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HELIUS MINERALS LIMITED. (FORMERLY ALTAN NEVADA MINERALS LIMITED.) MANAGEMENT DISCUSSION AND ANALYSIS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2023

INTRODUCTION
The management’s discussion and analysis of financial condition and results of operations (“MD&A”) focuses upon the activities, results of operations, liquidity and capital resources of Helius Minerals Limited. (formerly Altan Nevada Minerals Limited.) (the “Company”) and its subsidiaries (the “Group”) for the nine months ended September 30, 2023. In order to better understand the MD&A it should be read in conjunction with the condensed interim consolidated financial statements and related notes for the nine months ended September 30, 2023. The Group’s consolidated financial statements are prepared in accordance with International Financial Reporting Standards (“IFRS”) and filed with appropriate regulatory authorities in Canada. This MD&A is current to November 29, 2023 and in US dollars unless otherwise stated.