# EDGAR Filing Document

**Accession Number:** 0001855743
**File Stem:** 0001079973-23-000392
**Filing Date:** 2023-3
**Character Count:** 121598
**Document Hash:** e1eca74dade2954861c199690ae9c946
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001079973-23-000392.hdr.sgml**: 20230330

**ACCESSION NUMBER**: 0001079973-23-000392

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 6

**CONFORMED PERIOD OF REPORT**: 20230131

**FILED AS OF DATE**: 20230330

**DATE AS OF CHANGE**: 20230330

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ARRAS MINERALS CORP.
- **CENTRAL INDEX KEY:** 0001855743
- **STANDARD INDUSTRIAL CLASSIFICATION:** METAL MINING [1000]
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** A1
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-56306
- **FILM NUMBER:** 23781386

**BUSINESS ADDRESS:**
- **STREET 1:** 777 DUNSMUIR ST STE 1610
- **CITY:** VANCOUVER
- **STATE:** A1
- **ZIP:** V7Y 1KY
- **BUSINESS PHONE:** 604-687-5800

**MAIL ADDRESS:**
- **STREET 1:** 777 DUNSMUIR ST STE 1610
- **CITY:** VANCOUVER
- **STATE:** A1
- **ZIP:** V7Y 1KY

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 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 2023** |
| Commission File Number | **000-56306** |

---

**Arras Minerals Corp.**

(Translation of registrant's name into English)

**777 Dunsmuir Street, Suite 1605<br> Vancouver, British Columbia V7Y 1K4<br> Canada**

(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 🗹Form 40-F □

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): □

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): □

**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.

---

| | | |
|:---|:---|:---|
|  | **ARRAS MINERALS CORP.** | **ARRAS MINERALS CORP.** |
| Date: March 30, 2023 | By: | /s/ Christopher Richards |
|  | Name: | Christopher Richards |
|  | Title: | Chief Financial Officer |

---

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 99.1 | [Condensed Interim Consolidated Financial Statements for the Three Months Ended January 31, 2023](ex99x1.htm) |
| 99.2 | [Management's Discussion and Analysis for the Three Months Ended January 31, 2023](ex99x2.htm) |
| 99.3 | [Form 52-109F2 Certification of Interim Filings - CEO](ex99x3.htm) |
| 99.4 | [Form 52-109F2 Certification of Interim Filings - CFO](ex99x4.htm) |

---

## Exhibit 99.1

Exhibit 99.1

**Condensed Interim Consolidated Financial Statements (Unaudited)**

**For the three months ended January 31, 2023 and 2022,** 

**(Expressed in United States dollars)**

---

| | |
|:---|:---|
| **<u>Index</u>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>Page</u>** |
| Condensed Interim Consolidated Statements of Financial Position | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| Condensed Interim Consolidated Statements of Comprehensive Loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 |
| Condensed Interim Consolidated Statements of Changes in Shareholders' Equity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |
| Condensed Interim Consolidated Statements of Cash Flows | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 |
| Notes to the Condensed Interim Consolidated Financial Statements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6–19 |

---

**ARRAS MINERALS CORP.<br>Condensed Interim Consolidated Statements of Financial Position <br>(Expressed in United States Dollars)**

<br> ---

| | |
|:---|:---|
|  | **Notes** |
| **Assets** |  |
| **Current** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other receivables |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses | 6 |
| &nbsp;&nbsp;**Non-Current** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Office and equipment | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mineral properties | 459 |
| &nbsp;&nbsp;&nbsp;&nbsp;Right-of use assets | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and deposits | 6 |
| &nbsp;&nbsp;**Total Assets** |  |
| **Liabilities** |  |
| &nbsp;&nbsp;**Current** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease liability | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;Due to related party | 12 |
| &nbsp;&nbsp;**Non-Current** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease liability | 10 |
| &nbsp;&nbsp;**Total Liabilities** |  |
| **Shareholders' Equity** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Share capital | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reserves | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deficit |  |
| &nbsp;&nbsp;**Total Shareholders' Equity** |  |
| &nbsp;&nbsp;**Total Liabilities and Shareholders' Equity** |  |

---

---

| | |
|:---|:---|
| On behalf of the Board: |  |
| */s/ Brian Edgar* | */s/ Christian Milau* |
| Director | Director |

---

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

**ARRAS MINERALS CORP.<br>Condensed Interim Consolidated Statements of Comprehensive Loss<br>(Expressed in United States Dollars)<br>(Unaudited)**

---

| | |
|:---|:---|
|  | **Notes** |
| **Expenses** |  |
| Exploration | 811 |
| Personnel | 1112 |
| Marketing and shareholders' communication |  |
| Directors' fees | 1112 |
| Office and administrative | 12 |
| Professional services |  |
| Depreciation | 810 |
| Loss from operations) |  |
| Foreign currency translation gain (loss) |  |
| Interest income |  |
| Other income (expenses) |  |
| <br>**Net and Comprehensive Loss for the Period** |  |
| <br>**Basic and Diluted Loss per Common Share** |  |
| <br>**Weighted Average Number of Common Shares Outstanding** |  |

---

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

**ARRAS MINERALS CORP.<br>Condensed Interim Consolidated Statements of Changes in Shareholders' Equity<br>(Expressed in United States Dollars)<br>(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Share Capital** | **Share Capital** | **Reserves** | **Reserves** |
|  | **Common Shares** | **Amount** | **Options** | **Warrants** |
|  | | **$** | **$** | **$** |
| Balance, October 31, 2022 | 52566150 | 12510260 | 1131705 | 284500) |
| Private placement, net of share issue costs | 15938250 | 5234972 |  |  |
| Share-based payment |  |  | 76167 |  |
| Net loss for the period |  |  |  |  |
| Balance, January 31, 2023 | 68504400 | 17745232 | 1207872 | 284500 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Share Capital** | **Share Capital** | **Reserves** | **Reserves** |
|  | **Common Shares** | **Amount** | **Options** | **Warrants** |
|  | | **$** | **$** | **$** |
| Balance: October 31, 2021 | 47803100 | 8439234 | 638551 | 284500) |
| Private placement, net of share issue costs | 3626000 | 2770939 |  |  |
| Shares issued to agents | 46050 | 36635 |  |  |
| Share-based payment |  |  | 164025 |  |
| Net loss for the period |  |  |  |  |
| Balance, January 31, 2022 | 51475150 | 11246808 | 802576 | 284500 |

---

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

**ARRAS MINERALS CORP.**

**Condensed Interim Consolidated Statement of Cash Flows** 

**(Expressed in United States Dollars)**

**(Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  |<br>**Notes** | **Three months ended**<br>**January 31, 2023** | **Three months end**<br>**January 31, 2022** |
| &nbsp;&nbsp;**Operating Activities** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss for the period |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Items not affecting cash |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation | 810 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized foreign exchange loss |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share-based payment | 11 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 10 |  |  |
| &nbsp;&nbsp;Changes in non-cash working capital, net of acquisition |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other receivables |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other non-current assets |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due to related party |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities |  |  |  |
| &nbsp;&nbsp;**Cash Used in Operating Activities** |  |  |  |
| &nbsp;&nbsp;**Financing Activities** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Private placements, net of share issue costs | 11 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayment of lease liability | 10 |  |  |
| &nbsp;&nbsp;**Cash Provided by Financing Activities** |  |  |  |
| &nbsp;&nbsp;**Investing Activities** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase of office and equipment | 8 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans to Ekidos Minerals LLP | 7 |  |  |
| &nbsp;&nbsp;**Cash Used in Investing Activities** |  |  |  |
| &nbsp;&nbsp;**Effect of Foreign Currency Translation on Cash and Cash Equivalents** |  |  |  |
| &nbsp;&nbsp;**Net Change in Cash and Cash Equivalents** |  |  |  |
| &nbsp;&nbsp;**Cash and Cash Equivalents, Beginning of Period** |  |  |  |
| &nbsp;&nbsp;**Cash and Cash Equivalents, End of Period** |  |  |  |

---

Supplemental Cash Flow Information (Note 14)

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

**Arras Minerals Corp.**

Notes to the Condensed Interim Consolidated Financial Statements

For the three months ended January 31, 2023 and 2022

(Expressed in United States dollars)

(Unaudited)

1. NATURE OF OPERATIONS AND GOING CONCERN

Arras Minerals Corp. (the "Company") was incorporated on February 5, 2021 under the *Business Corporations Act* (British Columbia) as part of an asset purchase agreement to reorganize Silver Bull Resources, Inc. ("Silver Bull") as described in Note 5. The Company's head office is located at 1605-777 Dunsmuir Street, Vancouver, British Columbia, Canada, V7Y 1K4.

The Company is engaged in the acquisition, exploration, and development of mineral property interests. On February 3, 2022, the Company purchased 100% of the issued and outstanding shares of Ekidos Minerals LLP ("Ekidos") and Ekidos became a wholly-owned subsidiary of the Company. Total consideration was $1,000 as described in Note 4. Ekidos is in the business of the exploration and evaluation of mineral properties. See Notes 4 and 5 for further details.

The Company's assets consist primarily of the option to acquire a 100% interest in the Beskauga property ("Beskauga") in Kazakhstan, and conducts its operations through Ekidos, who holds exploration licenses for properties located in northeastern Kazakhstan.

The Company has not yet determined whether the properties contain mineral reserves where extraction is both technically feasible and commercially viable. The business of mining and the exploration for minerals involves a high degree of risk and there can be no assurance that such activities will result in profitable mining operations.

These unaudited condensed interim consolidated financial statements are prepared on a going concern basis, which contemplate that the Company will continue in operation for the foreseeable future and will be able to realize its assets and discharge its liabilities in the normal course of business. The Company has incurred operating losses since inception and has no current sources of revenue or cash inflows from operations. The Company relies on share issuances in order to fund its exploration and other business objectives. During the three months ended January 31, 2023, the Company has raised gross amounts of $5.34 million United States dollars ("$USD") or $7.17 million Canadian dollars ("$CDN") through the issuance of common shares. As of January 31, 2023, the Company had cash and cash equivalents of $4.11 million, which based on current forecasts, is not sufficient to fund the Company's operation for the next 12 months as a going concern.

The Company's ability to continue as a going concern and fulfill its commitments under the Beskauga option agreement is dependent upon successful execution of its business plan by raising additional capital, or evaluating strategic alternatives. The Company expects to continue to raise the necessary funds primarily through the issuance of common shares. There can be no guarantees that future equity financing will be available in which case the Company may need to reduce its exploration activities. There can be no assurance that management's plan will be successful. If the going concern assumption was not appropriate for these condensed interim consolidated financial statements, then adjustments would be necessary to the carrying values of assets and liabilities, the reported expenses and the balance sheet classifications used. Such adjustments could be material.

**Arras Minerals Corp.**<br>Notes to the Condensed Interim Consolidated Financial Statements<br>For the three months ended January 31, 2023 and 2022<br>(Expressed in United States dollars)<br>(Unaudited)<br>

**2.** **BASIS OF PRESENTATION** 

a) Statement
of compliance

These condensed interim consolidated financial statements were prepared in accordance with International Accounting Standard ("IAS") 34 - Interim Financial Reporting. These condensed interim consolidated financial statements do not include all disclosures required for annual audited financial statements. Accordingly, they should be read in conjunction with the notes to the Company's audited financial statements for the year from November 1, 2021 to October 31, 2022 (the "annual financial statements"), which include the information necessary or useful to understanding the Company's business and financial statement presentation. In particular, the Company's use of judgements and estimates and significant accounting policies were presented in notes 4 and 5 of those annual financial statements and have been consistently applied in the preparation of the condensed interim consolidated financial statements. The annual financial statements were prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board.

 

These condensed interim consolidated financial statements are presented in United States dollars, which is the Company's and its subsidiary's functional currency.

The Company's interim results are not necessarily indicative of its results for a full fiscal year.

b) Basis of
presentation

These condensed interim consolidated financial statements have been prepared on a historical cost basis, except for certain financial instruments which are measured at fair value. In addition, these condensed interim consolidated financial statements have been prepared using the accrual basis of accounting, except for cash flow information.

c) Approval
of the condensed interim consolidated financial
statements

These condensed interim consolidated financial statements were authorized for issue by the Board of Directors on March 30, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. SIGNIFICANT ACCOUNTING POLICIES

The accounting policies in these condensed interim consolidated financial statements are defined in the Note 3 of the Company's annual consolidated financial statements for the year ended October 31, 2022 filed on SEDAR on February 24, 2023, except as follows.

<u>Recent Accounting Pronouncements Not Yet Effective</u>

In May 2021, the international Accounting Standard Board ("IASB") issued Deferred Tax related to Assets and Liabilities Arising from a Single Transaction which amended IAS 12, Income Taxes ("IAS 12"). The amendments narrowed the scope of the recognition exemption in IAS 12, relating to the recognition of deferred tax assets and liabilities, so that it no longer applies to transactions that, on initial recognition, give rise to equal taxable and deductible temporary differences such as leases and reclamation and closure cost provisions. The amendments are effective for annual reporting periods beginning on or after January 1, 2023 to transactions that occur on or after the beginning of the earliest comparative period presented. Earlier application is permitted. The Company is currently assessing the impact of the amendments on its financial position, results of operations or cash flows and disclosures.

Other recent accounting pronouncements issued by the IASB did not or are not expected to have a material impact on the Company's present or future consolidated financial statements.

**Arras Minerals Corp.**<br>Notes to the Condensed Interim Consolidated Financial Statements<br>For the three months ended January 31, 2023 and 2022<br>(Expressed in United States dollars)<br>(Unaudited)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **ACQUISITION OF EKIDOS MINERALS LLP** 

On February 3, 2022, the Company purchased 100% of the issued and outstanding shares of Ekidos. Total consideration was $1,000 cash. Ekidos is in the business of the exploration and evaluation of mineral properties in Kazakhstan.

The acquisition has been accounted for by the Company as a purchase of assets and assumption of liabilities. The acquisition did not qualify as a business combination under IFRS 3 - Business Combinations, as the significant inputs, processes and outputs, that together constitute a business, did not exist in Ekidos at the time of acquisition.

The following table summarizes the preliminary purchase price allocation:

---

| | |
|:---|:---|
| **Purchase price:** | |
| Cash | $1000 |
| **Total consideration** | 1000 |
| **Net assets acquired:** |  |
| Cash | 34050 |
| Other receivables | 371294 |
| Prepaid expenses and deposit | 580614 |
| Vehicles, office and equipment | 42184 |
| Mineral properties | 4383656 |
| Accounts payable and accrued liabilities | (95798) |
| Loans payable to Arras | (5315000) |
| **Total net assets acquired** | $1000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **BESKAUGA OPTION AGREEMENT** 

On August 12, 2020, Silver Bull entered into the Beskauga Option Agreement with Copperbelt AG ("Copperbelt") pursuant to which it has the exclusive right and option to acquire Copperbelt's right, title and 100% interest in the Beskauga property located in Kazakhstan. Upon completion of Silver Bull's due diligence on January 26, 2021, the Beskauga Option Agreement was finalized (the "Closing Date").

On March 19, 2021, pursuant to an asset purchase agreement, Silver Bull transferred all its rights, title and interest in and to the Beskauga Option Agreement to the Company. The consideration payable by the Company to Silver Bull for the purchased assets was $1,367,668, paid through the issuance of 36,000,000 common shares of common shares in the capital of the Company.

**Arras Minerals Corp.**<br>Notes to the Condensed Interim Consolidated Financial Statements<br>For the three months ended January 31, 2023 and 2022<br>(Expressed in United States dollars)<br>(Unaudited)<br>

Under the terms of the Beskauga Option Agreement, the exploration expenditure requirements and incurred are summarized as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Period** | **Annual Expenditure Required** | **Cumulative Expenditure Required** | **Annual Expenditure Incurred** | **Cumulative Expenditure**<br> **Incurred** |
| By January 26, 2022 (1 year from Closing Date) | $2 million | $2 million (met) | $4.50 million  | $4.50 million  |
| By January 26, 2023 (2 years from Closing Date) | $3 million | $5 million (met) | $3.42 million | $7.92 million |
| By January 26, 2024 (3 years from Closing Date) | $5 million | $10 million | n/a | $7.92 million |
| By January 26, 2025 (4 years from Closing Date) | $5 million | $15 million | n/a | $7.92 million |

---

As of January 31, 2023, approximately $7.92 million of the required expenditures have been incurred under the Beskauga Option Agreement, via investment agreements with Dostyk LLP, the holder of the Beskauga exploration license.

The Beskauga Option Agreement also provides that subject to the terms and conditions set forth in the Beskauga Option Agreement, after the Company or its affiliate has incurred the exploration expenditures (outlined above), the Company or its affiliate may exercise the Beskauga Option and acquire (i) the Beskauga Property by paying Copperbelt $15,000,000 in cash, (ii) the Beskauga Main Project only by paying Copperbelt $13,500,000 in cash, or (iii) the Beskauga South Project only by paying Copperbelt $1,500,000 in cash.

In addition, the Beskauga Option Agreement provides that subject to the terms and conditions set forth in the Beskauga Option Agreement, the Company or its affiliate may be obligated to make the following bonus payments (collectively, the "Bonus Payments") to Copperbelt if the Beskauga Main Project or the Beskauga South Project is the subject of a bankable feasibility study in compliance with Canadian National Instrument 43-101 indicating gold equivalent resources in the amounts set forth below, with (i) (A) 20% of the Bonus Payments payable after completion of the bankable feasibility study or after the mineral resource statement is finally determined and (B) the remaining 80% of the Bonus Payments due within 15 business days of commencement of on-site construction of a mine for the Beskauga or the Beskauga South Project, as applicable, and (ii) up to 50% of the Bonus Payments payable in shares of the Company's common shares to be valued at the 20-day volume-weighted average trading price of the shares on the Toronto Stock Exchange calculated as of the date immediately preceding the date such shares are issued:

---

| | |
|:---|:---|
| **Gold equivalent resources** | **Cumulative Bonus Payments (US$)** |
| Beskauga Main Project | Beskauga Main Project |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,000,000 ounces | $2000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,000,000 ounces | $6000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7,000,000 ounces | $12000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10,000,000 ounces | $20000000 |
| Beskauga South Project | Beskauga South Project |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,000,000 ounces | $2000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,000,000 ounces | $5000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,000,000 ounces | $8000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,000,000 ounces | $12000000 |

---

The Beskauga Option Agreement may be terminated under certain circumstances, including (i) upon the mutual written agreement of the Company and Copperbelt; (ii) upon the delivery of written notice by the Company, provided that at the time of delivery of such notice, unless there has been a material breach of a representation or warranty given by Copperbelt that has not been cured, the Beskauga Property is in good standing; or (iii) if there is a material breach by a party of its obligations under the Beskauga Option Agreement and the other party has provided written notice of such material breach, which is incapable of being cured or remains uncured.

**Arras Minerals Corp.**<br>Notes to the Condensed Interim Consolidated Financial Statements<br>For the three months ended January 31, 2023 and 2022<br>(Expressed in United States dollars)<br>(Unaudited)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. PREPAID EXPENSES AND DEPOSITS

---

| | | |
|:---|:---|:---|
|  | **January 31, 2023** | **October 31, 2022** |
| General insurance | $19723 | $28900 |
| Exploration license insurance - current | 94276 | 91095 |
| Other prepaid deposits - current | 155613 | 34576 |
| Prepaid deposits - non-current | 33481 | 33481 |
| Exploration license insurance - non-current | 543000 | 560000 |
|  | $846093 | $748052 |

---

The terms of the exploration license insurance agreements are equal to the remaining terms of the exploration licenses (six years) plus two years from the effective dates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. LOANS TO EKIDOS MINERALS LLP

On March 19, 2021, pursuant to an asset purchase agreement, Silver Bull transferred $985,000 of loan receivable from Ekidos to the Company (Note 5) and the Company loaned an additional $2,193,500 to Ekidos during the period ended October 31, 2021. During the period from November 1, 2021 to February 3, 2022, the Company loaned an additional $2,136,500 to Ekidos. This amount is non-interest bearing and is to be repaid on demand. As of February 3, 2022, upon the acquisition of Ekidos, the loans to Ekidos eliminated on consolidation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. OFFICE AND EQUIPMENT

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Mining Equipment** | **Computer Equipment and Software** | **Office Equipment** | **Vehicles** | **Total** |
| **Cost** |  |  |  |  |  |
| Balance, October 31, 2022 | 117502 | 9331 | 7282 | 78687 | $212802 |
| Additions | 4666 |  |  |  | 4666 |
| Balance, January 31, 2023 | 122168 | 9331 | 7282 | 78687 | $217468 |
| **Accumulated depreciation** |  |  |  |  |  |
| Balance, October 31, 2022 | 37533 | 9331 | 1618 | 6020 | $54502 |
| Additions | 5875 |  | 607 | 2935 | 9417 |
| Balance, January 31, 2023 | 43408 | 9331 | 2225 | 8955 | $63919 |
| **Net book value** |  |  |  |  |  |
| Balance, October 31, 2022 | 79969 |  | 5664 | 72667 | $158300 |
| Balance, January 31, 2023 | 78760 |  | 5057 | 69732 | $153549 |

---

During the three months ended January 31, 2023, the Company acquired mining equipment of $4,666.

Included in exploration expenses is $8,810 (2022 - $nil) of depreciation on office and equipment.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Mining Equipment** | **Computer Equipment and Software** | **Office Equipment** | **Total** |
| **Cost** |  |  |  |  |
| Assets acquired on acquisition | 45647 | 9331 |  | $54978 |
| Additions | 71855 |  |  | 71855 |
| Balance, October 31, 2021 | 117502 | 9331 |  | 126833 |
| Additions |  |  | 2994 | 2994 |
| Balance, January 31, 2022 | 117502 | 9331 | 2994 | $129827 |
| **Depreciation** |  |  |  |  |
| Depreciation expense | 14033 | 7634 |  | $21667 |
| Balance, October 31, 2021 | 14033 | 7634 |  | 21667 |
| Depreciation expense | 5875 | 1697 |  | 7572 |
| Balance, January 31, 2022 | 19908 | 9331 |  | $29239 |
| **Carrying amounts** |  |  |  |  |
| Balance, October 31, 2021 | 103469 | 1697 |  | $105166 |
| Balance, January 31, 2022 | 97594 |  | 2994 | $100588 |

---

During the period from inception on February 5, 2021 to October 31, 2021, the Company acquired mining equipment and computer equipment and software of $54,978 pursuant to an asset purchase agreement with Silver Bull (Note 5).

**Arras Minerals Corp.**<br>Notes to the Condensed Interim Consolidated Financial Statements<br>For the three months ended January 31, 2023 and 2022<br>(Expressed in United States dollars)<br>(Unaudited)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. MINERAL PROPERTIES – EXPLORATION AND EVALUATION ASSET

The Company, through the asset purchase agreement, entered into an option agreement dated August 12, 2020 with Copperbelt, to earn up to a 100% interest in the Beskauga project and through acquisition of Ekidos (Note 4), which holds other exploration licenses located in Kazakhstan

On February 3, 2022, the Company acquired Ekidos, including a $4,383,656 mineral property asset (Note 4) located in Kazakhstan. At such, the carrying value of the mineral properties associated with the Baskauga project include prior years' drilling program.

---

| | |
|:---|:---|
| Balance, October 31, 2021 | $651603 |
| Acquisition of Ekidos (Note 4) | 4383656 |
| Balance, October 31, 2022 | $5035259 |
| Balance, January 31, 2023 | $5035259 |

---

Additionally, the Company holds its interest in the Stepnoe and Ekidos properties through the Stepnoe and Ekidos Joint Venture Agreement (the "Stepnoe and Ekidos JV Agreement"), and the Akkuduk, Norgubek, Maisor, Elemes, Aktasty, Besshoky, Aimanday and South Bosshakol properties through the Maikain Joint Venture Agreement (the "Maikain JV Agreement").

*Stepnoe and Ekidos JV Agreement*

In connection with the Spin-off and pursuant to the Separation and Distribution Agreement (Note 5), Silver Bull transferred its interest in the Stepnoe and Ekidos JV Agreement to Arras.

On September 1, 2020, Silver Bull entered into the Stepnoe and Ekidos JV Agreement in connection with, among other things, mineral license applications (the "Stepnoe and Ekidos Licenses") for, and further exploration and evaluation of certain properties, including the Stepnoe and Ekidos properties located in Kazakhstan. The exploration licenses for the Stepnoe and Ekidos properties were granted on October 22, 2020.

The Company (through Ekidos LLP) and Copperbelt have initial participating interests in the joint venture of 80% and 20%, respectively. Pursuant to the Stepnoe and Ekidos JV Agreement, once the Company spends a minimum of $3,000,000 on either the Stepnoe or Ekidos property, the Company has the option to acquire Copperbelt's participating interest in such property for $1,500,000. As of January 31, 2023, approximately $1,043,000 of the required expenditures have been incurred under the Beskauga Option Agreement (Note 5).

The Stepnoe and Ekidos JV Agreement shall terminate automatically upon there being one participant in the joint venture, or by written agreement between the parties.

*Maikain JV Agreement*

On May 20, 2021, Ekidos LLP entered into the Maikain JV Agreement with Orogen LLP, a company incorporated under the laws of Kazakhstan, in connection with, among other things, mineral license applications for, and further exploration and evaluation of, certain properties in an area of interest, including the Akkuduk, Norgubek, Maisor, Elemes, Aktasty, Besshoky, Aimanday and South Bosshakol properties located in Kazakhstan. The following exploration licenses have been granted for an initial six-year period, with the possibility of a five-year extension.

The Company (through Ekidos LLP) and Orogen LLP have initial participating interests in the Maikain joint venture of 80% and 20%, respectively. Pursuant to the Maikain JV Agreement, once the Company spends a minimum of $3,000,000 on a property in the area of interest, the Company has the option to acquire Orogen LLP's participating interest in such property for $1,500,000. As of January 31, 2023, approximately $923,000 of the required expenditures have been incurred.

The Maikain JV Agreement shall terminate automatically upon the earlier of (i) there being one participant in the joint venture, (ii) by written agreement between the parties, or (iii) May 20, 2024.

**Arras Minerals Corp.**<br>Notes to the Condensed Interim Consolidated Financial Statements<br>For the three months ended January 31, 2023 and 2022<br>(Expressed in United States dollars)<br>(Unaudited)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. RIGHT-OF-USE ASSET AND LEASE LIABILITY

The Company entered into a lease agreement for its corporate head office commencing March 1, 2022, until February 28, 2026. Upon entering into this lease, the Company recognized a right-of use ("ROU") asset in the amount of $319,521, and a corresponding lease liability in the same amount ($319,521). The lease liability is measured at amortized cost using the incremental borrowing rate of 10.02%.

The continuity of the ROU asset and lease liability for the period ended January 31, 2023 is as follows:

**Right-of-use asset**

---

| | |
|:---|:---|
| Value of ROU asset as of October 31, 2021 | $— |
| Additions | 319521 |
| Depreciation | (53253) |
| Value of ROU asset as of October 31, 2022 | 266268 |
| Depreciation | (19970) |
| Value of ROU asset as of January 31, 2023 | $246298 |

---

**Lease liability**

---

| | |
|:---|:---|
| Lease liability recognized as of October 31, 2021 | $— |
| New office lease | 319521 |
| Lease payments | (63250) |
| Lease interest | 17270 |
| Lease liability recognized as of October 31, 2022 | 273541 |
| Lease payments | (23718) |
| Lease interest | 6710 |
| Lease liability recognized as of January 31, 2023 | $256533 |
| Current portion | $72439 |
| Non-current portion | 184094 |
| Closing balance | $256533 |

---

**Undiscounted lease payment obligations** 

---

| | |
|:---|:---|
| Less than one year | $96455 |
| One to four years | 206418 |
| Total undiscounted lease liabilities | $302873 |

---

**Arras Minerals Corp.**<br>Notes to the Condensed Interim Consolidated Financial Statements<br>For the three months ended January 31, 2023 and 2022<br>(Expressed in United States dollars)<br>(Unaudited)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. SHARE CAPITAL

&nbsp;&nbsp;&nbsp;&nbsp;a) Authorized

Unlimited number of common shares and an unlimited number of preferred shares, without par value.

&nbsp;&nbsp;&nbsp;&nbsp;b) Issued and outstanding

*Preferred shares*

 

No preferred shares have been issued.

*Common shares*

As of January 31, 2023, there are 68,504,400 common shares issued and outstanding.

*During the three months ended January 31, 2023, the following transactions occurred:*

From November 10, 2022 to December 16, 2022, the Company completed a series of tranches of a private placement, issuing a total of 15,938,250 common shares at a price of $CDN 0.45 per common share for gross proceeds of $CDN 7,172,213 ($5,340,350). The Company paid finder's fees totaling $CDN 84,432 ($61,629) to agents with respect to certain purchasers who were introduced to the Company. The Company incurred other offering costs associated with this private placement in the amount of $43,749.

*During the three months ended January 31, 2022, the following transactions occurred:*

On November 21, 2021, the Company completed the second tranche of a private placement for 2,106,000 common shares at a price of $CDN 1.00 per common share for gross proceeds of $CDN 2,106,000 ($1,670,756). The Company incurred other offering costs associated with the second tranche of private placement of $4,900 and issued in aggregate 21,630 common shares fair valued at CDN $21,630 ($17,208) as finder's fees.

On December 20, 2021, the Company completed the third and final tranche of a private placement for 1,520,000 common shares at a price of $CDN 1.00 per common share for gross proceeds of $CDN 1,520,000 ($1,186,388). The Company paid finder's fees totaling CDN$50,000 ($39,026) to an agent with respect to certain purchasers who were introduced by the agent. The Company incurred other offering costs associated with the third and final tranche of private placement of $5,644 and issued in aggregate 24,420 common shares fair valued at CDN$24,420 ($19,427) as finder's fees.

*Shares held in escrow*

 

As a requirement of the Company's listing on the TSX Venture Exchange on June 14, 2022 (the "Listing Date"), certain directors, officers and their affiliates were required to have their shares held in escrow by the Company's transfer agent.

**Arras Minerals Corp.**<br>Notes to the Condensed Interim Consolidated Financial Statements<br>For the three months ended January 31, 2023 and 2022<br>(Expressed in United States dollars)<br>(Unaudited)<br>

As at January 31, 2023, 1,874,215 (October 31, 2022: 2,249,056) of the Company's common shares were held in escrow, to be released as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 1/5 of remaining escrow securities on the 12-month anniversary of the Listing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 1/4 of remaining escrow securities on the 18-month anniversary of the Listing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 1/3 of remaining escrow securities on the 24-month anniversary of the Listing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 1/2 of remaining escrow securities on the 30-month anniversary of the Listing Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The remaining escrow securities on the 36-month anniversary of the Listing Date.

&nbsp;&nbsp;&nbsp;&nbsp;c) Stock options

Pursuant to the Company's Equity Incentive Plan (the "Plan") approved by the Board of Directors, the Company grants stock options to employees, directors, officers and advisors. Under the Plan, options can be granted for a maximum term of ten years and the stock options shall vest in three equal installments, with one third of the options vesting on each of the grant date, the first-year anniversary of the grant date and the second anniversary of the grant date, unless otherwise designated by the Board. Further, the exercise price shall not be less than the price of the Company's common shares on the date of the stock option grant.

No options were granted or exercised during the three months ended January 31, 2023.

During the period ended January 31, 2022, the Company granted options to acquire 100,000 common shares with a weighted-average grant-date fair value of $0.46 per share and an exercise price of $CDN 1.00 per share.

No options were exercised during the three months ended January 31, 2022.

Stock option transactions are summarized as follows:

---

| | | |
|:---|:---|:---|
| | **Number of Options** | **Weighted Average Exercise Price** |
| Balance, October 31, 2021 | 5060000 | $0.40 ($CDN 0.50) |
| Issued | 700000 | 0.56 ($CDN 0.73) |
| Cancelled | (300000) | 0.40 ($CDN 0.50) |
| Balance, October 31, 2022 | 5460000 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 ($CDN 0.53) |
| Balance, January 31, 2023 | 5460000 | $0.39 ($CDN 0.53) |

---

The following options were outstanding and exercisable at January 31, 2023:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Grant Date** | **Expiry Date** | **Exercise Price** | **Number of Options Outstanding** | **Number of Options Exercisable** | **Weighted Average Remaining Life** |
| April 15, 2021 | April 14, 2026 | $CDN 0.50 ($0.40) | 3700000 | 2466666 | 3.20 |
| August 5, 2021 | August 4, 2026 | &nbsp;&nbsp;&nbsp;&nbsp;$CDN 0.50 ($0.40) | 800000 | 533334 | 3.51 |
| September 24, 2021 | September 23, 2026 | &nbsp;&nbsp;&nbsp;&nbsp;$CDN 0.50 ($0.40) | 260000 | 173332 | 3.65 |
| December 7, 2021 | December 7, 2026 | &nbsp;&nbsp;&nbsp;&nbsp;$CDN 1.00 ($0.79) | 100000 | 33333 | 3.85 |
| March 2, 2022 | March 2, 2027 | &nbsp;&nbsp;&nbsp;&nbsp;$CDN 1.00 ($0.79) | 300000 | 100000 | 4.08 |
| September 22, 2022 | September 22, 2027 | &nbsp;&nbsp;&nbsp;&nbsp;$CDN 0.35 ($0.26) | 300000 | 100000 | 4.64 |
|  |  |  | 5460000 | 3406665 | 3.35 |

---

**Arras Minerals Corp.**<br>Notes to the Condensed Interim Consolidated Financial Statements<br>For the three months ended January 31, 2023 and 2022<br>(Expressed in United States dollars)<br>(Unaudited)<br>

The weighted average remaining contractual life for options outstanding at January 31, 2023 is 3.35 years.

The total fair value of options granted during the three months ended January 31, 2023 and 2022 was $nil and $146,332, of which $nil and $92,634 was recognized in share-based payments in the condensed interim consolidated statement of comprehensive loss with a corresponding increase in reserves, respectively.

As of January 31, 2023, there is a total remaining unrecognized compensation expenses of $109,145 (2022 - $351,093) which will be expensed in future reporting periods.

Total share-based payments recognized during the three months ended January 31, 2023 and 2022, was $76,167 and $164,025, respectively, which was expensed in the interim consolidated statements of comprehensive loss.

The Company applies the fair value method using the Black-Scholes option pricing model in accounting for its stock options granted. Accordingly, share-based payments of $26,466 (2022 – $73,709) were recognized as personnel expenses for options granted to employees, $37,983 (2022 – $49,305) were recognized in directors' fees for options granted to directors and $11,718 (2022 - $41,011) was recognized as exploration for options granted to employees and consultants for the three months ended January 31, 2023.

A summary of the range of assumptions used to value stock options granted for the three months ended January 31, 2023 and 2022 is as follows:

---

| | | |
|:---|:---|:---|
| **Options** | **For the Period Ended January 31, 2023** | **For the Period Ended January 31, 2022** |
| Expected volatility | – | 78% - 80% |
| Risk-free interest rate | – | 1.23% |
| Expected life (in years) | – | 3 – 5 |
| Dividend rate | – |  |

---

The expected volatility assumption is based on the historical and implied volatility of the comparable companies' common share price. The risk-free interest rate assumption is based on yield curves on government zero-coupon bonds with a remaining term equal to the stock options' expected life. The Company has not paid and does not anticipate paying dividends on its common stock. Companies are required to utilize an estimated forfeiture rate when calculating the expense for the reporting period. Based on the best estimate, management applied the estimated forfeiture rate of 0% in determining the expense recorded in the accompanying statements of comprehensive loss.

&nbsp;&nbsp;&nbsp;&nbsp;d) Shares issuable for Silver Bull Warrants

On March 19, 2021, pursuant to an asset purchase agreement with Silver Bull, a majority shareholder (88% interest) and related party, Silver Bull transferred all of its rights, title and interest in and to the Beskauga Option Agreement, as described in Note 5, to the Company.

**Arras Minerals Corp.**<br>Notes to the Condensed Interim Consolidated Financial Statements<br>For the three months ended January 31, 2023 and 2022<br>(Expressed in United States dollars)<br>(Unaudited)<br>

Further, Silver Bull warrant holders will receive, upon exercise of any Silver Bull warrant (the "Silver Bull Warrants"), for the original exercise price, one Silver Bull common share and one common share of the Company. The Company will receive $0.25 of the proceeds from the exercise of each of these Silver Bull Warrants. A total of 1,971,289 Silver Bull Warrants were outstanding at the time of the Distribution which, if all exercised, would require the Company to issue 1,971,289 common shares for proceeds of $492,822.

A continuity of the Company's shares issuable for Silver Bull Warrants is as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Warrants** | **Shares** | **Weighted Average Exercise Price Per Arras share issuable** | **Weighted Average Exercise Price Per Silver Bull Share issuable** |
| Balance, February 5, 2021 |  | $— | $— |
| Issuable pursuant to the Distribution with Silver Bull | 1971289 | 0.25 | 0.34 |
| Balance, January 31, 2023 and October 31, 2022 | 1971289 | $0.25 | $0.34 |

---

No warrant were issued or exercised during the three months ended January 31, 2023 and 2022.

The following warrants were outstanding at January 31, 2023:

---

| | | | |
|:---|:---|:---|:---|
| **Expiry Date** | **Exercise Price** | **Number of Options Outstanding** | **Weighted Average Remaining Life** |
| October 27, 2025 | $0.25 | 1971289 | 2.74 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. RELATED PARTY TRANSACTIONS

Included in accounts payable and accrued liabilities at January 31, 2023 is $242,048 (October 31, 2022 - $267,806) due to officers and directors of the Company for their compensation and services.

As at January 31, 2023, due to related party consists of $10,882 due to Silver Bull for shared employees' salaries and office expenses (October 31, 2022 - $23,196). The balance of due to related party is interest free and is to be repaid on demand.

During the three months ended January 31, 2023 and 2022, expenses totalling $48,834 and $144,637 were incurred by Silver Bull on the Company's behalf, which was offset by an incurred shared office rent. If specific identification of expenses is not practicable, a proportional cost allocation based on management's estimation is applied.

---

| | | |
|:---|:---|:---|
|  | **January 31, 2023** | **January 31, 2022** |
| Directors' fees | $— | $8998 |
| Personnel | 55800 | 111829 |
| Office and administrative | 4251 | 23810 |
| Office rent reimbursement | (11217) |  |
|  | $48834 | $144637 |

---

**Arras Minerals Corp.**<br>Notes to the Condensed Interim Consolidated Financial Statements<br>For the three months ended January 31, 2023 and 2022<br>(Expressed in United States dollars)<br>(Unaudited)<br>

During the three months ended January 31, 2023 and 2022, the Company paid or accrued the following amounts to officers, directors or companies controlled by officers and/or directors:

---

| | | |
|:---|:---|:---|
|  | **January 31, 2023** | **January 31, 2022** |
| Share-based payment | $61827 | $115764 |
| Directors' fees | 31268 | 37331 |
| Personnel | 143598 | 141642 |
|  | $236692 | $294737 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. COMMITMENTS AND CONTINGENCIES

Contractual obligated per calendar year requirements as at January 31, 2023 are as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **< 1 year** | **1-2 years** | **2-3** <br> **years** | **3-4** <br> **years** | **4-5** <br> **years** | **Thereafter** | **Total** |
| Lease commitments (Note 10) | 96455 | 98179 | 99902 | 8337 |  |  | 302873 |
| Beskauga Option agreement commitments (Note 5) | 2076021 | 5000000 |  |  |  |  | 7076021 |
| Exploration licenses expenditure commitments | 1175336 | 1506084 | 1919729 | 2006636 | 1326054 | 138721 | 8072560 |
|  | 3347812 | 6604263 | 2019631 | 2014973 | 1326054 | 138721 | 15451454 |

---

The Company's commitments include contractually obligated payments associated to its office lease (Note 10), the exploration expenditure requirements under the Beskauga Option Agreement (detailed in Note 5), and minimum expenditure requirements to maintain its exploration licenses as mandated by Kazakh government authorities to keep the tenements in good standing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. SUPPLEMENTAL CASH FLOW INFORMATION

As at January 31, 2023, cash and cash equivalents consist of guaranteed investment certificates of $3,058,932

(October 31, 2022 – $66,077) and $1,050,141 in cash (October 31, 2022 - $358,047) held in bank accounts.

---

| | | |
|:---|:---|:---|
|  | **January 31, 2023** | **January 31, 2022** |
| &nbsp;&nbsp; Interest paid |  | $— |
| &nbsp;&nbsp; Income taxes paid |  |  |
| **Non-cash investing and financing activities** |  |  |
| &nbsp;&nbsp;Offering costs included in accounts payable and liabilities | 19022 | $24798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares issued to agent |  | 36635 |

---

**Arras Minerals Corp.**<br>Notes to the Condensed Interim Consolidated Financial Statements<br>For the three months ended January 31, 2023 and 2022<br>(Expressed in United States dollars)<br>(Unaudited)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. FINANCIAL INSTRUMENTS

The Company's financial instruments consist of cash and cash equivalents, accounts payable and accrued liabilities, lease liability and due from related party. The Company's risk exposure and the impact on the Company's financial instruments are summarized below.

a) Credit risk

The Company's credit risk on other receivables is negligible.

Credit risk is the risk of financial loss to the Company if a counter party to a financial instrument fails to meet its payment obligations. The Company is exposed to credit risk with respect to its cash and cash equivalents. Management believes that the credit risk concentration with respect to cash and cash equivalents is remote as it maintains accounts with highly rated financial institutions. Cash and cash equivalents are denominated in $USD, $CDN and Kazakh Tenge, and consist of guaranteed investment certificates for the terms of less than 100 days acquired from a Canadian financial institution.

b) Liquidity risk

Liquidity risk is the risk that the Company will encounter difficulty in satisfying its financial obligations as they become due. The Company manages its liquidity risk by forecasting cash flows from operations and anticipating investing and financing activities. As at January 31, 2023, the Company had working capital of $3,707,925 (October 31, 2022 - $18,906) and cash and cash equivalents of $4,109,073 (October 31, 2021 - $424,124), and is not exposed to significant liquidity risk at this time. However, since the Company is in the exploration stage, it will periodically have to raise funds to continue operations and intends to raise further financing through equity offerings.

Accounts payable and accrued liabilities and due to related party are non-interest-bearing and are normally settled on 30-day terms.

c) Market risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises three types of risk: interest rate risk, foreign currency risk and other price risk. The Company is not currently exposed to any significant interest rate risk or other price risk. The Company is exposed to foreign currency risk with respect to cash denominated in Canadian dollars. As at January 31, 2023, a 10% strengthening (weakening) of the Canadian dollar against the United States dollar would have increased (decreased) the Company's comprehensive loss by approximately $266,000 for the three months ended January 31, 2023 (October 31, 2022 - $7,000).

The Company also maintains a minimum cash balance of local currency in bank account in Kazakhstan and the Company assessed such foreign currency risk as low.

The Company has not hedged any of its foreign currency risks.

d) Commodity price risk

The ability of the Company to raise funds to explore and develop its exploration and evaluation assets and the future profitability of the Company are directly related to the price of copper and gold. The Company monitors copper and gold prices to determine the appropriate course of action to be taken.

e) Fair value hierarchy

Fair value measurements of financial instruments are required to be classified using a fair value hierarchy that reflects the significant of inputs used in making the measurements. The levels of the fair value hierarchy are defined as follows:

Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.

Level 3 – Inputs for assets or liabilities that are not based on observable market data.

The Company's financial instruments classified as Level 1 in the fair value hierarchy are cash and cash equivalents, accounts payable and accrued liabilities, and due to related party. The lease liability is classified as Level 3 financial instruments. The carrying values approximate the fair values due to the short-term maturity of these instruments. There were no transfers between fair value levels during the three months ended January 31, 2023.

**Arras Minerals Corp.**<br>Notes to the Condensed Interim Consolidated Financial Statements<br>For the three months ended January 31, 2023 and 2022<br>(Expressed in United States dollars)<br>(Unaudited)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. CAPITAL MANAGEMENT

The Company defines its capital as shareholders' equity. Capital requirements are driven by the Company's general operations and exploration. To effectively manage the Company's capital requirements, the Company monitors expenses and overhead to ensure costs and commitments are being paid. The Company is not subject to any externally imposed capital requirements. The Company did not change its approach to capital management during the three months ended January 31, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. SEGMENTED INFORMATION

**Operating segments**

The Company operated in a single reportable operating segment - the acquisition, exploration and evaluation of mineral properties, with its head office function in Canada. As at January 31, 2023, the Company's exploration and evaluation assets are currently located in Kazakhstan.

The following table details the allocation of assets included in the accompanying statement of financial position at January 31, 2023:

---

| | | | |
|:---|:---|:---|:---|
|  | **Canada** | **Kazakhstan** | **Total** |
| Cash and cash equivalents | $3836000 | $273000 | $4109000 |
| Other receivables | 9000 |  | 9000 |
| Prepaid expenses | 28000 | 242000 | 270000 |
| Office and equipment, net | 84000 | 70000 | 154000 |
| Minerals properties |  | 5035000 | 5035000 |
| Right-of use assets | 246000 |  | 246000 |
| Other non-current assets | 33000 |  | 33000 |
| Prepaid expense non-current |  | 543000 | 543000 |
|  | $4236000 | $6163000 | $10399000 |

---

The following table details the allocation of assets included in the accompanying statement of financial position at October 31, 2022:

---

| | | | |
|:---|:---|:---|:---|
|  | **Canada** | **Kazakhstan** | **Total** |
| Cash and cash equivalents | $237000 | $188000 | $425000 |
| Other receivables | 19000 |  | 19000 |
| Prepaid expenses | 29000 | 125000 | 154000 |
| Office and equipment, net | 86000 | 73000 | 159000 |
| Minerals properties |  | 5035000 | 5035000 |
| Right-of use assets | 266000 |  | 266000 |
| Other non-current assets | 33000 |  | 33000 |
| Prepaid expense non-current |  | 560000 | 560000 |
|  | $670000 | $5981000 | $6651000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. SUBSEQUENT EVENT

On February 24, 2023, the Company granted 414,984 equity-settled restricted share units ("RSUs") to officers, in accordance with the Company's Equity Incentive Plan. The weighted average grant date fair value of the RSUs was $CDN 0.47. RSUs are awards for service which upon vesting and settlement entitle the recipient to receive common shares. Vesting conditions for RSUs are set by the Board but must be at least one year following the grant date. The RSUs granted vest in a single tranche, one year from the grant date.

## Exhibit 99.2

Exhibit 99.2

![](image_001.jpg)

**Management's Discussion and Analysis**

**For the three months ended January 31, 2023 and 2022**

**(Expressed in United States dollars)**

**ARRAS MINERALS CORP.**

Management's Discussion and Analysis

For the three months ended January 31, 2023 and 2022

(Expressed in United States Dollars, except as noted)

**Introduction**

This management's discussion and analysis ("**MD&A**") has been prepared by management in accordance with the requirement of NI 51-102 as of March 30, 2023, reviews and summarizes the activities of Arras Minerals Corp. (the "**Company**" or "**Arras**") for the three months period ended January 31, 2023 and 2022, and was prepared in accordance with International Financial Reporting Standards ("**IFRS**") as issued by the International Accounting Standards Board. This MD&A is intended to supplement the Company's unaudited condensed interim consolidated financial statements for the three months ended period January 31, 2023 and the Company's audited financial statements for the year ended October 31, 2022, and the related notes contained respectively therein which have been prepared under IFRS. All amounts are in U.S. dollars unless otherwise specified.

Management is responsible for the preparation and integrity of the condensed interim consolidated financial statements, including the maintenance of appropriate information systems, procedures and internal controls to ensure that information used internally or disclosed externally, including the MD&A, is complete and reliable.

**GENERAL BUSINESS OVERVIEW**

Arras is a Canadian exploration and development company advancing a portfolio of copper and gold assets in northeastern Kazakhstan. The Company has secured the third-largest license package in the country for copper and gold, trailing only Rio Tinto and Fortescue Metals Group in size. The Company's common shares are traded on the TSX Venture Exchange (the "**TSXV**") under the symbol "ARK" and its most recent filings are available on the System for Electronic Document Analysis and Retrieval ("**SEDAR**") and can be accessed at www.sedar.com.

Arras was incorporated on February 5, 2021, under the *Business Corporations Act* (British Columbia) as a wholly owned subsidiary of Silver Bull Resources, Inc. ("**SVB**" or "**Silver Bull**"). Arras was formed to hold SVB's interests in the Beskauga property located in Kazakhstan (the "**Beskauga Property**"), which consists of the Beskauga Main project (the "**Beskauga Main Project**") and the Beskauga South project (the "**Beskauga South Project**" and together with the Beskauga Main Project, the "**Beskauga Project**"). On September 24, 2021, SVB completed the Spin Out (as defined below) and shareholders of SVB were issued a total of 34,547,838 common shares in the capital of the Company (each a "**Common Share**"). The Company's head office is located at Suite 1605, 777 Dunsmuir Street, Vancouver, British Columbia, Canada, V7Y 1K4 and its registered and records office is located at Suite 2600, 595 Burrard Street, Vancouver, British Columbia, Canada, V7X 1L3.

On March 19, 2021, SVB transferred its Kazakh assets to the Company pursuant to the terms of an Asset Purchase Agreement (the "**APA**") in exchange for the issuance of 36,000,000 Common Shares of the Company to SVB (the "**Asset Transfer**"). The transferred assets included an option agreement with respect to the Beskauga Property (the "**Beskauga Option Agreement**"), a joint venture agreement with respect to the Stepnoe and Ekidos properties and loans payable by Ekidos Minerals LLP ("**Ekidos LLP**") to SVB. Subsequently, on September 24, 2021, SVB distributed 34,547,838 Common Shares issued to SVB in respect of the Asset Transfer to its shareholders by way of a special dividend, on the basis of one Common Share for each common share in the capital of SVB (the "**Distribution**" and, together with the Asset Transfer, the "**Spin Out**"). Prior to completion of the Spin Out, the Company entered into a Separation and Distribution Agreement (the "**Separation and Distribution Agreement**") with Silver Bull. The Separation and Distribution Agreement set forth the Company's agreements with Silver Bull regarding the principal actions to be taken in connection with the Distribution and the Spin Out.

On February 3, 2022, the Company purchased 100% of the issued and outstanding shares of Ekidos LLP and Ekidos LLP became a wholly-owned subsidiary of the Company. The total consideration was $1,000 as described below.

**ARRAS MINERALS CORP.**<br>Management's Discussion and Analysis<br>For the three months ended January 31, 2023 and 2022<br>(Expressed in United States Dollars, except as noted)<br>

**OVERALL PERFORMANCE AND RESULTS OF operationS**

The following selected information has been derived from the Company's condensed interim consolidated financial statements for the three months ended January 31, 2023 and 2022 and should be read in conjunction with the Company's condensed interim consolidated financial statements, which are available at www.sedar.com:

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| | | | |
|:---|:---|:---|:---|
|  | **January 31, 2023** | **October 31, 2022** | **October 31, 2022** |
|  |  | $— | **$** |
| &nbsp;&nbsp;Cash and cash equivalents |  |  | 424124 |
| &nbsp;&nbsp;Mineral properties |  |  | 5035259 |
| &nbsp;&nbsp;Total assets |  |  | 6650851 |
| &nbsp;&nbsp;Current liabilities |  |  | 578637 |
| &nbsp;&nbsp;Total liabilities |  |  | 781524 |
| &nbsp;&nbsp;Working capital |  |  | 18906 |

---

---

| | | |
|:---|:---|:---|
|  | **For the three months ended January 31, 2023** | **For the three months ended January 31, 2022** |
| **Expenses** |  |  |
| Exploration |  |  |
| Personnel |  |  |
| Marketing and shareholders' communication |  |  |
| Directors' fees |  |  |
| Office and administrative |  |  |
| Professional services |  |  |
| Depreciation |  |  |
| Loss from operations |  |  |
| Foreign currency translation gain (loss) |  |  |
| Interest income |  |  |
| Other income (expenses) |  |  |
| <br>**Net and Comprehensive Loss for the Period** |  |  |
| <br>**Basic and Diluted Loss Per Common Share** |  |  |
| <br>**Weighted Average Number of Common Shares Outstanding** |  |  |

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**<u>For the three months ended January 31, 2023 and 2022</u>**

For the three months ended January 31, 2023, the Company had no revenue and incurred a net loss of $1,645,048 compared to a net loss of $849,619 for the same period last year.

**Exploration costs**

Exploration costs increased $1,044,000 to $1,282,000 for the three months ended January 31, 2023 as compared to $238,000 for the same period last year. The increase was mainly the result of the Company's acquisition of Ekidos LLP on February 3, 2022 and as such, including Ekidos' operational results from the date of acquisition, as well as an increase in the exploration activities at Beskauga.

**Personnel**

Personnel costs decreased $83,000 to $193,000 for the three months ended January 31, 2023 as compared to $276,000 for the same period last year. The decrease was mainly due to a $47,000 decrease in stock-based compensation and a $32,000 decrease in the bonus due to the timing of the accrual.

**ARRAS MINERALS CORP.**<br>Management's Discussion and Analysis<br>For the three months ended January 31, 2023 and 2022<br>(Expressed in United States Dollars, except as noted)<br>

**Marketing and shareholder's communication**

Marketing and shareholders' communication increased $75,000 to $85,000 for the three months ended January 31, 2023 as compared to $10,000 for the same period last year. The increase was mainly due to the increased promotional activities related to investors' meetings and conferences as a publicly-listed company in the three months ended January 31, 2023 as compared to the same period last year when the Company was still private.

**Directors' fees**

Directors' fees decreased $17,000 to $70,000 for the three months ended January 31, 2023 as compared to the $87,000 for the same period last year. The decrease was mainly due to a $11,000 decrease in stock-based compensation and a $6,000 decrease in director fees as the result of revised director's fees commencing in January 2022 compared to the same period last year.

**Office and administrative** 

Office and administrative costs decreased $8,000 to $29,000 for the three months ended January 31, 2023 as compared to $37,000 for the same period last year. The decrease was mainly due to the accounting for office lease costs in the current period, where part of the lease costs are recorded as depreciation, whereas in the prior period, the Company incurred shared office rent. This decrease was offset by an increase in travel costs.

**Professional services**

Professional fees decreased $84,000 to $13,000 for the three months ended January 31, 2023 as compared to $97,000 for the same period last year. The decrease was mainly due to legal and accounting costs incurred in relation to the Company's listing on the TSXV during the comparative period.

**Stock-based compensation**

Stock-based compensation was a factor in the fluctuations in general and administrative expenses. Overall stock-based compensation included in general and administrative expense decreased to $64,000 for the three months ended January 31, 2023 from $123,000 for the same period last year. This was mainly due to stock options vesting in the three months ended January 31, 2023 having a lower fair value than stock options vesting in the comparable period.

**Depreciation**

Depreciation costs increased $13,000 to $21,000 for the three months ended January 31, 2023 as compared to $8,000 for the same period last year. The increase was mainly due to a portion of office lease costs being recorded as depreciation commencing in March 2022 and additional office equipment.

**Other income (expenses)**

The Company recorded other income of $48,000 for the three months ended January 31, 2023, as compared to other expenses of $96,000 for the comparable period last year. The significant factors contributing to other income was a $21,000 foreign currency exchange gain and $27,000 in interest income for the three months ended January 31, 2023. The significant factor contributing to other expenses was a $96,000 foreign currency exchange loss for the comparable period last year. The foreign currency exchange gain in the three months ended January 31, 2023 was the result of the appreciation of the $CDN. The foreign currency exchange loss in the three months ended January 31, 2022 was the result of the depreciation of the $CDN.

**ARRAS MINERALS CORP.**<br>Management's Discussion and Analysis<br>For the three months ended January 31, 2023 and 2022<br>(Expressed in United States Dollars, except as noted)<br>

**DISCUSSION OF OPERATIONS**

**<u>Beskauga Project</u>**

The Beskauga Project is located in the Pavlodar region of north-eastern Kazakhstan, approximately 300 km northeast from the Kazakhstan capital, Astana. The Beskauga Project is interpreted by Arras to represent a copper-gold porphyry deposit and consists of three licenses: the Beskauga license which was issued under the older Kazakh permitting system, and the Ekidos and Stepnoe licenses which were issued under the new Kazakh mining code in October 2020. The Beskauga license is held by Dostyk LLP, a Kazakh entity 100% owned by Copperbelt AG ("**Copperbelt**"), a private mineral exploration company registered in Switzerland with which Arras has the Beskauga Option Agreement. Pursuant to the Beskauga Option Agreement, Arras has the exclusive right and option (the "**Beskauga Option**") to acquire Copperbelt's right, title and 100% interest in the Beskauga property. The Ekidos and Stepnoe licenses are held by Ekidos LLP, which is 100% controlled by Arras.

Arras commenced an exploration program in the second calendar quarter of 2021 on the Beskauga Property. This involved a geological mapping and a sampling program of key select areas, as well as a diamond drilling program targeting extensions to the known mineralization. The exploration program's design was determined based on historical geological information in the area and an airborne geophysics program that was completed in April 2021. The final geophysical products for the airborne magnetic survey were received in the third quarter of 2021.

In 2022, diamond drilling continued to test targets in, and around the known mineralization of the Beskauga deposit and also along the trend of known anomalous mineralization. Followup soil sampling and additional KGK drilling was also completed targeting areas of interest identified from the airborne magnetic survey flown in 2021. Drill results to date continue to demonstrate broad intervals of copper-gold mineralization starting immediately below the unconsolidated cover layer which is approximately 40 meters in depth. KGK drilling throughout 2022 continued to extend the anomalous copper and gold mineralization found in bedrock just below the unconsolidated cover layer which has led to additional diamond drill targets being prioritized.

During the three months ended January 31, 2023, the Company completed 1,561 meters of diamond drilling through its wholly-owned subsidiary, Ekidos LLP. For the project to February 28, 2023, approximately 19,000 meters of diamond drilling has been completed.

**<u>Resource Estimation</u>**

The table below summarizes the updated resource estimate at the Beskauga Project:

Mineral Resource Estimate for the Beskauga Deposit

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| | | | | |
|:---|:---|:---|:---|:---|
| **Category** | **Tonnage (Mt)** | **Cu (%)** | **Au (g/t)** | **Ag (g/t)** |
| Indicated | 111.2 | 0.30 | 0.49 | 1.34 |
| Inferred | 92.6 | 0.24 | 0.50 | 1.14 |

---

According to the NI 43-101 Technical Report dated February 20, 2022 for the Beskauga Project in Pavlodar Region, north-eastern Kazakhstan, all Mineral Resources were updated by Mr. David Underwood, B.Sc. (Hons) Registered Professional Natural Scientist, South Africa Council for Natural Scientific Professions Pr. Sci. Nat. No.400323/11 and Mr. Matthew Dumala, P. Eng. as Independent Qualified Persons "Qualified Persons" defined under National Instrument 43-101 standards.

**<u>Exploration Licenses</u>**

In addition to the Ekidos and Stepnoe licenses, on May 20, 2021, Ekidos LLP entered into the Maikain Joint Venture Agreement (the "**Maikain JV Agreement**") with Orogen LLP, a company incorporated under the laws of Kazakhstan, in connection with, among other things, mineral license applications for, and further exploration and evaluation of, certain properties in an area of interest, including the Akkuduk, Norgubek, Maisor, Elemes, Aktasty, Besshoky, Aimanday and South Bosshakol properties located in Kazakhstan.

As of January 31, 2023, Arras's wholly-owned subsidiary, Ekidos LLP, had been granted ten exploration licenses in Kazakhstan. These exploration licenses have been granted for an initial 6-year period, with the possibility of a 5-year extension.

**ARRAS MINERALS CORP.**<br>Management's Discussion and Analysis<br>For the three months ended January 31, 2023 and 2022<br>(Expressed in United States Dollars, except as noted)<br>

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| | | |
|:---|:---|:---|
| **Property** | **Exploration License** | **Grant Date** |
| Ekidos | 875-EL | October 22, 2020 |
| Stepnoe | 876-EL | October 22, 2020 |
| Akkuduk | 1178-EL | February 2, 2021 |
| Norgubek | 1413-EL | August 20, 2021 |
| Maisor | 1471-EL | October 22, 2021 |
| Elemes | 1555-EL | January 14, 2022 |
| Aktasty | 1675-EL | March 18, 2022 |
| Besshoky | 1819-EL | August 15, 2022 |
| Aimanday | 1840-EL | September 23, 2022 |
| South Bosshakol | 1866-EL | October 22, 2022 |

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**<u>Exploration Plan for 2023</u>**

For 2023, the exploration program at the Beskauga Property involves a geological mapping and sampling program, as well as additional diamond drilling. The program's design is based on work completed by Arras in 2022, historical geological information collected by other companies, and various geophysical surveys, and it aims to upgrade the existing resource and test the wider area that has not yet been drilled.

The program includes a 15,000-meter exploration drill program to fully test the entire mineralizing system at Beskauga, collection of multi-element litho-geochemical data and hyperspectral data from a selection of historical pulps and drill core, and continued relogging of select drill core, among other things. The program also includes follow-up on regional targets with geophysics and prospect drilling within the Beskauga License area.

In addition, the program involves addressing any other gaps to be filled to advance the project towards a Mineral Resource update and ultimately a preliminary feasibility study, as well as detailing power and water sources, requirements, and beginning all permitting processes.

Overall, the program in 2023 aims to provide a better understanding of the deposit architecture and support an improved three-dimensional (3D) geological model to guide additional metallurgical sampling, among other objectives. The activities described above are expected to be completed by December 31, 2023.

In addition to the Beskauga License, as noted above, Arras holds 10 regional mineral exploration licenses which target the same belt of rocks that host the Beskauga deposit. All of these license areas are early Greenfields in nature. The work program for 2023 plans to build on exploration activities completed during 2022 and includes several objectives:

**ARRAS MINERALS CORP.**<br>Management's Discussion and Analysis<br>For the three months ended January 31, 2023 and 2022<br>(Expressed in United States Dollars, except as noted)<br>

&nbsp;&nbsp;&nbsp;&nbsp;· Compile historical Soviet work on these areas, which may provide valuable information about the geology,
mineralization, and potential exploration targets. This work may include reviewing and analyzing historical reports, maps, and data from
previous exploration programs.

&nbsp;&nbsp;&nbsp;&nbsp;· Follow up on these areas with mapping and prospecting. Mapping involves identifying and documenting the
rock types, structures, and other geological features present in the area, while prospecting involves systematically searching for mineralization
and collecting samples for analysis to identify areas with potential for mineralization.

&nbsp;&nbsp;&nbsp;&nbsp;· Target areas with appropriate soil horizons with soil grids. Soil grids involve collecting soil samples
at regular intervals to identify anomalies in the distribution of metals or other elements associated with mineralization.

&nbsp;&nbsp;&nbsp;&nbsp;· Follow up on prospective areas with targeted geophysics and prospect drilling. Geophysics involves using
various techniques, such as ground magnetics, induced polarization, and electromagnetic surveys, to detect subsurface mineralization.
Prospect drilling involves drilling holes in areas with potential mineralization to confirm the presence and extent of mineralization
and to collect samples for analysis.

Overall, the work program for 2023 aims to advance exploration in these early Greenfields and identify areas with potential for mineralization, which may ultimately lead to the discovery of new deposits.

The work programs on Beskauga and the regional mineral exploration licenses will be carried out concurrently as a single phase of work, subject to the Company obtaining sufficient financing.

**<u>Exploration and Evaluation Assets</u>**

Under the terms of the Beskauga Option Agreement, the exploration expenditure requirements and incurred are summarized as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Period** | **Annual Expenditure Required** | **Cumulative Expenditure Required** | **Annual Expenditure Incurred** | **Cumulative Expenditure <br>Incurred** |
| By January 26, 2022 (1 year from Closing Date) | $2 million | $2 million <br>(met) | $4.50 million  | $4.50 million  |
| By January 26, 2023 (2 years from Closing Date) | $3 million | $5 million <br>(met) | $3.42 million | $7.92 million |
| By January 26, 2024 (3 years from Closing Date) | $5 million | $10 million | n/a | $7.92 million |
| By January 26, 2025 (4 years from Closing Date) | $5 million | $15 million | n/a | $7.92 million |

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As of January 31, 2023, approximately $7.92 million of the required expenditures have been incurred under the Beskauga Option Agreement via investment agreements with Dostyk LLP, the holder of the Beskauga exploration license, and expenditures incurred by Ekidos LLP in relation to the Stepnoe and Ekidos properties. This has satisfied, and surpassed, the cumulative second-year exploration expenditure commitment.

In addition, the Beskauga Option Agreement provides that subject to its terms and conditions, the Company may be obligated to make the following bonus payments (collectively, the "Bonus Payments") to Copperbelt if the Beskauga Main Project or the Beskauga South Project is the subject of a bankable feasibility study prepared in compliance with National Instrument 43-101 ("NI 43-101") indicating gold equivalent resources in the amounts set forth below, with (i) (A) 20% of the Bonus Payments payable after completion of the bankable feasibility study or after the mineral resource statement is finally determined and (B) the remaining 80% of the Bonus Payments due within 15 business days of commencement of on-site construction of a mine for the Beskauga Main Project or the Beskauga South Project, as applicable, and (ii) up to 50% of the Bonus Payments payable in shares of Silver Bull common stock to be valued at the 20-day volume-weighted average trading price of the shares on the Toronto Stock Exchange calculated as of the date immediately preceding the date such shares are issued:

**ARRAS MINERALS CORP.**<br>Management's Discussion and Analysis<br>For the three months ended January 31, 2023 and 2022<br>(Expressed in United States Dollars, except as noted)<br>

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| | |
|:---|:---|
| **Gold equivalent resources** | **Cumulative Bonus Payments (US$)** |
| Beskauga Main Project | Beskauga Main Project |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,000,000 ounces | $2000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,000,000 ounces | $6000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7,000,000 ounces | $12000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10,000,000 ounces | $20000000 |
| Beskauga South Project | Beskauga South Project |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,000,000 ounces | $2000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,000,000 ounces | $5000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,000,000 ounces | $8000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,000,000 ounces | $12000000 |

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Pursuant to the Separation and Distribution Agreement, Arras may, in its sole discretion, seek the consent of the other parties to the Beskauga Option Agreement to make certain amendments thereto such that the Bonus Payments that Arras or its affiliate may be obligated to pay Copperbelt pursuant to the Beskauga Option Agreement could be satisfied, at the option of Arras, in Common Shares. If Arras is not successful in obtaining such consents, Silver Bull will agree to use commercially reasonable efforts to enter into an arrangement with Arras providing for (i) the issuance of Silver Bull common stock to Copperbelt upon (A) Arras becoming obligated to make the Bonus Payments and (B) Arras electing to pay a portion of such Bonus Payments in Silver Bull common stock in accordance with the Beskauga Option Agreement and (ii) a payment by Arras to Silver Bull in consideration for the issuance by Silver Bull of Silver Bull common stock to Copperbelt.

Pursuant to the Beskauga Option Agreement, the bankable feasibility study (i) must be a detailed report prepared in compliance with NI 43-101, in form and substance sufficient for presentation to arm's length institutional lenders considering project financing, showing the feasibility of placing any part of the Beskauga Property into commercial production as a mine, and (ii) must include a reasonable assessment of the various categories of mineral reserves and their amenability to metallurgical treatment, a complete description of the work, equipment and supplies required to bring such part of the Beskauga Property into commercial production and the estimated cost thereof, a description of the mining methods to be employed and a financial appraisal of the proposed operations. As noted above, the feasibility study must be prepared in compliance with NI 43-101 and the accompanying definition of "feasibility study" prescribed by the CIM.

***<u>Acquisition of Ekidos Minerals LLP</u>***

On February 3, 2022, the Company purchased 100% of the issued and outstanding shares of Ekidos LLP. Total consideration was $1,000 cash. Ekidos LLP is in the business of the exploration and evaluation of mineral properties in Kazakhstan.

The acquisition was accounted for by the Company as a purchase of assets and assumption of liabilities. The acquisition did not qualify as a business combination under IFRS 3 - Business Combinations, as the significant inputs, processes and outputs, that together constitute a business, did not exist in Ekidos LLP at the time of acquisition.

**ARRAS MINERALS CORP.**<br>Management's Discussion and Analysis<br>For the three months ended January 31, 2023 and 2022<br>(Expressed in United States Dollars, except as noted)<br>

The following table summarizes the preliminary purchase price allocation:

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| | |
|:---|:---|
| **Purchase price:** | |
| &nbsp;&nbsp;&nbsp;Cash | $1000 |
| &nbsp;&nbsp;&nbsp;**Total consideration** | 1000 |
| &nbsp;&nbsp;&nbsp; **Net assets acquired:** |  |
| &nbsp;&nbsp;&nbsp;Cash | 34050 |
| &nbsp;&nbsp;&nbsp;Other receivables | 371294 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 5806141 |
| &nbsp;&nbsp;&nbsp;Office and equipment | 42184 |
| &nbsp;&nbsp;&nbsp;Mineral properties | 4383656 |
| &nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | (95798) |
| &nbsp;&nbsp;&nbsp;Loans payable to Arras | (5315000) |
| &nbsp;&nbsp;&nbsp;**Total net assets acquired** | $1000 |

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 ****

***<u>Mineral Property</u>***

As of January 31, 2023, a balance of $5,035,259 is recorded as mineral property assets. This balance primarily consists of $327,690 in relation to the acquisition of the Beskauga Option Agreement and other Kazakh assets from Silver Bull in March 2021, $323,913 in relation to the issuance of common shares as a finder's fee for the introduction of the owners of the Beskauga project to the Company and $4,383,656 in relation to the acquisition of Ekidos LLP on February 3, 2022.

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| | |
|:---|:---|
| Balance, October 31, 2021 | $651603 |
| Acquisition of Ekidos | $4383656 |
| Balance, October 31, 2022 | $5035259 |
| Balance, January 31, 2023 | $5035259 |

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***<u>Exploration and Related Costs</u>***

A summary of the material components of the Company's exploration expenses during the three months ended January 31, 2023 and 2022 are as follows:

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| | | |
|:---|:---|:---|
|  | **For the three months ended January 31, 2023** | **For the three months ended January 31, 2022** |
| Drilling and sampling | $824654 | $— |
| Personnel | 302198 | 137452 |
| Site operations | 115113 | 8623 |
| Stock-based compensation | 11718 | 41011 |
| Professional services | 14915 | 25577 |
| Travel | 1390 | 11437 |
| Insurance | 3564 |  |
| Depreciation | 8810 |  |
| Other |  | 13643 |
| **Total Exploration and Related Costs** | $1282362 | $237743 |

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Arras incurred $1,282,362 and $237,743 in exploration and related costs in the three months ended January 31, 2023 and 2022, respectively. These were mainly due to drilling and sampling costs, geological experts' costs, stock-based compensation to contractors, travel costs and other exploration activities relating to the exploration program in Northeastern Kazakhstan.

**ARRAS MINERALS CORP.**<br>Management's Discussion and Analysis<br>For the three months ended January 31, 2023 and 2022<br>(Expressed in United States Dollars, except as noted)<br>

**<u>Share Capital Highlights</u>**

***During the three months ended January 31, 2023***

From November 10, 2022 to December 16, 2022, the Company completed a series of tranches of a private placement, issuing a total of 15,938,250 common shares at a price of $CDN 0.45 per common share for gross proceeds of $CDN 7,172,213 ($5,340,350). The Company paid finder's fees totaling $CDN 84,432 ($61,629) to agents with respect to certain purchasers who were introduced to the Company. The Company incurred other offering costs associated with this private placement in the amount of $43,749.

Of this private placement, Teck Resources Limited purchased 6,650,000 of the common shares issued, and owns 9.7% of the Company's outstanding shares as of January 31, 2023.

***During the three months ended January 31, 2022***

 ****

On November 21, 2021, the Company completed the second tranche of a private placement for 2,106,000 common shares at a price of $CDN 1.00 per common share for gvross proceeds of $CDN 2,106,000 ($1,670,756). The Company incurred other offering costs associated with the second tranche of private placement of $4,900 and issued in aggregate 21,630 common shares fair valued at CDN $21,630 ($17,208) as finder's fees.

On December 20, 2021, the Company completed the third and final tranche of a private placement for 1,520,000 common shares at a price of $CDN 1.00 per common share for gross proceeds of $CDN 1,520,000 ($1,186,388). The Company paid finder's fees totaling $CDN 50,000 ($39,026) to an agent with respect to certain purchasers who were introduced by the agent. The Company incurred other offering costs associated with the third and final tranche of private placement of $5,644 and issued in aggregate 24,420 common shares fair valued at $CDN 24,420 ($19,427) as finder's fees.

***Subsequent Events***

On February 24, 2023, the Company granted 414,984 equity-settled restricted share units ("RSUs") to officers, in accordance with the Company's Equity Incentive Plan. The weighted average grant date fair value of the RSUs was $CDN 0.47.

**Summary of SELECTED HIGHLIGHTS Of quarterly information**

The following tables contain quarterly information for the last eight quarters of the Company from the date its inception on February 5, 2021 through January 31, 2023:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **January 31, 2023** | **October 31, 2022** | **July 31,<br> 2022** | &nbsp;&nbsp;&nbsp;**April 30, 2022** |
|  | $ | $ | $ | $ |
| **Balance Sheet** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Current assets | 4387776 | 597543 | 2076257 | 2291445 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current liabilities | 679851 | 578637 | 422617 | 578366 |
| &nbsp;&nbsp;&nbsp;&nbsp;Working capital | 3707925 | 18906 | 1653640 | 1713079 |
| **Shareholders' Equity** | 9535418 | 5869327 | 7520508 | 7558385 |
| **Operations** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenue |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss | 1645048 | 1743143 | 1393967 | 1959730 |

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**ARRAS MINERALS CORP.**<br>Management's Discussion and Analysis<br>For the three months ended January 31, 2023 and 2022<br>(Expressed in United States Dollars, except as noted)<br>

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **January 31, 2022** | **October 31, 2021** | **July 31,**<br> **2022** | **February 5, 2021 to<br> April 30,<br> 2021** |
|  | $ | $ | $ | $ |
| **Balance Sheet** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Current assets | 8984482 | 7035558 | 2494798 | 2997570 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current liabilities | 396472 | 541624 | 390461 | 282221 |
| &nbsp;&nbsp;&nbsp;&nbsp;Working capital | 8588010 | 6493934 | 2104337 | 2715349 |
| **Shareholders' Equity** | 9373683 | 7250703 | 2436469 | 3093190 |
| **Operations** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenue |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss | 848619 | 768999 | 779562 | 563021 |

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The Company is focused on the exploration and development of the Beskauga Project and does not yet generate any revenue. Consistent with the acquisition of Ekidos LLP in February 2022, the Company's net losses have increased from the periods prior to the acquisition. The Company's changes in net income and loss from one period to another depends largely on exploration activities, corporate and administrative expenditure, granting of stock options and the timing of the relevant vesting schedules, which are offset by any other income accrued in the period.

The fluctuations in working capital from quarter to quarter are dependent upon financing of the Company's operations.

**LIQUIDITY AND CAPITAL RESOURCES**

The net working capital of the Company at January 31, 2023 was $3,707,925 (October 31, 2022: $18,906).

For the three months ended January 31, 2023, the Company used $1,540,661 in cash for operating activities compared to $769,420 for the same period last year. The significant increase was mainly the result of the Company's acquisition of Ekidos LLP on February 3, 2022 and as such, including Ekidos' operational results from the date of acquisition, as well as an increase in the exploration activities at Beskauga. The Company's cash flows from operations are negative as it is an exploration stage company.

For the three months ended January 31, 2023, the Company used $4,666 in cash for the purchase of equipment. Cash flows used in investing activities for the three months ended January 31, 2022 was $2,139,494, which included $2,136,500 for loans made to Ekidos LLP prior to it becoming a subsidiary of the Company and $2,994 cash for the purchase of equipment.

For the three months ended January 31, 2023, the Company had net cash provided by financing activities of $5,230,276, which were the net proceeds of the private placements completed in November and December 2022 and was offset by $23,718 repayment of the lease liability. Cash flow provided by financing activities for the three months ended January 31, 2022 were net proceeds of $2,832,372 from private placements in November and December 2021.

**<u>Liquidity Outlook</u>**

At present, the Company's operations do not generate cash inflows and its financial success is dependent on management's ability to discover economically viable mineral deposits and raise cash through financings. The mineral exploration process can take many years and is subject to factors that are beyond the Company's control.

As of January 31, 2023, the Company had incurred approximately $7.92 million of the required expenditures and has an additional $7.08 million in exploration expenditure requirements by January 26, 2025 under the Beskauga Option Agreement, as detailed in the "Discussion of Operations" section.

Additionally, as of January 31, 2023, the Company has $8.07 million in explorational commitments mandated by relevant Kazakh government authorities to keep its exploration licenses in good standing, and $303,000 in lease commitments relating to future contractually obligated payments of its corporate office.

**ARRAS MINERALS CORP.**<br>Management's Discussion and Analysis<br>For the three months ended January 31, 2023 and 2022<br>(Expressed in United States Dollars, except as noted)<br>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **< 1 year** | **1-2 years** | **2-3** <br> **years** | **3-4** <br> **years** | **4-5** <br> **years** | **Thereafter** | **Total** |
| Lease commitments | 96455 | 98179 | 99902 | 8337 |  |  | 302873 |
| Beskauga Option agreement commitments | 2076021 | 5000000 |  |  |  |  | 7076021 |
| Exploration licenses expenditure commitments | 1175336 | 1506084 | 1919729 | 2006636 | 1326054 | 138721 | 8072560 |
|  | 3347812 | 6604263 | 2019631 | 2014973 | 1326054 | 138721 | 15451454 |

---

In order to finance the Company's operations, future exploration programs, make payments and undertake expenditures to maintain the effectiveness of the Beskauga Option and to cover administrative and overhead expenses, the Company will need to raise funds through equity sales, from the exercise of convertible securities, debt, deferral of payments to related parties, or other forms of raising capital. Many factors influence the Company's ability to raise funds, including the health of the resources market, the climate for mineral exploration investment, the Company's track record, and the experience and caliber of its management. Actual funding requirements may vary from those planned due to a number of factors, including the progress of exploration activities. Management believes it will be able to raise equity capital as required in the short and long term but recognizes that there will be risks involved which may be beyond its control.

**<u>Going Concern</u>**

The Company's condensed interim consolidated financial statements are 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. As at January 31, 2023, the Company has not yet achieved profitable operations. This condition indicates the existence of a material uncertainty which may cast significant doubt about the Company's ability to continue as a going concern. The continuing operations of the Company are dependent upon obtaining necessary financing to meet the Company's commitments as they come due and to finance the Company's operations, future exploration programs, make payments and undertake expenditures to maintain the effectiveness of the Beskauga Option and to cover administrative and overhead expenses. Failure to continue as a going concern would require that assets and liabilities be recorded at their liquidation values, which might differ significantly from their carrying values. The condensed interim consolidated financial statements of the Company for the three months ended January 31, 2023 do not include adjustments that would be necessary should the Company be unable to continue as a going concern. These adjustments could be material.

**OFF- BALANCE SHEET TRANSACTIONS**

The Company has no off-balance sheet arrangements as at January 31, 2023 or at the date of this MD&A.

**RELATED PARTY TRANSACTIONS**

Parties are considered to be related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Related parties may be individuals or corporate entities. A transaction is considered to be a related party transaction when there is a transfer of resources or obligations between related parties.

Key management personnel include those persons having authority and responsibility for planning, directing and controlling the activities of the Company as a whole. The Company has determined that key management personnel consist of executive and non-executive members of the Company's Board of Directors and corporate officers.

At January 31, 2023, and October 31, 2022, accounts payable and accrued liabilities contained the following amounts due to related parties:

**ARRAS MINERALS CORP.**<br>Management's Discussion and Analysis<br>For the three months ended January 31, 2023 and 2022<br>(Expressed in United States Dollars, except as noted)<br>

---

| | | |
|:---|:---|:---|
|  | **January 31, 2023** | **October 31, 2022** |
| CEO (1) | $82000 | $82423 |
| President (2) | 82992 | 83420 |
| CFO (3) | 49351 | 49650 |
| Directors' fees (4) | 9250 | 19390 |
| Directors' fees (4) | 5058 | 11380 |
| Directors' fees (4) | 4466 | 9307 |
| Directors' fees (4) | 4136 | 8954 |
| Directors' fees (4) | 4795 | 3282 |
| **Total** | $242048 | $267806 |

---

*(1) Includes a bonus accrual for 2022 and 2021.* 

*(2) Includes a bonus accrual for 2022 and 2021, and expense reimbursements.*

*(3) Includes a bonus accrual for for 2022 and 2021, and expense reimbursements.* 

*(4) For directors' fees.* 

During the three months ended January 31, 2023, expenses totalling $48,834 were incurred by Silver Bull on the Company's behalf pursuant to the Separation and Distribution Agreement, which provides for a framework for the relationship between the parties during and after the Distribution. If specific identification of expenses is not practicable, a proportional cost allocation based on management's estimation is applied. As at January 31, 2023, $10,822 (October 31, 2022, $23,196) due to related party consists of amounts due to Silver Bull for office related costs and salaries reimbursements. The balance of due from and due to related party is interest free and is to be repaid on demand.

Pursuant to the Separation and Distribution Agreement, Silver Bull agreed to continue to incur the salaries of its employees and other office-related overhead costs and charge Arras for a portion of these costs on a pro-rata cost-recovery basis until the earlier of (i) the date on which Arras' common shares are listed on a stock exchange or (ii) December 31, 2021. In February 2022, the Company entered into employment and consulting agreements, effective January 1, 2022, with each member of the management team.

---

| | | |
|:---|:---|:---|
|  | **January 31, 2023** | **January 31, 2022** |
| Directors' fees | $— | $8998 |
| Personnel | 55800 | 111829 |
| Office and administrative | 4251 | 23810 |
| Office rent reimbursement | (11217) |  |
|  | $48834 | $144637 |

---

During the three months ended January 31, 2023 and 2022, the Company paid or accrued the following amounts to officers, directors or companies controlled by officers and/or directors:

---

| | | |
|:---|:---|:---|
|  | **January 31, 2023** | **January 31, 2022** |
| Share-based payments | $61827 | $115764 |
| CEO | 55230 | 47882 |
| President | 55230 | 59530 |
| CFO | 33138 | 34230 |
| Directors' fees | 11035 | 20722 |
| Directors' fees | 5058 | 5862 |
| Directors' fees | 5058 | 5862 |
| Directors' fees | 4598 | 4885 |
| Directors' fees | 5518 |  |
|  | $236692 | $294737 |

---

**ARRAS MINERALS CORP.**<br>Management's Discussion and Analysis<br>For the three months ended January 31, 2023 and 2022<br>(Expressed in United States Dollars, except as noted)<br>

**PROPOSED TRANSACTIONS**

The Company has no proposed transactions that have not been disclosed herein as at January 31, 2023 or as at the date of this MD&A.

**Financial InstRuments and Capital Risk Management**

The Company provides information about its financial instruments measured at fair value at one of three levels according to the relative reliability of the inputs used to estimate the fair value:

Level 1 – quoted prices (unadjusted) in active markets for identical assets or liabilities;

Level 2 – inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices); and

Level 3 – inputs for the asset or liability that are not based on observable market data (unobservable inputs).

The Company's financial instruments consist of cash and cash equivalents, accounts payables and accrued liabilities, lease liabilities and due from related party. The carrying values of these financial instruments approximate their respective fair values due to the term of these instruments.

The Company's financial instruments classified as Level 1 in the fair value hierarchy are cash and cash equivalents, accounts payable and accrued liabilities, lease liability and due to related party. The lease liability is classified as Level 3 financial instruments. The carrying values approximate the fair values due to the short-term maturity of these instruments. There were no transfers between fair value levels during the three months ended January 31, 2023.

The Company's risk exposures and the impact on the Company's financial instruments are summarized below:

**<u>Credit risk</u>**

The Company's credit risk on other receivables is negligible.

The Company's primary exposure to credit risk is its cash and cash equivalents of $4,109,073 as at January 31, 2023. Management believes that the credit risk concentration with respect to cash and cash equivalents is remote as it maintains accounts with highly rated financial institutions. Cash and cash equivalents are denominated in $USD, $CDN and Kazakh Tenge, and consist of guaranteed investment certificates for the terms of less than 100 days acquired from a Canadian financial institution.

**<u>Liquidity risk</u>**

Liquidity risk is the risk that the Company will encounter difficulty in satisfying its financial obligations as they become due. The Company manages its liquidity risk by forecasting cash flows from operations and anticipating investing and financing activities. As at January 31, 2023, the Company had working capital of $3,707,925 (October 31, 2022 - $18,906) and cash and cash equivalents of $4,109,073 (October 31, 2022 - $424,124), and is not exposed to significant liquidity risk at this time. However, as the Company is in the exploration stage, it will periodically have to raise funds to continue operations and intends to raise further financing through equity offerings.

**<u>Market risk</u>**

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises three types of risk: interest rate risk, foreign currency risk and other price risk. The Company is not currently exposed to any significant interest rate risk or other price risk. The Company is exposed to foreign currency risk with respect to cash denominated in Canadian dollars. As at January 31, 2023, a 10% strengthening (weakening) of the Canadian dollar against the United States dollar would have increased (decreased) the Company's comprehensive loss by approximately $266,000 for the three months ended January 31, 2023 (October 31, 2022 - $7,000).

The Company maintains a minimum cash balance of local currency in Kazakh bank accounts, and as such, the Company assesses such Kazakh Tenge foreign currency risk as low.

**ARRAS MINERALS CORP.**<br>Management's Discussion and Analysis<br>For the three months ended January 31, 2023 and 2022<br>(Expressed in United States Dollars, except as noted)<br>

**<u>Commodity Price Risk</u>**

The ability of the Company to raise funds to explore and develop its exploration and evaluation assets and the future profitability of the Company are directly related to the price of copper and gold. The Company monitors copper and gold prices to determine the appropriate course of action to be taken.

**SIGNIFICANT ACCOUNTING POLICIES AND ESTIMATION UNCERTAINTY**

The preparation of financial statements requires management to establish accounting policies, estimates and assumptions that affect the timing and reported amounts of assets, liabilities, revenues and expenses. These estimates are based on historical experience and on various other assumptions that management believes to be reasonable under the circumstances and require judgment on matters which are inherently uncertain. Details of the Company's significant accounting policies can be found in note 3 of the condensed interim consolidated financial statements for the three months ended January 31, 2023 and note 3 of the Company's annual consolidated financial statements for the year ended October 31, 2022 filed on SEDAR on February 24, 2023.

**OUTSTANDING SHARE CAPITAL**

The Company's authorized share capital consists of an unlimited number of Common Shares without par value. As of the date of this MD&A, the company had 68,504,400 Common Shares, 5,460,000 stock options and 1,971,289 SVB warrants issued and outstanding.

**QUALIFIED PERSON AND INFORMATION CONCERNING ESTIMATES OF MINERAL PROJECTS**

All of the scientific and technical information contained in this MD&A has been reviewed and/or approved by Tim Barry, CEO and Director of Arras, a Chartered Professional Geologist (MAusIMM CP Geo) with the Australasian Institute of Mining and Metallurgy and a "Qualified Person" for the purposes of National Instrument 43-101 - Standards of Disclosure for Minerals Projects.

**Risks and uncertainties**

The Company's business, operations and future prospects are subject to significant risks. For details of these risks, refer to the risk factors set forth in the Company's final long form prospectus ("**Final Long Form Prospectus**"), filed on SEDAR on May 31, 2022.

Management is not aware of any significant changes to the risks identified in the Final Long Form Prospectus. Such risk factors could materially affect the Company's business, operations, prospects and share price and could cause actual events to differ materially from those described in forward-looking statements relating to the Company. Additional risks and uncertainties not presently known to the Company or that the Company currently considers immaterial may also impair the business, operations, prospects and share price of the Company. If any of the risks actually occur, the business of the Company may be harmed, and its financial condition and results of operations may suffer significantly.

**ARRAS MINERALS CORP.**<br>Management's Discussion and Analysis<br>For the three months ended January 31, 2023 and 2022<br>(Expressed in United States Dollars, except as noted)<br>

**FORWARD-LOOKING STATEMENTS**

Certain statements, other than statements of historical fact, contained in this MD&A constitute "forward-looking information" within the meaning of certain securities laws, including the *Securities Act* (British Columbia) and are based on expectations, estimates and projections as of the date on which the statements are made in this MD&A. Forward-looking statements include, without limitation, statements with respect to:

&nbsp;&nbsp;&nbsp;&nbsp;· The sufficiency of the Company's existing cash resources to enable it to continue operations as
a going concern;

&nbsp;&nbsp;&nbsp;&nbsp;· Future exploration expenditures on the Beskauga Property, the potential exercise of the Beskauga Option
and potential bonus payments under the Beskauga Option Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;· The prospects of entering the development or production stage with respect to the Beskauga Project;

&nbsp;&nbsp;&nbsp;&nbsp;· Planned activities at the Beskauga Project and the other Kazakh exploration licenses in 2023 and beyond;

&nbsp;&nbsp;&nbsp;&nbsp;· The Company's ability to obtain and hold additional concessions in the Beskauga Project area;

&nbsp;&nbsp;&nbsp;&nbsp;· The sufficiency of surface rights in respect of the Beskauga Property if a mining operation is determined
to be feasible;

&nbsp;&nbsp;&nbsp;&nbsp;· The potential acquisition of additional mineral properties or property concessions;

&nbsp;&nbsp;&nbsp;&nbsp;· The impact of recent accounting pronouncements on the Company's financial position, results of operations
or cash flows and disclosures;

&nbsp;&nbsp;&nbsp;&nbsp;· The Company's ability to raise additional capital and/or pursue additional strategic options, and
the potential impact on its business, financial condition and results of operations of doing so or not; and

&nbsp;&nbsp;&nbsp;&nbsp;· The impact of changing interest rates and foreign currency exchange rates on the Company's financial
condition.

The words "plans", "expects", "scheduled", "budgeted", "projected", "estimated", "timeline", "forecasts", "anticipates", "suggests", "indicative", "intend", "guidance", "outlook", "potential", "prospects", "seek", "strategy", "targets" or "believes", or variations of such words and phrases or statements that certain future conditions, actions, events or results "will", "may", "could", "would", "should", "might" or "can", or negative versions thereof, "be taken", "occur", "continue" or "be achieved", and other similar expressions, identify forward-looking statements. Forward-looking statements are necessarily based upon management's perceptions of historical trends, current conditions and expected future developments, as well as a number of specific factors and assumptions that, while considered reasonable by management as of the date on which the statements are made in this MD&A, are inherently subject to significant business, economic and competitive uncertainties and contingencies which could result in the forward-looking statements ultimately being incorrect.

In addition to the various factors and assumptions set forth in this MD&A, the material factors and assumptions used to develop the forward-looking information include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;· the future prices of metals and other commodities;

&nbsp;&nbsp;&nbsp;&nbsp;· the ability to raise any necessary additional capital on reasonable terms to advance exploration and development
of the Beskauga Project;

&nbsp;&nbsp;&nbsp;&nbsp;· the demand for and stable or improving price of metals and other commodities;

&nbsp;&nbsp;&nbsp;&nbsp;· general business and economic conditions will not change in a material adverse manner;

&nbsp;&nbsp;&nbsp;&nbsp;· the Company's ability to procure equipment and operating supplies in sufficient quantities and on
a timely basis;

&nbsp;&nbsp;&nbsp;&nbsp;· the geology of the Beskauga Project as described in the Beskauga Technical Report;

&nbsp;&nbsp;&nbsp;&nbsp;· the accuracy of budgeted exploration costs and expenditures;

&nbsp;&nbsp;&nbsp;&nbsp;· future currency exchange rates and interest rates;

&nbsp;&nbsp;&nbsp;&nbsp;· operating conditions being favourable such that the Company is able to operate in a safe, efficient and
effective manner;

&nbsp;&nbsp;&nbsp;&nbsp;· the Company's ability to attract and retain skilled personnel and directors;

&nbsp;&nbsp;&nbsp;&nbsp;· political and regulatory stability;

&nbsp;&nbsp;&nbsp;&nbsp;· the receipt of governmental, regulatory and third-party approvals, licenses and permits on favourable
terms;

&nbsp;&nbsp;&nbsp;&nbsp;· obtaining required renewals for existing approvals, licenses and permits on favourable terms;

&nbsp;&nbsp;&nbsp;&nbsp;· requirements under applicable laws;

&nbsp;&nbsp;&nbsp;&nbsp;· sustained labour stability; and

&nbsp;&nbsp;&nbsp;&nbsp;· stability in financial and capital markets.

By its nature, forward-looking information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. Known and unknown risk factors, many of which are beyond the control of the Company, could cause actual results to differ materially from the forward-looking information in this MD&A. Such factors, without limitation, the following, which are discussed in greater detail in the "Risk Factors" section of the Final Long Form Prospectus:

**ARRAS MINERALS CORP.**<br>Management's Discussion and Analysis<br>For the three months ended January 31, 2023 and 2022<br>(Expressed in United States Dollars, except as noted)<br>

&nbsp;&nbsp;&nbsp;&nbsp;· the Company's ability to continue as a going concern;

&nbsp;&nbsp;&nbsp;&nbsp;· the lack of an existing public market for the Company's Common Shares;

&nbsp;&nbsp;&nbsp;&nbsp;· uncertainty that the Company will be able to maintain sufficient cash to accomplish its business objectives;

&nbsp;&nbsp;&nbsp;&nbsp;· exploration activities require significant amounts of capital that may not be recovered;

&nbsp;&nbsp;&nbsp;&nbsp;· the Company's ability to meet current and future capital requirements on favorable terms, or at
all;

&nbsp;&nbsp;&nbsp;&nbsp;· risks relating to the results of future exploration at the Beskauga Property and the Company's ability
to raise the capital for exploration expenditures on the Beskauga Property to maintain the effectiveness of the Beskauga Option;

&nbsp;&nbsp;&nbsp;&nbsp;· the Company is in the exploration stage of mining, with no history of operations;

&nbsp;&nbsp;&nbsp;&nbsp;· the Company does not have a commercially mineable ore body;

&nbsp;&nbsp;&nbsp;&nbsp;· the reliability of Mineral Resource estimates;

&nbsp;&nbsp;&nbsp;&nbsp;· the Company's ability to acquire additional mineral properties or property concessions;

&nbsp;&nbsp;&nbsp;&nbsp;· inherent risks in the mineral exploration industry;

&nbsp;&nbsp;&nbsp;&nbsp;· risks relating to fluctuations of metal prices;

&nbsp;&nbsp;&nbsp;&nbsp;· risks relating to competition in the mining industry;

&nbsp;&nbsp;&nbsp;&nbsp;· risks relating to the title to the Company's properties;

&nbsp;&nbsp;&nbsp;&nbsp;· risks relating to the Company's option and joint venture agreements;

&nbsp;&nbsp;&nbsp;&nbsp;· the Company's ability to obtain required permits;

&nbsp;&nbsp;&nbsp;&nbsp;· timing of receipt and maintenance of government approvals;

&nbsp;&nbsp;&nbsp;&nbsp;· compliance with laws is costly and may result in unexpected liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;· the Company's success depends on developing and maintaining relationships with local communities
and other stakeholders;

&nbsp;&nbsp;&nbsp;&nbsp;· risks relating to social and environmental activism;

&nbsp;&nbsp;&nbsp;&nbsp;· risks relating to evolving corporate governance and public disclosure regulations;

&nbsp;&nbsp;&nbsp;&nbsp;· risks relating to foreign operations;

&nbsp;&nbsp;&nbsp;&nbsp;· risks relating to worldwide economic and political events;

&nbsp;&nbsp;&nbsp;&nbsp;· risk of political and economic instability in Kazakhstan;

&nbsp;&nbsp;&nbsp;&nbsp;· the Company's financial condition could be adversely affected by changes in currency exchange rates;

&nbsp;&nbsp;&nbsp;&nbsp;· risks relating to the Company's "foreign private issuer" status;

&nbsp;&nbsp;&nbsp;&nbsp;· risks relating to the Company's possible status as a passive foreign investment company;

&nbsp;&nbsp;&nbsp;&nbsp;· risks relating to volatility in the Company's share price;

&nbsp;&nbsp;&nbsp;&nbsp;· further equity financings leading to the dilution of the Company's Common Shares;

&nbsp;&nbsp;&nbsp;&nbsp;· the Company's Common Shares continuing not to pay dividends;

&nbsp;&nbsp;&nbsp;&nbsp;· risks relating to information systems and cybersecurity;

&nbsp;&nbsp;&nbsp;&nbsp;· the Company's ability to retain key management, consultants and experts necessary to successfully
operate and grow its business;

&nbsp;&nbsp;&nbsp;&nbsp;· overlapping officers and directors with Silver Bull may give rise to conflicts of interest;

&nbsp;&nbsp;&nbsp;&nbsp;· the Company's reliance on international advisors and consultants; and

&nbsp;&nbsp;&nbsp;&nbsp;· risks relating to changes in tax laws; and

&nbsp;&nbsp;&nbsp;&nbsp;· risks relating to changes in regulatory frameworks or regulations affecting the Company's activities.

These risk factors are not intended to represent a complete list of the factors that could affect the Company and investors are cautioned to consider these and other factors, uncertainties and potential events carefully and not to put undue reliance on forward-looking statements.

There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements are provided for the purpose of providing information about management's expectations and plans relating to the future. The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, or to explain any material difference between subsequent actual events and such forward-looking statements, except to the extent required by applicable law.

## Exhibit 99.3

Exhibit 99.3

**Form 52-109FV2**

***Certification of Interim Filings*** ***Venture Issuer Basic Certificate***

 ****

I, **Timothy Barry**, Chief Executive Officer of **Arras Minerals Corp.** certify the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.  ***Review:*** I have reviewed the condensed interim consolidated financial report and interim MD&A
 (together, the "interim filings") of **Arras Minerals Corp.** (the "issuer") for the interim period ended **January 31,** **2023.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*3.*  ***Fair presentation:*** Based on my knowledge, having exercised reasonable diligence, the interim
 financial report 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 30, 2023**

*<u>(signed)</u>*<u>*"Timothy Barry"*</u>

Timothy Barry

Chief Executive Officer

Arras Minerals Corp.

<u>NOTE TO READER</u>

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

&nbsp;&nbsp;&nbsp;&nbsp;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

Exhibit 99.4

**Form 52-109FV2**

***Certification of Interim Filings*** ***Venture Issuer Basic Certificate***

 ****

I, **Christopher Richards**, Chief Financial Officer of **Arras Minerals Corp.** certify the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.  ***Review:*** I have reviewed the interim financial report
 and interim MD&A (together, the "interim filings") of **Arras Minerals Corp.** (the "issuer") for the
 interim period ended **January 31, 2023.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*3.*  ***Fair presentation:*** Based on my knowledge, having exercised reasonable diligence, the interim
 financial report 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 30, 2023**

 ****

*<u>(signed) "Christopher Richards"</u>*

Christopher Richards

Chief Financial Officer

Arras Minerals Corp.

<u>NOTE TO READER</u>

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

&nbsp;&nbsp;&nbsp;&nbsp;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