making in this certificate. Investors should be aware that inherent limitations on the ability of certifying officers of a venture issuer to design and implement on a cost effective basis DC&P and ICFR as defined in NI 52-109 may result in additional risks to the quality, reliability, transparency and timeliness of interim and annual filings and other reports provided under securities legislation. | |