Linear Minerals (CSE: LINE, LINMF) details loss, spin-out and funding needs

Q: What was Linear Minerals Corp. (LINMF) net loss for the nine months ended December 31, 2025?

Linear Minerals reported a net and comprehensive loss of $1,122,454 for the nine months ended December 31, 2025. This compares with a loss of $1,994,625 in the prior-year period, reflecting lower exploration and related expenses during the current period.

Q: What is Linear Minerals Corp. (LINMF) cash and working capital position as of December 31, 2025?

As of December 31, 2025, Linear Minerals held $473,409 in cash and had current assets of $677,868 against current liabilities of $750,765 . This resulted in negative working capital of approximately $72,897 , highlighting tight liquidity conditions.

Q: How many Linear Minerals Corp. (LINMF) shares were outstanding at December 31, 2025?

Linear Minerals had 71,035,286 common shares issued and outstanding at December 31, 2025, up from 61,335,286 at March 31, 2025. The increase reflects private placements, shares issued for property acquisitions, and shares issued upon vesting of restricted share units.

Q: What major corporate transaction did Linear Minerals Corp. (LINMF) complete involving Pontax West Lithium?

On November 28, 2025, Linear Minerals completed a plan of arrangement to spin out its Pontax West Lithium property to subsidiary Westlinear Minerals Corp. . Shareholders received one Westlinear share for every ten Linear Minerals shares held on the distribution record date.

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

6-K

Rhea-AI Filing Summary

Linear Minerals Corp. reports unaudited interim results for the nine months ended December 31, 2025, showing a net loss of $1,122,454, improved from a loss of $1,994,625 a year earlier. The company remains a pre‑revenue explorer focused on lithium and uranium projects in Quebec and Ontario, including the Augustus Lithium property and the Lac Marion uranium and rare earth element property.

Cash declined to $473,409 with current liabilities of $750,765, resulting in negative working capital of $72,897. Management states that current assets are not sufficient to finance operations and that additional equity or debt financing will be required, noting material uncertainties that may cast significant doubt on the company’s ability to continue as a going concern. During the period, Linear completed a spin‑out of its Pontax West Lithium property to subsidiary Westlinear Minerals, issued shares under multiple property option agreements and restricted share units, and raised flow‑through equity, bringing shares outstanding to 71,035,286 as of December 31, 2025.

Positive

None.

Negative

Going concern uncertainty: Cash of $473,409, negative working capital of $72,897 and continued losses lead management to state that material uncertainties may cast significant doubt on the company’s ability to continue as a going concern.

Insights

Interim loss narrows but liquidity and going concern risks remain elevated.

Linear Minerals Corp. posted a nine‑month net loss of $1,122,454, smaller than the prior period’s $1,994,625, while continuing early‑stage exploration across several lithium and uranium properties in Quebec and Ontario. Exploration and evaluation expenses of $623,510 were concentrated at the Augustus Lithium project.

Balance sheet pressure is clear: cash fell to $473,409 against current liabilities of $750,765, creating negative working capital of $72,897. Management explicitly notes that current assets are not sufficient to fund operations and that these conditions create material uncertainties about the company’s ability to continue as a going concern.

To address this, the company relied on equity, including flow‑through financings and $625,000 raised from share subscriptions and a private placement during the period, plus a subsequent $475,000 equity financing after December 31, 2025. The completed spin‑out of the Pontax West Lithium property to Westlinear Minerals and new options on Kipawa West, Lac Marion, Lac Coulombre and other properties expand the project portfolio, but the actual impact will depend on securing ongoing funding and advancing exploration as disclosed in future filings.

Form 6-K: How Foreign Companies Report to the SEC →

03/02/2026 - 06:08 PM

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 March 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: March 2, 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

(formerly FE Battery Metals Corp.)

CONDENSED INTERIM FINANCIAL STATEMENTS

FOR THE NINE MONTHS ENDED DECEMBER 31, 2025

(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.

2 | Page

LINEAR MINERALS CORP. (formerly FE Battery Metals Corp.)

Condensed Interim Statements of Financial Position

(Unaudited - expressed in Canadian dollars)

			December 31,			March 31,
	Note		2025			2025
ASSETS
Current Assets
Cash			$	473,409		$	951,807
Amounts receivable and prepaid expenses		4		204,459			155,835
Market securities		5		-			123,912
Total Current Assets				677,868			1,231,554
Non-current Assets
Reclamation deposits				11,000			11,000
Equipment				972			1,336
Exploration and evaluation assets		6		5,956,076			5,956,076
Total Non-current Assets				5,968,048			5,968,412
Total Assets			$	6,645,916		$	7,199,966
LIABILITIES
Current Liabilities
Accounts payable and accrued liabilities		7	$	515,254		$	558,765
Due to related parties, net		8		111,037			142,889
Flow-through share premium liability		9		124,474			218,207
Total Liabilities			$	750,765		$	919,861
SHAREHOLDERS' EQUITY
Share capital		9		60,180,403			59,917,903
Share subscriptions				475,000			-
Warrants reserve				2,834,521			2,834,521
Share-based payments reserve		9		3,020,382			3,020,382
Deficit				(60,615,155	)		(59,492,701	)
Total Shareholders’ Equity				5,895,151			6,280,105
Total Liabilities and Shareholders’ Equity			$	6,645,916		$	7,199,966

Going concern		1
Subsequent event		13

Approved and authorized for issue on behalf of the board of directors on February 27, 2025 by:

/s/ Gurminder Sangha		/s/ Jurgen Wolf
Director		Director

The accompanying notes are an integral part of these condensed interim financial statements.

3 | Page

LINEAR MINERALS CORP. (formerly FE Battery Metals Corp.)

Condensed Interim Statements of Loss and Comprehensive Loss

(Unaudited - expressed in Canadian dollars)

			Three months ended December 31,						Nine months ended December 31,
	Note		2025			2024			2025			2024

Expenses
Consulting fees		8	$	1,000		$	-		$	1,000		$	15,600
Exploration and evaluation costs		6		107,371			1,049,764			623,510			1,189,078
General and administrative				(11,310	)		13,923			11,144			21,779
Investor relations				61,945			-			61,945			328,492
Professional fees				42,351			57,204			120,564			99,298
Salaries, fees and benefits		8		71,550			71,550			214,650			208,500
Shareholder communications				13,158			14,306			95,525			60,231
Share-based payments				-			(109,375	)		90,000			131,314
Loss Before Other Income				(286,065	)		(1,097,372	)		(1,218,338	)		(2,054,292	)
Other items
Interst and Other income				8,676			(206	)		8,830			119
Gain (loss) on marketable securities				-			(19,243	)		(21,679	)		11,491
Flow-through recovery				-			48,057			108,733			48,057
Total Other items				8,676			28,608			95,884			59,667
Net Loss and Comprehensive Loss for the Period			$	(277,389	)	$	(1,068,764	)	$	(1,122,454	)	$	(1,994,625	)
Loss per Common Share, Basic and Diluted				(0.00	)	$	(0.02	)	$	(0.02	)	$	(0.04	)
Weighted Average Number of Shares Outstanding – Basic and Diluted				68,335,286			59,813,546			65,252,267			54,889,633

The accompanying notes are an integral part of these condensed interim financial statements.

4 | Page

LINEAR MINERALS CORP. (formerly FE Battery Metals Corp.)

Condensed Interim Statements of Changes in Equity

(Unaudited - expressed in Canadian dollars)

	Common Shares Without Par Value					Warrants		Share		Share-based Payments					Total
	Shares		Amount			Reserve		subscription		Reserve		Deficit			Equity
Balance, March 31, 2024		50,846,156	$	59,102,110		$	2,834,521	$	-	$	2,889,068	$	(56,179,336	)	$	8,646,363
Private placements		10,489,130		1,013,042			-		-		-		-			1,013,042
Share issue costs		-		(66,000	)		-		-		-		-			(66,000	)
Share based payments - stock options		-		-			-		-		131,314		-			131,314
Net loss for the period		-		-			-		-		-		(1,994,625	)		(1,994,625	)
Balance, December 31, 2024		61,335,286		60,049,152			2,834,521		-		3,020,382		(58,173,961	)		7,730,094

Balance, March 31, 2025		61,335,286	$	59,917,903		$	2,834,521	$	-	$	3,020,382	$	(59,492,701	)	$	6,280,105
Private placements		2,700,000	$	135,000
Shares issued for exploration and evaluation assets		2,500,000		37,500			-		-		-		-			37,500
Share based payments - restricted share units		4,500,000		90,000			-		-		-		-			90,000
Share subscriptions		-		-			-		475,000		-		-			475,000
Net loss for the period		-		-			-		-		-		(1,122,454	)		(1,122,454	)
Balance, December 31, 2025		71,035,286	$	60,180,403		$	2,834,521	$	475,000	$	3,020,382	$	(60,615,155	)	$	5,760,151

The accompanying notes are an integral part of these condensed interim financial statements.

5 | Page

LINEAR MINERALS CORP. (formerly FE Battery Metals Corp.)

Condensed Interim Statements of Cash Flows

(Unaudited - expressed in Canadian dollars)

	Nine months ended December 31,
	2025			2024

Cash provided from (used for):
Operating activities
Net loss for the period	$	(1,122,454	)	$	(925,861	)
Items not involving cash:
Amortization		364			243
Share-based payments		90,000			240,689
Unrealized (gain) loss on marketable securities		21,643			(30,734	)
Flow-through recovery		(93,733	)		-
Changes in non-cash working capital balances:
Amounts receivable and prepaid expenses		(48,624	)		362,173
Accounts payable and accrued liabilities		(21,011	)		59,707
Due to related parties		(31,852	)		(56,926	)
Net cash used in operating activities		(1,205,667	)		(350,709	)
Investing activities
Proceeds from the sale of marketable securities		102,269			-
Exploration and evaluation assets		-			-
Cash used in investing activities		102,269			-
Financing activities
Proceeds from financing (net of share issue costs)		150,000			376,000
Share subscriptions received in advance		475,000			-
Net cash from in financing activities		625,000			376,000
Net decrease in cash during the period		(478,398	)		25,291
Cash, beginning of the period		951,807			1,704,908
Cash, end of the period	$	473,409		$	1,730,199
Supplemental information
Shares issued for exploration and evaluation assets	$	37,500		$	-

The accompanying notes are an integral part of these condensed interim financial statements.

6 | Page

LINEAR MINERALS CORP. (formerly FE Battery Metals Corp.)

Notes to the Condensed Interim Financial Statements

For the nine months ended December 31, 2025 and 2024

(Unaudited - expressed in Canadian dollars)

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.

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 OTCBB Exchange (LINMF) and the Frankfurt Exchange (A4OY3E)

Linear Minerals Corp. completed its plan of arrangement agreement (“Agreement”) dated August 1, 2025, to spin out its Pontax West Lithium Property located in the province of Quebec to the Company's subsidiary Westlinear Minerals Corp. (Spinco).

Completion of the arrangement, as set forth in the arrangement agreement and plan of arrangement dated Aug. 1, 2025, entered into between the company and Westlinear, was approved by the shareholders of the company on Oct. 22, 2025, and by the Supreme Court of British Columbia on Oct. 29, 2025, in accordance with Part 9 of the Business Corporations Act (British Columbia) and accepted by the Canadian Securities Exchange.

Pursuant to the arrangement agreement and on the payable date of Nov. 28, 2025, the following occurred:

●

A total of 6,833,440 common shares of Westlinear (the Spinco shares) were distributed to the Linear shareholders on a pro rata basis. The Linear shareholders received one Spinco share with respect to every 10 common shares of Linear held as at Nov. 25, 2025, being the share distribution record date.

●

Linear transferred the assets to Westlinear, being the Pontax West lithium property in Quebec, which assets are described in the company's management information circular dated Aug. 28, 2025, which was filed on SEDAR+ on Sept. 8, 2025, under the company's SEDAR+ profile.

●

Westlinear became a reporting issuer in the provinces of British Columbia, Alberta and Ontario.

●

Linear retained its working capital for its assets, remains listed on the exchange, continues to trade under the trading symbol of Linear as a junior exploration company, and continues to be a reporting issuer in the provinces of British Columbia, Alberta and Ontario.

The Company will need to raise sufficient funds 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 a going concern basis which assumes that the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. If the going concern assumption is not appropriate for these financial statements, then adjustments would be necessary to the carrying amount of assets and liabilities, the reported revenue and expenses and the balance sheet classifications used.

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 February 27, 2026, the date the board of directors approved these unaudited condensed interim financial statements for issue.

7 | Page

LINEAR MINERALS CORP. (formerly FE Battery Metals Corp.)

Notes to the Condensed Interim Financial Statements

For the nine months ended December 31, 2025 and 2024

(Unaudited - expressed in Canadian dollars)

Basis of Preparation and Material Accounting Policy Information (continued)

(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, 2025.

(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.

(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.

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 4 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;

8 | Page

LINEAR MINERALS CORP. (formerly FE Battery Metals Corp.)

Notes to the Condensed Interim Financial Statements

For the nine months ended December 31, 2025 and 2024

(Unaudited - expressed in Canadian dollars)

Critical Accounting Judgments and Estimates (continued)

●

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.

Amounts Receivable and Prepaid Expenses

	December 31, 2025		March 31, 2025
GST/HST		142,227		97,042
Prepayments and other receivables		52,921		58,793
Total	$	195,198	$	155,835

Marketable Securities

The Company received 2,125,000 shares of Battery Age Minerals Ltd.. pursuant to the Falcon Lake option agreement (Note 6). During the nine months period ended December 31, 2025, the Company sold all 2,125,000 shares of Battery Age Minerals for total proceeds of $102,269, with the Company realizing a loss of $21,679 on the sale of shares.

Exploration and Evaluation Assets

Exploration and evaluation assets deferred to the statements of financial position at December 31, 2025 and March 31, 2025 are as follows:

	March 31, 2025		Additions		Write-off		December 31, 2025
Abitibi Lithium	$	1,767,000	$	-	$	-	$	1,767,000
Augustus Lithium		593,290		-		-		593,290
Canadian Lithium		228,881		-		-		228,881
Electron Lithium		650,405		-		-		650,405
McNeely		820,000		-		-		820,000
Pontax West Lithium		37,500						37,500
Rose West Lithium		884,000		-		-		884,000
Rose East Lithium		975,000		-		-		975,000
	$	5,956,076	$	-	$	-	$	5,956,076

(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 233 mineral claims covering approximately 12,500 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.

9 | Page

LINEAR MINERALS CORP. (formerly FE Battery Metals Corp.)

Notes to the Condensed Interim Financial Statements

For the nine months ended December 31, 2025 and 2024

(Unaudited - expressed in Canadian dollars)

Exploration and Evaluation Assets (continued)

(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 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.

(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)

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 426 mineral claims covering approximately 30,000 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.

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 230 of the 426 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. Infini Resources has the option to acquire an additional 25% by making a further AUD$150,000 payment and issuing shares of Infini Resources in the value of AUD$150,000 within 18 months of earning its initial 50% interest. Infini Resources may then acquire the remaining 25% interest, for a 100% beneficial interest by making a further payment AUD$300,000 and issuing shares of Infini Resources in the value of AUD$300,000 within 12 months of earning its 75% interest. Infini Resources did not exercise its option to acquire an additional 25% interest within 18 months of earning its initial 50% interest.

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.

10 | Page

LINEAR MINERALS CORP. (formerly FE Battery Metals Corp.)

Notes to the Condensed Interim Financial Statements

For the nine months ended December 31, 2025 and 2024

(Unaudited - expressed in Canadian dollars)

Exploration and Evaluation Assets (continued)

(e)

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.

(f)

Kipawa West Property

On December 10, 2025, the Company entered into an option agreement to acquire a 100% interest in the Kipawa West Property. The property consists of 53 mining claims covering an approximate area of 3,000 hectares located about 30 kilometres east of Temiscaming in Quebec.

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 option payments:

Due Dates	Issuance of Linear Minerals common shares		Exploration Expenditures $
On signing		1,000,000		Nil
December 10, 2026		1,500,000		250,000
December 10, 2027		2,000,000		500,000
December 10, 2028		Nil		500,000

The Kipawa West property has a 2% GMR payable to the optionor.

(g)

Lac Coulombre Property

On November 5, 2024, the Company entered into an option agreement to acquire a 100% interest in the Lac Coulombre Property. The property consists of 89 mining claims covering approximately 8,336 hectares area on land located about 100 kilometres south of Quebec City, Quebec.

11 | Page

LINEAR MINERALS CORP. (formerly FE Battery Metals Corp.)

Notes to the Condensed Interim Financial Statements

For the nine months ended December 31, 2025 and 2024

(Unaudited - expressed in Canadian dollars)

Exploration and Evaluation Assets (continued)

On November 3, 2025, the Company entered into an amended option agreement (the “Lac Coulombre 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 Coulombre Amended Agreement, the Company has the option to acquire a 100% interest in the property by making a cash payment of $5,000 and completing the share issuance of 2,250,000 common shares.

The Lac Coulombre 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.

Subsequent to December 31, 2025, the Company issued 2,250,000 common shares pursuant to the property agreement.

(h)

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.

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.

(i)

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 66 claims covering approximately 2,400 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.

(j)

Pontax West Lithium Property

On October 13, 2023, the Company entered into an option agreement to acquire a 100% interest in the Pontax West Lithium Property (the “Pontax Lithium Agreement”). The property consists of 72 mining claims covering over 3,800 hectares in the James Bay lithium region of northern Quebec.

On September 13, 2024, the Company entered into an amended option agreement (the “Pontax West Lithium Amended Agreement”) which amended the due dates for certain share issuances and exploration expenditure requirements of the option agreement.

Under the terms of the Pontax West Lithium Amended Agreement, the Company acquired a 100% interest in the property by completing the share issuance of 2,500,000 on May 7, 2025.

12 | Page

LINEAR MINERALS CORP. (formerly FE Battery Metals Corp.)

Notes to the Condensed Interim Financial Statements

For the nine months ended December 31, 2025 and 2024

(Unaudited - expressed in Canadian dollars)

Exploration and Evaluation Assets (continued)

The Pontax West Lithium property has a 1.5% GMR payable to the Optionor of which the Company will have the option to reduce the GMR by 1.0% by paying $1,000,000 for one-half of one percent.

On August 1, 2025, the Company signed a plan of arrangement agreement (the “Agreement”) to spin out its Pontax West lithium property located in the province of Quebec to the company's subsidiary Westlinear Minerals Corp. (“Westlinear”). Under the terms of the arrangement, the company's shareholders will be issued one share of Spinco with respect to every 10 shares of the company owned on the share distribution record date.

(k)

Pontax West Lithium Property

On October 23, 2025, the shareholders of the Company approved by special resolution the Agreement to spin out the Company’s Pontax West lithium property to the Company's subsidiary Westlinear Minerals Corp. (Spinco). With the completion of the Arrangement occurring on November 28, 2025, following receipt of regulatory approval, Linear transferred the Pontax West lithium property to Westlinear (Note 1).

(l)

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 Project consists of 59 mining claims covering approximately 3,100 hectares in northern Quebec.

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 1,250,000 common shares.

The Rose East Lithium Property is subject to a 1.0% GMR, of which the Company may repurchase by paying $1,000,000 for each 0.5%.

Subsequent to December 31, 2025, the Company issued 1,250,000 common shares pursuant to the agreement to acquire a 100% interest in the property.

(m)

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.

The Rose West Lithium property has a 1% GMR payable to the optionor upon the commencement of commercial production.

13 | Page

LINEAR MINERALS CORP. (formerly FE Battery Metals Corp.)

Notes to the Condensed Interim Financial Statements

For the nine months ended December 31, 2025 and 2024

(Unaudited - expressed in Canadian dollars)

Exploration and Evaluation Assets (continued)

Exploration and evaluation expenditures recorded in the statements of loss and comprehensive loss for the six months ended December 31, 2025 and 2024 are as follows:

Nine months ended December 31, 2025	Assay and sampling		Drilling and mobilization		Field expenditures		Geological Consulting		Geological and Technical Services		Land claims and property taxes		Total December 31, 2025
Quebec
Augustus Lithium	$	13,308	$	490,007	$	75,845	$	26,700	$	17,650			$	623,510
Total	$	13,308	$	490,007	$	75,845	$	26,700	$	17,650	$	-	$	623,510

Nine months ended December 31, 2024	Assay and sampling		Drilling and mobilization		Field expenditures		Geological Consulting		Geological and Technical Services		Land claims and property taxes		Total December 31, 2024
Quebec
Augustus, Abitibi, Canadian and McNeely Lithium	$	43,433	$	286,642	$	312,666	$	207,850	$	121,350	$	6,973	$	978,914
Lac Marion Uranium		-		-		60,865		33,500		-				94,365
Lac Coulombre		-		-		54,500		31,500		25,950		-		111,950
General Exploration		-		-		-		-		3,849		-		3,849
Total	$	43,433	$	286,642	$	428,031	$	272,850	$	151,149	$	6,973	$	1,189,078

Accounts Payable and Accrued Liabilities

	December 31, 2025		March 31, 2025
Trade and other payables	$	626,291	$	411,565
Accrued liabilities		-		147,200
Total	$	626,291	$	558,765

Related Party Transactions and Balances

Remuneration of directors and key management personnel of the Company for the nine months ended December 31, 2025 and 2024 were as follows:

	For the three months ended December 31,					For the nine months ended December 31,
	2025		2024			2025		2024
Consulting fees charged by directors of the Company	$	1,000	$	-		$	1,000	$	5,600
Salaries, fees and benefits		89,150		71,550			214,650		208,500
Share-based payments		-		(68,360	)		45,000		109,428

Related party balances as at December 31, 2025 and March 31, 2025 were as follows:

	December 31, 2025		March 31, 2025
Amounts due to directors and officers of the Company	$	-	$	26,501
Amounts due to companies controlled by directors and officers		111,037		116,388
	$	111,037	$	142,889

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. (formerly FE Battery Metals Corp.)

Notes to the Condensed Interim Financial Statements

For the nine months ended December 31, 2025 and 2024

(Unaudited - expressed in Canadian dollars)

Share Capital

(a)

Authorized – Unlimited number of common shares without par value.

(b)

Issued share capital

The Company had 71,335,286 common shares issued and outstanding as at December 31, 2025 and 61,335,286 common shares issued and outstanding as at March 31, 2025.

Fiscal 2026

On May 7, 2025, the Company issued 2,500,000 common shares pursuant the Pontax West Lithium property option agreement. The cost of $37,500 for the share issuance which had been accrued at March 31, 2025.

On May 8, 2025, the Company issued 4,500,000 common shares pursuant to exercise of Restricted Share Units.

On December 11, 2025, the Company closed a non-brokered private placement for 3,000,000 Quebec flow-through shares (“QFT share”) priced at $0.05 per QFT share for gross proceeds of $150,000. The Company recognized a liability for flow-through shares of $15,000.

Fiscal 2025

On April 18, 2024, the Company closed a non-brokered private placement for 1,739,130 Quebec flow-through shares (“QFT share”) priced at $0.23 per QFT share for gross proceeds of $399,999. The Company recognized a liability for flow-through shares of $86,957. The Company also paid finder’s fees of $24,000.

On October 16, 2024, the Company closed its non-brokered private placement and issued 8,750,000 QFT shares at a price of $0.08 per QFT share for gross proceeds of $700,000. The Company recognized a liability for flow-through shares of $131,250 (Note 13) and also paid finders’ fees of $42,000.

(c)

Stock Options

The Company has a shareholder approved “rolling” stock option plan (the “Plan”) in compliance with the TSX-V’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 nine months ended December 31, 2025 is as follows:

Number of
Shares

Weighted
Average
Exercise
Price

Balance, fully vested and exercisable at March 31, 2025 and December 31, 2025

4,760,526

0.63

15 | Page

LINEAR MINERALS CORP. (formerly FE Battery Metals Corp.)

Notes to the Condensed Interim Financial Statements

For the nine months ended December 31, 2025 and 2024

(Unaudited - expressed in Canadian dollars)

Share Capital (continued)

(c)

Stock Options (continued)

As at December 31, 2025, the following stock options were outstanding:

Expiry Date	Number Outstanding and Exercisable		Weighted average exercise price		Average Remaining Contractual Life
February 9, 2026		694,737	$	0.80		0.11
February 11, 2026		342,105	$	1.33		0.12
May 14, 2026		223,684	$	1.33		0.37
July 13, 2026		236,842	$	0.95		0.54
January 6, 2027		63,158	$	1.33		1.02
June 4, 2028		2,000,000	$	0.59		2.43
April 26, 2028		1,200,000	$	0.18		0.32
		4,760,526	$	0.63		1.18

(d)

Share Purchase Warrants

The continuity for share purchase warrants for the nine months ended December 31, 2025 is as follows:

	Number of Warrants			Weighted Average Exercise Price
Balance, March 31, 2025		927,778		$	0.65
Expired		(927,778	)	$	0.65
Balance, December 31, 2025		-			0.00

At December 31, 2025, there were no share purchase warrants issued and outstanding.

(e)

Restricted share units

The Company has a shareholder approved “10% rolling” restricted share unit plan (the “RSU Plan”) in compliance with the TSX-V’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 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 vest on September 9, 2025 following a four month vesting period. The Company recorded $90,000 of share-based payments on the granted RSU’s during the nine months ended December 31, 2025.

The continuity for restricted share units for the six months ended December 31, 2025 is as follows:

	Number of Restricted Share Units			Weighted Average Price
Balance, March 31, 2025		-		$	0.00
Granted		4,500,000		$	0.02
Issued and exercised		(4,500,000	)	$	0.02
Balance, December 31, 2025		-			-

At December 31, 2025, there were no restricted share units issued and outstanding.

16 | Page

LINEAR MINERALS CORP. (formerly FE Battery Metals Corp.)

Notes to the Condensed Interim Financial Statements

For the nine months ended December 31, 2025 and 2024

(Unaudited - expressed in Canadian dollars)

Share Capital (continued)

(f)

Share-Based Payments Reserve

The share-based payment reserve records items recognized as stock-based compensation expense and other share-based payments. This reserve also includes the value attributed to warrants on unit private placements. At the time that the stock options or warrants 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 vest in four months. The fair value of the RSU’s was $90,000 and calculated by multiplying the Company’s share price at grant date by the number of RSU’s granted. The fair value will be recognized as the RSU’s vest.

Fiscal 2025

On April 26, 2024, the Company granted 1,200,000 incentive stock options to directors, officers and consultants and all of which vested at the date of grant. The options are exercisable at $0.18 per share, expiring on April 25, 2026. The fair value of these options was $131,314 and was calculated using the Black-Scholes pricing model, based on the following assumptions: weighted average risk-free interest rate of 4.33%, volatility factor of 129.06% and an expected life of two years.

10.

Segmented Information

The Company operates in one business segment being the acquisition and exploration of exploration and evaluation assets and operates in one geographic segment being Canada. The total assets relate to exploration and evaluation assets and have been disclosed in Note 4.

11.

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 December 31, 2025 and March 31, 2025:

		December 31, 2025		March 31, 2025
Cash	1	$	473,409	$	951,807
Reclamation deposits	1		11,000		11,000
Market securities	1		-		123,912
Financial Liabilities	1		626,291		701,654

There were no transfers from levels or change in the fair value measurements of financial instruments for the period ended December 31, 2025 and year ended March 31, 2025.

17 | Page

LINEAR MINERALS CORP. (formerly FE Battery Metals Corp.)

Notes to the Condensed Interim Financial Statements

For the nine months ended December 31, 2025 and 2024

(Unaudited - expressed in Canadian dollars)

11.

Financial Instruments and Risk Management (continued)

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 December 31, 2025, the Company had cash of $473,409 which was insufficient to settle accounts payable and accrued liabilities (inclusive of amounts due to related parties) of $626,291. The Company completed a subsequent equity financing for $475,000 (Note 13).

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 and gold 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 December 31, 2025, 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, short-term investment, reclamation bonds 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 December 31, 2025, 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.

18 | Page

LINEAR MINERALS CORP. (formerly FE Battery Metals Corp.)

Notes to the Condensed Interim Financial Statements

For the nine months ended December 31, 2025 and 2024

(Unaudited - expressed in Canadian dollars)

12.

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 management 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.

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 December 31, 2025, compared to the year ended to March 31, 2025. The Company is not subject to externally imposed capital requirements. Further information relating to management of capital is disclosed in Note 1.

13.

Subsequent Events

Subsequent to December 31, 2025,

●

the Company closed its non-brokered private placement as announced on December 10, 2025. As part of the closing, the Company will issue 9,500,000 hard-dollar units at a price of $0.05 cents per share and one common share purchase warrant for gross proceeds of $475,000. Each hard-dollar warrant entitles the holder to purchase one common share at a price of $0.25 cents for a period of one year from the issue date;

●

the Company had 1,036,842 stock options that expired unexercised; and

●

the Company issued 1,250,000 common shares pursuant the Rose East Lithium property option agreement (Note 6) and issued 2,250,000 common shares pursuant the Lac Coulombre property option agreement (Note 6).

19 | Page

Exhibit 99.2

(formerly FE Battery Metals Corp.)

MANAGEMENT’S DISCUSSION & ANALYSIS

For the nine months ended December 31, 2025

Linear Minerals Corp. (formerly Fe Battery Metals Corp.)

Management’s Discussion & Analysis

For the nine months ended December 31, 2025

1.0

INTRODUCTION

The following Management Discussion and Analysis (“MD&A”) of the financial condition and results of operations of Linear Minerals Corp. (“Linear Minerals” or the “Company”) should be read in conjunction with the accompanying unaudited condensed interim financial statements and related notes thereto for the nine months ended December 31, 2025 and 2024, (the “Financial Report”).

On December 31, 2024, FE Battery Metals Corp changed its name to Linear Minerals Corp.

Linear Minerals Corp., 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.

The Company’s common shares trade on the Canadian Securities Exchange (LINE), the OTCBB Exchange (FEMFF) and the Frankfurt Exchange (A2JC89).

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.

This MD&A contains information to February 27, 2026.

Additional information relating to the Company is available on Sedar at www.sedarplus.ca and on the Company’s website www.linearminerals.com.

1.1

THIRD QUARTER HIGHLIGHTS SUMMARY

●

On December 1, 2025, Linear Minerals Corp. announce the completion of its plan of arrangement agreement (“Agreement”) dated August 1, 2025, to spin out its Pontax West Lithium Property located in the province of Quebec to the Company's subsidiary Westlinear Minerals Corp. (Spinco).

Pursuant to the arrangement agreement and on the payable date of Nov. 28, 2025, the following occurred:

○

Linear Minerals Corp. (formerly Fe Battery Metals Corp.)

Management’s Discussion & Analysis

For the nine months ended December 31, 2025

○

Westlinear became a reporting issuer in the provinces of British Columbia, Alberta and Ontario.

○

●

In February 2026, the Company closed the final tranche pf its December 10, 2025 announced non-brokered private placement for total gross proceeds of $625,000. The private placement consisted of issuing 3,000,000 flow-through common shares at $0.05 per share for gross proceeds of $150,000. The balance of the private placement proceeds comprised of the issuance of 9,500,000 hard-dollar common units at $0.05 cents per Unit for gross proceeds of $475,000. Each Unit consist of one common share and one share purchase warrant which entitles the holder to purchase one common share at a price of $0.25 cents for a period of one year from the issue date.

OVERVIEW OF PROJECTS

1.2.1

Augustus Lithium Property, Quebec

The Augustus Lithium Property is located in Landrienne & Lacorne-Townships, Quebec, Canada. The Augustus Lithium property is comprised of 21 mineral claims covering over 900 hectares located 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 100% interest of the Augustus Lithium property. The property is also subject to a 2.0% NSR.

The Augustus Property is a part of the Preissac–Lacorne pegmatite fields where spodumene bearing lithium pegmatites were discovered in 1940s'. The geology and the mineralization of the Augustus property are similar to the geology and mineralization of the Quebec Lithium Mine located approximately 6 kilometers to the southeast of the property. It has excellent infrastructure support with road network, railway, electricity, water, and trained manpower available locally. Geologically the Preissac-Lacorne area lies within a belt of volcanic and sedimentary rocks intruded to the north by LaMotte batholiths and to the south by the Preissac batholiths and Moly Hill pluton.

There are several historical and currently active lithium and molybdenum prospects/mines located approximately 3 km to 20 km from the property. Some of the important prospects/mines are: Mine Quebec Lithium which was formerly owned by RB Energy, Authier Lithium owned by Sayona Mining of Australia, Valor Lithium, Duval Lithium, Lacorne Lithium, International Lithium, Vallee Lithium, and Moly Hill Mine. All these projects / prospects are at various stages of exploration and development, out of which Mine Quebec Lithium is the most advanced project followed by Authier lithium project.

Linear Minerals Corp. (formerly Fe Battery Metals Corp.)

Management’s Discussion & Analysis

For the nine months ended December 31, 2025

Fiscal 2025 and 2026 Exploration Highlights:

During FY2025, the Company initiated an exploration drill program which includes 11 drill holes for 1,558 metres of drilling of which the Company announced the following drill hole results, with the full drill hole result included in their respective news releases:

●

Drill hole LC24-90 intersected three spodumene-bearing lithium pegmatites of variable widths with grade over 1 per cent (%) lithium oxide (Li2O);

●

Drill hole LC24-91 intersected three lithium zones, and drill hole LC24-92 intercepted two lower-grade lithium zones. Both drill holes have anomalous rare metals, including beryllium (Be), cesium (Cs), niobium (Nb), tantalum (Ta), and rubidium (Rb);

●

Drill hole LC24-93 intersected 1.02 % Li2O over 9.95 m at 68.45 drilled dept, and drill hole LC24-94 intercepted a 0.39% Li2O over 6.9 m at 61.35 m depth. There are anomalous values of other rare metals in both drill holes such as Be, Cs, Nb, Ta and Rb;

●

Drill holes LC24-95 intercepted 0.46 % Li2O over 25.15 m at 88.45 m drilled depth. The drill hole LC24-96 intersected 1.01 % Li2O over 18.1 m at 49.9 m drilled depth with some other smaller intercepts. There are anomalous values of other rare metals in both drill holes such as Be, Cs, Nb, Ta and Rb. Both drill holes intercepted three mineralized zones of various grades and thicknesses;

●

Drill hole LC24-97 intercepted four lithium bearing zones of various grades and thicknesses, including an intercept of 1.00 % Li2O over 8.90 m at a drilled depth of 139 meters. Additionally, the hole returned anomalous values of other rare metals such as Be, Cs, Nb, Ta and Rb, along with anomalous nickel (Ni) and chromium (Cr) at various depths; and

●

Drill hole LC24-98 intercepted 0.39 % Li2O over 17 m at 61.50 m depth with three other smaller intercepts. Drill hole LC24-99 intersected 1.09 % Li2O over 5 m at 1.45 m drilled depth with additional smaller intercepts. There are anomalous values of other rare metals in both drill holes such as Be, Cs, Nb, Ta and Rb.

1.2.2

Pontax West Lithium Property

Under the terms of the Pontax West Lithium Amended Agreement, the Company acquired a 100% interest in the property by completing the share issuance of 2,500,000 on May 7, 2025.

The Pontax West Lithium property has a 1.5% GMR payable to the Optionor of which the Company will have the option to reduce the GMR by 1.0% by paying $1,000,000 for one-half of one percent.

1.2.3

Lac Marion Uranium Property

Linear Minerals Corp. (formerly Fe Battery Metals Corp.)

Management’s Discussion & Analysis

For the nine months ended December 31, 2025

Linear Minerals Corp. has released the results of its initial exploration program at the Lac Marion uranium and rare earth element property located near Mont Laurier in the Laurentides region of southwestern Quebec. The program included geological mapping, prospecting, radiometric surveys, and rock sampling across the 2,760-hectare land package.

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 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.

During FY2026, the Company initiated an exploration program at the Lac Marion Uranium Property. The program included geological mapping, prospecting, radiometric surveys, and rock sampling across the 2,760-hectare land package.

Fiscal 2026 Exploration Highlights:

●

Uranium assays returned values ranging from 0.002 per cent to 0.463 per cent triuranium octoxide, with six samples above 0.1 per cent U3O8;

●

Rare earth elements: Total REE values ranged from eight parts per million to 1,364 ppm, light rare earth elements are in the range of 7.73 ppm to 1,129.33 ppm and heavy rare earth elements are in the range of 2.98 ppm to 625.66 ppm;

●

Other elements of interest include elevated values of P2O5 (0.02 per cent to 4.97 per cent), rubidium (two ppm to 515 ppm), molybdenum (less than two ppm to 569 ppm) and lead (six ppm to 3,180 ppm);

●

Five uranium showings were confirmed and partially extended, including JRB-4-New, Marielle Lake, Lac Lafargue, Effiat Lake/Pond zone and Lac Marion;

●

High scintillometer readings in the range of 700 counts per second to 57,000 cps at the JRB-4-new and other historical showings, with a radioactive zone traced along a 215-metre strike length.

On January 29, 2026, the Company also announced its follow up exploration program at the Lac Marion Property in Quebec. The Company has received an Authorization de travaux d’intervention (ATI) exploration work permit from the Ministère des Ressources naturelles et des Forêts (MRNF) covering the Lac Marion Property. The ATI authorizes mechanical trenching and diamond drilling activities. Linear Minerals plans to commence permitted exploration activities in the spring, subject to site access, weather conditions, and standard operational considerations.

The 2026 work program will be a follow up of the first round of prospecting, geological mapping and sampling work completed on the property. The first round of exploration yielded promising rare earth element (REE) results from initial prospecting at its Lac Marion Quebec mineral project.

1.2.4

Kipawa West Property

The Kipawa West property consists of 53 map designated claims mining claims covering an approximate area of 3,000 hectares located approximately 30 km east of the town Témiscaming and roughly 140 km south of the mining center of Rouyn-Noranda. The strategic mineral exploration license is located about 15 km to the west of the Kipawa rare earth deposit in Quebec. Eight property claims have been approved; 45 are pending approval from MRNF Quebec. This land position places the Company in an important active district recognized for its rare earth enrichment, favorable geology, and increasing investor attention.

The Kipawa West claims cover peralkaline syenites with associated gneisses, amphibolites, calc-silicate rocks, marbles, and peralkaline gneissic granites of the Grenville Province of southwestern Quebec. This region has long been regarded as one prospective for rare earth elements exploration, characterized by unique alkaline intrusive complexes and well-documented critical mineral showings. Historical sediment sampling within the Property area indicate anomalous cerium and lanthanum values.

Linear Minerals Corp. (formerly Fe Battery Metals Corp.)

Management’s Discussion & Analysis

For the nine months ended December 31, 2025

Qualified Person

Technical data pertaining to the properties above was reviewed and approved by Afzaal Pirzada, P.Geo., who is Linear Mineral’s qualified person under National Instrument 43-101.

1.3

DISCUSSION OF OPERATIONS

For the nine months ended December 31, 2025, compared to nine months ended December 31, 2024

The net loss and comprehensive loss for the nine months ended December 31, 2025 (“Current Period”) was $1,122,454 a decrease of $872,171 over the net loss and comprehensive loss for the nine months ended December 31, 2024 (“Comparative Period”) of $1,994,625. The significant differences between the two periods are as follows:

●

Exploration and evaluations expenditures were $623,510 for the Current Period, a decrease of $565,568 over the Comparative Period expenditures of $1,189,078. The Current Period expenditures were incurred as part of Augustus Lithium Property drill program;

●

Investor relations were $61,945 in the Current Period, compared to $328,492 in expenditures for the Comparative Period. Investor relation expenditures consist on North American and European Investor Marketing and Relation programs;

●

Shareholder communications expense were $95,525 for the Current Period, an increase of $35,294 over the Comparative Period. Expenses includes expenses such as transfer agent fees, regulatory filing fees, exchange listing fees, website maintenance and news release costs; and

●

Share-based compensation expense was $90,000 in the Current Period, while the Comparative Period was $131,314. The expenses related to the estimated fair value for the vesting of stock options and or restricted share units issued and granted to directors, officers and consultants.

1.4

SUMMARY OF QUARTERLY RESULTS

The financial results for each of the eight most recently completed quarters are summarized below:

	December 31, 2025			September 30, 2025			June 30, 2025			March 31, 2025
Net revenues	$	-		$	-		$	-		$	-
Net loss		(277,389	)	$	(308,792	)	$	(536,273	)	$	(1,318,740	)
Per share	$	(0.00	)	$	(0.00	)	$	(0.01	)	$	(0.02	)

	December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Net revenues	$	-		$	-		$	-		$	-
Net loss	$	(1,068,764	)	$	(369,514	)	$	(482,325	)	$	(1,059,793	)
Per share	$	(0.02	)	$	(0.01	)	$	(0.01	)	$	(0.02	)

Significant variations in the net loss between periods are primarily due to the write-down of exploration and evaluation assets, and share-based compensation as well as fluctuations in general administrative, investor relations and shareholder communications expenses.

1.5

LIQUIDITY AND CAPITAL RESOURCES

Since inception, the Company’s capital resources have been primarily limited to proceeds raised from equity financings. The Company’s liquidity depends primarily on its ability to obtain external financing to meet the Company’s future operating expenditures.

Linear Minerals Corp. (formerly Fe Battery Metals Corp.)

Management’s Discussion & Analysis

For the nine months ended December 31, 2025

The Company is not exposed to any externally imposed capital requirements. There were no changes in the Company’s approach to capital management during the period.

Linear Minerals began the period ended December 31, 2025, with $951,807 in cash. During the period ended December 31, 2025, the Company expended $1,205,667 on operating activities, net of working capital changes, and generated $102,269 from investing activities and $625,000 from financing activities which was attributable to proceeds from share subscriptions received, to end at December 31, 2025 with $473,409 in cash.

At December 31, 2025, the Company had a negative working capital was $72,897, compared to a working capital of $311,693 at March 31, 2024. The Company’s continued operations are dependent upon the Company’s ability to obtain sufficient financing to carry on planned operations.

Management estimates that these funds will not be sufficient to provide the Company with the financial resources to carry out currently planned exploration and operations through the next twelve months and will therefore need to seek additional sources of financing to meet all exploration expenditures for its property commitments as well its ongoing operations. While the Company was successful in obtaining its most recent financing, there is no assurance that it will be able to obtain adequate financing in the future or that such financing will be on terms acceptable to the Company. These material uncertainties may cast significant doubt upon the Company’s ability to continue as a going concern.

The Company had 71,035,286 common shares issued and outstanding as at December 31, 2025. (March 31, 2025 – 61,335,286).

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 December 31, 2025		71,035,286		-		4,760,526
Issued pursuant to a private placement		9,500,000		9,500,000		-
Issued pursuant to property option agreements		3,500,000		-		-
Stock options expired		-		-		(1,036,842	)
Outstanding at the date of this MD&A		84,035,286		9,500,000		3,723,684

1.6

OFF STATEMENT OF FINANCIAL POSITION ARRANGEMENTS

At December 31, 2025, the Company had no off-balance sheet arrangement such as guarantee contracts, contingent interest in assets transferred to an entity, derivative instruments obligations or any obligations that trigger financing, liquidity, market or credit risk to the Company.

Linear Minerals Corp. (formerly Fe Battery Metals Corp.)

Management’s Discussion & Analysis

For the nine months ended December 31, 2025

1.7

TRANSACTIONS WITH RELATED PARTIES

Remuneration of directors and key management personnel of the Company was as follows for the nine-month period ended December 31, 2025, and 2024:

	For the three months ended December 31,					For the nine months ended December 31,
	2025		2024			2025		2024
Consulting fees charged by directors of the Company	$	1,000	$	-		$	1,000	$	5,600
Salaries, fees and benefits		89,150		71,550			214,650		208,500
Share-based payments		-		(68,360	)		45,000		109,428

Related party balances as at December 31, 2025 and March 31, 2025 were as follows:

	December 31, 2025		March 31, 2025
Amounts due to Directors and Officers of the Company	$	-	$	26,501
Amounts due to companies controlled by directors and officers		111,037		116,388
	$	111,037	$	142,889

1.8

CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS

The preparation of financial statements requires management to use judgment in applying its accounting policies and estimates and assumptions about the future. Estimates and other judgments are continuously evaluated and are based on management’s experience and other factors, including expectations about future events that are believed to be reasonable under the circumstances. There have been no significant changes to the Company’s critical accounting estimates for the nine-month period ended December 31, 2025, from those disclosed in Note 3 of the Financial Report.

1.9

CHANGES IN ACCOUNTING POLICIES

The Company prepares its financial statements using accounting policies consistent with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”).

The accounting policies and methods of application applied by the Company in these financial statements are the same as those applied in the Company’s most recent annual financial statements for the year ended March 31, 2025, except for those policies which have changed as a result of the adoption of new and amended IFRS pronouncements effective April 1, 2025.

New, Amended and Future IFRS Pronouncements

More detail on these new, amended, and future IFRS pronouncements are provided in Note 2 of the Company’s Financial Report.

Linear Minerals Corp. (formerly Fe Battery Metals Corp.)

Management’s Discussion & Analysis

For the nine months ended December 31, 2025

1.10

FINANCIAL INSTRUMENTS AND OTHER INSTRUMENTS

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 December 31, 2025 and March 31, 2025:

		December 31, 2025		March 31, 2025
Cash	1	$	473,409	$	951,807
Reclamation deposits	1		11,000		11,000
Market securities	1		-		123,912
Financial Liabilities	1		626,291		701,654

There were no transfers from levels or change in the fair value measurements of financial instruments for the nine months ended December 31, 2025, compared to the year ended and March 31, 2025.

Financial Risk Management

The Company’s activities expose it to a variety of financial risks including liquidity risk, credit 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 December 31, 2025, the Company had cash of $473,409 to settle accounts payable and accrued liabilities (inclusive of amounts due to related parties) of $626,291. The Company completed a subsequent equity financing for $475,000.

Market Risk

Interest Rate Risk

The Company has no significant exposure at December 31, 2025, to interest rate risk through its financial instruments.

Linear Minerals Corp. (formerly Fe Battery Metals Corp.)

Management’s Discussion & Analysis

For the nine months ended December 31, 2025

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, short-term investment, reclamation bonds, 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.

Currency Risk

The Company has no significant exposure at December 31, 2025, to currency risk through its financial instruments.

Management of capital

The Company’s objectives when managing capital are:

●

●	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.

Management reviews its capital management approach on an ongoing basis and believes that this approach, given the relative size of the Company, is reasonable.

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.

Linear Minerals Corp. (formerly Fe Battery Metals Corp.)

Management’s Discussion & Analysis

For the nine months ended December 31, 2025

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 businesses are subject to certain risks, certain of which are described below (and elsewhere in this MD&A):

Property risk

None of the Company's Canadian 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 the new mineral properties could also have a material adverse effect on the 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 at present does not derive any 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 equity funding in the future, it will be unable to carry out its business.

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 some of the risks involved in mineral exploration and exploitation activities. The Company has relied on and will continue to rely on consultants and others for mineral exploration and exploitation expertise. Substantial expenditures are required to establish mineral reserves and resources through drilling. 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 discovered by the Company are affected by many factors, many of which are outside the control of the Company, including the cost of operations, variations in the grade recovered, price fluctuations in the metal markets, costs of processing and other equipment, and other factors such as government regulations, including regulations relating to royalties, allowable production, importing and exporting of minerals and environmental protection. There can be no assurance that the Company’s mineral exploration and exploitation activities will be successful.

Commodity Price Volatility

The price of various commodities that the Company is exploring for can fluctuate significantly and is beyond the Company’s control. The Company is specifically concerned with the prices of precious and base metals. While the Company would benefit from an increase in the value of precious and base metals, a decrease in the value of precious and base metals and other minerals could also adversely affect it.

Linear Minerals Corp. (formerly Fe Battery Metals Corp.)

Management’s Discussion & Analysis

For the nine months ended December 31, 2025

Title to Mineral Properties

Acquisition of title to mineral properties is a very detailed and time-consuming process. Title to, and the area of, mineral properties may be disputed or impugned. Although the Company has investigated its title to the mineral properties for which it holds an option or concessions or mineral leases or licences, there can be no assurance that the Company has valid title to such mineral properties or that its title thereto will not be challenged or impugned. For example, mineral properties sometimes contain claims or transfer histories that examiners cannot verify; and transfers under foreign law often are complex. The Company does not carry title insurance with respect to its mineral properties. A successful claim that the Company does not have title to a mineral property could cause the Company to lose its rights to explore, develop and mine that property, perhaps without compensation for its prior expenditures relating to the property.

Country Risk

The Company could be at risk regarding any political developments in the country in which it operates.

Uninsurable Risks

Mineral exploration activities involve numerous risks, including unexpected or unusual geological operating conditions, formation weaknesses, hydrogeological conditions, rock bursts, cave-ins, fires, floods, earthquakes and other environmental occurrences and political and social instability. It is not always possible to obtain insurance against all such risks and the Company may decide not to insure against certain risks as a result of high premiums or other reasons. Should such liabilities arise, they could negatively affect the Company’s profitability and financial position and the value of its common shares.

Environmental Regulation and Liability

The Company’s activities are subject to laws and regulations controlling not only mineral exploration and exploitation activities but also the possible effects of such activities upon the environment. Environmental legislation may change and make mining uneconomic or result in significant environmental or reclamation costs. Environmental legislation provides for restrictions and prohibitions and a breach of environmental legislation may result in the imposition of fines and penalties or the suspension or closure of operations. In addition, certain types of operations require the submission of environmental impact statements and approval thereof by government authorities. Environmental legislation is evolving in a manner that may mean stricter standards and enforcement, increased fines and penalties for non-compliance, more stringent environmental assessments of proposed projects and a heightened degree of responsibility for companies and their directors, officers, and employees. Permits from a variety of regulatory authorities are required for many aspects of mineral exploitation activities, including closure and reclamation. Future environmental legislation could cause additional expense, capital expenditures, restrictions, liabilities, and delays in the development of the Company’s properties, the extent of which cannot be predicted. In the context of environmental permits, including the approval of closure and reclamation plans, the Company must comply with standards and laws and regulations that may entail costs and delays, depending on the nature of the activity to be permitted and how stringently the regulations are implemented by the permitting authority. 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, protection of the environment, protection of historic and archaeological sites, mine development and protection of endangered and protected species and other matters. The Company is required to have a wide variety of permits from governmental and regulatory authorities to carry out its activities. Changes in these laws and regulations or changes in their enforcement or interpretation could result in changes in legal requirements or in the terms of the Company’s permits that could have a significant adverse impact on the Company’s existing or future operations or projects. Obtaining permits can be a complex, time-consuming process. There can be no assurance that the Company will be able to obtain the necessary permits on acceptable terms, in a timely manner or at all. The costs and delays associated with obtaining permits and complying with these permits and applicable laws and regulations could stop or materially delay or restrict the Company from continuing or proceeding with existing or future operations or projects. Any failure to comply with permits and applicable laws and regulations, even if inadvertent, could result in the interruption or closure of operations or material fines, penalties, or other liabilities.

Linear Minerals Corp. (formerly Fe Battery Metals Corp.)

Management’s Discussion & Analysis

For the nine months ended December 31, 2025

Potential Dilution

The issue of common shares of the Company upon the exercise of the options and warrants will dilute the ownership interest of the Company’s current shareholders. The Company may also issue additional options and warrants or additional common shares from time to time in the future. If it does so, the ownership interest of the Company’s then current shareholders could also be diluted.

1.12

OTHER MD&A INFORMATION

ADDITIONAL DISCLOSURE FOR VENTURE ISSUERS WITHOUT SIGNIFICANT REVENUE

The components of exploration costs are described in Note 6 of the Financial Statements.

INTERNAL CONTROLS OVER FINANCIAL REPORTING

Management has established processes to provide them sufficient knowledge to support representations that they have 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 that is 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 by the financial statements, and (ii) the financial statements fairly present in all material respects the financial condition, results of operations and cash flow 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”) that occurred during the year ended March 31, 2025, and which 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 the SEDAR website at www.sedarplus.ca.

Linear Minerals Corp. (formerly Fe Battery Metals Corp.)

Management’s Discussion & Analysis

For the nine months ended December 31, 2025

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, and requirements for additional capital. In certain cases, forward-looking information can be 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 state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “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 the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Assumptions on which forward-looking information in this MD&A is based include the assumption that strategic alternatives are available to the Company, the assumption the Company will continue as a going concern and will continue to be able to access the capital required to advance its projects and continue operations. Risks and uncertainties include, among others: inherent risks involved in the exploration and development of mineral properties; uncertainties involved in interpreting drill results and other exploration data; potential for delays in exploration activities; geology, grade and continuity of mineral deposits; possibility that future exploration results may not be consistent with the Company's current expectations; reduction in future prices of precious metals; currency fluctuations; accidents, labor disputes and other risks associated with the mining industry; delays in obtaining governmental approvals; uncertainties relating to the availability and costs of financing required in the future; events adversely affecting the cash resources and estimated cash availability; and competition and loss of key employees. Other risks and uncertainties are discussed throughout this MD&A and, in particular, in the section below entitled “Risks and Uncertainties”.

In making the statements in this MD&A containing forward-looking information, the Company has applied several material assumptions, including but not limited to, assumptions regarding the ability of the Company to obtain, on reasonable terms, the necessary financing to complete the exploration and development of its property interests, as well as the future profitable production or proceeds from the disposition of the Company's 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 put undue reliance on forward-looking information.

Exhibit 99.3

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 December 31, 2025.

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.

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: March 2, 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.

Exhibit 99.4

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 December 31, 2025.

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.

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: March 2, 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.

Source: View Original Filing on SEC EDGAR

FAQ

What was Linear Minerals Corp. (LINMF) net loss for the nine months ended December 31, 2025?

Linear Minerals reported a net and comprehensive loss of $1,122,454 for the nine months ended December 31, 2025. This compares with a loss of $1,994,625 in the prior-year period, reflecting lower exploration and related expenses during the current period.

What is Linear Minerals Corp. (LINMF) cash and working capital position as of December 31, 2025?

As of December 31, 2025, Linear Minerals held $473,409 in cash and had current assets of $677,868 against current liabilities of $750,765. This resulted in negative working capital of approximately $72,897, highlighting tight liquidity conditions.

Does Linear Minerals Corp. (LINMF) face going concern risks?

Yes. Management states that current assets are insufficient to finance operations and administrative expenses. They disclose that these conditions create material uncertainties that may cast significant doubt on the company’s ability to continue as a going concern without additional financing.

How many Linear Minerals Corp. (LINMF) shares were outstanding at December 31, 2025?

Linear Minerals had 71,035,286 common shares issued and outstanding at December 31, 2025, up from 61,335,286 at March 31, 2025. The increase reflects private placements, shares issued for property acquisitions, and shares issued upon vesting of restricted share units.

What key exploration projects is Linear Minerals Corp. (LINMF) advancing?

Linear Minerals is focused on Canadian exploration properties, notably the Augustus Lithium property in Quebec and the Lac Marion uranium and rare earth element property. It also holds interests in Abitibi, Canadian, McNeely, Rose East, Rose West, Kipawa West and other lithium-focused projects.

What major corporate transaction did Linear Minerals Corp. (LINMF) complete involving Pontax West Lithium?

On November 28, 2025, Linear Minerals completed a plan of arrangement to spin out its Pontax West Lithium property to subsidiary Westlinear Minerals Corp.. Shareholders received one Westlinear share for every ten Linear Minerals shares held on the distribution record date.

How did Linear Minerals Corp. (LINMF) finance operations during the nine months ended December 31, 2025?

The company generated no revenue and relied on equity financing. It raised $150,000 from a Quebec flow-through share placement and $475,000 from share subscriptions, and later completed an additional $475,000 equity financing after December 31, 2025, to support liquidity.

Filing Exhibits & Attachments

6 documents

Linear Minerals (CSE: LINE, LINMF) details loss, spin-out and funding needs

Rhea-AI Filing Summary

Positive

Negative

Insights

Mining equity analyst negative

FAQ

What was Linear Minerals Corp. (LINMF) net loss for the nine months ended December 31, 2025?

What is Linear Minerals Corp. (LINMF) cash and working capital position as of December 31, 2025?

Does Linear Minerals Corp. (LINMF) face going concern risks?

How many Linear Minerals Corp. (LINMF) shares were outstanding at December 31, 2025?

What key exploration projects is Linear Minerals Corp. (LINMF) advancing?

What major corporate transaction did Linear Minerals Corp. (LINMF) complete involving Pontax West Lithium?

How did Linear Minerals Corp. (LINMF) finance operations during the nine months ended December 31, 2025?

Filing Exhibits & Attachments

Press Releases