What changed in this filing

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Item 2. Management’s Discussion and Analysis

2025-10-15 compared with 2025-07-15 · 54 added, 43 removed, 81 unchanged (54% of the section changed)

34 unchanged sentences

Defense Stockpile.

June 30, 2024, the Company and Komodo Capital (“Komodo”), a company specializing in the development and execution of a

complete global value supply chain for critical minerals for the U.S.

June 30, 2024, the Company and Komodo Capital (“Komodo”), a company specializing in the development and execution of a complete

global value supply chain for critical minerals for the U.S.

government and U.S.

free trade partners, entered into a

strategic partnership (the “Strategic Partnership”), in order for Komodo to use its relationships to provide the Company

with access to various critical minerals, with an ultimate goal of suppling the U.S.

free trade partners, entered into a strategic partnership

(the “Strategic Partnership”), in order for Komodo to use its relationships to provide the Company with access to various

critical minerals, with an ultimate goal of suppling the U.S.

government and U.S.

free trade partners with

these critical minerals.

Komodo Capital also offers comprehensive advisory services.

The Company issued 8,000,000 shares of common

stock valued at $800 as part of this agreement.

free trade partners with these critical minerals.

Capital also offers comprehensive advisory services.

The Company issued 8,000,000 shares of common stock valued at $800 as part of this

June 30, 2024, the Company and NTM Minerals Limited (“NTM”), a company specializing in the development and execution of a

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$850 million.

The Company is granted offtake rights for a maximum of 88,000 tonnes of copper that is sourced from the Redbank tenements

The Company is granted offtake rights r a maximum of 88,000 tonnes of copper that is sourced from the Redbank tenements

in return for 12 million shares of the Company’s common stock.

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M2i retains the option to participate in production pre-funding opportunities.

July 28, 2025, the Company entered into an Agreement and Plan of Merger and Reorganization (the “Merger Agreement”) among

the Company, Volato Group, Inc., a Delaware corporation (“Volato”), and Volato Merger Subsidiary, Inc., a Nevada corporation

and wholly-owned subsidiary of Volato (“Merger Sub”).

Pursuant to the Merger Agreement, and subject to the satisfaction or

waiver of the conditions therein, at the effective time of the merger, Merger Sub will be merged with and into the Company with the Company

surviving as a wholly owned subsidiary of Volato.

The Merger Agreement contains customary representations, warranties and covenants of

the parties, and is subject to approval by the Company’s stockholders, approval by the holders of Volato’s Class A common

stock, $0.0001 par value per share receipt of certain regulatory approvals and other customary closing conditions.

The Company’s

board of directors unanimously approved the Merger Agreement and determined that the Merger is advisable and in the best interests of

the Company and its stockholders.

Issued Accounting Pronouncements

new accounting pronouncements issued by the Financial Accounting Standards Board (“FASB”) issued during the six months ended

May 31, 2025 and through the filing of this report have been or will be adopted by the Company.

new accounting pronouncements issued by the Financial Accounting Standards Board (“FASB”) issued during the nine months ended

August 31, 2025 and through the filing of this report have been or will be adopted by the Company.

Management does not believe the adoption

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have been no changes to the Summary of Significant Accounting Policies described in our Annual Report on Form 10-K filed with the Securities

and Exchange Commission on April 16, 2024.

and Exchange Commission on February 27, 2025.

and Capital Resources

May 31, 2025, the Company had a cash balance of $12,484 compared to a cash balance of $80,281 at November 30, 2024.

The Company incurred

negative cash flow from operations of $780,557 for the period ended May 31, 2025, as compared to negative cash flow from operations of

$783,994 in the comparable prior year period.

The decrease in negative cash flows from operations was primarily from an increase in accounts

payable and accrued expenses – related parties offset by a decrease in accounts payable and accrued expenses.

Cash flows from financing

activities during the period ended May 31, 2025, totaled $712,760, as compared to cash flows from financing activities in the comparable

prior year period of $803,305.

The decrease in cash provided by financing activities is primarily the result of a decrease of $68,093

in proceeds from the sale of shares of common stock.

Going forward, the Company expects capital expenditures to increase significantly

as operations are expanded pursuant to its current growth plans.

The Company anticipates the requirement to raise significant debt or

equity capital in order to fund future operations.

August 31, 2025, the Company had a cash balance of $243,929 compared to a cash balance of $80,281 at November 30, 2024.

incurred negative cash flow from operations of $2,389,177 for the period ended August 31, 2025, as compared to negative cash flow

from operations of $1,400,469 in the comparable prior year period.

The increase in negative cash flows from operations was primarily

from an increase in net loss offset by accrued expenses – related parties;

accounts payable and accrued expenses;

value of shares issued for services.

Cash flows from financing activities during the period ended August 31, 2025, totaled

$2,552,824, as compared to cash flows from financing activities in the comparable prior year period of $1,380,485.

The increase in

cash provided by financing activities is the result of an increase of cash received for shares to be issued offset by a slight

reduction in cash received for the issuance of common shares.

Going forward, the Company expects capital expenditures to increase

significantly as operations are expanded pursuant to its current growth plans.

The Company anticipates the requirement to raise

significant debt or equity capital in order to fund future operations.

of Operations

of the Three and Six Months Ended May 31, 2025 and May 31, 2024

the comparable three months ended May 31, 2025 and May 31, 2024, the Company’s revenues totaled $0.

For the six months ended May

31, 2025 and May 31, 2024, the Company’s revenues totaled $0 and $3,400, respectively.

We anticipate the Company’s revenues

in upcoming quarters may increase significantly as management attempts to implement the Company’s new business model.

the three months ended May 31, 2025, our operating expenses decreased to $1,104,475 compared to $1,348,812 for the comparable period

The decrease of $244,337 was due to a decrease in professional fees and general and administrative expenses.

For the six months

ended May 31, 2025, our operating expenses increased to $2,442,310 compared to $2,023,997 for the comparable period in 2024.

of $418,313 was due to an increase in professional fees for consultants to implement the shift in strategic focus and preparations for

increased operations.

We anticipate future operating expenses to increase with the expansion of operations, resulting in increased expenses

related to compensation and professional fees.

of the Three and Nine Months Ended August 31, 2025 and August 31, 2024

the comparable three months ended August 31, 2025 and August 31, 2024, the Company’s revenues totaled $0.

For the nine months ended

August 31, 2025 and August 31, 2024, the Company’s revenues totaled $0 and $0, respectively.

We anticipate the Company’s

revenues in upcoming quarters may increase significantly as management attempts to implement the Company’s new business model.

the three months ended August 31, 2025, our operating expenses increased to $1,693,170 compared to $716,546 for the comparable period

The increase of $976,624 was due to an increase in professional fees and general and administrative expenses.

For the nine months

ended August 31, 2025, our operating expenses increased to $4,135,480 compared to $2,740,543 for the comparable period in 2024.

of $1,394,937 was due to an increase in professional fees for consultants to implement the shift in strategic focus and preparations

for increased operations.

We anticipate future operating expenses to increase with the expansion of operations, resulting in increased

expenses related to compensation and professional fees.

Balance Sheet Arrangements

24 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 2. Management’s Discussion and Analysis