Argentina Lithium & Energy : Earnings Document

ARGENTINA LITHIUM & ENERGY CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2023 AND 2022

Introduction

This Management's Discussion and Analysis ("MD&A") should be read in conjunction with the condensed consolidated interim financial statements of Argentina Lithium & Energy Corp. ("Argentina Lithium" or "the Company") for the nine months ended September 30, 2023 and 2022 and related notes thereto which have been prepared in accordance with International Financial Reporting Standards ("IFRS"). All figures are in Canadian dollars unless otherwise noted. This MD&A has been prepared as of November 20, 2023.

Company Overview

The Company was incorporated on April 11, 2000 and was transitioned under the Business Corporations Act (BC) on June 17, 2004. The address of the Company's registered office is Suite 312 - 837 West Hastings Street, Vancouver, BC, Canada V6C 3N6. The Company remained without a business asset until March 2003, when the Company negotiated a number of agreements to option and acquire interests in various mineral concessions located in Argentina. In December 2003, the Company completed its initial public offering and commenced trading on the TSX Venture Exchange ("TSX-V" or the "Exchange") under the symbol "AMS". In December 2008, the Company consolidated its outstanding common shares on a 10 for 1 basis and changed its name to Panthera Exploration Inc. (formerly Amera Resources Corporation) trading on the TSX-V under the symbol "PNX". In January 2012, the Company changed its name to Iron South Mining Corp. (formerly Panthera Exploration Inc.) trading on the TSX-V under the symbol "IS". In September 2016, the Company changed its name to Argentina Lithium & Energy Corp. (formerly Iron South Mining Corp.) trading on the TSX-V under the symbol "LIT".

The Company is a junior mineral exploration company engaged in the business of acquiring, exploring and evaluating natural resource properties and either joint venturing or developing these properties further or disposing of them when the evaluation is completed. The Company's material mineral property interests are located in Argentina, and while the Company continually considers additional exploration projects to acquire, its focus is to explore and advance its current group of Argentinian lithium properties. In Argentina, the Company operates via its subsidiary Argentina Litio y Energia S.A. ("ALE"). As of the date of this MD&A, the Company has not earned any production revenue, nor established any reserves on any of its properties. The Company is a reporting issuer in British Columbia and Alberta.

The Company's technical disclosure in this MD&A has been reviewed by David Terry Ph.D., P.Geo, a Qualified Person under NI 43-101, and a director of the Company.

Stellantis Investment

In September 2023, Argentina Lithium announced that Peugeot Citroen Argentina S.A., a subsidiary of Stellantis N.V. ("Stellantis"), had agreed to invest the ARS$ equivalent of US$90 million to acquire shares of the Company's subsidiary, ALE. Stellantis is one of the world's leading automakers and mobility providers with iconic brands including Abarth, Alfa Romeo, Chrysler, Citroën, Dodge, DS Automobiles, Fiat, Jeep®, Lancia, Maserati, Opel, Peugeot, RAM, Vauxhall, Free2Move and Leasys. As a result of the transaction, Stellantis owns 19.9% of the issued and outstanding ALE shares and Argentina Lithium owns 80.1%. The Company has also granted Stellantis the right to exchange all of the ALE Shares for up to 19.9% of the outstanding common shares of Argentina Lithium (on an undiluted basis) in the future, subject to certain conditions. In addition, both parties have agreed to an offtake agreement for future lithium production that sees Stellantis purchase from ALE up to 15,000 tonnes per annum of lithium over a seven-year period subject to certain terms and conditions (see also Events After the Reporting Period).

Additional details of the investment transaction, offtake agreement and shareholders agreement are available in the original news releases dated September 27, 2023 and October 5, 2023.

As a result of this investment, the scale and number of field programs is expected to increase to meet a new mandate of accelerated exploration, evaluation and potential development of the Company's projects.

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Exploration Projects Overview

Incahuasi Lithium Project, Catamarca

The Incahuasi Project currently includes a 100% interest in over 13,372 hectares of granted mineral rights properties in the Incahuasi Salar and basin in Catamarca Province, Argentina. The Salar de Incahuasi is located in the northwest of Catamarca Province at approximately 3260 metres above sea level, in the southern half of the "Lithium Triangle". Access to the Incahuasi salar is by gravel road, approximately 34 kilometres southwest from the town of Antofagasta de la Sierra. The salar is approximately 17 kilometres long north to south, and 2.5 kilometres wide, and divided into a north and south section. Initial sampling of near-surface brines in the southern section in 52 pits returned an average of 62 mg/L of lithium, 4661 mg/L of potassium and 9800 mg/L magnesium, with a maximum value of 409 mg/l lithium and 1.56% potassium from a sample in the central portion of the salar. VES geophysical surveying indicates the potential for lithium-rich brines starting at surface and reaching up to 200 metres depth.

On January 31, 2018, the Company announced that it had received permits necessary for drilling at Incahuasi and on March 13th announced the start of a 4-hole drill program on the southern part of the salar. On August 24, 2018, the Company announced that the program was complete, with 878 metres drilled in total. Halite and deeper clastic sediments were cored in all holes, and each hole encountered lithium-bearing brines. Lithium concentrations were modest but fairly consistent, averaging 109 mg/L in all 54 samples collected and analyzed. The Company did not complete any work on the property in 2021 or 2022.

The Company plans to restart exploration at the Incahuasi property, specifically by completing approximately 77 line-km of Transient Electromagnetic soundings to detect & delineate new areas of potential brines for follow-up drill testing.

Antofalla North Lithium Project, Salta

Argentina Lithium currently controls 10,839 hectares of mining concessions in the Salar de Antofalla, distributed between the adjacent provinces of Salta and Catamarca. The Company had previously held 9080 hectares of staked claims ("Staked Properties") for which it impaired exploration costs in 2019 but maintained ownership (see the year-end Management Discussion and Analysis for 2019, filed on SEDAR). In the last year, the Company reduced this area to 3996.1 ha, by resigning a less prospective property and also through administrative reductions in non-prospective areas.

With the resurgence in interest in the lithium markets, the Company re-evaluated its strategy and identified multiple opportunities in the Salar de Antofalla that complement the existing Staked Property position, and could potentially contain significant brine resource. As such, on August 4, 2021, the Company announced that it had entered into an option agreement ("Pipo-Alcalina V Option") to earn a 100% interest in three granted mine concession properties in the Salta Province mining registry, totaling 5,380 hectares situated adjacent or proximal to the Staked Properties. The Company previously held an option for these properties, but due to market conditions work was suspended, payments were discontinued and in 2019 the original option earn-in was relinquished.

On April 11, 2022, the Company announced that it had entered into a second option agreement ("Amelia Option") for a further 5,411 hectares in three mine concessions on the Antofalla Salar, in the mining registry of Catamarca Province.

On October 6, 2022, the Company announced a third option agreement ("Volcan Option") for an additional 843.5 hectares in a single mine concession on the Antofalla Salar, in the Catamarca mining registry.

On November 8, 2023, the Company announced a fourth option agreement ("Lexi-30 Option") for an additional 789 hectares in a single mining concession on the Antofalla Salar, wholly within the Catamarca mining registry.

The Salta mining registry and the Catamarca mining registry overlap along an east-west belt that is approximately 11. 5 km wide in the vicinity of Antofalla. This situation has existed since 1943. On May 11, 2022 the provinces of Salta and Catamarca signed an agreement to develop properties in the conflicted area jointly, essentially sharing the mineral interests and royalties in the affected region.

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The vendors retain a 2% Net Smelter Royalty ("NSR") which Argentina Lithium has the ability to repurchase for US$5,000,000.

Amelia Option Terms

Terms of the option include cash payments totaling US$2,800,000, and mandatory annual exploration expenditure commitments totaling $7,000,000 over 4 years. The vendors retain a 2% Net Smelter Royalty ("NSR") which Argentina Lithium has the ability to repurchase for US$3,000,000. See also Events After the Reporting Period.

Volcan Option Terms

Terms of the Volcan option include cash payments totaling US$590,000 paid over three years, including the obligatory payment of US$40,000 at the time of signing. The option grants a 1% NSR to the Vendor, which can be purchased by the Company for an additional US$1,300,000.

Lexi-30 Option Terms

Terms of the Lexi-30 option specify two cash payments totaling US$425,000, including a non-reimbursable initial payment of US$50,000, and an optional final payment of US$ 375,000, payable at up to 12 months. The vendor retains a 2% NSR. In the instance that the vendor wishes to transfer or sell the NSR, the Company has the right to match the terms of NSR transference or sale.

Rincon West Project, Salta

The Rincon West Project includes mining concessions covering 3,742.8 hectares at the Rincon Salar. The first concession, ("Villanoveño II") with an area of 2,491 hectares, is located on the west side of the salar and is part of the Rincon-Pocitos option agreement described below. Argentina Lithium announced on July 21, 2022 it had obtained 100% ownership of a second concession, ("Rinconcita II") covering 460.5 hectares adjacent to and east of Villanoveño II, on the salar. Terms for acquiring the concession include:

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• An initial payment to REMSA of USD $2.5M at the time of signing of the purchase agreement
• REMSA retains a 3% Net Smelter Return ("NSR")
• The Company proposed an exploration program that includes environmental permitting, ground geophysics and exploratory drilling.

On October 6, 2022, the Company announced another property addition to the project. The Paso de Sico agreement covers 791.3 hectares of concessions via an option that includes cash payments totaling US$1,500,000 paid over three years, including obligatory payment commitments totaling US$300,000 in the first six months. The option grants a 3% NSR to the Vendor, which can be purchased by the Company for an additional US$1.5 million. The Paso de Sico option agreement also includes a total of US$2.3 million of exploration and development expenditures over a three-year period. The Paso de Sico concession block is currently undrilled and is undergoing permitting required for exploration geophysics and drilling.

On November 8, 2023 the Company announced that it had entered into an option agreement for a fourth property block: the "Don Fermin" concession. Don Fermin is a mining concession granted by the mining authority of Salta Province, located on the eastern flank of the Salar de Rincon, approximately 19 km east of the Rincon West property block. The property has not received significant exploration work previously. Terms of the option include cash payments totaling US$2,750,000 over 18 months, including an initial non-reimbursable payment of US$250,000. The Company can advance the dates of the subsequent four payments at its discretion. The vendor retains a 1.5% NSR which can be repurchased for US$4M. See also Events After the Reporting Period.

The Rincon Salar is situated approximately 90 kilometres west of the town of San Antonio de los Cobres, the largest town in Argentina's high plain, and approximately 250 kilometres west of the provincial capital city of Salta. It is close to the railway, and just 17 kilometres south of Provincial Route 51, the international road that connects to Chile's coastal ports. The InterAndes power corridor runs within one kilometre of the Rincon Salar. There are two significant

lithium resource development projects on the salar, owned by Rio Tinto (https://www.riotinto.com/operations/projects/rincon) and Argosy Minerals (www.argosyminerals.com.au) both of which have executed demonstration-scale production of lithium carbonate.

Argentina Lithium cautions that proximity to a discovery, mineral resource, or mining operation does not indicate that mineralization will occur on the Company's property, and if mineralization does occur, that it will occur in sufficient quantity or grade that would result in an economic extraction scenario.

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In March 2022, the Company initiated a deep-seeing Transient Electromagnetic (TEM) sounding survey to delineate areas of potential brines and map the bottom of the basin. Results of the survey were announced May 2, 2022, when the Company reported that modeling of the TEM data suggested that the interpreted brine aquifers extend substantially further west and south than indicated by earlier electrical surveys. Results from the TEM survey were used to target holes for an initial drill campaign that commenced at the end of May.

Permitting to drill nine holes was secured, and a first program of five exploration holes was initiated to test multiple prospective brine targets. Results from the first hole were announced on July 13, 2022. Hole RW-DDH-001 was

executed with HQ-size diamond drilling to a depth of 300 metres. The hole entered brackish-to-brine aquifer at approximately 45 metres depth and continued in permeable units to approximately 144 metres, highlighted by a 70 metre thick interval with lithium grades ranging from 225 to 380 mg/litre, potassium from 4035 to 7231 mg/litre and magnesium from 2090 to 3132 mg/litre. Results from holes two through four were released in October (see October 3, 2022 and October 25, 2022 News Releases). Holes two and four returned long brine intervals with very consistent lithium grades. RW-DDH-002 was tested with packer sampling over ~77% of the interval between 182 and 305 metre depths, with lithium values ranging from 337 to 367 mg/litre. The fourth hole (RW-DDH-004) produced the best results to date.

Lithium brines were found to start at 38 metres depth and in the interval from 95 metres to 227 metres depth, lithium values range from 334 to 382 mg/litre over a continuous 132 m interval. Hole RW-DDH-003 was positioned 1.8km to the south and encountered lower grade lithium brines towards the bottom of the hole. Results from holes five and six were announced on January 26, 2023. Hole RW-DDH-006 returned a 153 m interval ranging from 329 to 393 mg/l lithium starting at 167 m depth. This hole was a step-out of 960 m from the prior best intersection reported in RW-DDH-004. On April 24, 2023 the Company announced the results from holes seven and eight of the program. RW-DDH-007 was an in-fill hole in the south-central portion of the basin. Single and double packer sampling returned multiple intervals ranging in concentration from 241 to 340 mg/l lithium throughout a 178 m* section starting at 143 metres depth (*no sample was collected from 30 m of this interval). RW-DDH-008 extends drilling to the northwest and infills an undrilled area between holes RW-DDH-005 and 006. Three 15-metre intervals were intersected between 140 and 212 metres depth, with concentrations ranging from 228 to 355 mg/l. The ninth and final hole of the program was reported on May 31, 2023. Hole nine returned the highest peak lithium value and longest concentrated brine interval reported to date on the Rincon West project: 258 m ranging from 287 to 402 mg/l lithium. (Two portions of this interval were not sampled, one length of 42 m and a second length of 33 m.) brine zone remains open to the north, clearly demonstrating the requirement to expand drilling in this direction in a future campaign. Overall, the program demonstrated that the concentrated brines from the neighboring salt flat extend through the western basin, and the prospect remains open to identifying additional lithium-rich brines in several directions.

In July 2023, following the receipt of new permits, the Company completed 12 line-km of Controlled Source Audio-frequency Magnetotelluric (CSAMT) geophysics surveys over the Rinconcita II property, demonstrating the presence of extremely conductive strata (low resistivity) at less than 100 metres below surface, consistent with formations saturated with lithium-bearing brines.

This work helped site holes for the new drill campaign that commenced in September, as announced on October 19, 2023. The new program is anticipated to include five diamond holes to test for brines and one rotary drill well for pump testing.

Brine sampling is mainly conducted using packer sampling during drilling which allows the collection of brine samples at specific depths while sealing the hole at the bottom and at the top of the interval. Samples of brine were submitted for analysis to Alex Stewart International Argentina S.A., the local subsidiary of Alex Stewart International. an ISO 9001:2008 certified laboratory, with ISO 17025:2005 certification for the analysis of lithium and potassium. The quality of sample analytical results was controlled and assessed with a protocol of blank, duplicate and standard samples included within the sample sequence. Differences between original and duplicate samples and results for standards and blanks were considered within the acceptable range for lithium.

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Pocitos Project

The Pocitos Project includes over 26,000 hectares of properties subject to four option agreements. The Pocitos Salar is located approximately 100 kilometres west of the town of San Antonio de los Cobres and approximately 250 kilometres west of the provincial capital city of Salta. The Provincial Route 17 and the natural gas pipeline-fed industrial park at the settlement of Pocitos are located 17 km to the east. The rail line that crosses the middle of the Pocitos West property joins Salta with the port of Antofagasta on the Chilean Pacific coast. The present surface expression of the Pocitos Salar is approximately 57 kilometres north-south, and approximately 10 kilometres east-west. The salt pan is almost completely flat with portions of the older salar surface covered by talus and alluvial fan.

The optioned properties are believed to have had little prior exploration and no drilling with the exception of the group of concessions in the Rincon-Pocitos option (see below) which have had modest geophysics and surface sampling, with very limited drilling. The Company plans up to 121 line-km of Transient Electromagnetic soundings to detect and delineate brines for testing by up to four drill holes, initially.

Rincon-Pocitos Option

On October 8, 2021, Argentina Lithium announced that it had signed a definitive agreement with a private vendor to acquire a 100% interest in the 2,370 hectare Rincon West and 15,857 hectare Pocitos projects in Salta Province, Argentina. Terms of the option include issuance of 750,000 shares in the Company to the vendor on signing plus $500,000 worth of shares over a 12-month period; and cash payments totaling US$4,200,000 over 36 months but limited to only US$1,050,000 in the first 18 months, US$800,000 of which are firm commitments over the first year. See also Events After the Reporting Period.

El Pidio GIII and Aguamarga Options

Argentina Lithium can acquire a 100% interest in the 1,602 hectare "El Pidio GIII" property in the southeast of the Pocitos Basin pursuant to an option agreement dated January 3, 2022. The option terms include US$165,000 in cash payments over three years, including a mandatory total of US$30,000 over the first 18 months. In addition, 25,000 shares of the Company are to be issued to the vendor on signing, with additional share issuances valued at $70,000 over the subsequent three years, including mandatory issuances valued at $25,000 over the first 18 months. See Events After the Reporting Period.

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Argentina Lithium can acquire a 100% interest in the Aguamarga 11 and Aguamarga 16 properties, totaling 7,000 hectares in the east flank of the Pocitos Basin pursuant to an option agreement dated January 3, 2022. The option terms include US$1,890,000 in cash payments over three years, including a mandatory total of US$105,000 over the first 12 months. In addition, 168,000 shares of the Company are to be issued to the vendor on signing, with additional share issuances valued at $651,000 over the subsequent three years, including a mandatory issuance valued at $126,000 after twelve months.

The number of common shares of the Company issuable under the option agreements are calculated based on the discounted market price of $0.30 per share on the Exchange on January 7, 2022. All shares issued pursuant to the terms of the option agreements are subject to a hold period under applicable securities laws for a period of four months from the date of issuance.

Ramos Option

The agreement, dated January 6, 2022, gives Argentina Lithium the option to earn a 100% interest in five additional properties totaling approximately 1,762 hectares at the Pocitos Salar ("the Ramos Properties"). The option terms include mandatory payments totaling US$150,000 in the first year, followed by US$550,000 2 years after signing. The vendor retains a 1% Net Smelter Royalty ("NSR") which can be purchased by the Company for US$500,000.

Results of Operations - For the nine months ended September 30, 2023 compared to the nine months ended September 30, 2022

During the nine months ended September 30, 2023, loss from operating activities increased by $3,813,207 to $6,902,658 compared to $3,089,451 in loss from operating activities for the nine months ended September 30, 2022. The increase in loss from operating activities is largely due to:

• An increase of $2,763,743 in exploration expenditures. Exploration expenditures were $4,271,264 for the nine months ended September 30, 2023, compared to $1,507,521 for the nine months ended September 30, 2022. The Company undertook higher exploration work including the drilling program at Rincon West project during the nine months ended September 30, 2023 compared to less exploration work including geophysics program at Rincon West project during the nine months ended September 30, 2022.
• An increase of $127,463 in corporate development and investor relations. Corporate development and investor relations were $860,791 for the nine months ended September 30, 2023, compared to $733,328 for the nine months ended September 30, 2022. The increase is due to greater activities related to promotion of the Company's projects during the nine months ended September 30, 2023, compared to fewer activities related to promotion of the Company's projects during the nine months ended September 30, 2022.

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• An increase of $720,196 in legal and professional fees. Legal and professional fees were $857,107 for the nine months ended September 30, 2023, compared to $136,911 for the nine months ended September 30, 2022. The increase is due to the Company requiring more professional advice for its negotiations regarding the Stallantis investment during the nine months ended September 30, 2023.

Other Items

During the nine months ended September 30, 2023, other income increased by $2,000,160 to $2,226,335 compared to $226,175 for the nine months ended September 30, 2022. The increase in other items is largely due to:

• An increase of $2,268,245 in foreign exchange gain. Foreign exchange gain was $2,079,605 for the nine months ended September 30, 2023 compared to a foreign exchange loss of $188,640 for the nine months ended September 30, 2022. The increase is due to the fluctuation in foreign exchange rates and differing amounts of foreign currencies held during the nine months ended September 30, 2023 compared to the nine months ended September 30, 2022.

The net loss and comprehensive loss for the nine months ended September 30, 2023 was $4,676,323 or $0.04 per basic and diluted share compared to a net loss and comprehensive loss of $2,863,276 or $0.04 per basic and diluted share for the nine months ended September 30, 2022.

Cash Flow

Operating Activities

Cash outflow from operating activities was $5,256,008 for the nine months ended September 30, 2023 compared to $3,200,282 for the nine months ended September 30, 2022. The increase in cash outflows is primarily due to higher exploration expenditures, corporate and administrative cash costs, as well as changes in non-cash working capital balances due to timing of receipt and payment of cash during the nine months ended September 30, 2023.

Investing Activities

Cash outflow from investing activities was $2,084,470 for the nine months ended September 30, 2023, compared to $386,089 for the nine months ended September 30, 2022. Expenditures on mineral property interests were $2,084,470 during the nine months ended September 30, 2023 compared to $386,089 during the nine months ended September 30, 2022.

Financing Activities

Cash inflow from financing activities was $197,500 for the nine months ended September 30, 2023 compared to $3,329,740 for the nine months ended September 30, 2022. Proceeds from issuance of common shares and warrants net of share issue costs were $Nil for the nine months ended September 30, 2023 compared to $3,289,740 for the nine months ended September 30, 2022. Proceeds from warrants exercised were $97,500 for the nine months ended September 30, 2023 compared to $Nil for the nine months ended September 30, 2022. Proceeds from loans payable were $100,000 for the nine months ended September 30, 2023, compared to $Nil for the nine months ended September 30, 2022. Proceeds from stock options exercised were $Nil for the nine months ended September 30, 2023 compared to $40,000 for the nine months ended September 30, 2022.

Results of Operations - For the three months ended September 30, 2023 compared to the three months ended September 30, 2022

During the three months ended September 30, 2023, loss from operating activities increased by $830,949 to $2,478,309 compared to $1,647,360 in loss from operating activities for the three months ended September 30, 2022. The increase in loss from operating activities is largely due to:

• An increase of $229,291 in exploration expenditures. Exploration expenditures were $1,200,927 for the three months ended September 30, 2023, compared to $971,636 for the three months ended September 30, 2022. The Company undertook higher exploration work including the drilling program at Rincon West project during the three months ended September 30, 2023 compared to less exploration work including geophysics program at Rincon West project during the three months ended September 30, 2022.

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• An increase of $702,288 in legal and professional fees. Legal and professional fees were $765,772 for the nine months ended September 30, 2023, compared to $63,484 for the nine months ended September 30, 2022. The increase is due to the Company requiring more professional advice for its negotiations regarding the Stallantis investment during the three months ended September 30, 2023.

The increases were partially offset by:

• A decrease of $173,925 in corporate development and investor relations. Corporate development and investor relations were $171,524 for the three months ended September 30, 2023, compared to $345,449 for the three months ended September 30, 2022. The decrease is due to fewer activities relating to promotion of the Company's projects during the three months ended September 30, 2023 compared to a greater number of activities relating to promotion of the Company's projects during the three months ended September 30, 2022.

Other Items

During the three months ended September 30, 2023, other income increased by $1,028,100 to $1,306,327 compared to $278,227 for the three months ended September 30, 2022. The increase in other items is largely due to:

• An increase of $1,289,140 in foreign exchange gain. Foreign exchange gain was $1,253,018 for the three months ended September 30, 2023 compared to foreign exchange loss of $36,122 for the three months ended September 30, 2022. The increase is due to the fluctuation in foreign exchange rates and differing amounts of foreign currencies held during the three months ended September 30, 2023 compared to the three months ended September 30, 2022.

The net loss and comprehensive loss for the three months ended September 30, 2023 was $1,171,982 or $0.01 per basic and diluted share compared to a net loss and comprehensive loss of $1,369,133 or $0.02 per basic and diluted share for the three months ended September 30, 2022.

Statement of Financial Position

At September 30, 2023, the Company had total assets of $10,423,283, which is a decrease of $5,166,300 from $15,589,583 in total assets at December 31, 2022. This decrease is primarily due to decrease in cash of $7,142,978, partially offset by increase in exploration and evaluation assets of $2,084,470 during the nine months ended September 30, 2023.

Selected Quarterly Financial Information

1. Variance from prior quarter primarily due to decrease in exploration expenditures of $824,381, corporate development and investor relations of $92,891, partially offset by increase in foreign exchange gain of $1,041,186 and legal and professional fees of $711,285.
2. Variance from prior quarter primarily due to increase in exploration expenditures of $980,279, partially offset by decrease in foreign exchange gain of $402,923, and corporate development and investor relations of $160,437.
3. Variance from prior quarter primarily due to decrease in share-based compensation of $1,755,526, exploration expenditures of $1,522,324, corporate development and investor relations of $317,996, interest income of $75,263, partially offset by increase in foreign exchange gain of $834,450.
4. Variance from prior quarter primarily due to increase in exploration expenditures of $1,595,717, share-based compensation of $1,811,209, corporate development and investor relations of $397,399, and foreign exchange loss of $183,573, partially offset by decrease in interest income of $189,799.
5. Variance from prior quarter primarily due to increase in exploration expenditures of $627,375, foreign exchange loss of $89,668, and corporate development and investor relations of $79,580, partially offset by increase in interest income of $312,094.

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